# EDGAR Filing Document

**Accession Number:** 0001066602
**File Stem:** 0001104659-25-057399
**Filing Date:** 2025-6
**Character Count:** 1809394
**Document Hash:** 42025994d8155ed959cec0c0c5156807
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057399.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001104659-25-057399

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 120

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001066602

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08895
- **FILM NUMBER:** 251031861

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING FUNDS TRUST
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM FUNDS TRUST
- **DATE OF NAME CHANGE:** 20010312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980721

## Series and Classes Contracts Data

### Voya GNMA Income Fund (Series ID: S000008394)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023002 | Class A      | LEXNX           |
| C000023004 | Class C      | LEGNX           |
| C000023005 | Class I      | LEINX           |
| C000057275 | Class W      | IGMWX           |
| C000122009 | Class R6     | VGMBX           |

### Voya High Yield Bond Fund (Series ID: S000008395)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023007 | Class A      | IHYAX           |
| C000023009 | Class C      | IMYCX           |
| C000069597 | Class I      | IHYIX           |
| C000103051 | Class W      | IHYWX           |
| C000139707 | Class R      | IRSTX           |
| C000172347 | Class R6     | VHYRX           |

### Voya Intermediate Bond Fund (Series ID: S000008396)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023011 | Class R      | IIBOX           |
| C000023012 | Class A      | IIBAX           |
| C000023014 | Class C      | IICCX           |
| C000023015 | Class I      | IICIX           |
| C000057276 | Class W      | IIBWX           |
| C000122010 | Class R6     | IIBZX           |

### Voya Floating Rate Fund (Series ID: S000029692)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091284 | Class A      | IFRAX           |
| C000091285 | Class C      | IFRCX           |
| C000091286 | Class I      | IFRIX           |
| C000091287 | Class R      | IFRRX           |
| C000091288 | Class W      | IFRWX           |

### Voya Strategic Income Opportunities Fund (Series ID: S000038555)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119020 | Class A      | ISIAX           |
| C000119021 | Class C      | ISICX           |
| C000119022 | Class I      | IISIX           |
| C000119023 | Class R      | ISIRX           |
| C000119024 | Class W      | ISIWX           |
| C000159021 | Class R6     | VSIRX           |

### Voya Short Duration Bond Fund (Series ID: S000039383)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000121358 | Class A      | IASBX           |
| C000121359 | Class C      | ICSBX           |
| C000121360 | Class I      | IISBX           |
| C000121361 | Class R      | VSTRX           |
| C000121362 | Class W      | IWSBX           |
| C000129860 | Class R6     | IGZAX           |

### Voya Government Money Market Fund (Series ID: S000066947)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000215433 | Class W      | VYGXX           |
| C000215435 | Class A      | VYAXX           |
| C000215436 | Class I      | VYCXX           |
| C000215437 | Class C      | VYBXX           |
| C000250818 | Class R6     | VYHXX           |

### Voya VACS Series HYB Fund (Series ID: S000079627)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000240817 | Voya VACS Series HYB Fund | VVITX           |

### Voya Short Duration High Income Fund (Series ID: S000079681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000240914 | Class I      | VVJCX           |
| C000240915 | Class R6     | VVJDX           |
| C000240916 | Class A      | VVJBX           |
| C000242678 | Class C      | VVJGX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: **811-08895**

**Voya Funds Trust**

(Exact name of registrant as specified in charter)

---

| | |
|:---|:---|
| **7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ** | **85258** |
| (Address of principal executive offices) | (Zip code) |

---

**The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801**

(Name and address of agent for service)

Registrant's telephone number, including area code: **1-800-992-0180**

Date of fiscal year end: **March 31**

Date of reporting period: **March 31, 2025**

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Voya Floating Rate Fund](#classname8fc7b21c-e862-4da8-8d13-12139735ad09)<br> **[Class A - IFRAX](#classname8fc7b21c-e862-4da8-8d13-12139735ad09)**  |
|  [Voya Floating Rate Fund](#classname1a152137-5739-4eac-a99c-5d3238467613)<br> **[Class C - IFRCX](#classname1a152137-5739-4eac-a99c-5d3238467613)**  |
|  [Voya Floating Rate Fund](#classname1d6df194-2c58-42b7-93f6-7283a56c705f)<br> **[Class I - IFRIX](#classname1d6df194-2c58-42b7-93f6-7283a56c705f)**  |
|  [Voya Floating Rate Fund](#classname40678e18-1945-4506-9eff-6b2136813a7b)<br> **[Class R - IFRRX](#classname40678e18-1945-4506-9eff-6b2136813a7b)**  |
|  [Voya Floating Rate Fund](#classname4a4b0a31-a4ac-4781-a787-9347dd75f648)<br> **[Class W - IFRWX](#classname4a4b0a31-a4ac-4781-a787-9347dd75f648)**  |
|  [Voya GNMA Income Fund](#classname6e150921-82ff-42fc-9e9e-4efcce2af6b7)<br> **[Class A - LEXNX](#classname6e150921-82ff-42fc-9e9e-4efcce2af6b7)**  |
|  [Voya GNMA Income Fund](#classname115d33bb-fa55-405d-b842-08570669c542)<br> **[Class C - LEGNX](#classname115d33bb-fa55-405d-b842-08570669c542)**  |
|  [Voya GNMA Income Fund](#classname97285329-6cd5-4e79-b438-77f1f9139812)<br> **[Class I - LEINX](#classname97285329-6cd5-4e79-b438-77f1f9139812)**  |
|  [Voya GNMA Income Fund](#classname4f75d6d7-800e-4ce3-9b8d-10c939e8a981)<br> **[Class R6 - VGMBX](#classname4f75d6d7-800e-4ce3-9b8d-10c939e8a981)**  |
|  [Voya GNMA Income Fund](#classnamebe47f857-4dc3-41bd-b515-66741187415c)<br> **[Class W - IGMWX](#classnamebe47f857-4dc3-41bd-b515-66741187415c)**  |
|  [Voya Government Money Market Fund](#classname111cddb8-f9f1-4af9-b0ad-1fea6dc4c510)<br> **[Class A - VYAXX](#classname111cddb8-f9f1-4af9-b0ad-1fea6dc4c510)**  |
|  [Voya Government Money Market Fund](#classname4e80ee2d-9c75-4b8d-8555-f5f97504a9c2)<br> **[Class C - VYBXX](#classname4e80ee2d-9c75-4b8d-8555-f5f97504a9c2)**  |
|  [Voya Government Money Market Fund](#classname0ca13add-1b0c-49fc-a553-b1e3aa8f4d75)<br> **[Class I - VYCXX](#classname0ca13add-1b0c-49fc-a553-b1e3aa8f4d75)**  |
|  [Voya Government Money Market Fund](#classnamef83085b5-6496-43c6-a792-b2d16114f5f4)<br> **[Class R6 - VYHXX](#classnamef83085b5-6496-43c6-a792-b2d16114f5f4)**  |
|  [Voya Government Money Market Fund](#classname47ece633-24a0-4bbf-bd4d-3eddae81ecd0)<br> **[Class W - VYGXX](#classname47ece633-24a0-4bbf-bd4d-3eddae81ecd0)**  |
|  [Voya High Yield Bond Fund](#classnameeceabc15-4d33-41d5-b922-173595670547)<br> **[Class A - IHYAX](#classnameeceabc15-4d33-41d5-b922-173595670547)**  |
|  [Voya High Yield Bond Fund](#classname8ec797ed-579d-4a7e-a8c7-18e64637ce11)<br> **[Class C - IMYCX](#classname8ec797ed-579d-4a7e-a8c7-18e64637ce11)**  |
|  [Voya High Yield Bond Fund](#classnamec7ce8bfd-86be-460c-832e-b485a67d3930)<br> **[Class I - IHYIX](#classnamec7ce8bfd-86be-460c-832e-b485a67d3930)**  |
|  [Voya High Yield Bond Fund](#classname5e860be3-00b3-40cb-b57a-a1f62b4f0067)<br> **[Class R - IRSTX](#classname5e860be3-00b3-40cb-b57a-a1f62b4f0067)**  |
|  [Voya High Yield Bond Fund](#classname4c6bf6f2-08aa-4a1c-9b5b-f6dcf3782c6f)<br> **[Class R6 - VHYRX](#classname4c6bf6f2-08aa-4a1c-9b5b-f6dcf3782c6f)**  |
|  [Voya High Yield Bond Fund](#classname07d0c7bb-9d18-42b4-883b-76d50b348a2a)<br> **[Class W - IHYWX](#classname07d0c7bb-9d18-42b4-883b-76d50b348a2a)**  |
|  [Voya Intermediate Bond Fund](#classname3a58ce25-f0ef-4245-aac8-097595ef5eba)<br> **[Class A - IIBAX](#classname3a58ce25-f0ef-4245-aac8-097595ef5eba)**  |
|  [Voya Intermediate Bond Fund](#classnamec78bbf6e-28f0-41a8-ab9f-b7b13aad77b7)<br> **[Class C - IICCX](#classnamec78bbf6e-28f0-41a8-ab9f-b7b13aad77b7)**  |
|  [Voya Intermediate Bond Fund](#classname5c7a227f-8b63-491a-96cb-97bcafc14cdb)<br> **[Class I - IICIX](#classname5c7a227f-8b63-491a-96cb-97bcafc14cdb)**  |
|  [Voya Intermediate Bond Fund](#classname6fcec62c-ba8d-4a58-bdbd-acc57cdd2ddb)<br> **[Class R - IIBOX](#classname6fcec62c-ba8d-4a58-bdbd-acc57cdd2ddb)**  |
|  [Voya Intermediate Bond Fund](#classnamee55b1037-d497-43be-b306-49b627d1d2c1)<br> **[Class R6 - IIBZX](#classnamee55b1037-d497-43be-b306-49b627d1d2c1)**  |
|  [Voya Intermediate Bond Fund](#classnameee66e774-e151-4c8e-985c-ebf557f3eceb)<br> **[Class W - IIBWX](#classnameee66e774-e151-4c8e-985c-ebf557f3eceb)**  |
|  [Voya Short Duration High Income Fund](#classnamec77e946c-9a0d-49cb-8b47-ce53fd708b5d)<br> **[Class A - VVJBX](#classnamec77e946c-9a0d-49cb-8b47-ce53fd708b5d)**  |
|  [Voya Short Duration High Income Fund](#classname638fcb5e-0511-4769-8ea8-5968b18a5394)<br> **[Class C - VVJGX](#classname638fcb5e-0511-4769-8ea8-5968b18a5394)**  |
|  [Voya Short Duration High Income Fund](#classnamef10d9416-0b43-40db-8eae-3502bfa47abf)<br> **[Class I - VVJCX](#classnamef10d9416-0b43-40db-8eae-3502bfa47abf)**  |
|  [Voya Short Duration High Income Fund](#classname0e920862-6918-4ae5-932d-0175fde9ebe3)<br> **[Class R6 - VVJDX](#classname0e920862-6918-4ae5-932d-0175fde9ebe3)**  |
|  [Voya Short Duration Bond Fund](#classname30e169fa-ca1e-4df2-8f7c-d8ad5551e191)<br> **[Class A - IASBX](#classname30e169fa-ca1e-4df2-8f7c-d8ad5551e191)**  |
|  [Voya Short Duration Bond Fund](#classnamee84547a4-b5e6-4e94-932e-466bbcc10f39)<br> **[Class C - ICSBX](#classnamee84547a4-b5e6-4e94-932e-466bbcc10f39)**  |
|  [Voya Short Duration Bond Fund](#classname4449f10b-9cc3-44c2-9ea4-0c6f4c5dacf3)<br> **[Class I - IISBX](#classname4449f10b-9cc3-44c2-9ea4-0c6f4c5dacf3)**  |
|  [Voya Short Duration Bond Fund](#classnamec0dc2236-2d5c-4953-9f1c-f97123e910fc)<br> **[Class R - VSTRX](#classnamec0dc2236-2d5c-4953-9f1c-f97123e910fc)**  |
|  [Voya Short Duration Bond Fund](#classname8156cbd6-e752-4e12-be09-4c40bce5c199)<br> **[Class R6 - IGZAX](#classname8156cbd6-e752-4e12-be09-4c40bce5c199)**  |
|  [Voya Short Duration Bond Fund](#classname22a54898-b863-414f-b5fd-5ce4ee7c0220)<br> **[Class W - IWSBX](#classname22a54898-b863-414f-b5fd-5ce4ee7c0220)**  |
|  [Voya Strategic Income Opportunities Fund](#classname7b8ed2ed-6b39-4553-9a1d-ff435e3c909e)<br> **[Class A - ISIAX](#classname7b8ed2ed-6b39-4553-9a1d-ff435e3c909e)**  |
|  [Voya Strategic Income Opportunities Fund](#classname2638d7f7-8ac8-4d96-9945-82ae42e3447c)<br> **[Class C - ISICX](#classname2638d7f7-8ac8-4d96-9945-82ae42e3447c)**  |
|  [Voya Strategic Income Opportunities Fund](#classnamed5ffb0aa-7202-42c4-ba6a-94f56e171c0e)<br> **[Class I - IISIX](#classnamed5ffb0aa-7202-42c4-ba6a-94f56e171c0e)**  |
|  [Voya Strategic Income Opportunities Fund](#classname83d3f73d-2450-4f6b-801c-dc1aaa995f4d)<br> **[Class R - ISIRX](#classname83d3f73d-2450-4f6b-801c-dc1aaa995f4d)**  |
|  [Voya Strategic Income Opportunities Fund](#classname88f9a627-df1b-4d72-8695-6523f73f0494)<br> **[Class R6 - VSIRX](#classname88f9a627-df1b-4d72-8695-6523f73f0494)**  |
|  [Voya Strategic Income Opportunities Fund](#classnamea7c8701a-54fa-42fc-b0f8-b122efe70d43)<br> **[Class W - ISIWX](#classnamea7c8701a-54fa-42fc-b0f8-b122efe70d43)**  |
|  [Voya VACS Series HYB Fund](#classname09e29163-6f10-4994-bc45-ab1f3bc2fa72)<br> **[Portfolio - VVITX](#classname09e29163-6f10-4994-bc45-ab1f3bc2fa72)**  |

---

# Class A: IFRAX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Floating Rate Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Floating Rate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $115 | 1.11% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes I and W shares outperformed and Classes A, C, and R shares underperformed the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index primarily due to avoidance of underperforming loans & maintaining higher-rated quality positions, particularly single-B rated loans. The limited exposure to CCC rated loans boosted performance.

↑ Top contributors to performance: By industry, selection in the software space, food products, chemicals, commercial services and supplies and beverages contributed. At an issuer level, the avoidance of weaker loans such as Ascend Performance Materials Llc, Tropicana Products Inc. and Mcafee Enterprise contributed.

↓ Top detractors from performance: Underweight in diversified telecommunication services and selection in specialty retail and pharmaceuticals were the main detractors. By issuer, an underweight allocation in Altice France S.A. (Fka Sfr Group S.A., Aka Numericable) and the overweight allocation in Leslies Poolmart, Inc. detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg053.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index** |
| **2015** | $9750 | $10000 | $10000 | $10000 |
| **2016** | $9725 | $9975 | $10196 | $9875 |
| **2017** | $10356 | $10622 | $10241 | $10835 |
| **2018** | $10676 | $10950 | $10364 | $11315 |
| **2019** | $10879 | $11158 | $10828 | $11651 |
| **2020** | $9536 | $9782 | $11795 | $10584 |
| **2021** | $11127 | $11414 | $11879 | $12776 |
| **2022** | $11367 | $11659 | $11386 | $13191 |
| **2023** | $11221 | $11510 | $10842 | $13526 |
| **2024** | $12329 | $12646 | $11026 | $15213 |
| **2025** | $13155 | $13494 | $11564 | $16256 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.07% | 6.09% | 2.78% |
| Class A - Excluding Sales Charge | 6.70% | 6.65% | 3.04% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index | 6.86% | 8.96% | 4.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$177,346,128

* # of Portfolio Holdings372

* Portfolio Turnover Rate78%

* Investment Advisory Fees Paid$1,041,391

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AssuredPartners Inc., 7.825%, 02/14/31 | 0.7% |
| UKG Inc., 7.300%, 02/10/31 | 0.7% |
| Great Outdoors Group LLC, 7.575%, 01/16/32 | 0.7% |
| Sedgwick Claims Management Services Inc, 8.250%, 07/31/31 | 0.7% |
| AthenaHealth Group Inc., 7.325%, 02/15/29 | 0.7% |
| Opella Healthc, 03/01/32 | 0.6% |
| Cotiviti Inc., 7.073%, 05/01/31 | 0.6% |
| Alliant Holdings Intermediate LLC, 7.069%, 09/19/31 | 0.6% |
| Focus Financial Partners LLC, 7.075%, 09/15/31 | 0.6% |
| Fertitta Entertainment LLC, 7.825%, 01/27/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg043.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Preferred Stock | 0.0% |
| Common Stock | 0.1% |
| Corporate Bonds/Notes | 6.7% |
| Loans | 93.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2025. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2025. Copies of the Prospectus can be requested by calling us at 1-800-992-0180. The Fund's net annual operating expenses increased 0.12% from fiscal year ended March 31, 2024 to March 31, 2025 due to proxy and solicitation costs associated with obtaining shareholder approval relating to the proposed reorganization into Voya Short Duration High Income Fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: IFRAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Floating Rate Fund
92913L791-AR

# Class C: IFRCX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Floating Rate Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Floating Rate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $191 | 1.86% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes I and W shares outperformed and Classes A, C, and R shares underperformed the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index primarily due to avoidance of underperforming loans & maintaining higher-rated quality positions, particularly single-B rated loans. The limited exposure to CCC rated loans boosted performance.

↑ Top contributors to performance: By industry, selection in the software space, food products, chemicals, commercial services and supplies and beverages contributed. At an issuer level, the avoidance of weaker loans such as Ascend Performance Materials Llc, Tropicana Products Inc. and Mcafee Enterprise contributed.

↓ Top detractors from performance: Underweight in diversified telecommunication services and selection in specialty retail and pharmaceuticals were the main detractors. By issuer, an underweight allocation in Altice France S.A. (Fka Sfr Group S.A., Aka Numericable) and the overweight allocation in Leslies Poolmart, Inc. detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9900 | $10196 | $9875 |
| **2017** | $10464 | $10241 | $10835 |
| **2018** | $10717 | $10364 | $11315 |
| **2019** | $10829 | $10828 | $11651 |
| **2020** | $9421 | $11795 | $10584 |
| **2021** | $10911 | $11879 | $12776 |
| **2022** | $11050 | $11386 | $13191 |
| **2023** | $10827 | $10842 | $13526 |
| **2024** | $11895 | $11026 | $15213 |
| **2025** | $12693 | $11564 | $16256 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.95% | 5.85% | 2.41% |
| Class C - Excluding Sales Charge | 5.91% | 5.85% | 2.41% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index | 6.86% | 8.96% | 4.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$177,346,128

* # of Portfolio Holdings372

* Portfolio Turnover Rate78%

* Investment Advisory Fees Paid$1,041,391

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AssuredPartners Inc., 7.825%, 02/14/31 | 0.7% |
| UKG Inc., 7.300%, 02/10/31 | 0.7% |
| Great Outdoors Group LLC, 7.575%, 01/16/32 | 0.7% |
| Sedgwick Claims Management Services Inc, 8.250%, 07/31/31 | 0.7% |
| AthenaHealth Group Inc., 7.325%, 02/15/29 | 0.7% |
| Opella Healthc, 03/01/32 | 0.6% |
| Cotiviti Inc., 7.073%, 05/01/31 | 0.6% |
| Alliant Holdings Intermediate LLC, 7.069%, 09/19/31 | 0.6% |
| Focus Financial Partners LLC, 7.075%, 09/15/31 | 0.6% |
| Fertitta Entertainment LLC, 7.825%, 01/27/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg080.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Preferred Stock | 0.0% |
| Common Stock | 0.1% |
| Corporate Bonds/Notes | 6.7% |
| Loans | 93.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2025. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2025. Copies of the Prospectus can be requested by calling us at 1-800-992-0180. The Fund's net annual operating expenses increased 0.12% from fiscal year ended March 31, 2024 to March 31, 2025 due to proxy and solicitation costs associated with obtaining shareholder approval relating to the proposed reorganization into Voya Short Duration High Income Fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: IFRCX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Floating Rate Fund
92913L817-AR

# Class I: IFRIX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Floating Rate Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Floating Rate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $89 | 0.86% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes I and W shares outperformed and Classes A, C, and R shares underperformed the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index primarily due to avoidance of underperforming loans & maintaining higher-rated quality positions, particularly single-B rated loans. The limited exposure to CCC rated loans boosted performance.

↑ Top contributors to performance: By industry, selection in the software space, food products, chemicals, commercial services and supplies and beverages contributed. At an issuer level, the avoidance of weaker loans such as Ascend Performance Materials Llc, Tropicana Products Inc. and Mcafee Enterprise contributed.

↓ Top detractors from performance: Underweight in diversified telecommunication services and selection in specialty retail and pharmaceuticals were the main detractors. By issuer, an underweight allocation in Altice France S.A. (Fka Sfr Group S.A., Aka Numericable) and the overweight allocation in Leslies Poolmart, Inc. detracted.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $250021 | $254900 | $246875 |
| **2017** | $266933 | $256022 | $270871 |
| **2018** | $276179 | $259094 | $282871 |
| **2019** | $281885 | $270701 | $291272 |
| **2020** | $247736 | $294875 | $264592 |
| **2021** | $289785 | $296968 | $319389 |
| **2022** | $296753 | $284644 | $329769 |
| **2023** | $293689 | $271038 | $338145 |
| **2024** | $323867 | $275640 | $380327 |
| **2025** | $346465 | $289090 | $406400 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.98% | 6.94% | 3.32% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index | 6.86% | 8.96% | 4.98% |

---

Effective with this report, the Adviser changed the primary benchmark from the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$177,346,128

* # of Portfolio Holdings372

* Portfolio Turnover Rate78%

* Investment Advisory Fees Paid$1,041,391

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AssuredPartners Inc., 7.825%, 02/14/31 | 0.7% |
| UKG Inc., 7.300%, 02/10/31 | 0.7% |
| Great Outdoors Group LLC, 7.575%, 01/16/32 | 0.7% |
| Sedgwick Claims Management Services Inc, 8.250%, 07/31/31 | 0.7% |
| AthenaHealth Group Inc., 7.325%, 02/15/29 | 0.7% |
| Opella Healthc, 03/01/32 | 0.6% |
| Cotiviti Inc., 7.073%, 05/01/31 | 0.6% |
| Alliant Holdings Intermediate LLC, 7.069%, 09/19/31 | 0.6% |
| Focus Financial Partners LLC, 7.075%, 09/15/31 | 0.6% |
| Fertitta Entertainment LLC, 7.825%, 01/27/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Preferred Stock | 0.0% |
| Common Stock | 0.1% |
| Corporate Bonds/Notes | 6.7% |
| Loans | 93.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2025. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2025. Copies of the Prospectus can be requested by calling us at 1-800-992-0180. The Fund's net annual operating expenses increased 0.12% from fiscal year ended March 31, 2024 to March 31, 2025 due to proxy and solicitation costs associated with obtaining shareholder approval relating to the proposed reorganization into Voya Short Duration High Income Fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IFRIX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Floating Rate Fund
92913L825-AR

# Class R: IFRRX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Floating Rate Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Floating Rate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $140 | 1.36% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes I and W shares outperformed and Classes A, C, and R shares underperformed the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index primarily due to avoidance of underperforming loans & maintaining higher-rated quality positions, particularly single-B rated loans. The limited exposure to CCC rated loans boosted performance.

↑ Top contributors to performance: By industry, selection in the software space, food products, chemicals, commercial services and supplies and beverages contributed. At an issuer level, the avoidance of weaker loans such as Ascend Performance Materials Llc, Tropicana Products Inc. and Mcafee Enterprise contributed.

↓ Top detractors from performance: Underweight in diversified telecommunication services and selection in specialty retail and pharmaceuticals were the main detractors. By issuer, an underweight allocation in Altice France S.A. (Fka Sfr Group S.A., Aka Numericable) and the overweight allocation in Leslies Poolmart, Inc. detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9950 | $10196 | $9875 |
| **2017** | $10560 | $10241 | $10835 |
| **2018** | $10870 | $10364 | $11315 |
| **2019** | $11050 | $10828 | $11651 |
| **2020** | $9660 | $11795 | $10584 |
| **2021** | $11247 | $11879 | $12776 |
| **2022** | $11447 | $11386 | $13191 |
| **2023** | $11272 | $10842 | $13526 |
| **2024** | $12371 | $11026 | $15213 |
| **2025** | $13167 | $11564 | $16256 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.44% | 6.39% | 2.79% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index | 6.86% | 8.96% | 4.98% |

---

Effective with this report, the Adviser changed the primary benchmark from the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$177,346,128

* # of Portfolio Holdings372

* Portfolio Turnover Rate78%

* Investment Advisory Fees Paid$1,041,391

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AssuredPartners Inc., 7.825%, 02/14/31 | 0.7% |
| UKG Inc., 7.300%, 02/10/31 | 0.7% |
| Great Outdoors Group LLC, 7.575%, 01/16/32 | 0.7% |
| Sedgwick Claims Management Services Inc, 8.250%, 07/31/31 | 0.7% |
| AthenaHealth Group Inc., 7.325%, 02/15/29 | 0.7% |
| Opella Healthc, 03/01/32 | 0.6% |
| Cotiviti Inc., 7.073%, 05/01/31 | 0.6% |
| Alliant Holdings Intermediate LLC, 7.069%, 09/19/31 | 0.6% |
| Focus Financial Partners LLC, 7.075%, 09/15/31 | 0.6% |
| Fertitta Entertainment LLC, 7.825%, 01/27/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg038.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Preferred Stock | 0.0% |
| Common Stock | 0.1% |
| Corporate Bonds/Notes | 6.7% |
| Loans | 93.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2025. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2025. Copies of the Prospectus can be requested by calling us at 1-800-992-0180. The Fund's net annual operating expenses increased 0.12% from fiscal year ended March 31, 2024 to March 31, 2025 due to proxy and solicitation costs associated with obtaining shareholder approval relating to the proposed reorganization into Voya Short Duration High Income Fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: IFRRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Floating Rate Fund
92913L841-AR

# Class W: IFRWX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Floating Rate Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Floating Rate Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

**This report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $89 | 0.86% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes I and W shares outperformed and Classes A, C, and R shares underperformed the Morningstar<sup>®</sup> LSTA<sup>®</sup> US Leveraged Loan Index primarily due to avoidance of underperforming loans & maintaining higher-rated quality positions, particularly single-B rated loans. The limited exposure to CCC rated loans boosted performance.

↑ Top contributors to performance: By industry, selection in the software space, food products, chemicals, commercial services and supplies and beverages contributed. At an issuer level, the avoidance of weaker loans such as Ascend Performance Materials Llc, Tropicana Products Inc. and Mcafee Enterprise contributed.

↓ Top detractors from performance: Underweight in diversified telecommunication services and selection in specialty retail and pharmaceuticals were the main detractors. By issuer, an underweight allocation in Altice France S.A. (Fka Sfr Group S.A., Aka Numericable) and the overweight allocation in Leslies Poolmart, Inc. detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg069.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10001 | $10196 | $9875 |
| **2017** | $10676 | $10241 | $10835 |
| **2018** | $11045 | $10364 | $11315 |
| **2019** | $11261 | $10828 | $11651 |
| **2020** | $9898 | $11795 | $10584 |
| **2021** | $11589 | $11879 | $12776 |
| **2022** | $11854 | $11386 | $13191 |
| **2023** | $11731 | $10842 | $13526 |
| **2024** | $12934 | $11026 | $15213 |
| **2025** | $13837 | $11564 | $16256 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 6.98% | 6.93% | 3.30% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Morningstar<sup>®</sup>LSTA<sup>®</sup> US Leveraged Loan Index | 6.86% | 8.96% | 4.98% |

---

Effective with this report, the Adviser changed the primary benchmark from the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Morningstar<sup>®</sup> LSTA<sup>®</sup> U.S. Leveraged Loan Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$177,346,128

* # of Portfolio Holdings372

* Portfolio Turnover Rate78%

* Investment Advisory Fees Paid$1,041,391

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| AssuredPartners Inc., 7.825%, 02/14/31 | 0.7% |
| UKG Inc., 7.300%, 02/10/31 | 0.7% |
| Great Outdoors Group LLC, 7.575%, 01/16/32 | 0.7% |
| Sedgwick Claims Management Services Inc, 8.250%, 07/31/31 | 0.7% |
| AthenaHealth Group Inc., 7.325%, 02/15/29 | 0.7% |
| Opella Healthc, 03/01/32 | 0.6% |
| Cotiviti Inc., 7.073%, 05/01/31 | 0.6% |
| Alliant Holdings Intermediate LLC, 7.069%, 09/19/31 | 0.6% |
| Focus Financial Partners LLC, 7.075%, 09/15/31 | 0.6% |
| Fertitta Entertainment LLC, 7.825%, 01/27/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.2% |
| Preferred Stock | 0.0% |
| Common Stock | 0.1% |
| Corporate Bonds/Notes | 6.7% |
| Loans | 93.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund during the year ended March 31, 2025. For more complete information, you may review the Fund's next Prospectus, which we expect to be available on or about July 31, 2025. Copies of the Prospectus can be requested by calling us at 1-800-992-0180. The Fund's net annual operating expenses increased 0.12% from fiscal year ended March 31, 2024 to March 31, 2025 due to proxy and solicitation costs associated with obtaining shareholder approval relating to the proposed reorganization into Voya Short Duration High Income Fund.

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IFRWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Floating Rate Fund
92913L833-AR

# Class A: LEXNX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya GNMA Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya GNMA Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $86 | 0.84% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Class C underperformed the Bloomberg GNMA Index.

↑ Top contributors to performance: Outperformance largely driven by off-benchmark collateralized mortgage obligation (CMO) holdings. The Fund uses Treasury futures to manage exposure to interest rate risk. The Fund had a slight overweight to duration for most of the year & the positioning contributed to performance.

↓ Top detractors from performance: Meanwhile, security selection in GNMA pools detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg058.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg GNMA Index** |
| **2015** | $9753 | $10000 | $10000 | $10000 |
| **2016** | $9969 | $10221 | $10196 | $10240 |
| **2017** | $10013 | $10266 | $10241 | $10249 |
| **2018** | $10021 | $10274 | $10364 | $10278 |
| **2019** | $10407 | $10670 | $10828 | $10736 |
| **2020** | $10973 | $11250 | $11795 | $11470 |
| **2021** | $11091 | $11371 | $11879 | $11428 |
| **2022** | $10607 | $10876 | $11386 | $10903 |
| **2023** | $10127 | $10383 | $10842 | $10414 |
| **2024** | $10248 | $10507 | $11026 | $10586 |
| **2025** | $10795 | $11068 | $11564 | $11134 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.67% | -0.83% | 0.77% |
| Class A - Excluding Sales Charge | 5.34% | -0.33% | 1.02% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg GNMA Index | 5.18% | -0.59% | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg GNMA Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg GNMA Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$1,109,751,915

* # of Portfolio Holdings804

* Portfolio Turnover Rate457%

* Investment Advisory Fees Paid$4,692,226

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Ginnie Mae, 5.500%, 04/20/55 | 11.6% |
| Ginnie Mae, 5.000%, 04/20/55 | 11.4% |
| Ginnie Mae, 6.000%, 04/20/55 | 5.1% |
| Ginnie Mae, 2.000%, 03/20/52 | 3.2% |
| Ginnie Mae, 4.500%, 04/20/55 | 3.1% |
| Ginnie Mae - Class FE, 5.594%, 01/20/55 | 2.8% |
| Ginnie Mae, 2.000%, 05/15/54 | 2.6% |
| Ginnie Mae, 2.500%, 03/20/51 | 2.4% |
| Ginnie Mae, 2.000%, 12/20/50 | 2.3% |
| Ginnie Mae, 3.000%, 10/20/51 | 1.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (31.5)% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 48.6% |
| U.S. Government Agency Obligations | 79.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: LEXNX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya GNMA Income Fund
92913L692-AR

# Class C: LEGNX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya GNMA Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya GNMA Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $163 | 1.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Class C underperformed the Bloomberg GNMA Index.

↑ Top contributors to performance: Outperformance largely driven by off-benchmark collateralized mortgage obligation (CMO) holdings. The Fund uses Treasury futures to manage exposure to interest rate risk. The Fund had a slight overweight to duration for most of the year & the positioning contributed to performance.

↓ Top detractors from performance: Meanwhile, security selection in GNMA pools detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg GNMA Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10146 | $10196 | $10240 |
| **2017** | $10108 | $10241 | $10249 |
| **2018** | $10052 | $10364 | $10278 |
| **2019** | $10349 | $10828 | $10736 |
| **2020** | $10832 | $11795 | $11470 |
| **2021** | $10879 | $11879 | $11428 |
| **2022** | $10324 | $11386 | $10903 |
| **2023** | $9779 | $10842 | $10414 |
| **2024** | $9896 | $11026 | $10586 |
| **2025** | $10424 | $11564 | $11134 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.71% | -1.03% | 0.42% |
| Class C - Excluding Sales Charge | 4.71% | -1.03% | 0.42% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg GNMA Index | 5.18% | -0.59% | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg GNMA Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg GNMA Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$1,109,751,915

* # of Portfolio Holdings804

* Portfolio Turnover Rate457%

* Investment Advisory Fees Paid$4,692,226

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Ginnie Mae, 5.500%, 04/20/55 | 11.6% |
| Ginnie Mae, 5.000%, 04/20/55 | 11.4% |
| Ginnie Mae, 6.000%, 04/20/55 | 5.1% |
| Ginnie Mae, 2.000%, 03/20/52 | 3.2% |
| Ginnie Mae, 4.500%, 04/20/55 | 3.1% |
| Ginnie Mae - Class FE, 5.594%, 01/20/55 | 2.8% |
| Ginnie Mae, 2.000%, 05/15/54 | 2.6% |
| Ginnie Mae, 2.500%, 03/20/51 | 2.4% |
| Ginnie Mae, 2.000%, 12/20/50 | 2.3% |
| Ginnie Mae, 3.000%, 10/20/51 | 1.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (31.5)% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 48.6% |
| U.S. Government Agency Obligations | 79.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: LEGNX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya GNMA Income Fund
92913L726-AR

# Class I: LEINX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya GNMA Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya GNMA Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $56 | 0.54% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Class C underperformed the Bloomberg GNMA Index.

↑ Top contributors to performance: Outperformance largely driven by off-benchmark collateralized mortgage obligation (CMO) holdings. The Fund uses Treasury futures to manage exposure to interest rate risk. The Fund had a slight overweight to duration for most of the year & the positioning contributed to performance.

↓ Top detractors from performance: Meanwhile, security selection in GNMA pools detracted.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg066.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg GNMA Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $256251 | $254900 | $256000 |
| **2017** | $258189 | $256022 | $256230 |
| **2018** | $259146 | $259094 | $256948 |
| **2019** | $269916 | $270701 | $268408 |
| **2020** | $285431 | $294875 | $286740 |
| **2021** | $289710 | $296968 | $285708 |
| **2022** | $277609 | $284644 | $272565 |
| **2023** | $266201 | $271038 | $260354 |
| **2024** | $269887 | $275640 | $264647 |
| **2025** | $285530 | $289090 | $278355 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.80% | 0.01% | 1.34% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg GNMA Index | 5.18% | -0.59% | 1.08% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg GNMA Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg GNMA Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$1,109,751,915

* # of Portfolio Holdings804

* Portfolio Turnover Rate457%

* Investment Advisory Fees Paid$4,692,226

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Ginnie Mae, 5.500%, 04/20/55 | 11.6% |
| Ginnie Mae, 5.000%, 04/20/55 | 11.4% |
| Ginnie Mae, 6.000%, 04/20/55 | 5.1% |
| Ginnie Mae, 2.000%, 03/20/52 | 3.2% |
| Ginnie Mae, 4.500%, 04/20/55 | 3.1% |
| Ginnie Mae - Class FE, 5.594%, 01/20/55 | 2.8% |
| Ginnie Mae, 2.000%, 05/15/54 | 2.6% |
| Ginnie Mae, 2.500%, 03/20/51 | 2.4% |
| Ginnie Mae, 2.000%, 12/20/50 | 2.3% |
| Ginnie Mae, 3.000%, 10/20/51 | 1.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (31.5)% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 48.6% |
| U.S. Government Agency Obligations | 79.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: LEINX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya GNMA Income Fund
92913L734-AR

# Class R6: VGMBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya GNMA Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya GNMA Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $50 | 0.50% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Class C underperformed the Bloomberg GNMA Index.

↑ Top contributors to performance: Outperformance largely driven by off-benchmark collateralized mortgage obligation (CMO) holdings. The Fund uses Treasury futures to manage exposure to interest rate risk. The Fund had a slight overweight to duration for most of the year & the positioning contributed to performance.

↓ Top detractors from performance: Meanwhile, security selection in GNMA pools detracted.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg048.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg GNMA Index** |
| **7/31/2020** | $1000000 | $1000000 | $1000000 |
| **2021** | $1006408 | $964356 | $993128 |
| **2022** | $965562 | $924336 | $947444 |
| **2023** | $924879 | $880152 | $905000 |
| **2024** | $938182 | $895096 | $919924 |
| **2025** | $993060 | $938776 | $967572 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (7/31/2020)** |
| Class R6 | 5.85% | -0.15% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.35% |
| Bloomberg GNMA Index | 5.18% | -0.70% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg GNMA Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg GNMA Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$1,109,751,915

* # of Portfolio Holdings804

* Portfolio Turnover Rate457%

* Investment Advisory Fees Paid$4,692,226

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Ginnie Mae, 5.500%, 04/20/55 | 11.6% |
| Ginnie Mae, 5.000%, 04/20/55 | 11.4% |
| Ginnie Mae, 6.000%, 04/20/55 | 5.1% |
| Ginnie Mae, 2.000%, 03/20/52 | 3.2% |
| Ginnie Mae, 4.500%, 04/20/55 | 3.1% |
| Ginnie Mae - Class FE, 5.594%, 01/20/55 | 2.8% |
| Ginnie Mae, 2.000%, 05/15/54 | 2.6% |
| Ginnie Mae, 2.500%, 03/20/51 | 2.4% |
| Ginnie Mae, 2.000%, 12/20/50 | 2.3% |
| Ginnie Mae, 3.000%, 10/20/51 | 1.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg037.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (31.5)% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 48.6% |
| U.S. Government Agency Obligations | 79.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VGMBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya GNMA Income Fund
92913L577-AR

# Class W: IGMWX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya GNMA Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya GNMA Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $61 | 0.59% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A (excluding sales charge), I, R6, and W shares outperformed and Class C underperformed the Bloomberg GNMA Index.

↑ Top contributors to performance: Outperformance largely driven by off-benchmark collateralized mortgage obligation (CMO) holdings. The Fund uses Treasury futures to manage exposure to interest rate risk. The Fund had a slight overweight to duration for most of the year & the positioning contributed to performance.

↓ Top detractors from performance: Meanwhile, security selection in GNMA pools detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg GNMA Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10246 | $10196 | $10240 |
| **2017** | $10320 | $10241 | $10249 |
| **2018** | $10354 | $10364 | $10278 |
| **2019** | $10780 | $10828 | $10736 |
| **2020** | $11393 | $11795 | $11470 |
| **2021** | $11559 | $11879 | $11428 |
| **2022** | $11071 | $11386 | $10903 |
| **2023** | $10612 | $10842 | $10414 |
| **2024** | $10754 | $11026 | $10586 |
| **2025** | $11371 | $11564 | $11134 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 5.74% | -0.04% | 1.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg GNMA Index | 5.18% | -0.59% | 1.08% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg GNMA Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg GNMA Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$1,109,751,915

* # of Portfolio Holdings804

* Portfolio Turnover Rate457%

* Investment Advisory Fees Paid$4,692,226

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Ginnie Mae, 5.500%, 04/20/55 | 11.6% |
| Ginnie Mae, 5.000%, 04/20/55 | 11.4% |
| Ginnie Mae, 6.000%, 04/20/55 | 5.1% |
| Ginnie Mae, 2.000%, 03/20/52 | 3.2% |
| Ginnie Mae, 4.500%, 04/20/55 | 3.1% |
| Ginnie Mae - Class FE, 5.594%, 01/20/55 | 2.8% |
| Ginnie Mae, 2.000%, 05/15/54 | 2.6% |
| Ginnie Mae, 2.500%, 03/20/51 | 2.4% |
| Ginnie Mae, 2.000%, 12/20/50 | 2.3% |
| Ginnie Mae, 3.000%, 10/20/51 | 1.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | (31.5)% |
| Asset-Backed Securities | 0.1% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Collateralized Mortgage Obligations | 48.6% |
| U.S. Government Agency Obligations | 79.1% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IGMWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya GNMA Income Fund
92913L767-AR

# Class A: VYAXX
![Image](tm2514698d7_tsrimg049.jpg)

# Voya Government Money Market Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Government Money Market Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $36 | 0.35% |

---

## Fund Statistics
* Total Net Assets$424,383,095

* # of Portfolio Holdings16

* Investment Advisory Fees Paid$757,419

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 21.9% |
| U.S. Government Agency Debt | 17.1% |
| U.S. Treasury Repurchase Agreements | 27.4% |
| U.S. Treasury Debt | 33.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VYAXX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Government Money Market Fund
92913L379-AR

# Class C: VYBXX
![Image](tm2514698d7_tsrimg049.jpg)

# Voya Government Money Market Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Government Money Market Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $137 | 1.35% |

---

## Fund Statistics
* Total Net Assets$424,383,095

* # of Portfolio Holdings16

* Investment Advisory Fees Paid$757,419

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg026.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 21.9% |
| U.S. Government Agency Debt | 17.1% |
| U.S. Treasury Repurchase Agreements | 27.4% |
| U.S. Treasury Debt | 33.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VYBXX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Government Money Market Fund
92913L361-AR

# Class I: VYCXX
![Image](tm2514698d7_tsrimg049.jpg)

# Voya Government Money Market Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Government Money Market Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $36 | 0.35% |

---

## Fund Statistics
* Total Net Assets$424,383,095

* # of Portfolio Holdings16

* Investment Advisory Fees Paid$757,419

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg081.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 21.9% |
| U.S. Government Agency Debt | 17.1% |
| U.S. Treasury Repurchase Agreements | 27.4% |
| U.S. Treasury Debt | 33.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VYCXX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Government Money Market Fund
92913L353-AR

# Class R6: VYHXX
![Image](tm2514698d7_tsrimg049.jpg)

# Voya Government Money Market Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Government Money Market Fund for the period of June 11, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6<sup>Footnote Reference\*</sup> | $29 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses are for the period from June 11, 2024, commencement of operations, to March 31, 2025. Expenses for the full reporting period would be higher. |

---

## Fund Statistics
* Total Net Assets$424,383,095

* # of Portfolio Holdings16

* Investment Advisory Fees Paid$757,419

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 21.9% |
| U.S. Government Agency Debt | 17.1% |
| U.S. Treasury Repurchase Agreements | 27.4% |
| U.S. Treasury Debt | 33.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VYHXX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Government Money Market Fund
92913L213-AR

# Class W: VYGXX
![Image](tm2514698d7_tsrimg049.jpg)

# Voya Government Money Market Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Government Money Market Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $36 | 0.35% |

---

## Fund Statistics
* Total Net Assets$424,383,095

* # of Portfolio Holdings16

* Investment Advisory Fees Paid$757,419

## What did the Fund invest in?
The table below reflects the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg084.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 21.9% |
| U.S. Government Agency Debt | 17.1% |
| U.S. Treasury Repurchase Agreements | 27.4% |
| U.S. Treasury Debt | 33.6% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: VYGXX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Government Money Market Fund
92913L320-AR

# Class A: IHYAX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $104 | 1.01% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $9749 | $10000 | $10000 | $10000 |
| **2016** | $9616 | $9864 | $10196 | $9634 |
| **2017** | $10782 | $11060 | $10241 | $11213 |
| **2018** | $11053 | $11339 | $10364 | $11637 |
| **2019** | $11609 | $11908 | $10828 | $12327 |
| **2020** | $10940 | $11222 | $11795 | $11471 |
| **2021** | $13101 | $13439 | $11879 | $14184 |
| **2022** | $13020 | $13356 | $11386 | $14091 |
| **2023** | $12359 | $12678 | $10842 | $13619 |
| **2024** | $13458 | $13806 | $11026 | $15138 |
| **2025** | $14337 | $14707 | $11564 | $16302 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.81% | 5.02% | 3.67% |
| Class A - Excluding Sales Charge | 6.53% | 5.56% | 3.93% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg019.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: IHYAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L627-AR

# Class C: IMYCX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $181 | 1.76% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9776 | $10196 | $9634 |
| **2017** | $10895 | $10241 | $11213 |
| **2018** | $11086 | $10364 | $11637 |
| **2019** | $11556 | $10828 | $12327 |
| **2020** | $10808 | $11795 | $11471 |
| **2021** | $12848 | $11879 | $14184 |
| **2022** | $12673 | $11386 | $14091 |
| **2023** | $11929 | $10842 | $13619 |
| **2024** | $12990 | $11026 | $15138 |
| **2025** | $13838 | $11564 | $16302 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.89% | 4.78% | 3.30% |
| Class C - Excluding Sales Charge | 5.89% | 4.78% | 3.30% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: IMYCX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L643-AR

# Class I: IHYIX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $70 | 0.68% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg045.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $247205 | $254900 | $240850 |
| **2017** | $278195 | $256022 | $280325 |
| **2018** | $286189 | $259094 | $290922 |
| **2019** | $301618 | $270701 | $308173 |
| **2020** | $285194 | $294875 | $286786 |
| **2021** | $342783 | $296968 | $354611 |
| **2022** | $341809 | $284644 | $352271 |
| **2023** | $325308 | $271038 | $340469 |
| **2024** | $355490 | $275640 | $378438 |
| **2025** | $380012 | $289090 | $407544 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.90% | 5.91% | 4.28% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.01% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg051.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IHYIX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L783-AR

# Class R: IRSTX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $130 | 1.26% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9829 | $10196 | $9634 |
| **2017** | $10994 | $10241 | $11213 |
| **2018** | $11257 | $10364 | $11637 |
| **2019** | $11794 | $10828 | $12327 |
| **2020** | $11088 | $11795 | $11471 |
| **2021** | $13244 | $11879 | $14184 |
| **2022** | $13129 | $11386 | $14091 |
| **2023** | $12424 | $10842 | $13619 |
| **2024** | $13494 | $11026 | $15138 |
| **2025** | $14340 | $11564 | $16302 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.26% | 5.28% | 3.67% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.01% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg085.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: IRSTX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L544-AR

# Class R6: VHYRX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $63 | 0.61% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **8/3/2016** | $1000000 | $1000000 | $1000000 |
| **2017** | $1064042 | $985848 | $1076236 |
| **2018** | $1095676 | $997676 | $1116916 |
| **2019** | $1156215 | $1042372 | $1183148 |
| **2020** | $1092708 | $1135456 | $1101040 |
| **2021** | $1315550 | $1143520 | $1361432 |
| **2022** | $1312785 | $1096064 | $1352448 |
| **2023** | $1250548 | $1043672 | $1307140 |
| **2024** | $1367296 | $1061392 | $1452908 |
| **2025** | $1462503 | $1113184 | $1564656 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (8/3/2016)** |
| Class R6 | 6.96% | 6.00% | 4.49% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.25% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.31% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VHYRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L528-AR

# Class W: IHYWX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya High Yield Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya High Yield Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $80 | 0.76% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index primarily due to not owning select distressed names that rallied due to idiosyncratic reasons.

↑ Top contributors to performance: Security selection within: chemicals, primarily due to owning Trinseo Materials Operating SGA & Iris Holdings; within energy, primarily due midstream over exploration and production (E&P); and lastly within financials, overweight to wealth management firms & insurance brokers positively impacted performance.

↓ Top detractors from performance: Security selection in: cable and satellite, primarily due to owning CSC Holdings & the avoidance of prior underperforming credits that rallied due to company-specific reasons; within media, largely due to owning Scripps Escrow; and lastly, in healthcare and pharma, primarily due to the owning select underperforming credits & avoiding select issuers that saw their price increases.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9892 | $10196 | $9634 |
| **2017** | $11118 | $10241 | $11213 |
| **2018** | $11427 | $10364 | $11637 |
| **2019** | $12031 | $10828 | $12327 |
| **2020** | $11368 | $11795 | $11471 |
| **2021** | $13646 | $11879 | $14184 |
| **2022** | $13613 | $11386 | $14091 |
| **2023** | $12949 | $10842 | $13619 |
| **2024** | $14135 | $11026 | $15138 |
| **2025** | $15095 | $11564 | $16302 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 6.79% | 5.84% | 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 7.28% | 5.01% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond-2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$357,363,343

* # of Portfolio Holdings328

* Portfolio Turnover Rate75%

* Investment Advisory Fees Paid$2,230,115

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.8% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.7% |
| Service Corp. International, 5.750%, 10/15/32 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| CSC Holdings LLC, 5.500%, 04/15/27 | 0.6% |
| DISH Network Corp., 11.750%, 11/15/27 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |
| Carvana Co., 9.000%, 12/01/28 | 0.6% |
| Carnival Corp., 6.000%, 05/01/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg029.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 4.7% |
| Bank Loans | 6.0% |
| Corporate Bonds/Notes | 89.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IHYWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya High Yield Bond Fund
92913L866-AR

# Class A: IIBAX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $70 | 0.68% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $9752 | $10000 | $10000 |
| **2016** | $9862 | $10112 | $10196 |
| **2017** | $10077 | $10334 | $10241 |
| **2018** | $10254 | $10514 | $10364 |
| **2019** | $10693 | $10965 | $10828 |
| **2020** | $11152 | $11436 | $11795 |
| **2021** | $11835 | $12136 | $11879 |
| **2022** | $11279 | $11566 | $11386 |
| **2023** | $10623 | $10893 | $10842 |
| **2024** | $10960 | $11238 | $11026 |
| **2025** | $11554 | $11848 | $11564 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 2.81% | 0.20% | 1.45% |
| Class A - Excluding Sales Charge | 5.42% | 0.71% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: IIBAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L650-AR

# Class C: IICCX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $146 | 1.43% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg047.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10037 | $10196 |
| **2017** | $10190 | $10241 |
| **2018** | $10291 | $10364 |
| **2019** | $10652 | $10828 |
| **2020** | $11016 | $11795 |
| **2021** | $11604 | $11879 |
| **2022** | $10974 | $11386 |
| **2023** | $10256 | $10842 |
| **2024** | $10581 | $11026 |
| **2025** | $11155 | $11564 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.64% | -0.03% | 1.10% |
| Class C - Excluding Sales Charge | 4.64% | -0.03% | 1.10% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: IICCX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L676-AR

# Class I: IICIX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $37 | 0.36% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg075.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $250000 | $250000 |
| **2016** | $253394 | $254900 |
| **2017** | $260062 | $256022 |
| **2018** | $265509 | $259094 |
| **2019** | $277806 | $270701 |
| **2020** | $290377 | $294875 |
| **2021** | $309449 | $296968 |
| **2022** | $295854 | $284644 |
| **2023** | $279556 | $271038 |
| **2024** | $289790 | $275640 |
| **2025** | $306253 | $289090 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.68% | 1.07% | 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IICIX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L684-AR

# Class R: IIBOX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $95 | 0.93% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg076.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10088 | $10196 |
| **2017** | $10283 | $10241 |
| **2018** | $10447 | $10364 |
| **2019** | $10857 | $10828 |
| **2020** | $11295 | $11795 |
| **2021** | $11956 | $11879 |
| **2022** | $11366 | $11386 |
| **2023** | $10679 | $10842 |
| **2024** | $10991 | $11026 |
| **2025** | $11557 | $11564 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.16% | 0.46% | 1.46% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: IIBOX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L742-AR

# Class R6: IIBZX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $33 | 0.31% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $1000000 | $1000000 |
| **2016** | $1014679 | $1019600 |
| **2017** | $1040450 | $1024088 |
| **2018** | $1063404 | $1036376 |
| **2019** | $1112866 | $1082804 |
| **2020** | $1164838 | $1179500 |
| **2021** | $1240617 | $1187872 |
| **2022** | $1187821 | $1138576 |
| **2023** | $1123000 | $1084152 |
| **2024** | $1163468 | $1102560 |
| **2025** | $1231681 | $1156360 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 5.86% | 1.12% | 2.11% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg063.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: IIBZX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L569-AR

# Class W: IIBWX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Intermediate Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Intermediate Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $44 | 0.43% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R, R6, and W shares outperformed and Class C shares underperformed the Bloomberg US Aggregate Bond Index. Both sector allocation & security selection decisions contributed, while duration positioning detracted.

↑ Top contributors to performance: Security selection within agency mortgage-backed securities, investement grade corporates & commerical mortgage-backed securities. Allocation to non-agency residential mortgage-backed securities and credit risk transfer.

↓ Top detractors from performance: Duration positioning.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** |
| **2015** | $10000 | $10000 |
| **2016** | $10128 | $10196 |
| **2017** | $10386 | $10241 |
| **2018** | $10594 | $10364 |
| **2019** | $11076 | $10828 |
| **2020** | $11580 | $11795 |
| **2021** | $12320 | $11879 |
| **2022** | $11770 | $11386 |
| **2023** | $11112 | $10842 |
| **2024** | $11506 | $11026 |
| **2025** | $12147 | $11564 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 5.57% | 0.96% | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

## Fund Statistics
* Total Net Assets$9,506,411,538

* # of Portfolio Holdings2,404

* Portfolio Turnover Rate152%

* Investment Advisory Fees Paid$24,138,421

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Bonds, 4.750%, 02/15/45 | 3.6% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.7% |
| United States Treasury Notes, 4.625%, 02/15/35 | 1.3% |
| Uniform Mortgage-Backed Securities, 2.500%, 02/01/52 | 1.2% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.2% |
| United States Treasury Notes, 3.875%, 03/31/27 | 1.1% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.0% |
| Ginnie Mae, 4.500%, 07/20/53 | 0.9% |
| Uniform Mortgage-Backed Securities, 2.000%, 02/01/52 | 0.9% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.9% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 0.7% |
| Sovereign Bonds | 2.4% |
| Commercial Mortgage-Backed Securities | 9.9% |
| U.S. Treasury Obligations | 11.1% |
| Asset-Backed Securities | 12.4% |
| Collateralized Mortgage Obligations | 14.7% |
| U.S. Government Agency Obligations | 21.0% |
| Corporate Bonds/Notes | 27.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IIBWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Intermediate Bond Fund
92913L775-AR

# Class A: VVJBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration High Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration High Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $86 | 0.83% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed ICE BofA 1-3 Year US Treasury Index.

↑ Top contributors to performance: Performance benefited from industry weightings & a consistent fundamental credit selection framework. Industries that aided performance in the period: financial services, air transportation and energy made the largest positive contributions.

↓ Top detractors from performance: Utilities, retail & automotive were the largest detractors from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg079.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 year U.S. Treasury Index** |
| **2/9/2023** | $9747 | $10000 | $10000 | $10000 |
| **2023** | $9727 | $9979 | $10095 | $10127 |
| **2024** | $10788 | $11068 | $10267 | $10427 |
| **2025** | $11454 | $11752 | $10768 | $10993 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/9/2023)** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.52% | 6.56% |
| Class A - Excluding Sales Charge | 6.18% | 7.85% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.52% |
| ICE BofA 1-3 year U.S. Treasury Index | 5.43% | 4.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA 1-3 year U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA 1-3 year U.S. Treasury Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$268,014,621

* # of Portfolio Holdings112

* Portfolio Turnover Rate68%

* Investment Advisory Fees Paid$903,894

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NFE Financing LLC, 12.000%, 11/15/29 | 3.5% |
| CVR Energy, Inc., 8.500%, 01/15/29 | 2.6% |
| Consensus Cloud Solutions, Inc., 6.000%, 10/15/26 | 2.6% |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/28 | 2.5% |
| Mobius Merger Sub, Inc., 9.000%, 06/01/30 | 2.5% |
| Champions Financing, Inc., 8.750%, 02/15/29 | 2.4% |
| Asurion LLC, 8.840%, 01/20/29 | 2.4% |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/27 | 2.4% |
| AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/28 | 2.4% |
| Quikrete Holdings Inc, 6.593%, 02/10/32 | 2.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.6% |
| Common Stock | 0.2% |
| Bank Loans | 8.8% |
| Corporate Bonds/Notes | 84.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: VVJBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration High Income Fund
92913L254-AR

# Class C: VVJGX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration High Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration High Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $161 | 1.58% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed ICE BofA 1-3 Year US Treasury Index.

↑ Top contributors to performance: Performance benefited from industry weightings & a consistent fundamental credit selection framework. Industries that aided performance in the period: financial services, air transportation and energy made the largest positive contributions.

↓ Top detractors from performance: Utilities, retail & automotive were the largest detractors from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg032.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 year U.S. Treasury Index** |
| **4/20/2023** | $10000 | $10000 | $10000 |
| **2024** | $10969 | $10176 | $10293 |
| **2025** | $11574 | $10673 | $10852 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (4/20/2023)** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.54% | 7.78% |
| Class C - Excluding Sales Charge | 5.51% | 7.78% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.41% |
| ICE BofA 1-3 year U.S. Treasury Index | 5.43% | 4.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA 1-3 year U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA 1-3 year U.S. Treasury Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$268,014,621

* # of Portfolio Holdings112

* Portfolio Turnover Rate68%

* Investment Advisory Fees Paid$903,894

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NFE Financing LLC, 12.000%, 11/15/29 | 3.5% |
| CVR Energy, Inc., 8.500%, 01/15/29 | 2.6% |
| Consensus Cloud Solutions, Inc., 6.000%, 10/15/26 | 2.6% |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/28 | 2.5% |
| Mobius Merger Sub, Inc., 9.000%, 06/01/30 | 2.5% |
| Champions Financing, Inc., 8.750%, 02/15/29 | 2.4% |
| Asurion LLC, 8.840%, 01/20/29 | 2.4% |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/27 | 2.4% |
| AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/28 | 2.4% |
| Quikrete Holdings Inc, 6.593%, 02/10/32 | 2.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg052.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.6% |
| Common Stock | 0.2% |
| Bank Loans | 8.8% |
| Corporate Bonds/Notes | 84.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: VVJGX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration High Income Fund
92913L221-AR

# Class I: VVJCX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration High Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration High Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $62 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed ICE BofA 1-3 Year US Treasury Index.

↑ Top contributors to performance: Performance benefited from industry weightings & a consistent fundamental credit selection framework. Industries that aided performance in the period: financial services, air transportation and energy made the largest positive contributions.

↓ Top detractors from performance: Utilities, retail & automotive were the largest detractors from performance.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg078.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 year U.S. Treasury Index** |
| **2/9/2023** | $250000 | $250000 | $250000 |
| **2023** | $249577 | $252381 | $253178 |
| **2024** | $277502 | $256666 | $260686 |
| **2025** | $295382 | $269191 | $274833 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/9/2023)** |
| Class I | 6.44% | 8.12% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.52% |
| ICE BofA 1-3 year U.S. Treasury Index | 5.43% | 4.53% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA 1-3 year U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA 1-3 year U.S. Treasury Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$268,014,621

* # of Portfolio Holdings112

* Portfolio Turnover Rate68%

* Investment Advisory Fees Paid$903,894

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NFE Financing LLC, 12.000%, 11/15/29 | 3.5% |
| CVR Energy, Inc., 8.500%, 01/15/29 | 2.6% |
| Consensus Cloud Solutions, Inc., 6.000%, 10/15/26 | 2.6% |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/28 | 2.5% |
| Mobius Merger Sub, Inc., 9.000%, 06/01/30 | 2.5% |
| Champions Financing, Inc., 8.750%, 02/15/29 | 2.4% |
| Asurion LLC, 8.840%, 01/20/29 | 2.4% |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/27 | 2.4% |
| AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/28 | 2.4% |
| Quikrete Holdings Inc, 6.593%, 02/10/32 | 2.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg068.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.6% |
| Common Stock | 0.2% |
| Bank Loans | 8.8% |
| Corporate Bonds/Notes | 84.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: VVJCX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration High Income Fund
92913L247-AR

# Class R6: VVJDX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration High Income Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration High Income Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $58 | 0.56% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed ICE BofA 1-3 Year US Treasury Index.

↑ Top contributors to performance: Performance benefited from industry weightings & a consistent fundamental credit selection framework. Industries that aided performance in the period: financial services, air transportation and energy made the largest positive contributions.

↓ Top detractors from performance: Utilities, retail & automotive were the largest detractors from performance.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg018.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 year U.S. Treasury Index** |
| **2/9/2023** | $1000000 | $1000000 | $1000000 |
| **2023** | $998264 | $1009524 | $1012712 |
| **2024** | $1109225 | $1026664 | $1042744 |
| **2025** | $1181866 | $1076764 | $1099332 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/9/2023)** |
| Class R6 | 6.55% | 8.13% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 3.52% |
| ICE BofA 1-3 year U.S. Treasury Index | 5.43% | 4.53% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA 1-3 year U.S. Treasury Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA 1-3 year U.S. Treasury Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$268,014,621

* # of Portfolio Holdings112

* Portfolio Turnover Rate68%

* Investment Advisory Fees Paid$903,894

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| NFE Financing LLC, 12.000%, 11/15/29 | 3.5% |
| CVR Energy, Inc., 8.500%, 01/15/29 | 2.6% |
| Consensus Cloud Solutions, Inc., 6.000%, 10/15/26 | 2.6% |
| VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/28 | 2.5% |
| Mobius Merger Sub, Inc., 9.000%, 06/01/30 | 2.5% |
| Champions Financing, Inc., 8.750%, 02/15/29 | 2.4% |
| Asurion LLC, 8.840%, 01/20/29 | 2.4% |
| HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/27 | 2.4% |
| AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/28 | 2.4% |
| Quikrete Holdings Inc, 6.593%, 02/10/32 | 2.2% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg015.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 6.6% |
| Common Stock | 0.2% |
| Bank Loans | 8.8% |
| Corporate Bonds/Notes | 84.4% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VVJDX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration High Income Fund
92913L239-AR

# Class A: IASBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $66 | 0.64% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg082.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $9746 | $10000 | $10000 | $10000 |
| **2016** | $9812 | $10068 | $10196 | $10104 |
| **2017** | $9925 | $10184 | $10241 | $10176 |
| **2018** | $9960 | $10220 | $10364 | $10200 |
| **2019** | $10244 | $10511 | $10828 | $10509 |
| **2020** | $10230 | $10496 | $11795 | $10985 |
| **2021** | $10893 | $11177 | $11879 | $11158 |
| **2022** | $10587 | $10863 | $11386 | $10833 |
| **2023** | $10499 | $10772 | $10842 | $10861 |
| **2024** | $10907 | $11191 | $11026 | $11240 |
| **2025** | $11527 | $11827 | $11564 | $11871 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.02% | 1.91% | 1.43% |
| Class A - Excluding Sales Charge | 5.68% | 2.42% | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: IASBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L502-AR

# Class C: ICSBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $142 | 1.39% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $9980 | $10196 | $10104 |
| **2017** | $10021 | $10241 | $10176 |
| **2018** | $9981 | $10364 | $10200 |
| **2019** | $10178 | $10828 | $10509 |
| **2020** | $10098 | $11795 | $10985 |
| **2021** | $10673 | $11879 | $11158 |
| **2022** | $10295 | $11386 | $10833 |
| **2023** | $10144 | $10842 | $10861 |
| **2024** | $10538 | $11026 | $11240 |
| **2025** | $11137 | $11564 | $11871 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 3.79% | 1.65% | 1.08% |
| Class C - Excluding Sales Charge | 4.79% | 1.65% | 1.08% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: ICSBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L403-AR

# Class I: IISBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $36 | 0.35% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $250000 | $250000 | $250000 |
| **2016** | $252125 | $254900 | $252600 |
| **2017** | $255804 | $256022 | $254393 |
| **2018** | $257214 | $259094 | $255004 |
| **2019** | $265324 | $270701 | $262731 |
| **2020** | $265749 | $294875 | $274632 |
| **2021** | $283839 | $296968 | $278944 |
| **2022** | $276681 | $284644 | $270827 |
| **2023** | $275186 | $271038 | $271531 |
| **2024** | $286655 | $275640 | $281011 |
| **2025** | $303770 | $289090 | $296765 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.97% | 2.71% | 1.97% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IISBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L304-AR

# Class R: VSTRX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $90 | 0.89% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10040 | $10196 | $10104 |
| **2017** | $10130 | $10241 | $10176 |
| **2018** | $10140 | $10364 | $10200 |
| **2019** | $10403 | $10828 | $10509 |
| **2020** | $10385 | $11795 | $10985 |
| **2021** | $11041 | $11879 | $11158 |
| **2022** | $10705 | $11386 | $10833 |
| **2023** | $10602 | $10842 | $10861 |
| **2024** | $10975 | $11026 | $11240 |
| **2025** | $11569 | $11564 | $11871 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.42% | 2.18% | 1.47% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: VSTRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L205-AR

# Class R6: IGZAX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $31 | 0.30% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $1000000 | $1000000 | $1000000 |
| **2016** | $1009838 | $1019600 | $1010400 |
| **2017** | $1023845 | $1024088 | $1017572 |
| **2018** | $1030857 | $1036376 | $1020016 |
| **2019** | $1062576 | $1082804 | $1050924 |
| **2020** | $1065715 | $1179500 | $1098528 |
| **2021** | $1138542 | $1187872 | $1115776 |
| **2022** | $1110208 | $1138576 | $1083308 |
| **2023** | $1104631 | $1084152 | $1086124 |
| **2024** | $1151254 | $1102560 | $1124044 |
| **2025** | $1220584 | $1156360 | $1187060 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.02% | 2.75% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: IGZAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L551-AR

# Class W: IWSBX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Short Duration Bond Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Short Duration Bond Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $40 | 0.39% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, Classes A, I, R6, and W shares outperformed and Classes C and R shares underperformed the Bloomberg U.S. 1-3 Year Government/Credit Bond Index primarily due to favorable asset allocation decisions, offset partially by duration and yield curve decisions.

↑ Top contributors to performance: Contributions were primarily sourced from allocations to off-benchmark securitized credit sectors. This includes allocation to higher quality commercial mortgage-backed securities (CMBS) bonds & asset-backed securities (ABS), including collateralized loan obligations (CLOs). Allocation to corporate credit also contributed, primarily via high yield corporates.

↓ Top detractors from performance: Due to having a relatively long duration position for most of the year, the elevated treasury rates over the period meant it detracted from performance.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg055.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. 1-3 Year Government/Credit Bond Index** |
| **2015** | $10000 | $10000 | $10000 |
| **2016** | $10090 | $10196 | $10104 |
| **2017** | $10233 | $10241 | $10176 |
| **2018** | $10284 | $10364 | $10200 |
| **2019** | $10625 | $10828 | $10509 |
| **2020** | $10637 | $11795 | $10985 |
| **2021** | $11365 | $11879 | $11158 |
| **2022** | $11063 | $11386 | $10833 |
| **2023** | $11011 | $10842 | $10861 |
| **2024** | $11468 | $11026 | $11240 |
| **2025** | $12137 | $11564 | $11871 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 5.83% | 2.67% | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| Bloomberg U.S. 1-3 Year Government/Credit Bond Index | 5.61% | 1.56% | 1.73% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg U.S. 1-3 Year Government/Credit Bond Index to the Bloomberg U.S Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$594,132,543

* # of Portfolio Holdings672

* Portfolio Turnover Rate284%

* Investment Advisory Fees Paid$1,447,059

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| United States Treasury Notes, 3.875%, 03/31/27 | 7.5% |
| Fannie Mae REMIC Trust - Class FL, 5.790%, 12/25/54 | 2.8% |
| United States Treasury Notes, 3.875%, 03/15/28 | 1.9% |
| Fannie Mae REMIC Trust - Class FD, 5.790%, 06/25/54 | 1.6% |
| Freddie Mac REMIC Trust - Class DF, 5.790%, 05/25/54 | 0.9% |
| Fannie Mae REMIC Trust - Class FH, 5.590%, 01/25/55 | 0.9% |
| Freddie Mac REMIC Trust - Class FA, 5.013%, 04/15/36 | 0.8% |
| DC Commercial Mortgage Trust - Class A, 6.314%, 09/12/40 | 0.7% |
| ILPT Commercial Mortgage Trust - Class A, 6.564%, 10/15/39 | 0.7% |
| BRSP Ltd. - Class B, 6.331%, 08/19/38 | 0.7% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 2.1% |
| U.S. Government Agency Obligations | 0.1% |
| U.S. Treasury Obligations | 10.1% |
| Collateralized Mortgage Obligations | 12.6% |
| Commercial Mortgage-Backed Securities | 13.3% |
| Asset-Backed Securities | 16.5% |
| Corporate Bonds/Notes | 45.3% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: IWSBX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Short Duration Bond Fund
92913L106-AR

# Class A: ISIAX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class A | $88 | 0.85% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg016.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Sale Charges** | **Class A without Sales Charge** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Bond Index** |
| **2015** | $9746 | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9771 | $10025 | $10196 | $10033 | $10175 |
| **2017** | $10436 | $10709 | $10241 | $10107 | $10370 |
| **2018** | $10855 | $11138 | $10364 | $10230 | $10528 |
| **2019** | $11288 | $11582 | $10828 | $10483 | $11005 |
| **2020** | $10556 | $10832 | $11795 | $10733 | $11792 |
| **2021** | $12139 | $12455 | $11879 | $10801 | $12140 |
| **2022** | $11838 | $12147 | $11386 | $10807 | $11626 |
| **2023** | $11490 | $11790 | $10842 | $11065 | $11090 |
| **2024** | $12328 | $12649 | $11026 | $11658 | $11386 |
| **2025** | $13162 | $13505 | $11564 | $12264 | $11983 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class A - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.15% | 3.99% | 2.79% |
| Class A - Excluding Sales Charge | 6.77% | 4.51% | 3.05% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.06% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the maximum Class A sales charge of 5.75%. |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class A: ISIAX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L700-AR

# Class C: ISICX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class C | $165 | 1.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with Sale Charges** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $9943 | $10196 | $10033 | $10175 |
| **2017** | $10545 | $10241 | $10107 | $10370 |
| **2018** | $10887 | $10364 | $10230 | $10528 |
| **2019** | $11248 | $10828 | $10483 | $11005 |
| **2020** | $10433 | $11795 | $10733 | $11792 |
| **2021** | $11915 | $11879 | $10801 | $12140 |
| **2022** | $11536 | $11386 | $10807 | $11626 |
| **2023** | $11100 | $10842 | $11065 | $11090 |
| **2024** | $11910 | $11026 | $11658 | $11386 |
| **2025** | $12715 | $11564 | $12264 | $11983 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class C - Including Sales Charge<sup>Footnote Reference\*</sup> | 4.99% | 3.76% | 2.43% |
| Class C - Excluding Sales Charge | 5.99% | 3.76% | 2.43% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.06% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg074.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class C: ISICX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L601-AR

# Class I: IISIX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class I | $64 | 0.62% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $250,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Bond Index** |
| **2015** | $250000 | $250000 | $250000 | $250000 |
| **2016** | $252279 | $254900 | $250825 | $254375 |
| **2017** | $270907 | $256022 | $252681 | $259259 |
| **2018** | $282754 | $259094 | $255739 | $263200 |
| **2019** | $295257 | $270701 | $262081 | $275123 |
| **2020** | $276645 | $294875 | $268318 | $294794 |
| **2021** | $319109 | $296968 | $270036 | $303490 |
| **2022** | $312038 | $284644 | $270171 | $290653 |
| **2023** | $303171 | $271038 | $276628 | $277254 |
| **2024** | $326407 | $275640 | $291462 | $284658 |
| **2025** | $349322 | $289090 | $306598 | $299583 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.02% | 4.78% | 3.40% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.06% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg067.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class I: IISIX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L874-AR

# Class R: ISIRX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R | $114 | 1.10% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg083.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10017 | $10196 | $10033 | $10175 |
| **2017** | $10674 | $10241 | $10107 | $10370 |
| **2018** | $11075 | $10364 | $10230 | $10528 |
| **2019** | $11488 | $10828 | $10483 | $11005 |
| **2020** | $10707 | $11795 | $10733 | $11792 |
| **2021** | $12292 | $11879 | $10801 | $12140 |
| **2022** | $11953 | $11386 | $10807 | $11626 |
| **2023** | $11564 | $10842 | $11065 | $11090 |
| **2024** | $12392 | $11026 | $11658 | $11386 |
| **2025** | $13199 | $11564 | $12264 | $11983 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.51% | 4.28% | 2.81% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.06% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg087.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R: ISIRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L882-AR

# Class R6: VSIRX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class R6 | $57 | 0.55% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $1,000,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg077.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Index** |
| **10/23/2015** | $1000000 | $1000000 | $1000000 | $1000000 |
| **2016** | $1002196 | $1021000 | $1001664 | $1018888 |
| **2017** | $1074315 | $1025492 | $1009076 | $1038448 |
| **2018** | $1121655 | $1037796 | $1021288 | $1054232 |
| **2019** | $1170566 | $1084288 | $1046616 | $1101988 |
| **2020** | $1097076 | $1181116 | $1071524 | $1180784 |
| **2021** | $1266633 | $1189504 | $1078384 | $1215616 |
| **2022** | $1239103 | $1140140 | $1078920 | $1164196 |
| **2023** | $1205750 | $1085640 | $1104708 | $1110524 |
| **2024** | $1297719 | $1104072 | $1163948 | $1140184 |
| **2025** | $1389860 | $1157948 | $1224392 | $1199964 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **Since Inception (10/23/2015)** |
| Class R6 | 7.10% | 4.84% | 3.55% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.57% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.17% |
| Bloomberg U.S. Universal Index | 5.24% | 0.32% | 1.95% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg086.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class R6: VSIRX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L536-AR

# Class W: ISIWX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya Strategic Income Opportunities Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya Strategic Income Opportunities Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/prospectuses-reports. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| Class W | $62 | 0.60% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund (before fees and expenses) outperformed the ICE BofA US Dollart 3-Month Deposit Offered Rate Constant Maturity Index primarily due to favorable asset allocation and security selection decisions, while duration and yield curve decisions detracted.

↑ Top contributors to performance: Overweight to securitized credit broadly contributed to performance, led by the non-agency residential mortgage-backed securities (RMBS) & single-family (SF) credit risk transfer (CRT) sector. The commercial mortgage-backed securities (CMBS) sector also provided strong contributions. Contributions were also sourced from allocation to corporate credit, particularly high yield as spreads in the sector tightened throughout the year.

↓ Top detractors from performance: Due to a relatively long duration position, the elevated treasury rates for the year detracted from performance. Foreign exchange (FX) decisions also detracted.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg064.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class W** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index** | **Bloomberg U.S. Universal Bond Index** |
| **2015** | $10000 | $10000 | $10000 | $10000 |
| **2016** | $10017 | $10196 | $10033 | $10175 |
| **2017** | $10738 | $10241 | $10107 | $10370 |
| **2018** | $11196 | $10364 | $10230 | $10528 |
| **2019** | $11683 | $10828 | $10483 | $11005 |
| **2020** | $10939 | $11795 | $10733 | $11792 |
| **2021** | $12627 | $11879 | $10801 | $12140 |
| **2022** | $12344 | $11386 | $10807 | $11626 |
| **2023** | $11994 | $10842 | $11065 | $11090 |
| **2024** | $12916 | $11026 | $11658 | $11386 |
| **2025** | $13825 | $11564 | $12264 | $11983 |

---

For the above performance graph and below table: Past performance does not guarantee future results. Call 1-800-992-0180 or visit https://individuals.voya.com/product/mutual-fund/performance for current month-end performance. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund | **1 Year** | **5 Years** | **10 Years** |
| Class W | 7.04% | 4.79% | 3.29% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |
| ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 5.19% | 2.70% | 2.06% |
| Bloomberg U.S. Universal Bond Index | 5.24% | 0.32% | 1.83% |

---

Effective with this report, the Adviser changed the primary benchmark from the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index to the Bloomberg U.S. Aggregate Bond Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$2,103,427,379

* # of Portfolio Holdings1,604

* Portfolio Turnover Rate283%

* Investment Advisory Fees Paid10,024,561

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Freddie Mac REMIC Trust - Class FD, 5.940%, 02/25/55 | 2.3% |
| Brazil Letras do Tesouro Nacional, 15.084%, 01/01/26 | 1.6% |
| Ginnie Mae, 6.500%, 02/20/55 | 1.4% |
| Uniform Mortgage-Backed Securities, 6.500%, 04/01/55 | 1.1% |
| Mexican Udibonos, 2.750%, 11/27/31 | 1.0% |
| Ginnie Mae, 5.500%, 04/20/55 | 1.0% |
| Uniform Mortgage-Backed Securities, 6.000%, 04/01/55 | 0.8% |
| Ginnie Mae, 4.500%, 04/20/55 | 0.8% |
| Fannie Mae REMIC Trust - Class IM, 4.500%, 07/25/51 | 0.6% |
| Prima Capital CRE Securitization Ltd. - Class D, 4.250%, 12/25/50 | 0.5% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg042.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.7% |
| Common Stock | 0.0% |
| Preferred Stock | 0.0% |
| U.S. Treasury Obligations | 1.2% |
| Sovereign Bonds | 4.0% |
| U.S. Government Agency Obligations | 6.0% |
| Bank Loans | 6.8% |
| Asset-Backed Securities | 12.7% |
| Commercial Mortgage-Backed Securities | 17.9% |
| Corporate Bonds/Notes | 18.7% |
| Collateralized Mortgage Obligations | 29.0% |

---

## Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings & proxy voting, scan the below QR code, visit https://individuals.voya.com/product/mutual-fund/prospectuses-reports or call us at 1-800-992-0180.

# Class W: ISIWX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/prospectuses-reports](tm2514698d7_tsrimg027.jpg)

# Voya Strategic Income Opportunities Fund
92913L809-AR

# Portfolio: VVITX
![Image](tm2514698d7_tsrimg071.jpg)

# Voya VACS Series HYB Fund

#### Annual Shareholder Report

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; March 31, 2025
This annual shareholder report contains important information about Voya VACS Series HYB Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://individuals.voya.com/product/mutual-fund/holdings/monthly. You can also request this information by contacting us at 1-800-992-0180.

## **What were the Fund's costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10K investment** | **Costs paid as % of $10K investment** |
| VACS Series | $13 | 0.13% |

---

## How did the Fund perform in the past 12 months?
For the year ended March 31, 2025, the Fund underperformed the Bloomberg High Yield - 2% Issuer Constrained Composite Index.

↑ Top contributors to performance: Security selection in select outperforming names in chemicals & in energy space due to preference for midstream over exploration and production (E&P). Lastly, security selection within utilities was additive.

↓ Top detractors from performance: Security selection in cable and satellite, primarily due to the avoidance of prior underperforming credits that rallied due to company-specific reasons. Security selection in healthcare and pharma, primarily due to the owning select underperforming credits and avoiding stressed issuers that saw their price increase on idiosyncratic news. Lastly, selection within utilities.

### Total Return Based on $10,000 Investment
![A line chart as described in the following paragraph.](tm2514698d7_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Voya VACS Series HYB Fund** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index** |
| **2/24/2023** | $10000 | $10000 | $10000 |
| **2023** | $10186 | $10267 | $10153 |
| **2024** | $11189 | $10442 | $11285 |
| **2025** | $12001 | $10951 | $12153 |

---

For the above performance graph and below table: Past performance does not guarantee future results. These do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares. Figures do reflect deduction of sales charges, if applicable, and assume reinvestment of dividends and capital gains. Performance shown, includes, if applicable, the effect of fee waivers and/or expense reimbursements.

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception (2/24/2023)** |
| Voya VACS Series HYB Fund | 7.26% | 9.09% |
| Bloomberg U.S. Aggregate Bond Index | 4.88% | 4.49% |
| Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index | 7.69% | 9.75% |

---

Effective with this report, the Adviser changed the primary benchmark from the Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index to the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Securitized MBS/ABS/CMBS Index in accordance with recent changes to regulatory disclosure requirements. The Fund continues to use the Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index as an additional benchmark that the Adviser believes more closely reflects the Fund's principal investment strategies.

## Fund Statistics
* Total Net Assets$170,612,617

* # of Portfolio Holdings371

* Portfolio Turnover Rate86%

* Investment Advisory Fees Paid$0

## What did the Fund invest in?
The tables below reflect the investment makeup of the Fund, excluding derivatives unless otherwise noted, shown as percentage of Fund net assets. Portfolio holdings are subject to change daily.

### Top 10 Holdings

---

| | |
|:---|:---|
| Sirius XM Radio, Inc., 5.000%, 08/01/27 | 0.9% |
| Royal Caribbean Cruises Ltd., 5.375%, 07/15/27 | 0.7% |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/31 | 0.6% |
| CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/30 | 0.6% |
| 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/29 | 0.6% |
| Cloud Software Group, Inc., 6.500%, 03/31/29 | 0.6% |
| Hilton Domestic Operating Co., Inc., 5.875%, 03/15/33 | 0.6% |
| Univision Communications, Inc., 6.625%, 06/01/27 | 0.6% |
| Iron Mountain, Inc., 5.250%, 07/15/30 | 0.6% |
| Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/29 | 0.6% |

---

### Investment Type Allocation
![A graphical representation of Investments made.](tm2514698d7_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Assets in Excess of Other Liabilities | 3.0% |
| Bank Loans | 5.2% |
| Corporate Bonds/Notes | 91.8% |

---

## Availability of Additional Information
For additional information about the Fund, including its holdings and Form N-CSR, please visit https://individuals.voya.com/product/mutual-fund/holdings/monthly or call us at 1-800-992-0180. For information on proxy voting, please visit https://individuals.voya.com or call us at 1-800-992-0180.

# Portfolio: VVITX
![An image of a QR code that, when scanned, navigates the user to the following URL: https://individuals.voya.com/product/mutual-fund/holdings/monthly](tm2514698d7_tsrimg062.jpg)

# Voya VACS Series HYB Fund
92913L262-AR

(b) Not
 applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the Code during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code during the period covered by this report. The code of ethics is filed herewith pursuant to Item 19(a)(1), Ex-99.CODE ETH.

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees has determined that Colleen D. Baldwin, Martin J. Gavin, and Christopher P. Sullivan are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Sullivan are "independent" for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Below are the amount of fees that Ernst & Young LLP ("EY"), the Registrant's current Independent Registered Public Accounting Firm, billed and paid to the Fund during the Fund's fiscal years ended March 31, 2025 and March 31, 2024.

(a) Audit
 Fee <u>s</u>: The aggregate
 fees billed and paid for each of the last two fiscal years for professional services rendered
 by Ernst & Young LLP ("EY"), the principal accountant for the audit
 of the registrant's annual financial statements or services that are normally provided
 by the accountant in connection with statutory and regulatory filings or engagements for
 those fiscal years were $256,885 for the year ended March 31 ,
 2025 and $241,753 for the year ended March 31 ,
 2024.

(b) <u>Audit-Related Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for assurance
 and related services by EY that are reasonably related to the performance of the audit of
 the registrant's financial statements and are not reported under paragraph (a) of
 this Item were $0 for the year ended March 31 ,
 2025 and $0 for the year ended March 31 , 2024.

(c) <u>Tax Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for professional
 services rendered by EY for tax compliance, tax advice, and tax planning were $87,895 for
 the year ended March 31 ,
 2025 and $87,892 for the year ended March 31 ,
 2024. Such services included review of excise distribution calculations (if applicable),
 preparation of the Registrants' federal, state, and excise tax returns, tax services
 related to mergers and routine consulting.

(d) <u>All Other Fees</u>: The aggregate fees billed and paid in each of the last two fiscal years for
 products and services provided by EY, other than the services reported in paragraphs (a) through
 (c) of this Item were $0 for the year ended March 31 ,
 2025 and $0 for the year ended March 31 ,
 2024.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

***Appendix A***

**AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY**

**I.** **Statement of Principles** 

Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Directors or Trustees (the "Committee") of the Voya funds (each a "Fund," collectively, the "Funds") set out on <u>Exhibit A</u> to this Audit and Non-Audit Services Pre-Approval Policy ("Policy") is responsible for the oversight of the work of the Funds' independent auditors. As part of its responsibilities, the Committee must pre-approve the audit and non-audit services performed by the auditors in order to assure that the provision of these services does not impair the auditors' independence from the Funds. The Committee has adopted, and the Board has ratified, this Policy, which sets out the procedures and conditions under which the services of the independent auditors may be pre-approved.

Under Securities and Exchange Commission ("SEC") rules promulgated in accordance with the Act, the Funds may establish two different approaches to pre-approving audit and non-audit services. The Committee may approve services without consideration of specific case-by-case services ("general pre-approval") or it may pre-approve specific services ("specific pre-approval"). The Committee believes that the combination of these approaches contemplated in this Policy results in an effective and efficient method for pre-approving audit and non-audit services to be performed by the Funds' independent auditors. Under this Policy, services that are not of a type that may receive general pre-approval require specific pre-approval by the Committee. Any proposed services that exceed pre-approved cost levels or budgeted amounts will also require the Committee's specific pre-approval.

For both types of approval, the Committee considers whether the subject services are consistent with the SEC's rules on auditor independence and that such services are compatible with maintaining the auditors independence. The Committee also considers whether a particular audit firm is in the best position to provide effective and efficient services to the Funds. Reasons that the auditors are in the best position include the auditors' familiarity with the Funds' business, personnel, culture, accounting systems, risk profile, and other factors, and whether the services will enhance the Funds' ability to manage and control risk or improve audit quality. Such factors will be considered as a whole, with no one factor being determinative.

The appendices attached to this Policy describe the audit, audit-related, tax-related, and other services that have the Committee's general pre-approval. For any service that has been approved through general pre-approval, the general pre-approval will remain in place for a period 12 months from the date of pre-approval, unless the Committee determines that a different period is appropriate. The Committee will annually review and pre-approve the services that may be provided by the independent auditors without specific pre-approval. The Committee will revise the list of services subject to general pre-approval as appropriate. This Policy does not serve as a delegation to Fund management of the Committee's duty to pre-approve services performed by the Funds' independent auditors.

**II.** **Audit Services** 

The annual audit services engagement terms and fees are subject to the Committee's specific pre-approval. Audit services are those services that are normally provided by auditors in connection with statutory and regulatory filings or engagements or those that generally only independent auditors can reasonably provide. They include the Funds' annual financial statement audit and procedures that the independent auditors must perform in order to form an opinion on the Funds' financial statements (*e.g.*, information systems and procedural reviews and testing). The Committee will monitor the audit services engagement and approve any changes in terms, conditions or fees deemed by the Committee to be necessary or appropriate.

The Committee may grant general pre-approval to other audit services, such as statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or issued in connection with securities offerings.

The Committee has pre-approved the audit services listed on Appendix A. The Committee must specifically approve all audit services not listed on Appendix A.

**III.** **Audit-related Services** 

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or the review of the Funds' financial statements or are traditionally performed by the independent auditors. The Committee believes that the provision of audit-related services will not impair the independent auditors' independence, and therefore may grant pre-approval to audit-related services. Audit-related services include accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services;" assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures relating to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Form N-CEN or Form N-CSR.

The Committee has pre-approved the audit-related services listed on Appendix B. The Committee must specifically approve all audit-related services not listed on Appendix B.

**IV.** **Tax Services** 

The Committee believes the independent auditors can provide tax services to the Funds, including tax compliance, tax planning, and tax advice, without compromising the auditors' independence. Therefore, the Committee may grant general pre-approval with respect to tax services historically provided by the Funds' independent auditors that do not, in the Committee's view, impair auditor independence and that are consistent with the SEC's rules on auditor independence.

The Committee will not grant pre-approval if the independent auditors initially recommends a transaction the sole business purpose of which is tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Committee may consult

outside counsel to determine that tax planning and reporting positions are consistent with this Policy.

The Committee has pre-approved the tax-related services listed on Appendix C. The Committee must specifically approve all tax-related services not listed on Appendix C.

**V.** **Other Services** 

The Committee believes it may grant approval of non-audit services that are permissible services for independent auditors to a Fund. The Committee has determined to grant general pre-approval to other services that it believes are routine and recurring, do not impair auditor independence, and are consistent with SEC rules on auditor independence.

The Committee has pre-approved the non-audit services listed on Appendix D. The Committee must specifically approve all non-audit services not listed on Appendix D.

A list of the SEC's prohibited non-audit services is attached to this Policy as Appendix E. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these impermissible services and the applicability of exceptions to certain of the SEC's prohibitions.

**VI.** **Pre-approval of Fee levels and Budgeted Amounts** 

The Committee will annually establish pre-approval fee levels or budgeted amounts for audit, audit-related, tax and non-audit services to be provided to the Funds by the independent auditors. Any proposed services exceeding these levels or amounts require the Committee's specific pre-approval. The Committee considers fees for audit and non-audit services when deciding whether to pre-approve services. The Committee may determine, for a pre-approval period of 12 months, the appropriate ratio between the total amount of fees for the Fund's audit, audit-related, and tax services (including fees for services provided to Fund affiliates that are subject to pre-approval), and the total amount of fees for certain permissible non-audit services for the Fund classified as other services (including any such services provided to Fund affiliates that are subject to pre-approval).

**VII.** **Procedures** 

Requests or applications for services to be provided by the independent auditors will be submitted to management. If management determines that the services do not fall within those services generally pre-approved by the Committee and set out in the appendices to these procedures, management will submit the services to the Committee or its delagee. Any such submission will include a detailed description of the services to be rendered. Notwithstanding this paragraph, the Committee will, on a quarterly basis, receive from the independent auditors a list of services provided for the previous calendar quarter on a cumulative basis by the auditors during the Pre-Approval Period.

**VIII.** **Delegation** 

The Committee may delegate pre-approval authority to one or more of the Committee's members. Any member or members to whom such pre-approval authority is delegated must report any pre-approval decisions, including any pre-approved services, to the Committee at its next scheduled meeting. The Committee will identify any member to whom pre-approval authority is delegated in writing. The member will retain such authority for a period of 12 months from the date of pre-approval unless the Committee determines that a different period is appropriate. The period of delegated authority may be terminated by the Committee or at the option of the member.

**IX.** **Additional Requirements** 

The Committee will take any measures the Committee deems necessary or appropriate to oversee the work of the independent auditors and to assure the auditors' independence from the Funds. This may include reviewing a formal written statement from the independent auditors delineating all relationships between the auditors and the Funds, consistent with Independence Standards Board No. 1, and discussing with the auditors their methods and procedures for ensuring independence.

Last Approved: November 14, 2024

Appendix A

Pre-Approved Audit Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fee Range |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee<sup>1</sup> |
| Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (*e.g.*, consents), and assistance in responding to SEC comment letters. | √ | Not to exceed $9,750 per filing |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. | √ | Not to exceed $8,000 during the Pre-Approval Period |
| Seed capital audit and related review and issuance of consent on the N-2 registration statement | √ | Not to exceed $14,750 per audit |
| Audit of summary portfolio of investments | √ | Not to exceed $840 per fund |

---

<sup>1</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix B

Pre-Approved Audit-Related Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Services related to Fund mergers (Excludes tax services - See Appendix C for tax services associated with Fund mergers) | √ | √ | Not to exceed $10,000 per merger |
| Consultations by Fund management with respect to accounting or disclosure treatment of transactions or events and/or the actual or potential effect of final or proposed rules, standards or interpretations by the SEC, Financial Accounting Standards Board, or other regulatory or standard setting bodies. [**Note:** Under SEC rules some consultations may be "audit" services and others may be "audit-related" services.] | √ |  | Not to exceed $5,000 per occurrence during the Pre-Approval Period |
| Review of the Funds' semi-annual and quarterly financial statements | √ |  | Not to exceed $2,700 per set of financial statements per fund |
| Reports to regulatory or government agencies related to the annual engagement | √ |  | Up to $5,000 per occurrence during the Pre-Approval Period |
| Regulatory compliance assistance | √ | √ | Not to exceed $5,000 per quarter |
| Training courses |  | √ | Not to exceed $5,000 per course |

---

Appendix C

Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Preparation of federal and state income tax returns and federal excise tax returns for the Funds including assistance and review with excise tax distributions (Funds fees) | √ |  | As presented to Audit Committee<sup>2</sup> |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ |  | As presented to Audit Committee<sup>2</sup> |
| Tax assistance and advice regarding statutory, regulatory or administrative developments | √ | √ | Not to exceed $5,000 for the Funds or for the Funds' investment adviser during the Pre-Approval Period |

---

<sup>2</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

Appendix C, *continued* Pre-Approved Tax Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Tax and technology training sessions |  | √ | Not to exceed $5,000 per course during the Pre-Approval Period |
| Tax services associated with Fund mergers | √ | √ | Not to exceed $4,000 per fund per merger during the Pre-Approval Period |
| <br> Tax compliance services related to return preparation for the Funds (Adviser Fees) |  | √ | As presented to Audit Committee<sup>3</sup> |
| Other tax-related assistance and consultation, including, without limitation, assistance in evaluating derivative financial instruments and international tax issues, qualification and distribution issues, year-end reporting for 1099's, tax compliance services in foreign jurisdictions and similar routine tax consultations as requested. | √ |  | Not to exceed $300,000 during the Pre-Approval Period |
| EU Reclaims IRS Closing Agreement Filings | √ |  | $20,000 per Fund first closing agreement, $5,000 for subsequent closing agreements for same Fund |

---

<sup>3</sup> For new Funds launched during the Pre-Approval Period, the fee ranges pre-approved will be the same as those for existing Funds, pro-rated in accordance with inception dates as provided in the auditors' Proposal or any Engagement Letter covering the period at issue. Fees in the Engagement Letter will be controlling.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
| German Tax Treaty Reclaims | √ | Not to exceed $2,500 per fund during the Pre-Approval Period |

---

Appendix D

Pre-Approved Other Services for the Pre-Approval Period January 1, 2025 through December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service | &nbsp;&nbsp;Service |
|  | The Fund(s) | Fund Affiliates | Fee Range |
| Agreed-upon procedures for Class B share 12b-1 programs |  | √ | Not to exceed $60,000 during the Pre-Approval Period |
| Security counts performed pursuant to Rule 17f-2 of the 1940 Act (*i.e.*, counts for Funds holding securities with affiliated sub-custodians)<br> Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC. | √<br>| √<br>| Not to exceed $5,700 per Fund during the Pre-Approval Period |
| Agreed upon procedures for 15 (c) FACT Books | √ |  | Not to exceed $50,000 during the Pre-Approval Period |

---

Appendix E

Prohibited Non-Audit Services

Dated:&nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 to December 31, 2025

● Bookkeeping or other services related to the accounting records or financial statements of the Funds

● Financial information systems design and implementation

● Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

● Actuarial services

● Internal audit outsourcing services

● Management functions

● Human resources

● Broker-dealer, investment adviser, or investment banking services

● Legal services

● Expert services unrelated to the audit

● Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

**<u>EXHIBIT A</u>**

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA CREDIT INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST

VOYA FUNDS TRUST

VOYA GLOBAL ADVANTAGE AND PREMIUM OPPORTUNITY FUND

VOYA GLOBAL EQUITY DIVIDEND AND PREMIUM OPPORTUNITY FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INVESTORS TRUST

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA SEPARATE PORTFOLIOS TRUST

VOYA VARIABLE FUNDS

VOYA VARIABLE INSURANCE TRUST

VOYA VARIABLE PORTFOLIOS INC,

VOYA VARIABLE PRODUCTS TRUST

---

| | |
|:---|:---|
| (e)(2) | Percentage of services referred to in 4(b) – (4)(d) that were approved by the audit committee |

---

There were no services, or 0%, provided to the registrant by EY that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Percentage of hours expended
attributable to work performed by other than full time employees of EY if greater than 50%

Not applicable.

(g) <u>Non-Audit Fees</u>: The following table presents (i) the
aggregate non-audit fees (*i.e*., fees for audit-related, tax, and other services) billed and paid to the Registrant by the independent
registered public accounting firm for the Registrant's fiscal years ended March 31, 2025 and March 31, 2024; and (ii) the
aggregate non-audit fees billed to the investment adviser, or any of its affiliates that provide ongoing services to the registrant,
by the independent registered public accounting firm for the same time periods.

---

| | | |
|:---|:---|:---|
| **Registrant/Investment Adviser** | **2025** | **2024** |
| Voya Funds Trust | $87895 | $87892 |
| Voya Investments, LLC <sup>(1)</sup> | $15080826 | $20108761 |

---

<sup>(1)</sup> The Registrant's investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.

(h) <u>Principal Accountants Independence</u>: The Registrant's
Audit committee has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser
and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining EY's
independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Schedule is included as part of
the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The annual financial statements, the Financial Highlights, and the Items 8-11 are attached herewith.

![](tm2514698d1_fxincfd-01img1.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

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

**Fixed-Income Funds**

---

| | | | |
|:---|:---|:---|:---|
| ◼ | Voya GNMA Income Fund | ◼ | Voya Short Duration Bond Fund (Formerly, Voya Short Term Bond Fund) |
| ◼ | Voya High Yield Bond Fund | ◼ | Voya Short Duration High Income Fund |
| ◼ | Voya Intermediate Bond Fund | ◼ | Voya Strategic Income Opportunities Fund |

---

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

---

| | |
|:---|:---|
| ![](tm2514698d1_fxincfd-01img2.jpg) | &nbsp;&nbsp;E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2514698d1_fxincfd-01img3.jpg) |

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001) | [1](#a_001) |
| [Statements of Assets and Liabilities](#a_002) | [3](#a_002) |
| [Statements of Operations](#fxinfins_002) | [9](#fxinfins_002) |
| [Statements of Changes in Net Assets](#fxinfins_003) | [13](#fxinfins_003) |
| [Financial Highlights](#fxinfins_005) | [16](#fxinfins_005) |
| [Notes to Financial Statements](#fxinfins_006) | [21](#fxinfins_006) |
| [Portfolios of Investments](#ab_001) | [42](#ab_001) |
| [Tax Information](#ab_002) | [221](#ab_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#ab_003) | [222](#ab_003) |

---

---

| |
|:---|
| &nbsp;&nbsp;**Go Paperless with E-Delivery!** |
| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Duration Bond Fund (formerly, Voya Short Term Bond Fund), Voya Short Duration High Income Fund, and Voya Strategic Income Opportunities Fund (collectively referred to as the "Funds") (six of the funds constituting Voya Funds Trust (the "Trust")), including the portfolios of investments, as of March 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting Voya Funds Trust) at March 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| Individual fund constituting Voya Funds<br> Trust | Statement of<br> Operations | Statements of changes in<br> net assets | Financial highlights |
| Voya GNMA Income Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the five years in the period ended March 31, 2025 |
| Voya High Yield Bond Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the five years in the period ended March 31, 2025 |
| Voya Intermediate Bond Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the five years in the period ended March 31, 2025 |
| Voya Short Duration Bond Fund (formerly, Voya Short Term Bond Fund) | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the five years in the period ended March 31, 2025 |
| Voya Short Duration High Income Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from February 9, 2023 (commencement of operations) through March 31, 2023 |
| Voya Strategic Income Opportunities Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the five years in the period ended March 31, 2025 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (CONTINUED)

over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d1_fxincfd-01img4.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENTS OF ASSETS AND LIABILITIES AS OF MARCH 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **Voya GNMA**<br>**Income Fund** | **Voya High Yield**<br>**Bond Fund** | **Voya Intermediate**<br>**Bond Fund** |
| **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | $1459027300 | $340702130 | $9443151090 |
| Short-term investments at fair value† | 46185392 | 47199400 | 851593656 |
| Cash |  | 199935 | 1015401 |
| Cash collateral for futures contracts | 4505125 |  | 42229052 |
| Cash pledged for centrally cleared swaps (Note 2) |  |  | 8400000 |
| Cash pledged as collateral for OTC derivatives (Note 2) |  |  | 2540000 |
| Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2) | 1458000 |  | 350000 |
| Foreign currencies at value‡ |  |  | 24 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 1311008 | 6662262 | 118792160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when- |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued basis | 67405179 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 1562563 | 170613 | 10071313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  | 2345 | 51408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3925747 | 5610805 | 65721999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2 |  | 2673776 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 936491 |
| Unrealized appreciation on forward premium swaptions |  |  | 8302348 |
| Prepaid expenses | 37739 | 58732 | 105059 |
| Reimbursement due from Investment Adviser | 50542 |  |  |
| Due from broker | 296000 |  |  |
| Other assets | 52516 | 22665 | 230724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1585817113 | 400628887 | 10556164501 |
| **LIABILITIES:** |  |  |  |
| Income distribution payable | 469979 | 117521 | 4696303 |
| Payable for investment securities purchased |  | 8144806 | 175106606 |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | 466566725 |  | 289795865 |
| Payable for fund shares redeemed | 2740902 | 303828 | 19573208 |
| Payable upon receipt of securities loaned |  | 34337545 | 545646136 |
| Sales commitments^^^ | 4666126 |  |  |
| Unrealized depreciation on forward foreign currency contracts |  |  | 2010640 |
| Unrealized depreciation on forward premium swaptions |  |  | 3655063 |
| Variation margin payable on centrally cleared swaps |  |  | 53889 |
| Cash received as collateral for delayed-delivery or when-issued securities (Note 2) | 433175 |  |  |
| Cash received as collateral for OTC derivatives (Note 2) |  |  | 4090000 |
| Payable for investment management fees | 405061 | 172220 | 2180050 |
| Payable for distribution and shareholder service fees | 67036 | 8470 | 87801 |
| Payable to custodian due to bank overdraft | 310602 |  |  |
| Payable to trustees under the deferred compensation plan (Note 6) | 52516 | 22665 | 230724 |
| Payable for trustee fees | 2984 | 995 | 22353 |
| Other accrued expenses and liabilities | 350092 | 157494 | 1238760 |
| Written options, at fair value^ | – | – | 1365565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 476065198 | 43265544 | 1049752963 |
| **NET ASSETS** | $1109751915 | $357363343 | $9506411538 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MARCH 31, 2025 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya GNMA**<br>**Income Fund** | **Voya High Yield**<br>**Bond Fund** | **Voya Intermediate**<br>**Bond Fund** |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $1316360681 | $408361863 | $10919420652 |
| Total distributable loss | (206608766) | (50998520) | (1413009114) |
| **NET ASSETS** | $1109751915 | $357363343 | $9506411538 |
| <br> + Including securities loaned at value | $— | $33336990 | $530294534 |
| \* Cost of investments in securities | $1557243299 | $340132042 | $9675155339 |
| † Cost of short-term investments | $46185413 | $47199992 | $851626467 |
| ‡ Cost of foreign currencies | $— | $— | $24 |
| ^ Premiums received on written options | $— | $— | $1368826 |
| ^^^ Proceeds receivable from sales commitments | $4619285 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MARCH 31, 2025 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya GNMA**<br>**Income Fund** | **Voya High Yield**<br>**Bond Fund** | **Voya Intermediate**<br>**Bond Fund** |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $286903930 | $32966421 | $188702075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 38538567 | 4790468 | 21569703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.44 | $6.88 | $8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (2.50%)<sup>(1)</sup> | $7.63 | $7.06 | $8.97 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7699053 | $1491502 | $5818444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 1039417 | 216939 | 666041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $7.41 | $6.88 | $8.74 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $750880089 | $126861174 | $6370144475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 100672234 | 18487734 | 727874889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.46 | $6.86 | $8.75 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | n/a | $324445 | $102337799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | n/a | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | n/a | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | n/a | 47146 | 11682174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | n/a | $6.88 | $8.76 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $17992422 | $158046590 | $2749280729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 2411731 | 22972453 | 313976722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.46 | $6.88 | $8.76 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $46276421 | $37673211 | $90128016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 6194053 | 5466398 | 10310459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $7.47 | $6.89 | $8.74 |

---

<sup>(1)</sup> 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.

<sup>†</sup> Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MARCH 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Short**<br>**Duration**<br>**Bond**<br>**Fund** | **Voya Short**<br>**Duration**<br>**High Income**<br>**Fund** |<br>**Voya Strategic**<br>**Income**<br>**Opportunities Fund** |
| **ASSETS:** | | | |
| Investments in securities at fair value+\* | $581322980 | $250460542 | $2026177844 |
| Short-term investments at fair value† | 16735462 | 32928295 | 141517631 |
| Cash | 41023 |  | 51765224 |
| Cash collateral for futures contracts | 1202988 |  | 4084919 |
| Cash pledged for centrally cleared swaps (Note 2) |  |  | 5346846 |
| Cash pledged as collateral for OTC derivatives (Note 2) |  |  | 2800000 |
| Foreign currencies at value‡ |  |  | 151238 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 5651823 |  | 15077403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold on a delayed-delivery or when-issued basis |  |  | 141602316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 98000 | 565744 | 1348396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 12999 | 66328 | 20978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3786515 | 5411770 | 15566642 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 1508450 |
| Unrealized appreciation on forward premium swaptions |  |  | 3702194 |
| Unrealized appreciation on OTC swap agreements |  |  | 664904 |
| Prepaid expenses | 52776 | 62984 | 55271 |
| Reimbursement due from Investment Adviser |  | 24169 |  |
| Other assets | 8088 | 596 | 41170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 608912654 | 289520428 | 2411431426 |
| **LIABILITIES:** |  |  |  |
| Income distribution payable | 991 | 10848 | 668528 |
| Payable for investment securities purchased | 5416078 | 3082810 | 29063589 |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis |  |  | 163101809 |
| Payable for fund shares redeemed | 505496 | 1064047 | 2488536 |
| Payable upon receipt of securities loaned | 8537738 | 17189542 | 35867742 |
| Sales commitments^^^ |  |  | 66095859 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 1677356 |
| Unrealized depreciation on forward premium swaptions |  |  | 1645925 |
| Upfront payments received on OTC swap agreements |  |  | 1102380 |
| Unrealized depreciation on OTC swap agreements |  |  | 722141 |
| Variation margin payable on centrally cleared swaps |  |  | 59179 |
| Variation margin payable on futures contracts | 10563 |  | 346567 |
| Cash received as collateral for OTC derivatives (Note 2) |  |  | 1930000 |
| Payable for investment management fees | 145266 | 112222 | 874190 |
| Payable for distribution and shareholder service fees | 858 | 8772 | 45900 |
| Payable to trustees under the deferred compensation plan (Note 6) | 8088 | 596 | 41170 |
| Payable for trustee fees | 1452 | 475 | 5013 |
| Other accrued expenses and liabilities | 62326 | 36495 | 369985 |
| Unfunded loan commitments (Note 10) |  |  | 415305 |
| Written options, at fair value^ | 91255 | – | 1482873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 14780111 | 21505807 | 308004047 |
| **NET ASSETS** | $594132543 | $268014621 | $2103427379 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES AS OF MARCH 31, 2025 (CONTINUED)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Short**<br>**Duration**<br>**Bond**<br>**Fund** | **Voya Short**<br>**Duration**<br>**High Income**<br>**Fund** |<br>**Voya Strategic**<br>**Income**<br>**Opportunities Fund** |
| **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | $622523288 | $274573070 | $2366878860 |
| Total distributable loss | (28390745) | (6558449) | (263451481) |
| **NET ASSETS** | $594132543 | $268014621 | $2103427379 |
| <br>+ Including securities loaned at value | $8301918 | $16707828 | $34832754 |
| \* Cost of investments in securities | $578085484 | $257258706 | $2063903928 |
| † Cost of short-term investments | $16735738 | $32928295 | $141531941 |
| ‡ Cost of foreign currencies | $— | $— | $151425 |
| ^ Premiums received on written options | $89366 | $— | $1602404 |
| ^^^ Proceeds receivable from sales commitments | $— | $— | $65840732 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Short**<br>**Duration**<br>**Bond**<br>**Fund** | **Voya Short**<br>**Duration**<br>**High Income**<br>**Fund** | <br>**Voya Strategic**<br>**Income**<br>**Opportunities Fund** |
| **Class A** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3870274 | $20575687 | $74707731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 413203 | 2082012 | 8058007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $9.37 | $9.88 | $9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (2.50%)<sup>(1)</sup> | $9.61 | $10.13 | $9.51 |
| **Class C** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $91222 | $5125771 | $30365499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9732 | 512367 | 3324033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share† | $9.37 | $10.00 | $9.14 |
| **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $37425417 | $232455611 | $1654327986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 3999188 | 23527685 | 178283779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.36 | $9.88 | $9.28 |
| **Class R** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $43283 | n/a | $15010444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 4604 | n/a | 1632109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.40 | n/a | $9.20 |
| **Class R6** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $545288258 | $9857552 | $312091221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | unlimited | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | $0.001 | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 58198953 | 997503 | 33734123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.37 | $9.88 | $9.25 |
| **Class W** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $7414089 | n/a | $16924498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares authorized | unlimited | n/a | unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par value | $0.001 | n/a | $0.001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 789224 | n/a | 1829842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value and redemption price per share | $9.39 | n/a | $9.25 |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | 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. |
| <sup>†</sup> | Redemption price per share may be reduced for any applicable contingent deferred sales charges. |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya GNMA**<br>**Income Fund** | **Voya High Yield**<br>**Bond Fund** | **Voya Intermediate**<br>**Bond Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $— | $55045 | $337796 |
| Interest, net of foreign taxes withheld\* | 49069778 | 29237299 | 441383319 |
| Securities lending income, net |  | 245225 | 3192329 |
| Other | 6554 | 2213 | 48253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 49076332 | 29539782 | 444961697 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 5331146 | 2429239 | 24138421 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 756663 | 84298 | 534920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 87212 | 41044 | 63479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 1625 | 521865 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 399220 | 48652 | 270527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 11510 | 5979 | 7983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 807987 | 94594 | 3227537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R |  | 468 | 130529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 49 | 894 | 25897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 63306 | 58889 | 116538 |
| Shareholder reporting expense | 76665 | 9225 | 191830 |
| Registration fees | 137569 | 106133 | 219564 |
| Professional fees | 111338 | 27227 | 358455 |
| Custody and accounting expense | 240147 | 24085 | 1123200 |
| Trustee fees | 29836 | 9956 | 223529 |
| Miscellaneous expense | 73760 | 26922 | 937528 |
| Interest expense | 162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 8126570 | 2969230 | 32091802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (638920) | (199124) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 7487650 | 2770106 | 32091802 |
| Net investment income | 41588682 | 26769676 | 412869895 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2323200) | (4248320) | (71641439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | (230647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 2326251 |  | (58209915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | (536157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | 7908196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales commitments | (107753) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (104702) | (4248320) | (122706847) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 24709271 | 3995045 | 185898802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | (1079354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | 28567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2510801) |  | 6218987 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya GNMA**<br>**Income Fund** | **Voya High Yield**<br>**Bond Fund** | **Voya Intermediate**<br>**Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | 1521280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | (4189221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales commitments | (171536) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 22026934 | 3995045 | 188399061 |
| Net realized and unrealized gain (loss) | 21922232 | (253275) | 65692214 |
| **Increase in net assets resulting from operations** | $63510914 | $26516401 | $478562109 |
| \*&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | $47954 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Short**<br>**Duration**<br>**Bond**<br>**Fund** | **Voya Short**<br>**Duration**<br>**High Income**<br>**Fund** |<br>**Voya Strategic**<br>**Income**<br>**Opportunities Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| Dividends | $212918 | $627425 | $525160 |
| Interest | 29305212 | 15381978 | 122808668 |
| Securities lending income, net | 48626 | 251008 | 193238 |
| Other | 3148 | 978 | 10791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 29569904 | 16261389 | 123537857 |
| **EXPENSES:** |  |  |  |
| Investment management fees | 1451836 | 911156 | 10024561 |
| Distribution and shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8847 | 41222 | 164668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 842 | 29595 | 314691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 181 |  | 78278 |
| Transfer agent fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3072 | 2687 | 30679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 73 | 521 | 14843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 23163 | 60925 | 1103169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 33 |  | 7364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6 | 1068 | 172 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 7536 |  | 7835 |
| Shareholder reporting expense | 4286 | 4492 | 93850 |
| Registration fees | 103667 | 78162 | 255383 |
| Professional fees | 46658 | 28945 | 123740 |
| Custody and accounting expense | 95075 | 27054 | 362415 |
| Trustee fees | 14519 | 4745 | 50127 |
| Miscellaneous expense | 38183 | 18136 | 106106 |
| Interest expense |  |  | 8834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1799039 | 1207812 | 12747125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (4777) | (7262) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1794262 | 1200550 | 12747125 |
| Net investment income | 27775642 | 15060839 | 110790732 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 155766 | 1593237 | (33615125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 301731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | (226951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2104971) |  | (1533864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 267263 |  | (4051782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 185596 |  | 5135710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales commitments |  |  | 397332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1496346) | 1593237 | (33592949) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5316559 | (7311506) | 55737942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 1037117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions |  |  | (4729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 991246 |  | 2250908 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya Short**<br>**Duration**<br>**Bond**<br>**Fund** | **Voya Short**<br>**Duration**<br>**High Income**<br>**Fund** |<br>**Voya Strategic**<br>**Income**<br>**Opportunities Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | 2011036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (1888) |  | (2857296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales commitments |  |  | 189064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6305917 | (7311506) | 58364042 |
| Net realized and unrealized gain (loss) | 4809571 | (5718269) | 24771093 |
| **Increase in net assets resulting from operations** | $32585213 | $9342570 | $135561825 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya GNMA Income Fund** | **Voya GNMA Income Fund** | **Voya High Yield Bond Fund** | **Voya High Yield Bond Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $41588682 | $44514711 | $26769676 | $31480157 |
| Net realized loss | (104702) | (7538616) | (4248320) | (21607148) |
| Net change in unrealized appreciation (depreciation) | 22026934 | (21722086) | 3995045 | 34044141 |
| Increase in net assets resulting from operations | 63510914 | 15254009 | 26516401 | 43917150 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (10029263) | (12123296) | (2138491) | (2259494) |
| &nbsp;&nbsp;&nbsp;Class C | (223589) | (380277) | (229759) | (347258) |
| &nbsp;&nbsp;&nbsp;Class I | (29261043) | (31637063) | (9402040) | (12955684) |
| &nbsp;&nbsp;&nbsp;Class R |  |  | (19785) | (16515) |
| &nbsp;&nbsp;&nbsp;Class R6 | (898365) | (1386386) | (12077257) | (12562699) |
| &nbsp;&nbsp;&nbsp;Class W | (1710697) | (2495272) | (2689695) | (3810308) |
| Total distributions | (42122957) | (48022294) | (26557027) | (31951958) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 357259822 | 567140914 | 123520158 | 254267728 |
| Reinvestment of distributions | 35954488 | 41021431 | 24863213 | 30358921 |
|  | 393214310 | 608162345 | 148383371 | 284626649 |
| Cost of shares redeemed | (571644335) | (635223162) | (266598395) | (205422210) |
| Net increase (decrease) in net assets resulting from capital share transactions | (178430025) | (27060817) | (118215024) | 79204439 |
| Net increase (decrease) in net assets | (157042068) | (59829102) | (118255650) | 91169631 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 1266793983 | 1326623085 | 475618993 | 384449362 |
| End of year or period | $1109751915 | $1266793983 | $357363343 | $475618993 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Voya Short Duration** | **Voya Short Duration** |
|  | **Voya Intermediate Bond Fund** | **Voya Intermediate Bond Fund** | **Bond Fund** | **Bond Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $412869895 | $332052550 | $27775642 | $23300468 |
| Net realized loss | (122706847) | (217976060) | (1496346) | (7585245) |
| Net change in unrealized appreciation (depreciation) | 188399061 | 177319087 | 6305917 | 7075042 |
| Increase in net assets resulting from operations | 478562109 | 291395577 | 32585213 | 22790265 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9379446) | (8809565) | (157956) | (239790) |
| &nbsp;&nbsp;&nbsp;Class C | (230359) | (245467) | (3125) | (3665) |
| &nbsp;&nbsp;&nbsp;Class I | (280755291) | (222485923) | (1736225) | (1493293) |
| &nbsp;&nbsp;&nbsp;Class R | (4302815) | (3933902) | (1522) | (1092) |
| &nbsp;&nbsp;&nbsp;Class R6 | (124105599) | (101531654) | (25431988) | (21319070) |
| &nbsp;&nbsp;&nbsp;Class W | (4291956) | (3486173) | (410891) | (487725) |
| Total distributions | (423065466) | (340492684) | (27741707) | (23544635) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 2736763127 | 2506939881 | 278286657 | 282224676 |
| Reinvestment of distributions | 367698110 | 298308043 | 27542616 | 23449458 |
|  | 3104461237 | 2805247924 | 305829273 | 305674134 |
| Cost of shares redeemed | (2154398990) | (1929067994) | (268802186) | (143991340) |
| Net increase in net assets resulting from capital share transactions | 950062247 | 876179930 | 37027087 | 161682794 |
| Net increase in net assets | 1005558890 | 827082823 | 41870593 | 160928424 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 8500852648 | 7673769825 | 552261950 | 391333526 |
| End of year or period | $9506411538 | $8500852648 | $594132543 | $552261950 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Short Duration** | **Voya Short Duration** | **Voya Strategic** | **Voya Strategic** |
|  | **High Income Fund** | **High Income Fund** | **Income Opportunities Fund** | **Income Opportunities Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $15060839 | $4559769 | $110790732 | $93394865 |
| Net realized gain (loss) | 1593237 | 535877 | (33592949) | (77746487) |
| Net change in unrealized appreciation (depreciation) | (7311506) | 804480 | 58364042 | 108796787 |
| Increase in net assets resulting from operations | 9342570 | 5900126 | 135561825 | 124445165 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1422657) | (900991) | (3456860) | (3313843) |
| &nbsp;&nbsp;&nbsp;Class C | (238344) | (2750) | (1420366) | (1541527) |
| &nbsp;&nbsp;&nbsp;Class I | (13780624) | (2532932) | (87091265) | (77401507) |
| &nbsp;&nbsp;&nbsp;Class R |  |  | (784703) | (841060) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1460398) | (1172298) | (16127689) | (5783413) |
| &nbsp;&nbsp;&nbsp;Class W |  |  | (918821) | (880392) |
| Total distributions | (16902023) | (4608971) | (109799704) | (89761742) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 234554161 | 111077076 | 581918585 | 747508298 |
| Reinvestment of distributions | 16577886 | 4530308 | 101586222 | 81532765 |
|  | 251132047 | 115607384 | 683504807 | 829041063 |
| Cost of shares redeemed | (110861371) | (7326326) | (455076650) | (873990211) |
| Net increase (decrease) in net assets resulting from capital share transactions | 140270676 | 108281058 | 228428157 | (44949148) |
| Net increase (decrease) in net assets | 132711223 | 109572213 | 254190278 | (10265725) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 135303398 | 25731185 | 1849237101 | 1859502826 |
| End of year or period | $268014621 | $135303398 | $2103427379 | $1849237101 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | Payment<br> by<br> affiliate | Net<br> asset<br> value,<br> end of<br> year or<br> period | **Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya GNMA Income Fund <br> Class A** | **Voya GNMA Income Fund <br> Class A** | **Voya GNMA Income Fund <br> Class A** | **Voya GNMA Income Fund <br> Class A** | **Voya GNMA Income Fund <br> Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 7.30 | 0.24<sup>•</sup> | 0.14 | 0.38 | 0.24 |  |  | 0.24 |  | 7.44 | **5.34** | 0.88 | 0.84 | 0.84 | 3.27 | 286904 | 457 |
| 03-31-24 | 7.47 | 0.23<sup>•</sup> | (0.15) | 0.08 | 0.25 |  |  | 0.25 |  | 7.30 | **1.20** | 0.86 | 0.84 | 0.84 | 3.23 | 317375 | 495 |
| 03-31-23 | 8.03 | 0.16<sup>•</sup> | (0.53) | (0.37) | 0.19 |  |  | 0.19 |  | 7.47 | **(4.53)** | 0.83 | 0.84 | 0.84 | 2.17 | 389829 | 353 |
| 03-31-22 | 8.50 | 0.04<sup>•</sup> | (0.40) | (0.36) | 0.10 |  | 0.01 | 0.11 |  | 8.03 | **(4.36)** | 0.84 | 0.84 | 0.84 | 0.45 | 464615 | 539 |
| 03-31-21 | 8.58 | 0.07<sup>•</sup> | 0.02 | 0.09 | 0.14 |  | 0.03 | 0.17 |  | 8.50 | **1.08** | 0.85 | 0.84 | 0.84 | 0.82 | 591762 | 419 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 7.26 | 0.18<sup>•</sup> | 0.16 | 0.34 | 0.19 |  |  | 0.19 |  | 7.41 | **4.71** | 1.63 | 1.59 | 1.59 | 2.53 | 7699 | 457 |
| 03-31-24 | 7.43 | 0.18<sup>•</sup> | (0.15) | 0.03 | 0.20 |  |  | 0.20 |  | 7.26 | **0.44** | 1.61 | 1.59 | 1.59 | 2.48 | 10785 | 495 |
| 03-31-23 | 7.99 | 0.10<sup>•</sup> | (0.52) | (0.42) | 0.14 |  |  | 0.14 |  | 7.43 | **(5.28)** | 1.58 | 1.59 | 1.59 | 1.39 | 17679 | 353 |
| 03-31-22 | 8.46 | (0.03)<sup>•</sup> | (0.40) | (0.43) | 0.03 |  | 0.01 | 0.04 |  | 7.99 | **(5.10)** | 1.59 | 1.59 | 1.59 | (0.32) | 26837 | 539 |
| 03-31-21 | 8.53 | 0.01<sup>•</sup> | 0.03 | 0.04 | 0.08 |  | 0.03 | 0.11 |  | 8.46 | **0.44** | 1.60 | 1.59 | 1.59 | 0.09 | 48911 | 419 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 7.31 | 0.26<sup>•</sup> | 0.16 | 0.42 | 0.27 |  |  | 0.27 |  | 7.46 | **5.80** | 0.60 | 0.54 | 0.54 | 3.57 | 750880 | 457 |
| 03-31-24 | 7.49 | 0.26<sup>•</sup> | (0.16) | 0.10 | 0.28 |  |  | 0.28 |  | 7.31 | **1.39** | 0.59 | 0.54 | 0.54 | 3.53 | 861582 | 495 |
| 03-31-23 | 8.04 | 0.19<sup>•</sup> | (0.52) | (0.33) | 0.22 |  |  | 0.22 |  | 7.49 | **(4.11)** | 0.56 | 0.54 | 0.54 | 2.48 | 822846 | 353 |
| 03-31-22 | 8.52 | 0.06<sup>•</sup> | (0.41) | (0.35) | 0.12 |  | 0.01 | 0.13 |  | 8.04 | **(4.18)** | 0.56 | 0.54 | 0.54 | 0.74 | 834623 | 539 |
| 03-31-21 | 8.59 | 0.09<sup>•</sup> | 0.04 | 0.13 | 0.17 |  | 0.03 | 0.20 |  | 8.52 | **1.50** | 0.57 | 0.54 | 0.54 | 1.10 | 968367 | 419 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 7.31 | 0.27<sup>•</sup> | 0.15 | 0.42 | 0.27 |  |  | 0.27 |  | 7.46 | **5.85** | 0.50 | 0.50 | 0.50 | 3.60 | 17992 | 457 |
| 03-31-24 | 7.49 | 0.26<sup>•</sup> | (0.16) | 0.10 | 0.28 |  |  | 0.28 |  | 7.31 | **1.44** | 0.50 | 0.50 | 0.50 | 3.58 | 28497 | 495 |
| 03-31-23 | 8.05 | 0.19<sup>•</sup> | (0.53) | (0.34) | 0.22 |  |  | 0.22 |  | 7.49 | **(4.21)** | 0.49 | 0.49 | 0.49 | 2.57 | 29707 | 353 |
| 03-31-22 | 8.52 | 0.07<sup>•</sup> | (0.41) | (0.34) | 0.12 |  | 0.01 | 0.13 |  | 8.05 | **(4.06)** | 0.48 | 0.48 | 0.48 | 0.81 | 23951 | 539 |
| 07-31-20<sup>(4)_</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-21 | 8.58 | 0.04<sup>•</sup> | 0.02 | 0.06 | 0.09 |  | 0.03 | 0.11 |  | 8.52 | **0.64** | 0.48 | 0.48 | 0.48 | 0.62 | 41739 | 419 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 7.32 | 0.26<sup>•</sup> | 0.15 | 0.41 | 0.26 |  |  | 0.26 |  | 7.47 | **5.74** | 0.63 | 0.59 | 0.59 | 3.52 | 46276 | 457 |
| 03-31-24 | 7.50 | 0.25<sup>•</sup> | (0.16) | 0.09 | 0.27 |  |  | 0.27 |  | 7.32 | **1.34** | 0.61 | 0.59 | 0.59 | 3.48 | 48555 | 495 |
| 03-31-23 | 8.05 | 0.18<sup>•</sup> | (0.52) | (0.34) | 0.21 |  |  | 0.21 |  | 7.50 | **(4.15)** | 0.58 | 0.59 | 0.59 | 2.36 | 66562 | 353 |
| 03-31-22 | 8.53 | 0.06<sup>•</sup> | (0.41) | (0.35) | 0.12 |  | 0.01 | 0.13 |  | 8.05 | **(4.22)** | 0.59 | 0.59 | 0.59 | 0.70 | 110824 | 539 |
| 03-31-21 | 8.60 | 0.09<sup>•</sup> | 0.04 | 0.13 | 0.17 |  | 0.03 | 0.20 |  | 8.53 | **1.45** | 0.60 | 0.59 | 0.59 | 1.02 | 179530 | 419 |
| **Voya High Yield Bond Fund <br> Class A** | **Voya High Yield Bond Fund <br> Class A** | **Voya High Yield Bond Fund <br> Class A** | **Voya High Yield Bond Fund <br> Class A** | **Voya High Yield Bond Fund <br> Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.88 | 0.44<sup>•</sup> |  | 0.44 | 0.44 |  |  | 0.44 |  | 6.88 | **6.53** | 1.06 | 1.01 | 1.01 | 6.41 | 32966 | 75 |
| 03-31-24 | 6.73 | 0.42<sup>•</sup> | 0.16 | 0.58 | 0.43 |  |  | 0.43 |  | 6.88 | **8.89** | 1.09 | 1.04 | 1.04 | 6.24 | 35358 | 62 |
| 03-31-23 | 7.58 | 0.37<sup>•</sup> | (0.77) | (0.40) | 0.36 | 0.09 |  | 0.45 |  | 6.73 | **(5.07)** | 1.08 | 1.07 | 1.07 | 5.46 | 38546 | 70 |
| 03-31-22 | 7.99 | 0.36<sup>•</sup> | (0.40) | (0.04) | 0.37 | 0.00<sup>\*</sup> |  | 0.37 |  | 7.58 | **(0.62)** | 1.04 | 1.04 | 1.04 | 4.55 | 45842 | 63 |
| 03-31-21 | 7.02 | 0.38<sup>•</sup> | 0.99 | 1.37 | 0.38 |  | 0.02 | 0.40 |  | 7.99 | **19.76** | 1.04 | 1.04 | 1.04 | 4.86 | 49805 | 78 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.87 | 0.39<sup>•</sup> | 0.01 | 0.40 | 0.39 |  |  | 0.39 |  | 6.88 | **5.89** | 1.81 | 1.76 | 1.76 | 5.69 | 1492 | 75 |
| 03-31-24 | 6.72 | 0.37<sup>•</sup> | 0.16 | 0.53 | 0.38 |  |  | 0.38 |  | 6.87 | **8.08** | 1.84 | 1.79 | 1.79 | 5.49 | 5982 | 62 |
| 03-31-23 | 7.58 | 0.32<sup>•</sup> | (0.77) | (0.45) | 0.32 | 0.09 |  | 0.41 |  | 6.72 | **(5.87)** | 1.83 | 1.82 | 1.82 | 4.69 | 6562 | 70 |
| 03-31-22 | 7.99 | 0.30<sup>•</sup> | (0.40) | (0.10) | 0.31 | 0.00<sup>\*</sup> |  | 0.31 |  | 7.58 | **(1.37)** | 1.79 | 1.79 | 1.79 | 3.80 | 9496 | 63 |
| 03-31-21 | 7.02 | 0.32<sup>•</sup> | 0.99 | 1.31 | 0.32 |  | 0.02 | 0.34 |  | 7.99 | **18.88** | 1.79 | 1.79 | 1.79 | 4.12 | 10150 | 78 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.86 | 0.47<sup>•</sup> | (0.01) | 0.46 | 0.46 |  |  | 0.46 |  | 6.86 | **6.90** | 0.73 | 0.68 | 0.68 | 6.74 | 126861 | 75 |
| 03-31-24 | 6.71 | 0.44<sup>•</sup> | 0.16 | 0.60 | 0.45 |  |  | 0.45 |  | 6.86 | **9.28** | 0.75 | 0.70 | 0.70 | 6.59 | 193044 | 62 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | Payment<br> by<br> affiliate | Net<br> asset<br> value,<br> end of<br> year or<br> period | **Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya High Yield Bond Fund (continued)** | **Voya High Yield Bond Fund (continued)** | **Voya High Yield Bond Fund (continued)** | **Voya High Yield Bond Fund (continued)** | **Voya High Yield Bond Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** | **Class I (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 7.57 | 0.40<sup>•</sup> | (0.78) | (0.38) | 0.39 | 0.09 |  | 0.48 |  | 6.71 | **(4.83)** | 0.73 | 0.72 | 0.72 | 5.82 | 188736 | 70 |
| 03-31-22 | 7.98 | 0.39<sup>•</sup> | (0.40) | (0.01) | 0.40 | 0.00<sup>\*</sup> |  | 0.40 |  | 7.57 | **(0.28)** | 0.69 | 0.69 | 0.69 | 4.90 | 193357 | 63 |
| 03-31-21 | 7.01 | 0.40<sup>•</sup> | 0.99 | 1.39 | 0.40 |  | 0.02 | 0.42 |  | 7.98 | **20.19** | 0.69 | 0.69 | 0.69 | 5.18 | 171058 | 78 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.88 | 0.43<sup>•</sup> | (0.01) | 0.42 | 0.42 |  |  | 0.42 |  | 6.88 | **6.26** | 1.31 | 1.26 | 1.26 | 6.16 | 324 | 75 |
| 03-31-24 | 6.73 | 0.40<sup>•</sup> | 0.16 | 0.56 | 0.41 |  |  | 0.41 |  | 6.88 | **8.62** | 1.34 | 1.29 | 1.29 | 6.00 | 297 | 62 |
| 03-31-23 | 7.59 | 0.36<sup>•</sup> | (0.78) | (0.42) | 0.35 | 0.09 |  | 0.44 |  | 6.73 | **(5.38)** | 1.33 | 1.32 | 1.32 | 5.26 | 256 | 70 |
| 03-31-22 | 8.00 | 0.34<sup>•</sup> | (0.40) | (0.06) | 0.35 | 0.00<sup>\*</sup> |  | 0.35 |  | 7.59 | **(0.87)** | 1.29 | 1.29 | 1.29 | 4.29 | 182 | 63 |
| 03-31-21 | 7.03 | 0.36<sup>•</sup> | 0.99 | 1.35 | 0.36 |  | 0.02 | 0.38 |  | 8.00 | **19.44** | 1.29 | 1.29 | 1.29 | 4.61 | 547 | 78 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.88 | 0.47<sup>•</sup> |  | 0.47 | 0.47 |  |  | 0.47 |  | 6.88 | **6.96** | 0.66 | 0.61 | 0.61 | 6.81 | 158047 | 75 |
| 03-31-24 | 6.73 | 0.45<sup>•</sup> | 0.15 | 0.60 | 0.45 |  |  | 0.45 |  | 6.88 | **9.34** | 0.68 | 0.63 | 0.63 | 6.69 | 197092 | 62 |
| 03-31-23 | 7.59 | 0.40<sup>•</sup> | (0.77) | (0.37) | 0.40 | 0.09 |  | 0.49 |  | 6.73 | **(4.74)** | 0.67 | 0.66 | 0.66 | 5.94 | 93175 | 70 |
| 03-31-22 | 8.00 | 0.40<sup>•</sup> | (0.41) | (0.01) | 0.40 | 0.00<sup>\*</sup> |  | 0.40 |  | 7.59 | **(0.21)** | 0.63 | 0.63 | 0.63 | 4.91 | 44338 | 63 |
| 03-31-21 | 7.02 | 0.41<sup>•</sup> | 1.00 | 1.41 | 0.41 |  | 0.02 | 0.43 |  | 8.00 | **20.39** | 0.63 | 0.63 | 0.63 | 5.26 | 242749 | 78 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 6.89 | 0.46<sup>•</sup> |  | 0.46 | 0.46 |  |  | 0.46 |  | 6.89 | **6.79** | 0.81 | 0.76 | 0.76 | 6.66 | 37673 | 75 |
| 03-31-24 | 6.74 | 0.44<sup>•</sup> | 0.15 | 0.59 | 0.44 |  |  | 0.44 |  | 6.89 | **9.16** | 0.84 | 0.79 | 0.79 | 6.46 | 43846 | 62 |
| 03-31-23 | 7.60 | 0.39<sup>•</sup> | (0.77) | (0.38) | 0.39 | 0.09 |  | 0.48 |  | 6.74 | **(4.88)** | 0.83 | 0.82 | 0.82 | 5.70 | 57159 | 70 |
| 03-31-22 | 8.00 | 0.38<sup>•</sup> | (0.39) | (0.01) | 0.39 | 0.00<sup>\*</sup> |  | 0.39 |  | 7.60 | **(0.24)** | 0.79 | 0.79 | 0.79 | 4.79 | 84428 | 63 |
| 03-31-21 | 7.03 | 0.40<sup>•</sup> | 0.99 | 1.39 | 0.40 |  | 0.02 | 0.42 |  | 8.00 | **20.03** | 0.79 | 0.79 | 0.79 | 5.09 | 145963 | 78 |
| **Voya Intermediate Bond Fund** | **Voya Intermediate Bond Fund** | **Voya Intermediate Bond Fund** | **Voya Intermediate Bond Fund** | **Voya Intermediate Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.67 | 0.37<sup>•</sup> | 0.09 | 0.46 | 0.38 |  |  | 0.38 |  | 8.75 | **5.42** | 0.68 | 0.68 | 0.68 | 4.30 | 188702 | 152<sup>††</sup> |
| 03-31-24 | 8.74 | 0.33<sup>•</sup> | (0.06) | 0.27 | 0.34 |  |  | 0.34 |  | 8.67 | **3.17** | 0.72 | 0.72 | 0.72 | 3.82 | 223398 | 277<sup>††</sup> |
| 03-31-23 | 9.55 | 0.26<sup>•</sup> | (0.82) | (0.56) | 0.25 |  |  | 0.25 |  | 8.74 | **(5.82)** | 0.72 | 0.72 | 0.72 | 2.93 | 245387 | 247<sup>††</sup> |
| 03-31-22 | 10.25 | 0.20<sup>•</sup> | (0.66) | (0.46) | 0.22 |  | 0.02 | 0.24 |  | 9.55 | **(4.70)** | 0.69 | 0.69 | 0.69 | 1.97 | 364121 | 222<sup>††</sup> |
| 03-31-21 | 10.11 | 0.25<sup>•</sup> | 0.38 | 0.63 | 0.29 | 0.17 | 0.03 | 0.49 |  | 10.25 | **6.12** | 0.70 | 0.70 | 0.70 | 2.35 | 459960 | 159<sup>††</sup> |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.66 | 0.31<sup>•</sup> | 0.08 | 0.39 | 0.31 |  |  | 0.31 |  | 8.74 | **4.64** | 1.43 | 1.43 | 1.43 | 3.55 | 5818 | 152<sup>††</sup> |
| 03-31-24 | 8.72 | 0.26<sup>•</sup> | (0.05) | 0.21 | 0.27 |  |  | 0.27 |  | 8.66 | **2.52** | 1.47 | 1.47 | 1.47 | 3.06 | 7103 | 277<sup>††</sup> |
| 03-31-23 | 9.53 | 0.19<sup>•</sup> | (0.81) | (0.62) | 0.19 |  |  | 0.19 |  | 8.72 | **(6.54)** | 1.47 | 1.47 | 1.47 | 2.17 | 9687 | 247<sup>††</sup> |
| 03-31-22 | 10.23 | 0.12<sup>•</sup> | (0.66) | (0.54) | 0.14 |  | 0.02 | 0.16 |  | 9.53 | **(5.43)** | 1.44 | 1.44 | 1.44 | 1.22 | 15564 | 222<sup>††</sup> |
| 03-31-21 | 10.09 | 0.17<sup>•</sup> | 0.38 | 0.55 | 0.21 | 0.17 | 0.03 | 0.41 |  | 10.23 | **5.34** | 1.45 | 1.45 | 1.45 | 1.62 | 22702 | 159<sup>††</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.68 | 0.40<sup>•</sup> | 0.08 | 0.48 | 0.41 |  |  | 0.41 |  | 8.75 | **5.68** | 0.36 | 0.36 | 0.36 | 4.62 | 6370144 | 152<sup>††</sup> |
| 03-31-24 | 8.74 | 0.36<sup>•</sup> | (0.05) | 0.31 | 0.37 |  |  | 0.37 |  | 8.68 | **3.66** | 0.34 | 0.34 | 0.34 | 4.21 | 5613853 | 277<sup>††</sup> |
| 03-31-23 | 9.55 | 0.29<sup>•</sup> | (0.82) | (0.53) | 0.28 |  |  | 0.28 |  | 8.74 | **(5.51)** | 0.36 | 0.36 | 0.36 | 3.29 | 4938036 | 247<sup>††</sup> |
| 03-31-22 | 10.25 | 0.24<sup>•</sup> | (0.67) | (0.43) | 0.25 |  | 0.02 | 0.27 |  | 9.55 | **(4.39)** | 0.35 | 0.35 | 0.35 | 2.32 | 6092396 | 222<sup>††</sup> |
| 03-31-21 | 10.10 | 0.29<sup>•</sup> | 0.38 | 0.67 | 0.32 | 0.17 | 0.03 | 0.52 |  | 10.25 | **6.57** | 0.34 | 0.34 | 0.34 | 2.70 | 6175479 | 159<sup>††</sup> |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.68 | 0.35<sup>•</sup> | 0.09 | 0.44 | 0.36 |  |  | 0.36 |  | 8.76 | **5.16** | 0.93 | 0.93 | 0.93 | 4.05 | 102338 | 152<sup>††</sup> |
| 03-31-24 | 8.75 | 0.31<sup>•</sup> | (0.06) | 0.25 | 0.32 |  |  | 0.32 |  | 8.68 | **2.92** | 0.97 | 0.97 | 0.97 | 3.57 | 112487 | 277<sup>††</sup> |
| 03-31-23 | 9.56 | 0.24<sup>•</sup> | (0.82) | (0.58) | 0.23 |  |  | 0.23 |  | 8.75 | **(6.04)** | 0.97 | 0.97 | 0.97 | 2.70 | 115639 | 247<sup>††</sup> |
| 03-31-22 | 10.26 | 0.18<sup>•</sup> | (0.67) | (0.49) | 0.19 |  | 0.02 | 0.21 |  | 9.56 | **(4.93)** | 0.94 | 0.94 | 0.94 | 1.72 | 143085 | 222<sup>††</sup> |
| 03-31-21 | 10.12 | 0.22<sup>•</sup> | 0.38 | 0.60 | 0.26 | 0.17 | 0.03 | 0.46 |  | 10.26 | **5.86** | 0.95 | 0.95 | 0.95 | 2.11 | 175289 | 159<sup>††</sup> |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.68 | 0.41\* | 0.09 | 0.50 | 0.42 |  |  | 0.42 |  | 8.76 | **5.86** | 0.31 | 0.31 | 0.31 | 4.67 | 2749281 | 152<sup>††</sup> |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | Payment<br> by<br> affiliate | Net<br> asset<br> value,<br> end of<br> year or<br> period | **Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Intermediate Bond Fund (continued)** | **Voya Intermediate Bond Fund (continued)** | **Voya Intermediate Bond Fund (continued)** | **Voya Intermediate Bond Fund (continued)** | **Voya Intermediate Bond Fund (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-24 | 8.75 | 0.36<sup>•</sup> | (0.06) | 0.30 | 0.37 |  |  | 0.37 |  | 8.68 | **3.60** | 0.29 | 0.29 | 0.29 | 4.25 | 2440996 | 277<sup>††</sup> |
| 03-31-23 | 9.56 | 0.30<sup>•</sup> | (0.83) | (0.53) | 0.28 |  |  | 0.28 |  | 8.75 | **(5.46)** | 0.30 | 0.30 | 0.30 | 3.37 | 2302998 | 247<sup>††</sup> |
| 03-31-22 | 10.25 | 0.24<sup>•</sup> | (0.66) | (0.42) | 0.25 |  | 0.02 | 0.27 |  | 9.56 | **(4.25)** | 0.29 | 0.29 | 0.29 | 2.37 | 2563038 | 222<sup>††</sup> |
| 03-31-21 | 10.11 | 0.29<sup>•</sup> | 0.38 | 0.67 | 0.33 | 0.17 | 0.03 | 0.53 |  | 10.25 | **6.50** | 0.30 | 0.30 | 0.30 | 2.74 | 2861963 | 159<sup>††</sup> |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.67 | 0.40<sup>•</sup> | 0.07 | 0.47 | 0.40 |  |  | 0.40 |  | 8.74 | **5.57** | 0.43 | 0.43 | 0.43 | 4.55 | 90128 | 152<sup>††</sup> |
| 03-31-24 | 8.73 | 0.35<sup>•</sup> | (0.05) | 0.30 | 0.36 |  |  | 0.36 |  | 8.67 | **3.55** | 0.47 | 0.47 | 0.47 | 4.10 | 103015 | 277<sup>††</sup> |
| 03-31-23 | 9.54 | 0.28<sup>•</sup> | (0.82) | (0.54) | 0.27 |  |  | 0.27 |  | 8.73 | **(5.59)** | 0.47 | 0.47 | 0.47 | 3.11 | 62837 | 247<sup>††</sup> |
| 03-31-22 | 10.24 | 0.23<sup>•</sup> | (0.67) | (0.44) | 0.24 |  | 0.02 | 0.26 |  | 9.54 | **(4.47)** | 0.44 | 0.44 | 0.44 | 2.22 | 174769 | 222<sup>††</sup> |
| 03-31-21 | 10.10 | 0.27<sup>•</sup> | 0.38 | 0.65 | 0.31 | 0.17 | 0.03 | 0.51 |  | 10.24 | **6.39** | 0.45 | 0.45 | 0.45 | 2.59 | 268634 | 159<sup>††</sup> |
| **Voya Short Duration Bond Fund** | **Voya Short Duration Bond Fund** | **Voya Short Duration Bond Fund** | **Voya Short Duration Bond Fund** | **Voya Short Duration Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.27 | 0.42<sup>•</sup> | 0.10 | 0.52 | 0.42 |  |  | 0.42 |  | 9.37 | **5.68** | 0.64 | 0.64 | 0.64 | 4.46 | 3870 | 284 |
| 03-31-24 | 9.29 | 0.36<sup>•</sup> | (0.01) | 0.35 | 0.37 |  |  | 0.37 |  | 9.27 | **3.89** | 0.64 | 0.63 | 0.63 | 3.93 | 4124 | 348 |
| 03-31-23 | 9.58 | 0.21<sup>•</sup> | (0.29) | (0.08) | 0.21 |  |  | 0.21 |  | 9.29 | **(0.83)** | 0.64 | 0.62 | 0.62 | 2.26 | 9054 | 225 |
| 03-31-22 | 9.98 | 0.09<sup>•</sup> | (0.36) | (0.27) | 0.10 |  | 0.03 | 0.13 |  | 9.58 | **(2.81)** | 0.64 | 0.63 | 0.63 | 0.93 | 15351 | 250 |
| 03-31-21 | 9.55 | 0.16<sup>•</sup> | 0.46 | 0.62 | 0.17 |  | 0.02 | 0.19 |  | 9.98 | **6.48** | 0.68 | 0.60 | 0.60 | 1.62 | 19499 | 145 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.28 | 0.35<sup>•</sup> | 0.09 | 0.44 | 0.35 |  |  | 0.35 |  | 9.37 | **4.79** | 1.39 | 1.39 | 1.39 | 3.71 | 91 | 284 |
| 03-31-24 | 9.30 | 0.30<sup>•</sup> | (0.02) | 0.28 | 0.30 |  |  | 0.30 |  | 9.28 | **3.11** | 1.39 | 1.38 | 1.38 | 3.19 | 82 | 348 |
| 03-31-23 | 9.58 | 0.13<sup>•</sup> | (0.27) | (0.14) | 0.14 |  |  | 0.14 |  | 9.30 | **(1.47)** | 1.39 | 1.37 | 1.37 | 1.34 | 149 | 225 |
| 03-31-22 | 9.98 | 0.02<sup>•</sup> | (0.37) | (0.35) | 0.02 |  | 0.03 | 0.05 |  | 9.58 | **(3.54)** | 1.39 | 1.38 | 1.38 | 0.18 | 442 | 250 |
| 03-31-21 | 9.55 | 0.09<sup>•</sup> | 0.45 | 0.54 | 0.09 |  | 0.02 | 0.11 |  | 9.98 | **5.69** | 1.43 | 1.35 | 1.35 | 0.89 | 548 | 145 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.26 | 0.44<sup>•</sup> | 0.10 | 0.54 | 0.44 |  |  | 0.44 |  | 9.36 | **5.97** | 0.37 | 0.35 | 0.35 | 4.74 | 37425 | 284 |
| 03-31-24 | 9.28 | 0.40<sup>•</sup> | (0.02) | 0.38 | 0.40 |  |  | 0.40 |  | 9.26 | **4.17** | 0.38 | 0.35 | 0.35 | 4.29 | 34484 | 348 |
| 03-31-23 | 9.57 | 0.25<sup>•</sup> | (0.30) | (0.05) | 0.24 |  |  | 0.24 |  | 9.28 | **(0.54)** | 0.40 | 0.35 | 0.35 | 2.67 | 31011 | 225 |
| 03-31-22 | 9.97 | 0.12<sup>•</sup> | (0.36) | (0.24) | 0.13 |  | 0.03 | 0.16 |  | 9.57 | **(2.52)** | 0.40 | 0.35 | 0.35 | 1.19 | 31691 | 250 |
| 03-31-21 | 9.54 | 0.19<sup>•</sup> | 0.46 | 0.65 | 0.20 |  | 0.02 | 0.22 |  | 9.97 | **6.81** | 0.48 | 0.35 | 0.35 | 1.91 | 16762 | 145 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.30 | 0.39<sup>•</sup> | 0.10 | 0.49 | 0.39 |  |  | 0.39 |  | 9.40 | **5.42** | 0.89 | 0.89 | 0.89 | 4.20 | 43 | 284 |
| 03-31-24 | 9.33 | 0.35<sup>•</sup> | (0.03) | 0.32 | 0.35 |  |  | 0.35 |  | 9.30 | **3.52** | 0.89 | 0.88 | 0.88 | 3.78 | 34 | 348 |
| 03-31-23 | 9.61 | 0.20<sup>•</sup> | (0.29) | (0.09) | 0.19 |  |  | 0.19 |  | 9.33 | **(0.96)** | 0.89 | 0.87 | 0.87 | 2.14 | 23 | 225 |
| 03-31-22 | 10.01 | 0.07<sup>•</sup> | (0.37) | (0.30) | 0.07 |  | 0.03 | 0.10 |  | 9.61 | **(3.04)** | 0.89 | 0.88 | 0.88 | 0.66 | 17 | 250 |
| 03-31-21 | 9.57 | 0.14<sup>•</sup> | 0.46 | 0.60 | 0.14 |  | 0.02 | 0.16 |  | 10.01 | **6.32** | 0.93 | 0.85 | 0.85 | 1.39 | 8 | 145 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.27 | 0.45<sup>•</sup> | 0.10 | 0.55 | 0.45 |  |  | 0.45 |  | 9.37 | **6.02** | 0.30 | 0.30 | 0.30 | 4.79 | 545288 | 284 |
| 03-31-24 | 9.29 | 0.40<sup>•</sup> | (0.02) | 0.38 | 0.40 |  |  | 0.40 |  | 9.27 | **4.22** | 0.31 | 0.30 | 0.30 | 4.35 | 503455 | 348 |
| 03-31-23 | 9.58 | 0.25<sup>•</sup> | (0.30) | (0.05) | 0.24 |  |  | 0.24 |  | 9.29 | **(0.50)** | 0.32 | 0.30 | 0.30 | 2.63 | 338437 | 225 |
| 03-31-22 | 9.98 | 0.12<sup>•</sup> | (0.36) | (0.24) | 0.13 |  | 0.03 | 0.16 |  | 9.58 | **(2.49)** | 0.31 | 0.30 | 0.30 | 1.18 | 372853 | 250 |
| 03-31-21 | 9.55 | 0.20<sup>•</sup> | 0.45 | 0.65 | 0.20 |  | 0.02 | 0.22 |  | 9.98 | **6.83** | 0.38 | 0.30 | 0.30 | 2.01 | 51298 | 145 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.30 | 0.44<sup>•</sup> | 0.09 | 0.53 | 0.44 |  |  | 0.44 |  | 9.39 | **5.83** | 0.39 | 0.39 | 0.39 | 4.71 | 7414 | 284 |
| 03-31-24 | 9.32 | 0.39<sup>•</sup> | (0.01) | 0.38 | 0.40 |  |  | 0.40 |  | 9.30 | **4.15** | 0.39 | 0.38 | 0.38 | 4.22 | 10083 | 348 |
| 03-31-23 | 9.60 | 0.23<sup>•</sup> | (0.28) | (0.05) | 0.23 |  |  | 0.23 |  | 9.32 | **(0.47)** | 0.39 | 0.37 | 0.37 | 2.47 | 12660 | 225 |
| 03-31-22 | 10.01 | 0.12<sup>•</sup> | (0.38) | (0.26) | 0.12 |  | 0.03 | 0.15 |  | 9.60 | **(2.65)** | 0.39 | 0.38 | 0.38 | 1.18 | 19721 | 250 |
| 03-31-21 | 9.57 | 0.18<sup>•</sup> | 0.47 | 0.65 | 0.19 |  | 0.02 | 0.21 |  | 10.01 | **6.84** | 0.43 | 0.35 | 0.35 | 1.85 | 21981 | 145 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | Payment<br> by<br> affiliate | Net<br> asset<br> value,<br> end of<br> year or<br> period | **Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Short Duration High Income Fund** | **Voya Short Duration High Income Fund** | **Voya Short Duration High Income Fund** | **Voya Short Duration High Income Fund** | **Voya Short Duration High Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.14 | 0.79<sup>•</sup> | (0.17) | 0.62 | 0.78 | 0.10 |  | 0.88 |  | 9.88 | **6.18** | 0.83 | 0.83 | 0.83 | 7.75 | 20576 | 68 |
| 03-31-24 | 9.88 | 0.77<sup>•</sup> | 0.27 | 1.04 | 0.78 |  |  | 0.78 |  | 10.14 | **10.91** | 1.12 | 0.85 | 0.85 | 7.74 | 13674 | 55 |
| 02-09-23- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.10<sup>•</sup> | (0.12) | (0.02) | 0.10 |  |  | 0.10 |  | 9.88 | **(0.21)** | 1.22 | 0.85 | 0.85 | 7.35 | 8605 | 1 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.25 | 0.72\* | (0.16) | 0.56 | 0.71 | 0.10 |  | 0.81 |  | 10.00 | **5.51** | 1.58 | 1.58 | 1.58 | 6.98 | 5126 | 68 |
| 04-20-23- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-24 | 10.00 | 0.68\* | 0.25 | 0.93 | 0.68 |  |  | 0.68 |  | 10.25 | **9.66** | 1.87 | 1.60 | 1.60 | 7.06 | 349 | 55 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.14 | 0.81<sup>•</sup> | (0.16) | 0.65 | 0.81 | 0.10 |  | 0.91 |  | 9.88 | **6.44** | 0.61 | 0.60 | 0.60 | 7.96 | 232456 | 68 |
| 03-31-24 | 9.88 | 0.79<sup>•</sup> | 0.27 | 1.06 | 0.80 |  |  | 0.80 |  | 10.14 | **11.19** | 0.89 | 0.60 | 0.60 | 7.89 | 94349 | 55 |
| 02-09-23 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.10<sup>•</sup> | (0.12) | (0.02) | 0.10 |  |  | 0.10 |  | 9.88 | **(0.17)** | 0.97 | 0.60 | 0.60 | 7.61 | 8805 | 1 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.13 | 0.82<sup>•</sup> | (0.16) | 0.66 | 0.81 | 0.10 |  | 0.91 |  | 9.88 | **6.55** | 0.56 | 0.56 | 0.56 | 8.03 | 9858 | 68 |
| 03-31-24 | 9.88 | 0.79<sup>•</sup> | 0.27 | 1.06 | 0.81 |  |  | 0.81 |  | 10.13 | **11.12** | 0.86 | 0.60 | 0.60 | 7.90 | 26931 | 55 |
| 02-09-23 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-23 | 10.00 | 0.10<sup>•</sup> | (0.12) | (0.02) | 0.10 |  |  | 0.10 |  | 9.88 | **(0.17)** | 0.97 | 0.60 | 0.60 | 7.59 | 8321 | 1 |
| **Voya Strategic Income Opportunities Fund** | **Voya Strategic Income Opportunities Fund** | **Voya Strategic Income Opportunities Fund** | **Voya Strategic Income Opportunities Fund** | **Voya Strategic Income Opportunities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.15 | 0.49<sup>•</sup> | 0.12 | 0.61 | 0.49 |  |  | 0.49 |  | 9.27 | **6.77** | 0.85 | 0.85 | 0.85 | 5.32 | 74708 | 283 |
| 03-31-24 | 8.98 | 0.49<sup>•</sup> | 0.15 | 0.64 | 0.47 |  |  | 0.47 |  | 9.15 | **7.29** | 0.86 | 0.86 | 0.86 | 5.39 | 62536 | 303 |
| 03-31-23 | 9.59 | 0.35<sup>•</sup> | (0.63) | (0.28) | 0.33 |  |  | 0.33 |  | 8.98 | **(2.94)** | 0.85 | 0.85 | 0.85 | 3.81 | 72353 | 110 |
| 03-31-22 | 10.12 | 0.28<sup>•</sup> | (0.52) | (0.24) | 0.23 |  | 0.06 | 0.29 |  | 9.59 | **(2.47)** | 0.85 | 0.85 | 0.85 | 2.81 | 104975 | 76 |
| 03-31-21 | 9.12 | 0.32<sup>•</sup> | 1.03 | 1.35 | 0.30 |  | 0.05 | 0.35 |  | 10.12 | **14.99** | 0.88 | 0.88 | 0.88 | 3.26 | 147463 | 45 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.02 | 0.42<sup>•</sup> | 0.11 | 0.53 | 0.41 |  |  | 0.41 |  | 9.14 | **5.99** | 1.60 | 1.60 | 1.60 | 4.58 | 30365 | 283 |
| 03-31-24 | 8.84 | 0.41<sup>•</sup> | 0.16 | 0.57 | 0.39 |  |  | 0.39 |  | 9.02 | **6.64** | 1.61 | 1.61 | 1.61 | 4.65 | 33296 | 303 |
| 03-31-23 | 9.45 | 0.28<sup>•</sup> | (0.64) | (0.36) | 0.25 |  |  | 0.25 |  | 8.84 | **(3.78)** | 1.60 | 1.60 | 1.60 | 3.06 | 36708 | 110 |
| 03-31-22 | 9.97 | 0.20<sup>•</sup> | (0.51) | (0.31) | 0.15 |  | 0.06 | 0.21 |  | 9.45 | **(3.18)** | 1.60 | 1.60 | 1.60 | 2.07 | 49839 | 76 |
| 03-31-21 | 8.98 | 0.24<sup>•</sup> | 1.02 | 1.26 | 0.22 |  | 0.05 | 0.27 |  | 9.97 | **14.20** | 1.63 | 1.63 | 1.63 | 2.51 | 53646 | 45 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.16 | 0.51<sup>•</sup> | 0.12 | 0.63 | 0.51 |  |  | 0.51 |  | 9.28 | **7.02** | 0.62 | 0.62 | 0.62 | 5.54 | 1654328 | 283 |
| 03-31-24 | 8.98 | 0.51<sup>•</sup> | 0.16 | 0.67 | 0.49 |  |  | 0.49 |  | 9.16 | **7.66** | 0.63 | 0.63 | 0.63 | 5.63 | 1477280 | 303 |
| 03-31-23 | 9.61 | 0.37<sup>•</sup> | (0.65) | (0.28) | 0.35 |  |  | 0.35 |  | 8.98 | **(2.84)** | 0.61 | 0.61 | 0.61 | 4.05 | 1546189 | 110 |
| 03-31-22 | 10.15 | 0.31<sup>•</sup> | (0.53) | (0.22) | 0.26 |  | 0.06 | 0.32 |  | 9.61 | **(2.22)** | 0.62 | 0.62 | 0.62 | 3.06 | 2096038 | 76 |
| 03-31-21 | 9.15 | 0.34<sup>•</sup> | 1.04 | 1.38 | 0.33 |  | 0.05 | 0.38 |  | 10.15 | **15.35** | 0.63 | 0.63 | 0.63 | 3.51 | 2029154 | 45 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.08 | 0.46<sup>•</sup> | 0.12 | 0.58 | 0.46 |  |  | 0.46 |  | 9.20 | **6.51** | 1.10 | 1.10 | 1.10 | 5.07 | 15010 | 283 |
| 03-31-24 | 8.90 | 0.46<sup>•</sup> | 0.16 | 0.62 | 0.44 |  |  | 0.44 |  | 9.08 | **7.16** | 1.11 | 1.11 | 1.11 | 5.15 | 16377 | 303 |
| 03-31-23 | 9.51 | 0.33<sup>•</sup> | (0.64) | (0.31) | 0.30 |  |  | 0.30 |  | 8.90 | **(3.25)** | 1.10 | 1.10 | 1.10 | 3.59 | 18607 | 110 |
| 03-31-22 | 10.04 | 0.26<sup>•</sup> | (0.53) | (0.27) | 0.20 |  | 0.06 | 0.26 |  | 9.51 | **(2.76)** | 1.10 | 1.10 | 1.10 | 2.58 | 20854 | 76 |
| 03-31-21 | 9.04 | 0.29<sup>•</sup> | 1.03 | 1.32 | 0.27 |  | 0.05 | 0.32 |  | 10.04 | **14.81** | 1.13 | 1.13 | 1.13 | 3.00 | 22403 | 45 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.13 | 0.52<sup>•</sup> | 0.11 | 0.63 | 0.51 |  |  | 0.51 |  | 9.25 | **7.10** | 0.55 | 0.55 | 0.55 | 5.60 | 312091 | 283 |
| 03-31-24 | 8.96 | 0.52<sup>•</sup> | 0.14 | 0.66 | 0.49 |  |  | 0.49 |  | 9.13 | **7.63** | 0.56 | 0.56 | 0.56 | 5.72 | 243077 | 303 |
| 03-31-23 | 9.58 | 0.38<sup>•</sup> | (0.64) | (0.26) | 0.36 |  |  | 0.36 |  | 8.96 | **(2.69)** | 0.54 | 0.54 | 0.54 | 4.19 | 167243 | 110 |
| 03-31-22 | 10.12 | 0.31<sup>•</sup> | (0.52) | (0.21) | 0.27 |  | 0.06 | 0.33 |  | 9.58 | **(2.17)** | 0.54 | 0.54 | 0.54 | 3.14 | 159175 | 76 |

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See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | Payment<br> by<br> affiliate | Net<br> asset<br> value,<br> end of<br> year or<br> period | **Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** | **Voya Strategic Income Opportunities Fund (continued)** |  |  |  |  |  |  |  |  |  |
| **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** | **Class R6 (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-21 | 9.12 | 0.35<sup>•</sup> | 1.04 | 1.39 | 0.34 |  | 0.05 | 0.39 |  | 10.12 | **15.46** | 0.57 | 0.57 | 0.57 | 3.59 | 154515 | 45 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 9.13 | 0.51<sup>•</sup> | 0.12 | 0.63 | 0.51 |  |  | 0.51 |  | 9.25 | **7.04** | 0.60 | 0.60 | 0.60 | 5.58 | 16924 | 283 |
| 03-31-24 | 8.95 | 0.51<sup>•</sup> | 0.16 | 0.67 | 0.49 |  |  | 0.49 |  | 9.13 | **7.68** | 0.61 | 0.61 | 0.61 | 5.64 | 16672 | 303 |
| 03-31-23 | 9.57 | 0.37<sup>•</sup> | (0.64) | (0.27) | 0.35 |  |  | 0.35 |  | 8.95 | **(2.83)** | 0.60 | 0.60 | 0.60 | 3.99 | 18980 | 110 |
| 03-31-22 | 10.10 | 0.31<sup>•</sup> | (0.53) | (0.22) | 0.25 |  | 0.06 | 0.31 |  | 9.57 | **(2.24)** | 0.60 | 0.60 | 0.60 | 3.06 | 36224 | 76 |
| 03-31-21 | 9.09 | 0.34<sup>•</sup> | 1.04 | 1.38 | 0.32 |  | 0.05 | 0.37 |  | 10.10 | **15.42** | 0.63 | 0.63 | 0.63 | 3.53 | 48958 | 45 |

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| | |
|:---|:---|
| <sup>(1)</sup> | Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. |
| <sup>(2)</sup> | Annualized for periods less than one year. |
| <sup>(3)</sup> | Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. |
| <sup>(4)</sup> | Commencement of operations. |
| • | Calculated using average number of shares outstanding throughout the year or period. |
| \* | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |
| <sup>††</sup> | The Fund's use of treasury securities and "to be announced" (TBA) securities contribute significantly to the portfolio turnover rate. Excluding all purchase and sale transactions involving treasury securities and TBAs, the Fund's portfolio turnover rate was 47% for the year ended March 31, 2025 and 45%, 36%, 33%, and 39% for the fiscal years ended March 31, 2024, 2023, 2022, and 2021, respectively. The Fund's strategies involving treasury securities and TBA securities are employed to increase liquidity and to manage interest rate risk while not changing the economic exposure to treasury and mortgage backed securities. The Fund invests in treasury securities and may purchase and sell treasury securities to manage the duration of the Fund and for hedging purposes when selling or buying corporate bonds. In addition, the Fund commonly employs an investment strategy involving the purchase of the most recently issued treasury security with a particular time to maturity while selling its position in a previously issued treasury security with a substantially similar time to maturity. This strategy is employed in order for the Fund to own the most liquid treasury security available for a given time to maturity. The Fund also invests in TBA securities whereby the actual identity of the securities to be delivered at settlement is not specified, but rather the general characteristics of the securities are agreed to (i.e. issuer, mortgage type, maturity, coupon and month of settlement). The Fund may engage in rolling strategies with TBAs whereby the Fund seeks to extend the expiration or maturity of a TBA position by closing out the position before expiration and simultaneously opening a new position that has substantially similar terms except for a later expiration date. Such rolls enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset. |

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See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025

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| | |
|:---|:---|
| **NOTE 1 — ORGANIZATION**<br>Voya Funds Trust (the "Trust") is a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust was organized on August 6, 1998 and was established under a Trust Instrument dated July 30, 1998. It consists of nine separately managed series. This report is for: Voya GNMA Income Fund ("GNMA Income"), Voya High Yield Bond Fund ("High Yield Bond"), Voya Intermediate Bond Fund ("Intermediate Bond"), Voya Short Duration Bond Fund ("Short Duration Bond"), Voya Short Duration High Income Fund ("Short Duration High Income") and Voya Strategic Income Opportunities Fund ("Strategic Income Opportunities") (each, a "Fund" and collectively, the "Funds"). Each Fund is a diversified series of the Trust. Prior to August 1, 2024, Short Duration Bond was known as Voya Short Term Bond Fund.<br>Each Fund offers at least three or more of the following classes of shares: Class A, Class C, Class I, Class R, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees and shareholder servicing fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/ losses from a fund pro rata based on the daily ending net assets of each class, without discrimination between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Dividends are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of the distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the share classes, if any.<br>Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares 8 years after purchase.<br>Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Funds. Voya Investments Distributor, LLC ("VID" or the | "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Funds.<br>**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**<br>The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.<br>The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.<br>A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent a Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.<br>Portfolio securities for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. The prospectuses of the open-end registered investment companies in which each Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.<br>When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.<br>The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.<br>Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:<br>Level 1 — quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date.<br>Level 2 — inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads).<br>Level 3 — unobservable inputs (including the fund's own assumptions in determining fair value).<br>Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants | would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.<br>A table summarizing each Fund's investments under these levels of classification is included within each Portfolio of Investments.<br>Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1", inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including each sub-adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3". The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.<br>GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.<br>B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.<br>C. ***Foreign Currency Translation.*** The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>(1) Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.<br>(2) Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.<br>Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market values. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.<br>Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.<br>D. ***Risk Exposures and the Use of Derivative Instruments.*** The Funds' investment objectives permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds | to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.<br>In pursuit of their investment objectives, the Funds may seek to increase or decrease their exposure to the following market or credit risk factors:<br>***Credit Risk.*** The price of a bond or other debt instrument is likely to fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.<br>***Equity Risk.*** Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.<br>***Foreign Exchange Rate Risk.*** To the extent that a Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.<br>Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.<br>***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact operations and return potential.<br>***Risks of Investing in Derivatives.*** The Funds' use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.<br>Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. | When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.<br>Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.<br>***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds' derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.<br>The Funds may also enter into collateral agreements with certain counterparties to further mitigate credit risk |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

At March 31, 2025, the maximum amount of loss that Intermediate Bond and Strategic Income Opportunities would incur if the counterparties to their derivative transactions failed to perform would be $9,238,839 and $5,712,994, respectively, which represents the gross payments to be received by the Funds on OTC purchased options, forward premium swaptions, open forward foreign currency contracts and OTC volatility swaps were they to be unwound as of March 31, 2025. To reduce the amount of potential loss to Intermediate Bond and Strategic Income Opportunities, the Funds received $4,090,000 and $1,930,000, respectively, in cash collateral from certain counterparties at March 31, 2025.

The Funds' Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow their derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Funds. Credit related contingent features are established between the Funds and their derivatives counterparties to reduce the risk that the Funds will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in the Funds' net assets and or a percentage decrease in the Funds' NAV, which could cause the Funds to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Funds' Master Agreements.

As of March 31, 2025, Intermediate Bond and Strategic Income Opportunities had a liability position of $7,031,268 and $6,372,371, respectively, on open forward foreign currency contracts, forward premium swaptions, OTC written options, OTC interest rate swaps and OTC total return swaps. If a contingent feature would have been triggered as of March 31, 2025, the Funds could have been required to pay this amount in cash to their counterparties. At March 31, 2025, Intermediate Bond and Strategic Income Opportunities had pledged $2,540,000 and $2,800,000, respectively, in cash collateral to certain counterparties for open OTC derivatives.

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

For the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities entered into forward foreign currency contracts with the obligation to buy and sell specified foreign currencies in the future at a currently negotiated forward rate in order to increase or decrease exposure to foreign exchange rate risk. The Funds used forward foreign currency contracts primarily to protect any non-U.S. dollar-denominated holdings from adverse currency movements.

During the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had average contract amounts on forward foreign currency contracts to buy and sell as disclosed below. Please refer to the tables within the Portfolio of Investments for open forward foreign currency contracts at March 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Buy** | **Sell** |
| Intermediate Bond | $3224227 | $62688922 |
| Strategic Income Opportunities | 159704725 | 192184221 |

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Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. Each Fund intends to limit its use of futures contracts and futures options to "bona fide hedging" transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

Upon entering into a futures contract, the Funds are required to deposit either cash or securities (initial margin) in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Funds each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses and, if any, shown as variation margin receivable or payable on

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

futures contracts on the Statement of Assets and Liabilities. Open futures contracts, if any, are reported on a table within each Fund's Portfolio of Investments. Securities held in collateralized accounts to cover initial margin requirements, if any, on open futures contracts are footnoted in the Portfolio of Investments. Cash collateral held by the broker to cover initial margin requirements on open futures contracts are noted in the each Fund's Statement of Assets and Liabilities. The net change in unrealized appreciation and depreciation is reported in the each Fund's Statement of Operations. Realized gains (losses) are reported in the each Fund's Statement of Operations at the closing or expiration of futures contracts.

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2025, GNMA Income, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities have purchased and sold futures contracts on various bonds and notes to manage duration and yield curve exposure. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Fund is unable to liquidate the contract or enter into an offsetting position and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended March 31, 2025, the following Funds had an average notional value on futures contracts purchased and sold as disclosed below. Please refer to the tables within each respective Portfolio of Investments for open futures contracts at March 31, 2025.

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| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| GNMA Income | $— | $269698597 |
| Intermediate Bond | 1907915097 | 249525036 |
| Short Duration Bond | 296416147 | 53255486 |
| Strategic Income Opportunities | 711323003 | 280824078 |

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F. ***Distributions to Shareholders.*** The Funds record distributions to their shareholders on the ex-dividend date. Each Fund distributes capital gains, if any, annually. All Funds declare dividends daily and pay dividends monthly. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Funds' tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

H. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

J. ***Securities Lending.*** Each Fund has the option to temporarily loan up to 33 1∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender's fee. Securities lending involves two primary risks: "investment risk" and "borrower default risk." When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds' other risks.<br>K. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.<br>Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.<br>L. ***Delayed-Delivery or When-Issued Transactions.*** The Funds may purchase or sell securities on a when-issued or a delayed-delivery basis. Each Fund may enter into forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the Funds' Portfolio of investments. Losses may arise due to changes in the market value of the | securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds' custodian sufficient to cover the purchase price.<br>To mitigate counterparty risk, the Funds have entered into Master Securities Forward Transaction Agreements ("MSFTA") with their respective counterparties that provide or collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).<br>At March 31, 2025, GNMA Income and Intermediate Bond had pledged $1,458,000 and $350,000, respectively, to certain counterparties. In addition, GNMA Income received $433,175 in cash collateral from certain counterparties for open delayed-delivery or when-issued transactions.<br>M. ***Mortgage Dollar Roll Transactions.*** Each Fund may engage in dollar roll transactions with respect to mortgage-backed securities issued or to be issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Fund sells a mortgage-backed security to a financial institution, such as a bank or broker/ dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Funds account for dollar roll transactions as purchases and sales.<br>N. ***Options Contracts.*** The Funds may write call and put options on futures, swap options ("swaptions"), securities, commodity or currencies they own or in which they may invest. Writing put options tends to increase the Funds exposure to the underlying instrument. Writing call options tends to decrease the Funds exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Forward premium swaptions include premiums that have extended |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. Each Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.<br>The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds' exposure to the underlying instrument. Purchasing put options tends to decrease the Funds' exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.<br>During the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had purchased interest rate swaptions to generate income with an average notional value of $295,706,506 and $159,629,606, respectively. There were no open purchased interest rate swaptions contracts for Intermediate Bond and Strategic Income Opportunities at March 31, 2025.<br>During the year ended March 31, 2025, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities had written interest rate swaptions to generate income with an average notional value of $550,733,779, $142,766,500 and $445,830,545, respectively. There were no open written interest rate swaptions for any Fund at March 31, 2025.<br>During the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had purchased foreign currency options to manage their foreign exchange exposure with average notional values of $19,009,400 and $79,094,811, respectively. Please refer to the tables within | the Portfolio of Investments for open purchased options on foreign currencies for Strategic Income Opportunities at March 31, 2025. There were no open purchased options on foreign currencies for Intermediate Bond at March 31, 2025.<br>During the year ended March 31, 2025, Strategic Income Opportunities had written foreign currency options to generate income with an average notional value of $51,314,433. Please refer to the tables within the Portfolio of Investments for open written options on foreign currency contracts for Strategic Income Opportunities at March 31, 2025.<br>During the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had purchased forward premium swaptions with average notional values of $280,763,098 and $133,091,392, respectively, to manage duration and yield curve exposures. Please refer to the tables within the Portfolio of Investments for open purchased forward premium swaptions for Intermediate Bond and Strategic Income Opportunities at March 31, 2025.<br>During the year ended March 31, 2025***,*** Intermediate Bond and Strategic Income Opportunities had written forward premium swaptions with average notional values of $384,157,520 and $177,512,647, respectively, to generate income. Please refer to the tables within the Portfolio of Investments for open written forward premium swaptions for Intermediate Bond and Strategic Income Opportunities at March 31, 2025*.***<br>During the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had purchased and written exchange-traded options to gain additional exposure to interest rates and to generate income. Intermediate Bond and Strategic Income Opportunities had average notional amounts of $524,972,370 and $228,834,110 on purchased and written exchange-traded options, respectively. There were no open purchased or written exchange-trade options at March 31, 2025.<br>During the year ended March 31, 2025, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities had written credit default swaptions to generate income with an average notional value of $189,519,000, $12,023,000 and $52,653,000, respectively. Please refer to the tables within the Portfolio of Investments for open written credit default swaptions for Intermediate Bond, Short Duration Bond and Strategic Income Opportunities at March 31, 2025.<br>O. ***Swap Agreements.*** Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the "notional" amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Fund's Portfolio of Investments.<br>Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The fair value of the swap contract is recorded on each Fund's Statement of Assets and Liabilities. During the term of the swap, changes in the fair value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and the prevailing market conditions. The upfront payments are included as a component in the realized gains or losses on each Fund's Statement of Operations upon termination or maturity of the swap. A Fund also records net periodic payments paid or received on the swap contract as a realized gain or loss on the Statement of Operations.<br>Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund's Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.<br>***Credit Default Swap Contracts.*** A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment | stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.<br>A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer's credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).<br>Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk-related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.<br>Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund's Portfolio of Investments and serve as an indicator of the current status of the payment/ performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/ |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

---

| | |
|:---|:---|
| **NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**<br>selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.<br>The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2025, if any, for which a Fund is seller of protection, are disclosed in each Fund's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.<br>For the year ended March 31, 2025, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities had bought credit protection on credit default swap indices ("CDX"). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. The Funds enter into CDX swap contracts to hedge the credit risk associated within various sectors with the credit markets.<br>During the year ended March 31, 2025, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities had average notional values on credit default swaps to buy protection of $349,025,000, $300,000 and $93,716,667, respectively.<br>Please refer to the tables within the Portfolio of Investments for open credit default swaps to buy protection for Intermediate Bond and Strategic Income Opportunities at March 31, 2025. There were no open credit default swaps to buy protection for Short Duration Bond at March 31, 2025.<br>***Interest Rate Swap Agreements.*** An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve | the future fluctuations of interest rates in which a Fund may make payments that are greater than what a Fund received from the counterparty. Other risks include credit, liquidity and market risk.<br>For the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had entered into interest rate swaps in which they pay a floating interest rate and receive a fixed interest rate ("Long interest rate swap") in order to increase exposure to interest rate risk. The average notional amount on long interest rate swaps for Intermediate Bond and Strategic Income Opportunities was $62,396,380 and $140,877,238, respectively.<br>For the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had entered into interest rate swaps in which they pay a fixed interest rate and receive a floating interest rate ("Short interest rate swap") in order to decrease exposure to interest rate risk. The average notional amount on short interest rate swaps for Intermediate Bond and Strategic Income Opportunities was $614,144,227 and $230,492,741, respectively.<br>Please refer to the tables within the Portfolio of Investments for Intermediate Bond and Strategic Income Opportunities for open centrally cleared interest rate swaps at March 31, 2025. Please also refer to the Portfolio of Investments for Strategic Income Opportunities for open OTC interest rate swaps at March 31, 2025.<br>At March 31, 2025, Intermediate Bond and Strategic Income Opportunities had pledged $8,400,000 and $5,346,846, respectively, as cash collateral for open centrally cleared swaps.<br>***Cross-Currency Swaps.*** Certain Funds may enter into cross-currency swaps. Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.<br>For the year ended March 31, 2025, Strategic Income Opportunities had an average notional amount of $20,678,794 on cross-currency swaps in which the Fund receives the floating rate. There were no open cross-currency swaps for Strategic Income Opportunities at March 31, 2025. |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

For the year ended March 31, 2025, Intermediate Bond and Strategic Income Opportunities had an average notional amount of $1,123,800 and $9,498,093 on foreign currency volatility swaps (receiver), respectively. Strategic Income Opportunities had an average notional amount of $18,426,750 on foreign currency volatility swaps (payer). Please refer to the table within the Portfolio of Investments for Strategic Income Opportunities for open foreign currency volatility swaps at March 31, 2025. There were no open foreign currency volatility swaps for Intermediate Bond at March 31, 2025.

***Total Return Swap Contracts.*** Certain Funds may enter into total return swaps. Total return swaps are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return. A Fund's use of a total return swap exposes the Portfolio to credit loss in the event of nonperformance by the swap counterparty. Risk

may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

For the year ended March 31, 2025, Strategic Income Opportunities had an average notional amount of $122,000,000 on receiver total return swaps. Please refer to the table within the Portfolio of Investments for Strategic Income Opportunities for open receiver total return swaps at March 31, 2025.

P. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| GNMA Income | $11356536 | $826021 |
| High Yield Bond | 289467794 | 409532943 |
| Intermediate Bond | 4364820432 | 3845139544 |
| Short Duration Bond | 220149463 | 211462627 |
| Short Duration High Income | 243573816 | 117976017 |
| Strategic Income Opportunities | 859649915 | 744216074 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| GNMA Income | $7034622770 | $7205368944 |
| Intermediate Bond | 9913379754 | 9565501572 |
| Short Duration Bond | 1411535525 | 1383926269 |
| Strategic Income Opportunities | 4555831627 | 4445130275 |

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**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Funds have entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, based on the average daily net assets of each Fund, at the following annual rates:

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)**

---

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

---

The Investment Adviser of High Yield Bond has agreed to waive 0.05% of the management fee through August 1, 2025. Any fees waived or reimbursed in relation to this waiver are not eligible for recoupment. Termination or modification of this waiver requires approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages each Funds' assets in accordance with each Funds' investment objectives, policies, and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R of the respective Funds each has a distribution and/or service and distribution plan (the "Plan"), whereby the Distributor is compensated by certain of the Funds for expenses incurred in the distribution and/or shareholder servicing of each Fund's shares ("Distribution and/or Service Fees"). Pursuant to the Plan, the Distributor is entitled to payment each month for expenses incurred in the distribution and promotion of certain of each Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any Distribution and/or Service Fees paid to securities dealers who have executed a distribution agreement with the Distributor. In addition, High Yield Bond, Intermediate Bond, Short Duration Bond and Strategic Income Opportunities have a shareholder service plan for Class A and Class C shares (together with the Plan referenced above, the "Plans"). Under the Plans, each class of shares of each Fund pays the Distributor a Distribution and/or Service Fee based on average daily net assets at the following annual rates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** |
| GNMA Income | 0.25% | 1.00% | N/A |
| High Yield Bond | 0.25% | 1.00% | 0.50% |
| Intermediate Bond | 0.25% | 1.00% | 0.50% |
| Short Duration Bond | 0.25% | 1.00% | 0.50% |
| Short Duration High Income | 0.25% | 1.00% | N/A |
| Strategic Income Opportunities | 0.25% | 1.00% | 0.50% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended March 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| **Initial Sales Charges:** | | |
| GNMA Income | $6386 | $— |
| High Yield Bond | 1593 |  |
| Intermediate Bond | 5290 |  |
| Short Duration Bond | 92 |  |
| Short Duration High Income | 12805 |  |
| Strategic Income Opportunities | 6128 |  |
| **Contingent Deferred Sales Charges:** |  |  |
| GNMA Income | $263 | $633 |
| High Yield Bond |  | 32 |
| Intermediate Bond | 16187 | 320 |
| Short Duration High Income | 2282 | 334 |
| Strategic Income Opportunities | 438 | 1746 |

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**NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At March 31, 2025, the following direct or indirect, wholly owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/ Affiliated Investment**<br>**Company** | <br>**Fund** |<br>**Percentage** |
| Voya Index Solution 2025 Portfolio | Short Duration Bond | 9.12% |
| Voya Index Solution Income Portfolio | Short Duration Bond | 7.61 |
| Voya Institutional Trust Company | GNMA Income | 15.60 |
| Voya Investments LLC | Short Duration High Income | 9.02 |
| Voya Retirement Conservative Portfolio | Short Duration Bond | 5.93 |
| Voya Retirement Growth Portfolio | High Yield Bond | 9.51 |
|  | Short Duration Bond | 14.43 |
| Voya Retirement Insurance and Annuity Company | Intermediate Bond | 7.80 |
| Voya Retirement Moderate Growth Portfolio | High Yield Bond | 6.47 |
|  | Short Duration Bond | 15.70 |

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NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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

Voya Retirement Moderate Portfolio High Yield Bond 7.02 <br> Short Duration Bond 12.77

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

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the per account fees for affiliated recordkeeping services paid by each Fund were as follows:

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| | |
|:---|:---|
| **Fund** | **Amount** |
| GNMA Income | $256237 |
| High Yield Bond | 4115 |
| Intermediate Bond | 300785 |
| Short Duration Bond | 6 |
| Strategic Income Opportunities | 24170 |

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**NOTE 7 — EXPENSE LIMITATION AGREEMENTS**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Funds, the Investment Adviser has agreed to limit expenses of each Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses, as applicable, to the levels listed below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Class**<br>**A** | **Class**<br>**C** | **Class**<br>**I** | **Class**<br>**R** | **Class**<br>**R6** | **Class**<br>**W** |
| GNMA Income | 0.84% | 1.59% | 0.54% | N/A | 0.54% | 0.59% |
| High Yield Bond | 1.10% | 1.85% | 0.85% | 1.35% | 0.83% | 0.85% |
| Intermediate Bond | 0.75% | 1.50% | 0.50% | 1.00% | 0.50% | 0.50% |
| Short Duration Bond | 0.65% | 1.40% | 0.35% | 0.90% | 0.30% | 0.40% |
| Short Duration High Income | 0.85% | 1.60% | 0.60% | N/A | 0.60% | N/A |
| Strategic Income Opportunities | 1.15% | 1.90% | 0.72% | 1.40% | 0.60% | 0.90% |

---

With the exception of Strategic Income Opportunities and the non-recoupable management fee waiver for High Yield Bond, the Investment Adviser may at a later date recoup from a Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, a Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of March 31, 2025 the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| Short Duration Bond | $56303 | $28738 | $— | $85041 |
| Short Duration High Income | 12491 | 155312 |  | 167803 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates, as of March 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| **GNMA Income** | **GNMA Income** |  |  |  |
| Class A | $— | $54219 | $127825 | $182044 |
| Class C |  | 1885 | 3690 | 5575 |
| Class I | 126505 | 399458 | 487133 | 1013096 |
| Class W |  | 8618 | 20272 | 28890 |
| **Short Duration Bond** | **Short Duration Bond** |  |  |  |
| Class I | $10349 | $7806 | $4777 | $22932 |
| Class R6 |  | 661 |  | 661 |
| **Short Duration High Income** | **Short Duration High Income** |  |  |  |
| Class A | $— | $1003 | $— | $1003 |
| Class C |  | 3 |  | 3 |
| Class I | 7 | 7922 | 7262 | 15191 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 8 — LINE OF CREDIT**

Effective June 10, 2024, the Funds, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

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**NOTE 8 — LINE OF CREDIT (continued)**

used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance. The following Funds utilized the line of credit during the year ended March 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| <br>**Fund** | <br>**Days**<br>**Utilized** | <br>**Approximate**<br>**Average**<br>**Daily Balance**<br>**For Days**<br>**Utilized** | &nbsp;&nbsp;**Approximate**<br>&nbsp;&nbsp;**Weighted**<br>&nbsp;&nbsp;**Average**<br>&nbsp;&nbsp;**Interest Rate**<br>&nbsp;&nbsp;**For Days**<br>&nbsp;&nbsp;**Utilized** |
| GNMA Income | 1 | $1097000 | &nbsp;&nbsp;5.33% |
| Strategic Income |  |  |  |
| Opportunities | 1 | 59667000 | &nbsp;&nbsp;5.33 |

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**NOTE 9 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **GNMA Income** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 4401865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1186137 | (10546834) |  | (4958832) | 32414045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8722824 | (77565382) |  | (36428513) |
| 3/31/2024 | 3310384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1485894 | (13470625) |  | (8674347) | 24125160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 10791825 | (97219846) |  | (62302861) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 249247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 29865 | (725461) |  | (446349) | 1847411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 218264 | (5303924) |  | (3238249) |
| 3/31/2024 | 176750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 50785 | (1119781) |  | (892246) | 1277614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 366959 | (8075451) |  | (6430878) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 42102160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3318805 | (62613807) |  | (17192842) | 310866507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 24444801 | (459711932) |  | (124400624) |
| 3/31/2024 | 63549408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3575002 | (59166658) |  | 7957752 | 463223480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 26004389 | (430099169) |  | 59128700 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 578790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 117929 | (2182547) |  | (1485828) | 4251850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 868497 | (16245938) |  | (11125591) |
| 3/31/2024 | 4300885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 190209 | (4557954) |  | (66860) | 31315868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1385676 | (33426972) |  | (725428) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1070973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 230341 | (1738626) |  | (437312) | 7880009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1700102 | (12817160) |  | (3237049) |
| 3/31/2024 | 6474272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 338969 | (9062582) |  | (2249341) | 47198792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2472582 | (66401724) |  | (16730350) |
| **High Yield Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1003458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 278038 | (1629865) |  | (348369) | 6893745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1925866 | (11219843) |  | (2400232) |
| 3/31/2024 | 361829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 298396 | (1250087) |  | (589862) | 2449971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2011301 | (8416434) |  | (3955162) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 9990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 33244 | (696564) |  | (653330) | 69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 229731 | (4859462) |  | (4560231) |
| 3/31/2024 | 4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 51558 | (162054) |  | (105845) | 31608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 347254 | (1085964) |  | (707102) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 13880494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1159596 | (24674456) |  | (9634366) | 95593862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8014872 | (169130118) |  | (65521384) |
| 3/31/2024 | 8875745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1727448 | (10597062) |  | 6131 | 59917986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11619274 | (71662084) |  | (124824) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 7421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2855 | (6229) |  | 4047 | 51098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 19785 | (43321) |  | 27562 |
| 3/31/2024 | 4988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2447 | (2354) |  | 5081 | 33784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16502 | (15901) |  | 34385 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 2682565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1731965 | (10089734) |  | (5675204) | 18545920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11989942 | (70082687) |  | (39546825) |
| 3/31/2024 | 22255944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1863295 | (9319419) |  | 14799820 | 149057401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 12561973 | (62809363) |  | 98810011 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 341120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 386813 | (1624681) |  | (896748) | 2366033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2683017 | (11262964) |  | (6213914) |
| 3/31/2024 | 6398285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 563784 | (9082366) |  | (2120297) | 42776978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3802617 | (61432464) |  | (14852869) |
| **Intermediate Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 7202038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 794796 | (12186789) |  | (4189955) | 62496274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6925680 | (106090493) |  | (36668539) |
| 3/31/2024 | 5977567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 762513 | (9065853) |  | (2325773) | 51208990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 6538618 | (77758223) |  | (20010615) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 139927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22235 | (316293) |  | (154131) | 1231412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 193420 | (2742926) |  | (1318094) |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Intermediate Bond (continued)** | **Intermediate Bond (continued)** | **Intermediate Bond (continued)** |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2024 | 151165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 23175 | (464479) |  | (290139) | 1294652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 198461 | (3967156) |  | (2474043) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 207889446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 27055266 | (153860582) |  | 81084130 | 1823006163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 235880685 | (1335308019) |  | 723578829 |
| 3/31/2024 | 207565223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22038851 | (147659644) |  | 81944430 | 1774833300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 189035741 | (1256215956) |  | 707653085 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1896717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 490967 | (3658571) |  | (1270887) | 16535380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 4284207 | (31789885) |  | (10970298) |
| 3/31/2024 | 2526079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 454892 | (3245441) |  | (264470) | 21721201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3905475 | (27844780) |  | (2218104) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 93241404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13435325 | (73773535) |  | 32903194 | 815536721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 117249514 | (643770861) |  | 289015374 |
| 3/31/2024 | 67453322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11141203 | (60758350) |  | 17836175 | 579836589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 95629666 | (520789748) |  | 154676507 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 2067083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 363754 | (4008345) |  | (1577508) | 17957176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3164604 | (34696806) |  | (13575026) |
| 3/31/2024 | 9303807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 350011 | (4964061) |  | 4689757 | 78045149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3000082 | (42492131) |  | 38553100 |
| **Short Duration Bond** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 147467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16927 | (196076) |  | (31682) | 1382486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 157824 | (1834298) |  | (293988) |
| 3/31/2024 | 115065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25815 | (670464) |  | (529584) | 1070046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 238645 | (6196518) |  | (4887827) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 328 | (624) |  | 899 | 11165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3067 | (5821) |  | 8411 |
| 3/31/2024 | 4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 376 | (11557) |  | (7176) | 37161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3473 | (107031) |  | (66397) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1793760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 183771 | (1701697) |  | 275834 | 16685054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1714146 | (15795448) |  | 2603752 |
| 3/31/2024 | 1927775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 154690 | (1700440) |  | 382025 | 17790266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1428953 | (15749402) |  | 3469817 |
| **Class P2** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |
| 3/31/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  | 748 |
| **Class P3** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |
| 3/31/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | (2664) |  | (2663) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 162 | (534) |  | 954 | 12414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1522 | (4948) |  | 8988 |
| 3/31/2024 | 1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 118 | (184) |  | 1198 | 11712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1092 | (1715) |  | 11089 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 27730193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2705993 | (26535013) |  | 3901173 | 259597908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25255219 | (247390485) |  | 37462642 |
| 3/31/2024 | 28350341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2301592 | (12773278) |  | 17878655 | 262517916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21290120 | (118109582) |  | 165698454 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 63887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 43925 | (403005) |  | (295193) | 597630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 410838 | (3771186) |  | (2762718) |
| 3/31/2024 | 85854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 52518 | (412476) |  | (274104) | 796826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 487175 | (3824428) |  | (2540427) |
| **Short Duration High Income** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1003354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 139109 | (409582) |  | 732881 | 10241820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1415888 | (4193626) |  | 7464082 |
| 3/31/2024 | 412758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 89091 | (23348) |  | 478501 | 4110562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 893099 | (231044) |  | 4772617 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 492568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 23102 | (37324) |  | 478346 | 5051552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 238344 | (385959) |  | 4903937 |
| 4/20/2023<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2024 | 33769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 269 | (17) |  | 34021 | 345881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2750 | (177) |  | 348454 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 21511636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1327249 | (8620173) |  | 14218712 | 219192829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13510585 | (87809900) |  | 144893514 |
| 3/31/2024 | 8835757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 244182 | (661895) |  | 8418044 | 89205650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2462161 | (6700266) |  | 84967545 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 6719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 139119 | (1805761) |  | (1659923) | 67960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1413069 | (18471886) |  | (16990857) |
| 3/31/2024 | 1737978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 116351 | (38894) |  | 1815435 | 17414983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1172298 | (394839) |  | 18192442 |
| **Strategic Income Opportunities** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 3486937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 345236 | (2609551) |  | 1222622 | 32170409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3187034 | (24038115) |  | 11319328 |
| 3/31/2024 | 1858965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 330515 | (3414365) |  | (1224885) | 16846508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2981715 | (30673283) |  | (10845060) |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 764491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 144032 | (1277814) |  | (369291) | 6952342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1309580 | (11599529) |  | (3337607) |
| 3/31/2024 | 457911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 159618 | (1074816) |  | (457287) | 4070200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1418716 | (9548534) |  | (4059618) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 52433230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8624023 | (44088484) |  | 16968769 | 484604446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 79695725 | (407432318) |  | 156867853 |
| 3/31/2024 | 54963363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7816338 | (73556964) |  | (10777263) | 496584223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 70581373 | (663120840) |  | (95955244) |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 9 — CAPITAL SHARES (continued)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**Shares**<br>**sold** | <br>**Shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** | <br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** | <br>**Reinvestment**<br>**of**<br>**distributions** | <br>**Shares**<br>**redeemed** | <br>**Shares**<br>**converted** | <br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | <br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Strategic Income Opportunities (continued)** | **Strategic Income Opportunities (continued)** | **Strategic Income Opportunities (continued)** | **Strategic Income Opportunities (continued)** |  |  |  |  |  |  |  |  |  |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 149408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 85702 | (407466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (172356) | 1369513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 784704 | (3728433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1574216) |
| 3/31/2024 | 117724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 94007 | (497018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (285287) | 1053945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 841057 | (4428359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (2533357) |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 5826925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1749842 | (463819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7112948 | 53278904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16127571 | (4275219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 65131256 |
| 3/31/2024 | 24859430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 575826 | (17485848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7949408 | 222565950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5228912 | (156757231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 71037631 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 386114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 52302 | (435274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3142 | 3542971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 481608 | (4003036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 21543 |
| 3/31/2024 | 705782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 53452 | (1052082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (292848) | 6387472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 480992 | (9461964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (2593500) |

---

___________

<sup>(1)</sup> Commencement of operations.

**NOTE 10 — UNFUNDED LOAN COMMITMENTS**

Certain Funds may enter into credit agreements, all or a portion of which may be unfunded. The Funds are obligated to fund these loan commitments at the borrower's discretion. Funded and unfunded portions of the credit agreements are presented in the Portfolio of Investments. At March 31, 2025, Strategic Income Opportunities had the following unfunded loan commitments:

---

| | |
|:---|:---|
| <br>**Loan** | **Unfunded**<br>**Loan**<br>**Commitment** |
| ABG Intermediate Holdings 2 LLC 2025 Delayed Draw Term Loan | $220000 |
| Chrysaor Bidco S.A R.L. Delayed Draw Term Loan (Usd) | 10329 |
| Hanger Inc. Delayed Draw Term Loan | 40494 |
| Kaman Corporation Delayed Draw Term Loan | 62155 |
| Raven Acquisition Holdings, LLC 2024 Delayed Draw Term Loan Commitment | 46334 |
| US Fertility Enterprises LLC Initial Delayed Draw Term Loan | 12174 |
| USALCO LLC Delayed Draw Term Commitment | 23819 |
|  | $415305 |

---

**NOTE 11 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as

defined in the Securities Lending Agreement with BNY (the "Agreement"). The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 11 — SECURITIES LENDING (continued)**

The following tables represent a summary of each respective Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Bond**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BNP Paribas | $672532 | $(672532) | $— |
| BNP Paribas Prime Brokerage Int'l Ltd. | 1211382 | (1211382) |  |
| Citigroup Global Markets Inc. | 19262 | (19262) |  |
| Goldman, Sachs & Co. LLC | 1242420 | (1242420) |  |
| J.P. Morgan Securities LLC | 24171208 | (24171208) |  |
| Scotia Capital (USA) INC | 436771 | (436771) |  |
| State Street Bank and Trust Company | 3978290 | (3978290) |  |
| TD Prime Services LLC | 356681 | (356681) |  |
| UBS AG | 1100901 | (1100901) |  |
| Wells Fargo Bank NA | 147543 | (147543) |  |
| Total | $33336990 | $(33336990) | $— |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash
 collateral with a fair value of $34,337,545 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Intermediate Bond**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| Barclays Bank PLC | $&nbsp;&nbsp;&nbsp;&nbsp;38285310 | $(38285310) | $— |
| Barclays Capital Inc. | 10969296 | (10969296) |  |
| BMO Capital Markets Corp | 844175 | (844175) |  |
| BNP Paribas | 42840136 | (42840136) |  |
| BNP Paribas Prime Brokerage Int'l Ltd. | 3525439 | (3525439) |  |
| BNP Paribas Securities Corp. | 681868 | (681868) |  |
| BofA Securities Inc | 41167105 | (41167105) |  |
| Canadian Imperial Bank Of Commerce | 6768604 | (6768604) |  |
| Citadel Clearing LLC | 2273359 | (2273359) |  |
| Citigroup Global Markets Inc. | 21950090 | (21950090) |  |
| Daiwa Capital Markets America Inc. | 10712301 | (10712301) |  |
| Deutsche Bank Securities Inc. | 13843721 | (13843721) |  |
| Goldman, Sachs & Co. LLC | 35176701 | (35176701) |  |
| HSBC Securities (USA) Inc. | 14470927 | (14470927) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| J.P. Morgan Securities LLC | $81546137 | $(81546137) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | 6089916 | (6089916) |  |
| Mizuho Securities USA LLC. | 442713 | (442713) |  |
| Morgan Stanley & Co. LLC | 13744252 | (13744252) |  |
| MUFG Securities Americas Inc. | 12847905 | (12847905) |  |
| National Bank Financial Inc. | 7985643 | (7985643) |  |
| NatWest Markets Securities Inc. | 10744278 | (10744278) |  |
| Nomura Securities International, Inc. | 1127308 | (1127308) |  |
| RBC Capital Markets, LLC | 499064 | (499064) |  |
| Scotia Capital (USA) INC | 3316398 | (3316398) |  |
| State Street Bank and Trust Company | 13344355 | (13344355) |  |
| TD Prime Services LLC | 49751316 | (49751316) |  |
| TD Securities (USA) Inc. | 20040092 | (20040092) |  |
| TD Securities Inc. | 3236607 | (3236607) |  |
| Truist Securities INC | 9907913 | (9907913) |  |
| US Bancorp Investments | 1348553 | (1348553) |  |
| Wells Fargo Securities LLC | 50813052 | (50813052) |  |
| Total | $530294534 | $(530294534) | $— |

---

_________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $545,646,136 has been
pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received
from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration Bond**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| Barclays Capital Inc. | $548263 | $(548263) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas Prime Brokerage Int'l Ltd. | 213987 | (213987) |  |
| BofA Securities Inc | 1943488 | (1943488) |  |
| Citigroup Global Markets Inc. | 225553 | (225553) |  |
| Goldman, Sachs & Co. LLC | 622765 | (622765) |  |
| J.P. Morgan Securities LLC | 3202450 | (3202450) |  |
| NatWest Markets Securities Inc. | 375232 | (375232) |  |
| RBC Capital Markets, LLC | 10080 | (10080) |  |
| Truist Securities INC | 136597 | (136597) |  |
| Wells Fargo Clearing Services, LLC | 999340 | (999340) |  |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 11 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| Wells Fargo Securities LLC | $24163 | $(24163) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total | $8301918 | $(8301918) | $— |

---

___________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $8,537,738 has been
pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received
from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration High Income**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| Barclays Capital Inc. | $5470377 | $(5470377) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| BofA Securities Inc | 3375922 | (3375922) |  |
| Goldman, Sachs & Co. LLC | 7545582 | (7545582) |  |
| J.P. Morgan Securities LLC | 315947 | (315947) |  |
| Total | $16707828 | $(16707828) | $— |

---

__________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $17,189,542 has been
pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received
from the individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Strategic Income Opportunities**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** | <br>**Net**<br>**Amount** |
| BNP Paribas | $1106371 | $(1106371) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| BNP Paribas Prime Brokerage Int'l Ltd. | 1244409 | (1244409) |  |
| BofA Securities Inc | 4277973 | (4277973) |  |
| Citigroup Global Markets Inc. | 1565875 | (1565875) |  |
| Goldman, Sachs & Co. LLC | 1487037 | (1487037) |  |
| J.P. Morgan Securities LLC | 17839738 | (17839738) |  |
| Merrill Lynch International | 477655 | (477655) |  |
| Morgan Stanley & Co. LLC | 252685 | (252685) |  |
| MUFG Securities Americas Inc. | 194518 | (194518) |  |
| RBC Dominion Securities Inc. | 1440234 | (1440234) |  |
| State Street Bank and Trust Company | 863148 | (863148) |  |
| TD Prime Services LLC | 2253042 | (2253042) |  |
| UBS AG | 1176825 | (1176825) |  |
| Wells Fargo Bank NA | 653244 | (653244) |  |
| Total | $34832754 | $(34832754) | $— |

---

___________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash collateral with a fair value of $35,867,742 has been
pledged by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received
from the individual counterparty is not shown for financial reporting purposes.

**NOTE 12 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, interest only securities, paydowns, swaps, straddle loss deferrals, and wash sale deferrals.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | |
|  | **March 31, 2025** | **March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** |
| GNMA Income | $42122957 | $— | $48022294 |
| High Yield Bond | 26557027 |  | 31951958 |
| Intermediate Bond | 423065466 |  | 340492684 |
| Short Duration Bond | 27741707 |  | 23544635 |
| Short Duration High Income | 16555065 | 346958 | 4608971 |
| Strategic Income Opportunities | 109799704 |  | 89761742 |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 12 — FEDERAL INCOME TAXES (continued)**

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of March 31, 2025 were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | &nbsp;&nbsp;**Capital Loss Carryforwards** | &nbsp;&nbsp;**Capital Loss Carryforwards** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | &nbsp;&nbsp;&nbsp;**Character** | <br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| GNMA Income | $2254566 | $(101418495) | $(72338632) | &nbsp;&nbsp;&nbsp;Short-term | $(469975) | $(206608764) |
|  |  |  | (34636228) | &nbsp;&nbsp;&nbsp;Long-term |  |  |
|  |  |  | $(106974860) |  |  |  |
| High Yield Bond | 335232 | (134395) | (4933534) | &nbsp;&nbsp;&nbsp;Short-term | (117521) | (50998520) |
|  |  |  | (46148302) | &nbsp;&nbsp;&nbsp;Long-term |  |  |
|  |  |  | $(51081836) |  |  |  |
| Intermediate Bond | 20195841 | (268393491) | (316765339) | &nbsp;&nbsp;&nbsp;Short-term | (4696304) | (1413009113) |
|  |  |  | (843349820) | &nbsp;&nbsp;&nbsp;Long-term |  |  |
|  |  |  | $(1160115159) |  |  |  |
| Short Duration Bond | 378033 | 3069556 | (6496355) | &nbsp;&nbsp;&nbsp;Short-term | (991) | (28390745) |
|  |  |  | (25340988) | &nbsp;&nbsp;&nbsp;Long-term |  |  |
|  |  |  | $(31837343) |  |  |  |
| Short Duration High Income | 250562 | (6798163) |  |  | (10848) | (6558449) |
| Strategic Income Opportunities | 260829 | (42227234) | (21402363) | &nbsp;&nbsp;&nbsp;Short-term | (668528) | (263451482) |
|  |  |  | (199414186) | &nbsp;&nbsp;&nbsp;Long-term |  |  |
|  |  |  | $(220816549) |  |  |  |

---

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

As of March 31, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions,

and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 13 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 14 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds performance, including

total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 15 — SUBSEQUENT EVENTS**

Dividends: Subsequent to March 31, 2025, the Funds declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| GNMA Income |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0210 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0162 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0228 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0232 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0226 | May 1, 2025 | Daily |
| High Yield Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0366 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0322 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0385 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R | $0.0351 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0389 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0381 | May 1, 2025 | Daily |
| Intermediate Bond | Intermediate Bond |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0288 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0234 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0314 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R | $0.0270 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0319 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0306 | May 1, 2025 | Daily |
| Short Duration Bond | Short Duration Bond |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0345 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0288 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0366 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R | $0.0327 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0370 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0366 | May 1, 2025 | Daily |
| Short Duration High Income | Short Duration High Income |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0641 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0585 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0661 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0661 | May 1, 2025 | Daily |
| Strategic Income Opportunities | Strategic Income Opportunities |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $0.0355 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class C | $0.0294 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class I | $0.0375 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R | $0.0335 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class R6 | $0.0379 | May 1, 2025 | Daily |
| &nbsp;&nbsp;&nbsp;Class W | $0.0374 | May 1, 2025 | Daily |

---

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

------

**NOTE 15 — SUBSEQUENT EVENTS (continued)**

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.

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 79.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 79.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 79.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 79.1%** |
|  | **Federal Home Loan Mortgage Corporation: 1.0%<sup>(1)</sup>** | **Federal Home Loan Mortgage Corporation: 1.0%<sup>(1)</sup>** | **Federal Home Loan Mortgage Corporation: 1.0%<sup>(1)</sup>** |
| 594410 | 3.500%, 07/01/2047 | $544567 | 0.1 |
| 1279245 | 3.500%, 12/01/2047 | 1173977 | 0.1 |
| 2482518 | 3.500%, 03/01/2048 | 2288121 | 0.2 |
| 2762699 | 3.500%, 11/01/2048 | 2546357 | 0.2 |
| 792792 | 4.000%, 07/01/2047 | 750450 | 0.1 |
| 312056 | 4.500%, 08/01/2047 | 304501 | 0 |
| 329091 | 5.000%, 11/01/2035 | 332381 | 0 |
| 16707 | 5.000%, 12/01/2035 | 16860 | 0 |
| 7942 | 5.000%, 01/01/2038 | 8025 | 0 |
| 7944 | 5.000%, 03/01/2038 | 8026 | 0 |
| 32123 | 5.000%, 03/01/2038 | 32457 | 0 |
| 91312 | 5.000%, 02/01/2039 | 91746 | 0 |
| 335486 | 5.000%, 07/01/2039 | 338984 | 0.1 |
| 105728 | 5.000%, 01/01/2040 | 106831 | 0 |
| 378084 | 5.000%, 04/01/2040 | 379881 | 0.1 |
| 1180302 | 5.000%, 10/01/2040 | 1192618 | 0.1 |
| 141034 | 5.000%, 05/01/2041 | 142245 | 0 |
| 116933 | 5.290%, 10/01/2037 | 118843 | 0 |
| 5618 | 5.410%, 08/01/2037 | 5603 | 0 |
| 30866 | 5.440%, 01/01/2037 | 31497 | 0 |
| 20400 | 5.440%, 04/01/2037 | 20869 | 0 |
| 25600 | 5.440%, 09/01/2037 | 26033 | 0 |
| 24071 | 5.440%, 02/01/2038 | 24550 | 0 |
| 87377 | 5.450%, 12/01/2037 | 88493 | 0 |
| 111295 | 5.450%, 12/01/2037 | 112310 | 0 |
| 28883 | 5.460%, 08/01/2037 | 29432 | 0 |
| 32108 | 5.460%, 01/01/2038 | 32463 | 0 |
| 46577 | 5.500%, 08/01/2037 | 47483 | 0 |
| 76449 | 5.500%, 11/01/2037 | 77953 | 0 |
| 30859 | 5.620%, 12/01/2036 | 31847 | 0 |
| 54023 | 5.620%, 08/01/2037 | 55432 | 0 |
| 62886 | 5.625%, 12/01/2036 | 64644 | 0 |
| 76848 | 5.625%, 01/01/2037 | 78903 | 0 |
| 81208 | 5.625%, 03/01/2037 | 83578 | 0 |
| 76844 | 5.625%, 06/01/2037 | 78762 | 0 |
| 36480 | 5.625%, 02/01/2038 | 37622 | 0 |
| 284012 | 5.750%, 09/01/2037 | 292925 | 0 |
| 49589 | 5.750%, 10/01/2037 | 51246 | 0 |
| 80463 | 6.090%, 12/01/2037 | 82677 | 0 |
| 2268 | 7.500%, 01/01/2030 | 2333 | 0 |
|  |  | **11733525** | **1.0** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Federal National Mortgage Association: 0.6%** **<sup>(1)</sup>** | **Federal National Mortgage Association: 0.6%** **<sup>(1)</sup>** | **Federal National Mortgage Association: 0.6%** **<sup>(1)</sup>** |
| 57380.0 | 3.125%, 11/01/2041 | 54254 | 0.0 |
| 23511.0 | 3.250%, 04/01/2041 | 23292 | 0.0 |
| 84730.0 | 3.475%, 10/01/2041 | 81592 | 0.0 |
| 63481.0 | 3.750%, 09/01/2041 | 61887 | 0.0 |
| 56136.0 | 3.750%, 10/01/2041 | 54460 | 0.0 |
| 3959891.0 | 4.000%, 07/01/2056 | 3703076 | 0.4 |
| 619567.0 | 4.500%, 09/01/2047 | 605587 | 0.1 |
| 77648.0 | 5.290%, 09/01/2037 | 77532 | 0.0 |
| 224029.0 | 5.290%, 11/01/2037 | 224582 | 0.0 |
| 68165.0 | 5.290%, 12/01/2037 | 67524 | 0.0 |
| 105611.0 | 5.290%, 04/01/2038 | 105489 | 0.0 |
| 10997.0 | 5.350%, 04/01/2029 | 10961 | 0.0 |
| 56718.0 | 5.390%, 05/01/2038 | 56689 | 0.0 |
| 106386.0 | 5.440%, 08/01/2047 | 105201 | 0.0 |
| 153637.0 | 5.440%, 08/01/2047 | 152135 | 0.0 |
| 162570.0 | 5.440%, 08/01/2047 | 161023 | 0.0 |
| 164365.0 | 5.440%, 09/01/2047 | 162809 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Federal National Mortgage Association (continued)** | **Federal National Mortgage Association (continued)** | **Federal National Mortgage Association (continued)** |
| 256771 | 5.440%, 10/01/2047 | 254994 | 0.1 |
| 53834 | 5.620%, 12/01/2036 | 54011 | 0.0 |
| 95862 | 5.890%, 08/01/2047 | 95248 | 0.0 |
| 103041 | 5.890%, 10/01/2047 | 102601 | 0.0 |
| 3266 | 6.600%, 07/01/2027 | 3258 | 0.0 |
|  |  | **6218205** | **0.6** |
|  | **Government National Mortgage Association: 75.3%** | **Government National Mortgage Association: 75.3%** | **Government National Mortgage Association: 75.3%** |
| 4323189 | 2.000%, 08/20/2050 | 3539782 | 0.3 |
| 30291373 | 2.000%, 12/20/2050 | 24802257 | 2.3 |
| 16838126 | 2.000%, 01/20/2051 | 13786880 | 1.3 |
| 14187310 | 2.000%, 02/20/2051 | 11620115 | 1.1 |
| 6529352 | 2.000%, 06/20/2051 | 5346164 | 0.5 |
| 11604685 | 2.000%, 08/20/2051 | 9501794 | 0.9 |
| 3299205 | 2.000%, 10/20/2051 | 2701354 | 0.3 |
| 2303934 | 2.000%, 11/20/2051 | 1886436 | 0.2 |
| 19452696 | 2.000%, 12/20/2051 | 15927662 | 1.5 |
| 42763584 | 2.000%, 03/20/2052 | 35014371 | 3.2 |
| 35000000 <sup>(2)</sup> | 2.000%, 05/15/2054 | 28627794 | 2.6 |
| 8675451 | 2.500%, 12/20/2050 | 7417555 | 0.7 |
| 30947413 | 2.500%, 03/20/2051 | 26423698 | 2.4 |
| 15607272 | 2.500%, 04/20/2051 | 13331496 | 1.2 |
| 15480521 | 2.500%, 05/20/2051 | 13217794 | 1.2 |
| 3570856 | 2.500%, 08/20/2051 | 3048889 | 0.3 |
| 23744227 | 2.500%, 10/20/2051 | 20273433 | 1.8 |
| 3568172 | 2.500%, 12/20/2051 | 3046597 | 0.3 |
| 15709325 | 2.500%, 03/20/2052 | 13413026 | 1.2 |
| 8180000 <sup>(2)</sup> | 2.500%, 05/15/2054 | 6976887 | 0.6 |
| 117320 | 3.000%, 12/15/2041 | 107845 | 0.0 |
| 77148 | 3.000%, 01/15/2042 | 69322 | 0.0 |
| 154266 | 3.000%, 01/15/2042 | 142161 | 0.0 |
| 154753 | 3.000%, 01/15/2042 | 142448 | 0.0 |
| 434179 | 3.000%, 02/15/2042 | 394434 | 0.1 |
| 149963 | 3.000%, 03/15/2042 | 136235 | 0.0 |
| 126442 | 3.000%, 04/15/2042 | 113617 | 0.0 |
| 52166 | 3.000%, 05/15/2042 | 48070 | 0.0 |
| 41036 | 3.000%, 06/15/2042 | 36874 | 0.0 |
| 21514056 | 3.000%, 04/20/2045 | 19377078 | 1.8 |
| 314338 | 3.000%, 11/20/2045 | 278746 | 0.0 |
| 55154 | 3.000%, 12/20/2045 | 48908 | 0.0 |
| 82491 | 3.000%, 12/20/2045 | 73163 | 0.0 |
| 86115 | 3.000%, 12/20/2045 | 76363 | 0.0 |
| 48315 | 3.000%, 01/20/2046 | 42981 | 0.0 |
| 1819873 | 3.000%, 02/20/2050 | 1586458 | 0.2 |
| 2448041 | 3.000%, 10/20/2051 | 2170615 | 0.2 |
| 21044407 | 3.000%, 10/20/2051 | 18237877 | 1.7 |
| 16451475 | 3.000%, 11/20/2051 | 14257469 | 1.3 |
| 1333751 | 3.000%, 01/20/2052 | 1182603 | 0.1 |
| 7484411 | 3.000%, 03/20/2052 | 6621445 | 0.6 |
| 3459676 | 3.000%, 04/20/2052 | 3067605 | 0.3 |
| 45272 | 3.250%, 03/15/2041 | 41842 | 0.0 |
| 225521 | 3.250%, 04/15/2041 | 208612 | 0.0 |
| 67563 | 3.250%, 05/15/2041 | 62510 | 0.0 |
| 285028 | 3.250%, 06/15/2041 | 263750 | 0.0 |
| 53854 | 3.250%, 07/15/2041 | 49732 | 0.0 |
| 325056 | 3.250%, 07/15/2041 | 300531 | 0.0 |
| 558295 | 3.250%, 08/15/2041 | 516435 | 0.1 |
| 175118 | 3.250%, 09/15/2041 | 162051 | 0.0 |
| 233304 | 3.250%, 09/15/2041 | 215893 | 0.0 |
| 37645 | 3.250%, 11/15/2041 | 34763 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 128784 | 3.250%, 11/15/2041 | $— | 119170 | 0.0 |
| 59734 | 3.250%, 12/15/2041 |  | 55274 | 0.0 |
| 35123 | 3.250%, 04/15/2042 |  | 32434 | 0.0 |
| 24957 | 3.250%, 06/15/2042 |  | 23039 | 0.0 |
| 72064 | 3.250%, 06/15/2042 |  | 66547 | 0.0 |
| 746297 | 3.500%, 04/20/2043 |  | 686934 | 0.1 |
| 872909 | 3.500%, 06/20/2045 |  | 806929 | 0.1 |
| 3306793 | 3.500%, 03/20/2047 |  | 3113909 | 0.3 |
| 416128 | 3.500%, 07/20/2047 |  | 385044 | 0.0 |
| 699779 | 3.500%, 07/20/2047 |  | 648591 | 0.1 |
| 17405931 | 3.500%, 12/20/2047 |  | 16098089 | 1.5 |
| 6283879 | 3.500%, 01/20/2048 |  | 5824784 | 0.5 |
| 2393222 | 3.500%, 02/20/2048 |  | 2225031 | 0.2 |
| 4688776 | 3.500%, 02/20/2048 |  | 4320050 | 0.4 |
| 8887825 | 3.500%, 03/20/2048 |  | 8239383 | 0.8 |
| 3755375 | 3.500%, 03/20/2052 |  | 3448515 | 0.3 |
| 4967000 <sup>(2)</sup> | 3.500%, 05/15/2054 |  | 4534351 | 0.4 |
| 60846 | 3.640%, 10/20/2064 |  | 60551 | 0.0 |
| 45717 | 3.650%, 12/15/2040 |  | 43311 | 0.0 |
| 12085 | 3.750%, 09/15/2041 |  | 12011 | 0.0 |
| 223341 | 3.750%, 09/15/2041 |  | 211842 | 0.0 |
| 65879 | 3.750%, 10/15/2041 |  | 62677 | 0.0 |
| 96066 | 3.750%, 10/15/2041 |  | 91347 | 0.0 |
| 1602176 | 3.750%, 05/20/2042 |  | 1489170 | 0.1 |
| 2283926 | 3.750%, 05/20/2042 |  | 2103134 | 0.2 |
| 78966 | 3.900%, 10/15/2041 |  | 75448 | 0.0 |
| 40198 | 4.000%, 05/20/2033 |  | 38768 | 0.0 |
| 23382 | 4.000%, 01/15/2034 |  | 23177 | 0.0 |
| 250585 | 4.000%, 05/20/2034 |  | 245685 | 0.0 |
| 289911 | 4.000%, 07/20/2034 |  | 284072 | 0.0 |
| 328455 | 4.000%, 07/20/2034 |  | 323138 | 0.0 |
| 62745 | 4.000%, 08/20/2035 |  | 60044 | 0.0 |
| 571624 | 4.000%, 09/20/2040 |  | 538814 | 0.1 |
| 873339 | 4.000%, 07/20/2041 |  | 822262 | 0.1 |
| 3733826 | 4.000%, 08/20/2042 |  | 3586178 | 0.3 |
| 102513 | 4.000%, 09/15/2042 |  | 97878 | 0.0 |
| 566241 | 4.000%, 10/20/2043 |  | 546978 | 0.1 |
| 1125048 | 4.000%, 12/20/2044 |  | 1063205 | 0.1 |
| 956010 | 4.000%, 01/20/2045 |  | 903459 | 0.1 |
| 257521 | 4.000%, 06/20/2045 |  | 246378 | 0.0 |
| 1060138 | 4.000%, 07/20/2045 |  | 1013938 | 0.1 |
| 1175900 | 4.000%, 09/20/2045 |  | 1123928 | 0.1 |
| 60245 | 4.000%, 12/20/2045 |  | 57678 | 0.0 |
| 180993 | 4.000%, 01/20/2046 |  | 172491 | 0.0 |
| 2272398 | 4.000%, 01/20/2046 |  | 2165652 | 0.2 |
| 54466 | 4.000%, 02/20/2046 |  | 52008 | 0.0 |
| 1274446 | 4.000%, 03/20/2046 |  | 1214579 | 0.1 |
| 650514 | 4.000%, 04/20/2046 |  | 620959 | 0.1 |
| 279764 | 4.000%, 08/20/2046 |  | 266019 | 0.0 |
| 990149 | 4.000%, 09/20/2047 |  | 927749 | 0.1 |
| 10283615 | 4.000%, 02/20/2050 |  | 9692470 | 0.9 |
| 7989844 | 4.000%, 06/20/2052 |  | 7493634 | 0.7 |
| 18900000 <sup>(2)</sup> | 4.000%, 04/20/2055 |  | 17694223 | 1.6 |
| 4336 | 4.287%, 09/20/2062 |  | 4264 | 0.0 |
| 315620 | 4.334%, 01/20/2065 |  | 312683 | 0.0 |
| 3535 | 4.356%, 04/20/2066 |  | 3492 | 0.0 |
| 449141 | 4.390%, 02/20/2065 |  | 445625 | 0.1 |
| 5589 | 4.424%, 10/20/2067 |  | 5523 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 100988 | 4.450%, 07/15/2040 | $— | 95623 | 0.0 |
| 56649 | 4.450%, 09/15/2040 |  | 54344 | 0.0 |
| 9317 | 4.455%, 02/20/2068 |  | 9208 | 0.0 |
| 3178 | 4.495%, 04/20/2065 |  | 3148 | 0.0 |
| 4263 | 4.500%, 07/20/2036 |  | 4187 | 0.0 |
| 334812 | 4.500%, 10/15/2039 |  | 326072 | 0.0 |
| 225704 | 4.500%, 11/15/2039 |  | 221893 | 0.0 |
| 244502 | 4.500%, 11/15/2039 |  | 240977 | 0.0 |
| 74493 | 4.500%, 12/15/2039 |  | 73267 | 0.0 |
| 186831 | 4.500%, 01/15/2040 |  | 183275 | 0.0 |
| 21985 | 4.500%, 01/20/2040 |  | 21264 | 0.0 |
| 871828 | 4.500%, 02/15/2040 |  | 847719 | 0.1 |
| 46600 | 4.500%, 06/15/2040 |  | 45326 | 0.0 |
| 20570 | 4.500%, 07/20/2040 |  | 19895 | 0.0 |
| 64573 | 4.500%, 08/20/2040 |  | 62695 | 0.0 |
| 479971 | 4.500%, 09/20/2041 |  | 472156 | 0.1 |
| 171345 | 4.500%, 10/20/2048 |  | 166693 | 0.0 |
| 79843 | 4.500%, 11/20/2048 |  | 77671 | 0.0 |
| 2443828 | 4.500%, 12/20/2048 |  | 2377221 | 0.2 |
| 60094 | 4.500%, 01/20/2049 |  | 58303 | 0.0 |
| 4251057 | 4.500%, 02/20/2049 |  | 4134805 | 0.4 |
| 206713 | 4.500%, 03/20/2049 |  | 201060 | 0.0 |
| 33820 | 4.500%, 05/20/2049 |  | 32837 | 0.0 |
| 3748120 | 4.500%, 11/20/2049 |  | 3608849 | 0.3 |
| 4666384 | 4.500%, 12/20/2049 |  | 4539016 | 0.4 |
| 8150862 | 4.500%, 10/20/2052 |  | 7830389 | 0.7 |
| 651500 | 4.500%, 01/20/2053 |  | 628175 | 0.1 |
| 8655453 | 4.500%, 02/20/2053 |  | 8341991 | 0.8 |
| 36080000 <sup>(2)</sup> | 4.500%, 04/20/2055 |  | 34619888 | 3.1 |
| 137845 | 4.526%, 01/20/2065 |  | 136487 | 0.0 |
| 22346 | 4.580%, 01/20/2034 |  | 21768 | 0.0 |
| 34656 | 4.580%, 03/20/2034 |  | 33759 | 0.0 |
| 27251 | 4.580%, 04/20/2034 |  | 26546 | 0.0 |
| 35247 | 4.580%, 04/20/2034 |  | 34334 | 0.0 |
| 34671 | 4.580%, 06/20/2034 |  | 33774 | 0.0 |
| 47679 | 4.690%, 10/20/2064 |  | 47360 | 0.0 |
| 463 | 4.700%, 06/20/2061 |  | 460 | 0.0 |
| 17239 | 4.700%, 09/20/2064 |  | 17143 | 0.0 |
| 56108 | 4.700%, 09/20/2064 |  | 55789 | 0.0 |
| 214312 | 4.750%, 06/15/2029 |  | 214483 | 0.0 |
| 45260 | 4.750%, 01/15/2030 |  | 45296 | 0.0 |
| 41410 | 4.750%, 06/20/2033 |  | 40327 | 0.0 |
| 14865 | 4.750%, 07/20/2033 |  | 14805 | 0.0 |
| 25647 | 4.750%, 07/20/2033 |  | 25428 | 0.0 |
| 37360 | 4.750%, 07/20/2033 |  | 36383 | 0.0 |
| 20771 | 4.750%, 08/20/2033 |  | 20188 | 0.0 |
| 40094 | 4.750%, 08/20/2033 |  | 39865 | 0.0 |
| 17289 | 4.750%, 09/20/2033 |  | 17211 | 0.0 |
| 24048 | 4.750%, 10/20/2033 |  | 23621 | 0.0 |
| 19390 | 4.750%, 11/20/2033 |  | 18846 | 0.0 |
| 17385 | 4.750%, 12/20/2033 |  | 16888 | 0.0 |
| 129156 | 4.750%, 09/15/2034 |  | 127715 | 0.0 |
| 16626 | 4.920%, 04/20/2033 |  | 16492 | 0.0 |
| 35394 | 4.920%, 04/20/2033 |  | 35231 | 0.0 |
| 20777 | 4.920%, 05/20/2033 |  | 20681 | 0.0 |
| 21150 | 4.920%, 05/20/2033 |  | 21061 | 0.0 |
| 23200 | 4.920%, 05/20/2033 |  | 23102 | 0.0 |
| 278811 | 5.000%, 04/20/2030 |  | 280437 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 116463 | 5.000%, 07/15/2033 | $115836 | 0.0 |
| 25682 | 5.000%, 03/15/2034 | 25605 | 0.0 |
| 28233 | 5.000%, 01/15/2035 | 28027 | 0.0 |
| 6607 | 5.000%, 03/15/2035 | 6594 | 0.0 |
| 35029 | 5.000%, 03/15/2035 | 34767 | 0.0 |
| 16245 | 5.000%, 04/15/2035 | 16214 | 0.0 |
| 112480 | 5.000%, 04/15/2035 | 113217 | 0.0 |
| 11582 | 5.000%, 05/15/2035 | 11740 | 0.0 |
| 29169 | 5.000%, 05/20/2035 | 29425 | 0.0 |
| 166387 | 5.000%, 11/20/2035 | 168087 | 0.0 |
| 80558 | 5.000%, 04/20/2036 | 81184 | 0.0 |
| 12619 | 5.000%, 08/20/2038 | 12604 | 0.0 |
| 147973 | 5.000%, 10/20/2038 | 146698 | 0.0 |
| 26310 | 5.000%, 11/20/2038 | 26083 | 0.0 |
| 99335 | 5.000%, 01/20/2039 | 99196 | 0.0 |
| 31304 | 5.000%, 02/15/2039 | 31756 | 0.0 |
| 138080 | 5.000%, 03/15/2039 | 140064 | 0.0 |
| 52637 | 5.000%, 11/15/2039 | 52995 | 0.0 |
| 346372 | 5.000%, 11/15/2039 | 345335 | 0.0 |
| 508255 | 5.000%, 11/15/2039 | 511868 | 0.1 |
| 38157 | 5.000%, 04/15/2040 | 38124 | 0.0 |
| 545574 | 5.000%, 09/15/2040 | 543136 | 0.1 |
| 360698 | 5.000%, 07/20/2041 | 364953 | 0.0 |
| 128570000 <sup>(2)</sup> | 5.000%, 04/20/2055 | 126474087 | 11.4 |
| 10102 | 5.250%, 06/15/2028 | 10154 | 0.0 |
| 29504 | 5.250%, 06/15/2029 | 29655 | 0.0 |
| 679944 | 5.250%, 01/20/2036 | 685779 | 0.1 |
| 97361 | 5.290%, 07/20/2037 | 101194 | 0.0 |
| 64827 | 5.290%, 08/20/2037 | 67222 | 0.0 |
| 84483 | 5.290%, 09/20/2037 | 87659 | 0.0 |
| 105009 | 5.290%, 09/20/2037 | 109150 | 0.0 |
| 97941 | 5.290%, 01/20/2038 | 101804 | 0.0 |
| 17657 | 5.350%, 04/20/2029 | 17601 | 0.0 |
| 15865 | 5.350%, 06/20/2029 | 15815 | 0.0 |
| 57293 | 5.350%, 07/20/2033 | 57637 | 0.0 |
| 9856 | 5.350%, 08/20/2033 | 9937 | 0.0 |
| 57965 | 5.390%, 08/20/2038 | 57554 | 0.0 |
| 63611 | 5.390%, 09/15/2038 | 65474 | 0.0 |
| 20218 | 5.490%, 08/20/2033 | 20616 | 0.0 |
| 33953 | 5.490%, 09/20/2033 | 33856 | 0.0 |
| 36101 | 5.490%, 09/20/2033 | 36812 | 0.0 |
| 93802 | 5.490%, 09/20/2033 | 95063 | 0.0 |
| 122125 | 5.490%, 10/20/2033 | 123629 | 0.0 |
| 212869 | 5.490%, 10/20/2033 | 216568 | 0.0 |
| 109408 | 5.490%, 11/20/2033 | 109469 | 0.0 |
| 178387 | 5.490%, 11/20/2033 | 181570 | 0.0 |
| 95433 | 5.490%, 12/20/2033 | 97136 | 0.0 |
| 131683 | 5.490%, 12/20/2033 | 134274 | 0.0 |
| 176184 | 5.490%, 12/20/2033 | 178533 | 0.0 |
| 36468 | 5.490%, 01/20/2034 | 37187 | 0.0 |
| 31038 | 5.490%, 03/20/2034 | 31649 | 0.0 |
| 68547 | 5.490%, 03/20/2034 | 68395 | 0.0 |
| 31376 | 5.490%, 06/20/2034 | 31994 | 0.0 |
| 50 | 5.500%, 04/20/2029 | 51 | 0.0 |
| 70578 | 5.500%, 09/15/2029 | 71513 | 0.0 |
| 50102 | 5.500%, 10/15/2029 | 50611 | 0.0 |
| 15786 | 5.500%, 12/20/2032 | 16250 | 0.0 |
| 49951 | 5.500%, 08/20/2033 | 51191 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 43452 | 5.500%, 11/20/2033 | $43346 | 0.0 |
| 14629 | 5.500%, 12/20/2033 | 15004 | 0.0 |
| 50313 | 5.500%, 03/20/2034 | 50181 | 0.0 |
| 76396 | 5.500%, 04/20/2034 | 76279 | 0.0 |
| 86441 | 5.500%, 04/20/2034 | 88809 | 0.0 |
| 32499 | 5.500%, 06/20/2034 | 32408 | 0.0 |
| 75918 | 5.500%, 06/20/2034 | 77226 | 0.0 |
| 57553 | 5.500%, 07/20/2034 | 58990 | 0.0 |
| 84495 | 5.500%, 01/20/2035 | 84325 | 0.0 |
| 57559 | 5.500%, 05/15/2035 | 59193 | 0.0 |
| 96377 | 5.500%, 07/15/2035 | 98281 | 0.0 |
| 67234 | 5.500%, 08/15/2035 | 69141 | 0.0 |
| 67960 | 5.500%, 09/20/2035 | 69133 | 0.0 |
| 124922 | 5.500%, 04/15/2036 | 130314 | 0.0 |
| 21423 | 5.500%, 06/20/2036 | 22012 | 0.0 |
| 1864 | 5.500%, 06/20/2038 | 1877 | 0.0 |
| 10307 | 5.500%, 08/20/2038 | 10397 | 0.0 |
| 6691 | 5.500%, 09/20/2038 | 6728 | 0.0 |
| 1320 | 5.500%, 10/20/2038 | 1308 | 0.0 |
| 13481 | 5.500%, 11/20/2038 | 13578 | 0.0 |
| 666 | 5.500%, 12/20/2038 | 670 | 0.0 |
| 42231 | 5.500%, 01/15/2039 | 43640 | 0.0 |
| 5100 | 5.500%, 01/20/2039 | 5024 | 0.0 |
| 21458 | 5.500%, 06/15/2039 | 22384 | 0.0 |
| 71344 | 5.500%, 06/20/2039 | 70645 | 0.0 |
| 16595 | 5.500%, 10/20/2039 | 17052 | 0.0 |
| 148355 | 5.500%, 09/15/2040 | 153491 | 0.0 |
| 1295400 | 5.500%, 05/20/2054 | 1318803 | 0.1 |
| 2033220 | 5.500%, 05/20/2054 | 2061648 | 0.2 |
| 2068284 | 5.500%, 05/20/2054 | 2095106 | 0.2 |
| 128063000 <sup>(2)</sup> | 5.500%, 04/20/2055 | 128346201 | 11.6 |
| 30827 | 5.580%, 12/20/2033 | 31732 | 0.0 |
| 77116 | 5.580%, 01/20/2034 | 78775 | 0.0 |
| 39018 | 5.580%, 02/20/2034 | 40072 | 0.0 |
| 31831 | 5.580%, 03/20/2034 | 32691 | 0.0 |
| 37716 | 5.580%, 04/20/2034 | 38840 | 0.0 |
| 49367 | 5.580%, 04/20/2034 | 50603 | 0.0 |
| 102104 | 5.580%, 04/20/2034 | 104864 | 0.0 |
| 28195 | 5.580%, 06/20/2034 | 29103 | 0.0 |
| 44619 | 5.580%, 09/20/2034 | 45950 | 0.0 |
| 86636 | 5.590%, 06/20/2033 | 86775 | 0.0 |
| 10388 | 5.590%, 07/20/2033 | 10414 | 0.0 |
| 24271 | 5.590%, 07/20/2033 | 24208 | 0.0 |
| 72796 | 5.590%, 07/20/2033 | 72717 | 0.0 |
| 119136 | 5.590%, 07/20/2033 | 119780 | 0.0 |
| 64354 | 5.590%, 08/20/2033 | 64263 | 0.0 |
| 16834 | 5.590%, 09/20/2033 | 17021 | 0.0 |
| 32600 | 5.590%, 09/20/2033 | 33645 | 0.0 |
| 128888 | 5.590%, 09/20/2033 | 132403 | 0.0 |
| 49178 | 5.590%, 10/20/2033 | 49062 | 0.0 |
| 20986 | 5.590%, 11/20/2033 | 21605 | 0.0 |
| 37628 | 5.590%, 11/20/2033 | 37531 | 0.0 |
| 60102 | 5.590%, 12/20/2033 | 61854 | 0.0 |
| 68892 | 5.740%, 09/20/2037 | 71043 | 0.0 |
| 212483 | 5.740%, 09/20/2037 | 219121 | 0.0 |
| 71975 | 5.740%, 10/20/2037 | 74223 | 0.0 |
| 72731 | 5.740%, 04/20/2038 | 74998 | 0.0 |
| 160140 | 5.750%, 07/15/2029 | 162109 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 78858 | 5.750%, 08/15/2029 | $| 79522 | 0.0 |
| 19897 | 5.750%, 11/15/2029 |  | 20128 | 0.0 |
| 178982 | 5.750%, 11/15/2029 |  | 181053 | 0.0 |
| 30726 | 5.770%, 03/20/2033 |  | 30963 | 0.0 |
| 107959 | 5.770%, 03/20/2033 |  | 108673 | 0.0 |
| 26660 | 5.770%, 04/20/2033 |  | 26878 | 0.0 |
| 55726 | 5.770%, 04/20/2033 |  | 56501 | 0.0 |
| 63284 | 5.770%, 05/20/2033 |  | 63293 | 0.0 |
| 69677 | 5.770%, 05/20/2033 |  | 69710 | 0.0 |
| 12021 | 5.770%, 07/20/2033 |  | 12025 | 0.0 |
| 36055 | 5.770%, 07/20/2033 |  | 36578 | 0.0 |
| 16256 | 5.900%, 05/20/2028 |  | 16412 | 0.0 |
| 873054 | 5.970%, 11/15/2031 |  | 871407 | 0.1 |
| 8651 | 6.000%, 04/15/2026 |  | 8662 | 0.0 |
| 6691 | 6.000%, 10/20/2027 |  | 6713 | 0.0 |
| 49004 | 6.000%, 05/15/2029 |  | 49372 | 0.0 |
| 20079 | 6.000%, 07/15/2029 |  | 20409 | 0.0 |
| 30142 | 6.000%, 10/20/2034 |  | 31484 | 0.0 |
| 74492 | 6.000%, 03/15/2037 |  | 78299 | 0.0 |
| 48995 | 6.000%, 08/20/2038 |  | 49573 | 0.0 |
| 10601 | 6.000%, 09/20/2038 |  | 10821 | 0.0 |
| 11654 | 6.000%, 10/20/2038 |  | 12117 | 0.0 |
| 61222 | 6.000%, 11/15/2038 |  | 62815 | 0.0 |
| 66286 | 6.000%, 12/15/2038 |  | 67997 | 0.0 |
| 37615 | 6.000%, 08/15/2039 |  | 38590 | 0.0 |
| 127458 | 6.000%, 08/15/2039 |  | 131730 | 0.0 |
| 55593000 <sup>(2)</sup> | 6.000%, 04/20/2055 |  | 56429528 | 5.1 |
| 7958 | 6.500%, 07/20/2029 |  | 8169 | 0.0 |
| 31282 | 6.500%, 07/20/2032 |  | 31773 | 0.0 |
| 43531 | 6.500%, 02/15/2034 |  | 43398 | 0.0 |
| 146 | 6.500%, 09/20/2034 |  | 146 | 0.0 |
| 1342 | 7.500%, 08/20/2027 |  | 1357 | 0.0 |
|  |  |  | **835545652** | **75.3** |
|  | **Uniform Mortgage-Backed Securities: 2.2%** | **Uniform Mortgage-Backed Securities: 2.2%** | **Uniform Mortgage-Backed Securities: 2.2%** | **Uniform Mortgage-Backed Securities: 2.2%** |
| 2477285 | 2.000%, 12/01/2051 |  | 1976534 | 0.2 |
| 2369137 | 2.500%, 12/01/2051 |  | 1978245 | 0.2 |
| 1427352 | 2.500%, 02/01/2052 |  | 1207398 | 0.1 |
| 2129035 | 3.000%, 11/01/2051 |  | 1858611 | 0.2 |
| 1365200 | 3.000%, 01/01/2052 |  | 1193924 | 0.1 |
| 1365047 | 3.500%, 02/01/2052 |  | 1237166 | 0.1 |
| 4404761 | 3.500%, 03/01/2052 |  | 4016788 | 0.4 |
| 4319494 | 4.000%, 05/01/2042 |  | 4154633 | 0.4 |
| 258767 | 4.000%, 05/01/2045 |  | 245225 | 0.0 |
| 307973 | 4.000%, 08/01/2046 |  | 291694 | 0.0 |
| 265842 | 4.250%, 08/01/2035 |  | 259893 | 0.0 |
| 3882268 | 4.500%, 07/01/2052 |  | 3721381 | 0.4 |
| 41738 | 4.750%, 11/01/2034 |  | 41528 | 0.0 |
| 188551 | 4.750%, 11/01/2034 |  | 187516 | 0.0 |
| 134402 | 4.750%, 02/01/2035 |  | 133652 | 0.0 |
| 288269 | 4.750%, 04/01/2035 |  | 286995 | 0.0 |
| 328570 | 4.750%, 05/01/2035 |  | 327186 | 0.0 |
| 59331 | 4.750%, 07/01/2035 |  | 58393 | 0.0 |
| 359933 | 4.750%, 07/01/2035 |  | 358195 | 0.1 |
| 13094 | 5.030%, 05/01/2037 |  | 13149 | 0.0 |
| 82569 | 5.030%, 09/01/2037 |  | 83364 | 0.0 |
| 126466 | 5.155%, 01/01/2037 |  | 128043 | 0.0 |
| 27809 | 5.250%, 04/01/2032 |  | 28073 | 0.0 |
| 37428 | 5.250%, 04/01/2032 |  | 37541 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 22095 | 5.280%, 11/01/2036 | $| 22408 | 0.0 |
| 61290 | 5.280%, 11/01/2036 |  | 62258 | 0.0 |
| 37399 | 5.280%, 01/01/2037 |  | 37927 | 0.0 |
| 73627 | 5.290%, 08/01/2037 |  | 74910 | 0.0 |
| 53490 | 5.290%, 09/01/2037 |  | 54434 | 0.0 |
| 58000 | 5.290%, 09/01/2037 |  | 59000 | 0.0 |
| 9740 | 5.300%, 10/01/2036 |  | 9871 | 0.0 |
| 55379 | 5.300%, 12/01/2036 |  | 56077 | 0.0 |
| 41108 | 5.300%, 05/01/2037 |  | 41901 | 0.0 |
| 178454 | 5.300%, 08/01/2037 |  | 179613 | 0.0 |
| 88482 | 5.390%, 12/01/2037 |  | 90066 | 0.0 |
| 138380 | 5.405%, 11/01/2036 |  | 141068 | 0.0 |
| 172865 | 5.405%, 02/01/2037 |  | 176467 | 0.0 |
| 49705 | 5.740%, 07/01/2037 |  | 50823 | 0.0 |
|  |  |  | **24881950** | **2.2** |
|  | Total U.S. Government Agency Obligations |  |  |  |
|  | (Cost $920,358,467) |  | **878379332** | **79.1** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 48.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 48.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 48.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 48.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 48.6%** |
| 105320 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-W1 3A, 3.679%, 04/25/2042 |  | 100582 | 0.0 |
| 460139 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-W6 3A, 4.991%, 01/25/2042 |  | 442039 | 0.0 |
| 3013082 | Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042 |  | 3035490 | 0.3 |
| 431308 | Fannie Mae REMIC Trust 2003-16 CX, 6.500%, 03/25/2033 |  | 450455 | 0.0 |
| 1371181 | Fannie Mae REMIC Trust 2003-34 LN, 5.000%, 05/25/2033 |  | 1387373 | 0.1 |
| 2315308 | Fannie Mae REMIC Trust 2003-W15 2A7, 5.550%, 08/25/2043 |  | 2316148 | 0.2 |
| 2231013 | Fannie Mae REMIC Trust 2004-28 PZ, 6.000%, 05/25/2034 |  | 2265686 | 0.2 |
| 69983 <sup>(3)</sup> | Fannie Mae REMIC Trust 2004-61 SH, 6.180%, (-1.000\*SOFR30A + 23.530%), 11/25/2032 |  | 73274 | 0.0 |
| 13214 | Fannie Mae REMIC Trust 2004-68 LC, 5.000%, 09/25/2029 |  | 13317 | 0.0 |
| 1464540 | Fannie Mae REMIC Trust 2004-88 ZC, 6.500%, 12/25/2034 |  | 1564122 | 0.1 |
| 1530512 <sup>(3)</sup> | Fannie Mae REMIC Trust 2004-W11 2A, 4.695%, 03/25/2043 |  | 1461449 | 0.1 |
| 1919388 | Fannie Mae REMIC Trust 2004-W3 A8, 5.500%, 05/25/2034 |  | 1957190 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 93370 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-122 SE, 7.510%, (-1.000\*SOFR30A + 22.699%), 11/25/2035 | $95537 | 0.0 |
| 3686820 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-17 B, 6.500%, 03/25/2035 | 3841201 | 0.4 |
| 65123 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2005-17 ES, 2.296%, (-1.000\*SOFR30A + 6.636%), 03/25/2035 | 871 | 0.0 |
| 1483793 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2005-17 SA, 2.246%, (-1.000\*SOFR30A + 6.586%), 03/25/2035 | 124529 | 0.0 |
| 927782 | Fannie Mae REMIC Trust 2005-43 PZ, 6.000%, 05/25/2035 | 971770 | 0.1 |
| 100300 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-59 NQ, 5.740%, (-1.000\*SOFR30A + 16.589%), 05/25/2035 | 102282 | 0.0 |
| 184740 <sup>(3)</sup> | Fannie Mae REMIC Trust 2005-75 GS, 6.887%, (-1.000\*SOFR30A + 19.907%), 08/25/2035 | 202158 | 0.0 |
| 306404 | Fannie Mae REMIC Trust 2005-88 ZC, 5.000%, 10/25/2035 | 310768 | 0.0 |
| 1861549 | Fannie Mae REMIC Trust 2005-99 XA, 5.500%, 12/25/2035 | 1887312 | 0.2 |
| 45561 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-115 ES, 8.743%, (-1.000\*SOFR30A + 26.102%), 12/25/2036 | 51063 | 0.0 |
| 271656 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2006-36 SP, 2.246%, (-1.000\*SOFR30A + 6.586%), 05/25/2036 | 17131 | 0.0 |
| 11233 <sup>(5)</sup> | Fannie Mae REMIC Trust 2006-44 P, 0.000%, 12/25/2033 | 9534 | 0.0 |
| 1535685 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2006-79 SH, 1.996%, (-1.000\*SOFR30A + 6.336%), 08/25/2036 | 131479 | 0.0 |
| 2932818 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2006-8 HL, 2.246%, (-1.000\*SOFR30A + 6.586%), 03/25/2036 | 223520 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 580446 <sup>(3)</sup> | Fannie Mae REMIC Trust 2007-1 NR, 13.648%, (-1.000\*SOFR30A + 46.630%), 02/25/2037 | $813021 | 0.1 |
| 399948 | Fannie Mae REMIC Trust 2007-60 ZB, 4.750%, 05/25/2037 | 395341 | 0.0 |
| 86956 <sup>(3)</sup> | Fannie Mae REMIC Trust 2009-12 LK, 14.369%, 03/25/2039 | 97492 | 0.0 |
| 4714979 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2010-147 LS, 1.996%, (-1.000\*SOFR30A + 6.336%), 01/25/2041 | 514322 | 0.1 |
| 4816916 | Fannie Mae REMIC Trust 2010-2 LC, 5.000%, 02/25/2040 | 4884781 | 0.4 |
| 656845 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-26 F, 5.224%, (SOFR30A + 0.884%), 11/25/2036 | 659598 | 0.1 |
| 686778 <sup>(3)</sup> | Fannie Mae REMIC Trust 2010-39 FN, 5.284%, (SOFR30A + 0.944%), 05/25/2040 | 688764 | 0.1 |
| 470947 | Fannie Mae REMIC Trust 2010-80 PZ, 5.000%, 07/25/2040 | 477936 | 0.0 |
| 810012 | Fannie Mae REMIC Trust 2010-87 PL, 4.000%, 06/25/2040 | 796354 | 0.1 |
| 1286488 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2010-95 SB, 2.146%, (-1.000\*SOFR30A + 6.486%), 09/25/2040 | 89051 | 0.0 |
| 908161 | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | 910848 | 0.1 |
| 750000 | Fannie Mae REMIC Trust 2011-105 MB, 4.000%, 10/25/2041 | 669229 | 0.1 |
| 984335 | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | 963872 | 0.1 |
| 993912 <sup>(3)</sup> | Fannie Mae REMIC Trust 2011-4 CS, 3.992%, (-1.000\*SOFR30A + 12.671%), 05/25/2040 | 943500 | 0.1 |
| 4462143 | Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041 | 4383657 | 0.4 |
| 2021308 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2012-128 VS, 1.796%, (-1.000\*SOFR30A + 6.136%), 06/25/2042 | 99652 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 694736 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-137 EI, 3.000%, 12/25/2027 | $15987 | 0.0 |
| 448145 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-142 BI, 3.000%, 11/25/2027 | 6202 | 0.0 |
| 3199333 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-148 HI, 3.500%, 05/25/2042 | 318808 | 0.0 |
| 3414457 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-148 IM, 3.000%, 01/25/2028 | 92264 | 0.0 |
| 1377812 | Fannie Mae REMIC Trust 2012-148 KH, 3.000%, 03/25/2042 | 1318382 | 0.1 |
| 1143271 <sup>(4)</sup> | Fannie Mae REMIC Trust 2012-154 PI, 4.000%, 05/25/2042 | 132274 | 0.0 |
| 3308578 | Fannie Mae REMIC Trust 2012-17 QZ, 4.000%, 03/25/2042 | 3153861 | 0.3 |
| 2720669 | Fannie Mae REMIC Trust 2012-27 EZ, 4.250%, 03/25/2042 | 2612186 | 0.2 |
| 2500000 | Fannie Mae REMIC Trust 2012-40 MY, 3.500%, 04/25/2042 | 2301575 | 0.2 |
| 1700000 | Fannie Mae REMIC Trust 2012-66 KE, 4.000%, 06/25/2042 | 1609430 | 0.2 |
| 689968 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2012-68 SD, 2.246%, (-1.000\*SOFR30A + 6.586%), 06/25/2032 | 39557 | 0.0 |
| 3457000 | Fannie Mae REMIC Trust 2012-97 PC, 3.500%, 09/25/2042 | 2952850 | 0.3 |
| 841835 | Fannie Mae REMIC Trust 2013-125 AZ, 4.000%, 11/25/2039 | 745514 | 0.1 |
| 348792 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-13 PI, 3.500%, 04/25/2042 | 23275 | 0.0 |
| 950745 <sup>(5)</sup> | Fannie Mae REMIC Trust 2013-135 PO, 0.000%, 01/25/2044 | 687930 | 0.1 |
| 44523 | Fannie Mae REMIC Trust 2013-18 NA, 2.000%, 12/25/2042 | 39561 | 0.0 |
| 1295381 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-25 BI, 3.000%, 03/25/2033 | 86073 | 0.0 |
| 768901 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-54 ID, 3.000%, 01/25/2033 | 38153 | 0.0 |
| 1125976 | Fannie Mae REMIC Trust 2013-55 VZ, 3.000%, 06/25/2043 | 1014014 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1233758 <sup>(4)</sup> | Fannie Mae REMIC Trust 2013-62 AI, 3.000%, 06/25/2033 | $88655 | 0.0 |
| 1401927 | Fannie Mae REMIC Trust 2015-22 DY, 3.000%, 04/25/2045 | 1092370 | 0.1 |
| 1425402 | Fannie Mae REMIC Trust 2015-26 UZ, 3.000%, 05/25/2045 | 1173855 | 0.1 |
| 711932 | Fannie Mae REMIC Trust 2015-68 JW, 3.500%, 09/25/2030 | 686756 | 0.1 |
| 2630000 | Fannie Mae REMIC Trust 2016-103 PB, 3.000%, 01/25/2047 | 2281701 | 0.2 |
| 3633530 <sup>(3)(4)</sup> | Fannie Mae REMIC Trust 2016-4 DS, 1.646%, (-1.000\*SOFR30A + 5.986%), 02/25/2046 | 396034 | 0.0 |
| 2167678 <sup>(3)</sup> | Fannie Mae REMIC Trust 2016-51 S, 1.466%, (-1.000\*SOFR30A + 5.806%), 10/25/2043 | 1888256 | 0.2 |
| 4333554 | Fannie Mae REMIC Trust 2016-64 LD, 3.500%, 09/25/2046 | 3943527 | 0.4 |
| 5916787 | Fannie Mae REMIC Trust 2017-22 DZ, 4.000%, 04/25/2047 | 5588872 | 0.5 |
| 7510000 | Fannie Mae REMIC Trust 2018-16 TV, 3.000%, 05/25/2041 | 6802522 | 0.6 |
| 443764 | Fannie Mae REMIC Trust 2018-25 AL, 3.500%, 04/25/2048 | 391502 | 0.0 |
| 572611 | Fannie Mae REMIC Trust 2018-37 DZ, 4.000%, 06/25/2048 | 542493 | 0.1 |
| 3374288 <sup>(4)</sup> | Fannie Mae REMIC Trust 2019-49 IG, 3.000%, 03/25/2033 | 233574 | 0.0 |
| 2785826 | Fannie Mae REMIC Trust 2019-6 GZ, 4.000%, 03/25/2059 | 2441462 | 0.2 |
| 17985517 <sup>(4)</sup> | Fannie Mae REMIC Trust 2020-34 AI, 3.500%, 06/25/2035 | 1379545 | 0.1 |
| 2433023 <sup>(4)</sup> | Fannie Mae REMIC Trust 2020-44 TI, 5.500%, 12/25/2035 | 345380 | 0.0 |
| 23895815 <sup>(4)</sup> | Fannie Mae REMIC Trust 2020-89 KI, 4.000%, 12/25/2050 | 4544922 | 0.4 |
| 3816287 | Fannie Mae REMIC Trust 2023-55 AY, 6.500%, 11/25/2053 | 4037687 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 19334227 <sup>(3)</sup> | Fannie Mae REMIC Trust 2025-1 FE, 5.790%, (SOFR30A + 1.450%), 02/25/2055 | $19503563 | 1.8 |
| 906371 <sup>(3)</sup> | Fannie Mae Trust 2004-W2 3A, 4.861%, 02/25/2044 | 889145 | 0.1 |
| 664205 <sup>(3)</sup> | Fannie Mae Trust 2004-W2 4A, 4.762%, 02/25/2044 | 654117 | 0.1 |
| 199993 <sup>(3)</sup> | Freddie Mac REMIC Trust 2653 SC, 4.567%, (-1.000\*SOFR30A + 6.743%), 07/15/2033 | 192682 | 0.0 |
| 417826 | Freddie Mac REMIC Trust 2767 ZW, 6.000%, 03/15/2034 | 434385 | 0.0 |
| 88462 <sup>(5)</sup> | Freddie Mac REMIC Trust 2974 KO, 0.000%, 05/15/2035 | 72250 | 0.0 |
| 23795 <sup>(3)</sup> | Freddie Mac REMIC Trust 3012 ST, 5.893%, (-1.000\*SOFR30A + 21.548%), 04/15/2035 | 24189 | 0.0 |
| 124743 <sup>(3)</sup> | Freddie Mac REMIC Trust 3065 DC, 6.471%, (-1.000\*SOFR30A + 19.517%), 03/15/2035 | 128191 | 0.0 |
| 197270 | Freddie Mac REMIC Trust 3158 NE, 5.500%, 05/15/2036 | 205301 | 0.0 |
| 1973729 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3181 TA, 0.500%, (-1.000\*SOFR30A + 5.544%), 07/15/2036 | 30700 | 0.0 |
| 4336299 | Freddie Mac REMIC Trust 3196 ZK, 6.500%, 04/15/2032 | 4524622 | 0.4 |
| 94852 <sup>(4)</sup> | Freddie Mac REMIC Trust 3507 IA, 5.500%, 09/15/2035 | 10439 | 0.0 |
| 972875 | Freddie Mac REMIC Trust 3658 CZ, 5.000%, 04/15/2040 | 968166 | 0.1 |
| 2935137 | Freddie Mac REMIC Trust 3770 GA, 4.500%, 10/15/2040 | 2913191 | 0.3 |
| 170107 <sup>(3)</sup> | Freddie Mac REMIC Trust 3864 NT, 5.500%, (-1.000\*SOFR30A + 59.451%), 03/15/2039 | 169788 | 0.0 |
| 879410 | Freddie Mac REMIC Trust 3888 ZG, 4.000%, 07/15/2041 | 844671 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 3389037 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 3960 SG, 1.537%, (-1.000\*SOFR30A + 5.886%), 11/15/2041 | $311245 | 0.0 |
| 1607747 | Freddie Mac REMIC Trust 4040 UZ, 5.000%, 05/15/2042 | 1563548 | 0.1 |
| 5075000 | Freddie Mac REMIC Trust 4059 DY, 3.500%, 06/15/2042 | 4797195 | 0.4 |
| 1033241 | Freddie Mac REMIC Trust 4097 ZA, 3.500%, 08/15/2042 | 967371 | 0.1 |
| 4169545 | Freddie Mac REMIC Trust 4136 ZG, 3.000%, 11/15/2042 | 3782136 | 0.3 |
| 9440076 | Freddie Mac REMIC Trust 4159 LZ, 3.500%, 01/15/2043 | 8726332 | 0.8 |
| 2555327 <sup>(4)</sup> | Freddie Mac REMIC Trust 4176 IA, 2.500%, 03/15/2028 | 62136 | 0.0 |
| 1871677 <sup>(3)</sup> | Freddie Mac REMIC Trust 4249 CS, 1.300%, (-1.000\*SOFR30A + 4.564%), 09/15/2043 | 1351077 | 0.1 |
| 2494478 <sup>(3)</sup> | Freddie Mac REMIC Trust 4274 US, 1.387%, (-1.000\*SOFR30A + 5.736%), 10/15/2035 | 2125797 | 0.2 |
| 10386489 | Freddie Mac REMIC Trust 4367 MZ, 4.000%, 07/15/2044 | 9971399 | 0.9 |
| 2484208 | Freddie Mac REMIC Trust 4372 Z, 3.000%, 08/15/2044 | 2250999 | 0.2 |
| 5225010 <sup>(3)(4)</sup> | Freddie Mac REMIC Trust 4438 AS, 1.737%, (-1.000\*SOFR30A + 6.086%), 02/15/2045 | 448662 | 0.0 |
| 5008370 | Freddie Mac REMIC Trust 4480 ZX, 4.000%, 11/15/2044 | 4851891 | 0.4 |
| 3510113 | Freddie Mac REMIC Trust 4631 CZ, 3.500%, 11/15/2046 | 3244173 | 0.3 |
| 2024874 | Freddie Mac REMIC Trust 4818 GZ, 4.000%, 08/15/2048 | 1908006 | 0.2 |
| 2329559 | Freddie Mac REMIC Trust 4941 CZ, 3.000%, 11/25/2049 | 2057748 | 0.2 |
| 2597868 | Freddie Mac REMIC Trust 5000 DC, 2.500%, 03/25/2040 | 2253673 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 19475678 <sup>(4)</sup> | Freddie Mac REMIC Trust 5013 QI, 3.500%, 09/25/2050 | $3729540 | 0.3 |
| 8800000 | Freddie Mac REMIC Trust 5361 BY, 7.000%, 12/25/2053 | 9465173 | 0.9 |
| 4643779 | Freddie Mac REMIC Trust 5369 B, 6.000%, 01/25/2054 | 4749429 | 0.4 |
| 1260750 <sup>(3)</sup> | Freddie Mac Securities REMIC Trust 2005-S001 2A2, 4.585%, (TSFR1M + 0.264%), 09/25/2045 | 1238181 | 0.1 |
| 725506 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-48 2A, 4.216%, 07/25/2033 | 684060 | 0.1 |
| 390563 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-54 4A, 4.268%, 02/25/2043 | 373425 | 0.0 |
| 6580707 | Freddie Mac Whole Loan Securities Trust 2017-SC02 1A2, 3.000%, 05/25/2047 | 5637927 | 0.5 |
| 46996 | Ginnie Mae 2004-16 AE, 5.500%, 02/20/2034 | 47570 | 0.0 |
| 319137 | Ginnie Mae 2004-28 CZ, 5.500%, 04/20/2034 | 324063 | 0.0 |
| 156242 <sup>(5)</sup> | Ginnie Mae 2004-37 OA, 0.000%, 04/17/2034 | 133840 | 0.0 |
| 460202 | Ginnie Mae 2004-65 ZG, 5.500%, 07/20/2034 | 467450 | 0.0 |
| 1134296 | Ginnie Mae 2004-81 Z, 5.000%, 10/20/2034 | 1130515 | 0.1 |
| 475974 <sup>(3)(4)</sup> | Ginnie Mae 2004-98 SA, 2.266%, (-1.000\*TSFR1M + 6.586%), 11/20/2034 | 39890 | 0.0 |
| 401552 | Ginnie Mae 2005-21 Z, 5.000%, 03/20/2035 | 403246 | 0.0 |
| 49761 <sup>(3)(4)</sup> | Ginnie Mae 2005-25 SI, 6.000%, (-1.000\*TSFR1M + 42.513%), 01/20/2034 | 6059 | 0.0 |
| 229828 <sup>(3)(4)</sup> | Ginnie Mae 2005-7 AH, 2.336%, (-1.000\*TSFR1M + 6.656%), 02/16/2035 | 16271 | 0.0 |
| 658273 | Ginnie Mae 2005-80 Z, 5.000%, 10/20/2035 | 660683 | 0.1 |
| 23381 <sup>(3)</sup> | Ginnie Mae 2005-91 UP, 5.433%, (-1.000\*TSFR1M + 14.071%), 09/16/2031 | 23694 | 0.0 |
| 1435656 | Ginnie Mae 2006-17 TW, 6.000%, 04/20/2036 | 1459719 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 37574 <sup>(3)</sup> | Ginnie Mae 2006-61 FA, 4.684%, (TSFR1M + 0.364%), 11/20/2036 | $37576 | 0.0 |
| 992140 | Ginnie Mae 2006-7 ZA, 5.500%, 02/20/2036 | 1010204 | 0.1 |
| 678823 <sup>(4)</sup> | Ginnie Mae 2007-17 CI, 7.500%, 04/16/2037 | 97890 | 0.0 |
| 779777 <sup>(5)</sup> | Ginnie Mae 2007-41 OL, 0.000%, 07/20/2037 | 639485 | 0.1 |
| 44665 | Ginnie Mae 2007-45 PE, 5.500%, 07/16/2037 | 45563 | 0.0 |
| 172298 <sup>(3)</sup> | Ginnie Mae 2007-48 SY, 6.949%, (-1.000\*TSFR1M + 19.907%), 08/16/2037 | 170130 | 0.0 |
| 29424 <sup>(3)</sup> | Ginnie Mae 2007-53 SW, 6.903%, (-1.000\*TSFR1M + 19.862%), 09/20/2037 | 31543 | 0.0 |
| 491497 | Ginnie Mae 2007-60 YZ, 5.500%, 10/20/2037 | 491308 | 0.0 |
| 275715 <sup>(3)(4)</sup> | Ginnie Mae 2008-3 SA, 2.116%, (-1.000\*TSFR1M + 6.436%), 01/20/2038 | 25788 | 0.0 |
| 388595 <sup>(3)(4)</sup> | Ginnie Mae 2008-40 PS, 2.066%, (-1.000\*TSFR1M + 6.386%), 05/16/2038 | 23366 | 0.0 |
| 640694 <sup>(3)(4)</sup> | Ginnie Mae 2008-51 GS, 1.796%, (-1.000\*TSFR1M + 6.116%), 06/16/2038 | 54471 | 0.0 |
| 1179556 <sup>(3)(4)</sup> | Ginnie Mae 2008-82 SA, 1.566%, (-1.000\*TSFR1M + 5.886%), 09/20/2038 | 89461 | 0.0 |
| 328955 <sup>(3)(4)</sup> | Ginnie Mae 2009-110 SA, 1.916%, (-1.000\*TSFR1M + 6.236%), 04/16/2039 | 2231 | 0.0 |
| 7029172 | Ginnie Mae 2009-110 ZA, 5.500%, 11/16/2039 | 7098015 | 0.6 |
| 995572 | Ginnie Mae 2009-110 ZC, 4.500%, 11/16/2039 | 958993 | 0.1 |
| 1656051 | Ginnie Mae 2009-118 XZ, 5.000%, 12/20/2039 | 1682875 | 0.2 |
| 766967 | Ginnie Mae 2009-121 ZQ, 5.500%, 09/20/2039 | 787930 | 0.1 |
| 679171 | Ginnie Mae 2009-31 BP, 5.000%, 05/20/2039 | 681884 | 0.1 |
| 1004564 | Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039 | 1002046 | 0.1 |
| 977503 | Ginnie Mae 2009-32 QZ, 5.500%, 05/16/2039 | 1011587 | 0.1 |
| 815282 | Ginnie Mae 2009-32 YZ, 7.000%, 05/16/2039 | 856142 | 0.1 |
| 1018066 | Ginnie Mae 2009-34 Z, 4.500%, 05/16/2039 | 1018263 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1300113 | Ginnie Mae 2009-53 ZB, 6.000%, 07/16/2039 | $1362077 | 0.1 |
| 258241 | Ginnie Mae 2009-54 HZ, 5.000%, 07/20/2039 | 258639 | 0 |
| 123777 <sup>(3)(4)</sup> | Ginnie Mae 2009-55 BI, 1.000%, (-1.000\*TSFR1M + 159.638%), 06/16/2037 | 3743 | 0 |
| 1816507 | Ginnie Mae 2009-61 EZ, 7.500%, 08/20/2039 | 1921167 | 0.2 |
| 8301449 | Ginnie Mae 2009-61 PZ, 7.500%, 08/20/2039 | 8912435 | 0.8 |
| 6998940 | Ginnie Mae 2009-61 ZQ, 6.000%, 08/16/2039 | 7367156 | 0.7 |
| 463323 <sup>(3)(4)</sup> | Ginnie Mae 2009-66 QS, 1.666%, (-1.000\*TSFR1M + 5.986%), 07/20/2039 | 17260 | 0 |
| 3385467 | Ginnie Mae 2009-68 ZC, 5.500%, 08/16/2039 | 3500826 | 0.3 |
| 364436 <sup>(3)(4)</sup> | Ginnie Mae 2009-77 SA, 1.716%, (-1.000\*TSFR1M + 6.036%), 09/16/2039 | 27287 | 0 |
| 2954164 | Ginnie Mae 2009-77 ZB, 5.500%, 09/16/2039 | 3039521 | 0.3 |
| 1368251 | Ginnie Mae 2009-79 PZ, 6.000%, 09/20/2039 | 1451495 | 0.1 |
| 745683 | Ginnie Mae 2009-87 PZ, 5.500%, 10/20/2039 | 770726 | 0.1 |
| 2717347 | Ginnie Mae 2009-87 WZ, 6.000%, 10/20/2039 | 2799067 | 0.3 |
| 759601 | Ginnie Mae 2009-92 DZ, 4.500%, 10/16/2039 | 736396 | 0.1 |
| 1834392 | Ginnie Mae 2009-98 MZ, 5.000%, 10/16/2039 | 1849419 | 0.2 |
| 193244 <sup>(3)</sup> | Ginnie Mae 2009-H01 FA, 5.584%, (TSFR1M + 1.264%), 11/20/2059 | 194532 | 0 |
| 464145 <sup>(4)</sup> | Ginnie Mae 2010-106 IP, 5.000%, 03/20/2040 | 24710 | 0 |
| 5491101 | Ginnie Mae 2010-113 BE, 4.500%, 09/20/2040 | 5472836 | 0.5 |
| 529421 <sup>(3)(4)</sup> | Ginnie Mae 2010-116 NS, 2.216%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 38008 | 0 |
| 2000000 | Ginnie Mae 2010-116 PB, 5.000%, 06/16/2040 | 2031635 | 0.2 |
| 4262860 | Ginnie Mae 2010-117 ZQ, 4.500%, 09/20/2040 | 4154406 | 0.4 |
| 918000 | Ginnie Mae 2010-121 TB, 4.000%, 09/20/2040 | 871110 | 0.1 |
| 1902002 | Ginnie Mae 2010-125 BZ, 4.500%, 09/16/2040 | 1897986 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 509540 <sup>(3)(4)</sup> | Ginnie Mae 2010-158 SA, 1.616%, (-1.000\*TSFR1M + 5.936%), 12/20/2040 | $51273 | 0.0 |
| 704933 | Ginnie Mae 2010-162 ZE, 4.000%, 12/16/2040 | 679729 | 0.1 |
| 5590067 <sup>(3)(4)</sup> | Ginnie Mae 2010-166 GS, 1.566%, (-1.000\*TSFR1M + 5.886%), 12/20/2040 | 553486 | 0.1 |
| 509021 | Ginnie Mae 2010-169 AW, 4.500%, 12/20/2040 | 508731 | 0.1 |
| 8215 <sup>(4)</sup> | Ginnie Mae 2010-19 LI, 5.000%, 07/16/2039 | 20 | 0.0 |
| 721716 | Ginnie Mae 2010-31 BP, 5.000%, 03/20/2040 | 726986 | 0.1 |
| 398934 <sup>(4)</sup> | Ginnie Mae 2010-4 WI, 6.000%, 01/16/2040 | 50303 | 0.0 |
| 3899986 | Ginnie Mae 2010-42 VZ, 5.500%, 10/20/2039 | 4018359 | 0.4 |
| 567146 | Ginnie Mae 2010-59 ZA, 4.500%, 05/20/2040 | 562432 | 0.1 |
| 278078 <sup>(3)</sup> | Ginnie Mae 2010-H11 FA, 5.438%, (TSFR1M + 1.114%), 06/20/2060 | 279387 | 0.0 |
| 791641 <sup>(3)</sup> | Ginnie Mae 2010-H20 AF, 4.753%, (TSFR1M + 0.444%), 10/20/2060 | 789189 | 0.1 |
| 49701 <sup>(3)</sup> | Ginnie Mae 2010-H26 LF, 4.773%, (TSFR1M + 0.464%), 08/20/2058 | 49642 | 0.0 |
| 85550 <sup>(4)</sup> | Ginnie Mae 2011-123 QI, 5.000%, 05/20/2041 | 5185 | 0.0 |
| 337706 <sup>(3)</sup> | Ginnie Mae 2011-128 TF, 4.884%, (TSFR1M + 0.564%), 05/16/2041 | 333971 | 0.0 |
| 1328368 <sup>(3)(4)</sup> | Ginnie Mae 2011-141 PS, 2.266%, (-1.000\*TSFR1M + 6.586%), 06/16/2041 | 76419 | 0.0 |
| 1297722 <sup>(4)</sup> | Ginnie Mae 2011-146 EI, 5.000%, 11/16/2041 | 229275 | 0.0 |
| 945000 | Ginnie Mae 2011-151 PY, 3.000%, 11/20/2041 | 810920 | 0.1 |
| 22964 | Ginnie Mae 2011-169 BC, 7.000%, 05/16/2032 | 23563 | 0.0 |
| 90956 <sup>(3)</sup> | Ginnie Mae 2011-169 BG, 5.450%, 04/16/2039 | 91914 | 0.0 |
| 4127451 | Ginnie Mae 2011-25 Z, 4.000%, 02/20/2041 | 4022108 | 0.4 |
| 1093571 | Ginnie Mae 2011-59 QC, 4.000%, 12/20/2040 | 1076080 | 0.1 |
| 1599888 | Ginnie Mae 2011-89 Z, 3.500%, 06/20/2041 | 1501621 | 0.1 |
| 366054 <sup>(3)</sup> | Ginnie Mae 2011-H01 AF, 4.873%, (TSFR1M + 0.564%), 11/20/2060 | 365557 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 760658 <sup>(3)</sup> | Ginnie Mae 2011-H03 FA, 4.923%, (TSFR1M + 0.614%), 01/20/2061 | $760069 | 0.1 |
| 136369 <sup>(3)</sup> | Ginnie Mae 2011-H07 FA, 4.923%, (TSFR1M + 0.614%), 02/20/2061 | 136246 | 0.0 |
| 121999 <sup>(3)</sup> | Ginnie Mae 2011-H08 FD, 4.923%, (TSFR1M + 0.614%), 02/20/2061 | 121913 | 0.0 |
| 402780 <sup>(3)</sup> | Ginnie Mae 2011-H09 AF, 4.923%, (TSFR1M + 0.614%), 03/20/2061 | 402418 | 0.0 |
| 825430 <sup>(3)</sup> | Ginnie Mae 2011-H19 FA, 4.893%, (TSFR1M + 0.584%), 08/20/2061 | 824547 | 0.1 |
| 226495 <sup>(3)</sup> | Ginnie Mae 2011-H21 FT, 4.890%, (H15T1Y + 0.700%), 10/20/2061 | 225808 | 0.0 |
| 393357 <sup>(4)</sup> | Ginnie Mae 2012-103 IC, 3.500%, 08/16/2040 | 8434 | 0.0 |
| 176687 <sup>(4)</sup> | Ginnie Mae 2012-124 MI, 4.000%, 03/20/2042 | 16109 | 0.0 |
| 10341472 <sup>(4)</sup> | Ginnie Mae 2012-136 BI, 3.500%, 11/20/2042 | 1699846 | 0.2 |
| 253051 <sup>(4)</sup> | Ginnie Mae 2012-146 AI, 3.000%, 10/20/2037 | 1062 | 0.0 |
| 133374 <sup>(3)(4)</sup> | Ginnie Mae 2012-34 MS, 2.266%, (-1.000\*TSFR1M + 6.586%), 04/16/2041 | 5056 | 0.0 |
| 1907197 <sup>(3)(4)</sup> | Ginnie Mae 2012-48 SA, 2.216%, (-1.000\*TSFR1M + 6.536%), 04/16/2042 | 215500 | 0.0 |
| 2558974 <sup>(3)(4)</sup> | Ginnie Mae 2012-60 SG, 1.666%, (-1.000\*TSFR1M + 5.986%), 05/16/2042 | 219671 | 0.0 |
| 488971 <sup>(3)(4)</sup> | Ginnie Mae 2012-93 NS, 1.666%, (-1.000\*TSFR1M + 5.986%), 07/20/2042 | 38489 | 0.0 |
| 521153 <sup>(4)</sup> | Ginnie Mae 2012-98 EI, 4.000%, 04/20/2041 | 46711 | 0.0 |
| 814076 <sup>(3)</sup> | Ginnie Mae 2012-H06 FS, 5.123%, (TSFR1M + 0.814%), 03/20/2062 | 816115 | 0.1 |
| 98749 <sup>(3)</sup> | Ginnie Mae 2012-H11 FA, 5.123%, (TSFR1M + 0.814%), 02/20/2062 | 98982 | 0.0 |
| 116406 <sup>(3)</sup> | Ginnie Mae 2012-H11 GA, 5.003%, (TSFR1M + 0.694%), 05/20/2062 | 116446 | 0.0 |
| 311383 <sup>(3)</sup> | Ginnie Mae 2012-H11 VA, 5.073%, (TSFR1M + 0.764%), 05/20/2062 | 312041 | 0.0 |
| 480532 <sup>(3)</sup> | Ginnie Mae 2012-H12 FA, 4.973%, (TSFR1M + 0.664%), 04/20/2062 | 480477 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 133659 <sup>(3)</sup> | Ginnie Mae 2012-H14 FK, 5.003%, (TSFR1M + 0.694%), 07/20/2062 | $133638 | 0.0 |
| 106302 <sup>(3)</sup> | Ginnie Mae 2012-H29 FA, 4.938%, (TSFR1M + 0.629%), 10/20/2062 | 106247 | 0.0 |
| 548780 <sup>(3)</sup> | Ginnie Mae 2012-H30 GA, 4.773%, (TSFR1M + 0.464%), 12/20/2062 | 547602 | 0.1 |
| 962427 | Ginnie Mae 2013-119 TZ, 3.000%, 08/20/2043 | 862883 | 0.1 |
| 7000000 | Ginnie Mae 2013-147 BE, 4.000%, 12/20/2039 | 6625938 | 0.6 |
| 1590747 | Ginnie Mae 2013-167 Z, 3.000%, 10/16/2043 | 1454505 | 0.1 |
| 1900000 <sup>(4)</sup> | Ginnie Mae 2013-186 UI, 2.500%, 11/20/2043 | 253818 | 0.0 |
| 388736 <sup>(4)</sup> | Ginnie Mae 2013-186 VI, 4.000%, 12/20/2042 | 53875 | 0.0 |
| 2632052 | Ginnie Mae 2013-186 ZE, 2.500%, 12/16/2043 | 2306288 | 0.2 |
| 1846851 <sup>(4)</sup> | Ginnie Mae 2013-20 LI, 4.500%, 12/16/2042 | 177537 | 0.0 |
| 1360578 <sup>(4)</sup> | Ginnie Mae 2013-23 IO, 3.500%, 02/20/2043 | 218546 | 0.0 |
| 539141 <sup>(3)(4)</sup> | Ginnie Mae 2013-88 AI, 1.413%, (-1.000\*TSFR1M + 5.736%), 06/20/2043 | 38909 | 0.0 |
| 930651 <sup>(3)(4)</sup> | Ginnie Mae 2013-99 SK, 1.463%, (-1.000\*TSFR1M + 5.786%), 07/20/2043 | 55854 | 0.0 |
| 441300 <sup>(3)</sup> | Ginnie Mae 2013-H02 FD, 4.763%, (TSFR1M + 0.454%), 12/20/2062 | 439881 | 0.0 |
| 75754 <sup>(3)</sup> | Ginnie Mae 2013-H07 HA, 4.833%, (TSFR1M + 0.524%), 03/20/2063 | 75602 | 0.0 |
| 227408 <sup>(3)</sup> | Ginnie Mae 2013-H10 FT, 4.640%, (H15T1Y + 0.450%), 04/20/2063 | 225893 | 0.0 |
| 484522 <sup>(3)</sup> | Ginnie Mae 2013-H14 FC, 4.893%, (TSFR1M + 0.584%), 06/20/2063 | 483978 | 0.0 |
| 147268 <sup>(3)</sup> | Ginnie Mae 2013-H14 FD, 4.893%, (TSFR1M + 0.584%), 06/20/2063 | 147036 | 0.0 |
| 164800 <sup>(3)</sup> | Ginnie Mae 2013-H14 FG, 4.893%, (TSFR1M + 0.584%), 05/20/2063 | 164600 | 0.0 |
| 125336 <sup>(3)</sup> | Ginnie Mae 2013-H17 FA, 4.973%, (TSFR1M + 0.664%), 07/20/2063 | 125319 | 0.0 |
| 40323 <sup>(3)</sup> | Ginnie Mae 2013-H18 EA, 4.923%, (TSFR1M + 0.614%), 07/20/2063 | 40273 | 0.0 |
| 449261 <sup>(3)</sup> | Ginnie Mae 2013-H18 FA, 4.923%, (TSFR1M + 0.614%), 06/20/2063 | 448941 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 543481 <sup>(3)</sup> | Ginnie Mae 2013-H19 DF, 5.073%, (TSFR1M + 0.764%), 05/20/2063 | $542908 | 0.1 |
| 111177 <sup>(3)</sup> | Ginnie Mae 2013-H20 FB, 5.423%, (TSFR1M + 1.114%), 08/20/2063 | 112044 | 0.0 |
| 48584 <sup>(3)</sup> | Ginnie Mae 2013-H21 FB, 5.123%, (TSFR1M + 0.814%), 09/20/2063 | 48660 | 0.0 |
| 195884 <sup>(3)</sup> | Ginnie Mae 2013-H22 FB, 5.123%, (TSFR1M + 0.814%), 08/20/2063 | 196291 | 0.0 |
| 391210 <sup>(3)</sup> | Ginnie Mae 2013-H22 FT, 4.840%, (H15T1Y + 0.650%), 04/20/2063 | 389884 | 0.0 |
| 153628 <sup>(3)</sup> | Ginnie Mae 2013-H23 FA, 5.723%, (TSFR1M + 1.414%), 09/20/2063 | 155077 | 0.0 |
| 1479900 <sup>(3)(4)</sup> | Ginnie Mae 2014-107 XS, 1.166%, (-1.000\*TSFR1M + 5.486%), 07/16/2044 | 111640 | 0.0 |
| 2793200 | Ginnie Mae 2014-115 EM, 4.000%, 08/20/2044 | 2627219 | 0.2 |
| 2121127 | Ginnie Mae 2014-118 ZP, 4.000%, 08/20/2044 | 2011493 | 0.2 |
| 954328 <sup>(3)(4)</sup> | Ginnie Mae 2014-129 WS, 1.463%, (-1.000\*TSFR1M + 5.786%), 09/20/2044 | 63750 | 0.0 |
| 1850316 | Ginnie Mae 2014-149 KL, 4.000%, 10/16/2044 | 1671546 | 0.2 |
| 736533 <sup>(3)(4)</sup> | Ginnie Mae 2014-161 WS, 1.463%, (-1.000\*TSFR1M + 5.786%), 11/20/2044 | 50443 | 0.0 |
| 825021 <sup>(4)</sup> | Ginnie Mae 2014-183 IM, 5.000%, 06/20/2035 | 122776 | 0.0 |
| 1022455 <sup>(3)(4)</sup> | Ginnie Mae 2014-30 ES, 0.566%, (-1.000\*TSFR1M + 4.886%), 03/20/2040 | 58265 | 0.0 |
| 705227 <sup>(3)(4)</sup> | Ginnie Mae 2014-96 SQ, 1.166%, (-1.000\*TSFR1M + 5.486%), 07/16/2044 | 53604 | 0.0 |
| 1560801 <sup>(4)</sup> | Ginnie Mae 2014-99 IO, 4.500%, 06/20/2044 | 322253 | 0.0 |
| 296932 <sup>(3)</sup> | Ginnie Mae 2014-H04 FB, 5.073%, (TSFR1M + 0.764%), 02/20/2064 | 297355 | 0.0 |
| 358548 <sup>(3)</sup> | Ginnie Mae 2014-H05 FB, 5.023%, (TSFR1M + 0.714%), 12/20/2063 | 358790 | 0.0 |
| 270178 <sup>(3)</sup> | Ginnie Mae 2014-H06 FA, 4.993%, (TSFR1M + 0.684%), 03/20/2064 | 270224 | 0.0 |
| 131477 <sup>(3)</sup> | Ginnie Mae 2014-H06 HB, 5.073%, (TSFR1M + 0.764%), 03/20/2064 | 131628 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 954954 <sup>(3)</sup> | Ginnie Mae 2014-H21 FA, 5.073%, (TSFR1M + 0.764%), 10/20/2064 | $953616 | 0.1 |
| 7756774 <sup>(3)</sup> | Ginnie Mae 2015-10 Q, 2.423%, 10/20/2044 | 6678937 | 0.6 |
| 130000 | Ginnie Mae 2015-123 GY, 3.000%, 09/20/2045 | 101644 | 0.0 |
| 2364266 <sup>(3)(4)</sup> | Ginnie Mae 2015-141 IX, 0.311%, (-1.000\*TSFR1M + 2.060%), 06/20/2045 | 34767 | 0.0 |
| 15125000 | Ginnie Mae 2015-143 B, 3.500%, 04/20/2045 | 13836011 | 1.3 |
| 1611887 <sup>(4)</sup> | Ginnie Mae 2015-149 IL, 4.500%, 10/20/2045 | 345312 | 0.0 |
| 809104 <sup>(4)</sup> | Ginnie Mae 2015-157 PI, 4.000%, 03/20/2044 | 80302 | 0.0 |
| 2082622 | Ginnie Mae 2015-165 ZA, 3.500%, 07/20/2045 | 1958736 | 0.2 |
| 4960239 | Ginnie Mae 2015-64 ZH, 2.500%, 05/16/2045 | 4357710 | 0.4 |
| 433610 <sup>(3)</sup> | Ginnie Mae 2015-H03 FA, 4.923%, (TSFR1M + 0.614%), 12/20/2064 | 433309 | 0.0 |
| 517690 <sup>(3)</sup> | Ginnie Mae 2015-H06 FA, 4.903%, (TSFR1M + 0.594%), 02/20/2065 | 517222 | 0.1 |
| 761424 <sup>(3)</sup> | Ginnie Mae 2015-H08 FC, 4.903%, (TSFR1M + 0.594%), 03/20/2065 | 760821 | 0.1 |
| 759776 <sup>(3)</sup> | Ginnie Mae 2015-H10 FH, 5.023%, (TSFR1M + 0.714%), 04/20/2065 | 757748 | 0.1 |
| 83285 <sup>(3)</sup> | Ginnie Mae 2015-H12 FA, 4.903%, (TSFR1M + 0.594%), 05/20/2065 | 83220 | 0.0 |
| 117367 <sup>(3)</sup> | Ginnie Mae 2015-H14 FB, 4.853%, (TSFR1M + 0.544%), 05/20/2065 | 117169 | 0.0 |
| 474866 <sup>(3)</sup> | Ginnie Mae 2015-H18 FB, 5.023%, (TSFR1M + 0.714%), 07/20/2065 | 473763 | 0.0 |
| 434153 <sup>(3)</sup> | Ginnie Mae 2015-H20 FB, 5.023%, (TSFR1M + 0.714%), 08/20/2065 | 433151 | 0.0 |
| 935144 <sup>(3)</sup> | Ginnie Mae 2015-H22 FC, 5.023%, (TSFR1M + 0.714%), 09/20/2065 | 933271 | 0.1 |
| 159245 <sup>(3)</sup> | Ginnie Mae 2015-H26 FC, 5.023%, (TSFR1M + 0.714%), 08/20/2065 | 159310 | 0.0 |
| 592761 <sup>(3)</sup> | Ginnie Mae 2015-H26 FG, 4.943%, (TSFR1M + 0.634%), 10/20/2065 | 592516 | 0.1 |
| 172989 <sup>(3)</sup> | Ginnie Mae 2015-H31 FT, 5.073%, (TSFR1M + 0.764%), 11/20/2065 | 173148 | 0.0 |
| 9160639 <sup>(4)</sup> | Ginnie Mae 2016-120 IM, 3.500%, 07/20/2046 | 1131451 | 0.1 |
| 4227824 <sup>(4)</sup> | Ginnie Mae 2016-145 IU, 3.500%, 10/20/2046 | 765831 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 4274906 <sup>(3)(4)</sup> | Ginnie Mae 2016-20 BS, 1.666%, (-1.000\*TSFR1M + 5.986%), 02/20/2046 | $507730 | 0.1 |
| 2211256 <sup>(3)</sup> | Ginnie Mae 2016-5 AB, 4.692%, 01/20/2046 | 2226751 | 0.2 |
| 3732613 | Ginnie Mae 2016-69 B, 3.000%, 05/20/2046 | 3309943 | 0.3 |
| 87363 <sup>(3)</sup> | Ginnie Mae 2016-H01 FL, 5.073%, (TSFR1M + 0.764%), 12/20/2065 | 87481 | 0 |
| 797647 <sup>(3)</sup> | Ginnie Mae 2016-H02 FH, 5.423%, (TSFR1M + 1.114%), 01/20/2066 | 799715 | 0.1 |
| 184360 <sup>(3)</sup> | Ginnie Mae 2016-H03 FB, 5.073%, (TSFR1M + 0.764%), 01/20/2066 | 184557 | 0 |
| 910405 <sup>(3)</sup> | Ginnie Mae 2016-H09 FB, 5.323%, (TSFR1M + 1.014%), 04/20/2066 | 911560 | 0.1 |
| 455558 <sup>(3)</sup> | Ginnie Mae 2016-H11 FE, 5.273%, (TSFR1M + 0.964%), 04/20/2066 | 455939 | 0 |
| 320646 <sup>(3)</sup> | Ginnie Mae 2016-H13 FD, 4.640%, (H15T1Y + 0.450%), 05/20/2066 | 318689 | 0 |
| 52956 <sup>(3)</sup> | Ginnie Mae 2016-H13 FT, 5.003%, (TSFR1M + 0.694%), 05/20/2066 | 52973 | 0 |
| 51315 <sup>(3)</sup> | Ginnie Mae 2016-H20 FG, 5.123%, (TSFR1M + 0.814%), 08/20/2066 | 51395 | 0 |
| 4022899 | Ginnie Mae 2017-107 QZ, 3.000%, 08/20/2045 | 3326964 | 0.3 |
| 1000000 | Ginnie Mae 2017-117 BE, 2.500%, 08/20/2047 | 826842 | 0.1 |
| 1000000 | Ginnie Mae 2017-117 NG, 2.500%, 08/20/2047 | 810060 | 0.1 |
| 1775968 | Ginnie Mae 2017-122 CZ, 3.000%, 08/20/2047 | 1402648 | 0.1 |
| 1711185 <sup>(4)</sup> | Ginnie Mae 2017-123 IO, 5.000%, 08/16/2047 | 369035 | 0 |
| 2890000 | Ginnie Mae 2017-162 PL, 3.000%, 10/20/2047 | 2251772 | 0.2 |
| 750000 | Ginnie Mae 2017-163 YA, 2.500%, 11/20/2047 | 620964 | 0.1 |
| 10000000 | Ginnie Mae 2017-180 QB, 2.500%, 12/20/2047 | 8537397 | 0.8 |
| 1076927 | Ginnie Mae 2017-56 HM, 3.000%, 12/20/2046 | 986882 | 0.1 |
| 5356754 | Ginnie Mae 2017-56 JZ, 3.000%, 04/20/2047 | 4491230 | 0.4 |
| 523565 <sup>(3)</sup> | Ginnie Mae 2017-H07 FG, 4.883%, (TSFR1M + 0.574%), 02/20/2067 | 522843 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 595793 <sup>(3)</sup> | Ginnie Mae 2017-H14 FV, 4.923%, (TSFR1M + 0.614%), 06/20/2067 | $595282 | 0.1 |
| 687215 <sup>(3)</sup> | Ginnie Mae 2017-H17 FG, 4.923%, (TSFR1M + 0.614%), 08/20/2067 | 686718 | 0.1 |
| 186426 <sup>(3)</sup> | Ginnie Mae 2017-H19 FA, 4.873%, (TSFR1M + 0.564%), 08/20/2067 | 186074 | 0.0 |
| 1179420 | Ginnie Mae 2018-112 AL, 3.500%, 08/20/2048 | 1079538 | 0.1 |
| 374759 | Ginnie Mae 2018-163 DZ, 4.500%, 11/20/2048 | 341928 | 0.0 |
| 544280 <sup>(4)</sup> | Ginnie Mae 2018-78 IC, 4.000%, 02/20/2047 | 79819 | 0.0 |
| 1000000 | Ginnie Mae 2018-91 JN, 3.000%, 07/20/2048 | 835724 | 0.1 |
| 126818 <sup>(3)</sup> | Ginnie Mae 2018-H07 FE, 4.773%, (TSFR1M + 0.464%), 02/20/2068 | 126467 | 0.0 |
| 10324543 | Ginnie Mae 2019-1 LZ, 3.500%, 01/20/2049 | 8742174 | 0.8 |
| 1380065 | Ginnie Mae 2019-1 Z, 4.000%, 01/20/2049 | 1294004 | 0.1 |
| 2550972 <sup>(3)</sup> | Ginnie Mae 2019-100 FD, 4.834%, (TSFR1M + 0.514%), 08/20/2049 | 2507146 | 0.2 |
| 9506793 | Ginnie Mae 2019-123 CA, 3.000%, 10/20/2049 | 8550753 | 0.8 |
| 694788 <sup>(4)</sup> | Ginnie Mae 2019-29 AI, 5.000%, 07/20/2048 | 163675 | 0.0 |
| 10939075 <sup>(4)</sup> | Ginnie Mae 2019-56 YI, 5.000%, 05/20/2049 | 2738907 | 0.3 |
| 109899 | Ginnie Mae 2019-71 EN, 4.000%, 06/20/2049 | 91668 | 0.0 |
| 225308 <sup>(3)</sup> | Ginnie Mae 2019-H10 FM, 4.823%, (TSFR1M + 0.514%), 05/20/2069 | 224809 | 0.0 |
| 693241 <sup>(3)</sup> | Ginnie Mae 2019-H19 FB, 4.873%, (TSFR1M + 0.564%), 11/20/2069 | 692224 | 0.1 |
| 17375114 <sup>(4)</sup> | Ginnie Mae 2020-47 LI, 3.500%, 04/20/2050 | 3408872 | 0.3 |
| 18157118 <sup>(4)</sup> | Ginnie Mae 2020-63 BI, 3.500%, 05/20/2035 | 1889515 | 0.2 |
| 174113 <sup>(3)</sup> | Ginnie Mae 2020-H01 FT, 4.690%, (H15T1Y + 0.500%), 01/20/2070 | 173119 | 0.0 |
| 7414098 <sup>(3)(4)</sup> | Ginnie Mae 2021-58 SB, 1.866%, (-1.000\*TSFR1M + 6.186%), 04/20/2051 | 896594 | 0.1 |
| 5204400 <sup>(4)</sup> | Ginnie Mae 2021-74 KI, 3.000%, 04/20/2051 | 823378 | 0.1 |
| 13582623 <sup>(3)(4)</sup> | Ginnie Mae 2021-77 SK, 0.286%, (-1.000\*TSFR1M + 3.186%), 05/20/2051 | 249681 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 112054 <sup>(3)</sup> | Ginnie Mae 2021-H09 Z, 3.092%, 10/20/2066 | $105546 | 0 |
| 11891216 | Ginnie Mae 2022-205 ZG, 5.500%, 12/20/2052 | 11926775 | 1.1 |
| 2346452 | Ginnie Mae 2022-47 EB, 3.000%, 03/20/2037 | 1974341 | 0.2 |
| 1036871 <sup>(3)</sup> | Ginnie Mae 2023-111 FC, 5.494%, (SOFR30A + 1.150%), 08/20/2053 | 1040345 | 0.1 |
| 1933336 | Ginnie Mae 2023-112 MZ, 6.000%, 08/20/2053 | 1989090 | 0.2 |
| 10890878 | Ginnie Mae 2023-149 EZ, 6.000%, 09/20/2063 | 11279303 | 1 |
| 1250802 | Ginnie Mae 2023-189 AY, 6.000%, 12/20/2053 | 1285698 | 0.1 |
| 6367498 | Ginnie Mae 2024-20 VZ, 5.500%, 09/20/2053 | 6451421 | 0.6 |
| 5154000 | Ginnie Mae 2024-61 CY, 6.000%, 04/20/2054 | 5235797 | 0.5 |
| 9980691 <sup>(3)</sup> | Ginnie Mae 2025-1 FJ, 5.644%, (SOFR30A + 1.300%), 01/20/2055 | 10031364 | 0.9 |
| 9336846 <sup>(3)</sup> | Ginnie Mae 2025-1 GF, 5.644%, (SOFR30A + 1.300%), 01/20/2055 | 9354720 | 0.8 |
| 31205340 <sup>(3)</sup> | Ginnie Mae 2025-9 FE, 5.594%, (SOFR30A + 1.250%), 01/20/2055 | 31199838 | 2.8 |
| 1229028 <sup>(3)</sup> | Seasoned Credit Risk Transfer Trust Series 2018-2 HA, 3.000%, 11/25/2057 | 1160901 | 0.1 |
| 3668484 | Seasoned Credit Risk Transfer Trust Series 2019-1 M55D, 4.000%, 07/25/2058 | 3437928 | 0.3 |
| 1560127 | Seasoned Credit Risk Transfer Trust Series 2019-3 M55D, 4.000%, 10/25/2058 | 1466741 | 0.1 |
| 7955000 | Seasoned Loans Structured Transaction Series 2019-1 A2, 3.500%, 05/25/2029 | 7677245 | 0.7 |
| 2744672 | Seasoned Loans Structured Transaction Trust Series 2019-2 A1C, 2.750%, 09/25/2029 | 2610499 | 0.2 |
| 987813 | Vendee Mortgage Trust 2003-2 Z, 5.000%, 05/15/2033 | 991955 | 0.1 |
| 2156950 | Vendee Mortgage Trust 2011-2 DZ, 3.750%, 10/15/2041 | 2015138 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 18892364 <sup>(3)(4)</sup> | Vendee Mortgage Trust 2011-2 IO, 0.370%, 10/15/2041 | $| 277351 | 0.0 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $582,947,592) |  | **539376921** | **48.6** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 3.7%** |  |
| 8724587 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K106 X1, 1.317%, 01/25/2030 |  | 468071 | 0.1 |
| 29709878 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K108 X1, 1.691%, 03/25/2030 |  | 2018008 | 0.2 |
| 18311620 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K110 X1, 1.655%, 04/25/2030 |  | 1214829 | 0.1 |
| 2955192 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 0.924%, 09/25/2030 |  | 121828 | 0.0 |
| 16377057 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.508%, 05/25/2035 |  | 1802624 | 0.2 |
| 14642940 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1517 X1, 1.323%, 07/25/2035 |  | 1393042 | 0.1 |
| 33785373 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1519 X1, 0.591%, 12/25/2035 |  | 1470409 | 0.1 |
| 24303757 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K740 X1, 0.733%, 09/25/2027 |  | 368432 | 0.0 |
| 31317411 <sup>(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates KL06 XFX, 1.363%, 12/25/2029 |  | 1354171 | 0.1 |
| 34076925 <sup>(3)(4)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates KLU3 X1, 1.931%, 01/25/2031 |  | 2698284 | 0.3 |
| 206684 <sup>(3)</sup> | Ginnie Mae 2004-23 Z, 5.769%, 03/16/2044 |  | 205075 | 0.0 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2382785 <sup>(3)(4)</sup> | Ginnie Mae 2006-67 IO, 0.676%, 11/16/2046 | $| 7889 | 0.0 |
| 40643 <sup>(3)</sup> | Ginnie Mae 2007-52 Z, 4.350%, 01/16/2048 |  | 40530 | 0.0 |
| 446791 | Ginnie Mae 2008-39 Z, 4.500%, 02/16/2048 |  | 431337 | 0.1 |
| 214128 <sup>(3)(4)</sup> | Ginnie Mae 2008-45 IO, 0.862%, 02/16/2048 |  | 2203 | 0.0 |
| 52904 <sup>(3)(4)</sup> | Ginnie Mae 2010-123 IA, 2.050%, 10/16/2052 |  | 536 | 0.0 |
| 7330403 <sup>(3)(4)</sup> | Ginnie Mae 2011-47 IO, 0.203%, 01/16/2051 |  | 19891 | 0.0 |
| 389700 <sup>(3)(4)</sup> | Ginnie Mae 2017-9 IO, 0.656%, 01/16/2057 |  | 14343 | 0.0 |
| 2071090 <sup>(3)</sup> | Ginnie Mae 2018-114 Z, 3.100%, 04/16/2060 |  | 1553135 | 0.2 |
| 11673693 | Ginnie Mae 2018-116 Z, 3.000%, 06/16/2058 |  | 9641378 | 0.9 |
| 2083878 | Ginnie Mae 2018-169 Z, 3.000%, 04/16/2061 |  | 1364530 | 0.1 |
| 2073018 | Ginnie Mae 2019-17 Z, 3.000%, 12/16/2060 |  | 1303645 | 0.1 |
| 2757122 <sup>(3)</sup> | Ginnie Mae 2019-19 Z, 3.200%, 11/16/2060 |  | 2174222 | 0.2 |
| 3585472 | Ginnie Mae 2019-53 Z, 3.000%, 06/16/2061 |  | 2553919 | 0.2 |
| 5346661 | Ginnie Mae 2021-79 Z, 1.750%, 08/16/2063 |  | 2183605 | 0.2 |
| 2647868 | Ginnie Mae 2021-80 Z, 1.500%, 12/16/2062 |  | 1085024 | 0.1 |
| 2333712 | Ginnie Mae 2021-90 B, 1.750%, 05/16/2061 |  | 1097486 | 0.1 |
| 4039633 <sup>(3)(4)</sup> | Ginnie Mae 2023-88 IO, 0.923%, 03/16/2065 |  | 286758 | 0.0 |
| 57727398 <sup>(3)(4)</sup> | Ginnie Mae 2024-82 AI, 0.741%, 10/16/2065 |  | 3747922 | 0.3 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $53,288,595) |  | **40623126** | **3.7** |
| **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** | **ASSET-BACKED SECURITIES: 0.1%** |
|  | **Other Asset-Backed Securities: 0.1%** | **Other Asset-Backed Securities: 0.1%** | **Other Asset-Backed Securities: 0.1%** | **Other Asset-Backed Securities: 0.1%** |
| 592271 <sup>(3)</sup> | Fannie Mae Grantor Trust 2001-T9 A1, 4.545%, (TSFR1M + 0.224%), 09/25/2031 |  | 587414 | 0.1 |
| 52928 <sup>(3)</sup> | Fannie Mae Grantor Trust 2003-T4 2A6, 4.421%, 07/26/2033 |  | 52297 | 0.0 |
| 2454 <sup>(3)</sup> | Fannie Mae REMIC Trust 2001-W4 AF6, 5.110%, 01/25/2032 |  | 2447 | 0.0 |
| 3176 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-W12 AF6, 5.066%, 02/25/2033 |  | 3151 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 2592 <sup>(3)</sup> | Fannie Mae REMIC Trust 2002-W2 AF6, 6.000%, 05/25/2032 | $2612 | 0.0 |
|  |  | **647921** | **0.1** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $648,645) | **647921** | **0.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $1,557,243,299) | **1459027300** | **131.5** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount**† |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** | **SHORT-TERM INVESTMENTS: 4.1%** |
|  | **U.S. Treasury Obligations: 4.1%** | **U.S. Treasury Obligations: 4.1%** | **U.S. Treasury Obligations: 4.1%** |
| 3475000 <sup>(6)</sup> | United States Treasury Bill, 04/01/2025 | 3475000 | 0.3 |
| 475000 <sup>(6)</sup> | United States Treasury Bill, 2.870%, 04/03/2025 | 474888 | 0.0 |
| 15000000 <sup>(6)</sup> | United States Treasury Bill, 3.880%, 04/10/2025 | 14984081 | 1.3 |
| 4000000 <sup>(6)</sup> | United States Treasury Bill, 4.160%, 05/01/2025 | 3985909 | 0.4 |
| 23400000 <sup>(6)</sup> | United States Treasury Bill, 4.220%, 05/20/2025 | 23265514 | 2.1 |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $46,185,413) | **46185392** | **4.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $46,185,413) | **46185392** | **4.1** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $1,603,428,712)** | $**1505212692** | **135.6** |
|  | **Liabilities in Excess of Other Assets** | **(395460777)** | **(35.6**) |
|  | **Net Assets** | $**1109751915** | **100.0** |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| <sup>(2)</sup> | Represents or includes a TBA transaction. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(4)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(5)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(6)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2025. |

---

---

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

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| U.S. Government Agency Obligations | $— | $878379332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $878379332 |
| Collateralized Mortgage Obligations |  | 539376921 |  | 539376921 |
| Commercial Mortgage-Backed Securities |  | 40623126 |  | 40623126 |
| Asset-Backed Securities |  | 647921 |  | 647921 |
| Short-Term Investments |  | 46185392 |  | 46185392 |
| Total Investments, at fair value | $— | $1505212692 | $— | $1505212692 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(3058588) | $— | $— | $(3058588) |
| Sales Commitments |  | (4666126) |  | (4666126) |
| Total Liabilities | $(3058588) | $(4666126) | $— | $(7724714) |

---

---

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

---

At March 31, 2025, the following futures contracts were outstanding for Voya GNMA Income Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Number**<br>**of Contracts** | **Expiration**<br>**Date** | **Notional**<br>**Amount** | **Unrealized**<br>**Depreciation** |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (48) | 06/30/25 | $(9944250) | $(47717) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (1827) | 06/30/25 | (197601469) | (1688437) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(748) | 06/18/25 | (83191625) | (881218) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;(165) | 06/18/25 | (19351406) | (225939) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(129) | 06/18/25 | (14722125) | (205860) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (33) | 06/18/25 | (4034250) | (9417) |
|  |  |  | $(328845125) | $(3058588) |

---

The following sales commitments were held by the Voya GNMA Income Fund at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Principal Amount** | <br>**Description** | **Contractual**<br>**Settlement Date** |<br>**Fair Value** |
| $(5100000) | GNMA, 3.500%, due 04/20/55 | 04/21/25 | $(4666126) |
|  | Total Sales Commitments |  |  |
|  | Proceeds receivable $(4619285) |  | $(4666126) |

---

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $3058588 |
| **Total Liability Derivatives** |  | $3058588 |

---

See Accompanying Notes to Financial Statements

Voya GNMA Income Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $2326251 |
| **Total** | $2326251 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $(2510801) |
| **Total** | $(2510801) |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $1,603,525,758. | Cost for U.S. federal income tax purposes was $1,603,525,758. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $6759164 |
| Gross Unrealized Depreciation | (108177659) |
| Net Unrealized Depreciation | $(101418495) |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 89.3%** | **CORPORATE BONDS/NOTES: 89.3%** | **CORPORATE BONDS/NOTES: 89.3%** | **CORPORATE BONDS/NOTES: 89.3%** |
|  | **Basic Materials: 5.5%** | **Basic Materials: 5.5%** | **Basic Materials: 5.5%** |
| 1375000 <sup>(1)</sup> | Avient Corp., 6.250%, 11/01/2031 | $1363229 | 0.4 |
| 800000 <sup>(1)(2)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | 826066 | 0.2 |
| 300000 <sup>(1)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | 274602 | 0.1 |
| 1275000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 1271105 | 0.4 |
| 1115000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 1037280 | 0.3 |
| 565000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | 492332 | 0.1 |
| 185000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 6.875%, 11/01/2029 | 181220 | 0.0 |
| 1200000 <sup>(1)</sup> | Constellium SE, 5.625%, 06/15/2028 | 1164978 | 0.3 |
| 315000 <sup>(1)(2)</sup> | Constellium SE, 6.375%, 08/15/2032 | 307903 | 0.1 |
| 1440000 <sup>(1)</sup> | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | 1419553 | 0.4 |
| 1242350 <sup>(1)</sup> | Innophos Holdings, Inc., 11.500%, 06/15/2029 | 1271670 | 0.4 |
| 1320000 <sup>(1)(2)</sup> | Mativ Holdings, Inc., 8.000%, 10/01/2029 | 1139332 | 0.3 |
| 1300000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 1313876 | 0.4 |
| 1150000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 1199894 | 0.3 |
| 360000 <sup>(1)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 348352 | 0.1 |
| 875000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 761554 | 0.2 |
| 320000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 298096 | 0.1 |
| 1005000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 936539 | 0.3 |
| 550000 <sup>(1)</sup> | Olympus Water US Holding Corp., 4.250%, 10/01/2028 | 508767 | 0.1 |
| 800000 <sup>(1)</sup> | Olympus Water US Holding Corp., 7.125%, 10/01/2027 | 800540 | 0.2 |
| 1375000 <sup>(1)</sup> | SPCM SA, 3.125%, 03/15/2027 | 1308140 | 0.4 |
| 1535000 <sup>(1)(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 1314144 | 0.4 |
|  |  | **19539172** | **5.5** |
|  | **Communications: 13.1%** | **Communications: 13.1%** | **Communications: 13.1%** |
| 2500000 <sup>(1)</sup> | Altice Financing SA, 5.750%, 08/15/2029 | 1832259 | 0.5 |
| 1560000 <sup>(1)</sup> | Arches Buyer, Inc., 6.125%, 12/01/2028 | 1372049 | 0.4 |
| 1400000 <sup>(1)</sup> | Cablevision Lightpath LLC, 5.625%, 09/15/2028 | 1288819 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 2570000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | $2341725 | 0.7 |
| 2045000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 1776693 | 0.5 |
| 1540000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 1495849 | 0.4 |
| 1585000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 1562364 | 0.4 |
| 605000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 604424 | 0.2 |
| 1350000 <sup>(1)</sup> | CommScope, Inc., 4.750%, 09/01/2029 | 1201905 | 0.3 |
| 1660000 <sup>(1)</sup> | Connect Finco Sarl / Connect US Finco LLC, 9.000%, 09/15/2029 | 1515545 | 0.4 |
| 1270000 <sup>(1)</sup> | CSC Holdings LLC, 4.125%, 12/01/2030 | 921293 | 0.3 |
| 2330000 <sup>(1)</sup> | CSC Holdings LLC, 5.500%, 04/15/2027 | 2159298 | 0.6 |
| 1540000 <sup>(1)</sup> | CSC Holdings LLC, 5.750%, 01/15/2030 | 818241 | 0.2 |
| 1895000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.000%, 02/15/2031 | 1821190 | 0.5 |
| 2045000 <sup>(1)</sup> | DISH Network Corp., 11.750%, 11/15/2027 | 2154820 | 0.6 |
| 1895000 | EchoStar Corp., 10.750%, 11/30/2029 | 1992882 | 0.6 |
| 1055000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 974087 | 0.3 |
| 931000 <sup>(1)</sup> | Gray Escrow II, Inc., 5.375%, 11/15/2031 | 582369 | 0.2 |
| 1565000 <sup>(2)</sup> | Lamar Media Corp., 4.000%, 02/15/2030 | 1450931 | 0.4 |
| 1795000 <sup>(1)</sup> | Level 3 Financing, Inc., 4.000%, 04/15/2031 | 1355225 | 0.4 |
| 1595000 <sup>(1)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 | 1717007 | 0.5 |
| 1875000 <sup>(1)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | 1800884 | 0.5 |
| 1460000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 8.000%, 08/01/2029 | 1437593 | 0.4 |
| 1005000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 919907 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 1545000 <sup>(1)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 | $| 1525578 | 0.4 |
| 2925000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |  | 2860238 | 0.8 |
| 1300000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 |  | 1239327 | 0.3 |
| 1910000 <sup>(1)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 |  | 1895767 | 0.5 |
| 630000 <sup>(1)(2)</sup> | Viasat, Inc., 7.500%, 05/30/2031 |  | 476515 | 0.1 |
| 1305000 <sup>(1)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 |  | 1329882 | 0.4 |
| 770000 <sup>(1)</sup> | Zayo Group Holdings, Inc., 4.000%, 03/01/2027 |  | 702116 | 0.2 |
| 1855000 <sup>(1)</sup> | Zayo Group Holdings, Inc., 6.125%, 03/01/2028 |  | 1545340 | 0.4 |
|  |  |  | **46672122** | **13.1** |
|  | **Consumer, Cyclical: 15.6%** | **Consumer, Cyclical: 15.6%** | **Consumer, Cyclical: 15.6%** | **Consumer, Cyclical: 15.6%** |
| 1055000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 |  | 955693 | 0.3 |
| 1345000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 |  | 1354802 | 0.4 |
| 485000 <sup>(1)(2)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 |  | 470507 | 0.1 |
| 1160000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 |  | 1156455 | 0.3 |
| 1055000 <sup>(1)(2)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 |  | 1050367 | 0.3 |
| 268750 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 |  | 268218 | 0.1 |
| 1145000 <sup>(1)(2)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 |  | 1053322 | 0.3 |
| 1375000 <sup>(1)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 |  | 1394695 | 0.4 |
| 995000 <sup>(1)</sup> | Carnival Corp., 4.000%, 08/01/2028 |  | 952563 | 0.3 |
| 2070000 <sup>(1)(2)</sup> | Carnival Corp., 6.000%, 05/01/2029 |  | 2056795 | 0.6 |
| 2011466 <sup>(1)(3)</sup> | Carvana Co., 9.000% (PIK Rate 12.000%, Cash Rate 9.000%), 12/01/2028 |  | 2073655 | 0.6 |
| 1400000 <sup>(1)</sup> | CCM Merger, Inc., 6.375%, 05/01/2026 |  | 1403076 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 1330000 <sup>(1)(2)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | $1215287 | 0.3 |
| 1115000 <sup>(1)</sup> | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | 1153333 | 0.3 |
| 1250000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 1385385 | 0.4 |
| 1115000 <sup>(1)</sup> | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | 911416 | 0.2 |
| 340000 <sup>(1)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 307112 | 0.1 |
| 775000 <sup>(1)(2)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 669448 | 0.2 |
| 1070000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 1089874 | 0.3 |
| 1235000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 1240740 | 0.3 |
| 2225000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 03/15/2033 | 2205193 | 0.6 |
| 1005000 <sup>(1)</sup> | Installed Building Products, Inc., 5.750%, 02/01/2028 | 993070 | 0.3 |
| 1140000 <sup>(1)</sup> | Interface, Inc., 5.500%, 12/01/2028 | 1111153 | 0.3 |
| 425000 <sup>(1)</sup> | International Game Technology PLC, 4.125%, 04/15/2026 | 419995 | 0.1 |
| 1500000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 1467082 | 0.4 |
| 1140000 <sup>(1)(2)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 | 1033727 | 0.3 |
| 245000 | M/I Homes, Inc., 3.950%, 02/15/2030 | 224159 | 0.1 |
| 720000 | M/I Homes, Inc., 4.950%, 02/01/2028 | 699422 | 0.2 |
| 500000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 400507 | 0.1 |
| 1355000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 1240627 | 0.3 |
| 740000 | MGM Resorts International, 4.625%, 09/01/2026 | 732039 | 0.2 |
| 605000 <sup>(2)</sup> | MGM Resorts International, 4.750%, 10/15/2028 | 582938 | 0.2 |
| 320000 <sup>(2)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | 314104 | 0.1 |
| 1920000 <sup>(1)</sup> | Michaels Cos., Inc., 5.250%, 05/01/2028 | 1327675 | 0.4 |
| 77000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 03/15/2026 | 76887 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 1840000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | $| 1818836 | 0.5 |
| 155000 | Newell Brands, Inc., 6.375%, 09/15/2027 |  | 156058 | 0.0 |
| 995000 <sup>(1)</sup> | Raising Cane's Restaurants LLC, 9.375%, 05/01/2029 |  | 1058313 | 0.3 |
| 2860000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 |  | 2850653 | 0.8 |
| 670000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 |  | 658364 | 0.2 |
| 1105000 <sup>(2)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 |  | 1108438 | 0.3 |
| 985000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 |  | 929961 | 0.2 |
| 654875 <sup>(1)</sup> | Staples, Inc., 12.750%, 01/15/2030 |  | 444374 | 0.1 |
| 1425000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 |  | 1365937 | 0.4 |
| 730000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 |  | 641761 | 0.2 |
| 245000 <sup>(1)(2)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 |  | 227773 | 0.1 |
| 720000 <sup>(1)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 |  | 709105 | 0.2 |
| 1205000 <sup>(1)(2)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 |  | 1055052 | 0.3 |
| 1970000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 |  | 1961263 | 0.5 |
| 340000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 |  | 341362 | 0.1 |
| 1180000 <sup>(1)(2)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 |  | 1035204 | 0.3 |
| 1370000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 |  | 1363045 | 0.4 |
| 1495000 <sup>(1)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 |  | 1480293 | 0.4 |
| 1000000 <sup>(1)</sup> | ZF North America Capital, Inc., 4.750%, 04/29/2025 |  | 997712 | 0.3 |
| 600000 <sup>(1)</sup> | ZF North America Capital, Inc., 6.875%, 04/14/2028 |  | 590080 | 0.2 |
|  |  |  | **55784905** | **15.6** |
|  | **Consumer, Non-cyclical: 16.9%** | **Consumer, Non-cyclical: 16.9%** | **Consumer, Non-cyclical: 16.9%** | **Consumer, Non-cyclical: 16.9%** |
| 1260000 <sup>(1)(2)</sup> | 1375209 BC Ltd., 9.000%, 01/30/2028 |  | 1259812 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 1115000 <sup>(1)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | $1085964 | 0.3 |
| 850000 <sup>(1)</sup> | AHP Health Partners, Inc., 5.750%, 07/15/2029 | 789674 | 0.2 |
| 590000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 543607 | 0.2 |
| 1180000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | 1180723 | 0.3 |
| 555000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.250%, 03/15/2033 | 560932 | 0.2 |
| 1070000 <sup>(1)(2)</sup> | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | 937307 | 0.3 |
| 540000 <sup>(1)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 500862 | 0.1 |
| 450000 <sup>(1)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 420464 | 0.1 |
| 1395000 <sup>(1)</sup> | Bausch Health Cos., Inc., 4.875%, 06/01/2028 | 1128081 | 0.3 |
| 1105000 <sup>(1)</sup> | Bausch Health Cos., Inc., 6.125%, 02/01/2027 | 1121161 | 0.3 |
| 1170000 <sup>(1)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 1162921 | 0.3 |
| 535000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 542881 | 0.2 |
| 420000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 426271 | 0.1 |
| 1560000 <sup>(1)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 1397442 | 0.4 |
| 1820000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 1503737 | 0.4 |
| 1355000 <sup>(1)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 1246827 | 0.3 |
| 1115000 <sup>(1)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 1187967 | 0.3 |
| 410000 <sup>(1)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | 357301 | 0.1 |
| 1545000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 1423550 | 0.4 |
| 1330000 <sup>(1)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 1192130 | 0.3 |
| 1305000 <sup>(2)</sup> | Encompass Health Corp., 4.750%, 02/01/2030 | 1256418 | 0.4 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 1030000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | $1064424 | 0.3 |
| 340000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 9.625%, 09/15/2032 | 350245 | 0.1 |
| 1070000 <sup>(1)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 1070951 | 0.3 |
| 1160000 <sup>(1)(2)</sup> | Grifols SA, 4.750%, 10/15/2028 | 1072580 | 0.3 |
| 360000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 366175 | 0.1 |
| 1150000 <sup>(1)(2)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | 1093532 | 0.3 |
| 1830000 <sup>(1)</sup> | LifePoint Health, Inc., 10.000%, 06/01/2032 | 1747943 | 0.5 |
| 950000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 888647 | 0.2 |
| 940000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 902648 | 0.3 |
| 405000 <sup>(1)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | 410661 | 0.1 |
| 1160000 <sup>(1)</sup> | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | 1072247 | 0.3 |
| 765000 | New Albertsons L.P., 7.450%, 08/01/2029 | 796354 | 0.2 |
| 1880000 <sup>(1)(2)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 1640629 | 0.5 |
| 1520000 <sup>(2)</sup> | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 1497550 | 0.4 |
| 950000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 888287 | 0.2 |
| 805000 <sup>(1)(2)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 794586 | 0.2 |
| 300000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 295745 | 0.1 |
| 1745000 <sup>(1)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028 | 1747652 | 0.5 |
| 1325000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 1289972 | 0.4 |
| 1525000 <sup>(1)(2)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 1487544 | 0.4 |
| 2250000 <sup>(2)</sup> | Service Corp. International, 5.750%, 10/15/2032 | 2213969 | 0.6 |
| 1580000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | 1466757 | 0.4 |
| 935000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 951719 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 1055000 <sup>(1)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | $| 1041185 | 0.3 |
| 1510000 <sup>(1)</sup> | Surgery Center Holdings, Inc., 7.250%, 04/15/2032 |  | 1495101 | 0.4 |
| 955000 <sup>(1)</sup> | Teleflex, Inc., 4.250%, 06/01/2028 |  | 911670 | 0.3 |
| 1250000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 |  | 1232624 | 0.3 |
| 1630000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 |  | 1624501 | 0.5 |
| 1295000 <sup>(1)</sup> | United Natural Foods, Inc., 6.750%, 10/15/2028 |  | 1280769 | 0.4 |
| 1055000 | United Rentals North America, Inc., 4.875%, 01/15/2028 |  | 1037798 | 0.3 |
| 245000 | United Rentals North America, Inc., 5.500%, 05/15/2027 |  | 244326 | 0.1 |
| 1330000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 |  | 1332494 | 0.4 |
| 1265000 <sup>(1)</sup> | US Foods, Inc., 5.750%, 04/15/2033 |  | 1233774 | 0.3 |
| 1155000 <sup>(1)</sup> | Veritiv Operating Co., 10.500%, 11/30/2030 |  | 1224387 | 0.3 |
| 1275000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 |  | 1289752 | 0.4 |
|  |  |  | **60285230** | **16.9** |
|  | **Energy: 10.6%** | **Energy: 10.6%** | **Energy: 10.6%** | **Energy: 10.6%** |
| 775000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 |  | 758075 | 0.2 |
| 935000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 |  | 932875 | 0.3 |
| 955000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 |  | 956520 | 0.3 |
| 211000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 |  | 211259 | 0.1 |
| 1350000 <sup>(1)(2)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 |  | 1318483 | 0.4 |
| 1105000 <sup>(1)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 |  | 1123369 | 0.3 |
| 1250000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 |  | 1237509 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 775000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | $777231 | 0.2 |
| 920000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 954011 | 0.3 |
| 410000 <sup>(1)</sup> | DT Midstream, Inc., 4.125%, 06/15/2029 | 386238 | 0.1 |
| 720000 <sup>(1)</sup> | DT Midstream, Inc., 4.375%, 06/15/2031 | 662920 | 0.2 |
| 1060000 <sup>(1)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | 1080784 | 0.3 |
| 1375000 <sup>(1)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 1398763 | 0.4 |
| 1081000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 | 1110016 | 0.3 |
| 1510000 <sup>(1)</sup> | EQM Midstream Partners L.P., 4.750%, 01/15/2031 | 1452985 | 0.4 |
| 1030000 <sup>(1)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 1059640 | 0.3 |
| 1440000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.875%, 03/01/2028 | 1447635 | 0.4 |
| 720000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | 685512 | 0.2 |
| 720000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | 673557 | 0.2 |
| 1550000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 1589214 | 0.4 |
| 1225000 <sup>(1)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 1213128 | 0.3 |
| 1205000 <sup>(1)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 1229283 | 0.3 |
| 1220000 <sup>(1)</sup> | Moss Creek Resources Holdings, Inc., 8.250%, 09/01/2031 | 1190798 | 0.3 |
| 1505000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 1520285 | 0.4 |
| 850000 <sup>(1)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 | 839518 | 0.2 |
| 565000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 563208 | 0.2 |
| 1330000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 1358398 | 0.4 |
| 360000 <sup>(1)</sup> | Sunoco L.P., 7.000%, 05/01/2029 | 368576 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 500000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | $| 473965 | 0.1 |
| 910000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 |  | 851702 | 0.2 |
| 1450000 <sup>(1)</sup> | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 6.000%, 03/01/2027 |  | 1443336 | 0.4 |
| 585000 <sup>(1)</sup> | Talos Production, Inc., 9.000%, 02/01/2029 |  | 601659 | 0.2 |
| 760000 <sup>(1)</sup> | Talos Production, Inc., 9.375%, 02/01/2031 |  | 774000 | 0.2 |
| 609000 <sup>(1)</sup> | Transocean Poseidon Ltd., 6.875%, 02/01/2027 |  | 605717 | 0.2 |
| 167381 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 |  | 171109 | 0.1 |
| 1205000 <sup>(1)</sup> | Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031 |  | 1095718 | 0.3 |
| 1375000 <sup>(1)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 |  | 1355617 | 0.4 |
| 1400000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 |  | 1431439 | 0.4 |
| 1100000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 |  | 1116397 | 0.3 |
|  |  |  | **38020449** | **10.6** |
|  | **Financial: 10.6%** | **Financial: 10.6%** | **Financial: 10.6%** | **Financial: 10.6%** |
| 560000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 6.000%, 08/01/2029 |  | 537200 | 0.2 |
| 1170000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 |  | 1191124 | 0.3 |
| 450000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 8.500%, 06/15/2029 |  | 469139 | 0.1 |
| 1060000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 |  | 1041910 | 0.3 |
| 1205000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.375%, 10/01/2032 |  | 1211799 | 0.3 |
| 800000 | Ally Financial, Inc., 5.750%, 11/20/2025 |  | 802477 | 0.2 |
| 360000 <sup>(2)</sup> | Ally Financial, Inc., 6.700%, 02/14/2033 |  | 360274 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 1225000 <sup>(1)</sup> | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | $1204129 | 0.3 |
| 1185000 <sup>(1)</sup> | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | 1140012 | 0.3 |
| 1000000 <sup>(1)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 988541 | 0.3 |
| 1060000 <sup>(1)</sup> | CI Financial Corp., 7.500%, 05/30/2029 | 1111918 | 0.3 |
| 1135000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 1120394 | 0.3 |
| 605000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 667117 | 0.2 |
| 1030000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 1007283 | 0.3 |
| 2095000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 2082947 | 0.6 |
| 1680000 <sup>(1)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 1612384 | 0.5 |
| 860000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 852326 | 0.2 |
| 1685000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | 1659190 | 0.5 |
| 320000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | 311889 | 0.1 |
| 1055000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 1005496 | 0.3 |
| 450000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 408730 | 0.1 |
| 900000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 868421 | 0.3 |
| 1055000 | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029 | 805479 | 0.2 |
| 1300000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 1176114 | 0.3 |
| 920000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 916894 | 0.3 |
| 1340000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | 1343265 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 500000 | Navient Corp., 6.750%, 06/25/2025 | $| 500735 | 0.1 |
| 1250000 | OneMain Finance Corp., 5.375%, 11/15/2029 |  | 1190188 | 0.3 |
| 520000 | OneMain Finance Corp., 7.125%, 03/15/2026 |  | 527954 | 0.2 |
| 1285000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 |  | 1310162 | 0.4 |
| 1135000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 |  | 1144357 | 0.3 |
| 1330000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 |  | 1323350 | 0.4 |
| 1060000 <sup>(1)</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.875%, 11/01/2029 |  | 1023981 | 0.3 |
| 940000 <sup>(1)(2)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 |  | 866685 | 0.2 |
| 1370000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 |  | 1403839 | 0.4 |
| 1565000 <sup>(1)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 |  | 1547086 | 0.4 |
| 1125000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 |  | 1156795 | 0.3 |
|  |  |  | **37891584** | **10.6** |
|  | **Industrial: 11.8%** | **Industrial: 11.8%** | **Industrial: 11.8%** | **Industrial: 11.8%** |
| 1005000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 |  | 1022199 | 0.3 |
| 1295000 <sup>(1)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 |  | 1289619 | 0.4 |
| 1260000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 |  | 1278458 | 0.4 |
| 1535000 <sup>(1)</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029 |  | 1309171 | 0.4 |
| 695000 <sup>(1)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 |  | 713361 | 0.2 |
| 447000 <sup>(1)</sup> | Bombardier, Inc., 7.875%, 04/15/2027 |  | 448973 | 0.1 |
| 320000 <sup>(1)</sup> | Bombardier, Inc., 8.750%, 11/15/2030 |  | 337776 | 0.1 |
| 1125000 <sup>(1)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032 |  | 1072470 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 265000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | $262849 | 0.1 |
| 1115000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 1081620 | 0.3 |
| 1140000 <sup>(1)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 1153409 | 0.3 |
| 1765000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 1778639 | 0.5 |
| 1655000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 1657802 | 0.5 |
| 930000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | 912347 | 0.2 |
| 745000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | 712689 | 0.2 |
| 1160000 <sup>(1)</sup> | GFL Environmental, Inc., 4.000%, 08/01/2028 | 1103673 | 0.3 |
| 695000 <sup>(1)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 656199 | 0.2 |
| 520000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 501312 | 0.1 |
| 750000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | 740931 | 0.2 |
| 1475000 <sup>(1)</sup> | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | 1441769 | 0.4 |
| 1310000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 1245145 | 0.3 |
| 1055000 <sup>(1)</sup> | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | 1027427 | 0.3 |
| 1560000 <sup>(1)</sup> | Madison IAQ LLC, 5.875%, 06/30/2029 | 1475223 | 0.4 |
| 1320000 <sup>(1)</sup> | Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.500%, 04/15/2030 | 1186614 | 0.3 |
| 1620000 <sup>(1)(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 1583550 | 0.4 |
| 1330000 | Park-Ohio Industries, Inc., 6.625%, 04/15/2027 | 1287405 | 0.4 |
| 1895000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 1908578 | 0.5 |
| 1300000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 | 1252492 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 565000 <sup>(1)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | 566184 | 0.2 |
| 1325000 <sup>(1)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 1158634 | 0.3 |
| 1245000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 1291160 | 0.4 |
| 905000 <sup>(1)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 | 787609 | 0.2 |
| 630000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 581817 | 0.2 |
| 1195000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | 1160514 | 0.3 |
| 1490000 <sup>(1)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 | 1468220 | 0.4 |
| 865000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 877105 | 0.2 |
| 1655000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 1664721 | 0.5 |
| 1005000 <sup>(1)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | 954685 | 0.3 |
| 1470000 <sup>(1)</sup> | Wilsonart LLC, 11.000%, 08/15/2032 | 1351055 | 0.4 |
|  |  | **42303404** | **11.8** |
|  | **Technology: 2.7%** | **Technology: 2.7%** | **Technology: 2.7%** |
| 1075000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 1058620 | 0.3 |
| 1170000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 1138183 | 0.3 |
| 775000 <sup>(1)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 771952 | 0.2 |
| 520000 <sup>(1)</sup> | Entegris, Inc., 3.625%, 05/01/2029 | 478499 | 0.1 |
| 1070000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 1080000 | 0.3 |
| 605000 <sup>(1)</sup> | Open Text Corp., 3.875%, 12/01/2029 | 551095 | 0.2 |
| 1140000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 1041000 | 0.3 |
| 1225000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 1080052 | 0.3 |
| 1330000 <sup>(1)</sup> | Rocket Software, Inc., 6.500%, 02/15/2029 | 1255171 | 0.3 |
| 1300000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 1319726 | 0.4 |
|  |  | **9774298** | **2.7** |
|  | **Utilities: 2.5%** | **Utilities: 2.5%** | **Utilities: 2.5%** |
| 1205000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 1206711 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 800000 <sup>(1)</sup> | Calpine Corp., 4.500%, 02/15/2028 | $| 776200 | 0.2 |
| 1030000 <sup>(1)</sup> | Calpine Corp., 5.125%, 03/15/2028 |  | 1014353 | 0.3 |
| 1250000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 |  | 1288012 | 0.4 |
| 865000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 |  | 842408 | 0.2 |
| 785000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 |  | 773452 | 0.2 |
| 645000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 |  | 613038 | 0.2 |
| 1185000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |  | 1185154 | 0.3 |
| 565000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 563342 | 0.2 |
| 720000 <sup>(1)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 |  | 754657 | 0.2 |
|  |  |  | **9017327** | **2.5** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $318,655,907) |  | **319288491** | **89.3** |
| **BANK LOANS: 6.0%** | **BANK LOANS: 6.0%** | **BANK LOANS: 6.0%** | **BANK LOANS: 6.0%** | **BANK LOANS: 6.0%** |
|  | **Communications: 0.7%** | **Communications: 0.7%** | **Communications: 0.7%** | **Communications: 0.7%** |
| 1575000 | Getty Images Inc., Dollar Fixed Rate Term B-1 Loans, 11.250%, 02/21/2030 |  | 1590750 | 0.4 |
| 805947 | MH Sub I LLC, 2023 May New Term Loans, 9.096%, (TSFR1M+4.250%), 05/03/2028 |  | 770183 | 0.2 |
| 230516 | MH Sub I LLC, Tranche B, 8.577%, 12/31/2031 |  | 211844 | 0.1 |
|  |  |  | **2572777** | **0.7** |
|  | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** | **Consumer, Cyclical: 1.2%** |
| 1198281 | American Greetings Corporation, Tranche C Term Loan, 10.075%, (TSFR1M+5.750%), 10/30/2029 |  | 1203149 | 0.4 |
| 1421438 | Great Outdoors Group LLC, Term B-3 Loan, 7.575%, (TSFR1M+3.250%), 01/16/2032 |  | 1420905 | 0.4 |
| 1550000 | Hanesbrands, Inc., Tranche B, 7.071%, (TSFR1M+2.750%), 03/08/2032 |  | 1551937 | 0.4 |
|  |  |  | **4175991** | **1.2** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: 0.9%** | **Consumer, Non-cyclical: 0.9%** | **Consumer, Non-cyclical: 0.9%** |
| 2125000 | 1261229 BC Ltd., 3.950%, 04/01/2030 | $1978248 | 0.6 |
| 1157557 | Bausch & Lomb Corporation, Initial Term Loan, 7.672%, (TSFR1M+3.350%), 05/10/2027 | 1154560 | 0.3 |
|  |  | **3132808** | **0.9** |
|  | **Energy: 1.0%** | **Energy: 1.0%** | **Energy: 1.0%** |
| 1417875 | Epic Y Grade Services L.P., Term Loan B, 10.044%, (TSFR3M+5.750%), 06/29/2029 | 1419795 | 0.4 |
| 1178125 | Goodnight Water Solutions Holdings, LLC, Initial Term Loans, 8.825%, (TSFR1M+4.500%), 06/04/2029 | 1178125 | 0.3 |
| 1162500 | Hilcorp Energy I L.P., Term Loan B, 6.322%, (TSFR1M+2.000%), 02/05/2030 | 1165406 | 0.3 |
|  |  | **3763326** | **1.0** |
|  | **Financial: 1.1%** | **Financial: 1.1%** | **Financial: 1.1%** |
| 2021984 | HUB International Ltd., 2025 Incremental Term Loan, 6.787%, (TSFR3M+2.500%), 06/20/2030 | 2015285 | 0.6 |
| 719881 | Osaic Holdings Inc., Term B4 Loan, 7.824%, (TSFR1M+3.500%), 08/17/2028 | 715382 | 0.2 |
| 1275000 | Sedgwick Claims Management Services, Inc., Term Loan B, 7.313%, (TSFR3M+3.000%), 07/31/2031 | 1257910 | 0.3 |
|  |  | **3988577** | **1.1** |
|  | **Technology: 1.1%** | **Technology: 1.1%** | **Technology: 1.1%** |
| 1175000 | Cotiviti Holdings Inc., Initial Fixed Rate Term Loan, 7.625%, 05/01/2031 | 1170594 | 0.3 |
| 495013 | Cotiviti Inc., Initial Floating Rate Term Loans, 7.073%, (TSFR1M+2.750%), 05/01/2031 | 492383 | 0.2 |
| 996875 | Indy Us Bidco, LLC, Eleventh Amendment Term Loan, 7.824%, (TSFR1M+3.500%), 03/06/2028 | 994694 | 0.3 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 1121438 | PointClickCare Technologies Inc., 2024-1 Term Loan, 7.549%, (TSFR3M+3.250%), 11/03/2031 | $| 1122489 | 0.3 |
|  |  |  | **3780160** | **1.1** |
|  | Total Bank Loans |  |  |  |
|  | (Cost $21,476,135) |  | **21413639** | **6.0** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $340,132,042) |  | **340702130** | **95.3** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount**† | **RA** | **Value** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 13.2%** | **SHORT-TERM INVESTMENTS: 13.2%** | **SHORT-TERM INVESTMENTS: 13.2%** | **SHORT-TERM INVESTMENTS: 13.2%** | **SHORT-TERM INVESTMENTS: 13.2%** |
|  | **Commercial Paper: 1.4%** | **Commercial Paper: 1.4%** | **Commercial Paper: 1.4%** | **Commercial Paper: 1.4%** |
| 2900000 <sup>(1)</sup> | Enterprise Products, 4.580%, 04/01/2025 |  | 2899636 | 0.8 |
| 2000000 | HP, Inc., 4.650%, 04/07/2025 |  | 1998219 | 0.6 |
|  | Total Commercial Paper |  |  |  |
|  | (Cost $4,898,447) |  | **4897855** | **1.4** |
|  | **Repurchase Agreements: 9.6%** | **Repurchase Agreements: 9.6%** | **Repurchase Agreements: 9.6%** | **Repurchase Agreements: 9.6%** |
| 8106639 <sup>(4)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/2025, 4.390%, due 04/01/2025 (Repurchase Amount $8,107,614, collateralized by various U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $8,268,772, due 02/01/36-02/01/57) |  | 8106639 | 2.3 |
| 6246356 <sup>(4)</sup> | CF Secured LLC, Repurchase Agreement dated 03/31/2025, 4.390%, due 04/01/2025 (Repurchase Amount $6,247,107, collateralized by various U.S. Government Agency Obligations, 2.000%-7.000%, Market Value plus accrued interest $6,371,283, due 04/01/51-04/20/74) |  | 6246356 | 1.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 687545 <sup>(4)</sup> | Citigroup Global Markets Inc., Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 (Repurchase Amount $687,627, collateralized by various U.S. Government Securities, 1.500%-3.500%, Market Value plus accrued interest $701,296, due 08/15/26-09/30/26) | $687545 | 0.2 |
| 6911003 <sup>(4)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 03/31/2025, 4.450%, due 04/01/2025 (Repurchase Amount $6,911,846, collateralized by various U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $7,049,223, due 07/01/42-11/01/54) | 6911003 | 1.9 |
| 6574002 <sup>(4)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 03/31/2025, 4.470%, due 04/01/2025 (Repurchase Amount $6,574,807, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.625%-7.538%, Market Value plus accrued interest $6,706,657, due 04/21/25-03/15/66) | 6574002 | 1.8 |

---

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** |  |  |
| 5812000 <sup>(4)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $5,812,694, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $5,928,240, due 04/10/25-12/15/66) | $5812000 | 1.6 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $34,337,545) | **34337545** | **9.6** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 2.2%** |  |  |
| 7964000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $7,964,000) | $**7964000** | **2.2** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $47,199,992) | **47199400** | **13.2** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $387,332,034)** | $**387901530** | **108.5** |
|  | **Liabilities in Excess of Other Assets** | **(30538187)** | **(8.5**) |
|  | **Net Assets** | $**357363343** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(2)</sup> Security, or a portion of the security, is on loan.

<sup>(3)</sup> All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates.

<sup>(4)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(5)</sup> Rate shown is the 7-day yield as of March 31, 2025.

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

VOYA HIGH YIELD BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $319288491 | $— | $319288491 |
| Bank Loans |  | 21413639 |  | 21413639 |
| Short-Term Investments | 7964000 | 39235400 |  | 47199400 |
| Total Investments, at fair value | $7964000 | $379937530 | $— | $387901530 |

---

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

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $388,035,925.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $5349407 |
| Gross Unrealized Depreciation | (5483802) |
| Net Unrealized Depreciation | $(134395) |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 27.8%** | **CORPORATE BONDS/NOTES: 27.8%** | **CORPORATE BONDS/NOTES: 27.8%** | **CORPORATE BONDS/NOTES: 27.8%** |
|  | **Basic Materials: 0.8%** |  |  |
| 671000 <sup>(1)</sup> | Anglo American Capital PLC, 4.875%, 05/14/2025 | $670242 | 0.0 |
| 1748000 <sup>(1)</sup> | Anglo American Capital PLC, 5.500%, 05/02/2033 | 1756801 | 0.0 |
| 4750000 <sup>(2)</sup> | AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030 | 4377410 | 0.1 |
| 4025000 <sup>(1)</sup> | Antofagasta PLC, 6.250%, 05/02/2034 | 4177195 | 0.1 |
| 3776000 | BHP Billiton Finance USA Ltd., 5.125%, 02/21/2032 | 3818319 | 0.0 |
| 2904000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2030 | 2984884 | 0.0 |
| 1775000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 1769577 | 0.0 |
| 3395000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 3261977 | 0.0 |
| 5200000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | 5275400 | 0.1 |
| 4175000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 4312775 | 0.1 |
| 3250000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.440%, 01/26/2036 | 3381625 | 0.0 |
| 3889000 <sup>(1)(2)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 | 4015393 | 0.1 |
| 256000 <sup>(1)(2)</sup> | Glencore Funding LLC, 5.893%, 04/04/2054 | 249646 | 0.0 |
| 1500000 <sup>(1)</sup> | Inversiones CMPC SA, 6.125%, 02/26/2034 | 1524563 | 0.0 |
| 1825000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 1904179 | 0.0 |
| 3175000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 2957671 | 0.0 |
| 4514000 | Nucor Corp., 5.100%, 06/01/2035 | 4452884 | 0.1 |
| 1605000 <sup>(1)(2)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 1495667 | 0.0 |
| 307000 | Nutrien Ltd., 5.875%, 12/01/2036 | 316702 | 0.0 |
| 6800000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 6995500 | 0.1 |
| 2745000 <sup>(1)</sup> | Olin Corp., 6.625%, 04/01/2033 | 2670506 | 0.0 |
| 3831000 | Rio Tinto Finance USA PLC, 5.000%, 03/14/2032 | 3849611 | 0.0 |
| 4700000 <sup>(1)</sup> | Sociedad Quimica y Minera de Chile SA, 5.500%, 09/10/2034 | 4563606 | 0.1 |
| 2943000 | Steel Dynamics, Inc., 1.650%, 10/15/2027 | 2738233 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Basic Materials: (continued)** |  |  |
| 1974000 | Steel Dynamics, Inc., 2.400%, 06/15/2025 | $1963494 | 0.0 |
| 2225000 <sup>(1)(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 1904867 | 0.0 |
|  |  | **77388727** | **0.8** |
|  | **Communications: 1.9%** |  |  |
| 2713000 | Amazon.com, Inc., 2.100%, 05/12/2031 | 2365814 | 0.0 |
| 2095000 <sup>(1)</sup> | Arches Buyer, Inc., 4.250%, 06/01/2028 | 1909920 | 0.0 |
| 1576000 <sup>(2)</sup> | AT&T, Inc., 3.550%, 09/15/2055 | 1068904 | 0.0 |
| 2306000 | AT&T, Inc., 3.650%, 09/15/2059 | 1556498 | 0.0 |
| 1039000 | AT&T, Inc., 3.800%, 12/01/2057 | 729975 | 0.0 |
| 393000 | AT&T, Inc., 4.500%, 05/15/2035 | 369550 | 0.0 |
| 2106000 | AT&T, Inc., 4.900%, 08/15/2037 | 2010740 | 0.0 |
| 5185000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 4504720 | 0.1 |
| 2136000 <sup>(2)</sup> | Charter Communications Operating LLC / Charter Communications Operating Capital, 2.250%, 01/15/2029 | 1924371 | 0.0 |
| 902000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.400%, 12/01/2061 | 599427 | 0.0 |
| 1674000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 1262890 | 0.0 |
| 2458000 <sup>(2)</sup> | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.250%, 04/01/2053 | 1987613 | 0.0 |
| 4569000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.100%, 06/01/2029 | 4719365 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 2424000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.550%, 06/01/2034 | $2494846 | 0.0 |
| 3729000 | Cisco Systems, Inc., 4.950%, 02/26/2031 | 3804771 | 0.1 |
| 5396000 <sup>(2)</sup> | Cisco Systems, Inc., 4.950%, 02/24/2032 | 5472915 | 0.1 |
| 1219000 <sup>(2)</sup> | Cisco Systems, Inc., 5.100%, 02/24/2035 | 1236204 | 0.0 |
| 3781000 <sup>(2)</sup> | Cisco Systems, Inc., 5.300%, 02/26/2054 | 3703790 | 0.1 |
| 4316000 | Cisco Systems, Inc., 5.500%, 02/24/2055 | 4348555 | 0.1 |
| 1924000 <sup>(2)</sup> | Comcast Corp., 1.500%, 02/15/2031 | 1608493 | 0.0 |
| 1792000 <sup>(2)</sup> | Comcast Corp., 1.950%, 01/15/2031 | 1538484 | 0.0 |
| 4057000 <sup>(2)</sup> | Comcast Corp., 2.650%, 02/01/2030 | 3715372 | 0.1 |
| 1729000 | Comcast Corp., 3.200%, 07/15/2036 | 1430043 | 0.0 |
| 1829000 | Comcast Corp., 3.900%, 03/01/2038 | 1570682 | 0.0 |
| 1318000 <sup>(2)</sup> | Comcast Corp., 5.300%, 06/01/2034 | 1340525 | 0.0 |
| 1042000 <sup>(2)</sup> | Comcast Corp., 5.500%, 05/15/2064 | 979400 | 0.0 |
| 1098000 <sup>(2)</sup> | Comcast Corp., 5.650%, 06/01/2054 | 1076014 | 0.0 |
| 2000000 <sup>(1)</sup> | CSC Holdings LLC, 4.125%, 12/01/2030 | 1450855 | 0.0 |
| 2548000 | Discovery Communications LLC, 3.625%, 05/15/2030 | 2293090 | 0.0 |
| 1970000 | EchoStar Corp., 10.750%, 11/30/2029 | 2071756 | 0.0 |
| 3252000 <sup>(2)</sup> | Expedia Group, Inc., 5.400%, 02/15/2035 | 3241093 | 0.1 |
| 2500000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 2308264 | 0.0 |
| 1735000 <sup>(1)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 | 1867716 | 0.0 |
| 3425000 <sup>(1)(2)</sup> | Match Group Holdings II LLC, 3.625%, 10/01/2031 | 2954905 | 0.0 |
| 1825000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 7.375%, 09/01/2031 | 1836910 | 0.0 |
| 5746000 | Meta Platforms, Inc., 4.750%, 08/15/2034 | 5707348 | 0.1 |
| 7388000 | Meta Platforms, Inc., 5.400%, 08/15/2054 | 7244056 | 0.1 |
| 7951000 | Meta Platforms, Inc., 5.550%, 08/15/2064 | 7829160 | 0.1 |
| 2283000 <sup>(2)</sup> | Motorola Solutions, Inc., 5.000%, 04/15/2029 | 2307797 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Communications: (continued)** |  |  |
| 1960000 <sup>(1)</sup> | NBN Co. Ltd., 1.450%, 05/05/2026 | $1898823 | 0.0 |
| 3507000 <sup>(1)(2)</sup> | NBN Co. Ltd., 1.625%, 01/08/2027 | 3343976 | 0.1 |
| 1369000 <sup>(1)</sup> | NBN Co. Ltd., 2.500%, 01/08/2032 | 1179819 | 0.0 |
| 1962000 <sup>(1)(2)</sup> | NBN Co. Ltd., 6.000%, 10/06/2033 | 2103411 | 0.0 |
| 3685000 <sup>(2)</sup> | Netflix, Inc., 5.875%, 11/15/2028 | 3855189 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 1830661 | 0.0 |
| 402000 <sup>(2)</sup> | Paramount Global, 4.950%, 05/19/2050 | 308739 | 0.0 |
| 2440000 <sup>(1)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 | 2409328 | 0.0 |
| 2500000 <sup>(1)(2)</sup> | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 2416265 | 0.0 |
| 7112000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 7594987 | 0.1 |
| 4847000 | Sprint Capital Corp., 8.750%, 03/15/2032 | 5831869 | 0.1 |
| 1970000 <sup>(1)(2)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 1878057 | 0.0 |
| 1506000 | Time Warner Cable LLC, 5.500%, 09/01/2041 | 1307339 | 0.0 |
| 597000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | 547850 | 0.0 |
| 2371000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 2214970 | 0.0 |
| 593000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 581386 | 0.0 |
| 1798000 | T-Mobile USA, Inc., 2.625%, 02/15/2029 | 1665941 | 0.0 |
| 220000 | T-Mobile USA, Inc., 3.000%, 02/15/2041 | 159711 | 0.0 |
| 6621000 | T-Mobile USA, Inc., 3.500%, 04/15/2031 | 6128945 | 0.1 |
| 5304000 | T-Mobile USA, Inc., 3.875%, 04/15/2030 | 5086287 | 0.1 |
| 512000 | T-Mobile USA, Inc., 4.375%, 04/15/2040 | 450920 | 0.0 |
| 3448000 <sup>(2)</sup> | T-Mobile USA, Inc., 5.300%, 05/15/2035 | 3467914 | 0.1 |
| 3283000 | T-Mobile USA, Inc., 5.875%, 11/15/2055 | 3307391 | 0.1 |
| 3116000 <sup>(2)</sup> | Uber Technologies, Inc., 4.300%, 01/15/2030 | 3063212 | 0.0 |
| 2356000 <sup>(1)(2)</sup> | Uber Technologies, Inc., 4.500%, 08/15/2029 | 2318819 | 0.0 |
| 3097000 | Uber Technologies, Inc., 5.350%, 09/15/2054 | 2896311 | 0.0 |
| 2380000 <sup>(1)(2)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 2362265 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |  |
|  | **Communications: (continued)** |  |  |  |
| 287000 | Verizon Communications, Inc., 1.750%, 01/20/2031 | $| 242764 | 0.0 |
| 2435000 | Verizon Communications, Inc., 2.355%, 03/15/2032 |  | 2061257 | 0.0 |
| 291000 | Verizon Communications, Inc., 2.550%, 03/21/2031 |  | 256503 | 0.0 |
| 824000 | Verizon Communications, Inc., 4.400%, 11/01/2034 |  | 778607 | 0.0 |
| 2814000 | Verizon Communications, Inc., 4.812%, 03/15/2039 |  | 2629525 | 0.0 |
| 2500000 <sup>(1)(2)</sup> | Viasat, Inc., 5.625%, 04/15/2027 |  | 2401628 | 0.0 |
| 1900000 <sup>(1)(2)</sup> | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 |  | 1653647 | 0.0 |
| 2679000 | Vodafone Group PLC, 5.875%, 06/28/2064 |  | 2571062 | 0.0 |
|  |  |  | **183248209** | **1.9** |
|  | **Consumer, Cyclical: 2.5%** | **Consumer, Cyclical: 2.5%** | **Consumer, Cyclical: 2.5%** | **Consumer, Cyclical: 2.5%** |
| 2450000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 |  | 2219381 | 0.0 |
| 253538 | American Airlines Pass Through Trust 2015-2, AA, 3.600%, 03/22/2029 |  | 245885 | 0.0 |
| 1847495 | American Airlines Pass Through Trust 2016-1, A, 4.100%, 07/15/2029 |  | 1790864 | 0.0 |
| 1502284 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 |  | 1454326 | 0.0 |
| 333635 | American Airlines Pass Through Trust 2016-2, A, 3.650%, 12/15/2029 |  | 316567 | 0.0 |
| 2255499 | American Airlines Pass Through Trust 2016-2, AA, 3.200%, 12/15/2029 |  | 2151233 | 0.0 |
| 4442698 | American Airlines Pass Through Trust 2016-3, A, 3.250%, 04/15/2030 |  | 4155328 | 0.1 |
| 4367608 | American Airlines Pass Through Trust 2017-2, AA, 3.350%, 04/15/2031 |  | 4149510 | 0.1 |
| 3718000 | American Honda Finance Corp., 4.700%, 01/12/2028 |  | 3737793 | 0.1 |
| 2009000 | American Honda Finance Corp., 5.650%, 11/15/2028 |  | 2079049 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 4670000 <sup>(2)</sup> | American Honda Finance Corp., GMTN, 4.850%, 10/23/2031 | $4650446 | 0.1 |
| 1332000 <sup>(2)</sup> | AutoZone, Inc., 6.250%, 11/01/2028 | 1402288 | 0.0 |
| 3970000 <sup>(2)</sup> | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 3962034 | 0.1 |
| 2241000 <sup>(1)</sup> | BMW US Capital LLC, 5.050%, 03/21/2030 | 2253636 | 0.0 |
| 4018000 <sup>(1)</sup> | BMW US Capital LLC, 5.400%, 03/21/2035 | 3983767 | 0.1 |
| 2542000 <sup>(2)</sup> | BorgWarner, Inc., 5.400%, 08/15/2034 | 2515906 | 0.0 |
| 1655000 <sup>(1)(2)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | 1512256 | 0.0 |
| 2415000 <sup>(1)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 2440128 | 0.0 |
| 960570 | Delta Air Lines Pass Through Trust 2015-1, AA, 3.625%, 01/30/2029 | 935094 | 0.0 |
| 632291 <sup>(1)</sup> | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | 629860 | 0.0 |
| 3570000 <sup>(1)(2)</sup> | Denso Corp., 4.420%, 09/11/2029 | 3550062 | 0.0 |
| 3092000 <sup>(2)</sup> | Ford Motor Co., 3.250%, 02/12/2032 | 2549581 | 0.0 |
| 3291000 | Ford Motor Credit Co. LLC, 3.625%, 06/17/2031 | 2832613 | 0.0 |
| 5432000 <sup>(2)</sup> | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 5249019 | 0.1 |
| 3434000 | Ford Motor Credit Co. LLC, 5.113%, 05/03/2029 | 3312005 | 0.0 |
| 1345000 | General Motors Co., 6.125%, 10/01/2025 | 1351927 | 0.0 |
| 1302000 | General Motors Co., 6.250%, 10/02/2043 | 1253711 | 0.0 |
| 4658000 <sup>(2)</sup> | General Motors Financial Co., Inc., 2.350%, 01/08/2031 | 3944256 | 0.1 |
| 4985000 <sup>(2)</sup> | General Motors Financial Co., Inc., 4.900%, 10/06/2029 | 4905996 | 0.1 |
| 8192000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 8259924 | 0.1 |
| 4860000 <sup>(2)</sup> | General Motors Financial Co., Inc., 5.900%, 01/07/2035 | 4816171 | 0.1 |
| 1155000 | General Motors Financial Co., Inc., 6.100%, 01/07/2034 | 1160497 | 0.0 |
| 2490000 | Genuine Parts Co., 4.950%, 08/15/2029 | 2499106 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 2500000 <sup>(1)(2)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | $2511619 | 0.0 |
| 3490000 <sup>(2)</sup> | Home Depot, Inc., 2.700%, 04/15/2030 | 3204676 | 0.0 |
| 1500000 | Hyatt Hotels Corp., 5.250%, 06/30/2029 | 1515109 | 0.0 |
| 3779000 <sup>(1)(2)</sup> | Hyundai Capital America, 5.150%, 03/27/2030 | 3767418 | 0.1 |
| 3491000 <sup>(1)(2)</sup> | Hyundai Capital America, 5.300%, 06/24/2029 | 3526182 | 0.0 |
| 5465000 <sup>(1)</sup> | Hyundai Capital America, 5.400%, 03/29/2032 | 5449449 | 0.1 |
| 2815000 <sup>(1)</sup> | Hyundai Capital America, 5.680%, 06/26/2028 | 2874873 | 0.0 |
| 7291000 <sup>(1)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 7559680 | 0.1 |
| 3206000 <sup>(1)(2)</sup> | Hyundai Capital America, 6.500%, 01/16/2029 | 3365458 | 0.0 |
| 158000 <sup>(2)</sup> | Lowe's Cos., Inc., 4.450%, 04/01/2062 | 123019 | 0.0 |
| 250000 | Lowe's Cos., Inc., 5.850%, 04/01/2063 | 244519 | 0.0 |
| 4285000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 3432346 | 0.0 |
| 3170000 | Marriott International, Inc., 4.800%, 03/15/2030 | 3163824 | 0.0 |
| 2110000 | Marriott International, Inc., 5.350%, 03/15/2035 | 2091568 | 0.0 |
| 3720000 <sup>(1)</sup> | Mercedes-Benz Finance North America LLC, 4.800%, 08/01/2029 | 3708854 | 0.1 |
| 3825000 <sup>(2)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | 3754524 | 0.1 |
| 3590000 <sup>(1)(2)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 3548707 | 0.0 |
| 1200000 <sup>(2)</sup> | Newell Brands, Inc., 6.625%, 05/15/2032 | 1168737 | 0.0 |
| 2389000 | O'Reilly Automotive, Inc., 5.000%, 08/19/2034 | 2348786 | 0.0 |
| 2844000 <sup>(1)(2)</sup> | Panasonic Holdings Corp., 5.302%, 07/16/2034 | 2894411 | 0.0 |
| 3025000 <sup>(2)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 3034411 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 2500000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | $2360307 | 0.0 |
| 3305000 <sup>(1)(2)</sup> | Station Casinos LLC, 6.625%, 03/15/2032 | 3280863 | 0.0 |
| 3672000 | Target Corp., 5.000%, 04/15/2035 | 3657734 | 0.1 |
| 1560000 <sup>(1)(2)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 1371435 | 0.0 |
| 1310000 <sup>(1)(2)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 1217889 | 0.0 |
| 2985000 <sup>(2)</sup> | Toyota Motor Credit Corp., 4.550%, 08/09/2029 | 2986558 | 0.0 |
| 2214000 | Toyota Motor Credit Corp., 5.350%, 01/09/2035 | 2251204 | 0.0 |
| 3710000 <sup>(2)</sup> | Toyota Motor Credit Corp., 5.550%, 11/20/2030 | 3860406 | 0.1 |
| 3645000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 3647112 | 0.1 |
| 627814 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 639941 | 0.0 |
| 3224515 | United Airlines Pass Through Trust 2016-2, AA, 2.875%, 04/07/2030 | 3034785 | 0.0 |
| 2325000 <sup>(1)(2)</sup> | United Airlines, Inc., 4.625%, 04/15/2029 | 2201857 | 0.0 |
| 2125000 <sup>(1)(2)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 1860569 | 0.0 |
| 6862000 <sup>(1)(2)</sup> | Volkswagen Group of America Finance LLC, 5.250%, 03/22/2029 | 6853135 | 0.1 |
| 7425000 <sup>(1)(2)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 | 7489291 | 0.1 |
| 5591000 <sup>(1)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 | 5863974 | 0.1 |
| 8392000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 8187861 | 0.1 |
| 8210000 | Warnermedia Holdings, Inc., 5.141%, 03/15/2052 | 5989728 | 0.1 |
| 2838000 | Warnermedia Holdings, Inc., 5.391%, 03/15/2062 | 2055784 | 0.0 |
| 3950000 <sup>(1)(2)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 | 3850778 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 3610000 <sup>(1)(2)</sup> | ZF North America Capital, Inc., 7.125%, 04/14/2030 | $3478548 | 0.0 |
|  |  | **231698148** | **2.5** |
|  | **Consumer, Non-cyclical: 4.1%** |  |  |
| 1468000 | AbbVie, Inc., 3.200%, 11/21/2029 | 1387214 | 0.0 |
| 1423000 | AbbVie, Inc., 4.050%, 11/21/2039 | 1248563 | 0.0 |
| 4246000 | AbbVie, Inc., 4.300%, 05/14/2036 | 3970328 | 0.1 |
| 3317000 | AbbVie, Inc., 4.500%, 05/14/2035 | 3184777 | 0.0 |
| 1889000 <sup>(2)</sup> | AbbVie, Inc., 4.650%, 03/15/2028 | 1904728 | 0.0 |
| 5490000 | AbbVie, Inc., 4.950%, 03/15/2031 | 5579094 | 0.1 |
| 1416000 | Aetna, Inc., 6.625%, 06/15/2036 | 1511017 | 0.0 |
| 2500000 <sup>(1)(2)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 2303418 | 0.0 |
| 1970000 <sup>(1)</sup> | Allied Universal Holdco LLC, 7.875%, 02/15/2031 | 1996733 | 0.0 |
| 2795000 <sup>(2)</sup> | Altria Group, Inc., 6.200%, 11/01/2028 | 2936134 | 0.0 |
| 758000 <sup>(2)</sup> | Amgen, Inc., 5.750%, 03/02/2063 | 739275 | 0.0 |
| 1609000 | Anheuser-Busch InBev Worldwide, Inc., 4.375%, 04/15/2038 | 1483105 | 0.0 |
| 5490000 <sup>(2)</sup> | Astrazeneca Finance LLC, 4.900%, 02/26/2031 | 5589621 | 0.1 |
| 245000 | BAT Capital Corp., 3.557%, 08/15/2027 | 239123 | 0.0 |
| 3462000 | BAT Capital Corp., 4.390%, 08/15/2037 | 3041417 | 0.0 |
| 1359000 | BAT Capital Corp., 5.834%, 02/20/2031 | 1413582 | 0.0 |
| 674000 | BAT Capital Corp., 7.079%, 08/02/2043 | 736775 | 0.0 |
| 3983000 | Becton Dickinson & Co., 4.693%, 02/13/2028 | 3999005 | 0.1 |
| 1440000 <sup>(1)(2)</sup> | Brink's Co., 6.500%, 06/15/2029 | 1461213 | 0.0 |
| 1440000 <sup>(1)(2)</sup> | Brink's Co., 6.750%, 06/15/2032 | 1461502 | 0.0 |
| 892000 <sup>(2)</sup> | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | 788979 | 0.0 |
| 2283000 | Bristol-Myers Squibb Co., 5.100%, 02/22/2031 | 2338052 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 737000 | Bristol-Myers Squibb Co., 6.400%, 11/15/2063 | $806767 | 0.0 |
| 2900000 | Bunge Ltd. Finance Corp., 4.200%, 09/17/2029 | 2851418 | 0.0 |
| 3195000 <sup>(2)</sup> | Campbell Soup Co., 5.200%, 03/21/2029 | 3244825 | 0.1 |
| 4508000 <sup>(2)</sup> | Cardinal Health, Inc., 4.700%, 11/15/2026 | 4528249 | 0.1 |
| 636000 <sup>(2)</sup> | Cardinal Health, Inc., 5.450%, 02/15/2034 | 646675 | 0.0 |
| 2355000 <sup>(1)</sup> | Cargill, Inc., 1.700%, 02/02/2031 | 2003262 | 0.0 |
| 2015000 <sup>(1)</sup> | Cargill, Inc., 2.125%, 04/23/2030 | 1797398 | 0.0 |
| 1475000 <sup>(1)</sup> | Cargill, Inc., 5.125%, 02/11/2035 | 1470935 | 0.0 |
| 2357000 <sup>(2)</sup> | Cencora, Inc., 5.125%, 02/15/2034 | 2353421 | 0.0 |
| 13115000 | Centene Corp., 3.000%, 10/15/2030 | 11483217 | 0.1 |
| 2944000 | Centene Corp., 4.625%, 12/15/2029 | 2822776 | 0.0 |
| 1950000 <sup>(1)(2)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 1746802 | 0.0 |
| 2330000 <sup>(1)(2)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 1925115 | 0.0 |
| 4968000 | Cigna Group, 2.375%, 03/15/2031 | 4336717 | 0.1 |
| 4416000 | Cigna Group, 4.800%, 08/15/2038 | 4128588 | 0.1 |
| 2176000 <sup>(2)</sup> | Cigna Group, 5.250%, 02/15/2034 | 2188404 | 0.0 |
| 2984000 <sup>(2)</sup> | Cigna Group, 5.600%, 02/15/2054 | 2842725 | 0.0 |
| 3207000 | Coca-Cola Consolidated, Inc., 5.250%, 06/01/2029 | 3278417 | 0.1 |
| 1191000 | CVS Health Corp., 4.125%, 04/01/2040 | 969329 | 0.0 |
| 2373000 | CVS Health Corp., 4.780%, 03/25/2038 | 2130318 | 0.0 |
| 947000 <sup>(2)</sup> | CVS Health Corp., 5.050%, 03/25/2048 | 808782 | 0.0 |
| 1757000 <sup>(2)</sup> | CVS Health Corp., 5.125%, 02/21/2030 | 1769043 | 0.0 |
| 219000 | CVS Health Corp., 6.000%, 06/01/2063 | 206847 | 0.0 |
| 3760000 <sup>(1)(2)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 3464433 | 0.1 |
| 5555000 <sup>(1)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 5648404 | 0.1 |
| 1641000 | Elevance Health, Inc., 4.900%, 02/08/2026 | 1641183 | 0.0 |
| 3805000 | Elevance Health, Inc., 4.950%, 11/01/2031 | 3815696 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 1639000 <sup>(2)</sup> | Elevance Health, Inc., 5.200%, 02/15/2035 | $1645124 | 0.0 |
| 2172000 <sup>(2)</sup> | Eli Lilly & Co., 5.500%, 02/12/2055 | 2200762 | 0.0 |
| 2125000 <sup>(1)(2)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 1904718 | 0.0 |
| 2548000 | Equifax, Inc., 3.100%, 05/15/2030 | 2349831 | 0.0 |
| 1785000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 1844656 | 0.0 |
| 3339000 <sup>(2)</sup> | Gilead Sciences, Inc., 5.600%, 11/15/2064 | 3303330 | 0.1 |
| 4017000 <sup>(2)</sup> | GlaxoSmithKline Capital, Inc., 4.875%, 04/15/2035 | 3979125 | 0.1 |
| 9320000 | Global Payments, Inc., 1.200%, 03/01/2026 | 9028010 | 0.1 |
| 429000 <sup>(2)</sup> | Global Payments, Inc., 5.950%, 08/15/2052 | 415524 | 0.0 |
| 1168000 <sup>(2)</sup> | GXO Logistics, Inc., 6.250%, 05/06/2029 | 1205856 | 0.0 |
| 1030000 | HCA, Inc., 2.375%, 07/15/2031 | 876816 | 0.0 |
| 2372000 <sup>(2)</sup> | HCA, Inc., 3.125%, 03/15/2027 | 2304439 | 0.0 |
| 1149000 <sup>(2)</sup> | HCA, Inc., 3.500%, 09/01/2030 | 1065856 | 0.0 |
| 7884000 <sup>(2)</sup> | HCA, Inc., 4.125%, 06/15/2029 | 7657429 | 0.1 |
| 990000 | HCA, Inc., 4.375%, 03/15/2042 | 819128 | 0.0 |
| 2839000 | HCA, Inc., 4.500%, 02/15/2027 | 2830305 | 0.0 |
| 2162000 | HCA, Inc., 5.125%, 06/15/2039 | 2008398 | 0.0 |
| 1337000 | HCA, Inc., 5.250%, 04/15/2025 | 1337092 | 0.0 |
| 3776000 <sup>(2)</sup> | HCA, Inc., 5.250%, 03/01/2030 | 3821640 | 0.1 |
| 3102000 | HCA, Inc., 5.450%, 04/01/2031 | 3151730 | 0.0 |
| 3963000 | HCA, Inc., 6.000%, 04/01/2054 | 3837190 | 0.1 |
| 443000 <sup>(2)</sup> | HCA, Inc., 6.100%, 04/01/2064 | 428495 | 0.0 |
| 2316000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025 | 2302952 | 0.0 |
| 4569000 <sup>(1)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 5.200%, 06/15/2029 | 4648376 | 0.1 |
| 6979000 <sup>(2)</sup> | Hershey Co., 4.950%, 02/24/2032 | 7057170 | 0.1 |
| 1419000 <sup>(2)</sup> | Hershey Co., 5.100%, 02/24/2035 | 1430895 | 0.0 |
| 3193000 | Humana, Inc., 5.375%, 04/15/2031 | 3219174 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 4596000 | Icon Investments Six DAC, 5.849%, 05/08/2029 | $4742550 | 0.1 |
| 4596000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.500%, 02/01/2030 | 4701536 | 0.1 |
| 1733000 <sup>(1)</sup> | Imperial Brands Finance PLC, 5.875%, 07/01/2034 | 1756795 | 0.0 |
| 1972000 | Johnson & Johnson, 3.625%, 03/03/2037 | 1758074 | 0.0 |
| 5396000 <sup>(2)</sup> | Johnson & Johnson, 4.700%, 03/01/2030 | 5488509 | 0.1 |
| 1924000 <sup>(2)</sup> | Kenvue, Inc., 5.050%, 03/22/2028 | 1965922 | 0.0 |
| 1639000 | Keurig Dr Pepper, Inc., 5.050%, 03/15/2029 | 1661143 | 0.0 |
| 1505000 <sup>(2)</sup> | Kraft Heinz Foods Co., 5.200%, 03/15/2032 | 1522227 | 0.0 |
| 2535000 | Kroger Co., 5.500%, 09/15/2054 | 2392877 | 0.0 |
| 3315000 | Kroger Co., 5.650%, 09/15/2064 | 3133016 | 0.0 |
| 2856000 <sup>(2)</sup> | Laboratory Corp. of America Holdings, 4.550%, 04/01/2032 | 2781079 | 0.0 |
| 2500000 <sup>(1)(2)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 2519547 | 0.0 |
| 3013000 <sup>(1)</sup> | Mars, Inc., 5.000%, 03/01/2032 | 3026883 | 0.0 |
| 5023000 <sup>(1)(2)</sup> | Mars, Inc., 5.200%, 03/01/2035 | 5050051 | 0.1 |
| 2740000 | McKesson Corp., 4.250%, 09/15/2029 | 2714622 | 0.0 |
| 3070000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 2871734 | 0.0 |
| 10375000 <sup>(1)(2)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 | 11046262 | 0.1 |
| 2593000 <sup>(2)</sup> | Mondelez International, Inc., 4.750%, 02/20/2029 | 2623964 | 0.0 |
| 3300000 <sup>(1)(2)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 2879827 | 0.0 |
| 2670000 <sup>(2)</sup> | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 2630564 | 0.0 |
| 2169000 | Pfizer Investment Enterprises Pte Ltd., 4.650%, 05/19/2030 | 2180720 | 0.0 |
| 2031000 | Pfizer Investment Enterprises Pte Ltd., 4.750%, 05/19/2033 | 2009596 | 0.0 |
| 3672000 | Pfizer Investment Enterprises Pte Ltd., 5.340%, 05/19/2063 | 3421598 | 0.1 |
| 3266000 | Philip Morris International, Inc., 4.750%, 11/01/2031 | 3257520 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 3689000 | Philip Morris International, Inc., 4.875%, 02/13/2029 | $3728627 | 0.1 |
| 4595000 <sup>(1)(2)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 4529822 | 0.1 |
| 1760000 <sup>(1)(2)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 1685904 | 0.0 |
| 924000 <sup>(2)</sup> | Quest Diagnostics, Inc., 2.800%, 06/30/2031 | 821210 | 0.0 |
| 951000 <sup>(2)</sup> | Quest Diagnostics, Inc., 2.950%, 06/30/2030 | 874621 | 0.0 |
| 4985000 | Quest Diagnostics, Inc., 4.625%, 12/15/2029 | 4963795 | 0.1 |
| 2038000 | Quest Diagnostics, Inc., 5.000%, 12/15/2034 | 2007172 | 0.0 |
| 1494000 | Quest Diagnostics, Inc., 6.400%, 11/30/2033 | 1620139 | 0.0 |
| 3025000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 2945030 | 0.0 |
| 1154000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 1102303 | 0.0 |
| 1390000 <sup>(1)(2)</sup> | Roche Holdings, Inc., 4.592%, 09/09/2034 | 1360640 | 0.0 |
| 6559000 <sup>(1)</sup> | Roche Holdings, Inc., 5.489%, 11/13/2030 | 6871571 | 0.1 |
| 1501000 <sup>(2)</sup> | Royalty Pharma PLC, 1.200%, 09/02/2025 | 1477881 | 0.0 |
| 1897000 | Royalty Pharma PLC, 1.750%, 09/02/2027 | 1771121 | 0.0 |
| 3901000 | Royalty Pharma PLC, 2.200%, 09/02/2030 | 3375306 | 0.1 |
| 931000 | Royalty Pharma PLC, 3.300%, 09/02/2040 | 687889 | 0.0 |
| 2100000 | Royalty Pharma PLC, 5.150%, 09/02/2029 | 2114555 | 0.0 |
| 1614000 | S&P Global, Inc., 1.250%, 08/15/2030 | 1369233 | 0.0 |
| 4660000 | S&P Global, Inc., 2.700%, 03/01/2029 | 4369706 | 0.1 |
| 1735000 <sup>(1)(2)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 1692386 | 0.0 |
| 1785000 <sup>(1)(2)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | 1657064 | 0.0 |
| 3198000 | Solventum Corp., 5.450%, 03/13/2031 | 3259352 | 0.1 |
| 1784000 | Solventum Corp., 5.600%, 03/23/2034 | 1809140 | 0.0 |
| 2047000 <sup>(2)</sup> | Solventum Corp., 5.900%, 04/30/2054 | 2026214 | 0.0 |
| 2365000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 2407289 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 3981000 | Stryker Corp., 4.850%, 02/10/2030 | $4021901 | 0.1 |
| 1515000 | Sysco Corp., 5.400%, 03/23/2035 | 1526449 | 0.0 |
| 916000 <sup>(2)</sup> | Takeda Pharmaceutical Co. Ltd., 5.300%, 07/05/2034 | 927273 | 0.0 |
| 2441000 | Takeda Pharmaceutical Co. Ltd., 5.800%, 07/05/2064 | 2394904 | 0.0 |
| 1995000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 1988270 | 0.0 |
| 4406000 <sup>(2)</sup> | Thermo Fisher Scientific, Inc., 4.977%, 08/10/2030 | 4495159 | 0.1 |
| 2271000 <sup>(1)(2)</sup> | Triton Container International Ltd., 2.050%, 04/15/2026 | 2203873 | 0.0 |
| 2173000 | Tyson Foods, Inc., 5.400%, 03/15/2029 | 2223058 | 0.0 |
| 4485000 <sup>(2)</sup> | Unilever Capital Corp., 4.625%, 08/12/2034 | 4412597 | 0.1 |
| 530000 | UnitedHealth Group, Inc., 2.750%, 05/15/2040 | 383163 | 0.0 |
| 1281000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 1043112 | 0.0 |
| 4985000 <sup>(2)</sup> | UnitedHealth Group, Inc., 4.950%, 01/15/2032 | 5021772 | 0.1 |
| 1680000 <sup>(2)</sup> | UnitedHealth Group, Inc., 5.150%, 07/15/2034 | 1691976 | 0.0 |
| 557000 | UnitedHealth Group, Inc., 5.500%, 04/15/2064 | 528062 | 0.0 |
| 2695000 <sup>(2)</sup> | UnitedHealth Group, Inc., 5.750%, 07/15/2064 | 2652699 | 0.0 |
| 1800000 | Universal Health Services, Inc., 4.625%, 10/15/2029 | 1753644 | 0.0 |
| 2150000 <sup>(1)(2)</sup> | US Foods, Inc., 7.250%, 01/15/2032 | 2237603 | 0.0 |
| 407000 <sup>(2)</sup> | Utah Acquisition Sub, Inc., 5.250%, 06/15/2046 | 325854 | 0.0 |
| 3170000 <sup>(2)</sup> | Viatris, Inc., 2.700%, 06/22/2030 | 2761865 | 0.0 |
| 2351000 | Viatris, Inc., 3.850%, 06/22/2040 | 1710258 | 0.0 |
| 1732000 <sup>(2)</sup> | Viatris, Inc., 4.000%, 06/22/2050 | 1136720 | 0.0 |
| 1700000 <sup>(1)(2)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 1741272 | 0.0 |
| 3265000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 06/15/2029 | 3306268 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 2631000 | Zimmer Biomet Holdings, Inc., 5.350%, 12/01/2028 | $2691218 | 0.0 |
|  |  | **392740978** | **4.1** |
|  | **Energy: 2.5%** |  |  |
| 2528000 <sup>(1)</sup> | Aker BP ASA, 5.125%, 10/01/2034 | 2413789 | 0.0 |
| 3500000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 6.625%, 02/01/2032 | 3561364 | 0.1 |
| 5014000 <sup>(1)</sup> | APA Corp., 6.750%, 02/15/2055 | 4908077 | 0.1 |
| 2480000 <sup>(1)(2)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 2521225 | 0.0 |
| 1061000 <sup>(2)</sup> | BP Capital Markets America, Inc., 4.893%, 09/11/2033 | 1045807 | 0.0 |
| 565000 | BP Capital Markets America, Inc., 4.989%, 04/10/2034 | 559648 | 0.0 |
| 3139000 | BP Capital Markets America, Inc., 5.227%, 11/17/2034 | 3156360 | 0.0 |
| 2930000 <sup>(2)(3)</sup> | BP Capital Markets PLC, 4.875%, 12/31/2199 | 2811747 | 0.0 |
| 2659000 <sup>(2)(3)</sup> | BP Capital Markets PLC, 6.125%, 12/31/2199 | 2623366 | 0.0 |
| 2348000 <sup>(1)(2)</sup> | Canadian Natural Resources Ltd., 5.400%, 12/15/2034 | 2321019 | 0.0 |
| 420000 | Cenovus Energy, Inc., 5.400%, 06/15/2047 | 374363 | 0.0 |
| 2421000 | Cheniere Energy Partners L.P., 4.500%, 10/01/2029 | 2355744 | 0.0 |
| 2518000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 5.097%, 10/01/2031 | 2489165 | 0.0 |
| 3990000 <sup>(1)</sup> | Columbia Pipelines Holding Co. LLC, 6.042%, 08/15/2028 | 4128901 | 0.1 |
| 930000 | ConocoPhillips Co., 5.700%, 09/15/2063 | 905950 | 0.0 |
| 2260000 <sup>(1)(2)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 2237416 | 0.0 |
| 3669000 <sup>(1)</sup> | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027 | 3667462 | 0.1 |
| 2900000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 3007207 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 3758000 <sup>(2)</sup> | Devon Energy Corp., 5.200%, 09/15/2034 | $3626402 | 0.1 |
| 1207000 | Diamondback Energy, Inc., 4.250%, 03/15/2052 | 917004 | 0.0 |
| 901000 | Diamondback Energy, Inc., 5.900%, 04/18/2064 | 848380 | 0.0 |
| 2514000 | Diamondback Energy, Inc., 6.250%, 03/15/2053 | 2519063 | 0.0 |
| 3760000 <sup>(1)(2)</sup> | DT Midstream, Inc., 4.375%, 06/15/2031 | 3461918 | 0.1 |
| 4450000 | Ecopetrol SA, 6.875%, 04/29/2030 | 4413955 | 0.1 |
| 11510000 | Ecopetrol SA, 8.375%, 01/19/2036 | 11255054 | 0.1 |
| 2878665 | EIG Pearl Holdings Sarl, 3.545%, 08/31/2036 | 2537723 | 0.0 |
| 2382343 <sup>(1)(2)</sup> | EIG Pearl Holdings Sarl, 3.545%, 08/31/2036 | 2100184 | 0.0 |
| 4959000 <sup>(3)</sup> | Enbridge, Inc. 20-A, 5.750%, 07/15/2080 | 4803238 | 0.1 |
| 2455000 <sup>(1)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 2497428 | 0.0 |
| 2548000 | Energy Transfer L.P., 3.750%, 05/15/2030 | 2410228 | 0.0 |
| 268000 | Energy Transfer L.P., 4.900%, 03/15/2035 | 254952 | 0.0 |
| 2698000 <sup>(2)</sup> | Energy Transfer L.P., 5.200%, 04/01/2030 | 2729788 | 0.0 |
| 1382000 | Energy Transfer L.P., 5.300%, 04/01/2044 | 1240564 | 0.0 |
| 280000 | Energy Transfer L.P., 5.350%, 05/15/2045 | 251654 | 0.0 |
| 1001000 | Energy Transfer L.P., 6.050%, 09/01/2054 | 972845 | 0.0 |
| 1637000 | Energy Transfer L.P. 20Y, 5.800%, 06/15/2038 | 1628578 | 0.0 |
| 3507000 <sup>(1)</sup> | EnLink Midstream LLC, 6.500%, 09/01/2030 | 3722972 | 0.1 |
| 1748000 <sup>(2)</sup> | Enterprise Products Operating LLC, 4.950%, 02/15/2035 | 1724451 | 0.0 |
| 2115000 <sup>(3)</sup> | Enterprise Products Operating LLC D, 7.571%, (TSFR3M + 3.248%), 08/16/2077 | 2108618 | 0.0 |
| 2642000 | Equinor ASA, 3.125%, 04/06/2030 | 2478161 | 0.0 |
| 1225000 <sup>(1)</sup> | Greensaif Pipelines Bidco Sarl, 6.129%, 02/23/2038 | 1259073 | 0.0 |
| 2875000 <sup>(1)</sup> | Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042 | 3008867 | 0.0 |
| 4785000 | Hess Corp., 4.300%, 04/01/2027 | 4761999 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 2610000 <sup>(1)(2)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 8.375%, 11/01/2033 | $2677338 | 0.0 |
| 2875000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 2947736 | 0.0 |
| 599000 | Kinder Morgan Energy Partners L.P., 5.000%, 03/01/2043 | 531263 | 0.0 |
| 4476000 | Kinder Morgan, Inc., 5.300%, 12/01/2034 | 4420387 | 0.1 |
| 3553000 | Marathon Petroleum Corp., 5.125%, 12/15/2026 | 3580384 | 0.1 |
| 2715000 | Marathon Petroleum Corp., 5.150%, 03/01/2030 | 2732418 | 0.0 |
| 3207000 <sup>(2)</sup> | Marathon Petroleum Corp., 5.700%, 03/01/2035 | 3195391 | 0.1 |
| 1376000 | MPLX L.P., 1.750%, 03/01/2026 | 1340305 | 0.0 |
| 4472000 | MPLX L.P., 2.650%, 08/15/2030 | 3983638 | 0.1 |
| 2119000 | MPLX L.P., 4.000%, 03/15/2028 | 2081160 | 0.0 |
| 989000 | MPLX L.P., 5.500%, 06/01/2034 | 985819 | 0.0 |
| 2340000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 2363765 | 0.0 |
| 1889000 | Occidental Petroleum Corp., 5.375%, 01/01/2032 | 1862540 | 0.0 |
| 1038000 | Occidental Petroleum Corp., 6.050%, 10/01/2054 | 972536 | 0.0 |
| 5344000 <sup>(2)</sup> | Occidental Petroleum Corp., 6.125%, 01/01/2031 | 5497432 | 0.1 |
| 2034000 | Occidental Petroleum Corp., 6.200%, 03/15/2040 | 2013924 | 0.0 |
| 520000 <sup>(2)</sup> | Occidental Petroleum Corp., 6.600%, 03/15/2046 | 524648 | 0.0 |
| 873000 | Occidental Petroleum Corp., 8.500%, 07/15/2027 | 926352 | 0.0 |
| 780000 | ONEOK Partners L.P., 6.200%, 09/15/2043 | 789206 | 0.0 |
| 2450000 <sup>(1)</sup> | ORLEN SA, 6.000%, 01/30/2035 | 2511250 | 0.0 |
| 1079000 | Ovintiv, Inc., 5.650%, 05/15/2028 | 1106248 | 0.0 |
| 5524000 <sup>(2)</sup> | Ovintiv, Inc., 7.100%, 07/15/2053 | 5840842 | 0.1 |
| 2425000 <sup>(1)(2)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 2417310 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 4000000 <sup>(1)</sup> | Petroleos del Peru SA, 4.750%, 06/19/2032 | $3008000 | 0.0 |
| 2280000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 1714560 | 0.0 |
| 10350000 <sup>(2)</sup> | Petroleos Mexicanos, 5.950%, 01/28/2031 | 8791808 | 0.1 |
| 3135000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 3061014 | 0.0 |
| 4750000 <sup>(1)(2)</sup> | Raizen Fuels Finance S.A., 6.450%, 03/05/2034 | 4811750 | 0.1 |
| 3550000 <sup>(1)</sup> | Raizen Fuels Finance SA, 5.700%, 01/17/2035 | 3373032 | 0.1 |
| 1047000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 1035521 | 0.0 |
| 4017000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 4036759 | 0.1 |
| 2187000 <sup>(1)(2)</sup> | Schlumberger Holdings Corp., 2.650%, 06/26/2030 | 1974576 | 0.0 |
| 2960000 <sup>(1)(2)</sup> | Schlumberger Holdings Corp., 5.000%, 11/15/2029 | 3005976 | 0.0 |
| 2195000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 2241868 | 0.0 |
| 2910000 <sup>(1)</sup> | Sunoco L.P., 6.250%, 07/01/2033 | 2915055 | 0.0 |
| 883000 | Targa Resources Corp., 5.500%, 02/15/2035 | 878246 | 0.0 |
| 470000 | Targa Resources Corp., 6.250%, 07/01/2052 | 475144 | 0.0 |
| 3166000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.875%, 02/01/2031 | 3100682 | 0.0 |
| 677000 | TotalEnergies Capital SA, 5.638%, 04/05/2064 | 661711 | 0.0 |
| 4247000 <sup>(3)</sup> | TransCanada PipeLines Ltd., 7.000%, 06/01/2065 | 4189363 | 0.1 |
| 1073000 | Transcontinental Gas Pipe Line Co. LLC, 3.250%, 05/15/2030 | 993753 | 0.0 |
| 5575000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 5658101 | 0.1 |
| 2199000 <sup>(2)</sup> | Western Midstream Operating L.P., 5.300%, 03/01/2048 | 1889425 | 0.0 |
| 3890000 | Western Midstream Operating L.P., 5.450%, 11/15/2034 | 3802607 | 0.1 |
| 10037000 | Williams Cos., Inc., 4.000%, 09/15/2025 | 10009742 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 1169000 <sup>(2)</sup> | Williams Cos., Inc., 4.900%, 03/15/2029 | $1176981 | 0.0 |
|  |  | **240729275** | **2.5** |
|  | **Financial: 8.5%** |  |  |
| 3337000 <sup>(1)(3)</sup> | ABN AMRO Bank NV, 3.324%, 03/13/2037 | 2903121 | 0.0 |
| 2490000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 2534957 | 0.0 |
| 3207000 | Air Lease Corp., MTN, 5.200%, 07/15/2031 | 3222763 | 0.0 |
| 1338000 | Alleghany Corp., 3.250%, 08/15/2051 | 893459 | 0.0 |
| 2525000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 2481908 | 0.0 |
| 1355000 <sup>(3)</sup> | American Express Co., 4.990%, 05/01/2026 | 1355170 | 0.0 |
| 3094000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | 3131826 | 0.0 |
| 5808000 <sup>(2)(3)</sup> | American Express Co., 5.282%, 07/27/2029 | 5927382 | 0.1 |
| 3613000 <sup>(2)(3)</sup> | American Express Co., 5.532%, 04/25/2030 | 3726095 | 0.1 |
| 793000 | American Homes 4 Rent L.P., 3.625%, 04/15/2032 | 720307 | 0.0 |
| 1453000 | American Homes 4 Rent L.P., 4.250%, 02/15/2028 | 1438298 | 0.0 |
| 4174000 | American Homes 4 Rent L.P., 5.500%, 02/01/2034 | 4180815 | 0.1 |
| 3407000 | American International Group, Inc., 3.400%, 06/30/2030 | 3189053 | 0.0 |
| 4191000 <sup>(2)</sup> | American International Group, Inc., 4.200%, 04/01/2028 | 4143280 | 0.1 |
| 2342000 | American Tower Corp., 3.650%, 03/15/2027 | 2303208 | 0.0 |
| 1649000 | American Tower Corp., 5.250%, 07/15/2028 | 1678880 | 0.0 |
| 3666000 | Ameriprise Financial, Inc., 5.200%, 04/15/2035 | 3658872 | 0.1 |
| 2351000 | Ameriprise Financial, Inc., 5.700%, 12/15/2028 | 2446026 | 0.0 |
| 1364000 | Aon North America, Inc., 5.125%, 03/01/2027 | 1379069 | 0.0 |
| 3047000 <sup>(2)</sup> | Aon North America, Inc., 5.150%, 03/01/2029 | 3101772 | 0.0 |
| 7172000 <sup>(1)(2)</sup> | Athene Global Funding, 5.322%, 11/13/2031 | 7180279 | 0.1 |
| 9127000 <sup>(1)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 9220870 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 7003000 <sup>(1)(2)</sup> | Atlas Warehouse Lending Co. L.P., 6.050%, 01/15/2028 | $7067141 | 0.1 |
| 2000000 <sup>(2)</sup> | Banco Nacional de Panama, 2.500%, 08/11/2030 | 1662000 | 0.0 |
| 3750000 <sup>(1)</sup> | Banco Nacional de Panama, 2.500%, 08/11/2030 | 3116250 | 0.0 |
| 5800000 | Banco Santander SA, 5.439%, 07/15/2031 | 5947557 | 0.1 |
| 2800000 <sup>(3)</sup> | Banco Santander SA, 5.538%, 03/14/2030 | 2860020 | 0.0 |
| 6829000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 6583793 | 0.1 |
| 949000 <sup>(3)</sup> | Bank of America Corp., 2.299%, 07/21/2032 | 810874 | 0.0 |
| 3524000 <sup>(3)</sup> | Bank of America Corp., 2.572%, 10/20/2032 | 3041565 | 0.0 |
| 4890000 <sup>(3)</sup> | Bank of America Corp., 2.592%, 04/29/2031 | 4393670 | 0.1 |
| 2505000 <sup>(3)</sup> | Bank of America Corp., 2.687%, 04/22/2032 | 2205503 | 0.0 |
| 8584000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 8320854 | 0.1 |
| 1938000 <sup>(3)</sup> | Bank of America Corp., 5.202%, 04/25/2029 | 1969357 | 0.0 |
| 5459000 <sup>(2)(3)</sup> | Bank of America Corp., 5.511%, 01/24/2036 | 5557850 | 0.1 |
| 7118000 <sup>(3)</sup> | Bank of America Corp., 5.518%, 10/25/2035 | 6986887 | 0.1 |
| 4977000 <sup>(3)</sup> | Bank of America Corp., 5.744%, 02/12/2036 | 4969342 | 0.1 |
| 4192000 <sup>(3)</sup> | Bank of America Corp., 5.872%, 09/15/2034 | 4376021 | 0.1 |
| 3817000 <sup>(3)</sup> | Bank of America Corp., GMTN, 3.593%, 07/21/2028 | 3735976 | 0.1 |
| 4519000 <sup>(2)(3)</sup> | Bank of America Corp., MTN, 2.087%, 06/14/2029 | 4179548 | 0.1 |
| 5945000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.496%, 02/13/2031 | 5338712 | 0.1 |
| 2122000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 2047719 | 0.0 |
| 8223000 <sup>(2)(3)</sup> | Bank of America Corp., MTN, 2.884%, 10/22/2030 | 7583324 | 0.1 |
| 2409000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.972%, 02/04/2033 | 2112864 | 0.0 |
| 6040000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 5666875 | 0.1 |
| 7475000 <sup>(2)(3)</sup> | Bank of Montreal, 4.640%, 09/10/2030 | 7436664 | 0.1 |
| 4569000 | Bank of Montreal, 5.511%, 06/04/2031 | 4710329 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 6877000 <sup>(3)</sup> | Bank of Nova Scotia, 4.740%, 11/10/2032 | $6778316 | 0.1 |
| 3391000 <sup>(3)</sup> | Bank of Nova Scotia, 5.130%, 02/14/2031 | 3423016 | 0.0 |
| 6096000 <sup>(1)</sup> | Banque Federative du Credit Mutuel SA, 4.935%, 01/26/2026 | 6118760 | 0.1 |
| 5517000 <sup>(2)(3)</sup> | Barclays PLC, 5.367%, 02/25/2031 | 5579275 | 0.1 |
| 1539000 <sup>(1)(2)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 1402558 | 0.0 |
| 6481000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.000%, 01/30/2032 | 5354410 | 0.1 |
| 641000 <sup>(1)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 583259 | 0.0 |
| 3286000 | Blackstone Private Credit Fund, 5.950%, 07/16/2029 | 3323125 | 0.0 |
| 8469000 <sup>(1)(2)</sup> | Blackstone Private Credit Fund, 6.000%, 11/22/2034 | 8152855 | 0.1 |
| 994000 | Blackstone Reg Finance Co. LLC, 5.000%, 12/06/2034 | 980362 | 0.0 |
| 4824000 | Blackstone Secured Lending Fund, 2.125%, 02/15/2027 | 4567489 | 0.1 |
| 3202000 <sup>(1)(2)</sup> | BPCE SA, 5.203%, 01/18/2027 | 3240670 | 0.0 |
| 3212000 <sup>(1)</sup> | BPCE SA, 5.281%, 05/30/2029 | 3270229 | 0.0 |
| 3202000 <sup>(1)(3)</sup> | BPCE SA, 5.716%, 01/18/2030 | 3265912 | 0.0 |
| 1910000 <sup>(1)(2)(3)</sup> | CaixaBank SA, 5.673%, 03/15/2030 | 1959717 | 0.0 |
| 3316000 | Camden Property Trust, 5.850%, 11/03/2026 | 3386012 | 0.0 |
| 3027000 <sup>(2)(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 2896453 | 0.0 |
| 1628000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 1717850 | 0.0 |
| 6408000 <sup>(2)</sup> | CME Group, Inc., 4.400%, 03/15/2030 | 6399541 | 0.1 |
| 4569000 <sup>(1)</sup> | CNO Global Funding, 5.875%, 06/04/2027 | 4687745 | 0.1 |
| 1128000 <sup>(3)</sup> | CoBank ACB M, 7.125%, 12/31/2199 | 1148449 | 0.0 |
| 8835000 <sup>(1)(3)</sup> | Cooperatieve Rabobank UA, 5.710%, 01/21/2033 | 9089018 | 0.1 |
| 4493000 <sup>(1)</sup> | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 4415379 | 0.1 |
| 1130000 <sup>(2)</sup> | Corebridge Financial, Inc., 3.900%, 04/05/2032 | 1045270 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 1106000 | Corebridge Financial, Inc., 5.750%, 01/15/2034 | $1135801 | 0.0 |
| 3544000 | Corebridge Financial, Inc., 6.050%, 09/15/2033 | 3700614 | 0.1 |
| 2700000 <sup>(1)</sup> | Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027 | 2528415 | 0.0 |
| 1712000 | Credit Suisse AG/ New York NY, 1.250%, 08/07/2026 | 1642156 | 0.0 |
| 3515000 | Credit Suisse AG/ New York NY, 5.000%, 07/09/2027 | 3555972 | 0.0 |
| 1830000 | Crown Castle, Inc., 2.100%, 04/01/2031 | 1539634 | 0.0 |
| 310000 | Crown Castle, Inc., 2.500%, 07/15/2031 | 264883 | 0.0 |
| 2368000 | Crown Castle, Inc., 2.900%, 03/15/2027 | 2287942 | 0.0 |
| 2548000 | Crown Castle, Inc., 3.300%, 07/01/2030 | 2337983 | 0.0 |
| 4108000 | Crown Castle, Inc., 4.800%, 09/01/2028 | 4101506 | 0.1 |
| 4985000 | Crown Castle, Inc., 4.900%, 09/01/2029 | 4964360 | 0.1 |
| 705000 <sup>(2)</sup> | Crown Castle, Inc., 5.100%, 05/01/2033 | 689398 | 0.0 |
| 2142000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 2189742 | 0.0 |
| 1212000 <sup>(2)</sup> | Crown Castle, Inc., 5.800%, 03/01/2034 | 1235999 | 0.0 |
| 3304000 | CubeSmart L.P., 2.250%, 12/15/2028 | 3029054 | 0.0 |
| 2604000 <sup>(1)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 2569278 | 0.0 |
| 3006000 <sup>(1)(2)(3)</sup> | Danske Bank A/S, 5.705%, 03/01/2030 | 3093999 | 0.0 |
| 2157000 <sup>(1)(3)</sup> | Depository Trust & Clearing Corp. D, 3.375%, 12/31/2199 | 2094857 | 0.0 |
| 6876000 | Deutsche Bank AG/ New York NY, 5.414%, 05/10/2029 | 7060530 | 0.1 |
| 2647000 | Discover Bank, 4.250%, 03/13/2026 | 2635128 | 0.0 |
| 2154000 <sup>(3)</sup> | Discover Bank, 5.974%, 08/09/2028 | 2202291 | 0.0 |
| 2602000 <sup>(1)(3)</sup> | DNB Bank ASA, 4.853%, 11/05/2030 | 2621794 | 0.0 |
| 2660000 | Enact Holdings, Inc., 6.250%, 05/28/2029 | 2730667 | 0.0 |
| 6567000 <sup>(1)</sup> | Equitable Financial Life Global Funding, 5.000%, 03/27/2030 | 6597612 | 0.1 |
| 4827000 <sup>(1)</sup> | Equitable Holdings, Inc., 4.572%, 02/15/2029 | 4758580 | 0.1 |
| 2869000 <sup>(2)</sup> | Essex Portfolio L.P., 5.375%, 04/01/2035 | 2876667 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 2123000 | Extra Space Storage L.P., 3.900%, 04/01/2029 | $2050236 | 0.0 |
| 1534000 | Extra Space Storage L.P., 4.000%, 06/15/2029 | 1483971 | 0.0 |
| 1831000 | Extra Space Storage L.P., 5.350%, 01/15/2035 | 1817154 | 0.0 |
| 6190000 <sup>(1)(2)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 6313984 | 0.1 |
| 2510000 <sup>(1)(2)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 2477699 | 0.0 |
| 2285000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 9.125%, 05/15/2031 | 2302281 | 0.0 |
| 2954000 <sup>(2)(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 2973264 | 0.0 |
| 1500000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 1514406 | 0.0 |
| 3553000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 3456063 | 0.0 |
| 1958000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.330%, 07/23/2035 | 1949178 | 0.0 |
| 6529000 <sup>(2)(3)</sup> | Goldman Sachs Group, Inc., 5.536%, 01/28/2036 | 6622644 | 0.1 |
| 3000000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.561%, 11/19/2045 | 2924937 | 0.0 |
| 1800000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 1857348 | 0.0 |
| 10011000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.734%, 01/28/2056 | 9978711 | 0.1 |
| 1800000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 1901778 | 0.0 |
| 5371000 <sup>(1)(3)</sup> | Hartford Financial Services Group, Inc. ICON, 6.710%, (TSFR3M + 2.387%), 02/12/2067 | 4957672 | 0.1 |
| 2408000 | Healthpeak OP LLC, 5.250%, 12/15/2032 | 2418942 | 0.0 |
| 2554000 | Host Hotels & Resorts L.P., 5.500%, 04/15/2035 | 2504250 | 0.0 |
| 8371000 <sup>(3)</sup> | HSBC Holdings PLC, 2.099%, 06/04/2026 | 8331376 | 0.1 |
| 6173000 <sup>(3)</sup> | HSBC Holdings PLC, 2.206%, 08/17/2029 | 5657866 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 2826000 <sup>(2)(3)</sup> | HSBC Holdings PLC, 2.804%, 05/24/2032 | $2472763 | 0 |
| 2300000 <sup>(3)</sup> | HSBC Holdings PLC, 5.597%, 05/17/2028 | 2338389 | 0 |
| 5231000 <sup>(3)</sup> | Huntington Bancshares, Inc., 6.141%, 11/18/2039 | 5270884 | 0.1 |
| 3922000 <sup>(3)</sup> | Huntington National Bank, 4.871%, 04/12/2028 | 3938326 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 994247 | 0 |
| 5003000 <sup>(2)(3)</sup> | ING Groep NV, 5.525%, 03/25/2036 | 5012929 | 0.1 |
| 4715000 | Intercontinental Exchange, Inc., 2.100%, 06/15/2030 | 4160733 | 0.1 |
| 3874000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 3778496 | 0.1 |
| 1749000 <sup>(2)</sup> | Invitation Homes Operating Parternship L.P., 5.500%, 08/15/2033 | 1761021 | 0 |
| 2548000 <sup>(2)</sup> | Invitation Homes Operating Partnership L.P., 2.000%, 08/15/2031 | 2133757 | 0 |
| 5183000 | Invitation Homes Operating Partnership L.P., 2.300%, 11/15/2028 | 4752904 | 0.1 |
| 1870000 <sup>(1)(2)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 1853314 | 0 |
| 2585000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | 2545404 | 0 |
| 3211000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.040%, 02/04/2027 | 3117866 | 0 |
| 3179000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 3041440 | 0 |
| 6974000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 6763901 | 0.1 |
| 7717000 <sup>(2)(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 7146376 | 0.1 |
| 2799000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.083%, 04/22/2026 | 2794465 | 0 |
| 1949000 <sup>(2)(3)</sup> | JPMorgan Chase & Co., 2.182%, 06/01/2028 | 1855213 | 0 |
| 2208000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.739%, 10/15/2030 | 2026790 | 0 |
| 5976000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 5806864 | 0.1 |
| 1171000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 1138398 | 0 |
| 2548000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.702%, 05/06/2030 | 2452544 | 0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 4307000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.452%, 12/05/2029 | $4278171 | 0.1 |
| 4024000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 3998412 | 0.1 |
| 2885000 <sup>(2)(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 2911672 | 0.0 |
| 1139000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 1151900 | 0.0 |
| 3708000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.140%, 01/24/2031 | 3766625 | 0.1 |
| 3741000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.534%, 11/29/2045 | 3706057 | 0.1 |
| 2548000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 2599205 | 0.0 |
| 2548000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 2628631 | 0.0 |
| 1759000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.766%, 04/22/2035 | 1828964 | 0.0 |
| 2077000 <sup>(2)(3)</sup> | KeyCorp, 6.401%, 03/06/2035 | 2195217 | 0.0 |
| 2240000 <sup>(3)</sup> | KeyCorp, MTN, 4.789%, 06/01/2033 | 2148929 | 0.0 |
| 1188000 | Kite Realty Group L.P., 4.000%, 10/01/2026 | 1175673 | 0.0 |
| 3100000 <sup>(1)(2)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 2954537 | 0.0 |
| 4294000 <sup>(2)(3)</sup> | Lloyds Banking Group PLC, 8.000%, 12/31/2199 | 4466937 | 0.1 |
| 4016000 <sup>(2)</sup> | LPL Holdings, Inc., 5.200%, 03/15/2030 | 4033517 | 0.1 |
| 2427000 | LPL Holdings, Inc., 5.700%, 05/20/2027 | 2467427 | 0.0 |
| 3429000 <sup>(1)</sup> | Lseg US Fin Corp., 4.875%, 03/28/2027 | 3457112 | 0.0 |
| 2939000 <sup>(1)(2)</sup> | Lseg US Fin Corp., 5.297%, 03/28/2034 | 2968601 | 0.0 |
| 14396000 | Marsh & McLennan Cos., Inc., 5.000%, 03/15/2035 | 14251790 | 0.2 |
| 2285000 | Mid-America Apartments L.P., 5.300%, 02/15/2032 | 2323928 | 0.0 |
| 1950000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 1881580 | 0.0 |
| 1426000 <sup>(2)(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031 | 1448472 | 0.0 |
| 6922000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.574%, 01/16/2036 | 7079365 | 0.1 |
| 3662000 <sup>(3)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 3546973 | 0.0 |
| 943000 <sup>(3)</sup> | Morgan Stanley, 2.188%, 04/28/2026 | 941147 | 0.0 |
| 2238000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 2158955 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 2124000 <sup>(3)</sup> | Morgan Stanley, 2.484%, 09/16/2036 | $1761516 | 0.0 |
| 1589000 <sup>(3)</sup> | Morgan Stanley, 3.591%, 07/22/2028 | 1549726 | 0.0 |
| 1477000 <sup>(3)</sup> | Morgan Stanley, 4.457%, 04/22/2039 | 1356701 | 0.0 |
| 2815000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 2839076 | 0.0 |
| 1668000 <sup>(2)(3)</sup> | Morgan Stanley, 5.516%, 11/19/2055 | 1630636 | 0.0 |
| 11723000 <sup>(3)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 11976809 | 0.1 |
| 1368000 <sup>(3)</sup> | Morgan Stanley, 5.831%, 04/19/2035 | 1418298 | 0.0 |
| 7434000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 7732310 | 0.1 |
| 10277000 <sup>(3)</sup> | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | 9881100 | 0.1 |
| 2538000 | Morgan Stanley, GMTN, 3.875%, 01/27/2026 | 2525502 | 0.0 |
| 1595000 | Morgan Stanley, MTN, 3.125%, 07/27/2026 | 1567804 | 0.0 |
| 3973000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 4027589 | 0.1 |
| 2500000 | MPT Operating Partnership L.P. / MPT Finance Corp., 3.500%, 03/15/2031 | 1669944 | 0.0 |
| 4401000 | National Bank of Canada, 5.600%, 12/18/2028 | 4537857 | 0.1 |
| 3900000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 6.500%, 08/01/2029 | 3956932 | 0.1 |
| 3083000 <sup>(3)</sup> | NatWest Group PLC, 5.076%, 01/27/2030 | 3103525 | 0.0 |
| 3277000 <sup>(3)</sup> | NatWest Group PLC, 5.778%, 03/01/2035 | 3344970 | 0.0 |
| 5686000 <sup>(1)(2)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 5823158 | 0.1 |
| 3072000 <sup>(1)</sup> | Nuveen LLC, 5.550%, 01/15/2030 | 3168659 | 0.0 |
| 2285000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 2329743 | 0.0 |
| 2660000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 2681929 | 0.0 |
| 1282000 <sup>(2)</sup> | Piedmont Operating Partnership L.P., 2.750%, 04/01/2032 | 1036071 | 0.0 |
| 3549000 <sup>(3)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 | 3727401 | 0.1 |
| 4614000 <sup>(1)(2)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 4709846 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 1012000 <sup>(1)</sup> | Prologis Targeted US Logistics Fund L.P., 5.500%, 04/01/2034 | $1025585 | 0.0 |
| 670000 | Realty Income Corp., 3.950%, 08/15/2027 | 662630 | 0.0 |
| 2632000 | Regions Bank/ Birmingham AL, 6.450%, 06/26/2037 | 2719880 | 0.0 |
| 12391000 <sup>(2)(3)</sup> | Regions Financial Corp., 5.502%, 09/06/2035 | 12237134 | 0.1 |
| 8558000 <sup>(2)</sup> | Rexford Industrial Realty L.P., 2.150%, 09/01/2031 | 7159326 | 0.1 |
| 950000 <sup>(1)</sup> | RGA Global Funding, 5.448%, 05/24/2029 | 974884 | 0.0 |
| 4750000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.650%, 10/18/2030 | 4714567 | 0.1 |
| 2455000 <sup>(2)(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 2473299 | 0.0 |
| 4323000 <sup>(2)(3)</sup> | Royal Bank of Canada, GMTN, 4.970%, 05/02/2031 | 4345505 | 0.1 |
| 2932000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 5.153%, 02/04/2031 | 2968137 | 0.0 |
| 1440000 | Sabra Health Care L.P., 3.200%, 12/01/2031 | 1251521 | 0.0 |
| 2845000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 2.469%, 01/11/2028 | 2735017 | 0.0 |
| 2160000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 2163464 | 0.0 |
| 10390000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 9461899 | 0.1 |
| 6680000 <sup>(2)(3)</sup> | State Street Corp., 4.675%, 10/22/2032 | 6608332 | 0.1 |
| 2942000 <sup>(2)</sup> | State Street Corp., 4.729%, 02/28/2030 | 2958507 | 0.0 |
| 773000 | Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029 | 723152 | 0.0 |
| 3914000 <sup>(2)</sup> | Sumitomo Mitsui Financial Group, Inc., 5.240%, 04/15/2030 | 3991942 | 0.1 |
| 750000 | Sumitomo Mitsui Financial Group, Inc., 5.316%, 07/09/2029 | 767159 | 0.0 |
| 4639000 | Sumitomo Mitsui Financial Group, Inc., 5.424%, 07/09/2031 | 4770711 | 0.1 |
| 2811000 | Sumitomo Mitsui Financial Group, Inc., 5.454%, 01/15/2032 | 2876501 | 0.0 |
| 5262000 <sup>(3)</sup> | Sumitomo Mitsui Financial Group, Inc., 6.450%, 12/31/2199 | 5168994 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 2347000 | Sun Communities Operating L.P., 5.500%, 01/15/2029 | $2402582 | 0.0 |
| 3796000 <sup>(2)</sup> | Toronto-Dominion Bank, 5.298%, 01/30/2032 | 3861970 | 0.1 |
| 2046000 | TPG Operating Group II L.P., 5.875%, 03/05/2034 | 2095715 | 0.0 |
| 1277000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | 1238317 | 0.0 |
| 4848000 <sup>(2)(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 4949363 | 0.1 |
| 3465000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.867%, 06/08/2034 | 3565933 | 0.1 |
| 1472000 <sup>(3)</sup> | Truist Financial Corp., MTN, 6.123%, 10/28/2033 | 1548799 | 0.0 |
| 2380000 <sup>(1)</sup> | Trust Fibra Uno, 7.700%, 01/23/2032 | 2463240 | 0.0 |
| 3556000 <sup>(1)(3)</sup> | UBS Group AG, 1.364%, 01/30/2027 | 3461363 | 0.0 |
| 1175000 <sup>(1)(3)</sup> | UBS Group AG, 1.494%, 08/10/2027 | 1125937 | 0.0 |
| 2972000 <sup>(1)(3)</sup> | UBS Group AG, 2.193%, 06/05/2026 | 2958154 | 0.0 |
| 2510000 <sup>(1)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 2732235 | 0.0 |
| 477000 <sup>(1)(3)</sup> | UBS Group AG, 9.250%, 12/31/2199 | 545546 | 0.0 |
| 2582000 <sup>(3)</sup> | US Bancorp, 5.384%, 01/23/2030 | 2634808 | 0.0 |
| 1800000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 1850872 | 0.0 |
| 1234000 <sup>(3)</sup> | Wells Fargo & Co., 5.499%, 01/23/2035 | 1251218 | 0.0 |
| 727000 <sup>(3)</sup> | Wells Fargo & Co., 6.491%, 10/23/2034 | 784537 | 0.0 |
| 2126000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 2081900 | 0.0 |
| 2724000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | 2722943 | 0.0 |
| 3714000 <sup>(1)</sup> | Westpac New Zealand Ltd., 5.132%, 02/26/2027 | 3763928 | 0.1 |
| 1289000 | Weyerhaeuser Co., 4.750%, 05/15/2026 | 1291240 | 0.0 |
|  |  | **808195066** | **8.5** |
|  | **Industrial: 2.1%** |  |  |
| 2378000 <sup>(2)</sup> | 3M Co., 5.150%, 03/15/2035 | 2378184 | 0.0 |
| 2598000 | AGCO Corp., 5.450%, 03/21/2027 | 2631495 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 1602000 | Amcor Group Finance PLC, 5.450%, 05/23/2029 | $1638949 | 0.0 |
| 2360000 <sup>(1)(2)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 2394572 | 0.0 |
| 4985000 | Arrow Electronics, Inc., 5.150%, 08/21/2029 | 5011783 | 0.1 |
| 2410000 | Avnet, Inc., 6.250%, 03/15/2028 | 2494043 | 0.0 |
| 4458000 <sup>(1)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 | 4528263 | 0.1 |
| 4153000 | Berry Global, Inc., 1.650%, 01/15/2027 | 3941099 | 0.1 |
| 980000 | Boeing Co., 5.705%, 05/01/2040 | 953237 | 0.0 |
| 1210000 | Boeing Co., 5.930%, 05/01/2060 | 1139445 | 0.0 |
| 426000 <sup>(2)</sup> | Boeing Co., 6.858%, 05/01/2054 | 463106 | 0.0 |
| 2692000 | Boeing Co., 7.008%, 05/01/2064 | 2919652 | 0.0 |
| 3080000 <sup>(1)(2)</sup> | Bombardier, Inc., 7.250%, 07/01/2031 | 3094327 | 0.0 |
| 1637000 | Canadian Pacific Railway Co., 2.875%, 11/15/2029 | 1518187 | 0.0 |
| 726000 | Carrier Global Corp., 2.722%, 02/15/2030 | 664257 | 0.0 |
| 632000 | Carrier Global Corp., 5.900%, 03/15/2034 | 665127 | 0.0 |
| 3020000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 2929590 | 0.0 |
| 2490000 <sup>(2)</sup> | Caterpillar Financial Services Corp., 4.375%, 08/16/2029 | 2486093 | 0.0 |
| 4407000 <sup>(2)</sup> | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 4464417 | 0.1 |
| 4269000 | CNH Industrial Capital LLC, 5.500%, 01/12/2029 | 4390126 | 0.1 |
| 3300000 | CRH SMW Finance DAC, 5.200%, 05/21/2029 | 3358681 | 0.1 |
| 474000 | CSX Corp., 4.650%, 03/01/2068 | 394526 | 0.0 |
| 3910000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 3916620 | 0.1 |
| 2800000 <sup>(1)(2)</sup> | Energizer Holdings, Inc., 4.375%, 03/31/2029 | 2610229 | 0.0 |
| 441000 <sup>(1)</sup> | FedEx Corp., 4.550%, 04/01/2046 | 358343 | 0.0 |
| 50000 <sup>(1)</sup> | FedEx Corp., 4.750%, 11/15/2045 | 41801 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 2107261 | FedEx Corp. Class AA Pass Through Trust 20-1, AA, 1.875%, 08/20/2035 | $1787447 | 0.0 |
| 4985000 | Flex Ltd., 5.250%, 01/15/2032 | 4953445 | 0.1 |
| 2548000 | Fortune Brands Innovations, Inc., 3.250%, 09/15/2029 | 2385859 | 0.0 |
| 1269000 <sup>(2)</sup> | Fortune Brands Innovations, Inc., 5.875%, 06/01/2033 | 1319066 | 0.0 |
| 1420000 <sup>(2)</sup> | GATX Corp., 4.000%, 06/30/2030 | 1365342 | 0.0 |
| 948000 | GATX Corp., 6.050%, 06/05/2054 | 955072 | 0.0 |
| 1670000 <sup>(1)</sup> | Goat Holdco LLC, 6.750%, 02/01/2032 | 1636007 | 0.0 |
| 4453000 | HEICO Corp., 5.250%, 08/01/2028 | 4532857 | 0.1 |
| 5096000 | Honeywell International, Inc., 4.750%, 02/01/2032 | 5091074 | 0.1 |
| 1444000 | Honeywell International, Inc., 5.000%, 03/01/2035 | 1439137 | 0.0 |
| 2548000 <sup>(2)</sup> | Huntington Ingalls Industries, Inc., 4.200%, 05/01/2030 | 2448264 | 0.0 |
| 2830000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 2689893 | 0.0 |
| 1264000 | Ingersoll Rand, Inc., 5.176%, 06/15/2029 | 1285952 | 0.0 |
| 1492000 | Ingersoll Rand, Inc., 5.400%, 08/14/2028 | 1528546 | 0.0 |
| 818000 | Ingersoll Rand, Inc., 5.450%, 06/15/2034 | 830534 | 0.0 |
| 3845000 | John Deere Capital Corp., 4.400%, 09/08/2031 | 3808318 | 0.1 |
| 6989000 | John Deere Capital Corp., MTN, 4.700%, 06/10/2030 | 7060865 | 0.1 |
| 2972000 | John Deere Capital Corp., MTN, 4.850%, 06/11/2029 | 3021107 | 0.0 |
| 5507000 <sup>(2)</sup> | John Deere Capital Corp., MTN, 4.900%, 03/07/2031 | 5600606 | 0.1 |
| 2283000 | L3Harris Technologies, Inc., 5.050%, 06/01/2029 | 2313388 | 0.0 |
| 757000 <sup>(2)</sup> | Mohawk Industries, Inc., 5.850%, 09/18/2028 | 784639 | 0.0 |
| 358000 <sup>(2)</sup> | Norfolk Southern Corp., 5.050%, 08/01/2030 | 365641 | 0.0 |
| 1007000 <sup>(2)</sup> | Norfolk Southern Corp., 5.550%, 03/15/2034 | 1046341 | 0.0 |
| 399000 <sup>(2)</sup> | Norfolk Southern Corp., 5.950%, 03/15/2064 | 411619 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 2950000 <sup>(1)(2)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | $2883625 | 0.0 |
| 3339000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.200%, 11/15/2025 | 3264113 | 0.1 |
| 4543000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 1.700%, 06/15/2026 | 4387961 | 0.1 |
| 5559000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 07/01/2029 | 5628850 | 0.1 |
| 4405000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.250%, 02/01/2030 | 4459846 | 0.1 |
| 8023000 <sup>(1)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 | 8182022 | 0.1 |
| 1945000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 1958936 | 0.0 |
| 2191000 | Raytheon Technologies Corp., 4.450%, 11/16/2038 | 2000393 | 0.0 |
| 3856000 | Ryder System, Inc., 5.000%, 03/15/2030 | 3880457 | 0.1 |
| 1870000 <sup>(2)</sup> | Ryder System, Inc., 6.600%, 12/01/2033 | 2037391 | 0.0 |
| 2315000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 | 2330573 | 0.0 |
| 2279000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 | 2319634 | 0.0 |
| 436000 <sup>(2)</sup> | Ryder System, Inc., MTN, 5.375%, 03/15/2029 | 446184 | 0.0 |
| 3121000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 | 3206464 | 0.0 |
| 2986000 <sup>(1)(2)</sup> | Sealed Air Corp., 1.573%, 10/15/2026 | 2841794 | 0.0 |
| 2825000 <sup>(1)(2)</sup> | Sealed Air Corp/Sealed Air Corp. US, 7.250%, 02/15/2031 | 2927833 | 0.0 |
| 1200000 <sup>(1)(2)</sup> | Sensata Technologies, Inc., 6.625%, 07/15/2032 | 1189522 | 0.0 |
| 5944000 <sup>(1)(2)</sup> | Smurfit Kappa Treasury ULC, 5.200%, 01/15/2030 | 6042323 | 0.1 |
| 1983000 <sup>(1)</sup> | Smurfit Kappa Treasury ULC, 5.438%, 04/03/2034 | 1996250 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** |  |  |
| 847000 <sup>(1)</sup> | Smurfit Kappa Treasury ULC, 5.777%, 04/03/2054 | $835864 | 0.0 |
| 1940000 <sup>(1)(2)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 2011927 | 0.0 |
| 2530000 <sup>(2)</sup> | Sonoco Products Co., 4.600%, 09/01/2029 | 2494624 | 0.0 |
| 720000 <sup>(1)</sup> | Standard Building Solutions, Inc., 6.500%, 08/15/2032 | 720618 | 0.0 |
| 3925000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 3624812 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Terex Corp., 6.250%, 10/15/2032 | 2427854 | 0.0 |
| 485000 | Union Pacific Corp., 3.750%, 02/05/2070 | 331783 | 0.0 |
| 131000 | Union Pacific Corp., 3.799%, 04/06/2071 | 90596 | 0.0 |
| 131000 | Union Pacific Corp., 4.100%, 09/15/2067 | 97651 | 0.0 |
| 2683000 <sup>(2)</sup> | Union Pacific Corp., 5.100%, 02/20/2035 | 2707182 | 0.0 |
| 2500000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 2514685 | 0.0 |
| 2548000 | Westinghouse Air Brake Technologies Corp., 4.700%, 09/15/2028 | 2552652 | 0.0 |
|  |  | **202441590** | **2.1** |
|  | **Technology: 2.2%** |  |  |
| 8155000 | Accenture Capital, Inc., 4.250%, 10/04/2031 | 8009214 | 0.1 |
| 5427000 <sup>(2)</sup> | Adobe, Inc., 4.950%, 01/17/2030 | 5557961 | 0.1 |
| 2400000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 2363431 | 0.0 |
| 5860000 | AppLovin Corp., 5.125%, 12/01/2029 | 5884643 | 0.1 |
| 4835000 <sup>(2)</sup> | AppLovin Corp., 5.375%, 12/01/2031 | 4861482 | 0.1 |
| 4431000 <sup>(1)</sup> | Booz Allen Hamilton, Inc., 3.875%, 09/01/2028 | 4210320 | 0.1 |
| 4630000 <sup>(1)(2)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 | 4358288 | 0.1 |
| 5806000 <sup>(1)</sup> | Broadcom, Inc., 2.450%, 02/15/2031 | 5109804 | 0.1 |
| 5531000 <sup>(1)</sup> | Broadcom, Inc., 3.187%, 11/15/2036 | 4542235 | 0.1 |
| 3076000 | Broadcom, Inc., 4.800%, 10/15/2034 | 3003864 | 0.0 |
| 7900000 <sup>(1)</sup> | Broadcom, Inc., 4.926%, 05/15/2037 | 7599120 | 0.1 |
| 2788000 | Broadcom, Inc., 5.050%, 04/15/2030 | 2825953 | 0.0 |
| 2574000 | Broadcom, Inc., 5.150%, 11/15/2031 | 2611455 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** |  |  |
| 1338000 | Broadcom, Inc., 5.200%, 04/15/2032 | $1358060 | 0.0 |
| 3865000 <sup>(2)</sup> | Cadence Design Systems, Inc., 4.300%, 09/10/2029 | 3827553 | 0.0 |
| 2490000 | CDW LLC / CDW Finance Corp., 5.100%, 03/01/2030 | 2487831 | 0.0 |
| 3620000 <sup>(1)</sup> | Cloud Software Group, Inc., 8.250%, 06/30/2032 | 3684635 | 0.0 |
| 976000 <sup>(2)</sup> | Concentrix Corp., 6.600%, 08/02/2028 | 1018986 | 0.0 |
| 3196000 <sup>(1)(2)</sup> | Constellation Software, Inc./Canada, 5.158%, 02/16/2029 | 3243768 | 0.0 |
| 736000 | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 745609 | 0.0 |
| 3310000 | Fiserv, Inc., 5.150%, 03/15/2027 | 3343510 | 0.0 |
| 1402000 | Fiserv, Inc., 5.150%, 08/12/2034 | 1391391 | 0.0 |
| 1770000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 1786542 | 0.0 |
| 1013000 <sup>(1)</sup> | Foundry JV Holdco LLC, 5.875%, 01/25/2034 | 1016423 | 0.0 |
| 1750000 <sup>(1)(2)</sup> | Foundry JV Holdco LLC, 5.900%, 01/25/2030 | 1813733 | 0.0 |
| 1600000 <sup>(1)</sup> | Foundry JV Holdco LLC, 6.100%, 01/25/2036 | 1639975 | 0.0 |
| 2599000 <sup>(1)(2)</sup> | Foundry JV Holdco LLC, 6.200%, 01/25/2037 | 2681947 | 0.0 |
| 5432000 <sup>(2)</sup> | Hewlett Packard Enterprise Co., 4.850%, 10/15/2031 | 5378182 | 0.1 |
| 4082000 | Hewlett Packard Enterprise Co., 5.000%, 10/15/2034 | 3978359 | 0.1 |
| 8498000 <sup>(2)</sup> | Hewlett Packard Enterprise Co., 5.600%, 10/15/2054 | 8090869 | 0.1 |
| 2585000 <sup>(2)</sup> | HP, Inc., 2.650%, 06/17/2031 | 2251022 | 0.0 |
| 4513000 | IBM International Capital Pte Ltd., 4.750%, 02/05/2031 | 4519474 | 0.1 |
| 247000 <sup>(2)</sup> | Intel Corp., 5.600%, 02/21/2054 | 224773 | 0.0 |
| 904000 | Intel Corp., 5.700%, 02/10/2053 | 831568 | 0.0 |
| 1400000 | International Business Machines Corp., 3.500%, 05/15/2029 | 1345117 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** |  |  |
| 5430000 <sup>(2)</sup> | International Business Machines Corp., 4.800%, 02/10/2030 | $5470767 | 0.1 |
| 3915000 <sup>(2)</sup> | International Business Machines Corp., 5.000%, 02/10/2032 | 3946375 | 0.1 |
| 2946000 <sup>(2)</sup> | International Business Machines Corp., 5.200%, 02/10/2035 | 2953367 | 0.0 |
| 5158000 | International Business Machines Corp., 5.700%, 02/10/2055 | 5119831 | 0.1 |
| 1871000 <sup>(2)</sup> | Intuit, Inc., 5.125%, 09/15/2028 | 1920689 | 0.0 |
| 4969000 <sup>(2)</sup> | Intuit, Inc., 5.500%, 09/15/2053 | 4945410 | 0.1 |
| 2548000 <sup>(2)</sup> | Kyndryl Holdings, Inc., 2.700%, 10/15/2028 | 2367493 | 0.0 |
| 2079000 | Marvell Technology, Inc., 5.750%, 02/15/2029 | 2143239 | 0.0 |
| 3238000 | Micron Technology, Inc., 5.800%, 01/15/2035 | 3317193 | 0.0 |
| 5464000 <sup>(1)</sup> | MSCI, Inc., 3.625%, 09/01/2030 | 5059165 | 0.1 |
| 2737000 | NetApp, Inc., 5.500%, 03/17/2032 | 2759243 | 0.0 |
| 2737000 <sup>(2)</sup> | NetApp, Inc., 5.700%, 03/17/2035 | 2733983 | 0.0 |
| 4184000 | NXP BV / NXP Funding LLC, 5.350%, 03/01/2026 | 4202535 | 0.1 |
| 1754000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 3.400%, 05/01/2030 | 1636587 | 0.0 |
| 4220000 <sup>(1)(2)</sup> | Open Text Holdings, Inc., 4.125%, 12/01/2031 | 3732545 | 0.0 |
| 6018000 | Oracle Corp., 2.300%, 03/25/2028 | 5653783 | 0.1 |
| 2978000 | Oracle Corp., 3.800%, 11/15/2037 | 2510591 | 0.0 |
| 179000 | Oracle Corp., 3.850%, 07/15/2036 | 155225 | 0.0 |
| 502000 | Oracle Corp., 3.850%, 04/01/2060 | 345307 | 0.0 |
| 5319000 | Oracle Corp., 5.375%, 09/27/2054 | 4854017 | 0.1 |
| 2178000 | Oracle Corp., 5.500%, 09/27/2064 | 1976101 | 0.0 |
| 2062000 | Oracle Corp., 6.000%, 08/03/2055 | 2060806 | 0.0 |
| 1752000 | Oracle Corp., 6.125%, 08/03/2065 | 1750891 | 0.0 |
| 2750000 | Oracle Corp., 6.150%, 11/09/2029 | 2912071 | 0.0 |
| 2095000 <sup>(1)(2)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 1847110 | 0.0 |
| 4205000 <sup>(2)</sup> | QUALCOMM, Inc., 6.000%, 05/20/2053 | 4430395 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 2697000 | Synopsys, Inc., 5.000%, 04/01/2032 | $2704841 | 0.0 |
| 2284000 <sup>(2)</sup> | Take-Two Interactive Software, Inc., 5.400%, 06/12/2029 | 2341779 | 0.0 |
| 2548000 | Teledyne FLIR LLC, 2.500%, 08/01/2030 | 2274571 | 0.0 |
|  |  | **205723007** | **2.2** |
|  | **Utilities: 3.2%** |  |  |
| 3388000 <sup>(1)</sup> | AEP Texas, Inc., 3.850%, 10/01/2025 | 3367056 | 0.1 |
| 4569000 | AEP Texas, Inc., 5.450%, 05/15/2029 | 4678118 | 0.1 |
| 1601000 | AEP Transmission Co. LLC, 5.150%, 04/01/2034 | 1601218 | 0.0 |
| 2649000 | AES Corp., 1.375%, 01/15/2026 | 2576692 | 0.0 |
| 3817000 <sup>(2)</sup> | AES Corp., 2.450%, 01/15/2031 | 3264463 | 0.1 |
| 2505000 <sup>(1)(2)</sup> | AES Corp., 3.950%, 07/15/2030 | 2350249 | 0.0 |
| 2816000 | AES Corp., 5.450%, 06/01/2028 | 2865723 | 0.0 |
| 4539000 | AES Corp., 5.800%, 03/15/2032 | 4588568 | 0.1 |
| 2465234 | AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 | 2208850 | 0.0 |
| 1133000 | Alabama Power Co., 5.850%, 11/15/2033 | 1196285 | 0.0 |
| 2280000 <sup>(3)</sup> | Algonquin Power & Utilities Corp., 5.365%, 06/15/2026 | 2293860 | 0.0 |
| 1860000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 1862640 | 0.0 |
| 3554000 | Ameren Corp., 5.000%, 01/15/2029 | 3588474 | 0.1 |
| 2236000 <sup>(1)</sup> | American Transmission Systems, Inc., 2.650%, 01/15/2032 | 1921327 | 0.0 |
| 9023000 | Avangrid, Inc., 3.200%, 04/15/2025 | 9015788 | 0.1 |
| 2348000 | Avangrid, Inc., 3.800%, 06/01/2029 | 2261539 | 0.0 |
| 2065000 | Black Hills Corp., 3.050%, 10/15/2029 | 1917970 | 0.0 |
| 1138000 | Black Hills Corp., 6.000%, 01/15/2035 | 1178663 | 0.0 |
| 2102000 <sup>(1)</sup> | Boston Gas Co., 5.843%, 01/10/2035 | 2156674 | 0.0 |
| 1883000 <sup>(2)</sup> | CenterPoint Energy, Inc., 5.400%, 06/01/2029 | 1924872 | 0.0 |
| 2925000 <sup>(1)(2)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 | 2925585 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 1999000 <sup>(1)</sup> | Cleveland Electric Illuminating Co., 3.500%, 04/01/2028 | $1925178 | 0.0 |
| 1470000 <sup>(3)</sup> | CMS Energy Corp., 3.750%, 12/01/2050 | 1293168 | 0.0 |
| 5370000 <sup>(3)</sup> | CMS Energy Corp., 4.750%, 06/01/2050 | 5058089 | 0.1 |
| 3750000 <sup>(1)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 | 3684675 | 0.1 |
| 5075000 <sup>(1)(2)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 | 4897375 | 0.1 |
| 442000 <sup>(2)</sup> | Consolidated Edison Co. of New York, Inc. 05-A, 5.300%, 03/01/2035 | 448631 | 0.0 |
| 1390000 | DTE Energy Co., 4.950%, 07/01/2027 | 1400813 | 0.0 |
| 7381000 | DTE Energy Co., 5.100%, 03/01/2029 | 7481038 | 0.1 |
| 3903000 <sup>(2)</sup> | DTE Energy Co., 5.200%, 04/01/2030 | 3954473 | 0.1 |
| 1195000 | Duke Energy Carolinas LLC, 2.550%, 04/15/2031 | 1060103 | 0.0 |
| 1516000 <sup>(2)(3)</sup> | Duke Energy Corp., 6.450%, 09/01/2054 | 1517231 | 0.0 |
| 3231000 | Duke Energy Florida LLC, 2.400%, 12/15/2031 | 2800971 | 0.0 |
| 908000 | Duke Energy Florida LLC, 5.875%, 11/15/2033 | 958965 | 0.0 |
| 1534000 | Duke Energy Ohio, Inc., 2.125%, 06/01/2030 | 1358621 | 0.0 |
| 1518000 <sup>(1)</sup> | Duquesne Light Holdings, Inc., 2.532%, 10/01/2030 | 1340191 | 0.0 |
| 2187000 | Entergy Corp., 2.400%, 06/15/2031 | 1886307 | 0.0 |
| 1187000 | Entergy Corp., 2.800%, 06/15/2030 | 1074956 | 0.0 |
| 1824000 | Entergy Mississippi LLC, 5.000%, 09/01/2033 | 1807847 | 0.0 |
| 2005000 | Entergy Texas, Inc., 4.000%, 03/30/2029 | 1967778 | 0.0 |
| 4538000 | Essential Utilities, Inc., 2.704%, 04/15/2030 | 4110092 | 0.1 |
| 1160000 | Essential Utilities, Inc., 5.375%, 01/15/2034 | 1166525 | 0.0 |
| 1842000 <sup>(2)</sup> | Evergy Kansas Central, Inc., 5.250%, 03/15/2035 | 1850189 | 0.0 |
| 812000 | Evergy Kansas Central, Inc., 5.900%, 11/15/2033 | 851127 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 2045000 <sup>(2)</sup> | Evergy Metro, Inc. 2020, 2.250%, 06/01/2030 | $1820214 | 0.0 |
| 2548000 <sup>(2)</sup> | Eversource Energy, 2.550%, 03/15/2031 | 2241220 | 0.0 |
| 4607000 <sup>(2)</sup> | Eversource Energy, 2.900%, 03/01/2027 | 4463769 | 0.1 |
| 1235000 | Eversource Energy, 5.125%, 05/15/2033 | 1221712 | 0.0 |
| 2793000 | Eversource Energy, 5.450%, 03/01/2028 | 2854673 | 0.0 |
| 1441000 | Eversource Energy, 5.500%, 01/01/2034 | 1448461 | 0.0 |
| 2824000 | Eversource Energy, 5.950%, 02/01/2029 | 2934163 | 0.0 |
| 2716000 | Eversource Energy Q, 0.800%, 08/15/2025 | 2675597 | 0.0 |
| 2538000 | Eversource Energy U, 1.400%, 08/15/2026 | 2428304 | 0.0 |
| 4496000 | Exelon Corp., 5.150%, 03/15/2028 | 4569687 | 0.1 |
| 3703000 | Exelon Corp., 5.150%, 03/15/2029 | 3766899 | 0.1 |
| 3470000 | FirstEnergy Corp. B, 3.900%, 07/15/2027 | 3412951 | 0.1 |
| 1810000 | Florida Power & Light Co., 4.625%, 05/15/2030 | 1822067 | 0.0 |
| 2032000 | Florida Power & Light Co., 5.300%, 06/15/2034 | 2080471 | 0.0 |
| 1485000 | Georgia Power Co., 4.650%, 05/16/2028 | 1494909 | 0.0 |
| 2199000 | IPALCO Enterprises, Inc., 4.250%, 05/01/2030 | 2094418 | 0.0 |
| 658000 <sup>(1)</sup> | Jersey Central Power & Light Co., 2.750%, 03/01/2032 | 568937 | 0.0 |
| 2953000 <sup>(1)</sup> | Jersey Central Power & Light Co., 4.300%, 01/15/2026 | 2940524 | 0.0 |
| 884000 | Kentucky Utilities Co. KENT, 5.450%, 04/15/2033 | 905989 | 0.0 |
| 2548000 <sup>(1)(2)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 | 2609030 | 0.0 |
| 3714000 <sup>(1)(2)</sup> | Liberty Utilities Co., 5.869%, 01/31/2034 | 3786521 | 0.1 |
| 2480000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 2555417 | 0.0 |
| 884000 | Louisville Gas and Electric Co. LOU, 5.450%, 04/15/2033 | 904227 | 0.0 |
| 76000 | Mississippi Power Co., 4.750%, 10/15/2041 | 66906 | 0.0 |
| 2271000 <sup>(1)(2)</sup> | Monongahela Power Co., 3.550%, 05/15/2027 | 2220370 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 1984000 <sup>(1)</sup> | Monongahela Power Co., 5.850%, 02/15/2034 | $2048716 | 0.0 |
| 2753000 <sup>(1)</sup> | Narragansett Electric Co., 3.395%, 04/09/2030 | 2590809 | 0.0 |
| 2915000 | National Grid PLC, 5.418%, 01/11/2034 | 2944053 | 0.0 |
| 4396000 <sup>(2)</sup> | National Rural Utilities Cooperative Finance Corp., 2.400%, 03/15/2030 | 3972139 | 0.1 |
| 2298000 | National Rural Utilities Cooperative Finance Corp., 2.750%, 04/15/2032 | 2000826 | 0.0 |
| 615000 | National Rural Utilities Cooperative Finance Corp., 4.150%, 12/15/2032 | 581674 | 0.0 |
| 3150000 | National Rural Utilities Cooperative Finance Corp., 5.000%, 08/15/2034 | 3129605 | 0.0 |
| 361000 <sup>(2)</sup> | National Rural Utilities Cooperative Finance Corp., 5.800%, 01/15/2033 | 378222 | 0.0 |
| 1994000 <sup>(3)</sup> | National Rural Utilities Cooperative Finance Corp., 7.459%, (TSFR3M + 3.172%), 04/30/2043 | 1995997 | 0.0 |
| 2123000 <sup>(2)</sup> | National Rural Utilities Cooperative Finance Corp., GMTN, 5.000%, 02/07/2031 | 2163690 | 0.0 |
| 3944000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 3769413 | 0.1 |
| 5040000 <sup>(2)(3)</sup> | NextEra Energy Capital Holdings, Inc., 3.800%, 03/15/2082 | 4754443 | 0.1 |
| 3168000 <sup>(2)</sup> | NextEra Energy Capital Holdings, Inc., 5.300%, 03/15/2032 | 3220438 | 0.1 |
| 3100000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.375%, 08/15/2055 | 3111089 | 0.0 |
| 3100000 <sup>(3)</sup> | NextEra Energy Capital Holdings, Inc., 6.500%, 08/15/2055 | 3168008 | 0.0 |
| 4300000 <sup>(1)(2)</sup> | Niagara Energy SAC, 5.746%, 10/03/2034 | 4266138 | 0.1 |
| 3437000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 2972874 | 0.0 |
| 892000 <sup>(1)</sup> | Niagara Mohawk Power Corp., 5.664%, 01/17/2054 | 866716 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 8208000 <sup>(1)</sup> | NorthWestern Corp., 5.073%, 03/21/2030 | $8270758 | 0.1 |
| 2125000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 2069498 | 0.0 |
| 1353000 <sup>(2)</sup> | NSTAR Electric Co., 1.950%, 08/15/2031 | 1147603 | 0.0 |
| 925000 | NSTAR Electric Co., 5.400%, 06/01/2034 | 941233 | 0.0 |
| 1145000 <sup>(2)</sup> | OGE Energy Corp., 5.450%, 05/15/2029 | 1172072 | 0.0 |
| 1520000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 1552426 | 0.0 |
| 1171000 | Pacific Gas and Electric Co., 4.300%, 03/15/2045 | 917263 | 0.0 |
| 696000 | Pacific Gas and Electric Co., 4.450%, 04/15/2042 | 569906 | 0.0 |
| 2283000 <sup>(1)</sup> | Pennsylvania Electric Co., 5.150%, 03/30/2026 | 2295757 | 0.0 |
| 1459000 <sup>(2)</sup> | Public Service Electric and Gas Co., MTN, 5.200%, 03/01/2034 | 1485026 | 0.0 |
| 2667000 | Public Service Enterprise Group, Inc., 0.800%, 08/15/2025 | 2628176 | 0.0 |
| 1614000 | Public Service Enterprise Group, Inc., 1.600%, 08/15/2030 | 1370189 | 0.0 |
| 3453000 | Public Service Enterprise Group, Inc., 2.450%, 11/15/2031 | 2973274 | 0.0 |
| 2814000 | Public Service Enterprise Group, Inc., 4.900%, 03/15/2030 | 2828445 | 0.0 |
| 4029000 | Public Service Enterprise Group, Inc., 5.200%, 04/01/2029 | 4106925 | 0.1 |
| 1202000 <sup>(2)</sup> | Public Service Enterprise Group, Inc., 5.400%, 03/15/2035 | 1209484 | 0.0 |
| 3057000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | 3158567 | 0.0 |
| 4080000 <sup>(3)</sup> | Sempra, 6.400%, 10/01/2054 | 3880045 | 0.1 |
| 4593000 | South Jersey Industries, Inc., 5.020%, 04/15/2031 | 3901416 | 0.1 |
| 3166000 <sup>(2)</sup> | Southern Co., 5.113%, 08/01/2027 | 3201215 | 0.1 |
| 4114000 <sup>(3)</sup> | Southern Co. 21-A, 3.750%, 09/15/2051 | 4005180 | 0.1 |
| 1185000 | Southwestern Electric Power Co., 5.300%, 04/01/2033 | 1188499 | 0.0 |
| 4102000 | Southwestern Electric Power Co. N, 1.650%, 03/15/2026 | 3987278 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 501000 <sup>(2)</sup> | Southwestern Public Service Co., 6.000%, 06/01/2054 | 507465 | 0.0 |
| 3144000 <sup>(2)</sup> | Tennessee Valley Authority, 5.250%, 02/01/2055 | 3126637 | 0.0 |
| 3191000 | Tucson Electric Power Co., 5.200%, 09/15/2034 | 3172280 | 0.1 |
| 2795000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 | 2656497 | 0.0 |
| 4313000 | WEC Energy Group, Inc., 1.375%, 10/15/2027 | 3989919 | 0.1 |
| 2536000 <sup>(2)</sup> | WEC Energy Group, Inc., 2.200%, 12/15/2028 | 2328759 | 0.0 |
| 856000 | WEC Energy Group, Inc., 5.000%, 09/27/2025 | 856990 | 0.0 |
| 1197000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 1214495 | 0.0 |
| 1384000 | Wisconsin Electric Power Co., 1.700%, 06/15/2028 | 1275178 | 0.0 |
| 1499000 | Wisconsin Power and Light Co., 5.375%, 03/30/2034 | 1518856 | 0.0 |
| 3159000 <sup>(2)</sup> | Xcel Energy, Inc., 5.600%, 04/15/2035 | 3173828 | 0.1 |
|  |  | **302142382** | **3.2** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $2,661,622,003) | **2644307382** | **27.8** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 21.0%** |
|  | **Federal Home Loan Mortgage Corporation: 1.1%<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 1.1%<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 1.1%<sup>(4)</sup>** |
| 96375 | 2.500%, 05/01/2030 | 92886 | 0.0 |
| 203782 | 2.500%, 05/01/2030 | 196113 | 0.0 |
| 312098 | 2.500%, 06/01/2030 | 300467 | 0.0 |
| 642944 | 3.000%, 11/01/2042 | 579308 | 0.0 |
| 616507 | 3.000%, 02/01/2043 | 555488 | 0.0 |
| 647215 | 3.000%, 03/01/2045 | 577564 | 0.0 |
| 741847 | 3.000%, 03/01/2045 | 665319 | 0.0 |
| 1980153 | 3.000%, 04/01/2045 | 1772189 | 0.0 |
| 2041969 | 3.000%, 04/01/2045 | 1824341 | 0.0 |
| 907746 | 3.000%, 10/01/2046 | 808319 | 0.0 |
| 7627972 | 3.000%, 10/01/2046 | 6772399 | 0.1 |
| 2929858 | 3.000%, 03/01/2048 | 2602794 | 0.0 |
| 3655324 | 3.000%, 03/01/2048 | 3244729 | 0.1 |
| 9574421 | 3.000%, 08/01/2048 | 8458021 | 0.1 |
| 3007598 | 3.500%, 01/01/2045 | 2803309 | 0.0 |
| 1055248 | 3.500%, 03/01/2045 | 975652 | 0.0 |
| 4723824 | 3.500%, 12/01/2046 | 4354071 | 0.1 |
| 8331379 | 3.500%, 12/01/2046 | 7648928 | 0.1 |
| 3661134 | 3.500%, 04/01/2047 | 3392761 | 0.1 |
| 2471017 | 3.500%, 07/01/2047 | 2263812 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** | **Federal Home Loan Mortgage Corporation (continued)** |
| 2297453 | 3.500%, 10/01/2047 | $| 2104492 | 0.0 |
| 8973084 | 3.500%, 01/01/2048 |  | 8209975 | 0.1 |
| 1214656 | 3.500%, 03/01/2048 |  | 1113920 | 0.0 |
| 21706895 | 3.500%, 03/01/2048 |  | 20007108 | 0.2 |
| 238823 | 4.000%, 10/01/2041 |  | 229012 | 0.0 |
| 347166 | 4.000%, 12/01/2041 |  | 332937 | 0.0 |
| 1048036 | 4.000%, 08/01/2044 |  | 994132 | 0.0 |
| 341504 | 4.000%, 07/01/2045 |  | 323939 | 0.0 |
| 512354 | 4.000%, 09/01/2045 |  | 485236 | 0.0 |
| 934642 | 4.000%, 09/01/2045 |  | 886568 | 0.0 |
| 991653 | 4.000%, 09/01/2045 |  | 940645 | 0.0 |
| 8166094 | 4.000%, 11/01/2045 |  | 7746037 | 0.1 |
| 846535 | 4.000%, 05/01/2046 |  | 802988 | 0.0 |
| 508513 | 4.000%, 05/01/2047 |  | 483348 | 0.0 |
| 2961689 | 4.000%, 11/01/2047 |  | 2790588 | 0.0 |
| 171973 | 4.000%, 03/01/2048 |  | 162848 | 0.0 |
| 3326440 | 4.000%, 06/01/2048 |  | 3172069 | 0.0 |
| 3500000 | 4.350%, 01/01/2030 |  | 3473631 | 0.1 |
| 136596 | 4.500%, 08/01/2041 |  | 134320 | 0.0 |
| 347993 | 4.500%, 09/01/2041 |  | 343448 | 0.0 |
| 346166 | 4.500%, 10/01/2041 |  | 342073 | 0.0 |
| 974231 | 4.500%, 03/01/2044 |  | 955477 | 0.0 |
| 1560860 | 4.500%, 02/01/2048 |  | 1521763 | 0.0 |
| 194156 | 4.500%, 06/01/2048 |  | 189253 | 0.0 |
| 36325 | 5.000%, 01/01/2041 |  | 36704 | 0.0 |
| 186768 | 5.000%, 04/01/2041 |  | 186211 | 0.0 |
| 10398 | 5.500%, 07/01/2037 |  | 10609 | 0.0 |
| 609384 | 5.500%, 11/01/2038 |  | 620744 | 0.0 |
| 6964 | 6.000%, 01/01/2029 |  | 7083 | 0.0 |
| 1574 | 6.500%, 12/01/2031 |  | 1626 | 0.0 |
| 159521 | 6.500%, 09/01/2034 |  | 165413 | 0.0 |
| 2031 <sup>(3)</sup> | 7.501%, (RFUCCT1Y + 1.755%), 05/01/2037 |  | 2084 | 0.0 |
|  |  |  | **108664751** | **1.1** |
|  | **Federal National Mortgage Association: 0.3%<sup>(4)</sup>** | **Federal National Mortgage Association: 0.3%<sup>(4)</sup>** | **Federal National Mortgage Association: 0.3%<sup>(4)</sup>** |  |
| 14703593 | 3.000%, 12/01/2054 |  | 12874419 | 0.2 |
| 1987094 | 3.500%, 01/01/2044 |  | 1849750 | 0.0 |
| 2450389 | 4.000%, 12/01/2046 |  | 2343340 | 0.0 |
| 952742 | 4.500%, 09/01/2047 |  | 931244 | 0.0 |
| 7068141 | 5.000%, 08/01/2056 |  | 7008001 | 0.1 |
| 49834 | 6.000%, 05/01/2038 |  | 50678 | 0.0 |
|  |  |  | **25057432** | **0.3** |
|  | **Government National Mortgage Association: 5.7%** | **Government National Mortgage Association: 5.7%** | **Government National Mortgage Association: 5.7%** |  |
| 7944355 | 2.500%, 03/20/2051 |  | 6783095 | 0.1 |
| 4582522 | 2.500%, 04/20/2051 |  | 3887754 | 0.0 |
| 18728726 | 2.500%, 04/20/2051 |  | 15997796 | 0.2 |
| 6450217 | 2.500%, 05/20/2051 |  | 5507414 | 0.1 |
| 16783023 | 2.500%, 08/20/2051 |  | 14329777 | 0.2 |
| 7264662 | 2.500%, 09/20/2051 |  | 6202756 | 0.1 |
| 28639652 | 2.500%, 10/20/2051 |  | 24453272 | 0.3 |
| 12652264 | 2.500%, 11/20/2051 |  | 10802829 | 0.1 |
| 16769149 | 2.500%, 12/20/2051 |  | 14317932 | 0.2 |
| 21991824 | 2.500%, 04/20/2052 |  | 18777186 | 0.2 |
| 4837613 | 3.000%, 10/20/2049 |  | 4360915 | 0.0 |
| 2538711 | 3.000%, 11/20/2049 |  | 2288551 | 0.0 |
| 2308153 | 3.000%, 10/20/2051 |  | 2046579 | 0.0 |
| 4141269 | 3.000%, 10/20/2051 |  | 3588980 | 0.0 |
| 2467721 | 3.000%, 11/20/2051 |  | 2138620 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 589526 | 3.500%, 07/20/2046 | $| 539848 | 0.0 |
| 2627328 | 3.500%, 07/20/2046 |  | 2386477 | 0.0 |
| 943623 | 3.500%, 10/20/2046 |  | 869933 | 0.0 |
| 431467 | 3.500%, 02/20/2047 |  | 399375 | 0.0 |
| 220684 | 3.500%, 03/20/2047 |  | 203722 | 0.0 |
| 249677 | 3.500%, 07/20/2047 |  | 231026 | 0.0 |
| 538260 | 3.500%, 08/20/2047 |  | 496894 | 0.0 |
| 581081 | 3.500%, 09/20/2047 |  | 535701 | 0.0 |
| 5187197 | 3.500%, 12/20/2047 |  | 4797443 | 0.1 |
| 3141939 | 3.500%, 01/20/2048 |  | 2912392 | 0.0 |
| 2701651 | 3.500%, 02/20/2048 |  | 2489193 | 0.0 |
| 4799795 | 3.500%, 02/20/2048 |  | 4462474 | 0.0 |
| 351438 | 3.500%, 03/20/2048 |  | 324130 | 0.0 |
| 12442956 | 3.500%, 03/20/2048 |  | 11535137 | 0.1 |
| 94070 | 4.000%, 11/20/2040 |  | 90352 | 0.0 |
| 517208 | 4.000%, 03/20/2046 |  | 492912 | 0.0 |
| 6924266 | 4.000%, 09/20/2047 |  | 6559059 | 0.1 |
| 3251253 | 4.000%, 02/20/2050 |  | 3064357 | 0.0 |
| 5554047 | 4.000%, 05/20/2053 |  | 5210832 | 0.1 |
| 127053 | 4.500%, 10/15/2039 |  | 123736 | 0.0 |
| 90356 | 4.500%, 11/15/2039 |  | 89053 | 0.0 |
| 95766 | 4.500%, 11/15/2039 |  | 94149 | 0.0 |
| 30609 | 4.500%, 12/15/2039 |  | 30105 | 0.0 |
| 5645457 | 4.500%, 08/20/2040 |  | 5553554 | 0.1 |
| 6587937 | 4.500%, 09/20/2040 |  | 6476668 | 0.1 |
| 4354060 | 4.500%, 06/20/2041 |  | 4259153 | 0.0 |
| 28112 | 4.500%, 08/20/2041 |  | 27654 | 0.0 |
| 521482 | 4.500%, 09/15/2047 |  | 506766 | 0.0 |
| 88979406 | 4.500%, 07/20/2053 |  | 85536235 | 0.9 |
| 44354927 | 4.500%, 10/20/2054 |  | 42576444 | 0.5 |
| 3818964 | 5.000%, 11/20/2052 |  | 3763884 | 0.0 |
| 1076384 | 5.000%, 01/20/2053 |  | 1060791 | 0.0 |
| 27870072 | 5.000%, 04/20/2053 |  | 27520572 | 0.3 |
| 1880040 | 5.000%, 06/20/2053 |  | 1855691 | 0.0 |
| 30156000 <sup>(5)</sup> | 5.000%, 04/20/2055 |  | 29664405 | 0.3 |
| 110184000 <sup>(5)</sup> | 5.500%, 04/20/2055 |  | 110427663 | 1.2 |
| 39000000 <sup>(5)</sup> | 6.000%, 04/20/2055 |  | 39586847 | 0.4 |
|  |  |  | **542238083** | **5.7** |
|  | **Uniform Mortgage-Backed Securities: 13.9%** | **Uniform Mortgage-Backed Securities: 13.9%** | **Uniform Mortgage-Backed Securities: 13.9%** |  |
| 17128020 | 2.000%, 12/01/2050 |  | 13747535 | 0.2 |
| 10648321 | 2.000%, 05/01/2051 |  | 8609081 | 0.1 |
| 23112258 | 2.000%, 05/01/2051 |  | 18467777 | 0.2 |
| 30631413 | 2.000%, 05/01/2051 |  | 24528219 | 0.3 |
| 882767 | 2.000%, 07/01/2051 |  | 705946 | 0.0 |
| 4554610 | 2.000%, 08/01/2051 |  | 3656013 | 0.0 |
| 9539895 | 2.000%, 08/01/2051 |  | 7619934 | 0.1 |
| 18524697 | 2.000%, 09/01/2051 |  | 14778882 | 0.2 |
| 8740872 | 2.000%, 10/01/2051 |  | 6973300 | 0.1 |
| 849841 | 2.000%, 11/01/2051 |  | 684387 | 0.0 |
| 1913620 | 2.000%, 11/01/2051 |  | 1541064 | 0.0 |
| 15111835 | 2.000%, 11/01/2051 |  | 12237499 | 0.1 |
| 7672301 | 2.000%, 12/01/2051 |  | 6181744 | 0.1 |
| 26353145 | 2.000%, 12/01/2051 |  | 21026201 | 0.2 |
| 4415762 | 2.000%, 01/01/2052 |  | 3569292 | 0.0 |
| 3776886 | 2.000%, 02/01/2052 |  | 3047502 | 0.0 |
| 4401929 | 2.000%, 02/01/2052 |  | 3554690 | 0.0 |
| 7376114 | 2.000%, 02/01/2052 |  | 5951384 | 0.1 |
| 7575922 | 2.000%, 02/01/2052 |  | 6103661 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 10779016 | 2.000%, 02/01/2052 | $8712654 | 0.1 |
| 11027707 | 2.000%, 02/01/2052 | 8929876 | 0.1 |
| 12492811 | 2.000%, 02/01/2052 | 10116459 | 0.1 |
| 22507782 | 2.000%, 02/01/2052 | 17949169 | 0.2 |
| 24410965 | 2.000%, 02/01/2052 | 19712683 | 0.2 |
| 4487181 | 2.000%, 03/01/2052 | 3623571 | 0.0 |
| 4734585 | 2.000%, 03/01/2052 | 3826998 | 0.1 |
| 5518099 | 2.000%, 03/01/2052 | 4429329 | 0.1 |
| 25577650 | 2.000%, 03/01/2052 | 20370117 | 0.2 |
| 5946428 | 2.000%, 04/01/2052 | 4815252 | 0.1 |
| 429731 | 2.500%, 05/01/2030 | 414420 | 0.0 |
| 635307 | 2.500%, 06/01/2030 | 612347 | 0.0 |
| 836386 | 2.500%, 06/01/2030 | 805306 | 0.0 |
| 347978 | 2.500%, 07/01/2030 | 334870 | 0.0 |
| 12831 | 2.500%, 02/01/2050 | 10818 | 0.0 |
| 20678 | 2.500%, 04/01/2050 | 17395 | 0.0 |
| 16575 | 2.500%, 05/01/2050 | 13954 | 0.0 |
| 31453 | 2.500%, 05/01/2050 | 26495 | 0.0 |
| 31794 | 2.500%, 05/01/2050 | 26755 | 0.0 |
| 58974 | 2.500%, 05/01/2050 | 49641 | 0.0 |
| 160389 | 2.500%, 05/01/2050 | 135023 | 0.0 |
| 14854 | 2.500%, 06/01/2050 | 12499 | 0.0 |
| 1516120 | 2.500%, 06/01/2050 | 1284691 | 0.0 |
| 17898295 | 2.500%, 06/01/2050 | 15144429 | 0.2 |
| 200500 | 2.500%, 07/01/2050 | 168705 | 0.0 |
| 3054591 | 2.500%, 07/01/2050 | 2570816 | 0.0 |
| 24044727 | 2.500%, 07/01/2050 | 20190014 | 0.2 |
| 92877 | 2.500%, 08/01/2050 | 78277 | 0.0 |
| 659217 | 2.500%, 08/01/2050 | 555824 | 0.0 |
| 1731949 | 2.500%, 08/01/2050 | 1455557 | 0.0 |
| 1942938 | 2.500%, 08/01/2050 | 1633453 | 0.0 |
| 20444506 | 2.500%, 08/01/2050 | 17300670 | 0.2 |
| 23918 | 2.500%, 09/01/2050 | 20204 | 0.0 |
| 75011 | 2.500%, 09/01/2050 | 62986 | 0.0 |
| 182856 | 2.500%, 09/01/2050 | 153789 | 0.0 |
| 754392 | 2.500%, 09/01/2050 | 634167 | 0.0 |
| 872126 | 2.500%, 09/01/2050 | 732948 | 0.0 |
| 3716771 | 2.500%, 10/01/2050 | 3123339 | 0.0 |
| 3977363 | 2.500%, 10/01/2050 | 3325865 | 0.0 |
| 3185237 | 2.500%, 11/01/2050 | 2697878 | 0.0 |
| 76525 | 2.500%, 01/01/2051 | 64363 | 0.0 |
| 9301441 | 2.500%, 02/01/2051 | 7821932 | 0.1 |
| 21103018 | 2.500%, 04/01/2051 | 17690061 | 0.2 |
| 3134157 | 2.500%, 05/01/2051 | 2640274 | 0.0 |
| 34954123 | 2.500%, 06/01/2051 | 29235958 | 0.3 |
| 3781480 | 2.500%, 09/01/2051 | 3199729 | 0.0 |
| 17343370 | 2.500%, 11/01/2051 | 14537649 | 0.2 |
| 2360639 | 2.500%, 12/01/2051 | 1992968 | 0.0 |
| 15041021 | 2.500%, 12/01/2051 | 12708142 | 0.1 |
| 14430395 | 2.500%, 01/01/2052 | 12195234 | 0.1 |
| 23783660 | 2.500%, 01/01/2052 | 19988229 | 0.2 |
| 3377573 | 2.500%, 02/01/2052 | 2857091 | 0.0 |
| 3487257 | 2.500%, 02/01/2052 | 2935811 | 0.0 |
| 5856145 | 2.500%, 02/01/2052 | 4926244 | 0.1 |
| 6778357 | 2.500%, 02/01/2052 | 5703172 | 0.1 |
| 10622772 | 2.500%, 02/01/2052 | 8901813 | 0.1 |
| 102873049 | 2.500%, 02/01/2052 | 86863638 | 0.9 |
| 5715636 | 2.500%, 03/01/2052 | 4808215 | 0.1 |
| 8575091 | 2.500%, 03/01/2052 | 7202343 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 27055530 | 2.500%, 03/01/2052 | $22783041 | 0.3 |
| 16714390 | 2.500%, 04/01/2052 | 14010805 | 0.2 |
| 581781 | 3.000%, 08/01/2030 | 567352 | 0.0 |
| 291631 | 3.000%, 09/01/2030 | 283756 | 0.0 |
| 657878 | 3.000%, 08/01/2035 | 629920 | 0.0 |
| 1390912 | 3.000%, 04/01/2043 | 1251634 | 0.0 |
| 1299311 | 3.000%, 07/01/2043 | 1169191 | 0.0 |
| 425749 | 3.000%, 08/01/2043 | 383121 | 0.0 |
| 272216 | 3.000%, 09/01/2043 | 244957 | 0.0 |
| 4469135 | 3.000%, 04/01/2045 | 3996968 | 0.1 |
| 847827 | 3.000%, 08/01/2046 | 753987 | 0.0 |
| 1896017 | 3.000%, 08/01/2046 | 1683151 | 0.0 |
| 614173 | 3.000%, 11/01/2046 | 550302 | 0.0 |
| 1392633 | 3.000%, 12/01/2046 | 1233753 | 0.0 |
| 5335528 | 3.000%, 12/01/2046 | 4734416 | 0.1 |
| 10399321 | 3.000%, 01/01/2047 | 9208845 | 0.1 |
| 2545002 | 3.000%, 02/01/2047 | 2252667 | 0.0 |
| 3180383 | 3.000%, 03/01/2047 | 2816306 | 0.0 |
| 2457562 | 3.000%, 07/01/2047 | 2178494 | 0.0 |
| 19687769 | 3.000%, 10/01/2050 | 17277813 | 0.2 |
| 1840006 | 3.000%, 03/01/2051 | 1607949 | 0.0 |
| 4298424 | 3.000%, 01/01/2052 | 3759152 | 0.0 |
| 38015052 | 3.000%, 01/01/2052 | 33301342 | 0.4 |
| 3211040 | 3.000%, 02/01/2052 | 2824619 | 0.0 |
| 3596000 | 3.000%, 02/01/2052 | 3155018 | 0.0 |
| 4508252 | 3.000%, 02/01/2052 | 3949215 | 0.1 |
| 4891524 | 3.000%, 02/01/2052 | 4304512 | 0.1 |
| 4941760 | 3.000%, 02/01/2052 | 4335090 | 0.1 |
| 10136053 | 3.000%, 02/01/2052 | 8878235 | 0.1 |
| 8809283 | 3.000%, 03/01/2052 | 7727831 | 0.1 |
| 14291881 | 3.000%, 03/01/2052 | 12495162 | 0.1 |
| 18652309 | 3.000%, 05/01/2052 | 16339343 | 0.2 |
| 42026146 | 3.000%, 05/01/2052 | 36774674 | 0.4 |
| 10299658 | 3.500%, 06/01/2034 | 9983354 | 0.1 |
| 1661657 | 3.500%, 10/01/2042 | 1549504 | 0.0 |
| 719487 | 3.500%, 04/01/2043 | 670921 | 0.0 |
| 2115445 | 3.500%, 08/01/2043 | 1972652 | 0.0 |
| 1268554 | 3.500%, 03/01/2044 | 1177493 | 0.0 |
| 153974 | 3.500%, 01/01/2046 | 142177 | 0.0 |
| 113132 | 3.500%, 02/01/2046 | 104371 | 0.0 |
| 236283 | 3.500%, 02/01/2046 | 218278 | 0.0 |
| 665330 | 3.500%, 08/01/2047 | 608232 | 0.0 |
| 890711 | 3.500%, 09/01/2047 | 813916 | 0.0 |
| 11502549 | 3.500%, 11/01/2047 | 10604669 | 0.1 |
| 335514 | 3.500%, 12/01/2047 | 306614 | 0.0 |
| 757746 | 3.500%, 02/01/2048 | 691590 | 0.0 |
| 705349 | 3.500%, 05/01/2048 | 644246 | 0.0 |
| 6546552 | 3.500%, 07/01/2048 | 6026106 | 0.1 |
| 1620429 | 3.500%, 10/01/2049 | 1489936 | 0.0 |
| 2047570 | 3.500%, 02/01/2052 | 1855749 | 0.0 |
| 85428 | 4.000%, 03/01/2042 | 82204 | 0.0 |
| 86145 | 4.000%, 07/01/2042 | 82893 | 0.0 |
| 288020 | 4.000%, 07/01/2042 | 274884 | 0.0 |
| 670587 | 4.000%, 07/01/2042 | 644852 | 0.0 |
| 383949 | 4.000%, 09/01/2043 | 368736 | 0.0 |
| 1010424 | 4.000%, 01/01/2045 | 957230 | 0.0 |
| 6909924 | 4.000%, 01/01/2045 | 6620720 | 0.1 |
| 740364 | 4.000%, 03/01/2045 | 697266 | 0.0 |
| 2556088 | 4.000%, 05/01/2045 | 2422315 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 778132 | 4.000%, 06/01/2045 | $737166 | 0.0 |
| 736344 | 4.000%, 11/01/2045 | 700051 | 0.0 |
| 2211674 | 4.000%, 02/01/2046 | 2095235 | 0.0 |
| 3852971 | 4.000%, 07/01/2047 | 3642129 | 0.0 |
| 353974 | 4.000%, 08/01/2047 | 334127 | 0.0 |
| 975211 | 4.000%, 08/01/2047 | 920531 | 0.0 |
| 67224 | 4.000%, 03/01/2048 | 63353 | 0.0 |
| 347169 | 4.000%, 03/01/2048 | 327683 | 0.0 |
| 2476899 | 4.000%, 09/01/2048 | 2338776 | 0.0 |
| 7228316 | 4.000%, 04/01/2049 | 6812427 | 0.1 |
| 8275124 | 4.000%, 05/01/2052 | 7761166 | 0.1 |
| 5109923 | 4.000%, 06/01/2052 | 4806079 | 0.1 |
| 2975245 | 4.000%, 11/01/2052 | 2815399 | 0.0 |
| 4835217 | 4.000%, 11/01/2052 | 4513858 | 0.1 |
| 22535907 | 4.000%, 11/01/2054 | 21034603 | 0.2 |
| 9055464 | 4.000%, 12/01/2054 | 8452204 | 0.1 |
| 816481 | 4.250%, 11/01/2043 | 790660 | 0.0 |
| 65178 | 4.500%, 11/01/2040 | 64292 | 0.0 |
| 191543 | 4.500%, 11/01/2040 | 189138 | 0.0 |
| 1116621 | 4.500%, 11/01/2040 | 1101908 | 0.0 |
| 1929 | 4.500%, 12/01/2040 | 1902 | 0.0 |
| 3386 | 4.500%, 12/01/2040 | 3343 | 0.0 |
| 2093 | 4.500%, 01/01/2041 | 2053 | 0.0 |
| 3688 | 4.500%, 01/01/2041 | 3634 | 0.0 |
| 135161 | 4.500%, 10/01/2041 | 132600 | 0.0 |
| 240431 | 4.500%, 10/01/2044 | 233287 | 0.0 |
| 365245 | 4.500%, 12/01/2045 | 356850 | 0.0 |
| 256921 | 4.500%, 04/01/2047 | 250959 | 0.0 |
| 742160 | 4.500%, 04/01/2047 | 723559 | 0.0 |
| 1439927 | 4.500%, 04/01/2047 | 1403559 | 0.0 |
| 1959318 | 4.500%, 04/01/2047 | 1911045 | 0.0 |
| 547056 | 4.500%, 05/01/2047 | 529914 | 0.0 |
| 708950 | 4.500%, 05/01/2047 | 691630 | 0.0 |
| 742044 | 4.500%, 05/01/2047 | 723293 | 0.0 |
| 772420 | 4.500%, 05/01/2047 | 754669 | 0.0 |
| 784314 | 4.500%, 05/01/2047 | 764770 | 0.0 |
| 287808 | 4.500%, 06/01/2047 | 280534 | 0.0 |
| 416709 | 4.500%, 06/01/2047 | 406178 | 0.0 |
| 611066 | 4.500%, 06/01/2047 | 595633 | 0.0 |
| 1474539 | 4.500%, 07/01/2047 | 1437272 | 0.0 |
| 99028 | 4.500%, 08/01/2047 | 96504 | 0.0 |
| 6614700 | 4.500%, 08/01/2052 | 6369360 | 0.1 |
| 21311121 | 4.500%, 10/01/2052 | 20429463 | 0.2 |
| 7093498 | 4.500%, 12/01/2054 | 6788066 | 0.1 |
| 1068430 | 5.000%, 05/01/2042 | 1078199 | 0.0 |
| 12715517 | 5.000%, 10/01/2052 | 12503942 | 0.1 |
| 38583501 | 5.000%, 11/01/2053 | 37911913 | 0.4 |
| 37463679 | 5.000%, 08/01/2054 | 36788354 | 0.4 |
| 50958 | 5.500%, 03/01/2037 | 51785 | 0.0 |
| 61302 | 5.500%, 06/01/2039 | 62617 | 0.0 |
| 518476 | 5.500%, 10/01/2039 | 527061 | 0.0 |
| 48026431 | 5.500%, 06/01/2053 | 48056484 | 0.5 |
| 37061795 | 5.500%, 08/01/2053 | 37079354 | 0.4 |
| 2812801 | 5.500%, 04/01/2054 | 2816151 | 0.0 |
| 23397967 | 5.500%, 10/01/2054 | 23378815 | 0.3 |
| 26500000 <sup>(5)</sup> | 5.500%, 04/01/2055 | 26468914 | 0.3 |
| 33761 | 6.000%, 09/01/2036 | 34551 | 0.0 |
| 27695078 | 6.000%, 09/01/2054 | 28145139 | 0.3 |
| 82486000 <sup>(5)</sup> | 6.000%, 04/01/2055 | 83789133 | 0.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 97 | 6.500%, 09/01/2031 | $| 101 | 0.0 |
| 355 | 6.500%, 09/01/2031 |  | 366 | 0.0 |
| 8818 | 6.500%, 11/01/2031 |  | 9095 | 0.0 |
| 3979 | 6.500%, 04/01/2032 |  | 4104 | 0.0 |
| 901 | 6.500%, 08/01/2032 |  | 929 | 0.0 |
| 2910 | 6.500%, 08/01/2032 |  | 3001 | 0.0 |
| 2333 | 7.000%, 12/01/2027 |  | 2436 | 0.0 |
| 602 | 7.000%, 10/01/2031 |  | 629 | 0.0 |
| 396 | 7.000%, 03/01/2032 |  | 413 | 0.0 |
| 382 | 7.500%, 09/01/2030 |  | 394 | 0.0 |
| 1020 | 7.500%, 09/01/2031 |  | 1051 | 0.0 |
| 8668 | 7.500%, 02/01/2032 |  | 8857 | 0.0 |
|  |  |  | **1316924399** | **13.9** |
|  | Total U.S. Government Agency Obligations |  |  |  |
|  | (Cost $2,109,058,926) |  | **1992884665** | **21.0** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 14.7%** |
| 984372 <sup>(3)</sup> | Alternative Loan Trust 2004-J7 M1, 5.258%, (TSFR1M + 1.134%), 10/25/2034 |  | 977105 | 0.0 |
| 341439 <sup>(3)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.935%, (TSFR1M + 0.614%), 11/25/2035 |  | 176734 | 0.0 |
| 373802 | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 |  | 259253 | 0.0 |
| 848269 <sup>(3)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.835%, (TSFR1M + 0.514%), 04/25/2035 |  | 652472 | 0.0 |
| 596840 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 |  | 278718 | 0.0 |
| 110424 <sup>(3)</sup> | Alternative Loan Trust 2006-18CB A10, 4.835%, (TSFR1M + 0.514%), 07/25/2036 |  | 43319 | 0.0 |
| 660264 <sup>(3)</sup> | Alternative Loan Trust 2006-19CB A28, 5.035%, (TSFR1M + 0.714%), 08/25/2036 |  | 301745 | 0.0 |
| 813572 <sup>(3)</sup> | Alternative Loan Trust 2007-23CB A3, 4.935%, (TSFR1M + 0.614%), 09/25/2037 |  | 297796 | 0.0 |
| 1801221 <sup>(3)</sup> | Alternative Loan Trust 2007-2CB 2A1, 5.035%, (TSFR1M + 0.714%), 03/25/2037 |  | 737804 | 0.0 |
| 816212 | Alternative Loan Trust 2007-3T1 1A11, 6.000%, 04/25/2037 |  | 366001 | 0.0 |
| 696794 <sup>(3)</sup> | Alternative Loan Trust 2007-8CB A3, 4.935%, (TSFR1M + 0.614%), 05/25/2037 |  | 302645 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1018427 <sup>(3)</sup> | American Home Mortgage Assets Trust 2007-4 A4, 5.015%, (TSFR1M + 0.694%), 08/25/2037 | $915016 | 0.0 |
| 492228 <sup>(1)(3)</sup> | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | 467797 | 0.0 |
| 450293 <sup>(3)</sup> | Banc of America Funding Trust 2007-2 1A16, 5.035%, (TSFR1M + 0.714%), 03/25/2037 | 336757 | 0.0 |
| 579152 <sup>(6)</sup> | Banc of America Mortgage Trust 2007-2 A8, 6.000%, 05/25/2037 | 57557 | 0.0 |
| 2399710 <sup>(1)(3)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 AF, 5.000%, (SOFR30A + 0.850%), 12/25/2051 | 2228362 | 0.0 |
| 434925 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-4 23A1, 5.564%, 05/25/2035 | 414275 | 0.0 |
| 741977 <sup>(3)</sup> | Bear Stearns ALT-A Trust 2005-7 21A1, 6.204%, 09/25/2035 | 590824 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Bellemeade Re Ltd. 2022-1 M1C, 8.040%, (SOFR30A + 3.700%), 01/26/2032 | 1026327 | 0.0 |
| 13147000 <sup>(1)(3)</sup> | Bellemeade RE Ltd. 2021-3A M1C, 5.890%, (SOFR30A + 1.550%), 09/25/2031 | 13199869 | 0.2 |
| 1680767 <sup>(1)(3)</sup> | Chase Home Lending Mortgage Trust 2019-1 B2, 3.883%, 03/25/2050 | 1510911 | 0.0 |
| 1964613 <sup>(1)(3)</sup> | Chase Home Lending Mortgage Trust 2019-1 B3, 3.883%, 03/25/2050 | 1747311 | 0.0 |
| 2337251 <sup>(1)(3)</sup> | Chase Home Lending Mortgage Trust 2024-8 B3, 7.128%, 08/25/2055 | 2450084 | 0.0 |
| 435165 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 204768 | 0.0 |
| 583664 <sup>(1)(3)</sup> | CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067 | 549652 | 0.0 |
| 63522 <sup>(1)(3)</sup> | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 60703 | 0.0 |
| 208243 <sup>(1)(3)</sup> | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 | 189001 | 0.0 |
| 2591486 <sup>(1)(3)</sup> | CIM Trust 2019-J2 B2, 3.763%, 10/25/2049 | 2348039 | 0.0 |
| 864631 <sup>(1)(3)</sup> | CIM Trust 2019-J2 B3, 3.763%, 10/25/2049 | 783532 | 0.0 |
| 2600000 <sup>(1)(3)</sup> | CIM Trust 2019-R5 M2, 3.250%, 09/25/2059 | 2376064 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2926843 <sup>(1)(3)</sup> | CIM Trust 2020-J1 B3, 3.439%, 10/25/2049 | $2544402 | 0.0 |
| 648293 | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 | 592448 | 0.0 |
| 487421 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2006-AR9 2A, 5.988%, 11/25/2036 | 437279 | 0.0 |
| 235298 <sup>(3)</sup> | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.821%, 09/25/2037 | 217311 | 0.0 |
| 488263 <sup>(1)(3)</sup> | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | 476039 | 0.0 |
| 1252475 <sup>(1)(3)</sup> | Citigroup Mortgage Loan Trust 2021-J2 B2W, 2.769%, 07/25/2051 | 1053364 | 0.0 |
| 1407696 <sup>(1)(3)</sup> | Citigroup Mortgage Loan Trust 2021-J2 B3W, 2.769%, 07/25/2051 | 1172667 | 0.0 |
| 629571 <sup>(1)(3)</sup> | Connecticut Avenue Securities Trust 2019-R05 1B1, 8.554%, (SOFR30A + 4.214%), 07/25/2039 | 649468 | 0.0 |
| 800000 <sup>(1)(3)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | 836406 | 0.0 |
| 13600000 <sup>(1)(3)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.490%, (SOFR30A + 3.150%), 12/25/2041 | 13923574 | 0.2 |
| 576123 <sup>(1)</sup> | CSMC Series 2008-2R 1A1, 6.000%, 07/25/2037 | 492664 | 0.0 |
| 586635 <sup>(1)(3)</sup> | CSMC Trust 2015-2 B3, 3.879%, 02/25/2045 | 562033 | 0.0 |
| 44743669 <sup>(3)(6)</sup> | Deutsche Alt-B Securities Mortgage Loan Trust Series 2007-AB1 X, 0.759%, 04/25/2037 | 1837754 | 0.0 |
| 83017 <sup>(3)</sup> | Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 11.404%, (SOFR30A + 7.064%), 08/25/2028 | 86181 | 0.0 |
| 4578457 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.454%, (SOFR30A + 3.114%), 01/25/2040 | 4688991 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2020-SBT1 2M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | $521169 | 0.0 |
| 2500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.640%, (SOFR30A + 3.300%), 11/25/2041 | 2577193 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R05 2B2, 11.340%, (SOFR30A + 7.000%), 04/25/2042 | 1081513 | 0.0 |
| 4000000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.686%, (SOFR30A + 5.350%), 05/25/2043 | 4371315 | 0.1 |
| 7418600 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.086%, (SOFR30A + 4.750%), 06/25/2043 | 8014880 | 0.1 |
| 9300000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.586%, (SOFR30A + 3.250%), 09/25/2043 | 9688385 | 0.1 |
| 3200000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2B1, 7.136%, (SOFR30A + 2.800%), 03/25/2044 | 3297500 | 0.1 |
| 1500000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2M2, 6.286%, (SOFR30A + 1.950%), 03/25/2044 | 1505598 | 0.0 |
| 8400000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1B1, 6.540%, (SOFR30A + 2.200%), 05/25/2044 | 8468996 | 0.1 |
| 10950000 <sup>(1)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.286%, (SOFR30A + 1.950%), 02/25/2045 | 10958223 | 0.1 |
| 1874 <sup>(3)</sup> | Fannie Mae Grantor Trust 1998-T2 A6, 0.027%, (US0001M + 0.550%), 01/25/2032 | 1873 | 0.0 |
| 107836 <sup>(6)</sup> | Fannie Mae Interest Strip 418 20, 3.000%, 05/25/2043 | 14343 | 0.0 |
| 185844 <sup>(6)</sup> | Fannie Mae Interest Strip 418 59, 3.000%, 08/25/2028 | 5036 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 91976782 <sup>(6)</sup> | Fannie Mae Interest Strip 428 C28, 2.000%, 07/25/2037 | $5043436 | 0.1 |
| 119417661 <sup>(6)</sup> | Fannie Mae Interest Strip 440 C50, 4.500%, 10/25/2053 | 27638836 | 0.3 |
| <sub>18</sub> <sup>(3)(6)(7)</sup> | Fannie Mae REMIC Trust 1997-18 SG, 3.600%, (-1.000\*SOFR30A + 7.986%), 03/17/2027 |  |  |
| 28296 | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 | 28702 | 0 |
| 111159 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2001-72 SC, 1.000%, (-1.000\*SOFR30A + 8.386%), 12/25/2031 | 2296 | 0 |
| <sub>3490</sub> <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2001-8 SK, 4.288%, (-1.000\*SOFR30A + 8.636%), 03/18/2031 | 83 | 0 |
| 2576960 | Fannie Mae REMIC Trust 2002-W9 A4, 6.000%, 08/25/2042 | 2596124 | 0 |
| 409863 | Fannie Mae REMIC Trust 2003-105 AZ, 5.500%, 10/25/2033 | 422475 | 0 |
| 183983 <sup>(3)</sup> | Fannie Mae REMIC Trust 2003-45 FJ, 5.967%, (SOFR30A + 1.614%), 06/25/2033 | 187754 | 0 |
| 430730 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2003-49 SW, 2.546%, (-1.000\*SOFR30A + 6.886%), 01/25/2033 | 34109 | 0 |
| 558863 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2003-66 SA, 3.196%, (-1.000\*SOFR30A + 7.536%), 07/25/2033 | 56725 | 0 |
| 102990 <sup>(6)</sup> | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 | 16019 | 0 |
| 241485 | Fannie Mae REMIC Trust 2003-84 PZ, 5.000%, 09/25/2033 | 244879 | 0 |
| 466825 | Fannie Mae REMIC Trust 2004-50 VZ, 5.500%, 07/25/2034 | 482406 | 0 |
| 1887743 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2004-54 SN, 2.596%, (-1.000\*SOFR30A + 6.936%), 07/25/2034 | 134369 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 23778 <sup>(3)</sup> | Fannie Mae REMIC Trust 2004-56 FE, 4.904%, (SOFR30A + 0.564%), 10/25/2033 | $23736 | 0.0 |
| 178694 | Fannie Mae REMIC Trust 2004-7 Z, 5.500%, 02/25/2034 | 184015 | 0.0 |
| 407703 | Fannie Mae REMIC Trust 2004-75 ZG, 4.500%, 10/25/2034 | 406863 | 0.0 |
| 1174083 | Fannie Mae REMIC Trust 2005-25 Z, 5.000%, 04/25/2035 | 1191243 | 0.0 |
| 4187628 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2005-75 ES, 1.596%, (-1.000\*SOFR30A + 5.936%), 09/25/2035 | 299397 | 0.0 |
| 295584 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2005-75 SP, 2.296%, (-1.000\*SOFR30A + 6.636%), 08/25/2035 | 12833 | 0.0 |
| 53937 <sup>(3)</sup> | Fannie Mae REMIC Trust 2006-104 ES, 11.179%, (-1.000\*SOFR30A + 32.878%), 11/25/2036 | 69897 | 0.0 |
| 683666 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-12 SD, 2.296%, (-1.000\*SOFR30A + 6.636%), 10/25/2035 | 42192 | 0.0 |
| 334149 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-123 UI, 2.286%, (-1.000\*SOFR30A + 6.626%), 01/25/2037 | 30361 | 0.0 |
| 963279 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-56 SM, 2.296%, (-1.000\*SOFR30A + 6.636%), 07/25/2036 | 65646 | 0.0 |
| <sub>13507</sub> <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2006-72 HS, 2.246%, (-1.000\*SOFR30A + 6.586%), 08/25/2026 | 189 | 0.0 |
| 17052 | Fannie Mae REMIC Trust 2007-10 Z, 6.000%, 02/25/2037 | 17604 | 0.0 |
| 310270 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2007-21 SB, 1.946%, (-1.000\*SOFR30A + 6.286%), 03/25/2037 | 25785 | 0.0 |
| 746271 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2007-52 NS, 1.996%, (-1.000\*SOFR30A + 6.336%), 06/25/2037 | 70788 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 604781 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2007-85 SM, 2.006%, (-1.000\*SOFR30A + 6.346%), 09/25/2037 | $52435 | 0.0 |
| 1337175 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2007-91 AS, 1.946%, (-1.000\*SOFR30A + 6.286%), 10/25/2037 | 116782 | 0.0 |
| 1538055 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2008-12 SC, 1.896%, (-1.000\*SOFR30A + 6.236%), 03/25/2038 | 108537 | 0.0 |
| 186039 | Fannie Mae REMIC Trust 2008-16 Z, 5.500%, 03/25/2038 | 184771 | 0.0 |
| 703075 | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | 701369 | 0.0 |
| 3886450 <sup>(3)</sup> | Fannie Mae REMIC Trust 2009-50 HZ, 5.540%, 02/25/2049 | 3935162 | 0.1 |
| 3314250 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2009-66 SP, 1.646%, (-1.000\*SOFR30A + 5.986%), 09/25/2039 | 194865 | 0.0 |
| 788098 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2009-90 TS, 1.696%, (-1.000\*SOFR30A + 6.036%), 11/25/2039 | 64177 | 0.0 |
| 2299149 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-1 S, 1.796%, (-1.000\*SOFR30A + 6.136%), 02/25/2040 | 201516 | 0.0 |
| 6584460 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-107 SB, 2.136%, (-1.000\*SOFR30A + 6.476%), 09/25/2040 | 662898 | 0.0 |
| 1787032 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-123 SL, 1.616%, (-1.000\*SOFR30A + 5.956%), 11/25/2040 | 121763 | 0.0 |
| 3586037 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-150 SJ, 2.026%, (-1.000\*SOFR30A + 6.366%), 01/25/2041 | 335409 | 0.0 |
| 781408 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-35 CS, 1.996%, (-1.000\*SOFR30A + 6.336%), 04/25/2050 | 79986 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 4007821 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-41 SB, 1.946%, (-1.000\*SOFR30A + 6.286%), 05/25/2040 | $282118 | 0.0 |
| 618617 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2010-43 VS, 1.996%, (-1.000\*SOFR30A + 6.336%), 05/25/2040 | 48236 | 0.0 |
| 1580949 | Fannie Mae REMIC Trust 2010-53 JZ, 5.000%, 07/25/2040 | 1551463 | 0.0 |
| 3746623 | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 | 3830067 | 0.1 |
| 706682 | Fannie Mae REMIC Trust 2011-10 ZC, 5.000%, 02/25/2041 | 708773 | 0.0 |
| 3812866 | Fannie Mae REMIC Trust 2011-101 DB, 4.000%, 10/25/2041 | 3697591 | 0.1 |
| 453552 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2011-102 SA, 2.146%, (-1.000\*SOFR30A + 6.486%), 10/25/2041 | 50401 | 0.0 |
| 2340958 | Fannie Mae REMIC Trust 2011-116 ZA, 3.500%, 11/25/2041 | 2211877 | 0.0 |
| 49411 | Fannie Mae REMIC Trust 2011-127 UY, 3.500%, 12/25/2041 | 46491 | 0.0 |
| 5785787 | Fannie Mae REMIC Trust 2011-136 PZ, 4.000%, 01/25/2042 | 5543888 | 0.1 |
| 1771803 | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | 1734969 | 0.0 |
| 4214924 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2011-47 GS, 1.476%, (-1.000\*SOFR30A + 5.816%), 06/25/2041 | 260529 | 0.0 |
| 1947038 | Fannie Mae REMIC Trust 2011-8 ZA, 4.000%, 02/25/2041 | 1869317 | 0.0 |
| 6795302 | Fannie Mae REMIC Trust 2011-84 Z, 5.250%, 09/25/2041 | 6875183 | 0.1 |
| 6530310 | Fannie Mae REMIC Trust 2011-87 GB, 4.500%, 09/25/2041 | 6371286 | 0.1 |
| 1196435 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2011-93 GS, 2.096%, (-1.000\*SOFR30A + 6.436%), 04/25/2039 | 115294 | 0.0 |
| 6078058 | Fannie Mae REMIC Trust 2011-99 CZ, 4.500%, 10/25/2041 | 5971150 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 321432 | Fannie Mae REMIC Trust 2012-110 CA, 3.000%, 10/25/2042 | $293446 | 0.0 |
| 1360414 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-111 SL, 1.646%, (-1.000\*SOFR30A + 5.986%), 05/25/2041 | 112697 | 0.0 |
| 2534490 | Fannie Mae REMIC Trust 2012-111 ZK, 3.500%, 10/25/2042 | 2367473 | 0.0 |
| 1103710 <sup>(6)</sup> | Fannie Mae REMIC Trust 2012-120 WI, 3.000%, 11/25/2027 | 26895 | 0.0 |
| 2487758 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-122 SB, 1.696%, (-1.000\*SOFR30A + 6.036%), 11/25/2042 | 271808 | 0.0 |
| 890721 <sup>(6)</sup> | Fannie Mae REMIC Trust 2012-128 LI, 3.500%, 06/25/2042 | 40341 | 0.0 |
| 3016992 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-133 AS, 1.746%, (-1.000\*SOFR30A + 6.086%), 10/25/2042 | 302072 | 0.0 |
| 10585229 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-133 NS, 1.696%, (-1.000\*SOFR30A + 6.036%), 12/25/2042 | 1144920 | 0.0 |
| 394820 <sup>(6)</sup> | Fannie Mae REMIC Trust 2012-149 GI, 3.500%, 06/25/2042 | 31195 | 0.0 |
| 10329075 | Fannie Mae REMIC Trust 2012-15 PZ, 4.000%, 03/25/2042 | 9904042 | 0.1 |
| 1421974 | Fannie Mae REMIC Trust 2012-153 B, 7.000%, 07/25/2042 | 1548609 | 0.0 |
| 3353993 | Fannie Mae REMIC Trust 2012-17 QZ, 4.000%, 03/25/2042 | 3197152 | 0.1 |
| 2857754 | Fannie Mae REMIC Trust 2012-2 HE, 4.000%, 02/25/2042 | 2777319 | 0.0 |
| 259578 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-24 HS, 2.096%, (-1.000\*SOFR30A + 6.436%), 09/25/2040 | 4363 | 0.0 |
| 651761 | Fannie Mae REMIC Trust 2012-30 AB, 4.000%, 04/25/2042 | 631409 | 0.0 |
| 1037978 | Fannie Mae REMIC Trust 2012-33 BW, 4.000%, 04/25/2042 | 994831 | 0.0 |
| 3492 | Fannie Mae REMIC Trust 2012-44 KW, 3.500%, 05/25/2032 | 3276 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1437424 | Fannie Mae REMIC Trust 2012-55 PC, 3.500%, 05/25/2042 | $1351905 | 0.0 |
| 7283743 | Fannie Mae REMIC Trust 2012-63 MW, 4.000%, 05/25/2034 | 7233329 | 0.1 |
| 5919751 | Fannie Mae REMIC Trust 2012-66 EP, 4.000%, 06/25/2042 | 5552493 | 0.1 |
| 347348 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2012-68 YS, 2.246%, (-1.000\*SOFR30A + 6.586%), 07/25/2042 | 35654 | 0.0 |
| 500000 | Fannie Mae REMIC Trust 2012-80 MY, 3.250%, 08/25/2042 | 432808 | 0.0 |
| 11332908 | Fannie Mae REMIC Trust 2012-94 LZ, 3.500%, 09/25/2042 | 10644655 | 0.1 |
| 1778816 | Fannie Mae REMIC Trust 2013-111 BA, 3.000%, 11/25/2033 | 1697718 | 0.0 |
| 1072913 | Fannie Mae REMIC Trust 2013-116 UB, 4.000%, 11/25/2043 | 1026527 | 0.0 |
| 1403000 | Fannie Mae REMIC Trust 2013-13 BE, 4.000%, 03/25/2043 | 1322057 | 0.0 |
| 1085914 | Fannie Mae REMIC Trust 2013-20 DL, 4.000%, 03/25/2033 | 1060664 | 0.0 |
| 642040 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-26 JS, 1.746%, (-1.000\*SOFR30A + 6.086%), 10/25/2032 | 25919 | 0.0 |
| 2996152 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-40 LS, 1.696%, (-1.000\*SOFR30A + 6.036%), 05/25/2043 | 316615 | 0.0 |
| 11662031 <sup>(6)</sup> | Fannie Mae REMIC Trust 2013-44 DI, 3.000%, 05/25/2033 | 899961 | 0.0 |
| 2976427 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-60 DS, 1.746%, (-1.000\*SOFR30A + 6.086%), 06/25/2033 | 187462 | 0.0 |
| 3485206 <sup>(6)</sup> | Fannie Mae REMIC Trust 2013-70 BI, 3.000%, 07/25/2033 | 264556 | 0.0 |
| 4229010 | Fannie Mae REMIC Trust 2013-70 JZ, 3.000%, 07/25/2043 | 3774641 | 0.1 |
| 679873 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-72 YS, 1.696%, (-1.000\*SOFR30A + 6.036%), 07/25/2033 | 41593 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2748521 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2013-9 SM, 1.796%, (-1.000\*SOFR30A + 6.136%), 02/25/2033 | $153626 | 0.0 |
| 4499796 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2014-15 SB, 2.196%, (-1.000\*SOFR30A + 6.536%), 04/25/2044 | 537613 | 0.0 |
| 420129 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2014-17 DS, 1.746%, (-1.000\*SOFR30A + 6.086%), 02/25/2043 | 8851 | 0.0 |
| 657691 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2014-28 BS, 1.746%, (-1.000\*SOFR30A + 6.086%), 08/25/2043 | 35358 | 0.0 |
| 970000 | Fannie Mae REMIC Trust 2014-61 PY, 3.500%, 10/25/2044 | 846567 | 0.0 |
| 4520410 <sup>(6)</sup> | Fannie Mae REMIC Trust 2014-70 IO, 5.500%, 10/25/2044 | 714700 | 0.0 |
| 19898650 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2014-79 KS, 1.696%, (-1.000\*SOFR30A + 6.036%), 12/25/2044 | 2176908 | 0.0 |
| 18089702 | Fannie Mae REMIC Trust 2015-20 EZ, 3.500%, 04/25/2045 | 16865549 | 0.2 |
| 3078094 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-56 IC, 6.000%, 08/25/2045 | 491265 | 0.0 |
| 2000000 | Fannie Mae REMIC Trust 2015-67 AV, 3.500%, 01/25/2036 | 1873628 | 0.0 |
| 1327533 | Fannie Mae REMIC Trust 2015-67 QV, 3.000%, 12/25/2040 | 1311770 | 0.0 |
| 1253273 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-76 PI, 6.000%, 09/25/2045 | 186482 | 0.0 |
| 20755486 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2015-79 SA, 1.796%, (-1.000\*SOFR30A + 6.136%), 11/25/2045 | 1861784 | 0.0 |
| 10519194 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2015-86 BS, 1.246%, (-1.000\*SOFR30A + 5.586%), 11/25/2045 | 599304 | 0.0 |
| 18798406 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-88 IO, 6.500%, 12/25/2045 | 4289992 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 8143437 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 | $1570086 | 0.0 |
| 3840011 <sup>(6)</sup> | Fannie Mae REMIC Trust 2015-97 BI, 5.500%, 01/25/2046 | 617901 | 0.0 |
| 2311989 <sup>(6)</sup> | Fannie Mae REMIC Trust 2016-104 BI, 6.000%, 01/25/2047 | 391269 | 0.0 |
| 4044430 <sup>(6)</sup> | Fannie Mae REMIC Trust 2016-52 MI, 4.000%, 12/25/2045 | 599266 | 0.0 |
| 12274838 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-60 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 09/25/2046 | 979935 | 0.0 |
| 14646790 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-81 CS, 1.646%, (-1.000\*SOFR30A + 5.986%), 11/25/2046 | 948179 | 0.0 |
| 10381152 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2016-82 SD, 1.596%, (-1.000\*SOFR30A + 5.936%), 11/25/2046 | 839117 | 0.0 |
| 29048 | Fannie Mae REMIC Trust 2016-88 EA, 3.500%, 01/25/2045 | 28952 | 0.0 |
| 296113 | Fannie Mae REMIC Trust 2016-9 D, 3.000%, 03/25/2046 | 270617 | 0.0 |
| 13871154 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2017-10 SA, 1.646%, (-1.000\*SOFR30A + 5.986%), 03/25/2047 | 1081815 | 0.0 |
| 5254437 | Fannie Mae REMIC Trust 2017-108 ZD, 3.000%, 01/25/2048 | 4240133 | 0.1 |
| 3890829 | Fannie Mae REMIC Trust 2017-54 D, 3.000%, 07/25/2047 | 3462049 | 0.1 |
| 20277349 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-15 SC, 1.846%, (-1.000\*SOFR30A + 6.186%), 03/25/2048 | 1859772 | 0.0 |
| 2959310 | Fannie Mae REMIC Trust 2018-26 KA, 3.500%, 04/25/2048 | 2682380 | 0.0 |
| 931759 | Fannie Mae REMIC Trust 2018-38 LA, 3.000%, 06/25/2048 | 834663 | 0.0 |
| 9039305 | Fannie Mae REMIC Trust 2018-73 AB, 3.000%, 10/25/2048 | 8173836 | 0.1 |
| 942597 | Fannie Mae REMIC Trust 2018-8 AB, 3.500%, 10/25/2047 | 886087 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 24465581 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-82 SA, 1.746%, (-1.000\*SOFR30A + 6.086%), 11/25/2048 | $2106849 | 0.0 |
| 5337947 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-86 AS, 1.746%, (-1.000\*SOFR30A + 6.086%), 12/25/2048 | 366019 | 0.0 |
| 24864870 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-86 SM, 1.746%, (-1.000\*SOFR30A + 6.086%), 12/25/2048 | 1994396 | 0.0 |
| 25151669 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2018-91 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 12/25/2058 | 3181515 | 0.1 |
| 8590357 <sup>(6)</sup> | Fannie Mae REMIC Trust 2019-21 AI, 5.000%, 05/25/2059 | 2543122 | 0.0 |
| 7138412 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-30 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 07/25/2049 | 725360 | 0.0 |
| 11412299 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-34 BS, 1.596%, (-1.000\*SOFR30A + 5.936%), 07/25/2049 | 1280108 | 0.0 |
| 5569956 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-39 SA, 1.646%, (-1.000\*SOFR30A + 5.986%), 08/25/2049 | 516878 | 0.0 |
| 40025849 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-41 S, 1.546%, (-1.000\*SOFR30A + 5.886%), 08/25/2059 | 4095073 | 0.1 |
| 4106983 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-47 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 05/25/2040 | 361784 | 0.0 |
| 11508950 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2019-79 SB, 1.546%, (-1.000\*SOFR30A + 5.886%), 01/25/2050 | 1175456 | 0.0 |
| 6093885 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2020-10 SE, 1.546%, (-1.000\*SOFR30A + 5.886%), 03/25/2050 | 622393 | 0.0 |
| 42926030 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-34 IO, 4.500%, 06/25/2050 | 9962492 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 15831967 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-35 IO, 5.000%, 06/25/2050 | $2270431 | 0.0 |
| 19586511 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-44 DI, 2.500%, 07/25/2050 | 2465981 | 0.0 |
| 8614869 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-44 EI, 3.500%, 09/25/2042 | 1384734 | 0.0 |
| 7485429 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-50 IO, 4.500%, 03/25/2050 | 1994079 | 0.0 |
| 8012057 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-53 CI, 4.500%, 08/25/2050 | 1870549 | 0.0 |
| 21288602 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-74 GI, 5.000%, 10/25/2050 | 4131764 | 0.1 |
| 53515978 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-87 AI, 2.000%, 12/25/2050 | 7270900 | 0.1 |
| 28123178 <sup>(6)</sup> | Fannie Mae REMIC Trust 2020-99 IB, 3.500%, 05/25/2050 | 5402794 | 0.1 |
| 42633366 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-1 BI, 3.000%, 02/25/2049 | 7067597 | 0.1 |
| 128460977 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-10 AI, 3.000%, 03/25/2041 | 13452459 | 0.2 |
| 24021395 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-22 BI, 4.000%, 04/25/2051 | 5075889 | 0.1 |
| 30987791 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-41 MI, 5.000%, 06/25/2048 | 5573139 | 0.1 |
| 32814764 <sup>(3)(6)</sup> | Fannie Mae REMIC Trust 2021-55 SA, 0.153%, (-1.000\*SOFR30A + 3.150%), 08/25/2061 | 559036 | 0.0 |
| 71909969 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-77 AI, 3.500%, 11/25/2051 | 14873326 | 0.2 |
| 111267471 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-78 AI, 3.000%, 11/25/2051 | 19227275 | 0.2 |
| 22809616 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-8 TI, 4.000%, 03/25/2051 | 4874032 | 0.1 |
| 15782998 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-81 LI, 2.500%, 11/25/2051 | 2275007 | 0.0 |
| 56543034 <sup>(6)</sup> | Fannie Mae REMIC Trust 2021-93 AI, 3.000%, 01/25/2052 | 9535282 | 0.1 |
| 3368018 | Fannie Mae REMIC Trust 2022-55 PA, 4.000%, 10/25/2051 | 3302346 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 6033401 <sup>(6)</sup> | Fannie Mae REMIC Trust 2023-11 GI, 6.500%, 04/25/2053 | $1330329 | 0.0 |
| 26414766 <sup>(6)</sup> | Fannie Mae REMIC Trust 2023-2 HI, 6.500%, 02/25/2053 | 5925685 | 0.1 |
| 31124661 <sup>(6)</sup> | Fannie Mae REMIC Trust 2023-23 AI, 4.000%, 12/25/2051 | 6567521 | 0.1 |
| 77032735 <sup>(6)</sup> | Fannie Mae REMIC Trust 2024-7 IO, 3.000%, 07/25/2038 | 6877999 | 0.1 |
| 510916 | First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A11, 6.000%, 02/25/2037 | 195148 | 0.0 |
| 1078798 <sup>(1)(3)</sup> | First Republic Mortgage Trust 2020-1 B2, 2.882%, 04/25/2050 | 944689 | 0.0 |
| 1569634 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-1 B1, 3.934%, 03/25/2048 | 1454473 | 0.0 |
| 2046802 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-1 B3, 3.934%, 03/25/2048 | 1884622 | 0.0 |
| 1088146 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-2 B2, 4.003%, 04/25/2048 | 1002634 | 0.0 |
| 602020 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | 562541 | 0.0 |
| 833173 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.141%, 07/25/2048 | 762872 | 0.0 |
| 2580244 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2018-6RR B3, 4.906%, 10/25/2048 | 2513254 | 0.0 |
| 1302008 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2019-2 B2, 4.000%, 12/25/2049 | 1191590 | 0.0 |
| 1846696 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2020-1INV B1A, 4.190%, 03/25/2050 | 1723529 | 0.0 |
| 2235284 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.190%, 03/25/2050 | 2079173 | 0.0 |
| 1387877 <sup>(1)(3)</sup> | Flagstar Mortgage Trust 2021-6INV B1, 3.481%, 08/25/2051 | 1198566 | 0.0 |
| 1794477 | Freddie Mac Reference REMIC R007 ZA, 6.000%, 05/15/2036 | 1864486 | 0.0 |
| 133941 | Freddie Mac Reference REMIC R008 ZA, 6.000%, 07/15/2036 | 141091 | 0.0 |
| 22421 | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 | 22535 | 0.0 |
| 20700 | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | 20939 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 167693 | Freddie Mac REMIC Trust 2143 ZB, 6.000%, 04/15/2029 | $171172 | 0.0 |
| 98738 | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 | 101357 | 0.0 |
| 30089 <sup>(6)</sup> | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 | 4499 | 0.0 |
| 236122 | Freddie Mac REMIC Trust 2845 QH, 5.000%, 08/15/2034 | 239889 | 0.0 |
| 44641 | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 | 45509 | 0.0 |
| 84072 | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 | 85576 | 0.0 |
| 496868 | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 | 506765 | 0.0 |
| 1353 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 2993 GS, 1.687%, (-1.000\*SOFR30A + 6.036%), 06/15/2025 | 3 | 0.0 |
| 425346 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3006 SI, 2.277%, (-1.000\*SOFR30A + 6.626%), 07/15/2035 | 36246 | 0.0 |
| 367621 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3006 YI, 2.277%, (-1.000\*SOFR30A + 6.626%), 07/15/2035 | 30673 | 0.0 |
| 2418323 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3045 DI, 2.267%, (-1.000\*SOFR30A + 6.616%), 10/15/2035 | 186072 | 0.0 |
| 446842 | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 | 459358 | 0.0 |
| 331392 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3171 PS, 2.022%, (-1.000\*SOFR30A + 6.371%), 06/15/2036 | 22502 | 0.0 |
| 2726966 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3199 S, 1.987%, (-1.000\*SOFR30A + 6.336%), 08/15/2036 | 234631 | 0.0 |
| 2383961 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3213 JS, 2.737%, (-1.000\*SOFR30A + 7.086%), 09/15/2036 | 255368 | 0.0 |
| 8060851 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3346 SC, 2.087%, (-1.000\*SOFR30A + 6.436%), 10/15/2033 | 589010 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 227401 | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 | $233137 | 0.0 |
| 639752 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3375 QI, 0.600%, (-1.000\*SOFR30A + 63.455%), 10/15/2037 | 12100 | 0.0 |
| 28488 | Freddie Mac REMIC Trust 3394 ZY, 6.000%, 11/15/2037 | 29468 | 0.0 |
| 3989416 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3510 AS, 1.947%, (-1.000\*SOFR30A + 6.296%), 04/15/2037 | 349670 | 0.0 |
| 99023 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3524 LA, 5.188%, 03/15/2033 | 99389 | 0.0 |
| 6090 <sup>(3)</sup> | Freddie Mac REMIC Trust 3556 NT, 7.563%, (SOFR30A + 3.214%), 03/15/2038 | 6320 | 0.0 |
| 4107620 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3629 CS, 1.887%, (-1.000\*SOFR30A + 6.236%), 01/15/2040 | 386664 | 0.0 |
| 2444767 | Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034 | 2540544 | 0.0 |
| 453431 | Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036 | 468245 | 0.0 |
| 168899 | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 | 176249 | 0.0 |
| 1686940 | Freddie Mac REMIC Trust 3736 ZP, 4.000%, 10/15/2040 | 1638078 | 0.0 |
| 1265825 | Freddie Mac REMIC Trust 3740 KE, 4.000%, 10/15/2040 | 1210847 | 0.0 |
| 14929123 | Freddie Mac REMIC Trust 3753 KZ, 4.500%, 11/15/2040 | 14836903 | 0.2 |
| 4066220 | Freddie Mac REMIC Trust 3775 GZ, 4.500%, 12/15/2040 | 3887093 | 0.1 |
| 1824432 | Freddie Mac REMIC Trust 3820 NC, 4.500%, 03/15/2041 | 1793076 | 0.0 |
| 913692 | Freddie Mac REMIC Trust 3843 JZ, 5.100%, 04/15/2041 | 913335 | 0.0 |
| 313219 | Freddie Mac REMIC Trust 3848 WX, 5.000%, 04/15/2041 | 320527 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 491624 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3856 KS, 2.087%, (-1.000\*SOFR30A + 6.436%), 05/15/2041 | $48901 | 0.0 |
| 2650000 | Freddie Mac REMIC Trust 3890 ME, 5.000%, 07/15/2041 | 2683002 | 0.0 |
| 1499868 | Freddie Mac REMIC Trust 3893 PU, 4.000%, 07/15/2041 | 1459653 | 0.0 |
| 3065457 | Freddie Mac REMIC Trust 3919 BY, 4.000%, 09/15/2041 | 2969863 | 0.0 |
| 6169386 | Freddie Mac REMIC Trust 3919 ZB, 4.000%, 09/15/2041 | 5961941 | 0.1 |
| 2448686 | Freddie Mac REMIC Trust 3923 GY, 4.000%, 09/15/2041 | 2381844 | 0.0 |
| 121928 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3925 SD, 1.587%, (-1.000\*SOFR30A + 5.936%), 07/15/2040 | 2520 | 0.0 |
| 510108 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 3925 SL, 1.587%, (-1.000\*SOFR30A + 5.936%), 01/15/2041 | 7982 | 0.0 |
| 1158382 | Freddie Mac REMIC Trust 3934 CB, 4.000%, 10/15/2041 | 1115808 | 0.0 |
| 468589 | Freddie Mac REMIC Trust 3934 KB, 5.000%, 10/15/2041 | 477677 | 0.0 |
| 4019401 | Freddie Mac REMIC Trust 3982 LZ, 4.000%, 01/15/2042 | 3852516 | 0.1 |
| 617847 | Freddie Mac REMIC Trust 3997 PB, 4.000%, 02/15/2042 | 599466 | 0.0 |
| 99361 | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | 99259 | 0.0 |
| 1933533 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4057 SN, 2.187%, (-1.000\*SOFR30A + 6.536%), 12/15/2041 | 145297 | 0.0 |
| 2106201 | Freddie Mac REMIC Trust 4057 ZB, 3.500%, 06/15/2042 | 1985615 | 0.0 |
| 9558969 | Freddie Mac REMIC Trust 4084 TZ, 4.000%, 07/15/2042 | 9268698 | 0.1 |
| 598260 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4088 CS, 1.537%, (-1.000\*SOFR30A + 5.886%), 08/15/2042 | 59034 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1011452 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4090 SN, 2.237%, (-1.000\*SOFR30A + 6.586%), 08/15/2032 | $67979 | 0.0 |
| 426195 | Freddie Mac REMIC Trust 4100 JA, 3.500%, 10/15/2041 | 410302 | 0.0 |
| 2798821 <sup>(6)</sup> | Freddie Mac REMIC Trust 4161 WI, 3.000%, 02/15/2033 | 198262 | 0.0 |
| 3049798 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4191 SA, 1.737%, (-1.000\*SOFR30A + 6.086%), 03/15/2043 | 244409 | 0.0 |
| 2128000 | Freddie Mac REMIC Trust 4193 BP, 4.000%, 04/15/2043 | 1923810 | 0.0 |
| 1575415 <sup>(6)</sup> | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 245363 | 0.0 |
| 2241370 | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 | 2162889 | 0.0 |
| 1876860 | Freddie Mac REMIC Trust 4235 QD, 3.000%, 08/15/2033 | 1799581 | 0.0 |
| 799592 | Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041 | 792782 | 0.0 |
| 638794 <sup>(6)</sup> | Freddie Mac REMIC Trust 4293 KI, 4.500%, 08/15/2043 | 73828 | 0.0 |
| 16553685 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4301 SD, 1.637%, (-1.000\*SOFR30A + 5.986%), 07/15/2037 | 1150729 | 0.0 |
| 6567214 | Freddie Mac REMIC Trust 4310 BZ, 4.000%, 02/15/2044 | 6308535 | 0.1 |
| 4078157 | Freddie Mac REMIC Trust 4316 XZ, 4.500%, 03/15/2044 | 4028287 | 0.1 |
| 4213662 | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 | 4099709 | 0.1 |
| 9419389 | Freddie Mac REMIC Trust 4348 ZX, 4.250%, 06/15/2044 | 9231903 | 0.1 |
| 2154402 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4386 LS, 1.637%, (-1.000\*SOFR30A + 5.986%), 09/15/2044 | 210488 | 0.0 |
| 2202426 | Freddie Mac REMIC Trust 4401 BL, 3.500%, 10/15/2034 | 2139822 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 6976636 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4407 CS, 1.737%, (-1.000\*SOFR30A + 6.086%), 06/15/2044 | $542475 | 0.0 |
| 9834294 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4407 PS, 1.137%, (-1.000\*SOFR30A + 5.486%), 06/15/2044 | 563691 | 0.0 |
| 6763635 | Freddie Mac REMIC Trust 4444 CZ, 3.000%, 02/15/2045 | 5974206 | 0.1 |
| 9885893 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4461 AS, 1.137%, (-1.000\*SOFR30A + 5.486%), 04/15/2045 | 656497 | 0.0 |
| 3124000 | Freddie Mac REMIC Trust 4492 VB, 3.500%, 05/15/2035 | 3002936 | 0.0 |
| 2913000 | Freddie Mac REMIC Trust 4505 PB, 3.000%, 08/15/2045 | 2555829 | 0.0 |
| 8068266 | Freddie Mac REMIC Trust 4545 PL, 3.500%, 01/15/2046 | 7192026 | 0.1 |
| 9956081 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4574 ST, 1.537%, (-1.000\*SOFR30A + 5.886%), 04/15/2046 | 1078643 | 0.0 |
| 47563064 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4585 AS, 1.637%, (-1.000\*SOFR30A + 5.986%), 05/15/2046 | 4050642 | 0.1 |
| 4203783 | Freddie Mac REMIC Trust 4608 JV, 3.500%, 01/15/2055 | 3218018 | 0.1 |
| 13556250 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4611 BS, 1.637%, (-1.000\*SOFR30A + 5.986%), 06/15/2041 | 1167937 | 0.0 |
| 9148784 | Freddie Mac REMIC Trust 4664 KZ, 3.500%, 02/15/2047 | 8428354 | 0.1 |
| 6133321 | Freddie Mac REMIC Trust 4680 GZ, 3.500%, 03/15/2047 | 5525898 | 0.1 |
| 5201685 | Freddie Mac REMIC Trust 4682 HZ, 3.500%, 04/15/2047 | 4790259 | 0.1 |
| 2322618 | Freddie Mac REMIC Trust 4700 KZ, 3.500%, 07/15/2047 | 2103106 | 0.0 |
| 4338352 | Freddie Mac REMIC Trust 4753 VZ, 3.000%, 12/15/2047 | 3443841 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3552118 | Freddie Mac REMIC Trust 4755 Z, 3.000%, 02/15/2048 | $3098375 | 0.0 |
| 38426725 | Freddie Mac REMIC Trust 4771 HZ, 3.500%, 03/15/2048 | 34895382 | 0.4 |
| 12854179 | Freddie Mac REMIC Trust 4776 AZ, 4.000%, 07/15/2047 | 12188406 | 0.1 |
| 347986 | Freddie Mac REMIC Trust 4787 PY, 4.000%, 05/15/2048 | 328158 | 0.0 |
| 6573065 | Freddie Mac REMIC Trust 4795 D, 5.000%, 05/15/2048 | 6424181 | 0.1 |
| 1744694 | Freddie Mac REMIC Trust 4834 AZ, 3.500%, 10/15/2048 | 1606990 | 0.0 |
| 23240836 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4879 DS, 1.637%, (-1.000\*SOFR30A + 5.986%), 08/15/2034 | 1387541 | 0.0 |
| 23085271 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4892 SA, 1.587%, (-1.000\*SOFR30A + 5.936%), 07/15/2049 | 2528650 | 0.0 |
| 1632872 | Freddie Mac REMIC Trust 4904 HB, 3.000%, 08/25/2049 | 1213976 | 0.0 |
| 6185947 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 4906 SQ, 1.596%, (-1.000\*SOFR30A + 5.936%), 09/25/2049 | 681412 | 0.0 |
| 606535 | Freddie Mac REMIC Trust 4914 DB, 3.000%, 09/25/2049 | 415552 | 0.0 |
| 2329559 | Freddie Mac REMIC Trust 4941 CZ, 3.000%, 11/25/2049 | 2057748 | 0.0 |
| 2532197 | Freddie Mac REMIC Trust 4941 WZ, 3.000%, 11/25/2049 | 2225580 | 0.0 |
| 4164090 | Freddie Mac REMIC Trust 4950 KE, 2.500%, 12/25/2049 | 3610131 | 0.1 |
| 49348281 <sup>(6)</sup> | Freddie Mac REMIC Trust 4980 KI, 4.500%, 06/25/2050 | 11462288 | 0.1 |
| 49074974 <sup>(6)</sup> | Freddie Mac REMIC Trust 4998 AI, 3.500%, 12/25/2049 | 10731107 | 0.1 |
| 42419734 <sup>(6)</sup> | Freddie Mac REMIC Trust 5014 HI, 4.000%, 09/25/2050 | 8770976 | 0.1 |
| 27048742 <sup>(6)</sup> | Freddie Mac REMIC Trust 5019 HI, 3.500%, 10/25/2050 | 5185055 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 21267995 <sup>(3)(6)</sup> | Freddie Mac REMIC Trust 5045 BS, 1.860%, (-1.000\*SOFR30A + 6.200%), 11/25/2050 | $3235640 | 0.1 |
| 88867034 <sup>(6)</sup> | Freddie Mac REMIC Trust 5051 BI, 3.000%, 11/25/2050 | 15590637 | 0.2 |
| 44293973 <sup>(6)</sup> | Freddie Mac REMIC Trust 5057 IT, 3.000%, 11/25/2050 | 7743530 | 0.1 |
| 25792474 <sup>(6)</sup> | Freddie Mac REMIC Trust 5072 NI, 3.000%, 01/25/2050 | 4472224 | 0.1 |
| 52118672 <sup>(6)</sup> | Freddie Mac REMIC Trust 5072 QI, 3.500%, 10/25/2050 | 11498500 | 0.1 |
| 73617814 <sup>(6)</sup> | Freddie Mac REMIC Trust 5082 IQ, 3.000%, 03/25/2051 | 12783417 | 0.2 |
| 17898795 <sup>(6)</sup> | Freddie Mac REMIC Trust 5103 HI, 4.000%, 05/25/2051 | 3753705 | 0.1 |
| 18733873 <sup>(6)</sup> | Freddie Mac REMIC Trust 5113 AI, 4.000%, 06/25/2041 | 2899691 | 0.0 |
| 17632410 <sup>(6)</sup> | Freddie Mac REMIC Trust 5114 CI, 4.000%, 01/25/2050 | 3564134 | 0.1 |
| 58875508 <sup>(6)</sup> | Freddie Mac REMIC Trust 5117 IO, 3.000%, 06/25/2051 | 8475071 | 0.1 |
| 24154457 <sup>(6)</sup> | Freddie Mac REMIC Trust 5122 AI, 4.500%, 07/25/2051 | 5530298 | 0.1 |
| 43686890 <sup>(6)</sup> | Freddie Mac REMIC Trust 5125 MI, 4.500%, 11/25/2048 | 9781209 | 0.1 |
| 21890373 <sup>(6)</sup> | Freddie Mac REMIC Trust 5128 IC, 5.500%, 09/25/2041 | 4235424 | 0.1 |
| 49708060 <sup>(6)</sup> | Freddie Mac REMIC Trust 5152 IQ, 4.500%, 10/25/2051 | 11670990 | 0.1 |
| 60549152 <sup>(6)</sup> | Freddie Mac REMIC Trust 5200 IC, 4.000%, 03/25/2051 | 12380509 | 0.1 |
| 1277507 | Freddie Mac REMIC Trust 5228 EC, 4.000%, 02/25/2050 | 1220858 | 0.0 |
| 48303426 <sup>(6)</sup> | Freddie Mac REMIC Trust 5279 IM, 4.000%, 11/25/2051 | 9681828 | 0.1 |
| 37156502 <sup>(6)</sup> | Freddie Mac REMIC Trust 5322 IO, 4.000%, 09/25/2051 | 7921636 | 0.1 |
| 3856141 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA6 M2, 5.840%, (SOFR30A + 1.500%), 10/25/2041 | 3859482 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA7 M2, 6.140%, (SOFR30A + 1.800%), 11/25/2041 | $1005118 | 0.0 |
| 6500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA3 M2, 6.440%, (SOFR30A + 2.100%), 09/25/2041 | 6542459 | 0.1 |
| 15000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.090%, (SOFR30A + 3.750%), 12/25/2041 | 15408607 | 0.2 |
| 10000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.690%, (SOFR30A + 2.350%), 12/25/2041 | 10098706 | 0.1 |
| 13500000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.740%, (SOFR30A + 3.400%), 01/25/2042 | 13849327 | 0.2 |
| 7000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 6.840%, (SOFR30A + 2.500%), 01/25/2042 | 7082438 | 0.1 |
| 1400000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.090%, (SOFR30A + 4.750%), 02/25/2042 | 1464035 | 0.0 |
| 10400000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 8.090%, (SOFR30A + 3.750%), 02/25/2042 | 10761417 | 0.1 |
| 2534500 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA6 M2, 10.090%, (SOFR30A + 5.750%), 09/25/2042 | 2762327 | 0.0 |
| 1150000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-HQA3 M2, 9.690%, (SOFR30A + 5.350%), 08/25/2042 | 1232469 | 0.0 |
| 1800000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2023-HQA3 M2, 7.690%, (SOFR30A + 3.350%), 11/25/2043 | 1891413 | 0.0 |
| 10000000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.140%, (SOFR30A + 1.800%), 08/25/2044 | 10015450 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3350000 <sup>(1)(3)</sup> | Freddie Mac STACR REMIC Trust 2025-HQA1 M2, 5.990%, (SOFR30A + 1.650%), 02/25/2045 | $3335357 | 0.1 |
| 2071348 | Freddie Mac Strips 277 30, 3.000%, 09/15/2042 | 1868661 | 0.0 |
| 4530204 <sup>(6)</sup> | Freddie Mac Strips 303 C17, 3.500%, 01/15/2043 | 786312 | 0.0 |
| 22449430 <sup>(3)(6)</sup> | Freddie Mac Strips 311 S1, 1.487%, (-1.000\*SOFR30A + 5.836%), 08/15/2043 | 2386069 | 0.0 |
| 8182790 | Freddie Mac Strips 326 350, 3.500%, 03/15/2044 | 7585886 | 0.1 |
| 689880 <sup>(3)(6)</sup> | Freddie Mac Strips 344 68, 3.000%, 02/15/2045 | 81599 | 0.0 |
| 204583 <sup>(3)(6)</sup> | Freddie Mac Strips 344 89, 4.500%, 02/15/2045 | 36843 | 0.0 |
| 2809460 <sup>(6)</sup> | Freddie Mac Strips 344 C13, 4.500%, 02/15/2045 | 579741 | 0.0 |
| 4182172 <sup>(6)</sup> | Freddie Mac Strips 344 C17, 4.000%, 02/15/2045 | 783237 | 0.0 |
| 2070461 <sup>(3)(6)</sup> | Freddie Mac Strips 344 C18, 4.000%, 02/15/2045 | 339905 | 0.0 |
| 2514220 <sup>(3)(6)</sup> | Freddie Mac Strips 344 C19, 3.500%, 02/15/2045 | 324066 | 0.0 |
| 4058916 <sup>(6)</sup> | Freddie Mac Strips 344 C2, 4.000%, 02/15/2045 | 759468 | 0.0 |
| 3515141 <sup>(6)</sup> | Freddie Mac Strips 344 C4, 4.000%, 02/15/2045 | 677018 | 0.0 |
| 5847066 <sup>(6)</sup> | Freddie Mac Strips 344 C5, 3.500%, 02/15/2045 | 1053416 | 0.0 |
| 6125889 <sup>(6)</sup> | Freddie Mac Strips 344 C6, 4.000%, 02/15/2045 | 1244472 | 0.0 |
| 3405655 <sup>(6)</sup> | Freddie Mac Strips 344 C7, 4.000%, 02/15/2045 | 671252 | 0.0 |
| 2479267 <sup>(6)</sup> | Freddie Mac Strips 344 C8, 3.500%, 02/15/2045 | 411754 | 0.0 |
| 3033465 <sup>(6)</sup> | Freddie Mac Strips 344 C9, 3.500%, 02/15/2045 | 498151 | 0.0 |
| 7031644 <sup>(6)</sup> | Freddie Mac Strips 347 C14, 3.500%, 02/15/2044 | 1223602 | 0.0 |
| 4117119 <sup>(6)</sup> | Freddie Mac Strips 347 C22, 4.000%, 02/15/2044 | 743716 | 0.0 |
| 4517318 <sup>(6)</sup> | Freddie Mac Strips 347 C23, 4.000%, 02/15/2044 | 850535 | 0.0 |
| 4323548 <sup>(6)</sup> | Freddie Mac Strips 347 C24, 4.000%, 02/15/2044 | 803755 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3851916 <sup>(6)</sup> | Freddie Mac Strips 347 C25, 4.000%, 02/15/2044 | $761224 | &nbsp;&nbsp;&nbsp;&nbsp; 0.0 |
| 5395781 <sup>(6)</sup> | Freddie Mac Strips 347 C26, 4.000%, 02/15/2044 | 1048613 | 0.0 |
| 4795307 <sup>(6)</sup> | Freddie Mac Strips 347 C28, 4.500%, 02/15/2044 | 987973 | 0.0 |
| 8253362 <sup>(6)</sup> | Freddie Mac Strips 347 C5, 3.000%, 05/15/2043 | 1258664 | 0.0 |
| 16678675 <sup>(6)</sup> | Freddie Mac Strips 365 C23, 3.500%, 10/15/2047 | 2950012 | 0.0 |
| 715073 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-48 1A, 4.359%, 07/25/2033 | 684871 | 0.0 |
| 2470748 | Freddie Mac Whole Loan Securities Trust 2017-SC01 1A, 3.000%, 12/25/2046 | 2146141 | 0.0 |
| 2289268 | Freddie Mac Whole Loan Securities Trust 2017-SC01 2A, 3.500%, 12/25/2046 | 2028757 | 0.0 |
| 436410 <sup>(1)(3)</sup> | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 421095 | 0.0 |
| 3504136 <sup>(1)(3)</sup> | Galton Funding Mortgage Trust 2018-2 B2, 4.672%, 10/25/2058 | 3395585 | 0.1 |
| 751413 <sup>(3)(6)</sup> | Ginnie Mae 2005-37 SI, 1.716%, (-1.000\*TSFR1M + 6.036%), 05/20/2035 | 49968 | 0.0 |
| 172073 <sup>(3)(6)</sup> | Ginnie Mae 2005-7 AH, 2.336%, (-1.000\*TSFR1M + 6.656%), 02/16/2035 | 12182 | 0.0 |
| 3779991 <sup>(3)(6)</sup> | Ginnie Mae 2007-17 IC, 1.816%, (-1.000\*TSFR1M + 6.136%), 04/16/2037 | 185317 | 0.0 |
| 738749 <sup>(3)(6)</sup> | Ginnie Mae 2007-23 ST, 1.766%, (-1.000\*TSFR1M + 6.086%), 04/20/2037 | 59131 | 0.0 |
| 936311 <sup>(3)(6)</sup> | Ginnie Mae 2007-40 SE, 2.316%, (-1.000\*TSFR1M + 6.636%), 07/20/2037 | 93661 | 0.0 |
| 4678661 <sup>(3)(6)</sup> | Ginnie Mae 2007-41 SL, 2.266%, (-1.000\*TSFR1M + 6.586%), 07/20/2037 | 409091 | 0.0 |
| 598210 <sup>(3)(6)</sup> | Ginnie Mae 2007-7 EI, 1.766%, (-1.000\*TSFR1M + 6.086%), 02/20/2037 | 48029 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 560821 <sup>(3)(6)</sup> | Ginnie Mae 2008-2 SW, 2.116%, (-1.000\*TSFR1M + 6.436%), 01/20/2038 | $53276 | 0.0 |
| 266267 <sup>(3)(6)</sup> | Ginnie Mae 2008-35 SN, 1.966%, (-1.000\*TSFR1M + 6.286%), 04/20/2038 | 19185 | 0.0 |
| 134230 <sup>(3)(6)</sup> | Ginnie Mae 2008-40 PS, 2.066%, (-1.000\*TSFR1M + 6.386%), 05/16/2038 | 8071 | 0.0 |
| 430216 <sup>(3)(6)</sup> | Ginnie Mae 2009-25 KS, 1.766%, (-1.000\*TSFR1M + 6.086%), 04/20/2039 | 36880 | 0.0 |
| 336328 | Ginnie Mae 2009-29 PB, 4.750%, 05/20/2039 | 338980 | 0.0 |
| 306950 | Ginnie Mae 2009-31 ZL, 4.500%, 05/20/2039 | 306181 | 0.0 |
| 6806071 | Ginnie Mae 2009-33 ZB, 6.000%, 05/20/2039 | 7048390 | 0.1 |
| 678711 | Ginnie Mae 2009-34 Z, 4.500%, 05/16/2039 | 678842 | 0.0 |
| 560149 | Ginnie Mae 2009-98 DA, 3.250%, 07/16/2039 | 549563 | 0.0 |
| 1805059 | Ginnie Mae 2010-108 WL, 4.000%, 04/16/2040 | 1766175 | 0.0 |
| 2180892 <sup>(3)(6)</sup> | Ginnie Mae 2010-11 SA, 1.986%, (-1.000\*TSFR1M + 6.306%), 01/16/2040 | 189058 | 0.0 |
| 598476 <sup>(3)(6)</sup> | Ginnie Mae 2010-116 NS, 2.216%, (-1.000\*TSFR1M + 6.536%), 09/16/2040 | 42966 | 0.0 |
| 2329151 <sup>(3)(6)</sup> | Ginnie Mae 2010-116 SK, 2.186%, (-1.000\*TSFR1M + 6.506%), 08/20/2040 | 190845 | 0.0 |
| 934353 <sup>(3)(6)</sup> | Ginnie Mae 2010-14 SB, 2.366%, (-1.000\*TSFR1M + 6.686%), 11/20/2035 | 85537 | 0.0 |
| 687068 <sup>(3)(6)</sup> | Ginnie Mae 2010-149 HS, 1.666%, (-1.000\*TSFR1M + 5.986%), 05/16/2040 | 5728 | 0.0 |
| 273896 | Ginnie Mae 2010-164 MD, 4.000%, 12/20/2040 | 265331 | 0.0 |
| 951667 <sup>(6)</sup> | Ginnie Mae 2010-168 BI, 5.000%, 04/20/2040 | 153646 | 0.0 |
| 598704 <sup>(3)(6)</sup> | Ginnie Mae 2010-68 MS, 1.416%, (-1.000\*TSFR1M + 5.736%), 06/20/2040 | 53474 | 0.0 |
| 568241 <sup>(6)</sup> | Ginnie Mae 2010-99 IT, 5.000%, 08/16/2040 | 74833 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 712401 | Ginnie Mae 2011-52 PA, 4.250%, 02/16/2041 | $708662 | 0.0 |
| 1425833 <sup>(3)(6)</sup> | Ginnie Mae 2011-72 SA, 0.916%, (-1.000\*TSFR1M + 5.236%), 05/16/2041 | 92951 | 0.0 |
| 113491 <sup>(6)</sup> | Ginnie Mae 2012-91 QI, 4.500%, 09/20/2041 | 8230 | 0.0 |
| 466081 | Ginnie Mae 2013-116 KB, 3.500%, 12/20/2042 | 458688 | 0.0 |
| 2503427 <sup>(6)</sup> | Ginnie Mae 2013-167 PI, 5.500%, 11/20/2043 | 357707 | 0.0 |
| 7265637 | Ginnie Mae 2013-170 ZD, 2.500%, 11/16/2043 | 6400049 | 0.1 |
| 63113 | Ginnie Mae 2013-27 KA, 2.250%, 02/20/2043 | 58544 | 0.0 |
| 312541 | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 | 276781 | 0.0 |
| 911 <sup>(6)</sup> | Ginnie Mae 2014-10 GI, 4.500%, 01/16/2029 | 8 | 0.0 |
| 1987281 <sup>(3)(6)</sup> | Ginnie Mae 2014-185 SB, 1.166%, (-1.000\*TSFR1M + 5.486%), 12/20/2044 | 134266 | 0.0 |
| 1175011 <sup>(3)(6)</sup> | Ginnie Mae 2014-3 QS, 1.716%, (-1.000\*TSFR1M + 6.036%), 03/20/2043 | 61485 | 0.0 |
| 3325957 <sup>(3)(6)</sup> | Ginnie Mae 2014-3 SU, 1.616%, (-1.000\*TSFR1M + 5.936%), 07/20/2039 | 272505 | 0.0 |
| 1795872 <sup>(3)(6)</sup> | Ginnie Mae 2014-56 SP, 1.766%, (-1.000\*TSFR1M + 6.086%), 12/16/2039 | 124856 | 0.0 |
| 4528610 <sup>(3)(6)</sup> | Ginnie Mae 2014-58 SG, 1.166%, (-1.000\*TSFR1M + 5.486%), 04/16/2044 | 245074 | 0.0 |
| 677101 | Ginnie Mae 2015-27 PB, 3.000%, 08/20/2044 | 668570 | 0.0 |
| 12313783 <sup>(3)(6)</sup> | Ginnie Mae 2016-160 GS, 1.666%, (-1.000\*TSFR1M + 5.986%), 11/20/2046 | 1501556 | 0.0 |
| 353015 | Ginnie Mae 2016-44 JA, 3.500%, 03/20/2046 | 324214 | 0.0 |
| 25696010 <sup>(3)(6)</sup> | Ginnie Mae 2016-6 SB, 1.216%, (-1.000\*TSFR1M + 5.536%), 01/20/2046 | 2029327 | 0.0 |
| 5944620 <sup>(3)(6)</sup> | Ginnie Mae 2017-101 SA, 1.766%, (-1.000\*TSFR1M + 6.086%), 07/20/2047 | 747937 | 0.0 |
| 12902583 <sup>(3)(6)</sup> | Ginnie Mae 2017-163 SH, 1.766%, (-1.000\*TSFR1M + 6.086%), 11/20/2047 | 1645930 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 8336301 <sup>(3)(6)</sup> | Ginnie Mae 2017-19 SE, 1.716%, (-1.000\*TSFR1M + 6.036%), 02/16/2047 | $757012 | 0.0 |
| 4710211 | Ginnie Mae 2018-1 LZ, 3.000%, 01/20/2048 | 3750929 | 0.1 |
| 356997 | Ginnie Mae 2018-104 HZ, 3.500%, 08/20/2048 | 267581 | 0.0 |
| 994781 | Ginnie Mae 2018-120 DE, 3.500%, 09/20/2048 | 926090 | 0.0 |
| 213614 | Ginnie Mae 2018-122 GZ, 3.500%, 09/20/2048 | 169832 | 0.0 |
| 1343481 | Ginnie Mae 2018-126 A, 3.500%, 09/20/2048 | 1229362 | 0.0 |
| 214714 | Ginnie Mae 2018-147 KZ, 3.750%, 10/20/2048 | 175092 | 0.0 |
| 12648530 <sup>(3)(6)</sup> | Ginnie Mae 2018-167 CS, 1.666%, (-1.000\*TSFR1M + 5.986%), 12/20/2048 | 1361858 | 0.0 |
| 176532 | Ginnie Mae 2019-100 JB, 3.000%,08/20/2049 | 131883 | 0.0 |
| 532322 | Ginnie Mae 2019-100 KB, 3.000%, 08/20/2049 | 397010 | 0.0 |
| 1349931 | Ginnie Mae 2019-100 MC, 3.000%, 08/20/2049 | 986327 | 0.0 |
| 78060303 <sup>(6)</sup> | Ginnie Mae 2019-129 AI, 3.500%, 10/20/2049 | 15052540 | 0.2 |
| 35841532 <sup>(6)</sup> | Ginnie Mae 2019-137 GI, 4.000%, 11/20/2049 | 7831443 | 0.1 |
| 17918220 <sup>(3)(6)</sup> | Ginnie Mae 2019-159 SM, 1.616%, (-1.000\*TSFR1M + 5.936%), 12/20/2049 | 2254845 | 0.0 |
| 1081376 | Ginnie Mae 2019-23 NG, 3.500%, 02/20/2049 | 832270 | 0.0 |
| 71326 | Ginnie Mae 2019-54 AB, 3.000%, 04/20/2049 | 55510 | 0.0 |
| 798785 | Ginnie Mae 2019-78 MB, 3.000%, 06/20/2049 | 593419 | 0.0 |
| 416445 | Ginnie Mae 2019-89 KB, 3.000%, 07/20/2049 | 312565 | 0.0 |
| 299424 | Ginnie Mae 2019-89 WB, 3.000%, 07/20/2049 | 220063 | 0.0 |
| 71180506 <sup>(6)</sup> | Ginnie Mae 2020-187 BI, 2.500%, 12/20/2050 | 10619882 | 0.1 |
| 18158346 <sup>(6)</sup> | Ginnie Mae 2020-188 PI, 3.500%, 06/20/2050 | 3516106 | 0.1 |
| 16733933 <sup>(3)(6)</sup> | Ginnie Mae 2020-32 SG, 1.666%, (-1.000\*TSFR1M + 5.986%), 03/20/2050 | 2125986 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 14138992 <sup>(3)(6)</sup> | Ginnie Mae 2020-34 SQ, 1.616%, (-1.000\*TSFR1M + 5.936%), 10/20/2049 | $1662413 | 0.0 |
| 25780748 <sup>(3)(6)</sup> | Ginnie Mae 2020-46 BS, 0.336%, (-1.000\*TSFR1M + 3.236%), 04/20/2050 | 400960 | 0.0 |
| 12888731 <sup>(3)(6)</sup> | Ginnie Mae 2020-77 JS, 1.666%, (-1.000\*TSFR1M + 5.986%), 10/20/2048 | 1178335 | 0.0 |
| 77687979 <sup>(6)</sup> | Ginnie Mae 2021-139 PI, 2.500%, 08/20/2051 | 11068657 | 0.1 |
| 18326894 <sup>(6)</sup> | Ginnie Mae 2021-161 IC, 4.500%, 09/20/2051 | 4174505 | 0.1 |
| 28914944 <sup>(6)</sup> | Ginnie Mae 2021-57 IG, 3.500%, 09/20/2050 | 5597705 | 0.1 |
| 40785747 <sup>(3)(6)</sup> | Ginnie Mae 2022-172 SB, 1.356%, (-1.000\*SOFR30A + 5.700%), 10/20/2052 | 3039211 | 0.0 |
| 1737585 | Ginnie Mae 2023-99 DV, 5.000%, 07/20/2034 | 1767057 | 0.0 |
| 114614534 <sup>(3)(6)</sup> | Ginnie Mae 2024-184 SN, 0.956%, (-1.000\*SOFR30A + 5.300%), 11/20/2054 | 6674738 | 0.1 |
| 6495313 | Ginnie Mae 2024-20 VZ, 5.500%, 09/20/2053 | 6580920 | 0.1 |
| 267103 <sup>(1)(3)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/25/2050 | 240406 | 0.0 |
| 428382 <sup>(1)(3)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/25/2050 | 385566 | 0.0 |
| 1068464 <sup>(1)(3)</sup> | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/25/2050 | 961672 | 0.0 |
| 282728 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 266817 | 0.0 |
| 2689524 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.373%, 11/25/2049 | 2482589 | 0.0 |
| 1006600 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.983%, 03/25/2050 | 921553 | 0.0 |
| 1466277 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B2A, 3.411%, 10/25/2050 | 1282561 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 903643 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.411%, 10/25/2050 | $740800 | 0.0 |
| 1359644 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.378%, 04/25/2052 | 1102393 | 0.0 |
| 3142181 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ4 A3, 6.000%, 01/25/2054 | 3162947 | 0.0 |
| 2054260 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ6 B2, 6.899%, 04/25/2054 | 2134655 | 0.0 |
| 1474858 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ1 B2, 7.134%, 06/25/2054 | 1563288 | 0.0 |
| 821702 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ2 B3, 6.283%, 07/25/2054 | 816801 | 0.0 |
| 2947657 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B2, 6.197%, 08/25/2054 | 2953734 | 0.0 |
| 1930715 <sup>(1)(3)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B3, 6.197%, 08/25/2054 | 1899170 | 0.0 |
| 109385 | GSR Mortgage Loan Trust 2007-1F 3A13, 6.000%, 01/25/2037 | 67363 | 0.0 |
| 1241294 <sup>(3)</sup> | HarborView Mortgage Loan Trust 2007-5 A1A, 4.811%, (TSFR1M + 0.494%), 09/19/2037 | 1071746 | 0.0 |
| 32451 <sup>(3)</sup> | HomeBanc Mortgage Trust 2004-1 2A, 5.295%, (TSFR1M + 0.974%), 08/25/2029 | 31647 | 0.0 |
| 5000000 <sup>(1)</sup> | HTAP Issuer Trust 2025-1 A, 6.500%, 11/25/2042 | 4931044 | 0.1 |
| 306991 <sup>(3)</sup> | Impac CMB Trust Series 2005-1 M1, 5.125%, (TSFR1M + 0.804%), 04/25/2035 | 287564 | 0.0 |
| 2000000 <sup>(1)(3)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 1501730 | 0.0 |
| 1388982 <sup>(3)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.855%, (TSFR1M + 0.534%), 02/25/2046 | 1052729 | 0.0 |
| 36491 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2019-2 A3, 3.984%, 08/25/2049 | 34583 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2109437 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | $1699886 | 0.0 |
| 2246748 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2023-8 B3, 6.284%, 02/25/2054 | 2226039 | 0.0 |
| 5680864 <sup>(1)(3)</sup> | J.P. Morgan Mortgage Trust 2024-1 A9, 6.000%, 06/25/2054 | 5700656 | 0.1 |
| 302432 | JP Morgan Alternative Loan Trust 2005-S1 1A1, 5.500%, 12/25/2035 | 87941 | 0.0 |
| 1007823 <sup>(3)</sup> | JP Morgan Mortgage Trust 2005-A4 B1, 6.091%, 07/25/2035 | 965838 | 0.0 |
| 866649 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.447%, 01/25/2047 | 770561 | 0.0 |
| 1187254 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2017-6 B3, 3.780%, 12/25/2048 | 1080429 | 0.0 |
| 1678275 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2018-1 B1, 3.580%, 06/25/2048 | 1526989 | 0.0 |
| 1615408 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2018-1 B2, 3.580%, 06/25/2048 | 1462859 | 0.0 |
| 2134753 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2018-1 B3, 3.580%, 06/25/2048 | 1915618 | 0.0 |
| 1839661 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 1681922 | 0.0 |
| 136014 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 127547 | 0.0 |
| 217856 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 197274 | 0.0 |
| 484127 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-8 A5, 3.500%, 03/25/2050 | 435370 | 0.0 |
| 1581635 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2019-INV1 B3, 4.933%, 10/25/2049 | 1530869 | 0.0 |
| 697921 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-1 A7, 3.500%, 06/25/2050 | 629490 | 0.0 |
| 236102 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050 | 210129 | 0.0 |
| 249849 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-3 A15, 3.500%, 08/25/2050 | 224801 | 0.0 |
| 1917185 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-5 B3, 3.570%, 12/25/2050 | 1673396 | 0.0 |
| 878443 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-8 B2, 3.493%, 03/25/2051 | 775318 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 187602 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2020-INV1 A3, 3.500%, 08/25/2050 | $169084 | 0.0 |
| 1377798 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.350%, 05/25/2054 | 1370304 | 0.0 |
| 2628145 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2024-2 A9, 6.500%, 08/25/2054 | 2675866 | 0.0 |
| 3862873 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2024-9 A9A, 5.500%, 02/25/2055 | 3813458 | 0.1 |
| 3964852 <sup>(1)(3)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A9, 5.500%, 06/25/2055 | 3904469 | 0.1 |
| 12094228 <sup>(3)(6)</sup> | Lehman Mortgage Trust 2006-7 2A4, 2.115%, (-1.000\*TSFR1M + 6.436%), 11/25/2036 | 1762139 | 0.0 |
| 8298681 <sup>(3)(6)</sup> | Lehman Mortgage Trust 2006-9 2A5, 2.185%, (-1.000\*TSFR1M + 6.506%), 01/25/2037 | 881647 | 0.0 |
| 171263 <sup>(1)(3)</sup> | MFA Trust 2020-NQM3 A3, 1.632%, 01/26/2065 | 162038 | 0.0 |
| 3300449 <sup>(1)(3)</sup> | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 3187431 | 0.1 |
| 2482000 <sup>(1)(3)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.721%, 09/25/2057 | 2266952 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2020-1 A5A, 2.500%, 12/25/2050 | 701463 | 0.0 |
| 4675736 <sup>(1)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B1, 7.162%, 03/25/2054 | 5029213 | 0.1 |
| 3930402 <sup>(1)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4 A13, 5.500%, 09/25/2054 | 3839216 | 0.1 |
| 1693378 <sup>(1)(3)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4 B3, 7.025%, 09/25/2054 | 1758327 | 0.0 |
| 1573380 <sup>(1)(3)</sup> | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 | 1554682 | 0.0 |
| 539976 <sup>(1)(3)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 526451 | 0.0 |
| 664811 <sup>(1)(3)</sup> | Oaktown Re VI Ltd. 2021-1A M1C, 7.340%, (SOFR30A + 3.000%), 10/25/2033 | 670756 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 6000000 <sup>(1)(3)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.690%, (SOFR30A + 3.350%), 04/25/2034 | $6116703 | 0.1 |
| 35904 <sup>(1)(3)</sup> | OBX Trust 2019-EXP1 1A3, 4.000%, 01/25/2059 | 35444 | 0.0 |
| 255733 <sup>(1)(3)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 239606 | 0.0 |
| 1414908494 <sup>(1)(6)</sup> | PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048 | 6853605 | 0.1 |
| 52448 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 46613 | 0.0 |
| 1133398 <sup>(1)(3)</sup> | Provident Funding Mortgage Trust 2020-1 B3, 3.239%, 02/25/2050 | 965512 | 0.0 |
| 2135398 <sup>(1)(3)</sup> | Radnor RE Ltd. 2021-1 M1C, 7.040%, (SOFR30A + 2.700%), 12/27/2033 | 2155067 | 0.0 |
| 588227 <sup>(1)(3)</sup> | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 | 533047 | 0.0 |
| 852948 <sup>(1)(3)</sup> | RCKT Mortgage Trust 2019-1 B4, 3.891%, 09/25/2049 | 765809 | 0.0 |
| 31190596 <sup>(3)</sup> | Seasoned Credit Risk Transfer Trust 2017-4 HT, 3.250%, 06/25/2057 | 28170657 | 0.3 |
| 184885 <sup>(1)(3)</sup> | Seasoned Credit Risk Transfer Trust Series 2016-1 M2, 3.750%, 09/25/2055 | 169082 | 0.0 |
| 3165023 | Seasoned Credit Risk Transfer Trust Series 2018-2 HT, 3.000%, 11/25/2057 | 2756122 | 0.0 |
| 7302519 | Seasoned Credit Risk Transfer Trust Series 2018-2 MV, 3.500%, 11/25/2057 | 6843691 | 0.1 |
| 3255540 | Seasoned Credit Risk Transfer Trust Series 2018-3 HT, 3.000%, 08/25/2057 | 2820663 | 0.0 |
| 2590854 | Seasoned Credit Risk Transfer Trust Series 2018-4 HT, 3.000%, 03/25/2058 | 2219547 | 0.0 |
| 2943873 | Seasoned Credit Risk Transfer Trust Series 2019-1 HT, 3.000%, 07/25/2058 | 2548336 | 0.0 |
| 1476907 | Seasoned Credit Risk Transfer Trust Series 2019-2 HT, 3.000%, 08/25/2058 | 1274240 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 685157 | Seasoned Credit Risk Transfer Trust Series 2019-3 HT, 3.000%, 10/25/2058 | $595459 | 0.0 |
| 5936774 | Seasoned Credit Risk Transfer Trust Series 2019-3 MA, 3.500%, 10/25/2058 | 5685247 | 0.1 |
| 754707 | Seasoned Credit Risk Transfer Trust Series 2019-4 M55D, 4.000%, 02/25/2059 | 706206 | 0.0 |
| 69937 | Seasoned Credit Risk Transfer Trust Series 2020-3 TTU, 2.500%, 05/25/2060 | 64224 | 0.0 |
| 32340000 | Seasoned Loans Structured Transaction Trust Series 2019-3 A2C, 2.750%, 11/25/2029 | 30122398 | 0.3 |
| 768441 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2015-2 B3, 3.754%, 05/25/2045 | 679078 | 0.0 |
| 982625 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2015-3 B3, 3.730%, 07/25/2045 | 790786 | 0.0 |
| 599762 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2017-5 B3, 3.786%, 08/25/2047 | 546453 | 0.0 |
| 105732 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 03/25/2048 | 99212 | 0.0 |
| 2083103 <sup>(1)</sup> | Sequoia Mortgage Trust 2018-CH1 B2B, 4.427%, 03/25/2048 | 1986060 | 0.0 |
| 493811 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 445767 | 0.0 |
| 22706 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | 22580 | 0.0 |
| 1783818 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2020-2 B2, 3.631%, 03/25/2050 | 1587016 | 0.0 |
| 2714626 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2020-3 B2, 3.312%, 04/25/2050 | 2383815 | 0.0 |
| 1006205 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2021-5 A19, 2.500%, 07/25/2051 | 815647 | 0.0 |
| 921049 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2021-5 B3, 3.052%, 07/25/2051 | 762358 | 0.0 |
| 1142645 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2024-3 A19, 6.000%, 04/25/2054 | 1145912 | 0.0 |
| 4429706 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 4373040 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2894527 <sup>(1)(3)</sup> | Sequoia Mortgage Trust 2025-2 A19, 6.000%, 03/25/2055 | $2902802 | 0.0 |
| 1520892 <sup>(1)(3)</sup> | Shellpoint Co-Originator Trust 2017-2 B2, 3.631%, 10/25/2047 | 1409176 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067 | 782255 | 0.0 |
| 2015205 <sup>(1)(3)</sup> | TIAA Bank Mortgage Loan Trust 2018-2 B2, 3.656%, 07/25/2048 | 1832772 | 0.0 |
| 2640000 <sup>(1)(3)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.993%, 11/25/2057 | 2606344 | 0.0 |
| 3061107 <sup>(1)(3)</sup> | Towd Point Mortgage Trust 2016-2 M1, 3.000%, 08/25/2055 | 3003124 | 0.0 |
| 3200000 <sup>(1)(3)</sup> | Towd Point Mortgage Trust 2017-1 M1, 3.750%, 10/25/2056 | 3123998 | 0.0 |
| 2200000 <sup>(1)(3)</sup> | Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057 | 2111267 | 0.0 |
| 4873744 <sup>(1)(3)</sup> | Triangle Re Ltd. 2021-3 M1B, 7.240%, (SOFR30A + 2.900%), 02/25/2034 | 4911484 | 0.1 |
| 242454 <sup>(3)</sup> | Wachovia Mortgage Loan Trust LLC Series Trust 2005-B 2A1, 7.546%, 10/20/2035 | 237925 | 0.0 |
| 934821 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 A1C3, 5.455%, (TSFR1M + 1.134%), 08/25/2045 | 929339 | 0.0 |
| 34742795 <sup>(3)(6)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR11 X, 1.410%, 08/25/2045 | 34387 | 0.0 |
| 194801 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.756%, 10/25/2036 | 177902 | 0.0 |
| 150729 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 4.182%, 10/25/2036 | 138155 | 0.0 |
| 430336 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR14 1A4, 4.218%, 11/25/2036 | 379466 | 0.0 |
| 452548 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR16 2A1, 4.518%, 12/25/2036 | 401757 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1014570 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.313%, 12/25/2036 | $917958 | 0 |
| 274297 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY3 1A1, 3.884%, 03/25/2037 | 227136 | 0 |
| 1720949 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 6.208%, 06/25/2034 | 1677334 | 0 |
| 666724 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2005-AR13 A1C3, 5.415%, (TSFR1M + 1.094%), 10/25/2045 | 651568 | 0 |
| 1046243 <sup>(3)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR16 2A3, 4.518%, 12/25/2036 | 928818 | 0 |
| 813856 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-10 2A3, 5.335%, (TSFR1M + 1.014%), 11/25/2035 | 737878 | 0 |
| 473986 | Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-5 CB3, 5.500%, 07/25/2035 | 440361 | 0 |
| 2840595 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.595%, (12MTA + 0.960%), 08/25/2046 | 1572639 | 0 |
| 854366 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2007-OC1 A4, 5.075%, (TSFR1M + 0.754%), 01/25/2047 | 773577 | 0 |
| 211371 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 | 194857 | 0 |
| 412399 <sup>(3)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2007-OC1 A3, 4.895%, (TSFR1M + 0.574%), 01/25/2047 | 370122 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 349226 <sup>(3)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.865%, (TSFR1M + 0.544%), 06/25/2037 | $| 301103 | 0.0 |
| 365480 | Wells Fargo Alternative Loan Trust 2007-PA3 3A1, 6.250%, 07/25/2037 |  | 316055 | 0.0 |
| 100522 <sup>(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR4 2A4, 6.154%, 04/25/2036 |  | 99036 | 0.0 |
| 1782423 <sup>(1)(3)</sup> | Wells Fargo Mortgage Backed Securities Trust 2019-4 B3, 3.512%, 09/25/2049 |  | 1259782 | 0.0 |
| 499781 <sup>(1)(3)</sup> | WinWater Mortgage Loan Trust 2015-5 B3, 3.753%, 08/20/2045 |  | 464955 | 0.0 |
| 815304 <sup>(1)(3)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045 |  | 751178 | 0.0 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $1,494,933,493) |  | **1399884989** | **14.7** |
| **ASSET-BACKED SECURITIES: 12.4%** | **ASSET-BACKED SECURITIES: 12.4%** |  |  |  |
|  | **Automobile Asset-Backed Securities: 0.4%** | **Automobile Asset-Backed Securities: 0.4%** | **Automobile Asset-Backed Securities: 0.4%** | **Automobile Asset-Backed Securities: 0.4%** |
| 8134525 <sup>(1)(3)</sup> | Bayview Opportunity Master Fund VII LLC 2024-CAR1 A, 5.440%, (SOFR30A + 1.100%), 12/26/2031 |  | 8161096 | 0.1 |
| 14950000 <sup>(1)</sup> | Bayview Opportunity Master Fund VII Trust 2024-SN1 A3, 5.660%, 03/15/2028 |  | 15060522 | 0.2 |
| 11850000 <sup>(1)</sup> | Westlake Automobile Receivables Trust 2024-1A B, 5.550%, 11/15/2027 |  | 11937739 | 0.1 |
|  |  |  | **35159357** | **0.4** |
|  | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** | **Home Equity Asset-Backed Securities: 0.1%** |
| 2304505 <sup>(1)(3)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 1857208 | 0.0 |
| 3641283 <sup>(3)</sup> | Freddie Mac Structured Pass-Through Certificates T-31 A7, 4.704%, (SOFR30A + 0.364%), 05/25/2031 |  | 3640334 | 0.1 |
| 2512590 <sup>(3)</sup> | GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046 |  | 920208 | 0.0 |
| 117299 <sup>(3)</sup> | HSI Asset Loan Obligation Trust 2007-WF1 A6, 4.483%, 12/25/2036 |  | 87021 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** |
| 423390 <sup>(3)</sup> | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A3, 4.755%, (TSFR1M + 0.434%), 02/25/2037 | $| 382110 | 0.0 |
| 510317 <sup>(3)</sup> | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 4.895%, (TSFR1M + 0.574%), 02/25/2037 |  | 460501 | 0.0 |
| 498881 <sup>(3)</sup> | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.640%, 11/25/2035 |  | 498467 | 0.0 |
|  |  |  | **7845849** | **0.1** |
|  | **Other Asset-Backed Securities: 10.9%** | **Other Asset-Backed Securities: 10.9%** | **Other Asset-Backed Securities: 10.9%** | **Other Asset-Backed Securities: 10.9%** |
| 9160000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A B, 5.831%, (TSFR3M + 1.550%), 04/20/2037 |  | 9146773 | 0.1 |
| 7020000 <sup>(1)(3)</sup> | 720 East CLO VII Ltd. 2025-7A C, 5.981%, (TSFR3M + 1.700%), 04/20/2037 |  | 7030895 | 0.1 |
| 6800000 <sup>(1)(3)</sup> | AB BSL CLO 4 Ltd. 2023-4A A, 6.293%, (TSFR3M + 2.000%), 04/20/2036 |  | 6804087 | 0.1 |
| 1000000 <sup>(1)(3)</sup> | AB BSL CLO 4 Ltd. 2023-4A A1R, 5.529%, (TSFR3M + 1.300%), 04/20/2038 |  | 1000301 | 0.0 |
| 1009203 <sup>(1)(3)(6)(7)</sup> | American Homes 4 Rent Trust 2015-SFR1 XS, 3.232%, 04/17/2052 |  |  |  |
| 21690000 <sup>(1)(3)</sup> | AMMC CLO 25 Ltd. 2022-25A A1R, 5.652%, (TSFR3M + 1.350%), 04/15/2035 |  | 21693340 | 0.2 |
| 8990000 <sup>(1)(3)</sup> | AMMC CLO 31 Ltd. 2025-31A B, 6.017%, (TSFR3M + 1.700%), 02/20/2038 |  | 8978106 | 0.1 |
| 2050000 <sup>(1)(3)</sup> | Apidos CLO XXXII 2019-32A A1R, 5.390%, (TSFR3M + 1.100%), 01/20/2033 |  | 2046113 | 0.0 |
| 10000000 <sup>(1)(3)</sup> | Apidos CLO XXXV 2021-35A C, 6.205%, (TSFR3M + 1.912%), 04/20/2034 |  | 9929370 | 0.1 |
| 2029500 <sup>(1)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 |  | 1992693 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 398731 <sup>(1)</sup> | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 | $383587 | 0.0 |
| 640226 <sup>(1)</sup> | Aqua Finance Trust 2020-AA A, 1.900%, 07/17/2046 | 592445 | 0.0 |
| 8943325 <sup>(1)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.784%, (TSFR1M + 1.464%), 11/15/2036 | 8945597 | 0.1 |
| 14200000 <sup>(1)(3)</sup> | Ballyrock CLO 18 Ltd. 2021-18A A2R, 4.871%, (TSFR3M + 1.650%), 04/15/2038 | 14204785 | 0.1 |
| 7268492 <sup>(1)(3)</sup> | Barings CLO Ltd. 2018-4A A1R, 5.452%, (TSFR3M + 1.150%), 10/15/2030 | 7264974 | 0.1 |
| 6250000 <sup>(1)(3)</sup> | Barings CLO Ltd. 2019-4A CR, 6.502%, (TSFR3M + 2.200%), 07/15/2037 | 6273906 | 0.1 |
| 13890000 <sup>(1)(3)</sup> | Benefit Street Partners CLO Ltd. 2015-6BR BR, 5.833%, (TSFR3M + 1.550%), 04/20/2038 | 13902376 | 0.1 |
| 450000 <sup>(1)(3)</sup> | Benefit Street Partners CLO VIII Ltd.2015-8A A1BR, 5.755%, (TSFR3M + 1.462%), 01/20/2031 | 450578 | 0.0 |
| 4600000 <sup>(1)(3)</sup> | Benefit Street Partners CLO XXIII Ltd. 2021-23A C, 6.762%, (TSFR3M + 2.462%), 04/25/2034 | 4607015 | 0.0 |
| 20100000 <sup>(1)(3)</sup> | Benefit Street Partners CLO XXIX Ltd. 2022-29A AR, 5.485%, (TSFR3M + 1.180%), 01/25/2038 | 20112362 | 0.2 |
| 8750000 <sup>(1)(3)</sup> | Birch Grove CLO 10 Ltd. 2024-10A A, 5.949%, (TSFR3M + 1.390%), 01/22/2038 | 8719445 | 0.1 |
| 13650000 <sup>(1)(3)</sup> | Birch Grove CLO 12 Ltd. 2025-12A A1, 5.513%, (TSFR3M + 1.170%), 04/22/2038 | 13630235 | 0.1 |
| 19040000 <sup>(1)(3)</sup> | Birch Grove CLO 12 Ltd. 2025-12A B, 5.893%, (TSFR3M + 1.550%), 04/22/2038 | 19050129 | 0.2 |
| 2000000 <sup>(1)(3)</sup> | BlueMountain CLO Ltd. 2014-2A A2R2, 5.955%, (TSFR3M + 1.662%), 10/20/2030 | 2001040 | 0.0 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 12524067 <sup>(1)(3)</sup> | BlueMountain CLO Ltd. 2016-3A A1R2, 5.523%, (TSFR3M + 1.200%), 11/15/2030 | $12524744 | 0.1 |
| 5350000 <sup>(1)(3)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A C, 6.564%, (TSFR3M + 2.262%), 04/15/2034 | 5321725 | 0.1 |
| 2800000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 2818063 | 0.0 |
| 7570000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A AR, 5.725%, (TSFR3M + 1.432%), 07/20/2034 | 7573513 | 0.1 |
| 4400000 <sup>(1)(3)</sup> | Broad River Bsl Funding Clo Ltd. 2020-1A CR, 6.555%, (TSFR3M + 2.262%), 07/20/2034 | 4403511 | 0.0 |
| 5000000 <sup>(1)(3)</sup> | BSPRT Issuer Ltd. 2023-FL10 A, 6.578%, (TSFR1M + 2.259%), 09/15/2035 | 5025800 | 0.1 |
| 6600000 <sup>(1)(3)</sup> | California Street CLO IX L.P. 2012-9A CR3, 7.069%, (TSFR3M + 2.762%), 07/16/2032 | 6530918 | 0.1 |
| 1755356 <sup>(1)(3)</sup> | Carlyle Global Market Strategies CLO Ltd. 2014-1A A1R2, 5.534%, (TSFR3M + 1.232%), 04/17/2031 | 1756023 | 0.0 |
| 3250000 <sup>(1)(3)</sup> | Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 5.694%, (TSFR3M + 1.392%), 04/17/2031 | 3245583 | 0.0 |
| 19028159 <sup>(1)(3)</sup> | Carlyle Global Market Strategies CLO Ltd. 2015-4A A1RR, 5.513%, (TSFR3M + 1.220%), 07/20/2032 | 19034857 | 0.2 |
| 10000000 <sup>(1)(3)</sup> | Cedar Funding IV CLO Ltd. 2014-4A CR3, 6.329%, (TSFR3M + 2.050%), 01/23/2038 | 10008850 | 0.1 |
| 13000000 <sup>(1)(3)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A ARR, 5.542%, (TSFR3M + 1.220%), 01/17/2038 | 12949950 | 0.1 |
| 26209 <sup>(3)</sup> | Chase Funding Trust Series 2003-5 2A2, 5.035%, (TSFR1M + 0.714%), 07/25/2033 | 26210 | 0.0 |
| 7160000 <sup>(1)(3)</sup> | CIFC Funding Ltd. 2018-2A A1R, 5.663%, (TSFR3M + 1.370%), 10/20/2037 | 7165263 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 3000000 <sup>(1)(3)</sup> | CIFC Funding Ltd. 2019-6A A2R, 6.008%, (TSFR3M + 1.700%), 07/16/2037 | $2999529 | 0.0 |
| 1822912 <sup>(1)</sup> | CLI Funding VI LLC 2020-1A A, 2.080%, 09/18/2045 | 1686237 | 0.0 |
| 5627381 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 5153676 | 0.1 |
| 10855123 <sup>(1)(3)</sup> | Crestline Denali CLO XVII Ltd. 2018-1A ARR, 5.432%, (TSFR3M + 1.130%), 10/15/2031 | 10859476 | 0.1 |
| 4488750 <sup>(1)</sup> | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 | 4384714 | 0.0 |
| 2315250 <sup>(1)</sup> | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 | 2293281 | 0.0 |
| 2510875 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2II, 4.328%, 07/25/2048 | 2484193 | 0.0 |
| 5365936 <sup>(1)</sup> | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | 5340267 | 0.1 |
| 5145302 <sup>(1)</sup> | Driven Brands Funding LLC 2021-1A A2, 2.791%, 10/20/2051 | 4746262 | 0.1 |
| 6400000 <sup>(1)(3)</sup> | Dryden 49 Senior Loan Fund 2017-49A CR, 6.605%, (TSFR3M + 2.312%), 07/18/2030 | 6408960 | 0.1 |
| 11400000 <sup>(1)(3)</sup> | Dryden 75 CLO Ltd. 2019-75A CR2, 6.364%, (TSFR3M + 2.062%), 04/15/2034 | 11350843 | 0.1 |
| 8000000 <sup>(1)(3)</sup> | Eaton Vance Clo Ltd. 2015-1A A2R, 5.805%, (TSFR3M + 1.512%), 01/20/2030 | 8012952 | 0.1 |
| 17790000 <sup>(1)(3)</sup> | Elmwood CLO IX Ltd. 2021-2A BR, 5.872%, (TSFR3M + 1.550%), 04/20/2038 | 17681783 | 0.2 |
| 8990000 <sup>(1)(3)</sup> | Elmwood CLO XI Ltd. 2021-4A BR, 5.869%, (TSFR3M + 1.550%), 01/20/2038 | 8959982 | 0.1 |
| 21900000 <sup>(1)(3)</sup> | Empower CLO Ltd. 2022-1A A1R, 5.683%, (TSFR3M + 1.390%), 10/20/2037 | 21887429 | 0.2 |
| 5236875 <sup>(1)</sup> | Five Guys Holdings, Inc. 2023-1A A2, 7.549%, 01/26/2054 | 5439914 | 0.1 |

---

See Accompanying Notes to Financial Statements

VOYA INTERMEDIATE BOND FUND PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 (CONTINUED) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 4802315 <sup>(1)(3)</sup> | FS Rialto 2021-FL3 A, 5.684%, (TSFR1M + 1.364%), 11/16/2036 | $4801734 | 0.1 |
| 9754982 <sup>(1)(3)</sup> | Galaxy XXVI CLO Ltd. 2018-26A AR, 5.499%, (TSFR3M + 1.170%), 11/22/2031 | 9756270 | 0.1 |
| 4666875 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | 4724105 | 0.1 |
| 398534 <sup>(1)</sup> | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | 371576 | 0.0 |
| 387852 <sup>(1)</sup> | HERO Funding Trust 2016-2A A, 3.750%, 09/20/2041 | 357891 | 0.0 |
| 980358 <sup>(1)</sup> | HERO Funding Trust 2016-4A A2, 4.290%, 09/20/2047 | 907250 | 0.0 |
| 7800000 <sup>(1)</sup> | Jersey Mike's Funding LLC 2024-1A A2, 5.636%, 02/15/2055 | 7896676 | 0.1 |
| 10030000 <sup>(1)(3)</sup> | Lakeside Park CLO Ltd. 2025-1A B1, 5.806%, (TSFR3M + 1.550%), 04/15/2038 | 10042538 | 0.1 |
| 6000000 <sup>(1)(3)</sup> | LCM 26 Ltd. 26A A2, 5.805%, (TSFR3M + 1.512%), 01/20/2031 | 5991000 | 0.1 |
| 5423818 <sup>(1)(3)</sup> | LCM 30 Ltd. 30A AR, 5.635%, (TSFR3M + 1.342%), 04/20/2031 | 5423341 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | LCM XVIII L.P. 18A A2R, 5.775%, (TSFR3M + 1.482%), 04/20/2031 | 4992500 | 0.1 |
| 11900000 <sup>(1)(3)</sup> | LCM XXIV Ltd. 24A CR, 6.455%, (TSFR3M + 2.162%), 03/20/2030 | 11929084 | 0.1 |
| 7092005 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2021-2GS A, 2.220%, 03/20/2048 | 5581453 | 0.1 |
| 6150000 <sup>(1)(3)</sup> | Madison Park Funding XLVIII Ltd. 2021-48A C, 6.555%, (TSFR3M + 2.262%), 04/19/2033 | 6157312 | 0.1 |
| 6250000 <sup>(1)(3)</sup> | Madison Park Funding XXI Ltd. 2016-21A ABRR, 5.964%, (TSFR3M + 1.662%), 10/15/2032 | 6253581 | 0.1 |
| 6502521 <sup>(1)(3)</sup> | Magnetite XII Ltd. 2015-12A AR4, 5.452%, (TSFR3M + 1.150%), 10/15/2031 | 6508380 | 0.1 |
| 10580000 <sup>(1)(3)</sup> | Magnetite Xlv Ltd. 2025-45A B, 5.835%, (TSFR3M + 1.550%), 04/15/2038 | 10593225 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 31780000 <sup>(1)(3)</sup> | Magnetite XXXI Ltd. 2021-31A A1, 5.664%, (TSFR3M + 1.362%), 07/15/2034 | $31798305 | 0.3 |
| 14700000 <sup>(1)(3)</sup> | Marble Point CLO XIX Ltd. 2020-3A AR, 5.693%, (TSFR3M + 1.400%), 01/19/2034 | 14697031 | 0.2 |
| 10000000 <sup>(1)(3)</sup> | MF1 Ltd. 2021-FL6 AS, 5.881%, (TSFR1M + 1.564%), 07/16/2036 | 9988727 | 0.1 |
| 3711320 <sup>(1)(3)</sup> | MF1 Ltd. 2022-FL8 A, 5.667%, (TSFR1M + 1.350%), 02/19/2037 | 3714441 | 0.0 |
| 4000000 <sup>(1)(3)</sup> | MF1 Ltd. 2023-FL12 A, 6.383%, (TSFR1M + 2.066%), 10/19/2038 | 4018267 | 0.0 |
| 3500000 <sup>(1)(3)</sup> | MF1 Ltd. 2024-FL14 A, 6.054%, (TSFR1M + 1.737%), 03/19/2039 | 3518375 | 0.0 |
| 5500000 <sup>(1)(3)</sup> | MF1 Ltd. 2024-FL15 A, 6.988%, (TSFR1M + 1.688%), 08/18/2041 | 5525435 | 0.1 |
| 552185 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-1A A, 4.340%, 03/20/2043 | 498690 | 0.0 |
| 2840093 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 2557328 | 0.0 |
| 1853794 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 1705956 | 0.0 |
| 3161592 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044 | 2912402 | 0.0 |
| 406466 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 360263 | 0.0 |
| 2408051 <sup>(1)</sup> | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 | 2141850 | 0.0 |
| 2892563 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 2517274 | 0.0 |
| 5796029 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-2A A, 1.440%, 08/20/2046 | 4896646 | 0.1 |
| 2622440 <sup>(1)</sup> | Mosaic Solar Loan Trust 2021-1A B, 2.050%, 12/20/2046 | 2086480 | 0.0 |
| 7671125 <sup>(1)</sup> | Mosaic Solar Loan Trust 2024-2A A, 5.600%, 04/22/2052 | 7530643 | 0.1 |
| 1087974 <sup>(1)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 1005060 | 0.0 |
| 5597099 <sup>(1)</sup> | Mosaic Solar Loans LLC 2024-1A A, 5.500%, 09/20/2049 | 5515993 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 9100000 <sup>(1)(3)</sup> | Neuberger Berman CLO XVII Ltd. 2014-17A AR3, 5.690%, (TSFR3M + 1.400%), 07/22/2038 | $9108372 | 0.1 |
| 6010000 <sup>(1)(3)</sup> | OCP Clo Ltd. 2019-17A AR2, 5.693%, (TSFR3M + 1.400%), 07/20/2037 | 6013089 | 0.1 |
| 5930000 <sup>(1)(3)</sup> | Octagon 58 Ltd. 2022-1A BR, 6.006%, (TSFR3M + 1.750%), 04/15/2038 | 5937413 | 0.1 |
| 13850000 <sup>(1)(3)</sup> | Octagon Investment Partners 29 Ltd. 2016- 1A A1R2, 5.713%, (TSFR3M + 1.420%), 07/18/2037 | 13807536 | 0.1 |
| 4500000 <sup>(1)(3)</sup> | Octagon Investment Partners 32 Ltd. 2017- 1A CR3, 6.661%, (TSFR3M + 2.050%), 10/31/2037 | 4513451 | 0.0 |
| 4060000 <sup>(1)(3)</sup> | Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.905%, (TSFR3M + 1.612%), 07/19/2030 | 4061981 | 0.0 |
| 6700000 <sup>(1)(3)</sup> | OHA Credit Funding 9 Ltd. 2021-9A CR, 6.243%, (TSFR3M + 1.950%), 10/19/2037 | 6710378 | 0.1 |
| 10700000 <sup>(1)(3)</sup> | OHA Credit Partners VII Ltd. 2012-7A CR4, 6.022%, (TSFR3M + 1.700%), 02/20/2038 | 10597697 | 0.1 |
| 7650000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2024-11 B, 5.637%, 07/15/2032 | 7674133 | 0.1 |
| 128698 <sup>(1)</sup> | Pagaya AI Debt Selection Trust 2021- HG1 A, 1.220%, 01/16/2029 | 127680 | 0.0 |
| 21880000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-1A A2R, 5.822%, (TSFR3M + 1.500%), 04/20/2038 | 21689600 | 0.2 |
| 5800000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-1A BR, 6.122%, (TSFR3M + 1.800%), 04/20/2038 | 5773662 | 0.1 |
| 7550000 <sup>(1)(3)</sup> | Palmer Square CLO Ltd. 2021-3A A2, 5.964%, (TSFR3M + 1.662%), 01/15/2035 | 7562450 | 0.1 |
| 7410000 <sup>(1)(3)</sup> | Palmer Square Loan Funding Ltd. 2025-1A B, 5.921%, (TSFR3M + 1.600%), 02/15/2033 | 7413994 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 6303 <sup>(3)</sup> | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.398%, 01/25/2036 | $6271 | 0.0 |
| 4848000 <sup>(1)</sup> | Primrose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 | 4782985 | 0.1 |
| 9150000 <sup>(1)(3)</sup> | Rockland Park CLO Ltd. 2021-1A C, 6.455%, (TSFR3M + 2.162%), 04/20/2034 | 9159818 | 0.1 |
| 5692500 <sup>(1)</sup> | Servpro Master Issuer LLC 2024-1A A2, 6.174%, 01/25/2054 | 5830529 | 0.1 |
| 4652000 <sup>(1)</sup> | SoFi Consumer Loan Program Trust 2025-1 C, 5.420%, 02/27/2034 | 4712901 | 0.1 |
| 6965417 <sup>(1)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 6786734 | 0.1 |
| 3860000 <sup>(1)</sup> | Sonic Capital LLC 2021-1A A2II, 2.636%, 08/20/2051 | 3225378 | 0.0 |
| 18000000 <sup>(1)(3)</sup> | Sound Point Clo XVI Ltd. 2017-2A CR, 6.762%, (TSFR3M + 2.462%), 07/25/2030 | 18039474 | 0.2 |
| 9950000 <sup>(1)(3)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.862%, (TSFR3M + 2.562%), 04/25/2034 | 9963263 | 0.1 |
| 26740792 <sup>(1)(3)</sup> | Sound Point CLO XXVIII Ltd. 2020-3A A1R, 5.580%, (TSFR3M + 1.280%), 01/25/2032 | 26708917 | 0.3 |
| 5321641 <sup>(1)(3)</sup> | Southwick Park CLO LLC 2019-4A A1R, 5.615%, (TSFR3M + 1.322%), 07/20/2032 | 5323547 | 0.1 |
| 3874610 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048 | 3679140 | 0.0 |
| 2898817 <sup>(1)</sup> | Sunnova Helios V Issuer LLC 2021-A A, 1.800%, 02/20/2048 | 2282595 | 0.0 |
| 12303864 <sup>(1)</sup> | Sunnova Helios XI Issuer LLC 2023-A A, 5.300%, 05/20/2050 | 11995891 | 0.1 |
| 6962725 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | 5710621 | 0.1 |
| 7964520 <sup>(1)</sup> | Sunnova Sol III Issuer LLC 2021-1 A, 2.580%, 04/28/2056 | 6599430 | 0.1 |
| 4068134 <sup>(1)</sup> | Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049 | 3902658 | 0.0 |
| 6350000 <sup>(1)</sup> | Sunrun Bacchus Issuer LLC 2025-1A A1, 5.990%, 04/30/2060 | 6334420 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 4116169 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | $3882087 | 0.0 |
| 2894611 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 | 2695986 | 0.0 |
| 11990000 <sup>(1)(3)</sup> | Symphony Clo 47 Ltd. 2025-47A B, 5.831%, (TSFR3M + 1.550%), 04/20/2038 | 11996235 | 0.1 |
| 12810345 <sup>(1)(3)</sup> | Symphony CLO XVI Ltd. 2015-16A ARR, 5.502%, (TSFR3M + 1.200%), 10/15/2031 | 12800622 | 0.1 |
| 15376397 <sup>(1)(3)</sup> | Symphony CLO XX Ltd. 2018-20A AR2, 5.408%, (TSFR3M + 1.100%), 01/16/2032 | 15353548 | 0.2 |
| 8450000 <sup>(1)(3)</sup> | Symphony CLO XXVI Ltd. 2021-26A CR, 6.555%, (TSFR3M + 2.262%), 04/20/2033 | 8427844 | 0.1 |
| 13950000 <sup>(1)(3)</sup> | Texas Debt Capital CLO Ltd. 2023-1A A, 6.093%, (TSFR3M + 1.800%), 04/20/2036 | 13959277 | 0.1 |
| 4922000 <sup>(1)</sup> | Textainer Marine Containers Ltd. 2021-3A A, 1.940%, 08/20/2046 | 4399238 | 0.0 |
| 4141000 <sup>(1)</sup> | Textainer Marine Containers VII Ltd. 2021-1A A, 1.680%, 02/20/2046 | 3811260 | 0.0 |
| 10402612 <sup>(1)(3)</sup> | THL Credit Wind River CLO Ltd. 2015-1A A1R3, 5.493%, (TSFR3M + 1.200%), 10/20/2030 | 10407626 | 0.1 |
| 15822485 <sup>(1)(3)</sup> | TIAA CLO I Ltd. 2016-1A ARR, 5.543%, (TSFR3M + 1.250%), 07/20/2031 | 15827516 | 0.2 |
| 12450000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 | 12702498 | 0.1 |
| 14502945 <sup>(1)(3)</sup> | Venture 37 CLO Ltd. 2019-37A A1RR, 5.552%, (TSFR3M + 1.250%), 07/15/2032 | 14496202 | 0.2 |
| 3421799 <sup>(1)</sup> | Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | 3317128 | 0.0 |
| 12580000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2016-1KRA BR3, 6.164%, (TSFR3M + 1.600%), 10/15/2034 | 12470051 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |  |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 10000000 <sup>(1)(3)</sup> | Wind River CLO Ltd. 2021-1A CR, 6.543%, (TSFR3M + 2.250%), 07/20/2037 | $| 9931960 | 0.1 |
| 7900000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 8028075 | 0.1 |
| 15295250 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 14007690 | 0.1 |
|  |  |  | **1040662593** | **10.9** |
|  | **Student Loan Asset-Backed Securities: 1.0%** | **Student Loan Asset-Backed Securities: 1.0%** | **Student Loan Asset-Backed Securities: 1.0%** | **Student Loan Asset-Backed Securities: 1.0%** |
| 265915 <sup>(1)</sup> | Commonbond Student Loan Trust 2016-B B, 4.000%, 10/25/2040 |  | 249958 | 0 |
| 453716 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2017-BGS B, 3.260%, 09/25/2042 |  | 397868 | 0 |
| 69007 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2018-AGS C, 3.820%, 02/25/2044 |  | 57880 | 0 |
| 2435050 <sup>(1)</sup> | Commonbond Student Loan Trust-GS 2020-AGS A, 1.980%, 08/25/2050 |  | 2126256 | 0 |
| 1311920 <sup>(1)(3)</sup> | ELFI Graduate Loan Program LLC 2021-A B, 2.090%, 12/26/2046 |  | 1083891 | 0 |
| 32272 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2017-B BFX, 3.020%, 08/25/2042 |  | 32209 | 0 |
| 3110796 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2020-A A2FX, 1.400%, 11/25/2050 |  | 2878386 | 0 |
| 1634215 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-DA A, 1.690%, 05/15/2069 |  | 1542378 | 0 |
| 1983871 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069 |  | 1835970 | 0 |
| 8892428 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2020-HA A, 1.310%, 01/15/2069 |  | 8360772 | 0.1 |
| 3744531 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-BA A, 0.940%, 07/15/2069 |  | 3405319 | 0 |
| 5050000 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-DA C, 3.480%, 04/15/2060 |  | 4717858 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 1850000 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2021-FA B, 2.120%, 02/18/2070 | $1296100 | 0.0 |
| 2700000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 2424310 | 0.0 |
| 1450000 <sup>(1)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 1422776 | 0.0 |
| 9530960 <sup>(1)</sup> | SMB Private Education Loan Trust 2019-B A2A, 2.840%, 06/15/2037 | 9289532 | 0.1 |
| 2008829 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-A A1A, 5.380%, 01/15/2053 | 2034988 | 0.0 |
| 1900000 <sup>(1)</sup> | SMB Private Education Loan Trust 2023-A B, 5.880%, 01/15/2053 | 1929366 | 0.0 |
| 18590122 <sup>(1)</sup> | SMB Private Education Loan Trust-A 2020-PTA A2A, 1.600%, 09/15/2054 | 17411350 | 0.2 |
| 3250000 <sup>(1)</sup> | Sofi Professional Loan Program LLC 2018-A B, 3.610%, 02/25/2042 | 3125581 | 0.0 |
| 3000000 <sup>(1)</sup> | Sofi Professional Loan Program LLC 2019-B BFX, 3.730%, 08/17/2048 | 2761372 | 0.0 |
| 3900000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | 3741104 | 0.1 |
| 8000000 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018-B BFX, 3.830%, 08/25/2047 | 7711830 | 0.1 |
| 1715085 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018-C A2FX, 3.590%, 01/25/2048 | 1696594 | 0.0 |
| 786290 <sup>(1)</sup> | Sofi Professional Loan Program Trust 2018-D A2FX, 3.600%, 02/25/2048 | 777227 | 0.0 |
| 5800000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 5579936 | 0.1 |
| 6000000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 5775028 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |  |  |  |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 4950056 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C AFX, 1.950%, 02/15/2046 | $| 4621154 | 0.1 |
|  |  |  | **98286993** | **1.0** |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $1,197,980,291) |  | **1181954792** | **12.4** |
| **U.S. TREASURY OBLIGATIONS: 11.1%** | **U.S. TREASURY OBLIGATIONS: 11.1%** | **U.S. TREASURY OBLIGATIONS: 11.1%** | **U.S. TREASURY OBLIGATIONS: 11.1%** | **U.S. TREASURY OBLIGATIONS: 11.1%** |
|  | **United States Treasury Bonds: 4.1%** | **United States Treasury Bonds: 4.1%** | **United States Treasury Bonds: 4.1%** | **United States Treasury Bonds: 4.1%** |
| 58000 | 1.250%, 05/15/2050 |  | 28817 | 0.0 |
| 2699000 | 1.375%, 11/15/2040 |  | 1755193 | 0.0 |
| 268000 | 1.625%, 11/15/2050 |  | 145955 | 0.0 |
| 9469100 | 2.875%, 05/15/2052 |  | 6878044 | 0.1 |
| 14333300 | 3.250%, 05/15/2042 |  | 12116957 | 0.1 |
| 25095900 | 4.500%, 11/15/2054 |  | 24735147 | 0.3 |
| 738000 | 4.625%, 02/15/2055 |  | 743074 | 0.0 |
| 336751200 <sup>(2)</sup> | 4.750%, 02/15/2045 |  | 342960050 | 3.6 |
|  |  |  | **389363237** | **4.1** |
|  | **United States Treasury Notes: 7.0%** | **United States Treasury Notes: 7.0%** | **United States Treasury Notes: 7.0%** | **United States Treasury Notes: 7.0%** |
| 132000 | 0.625%, 05/15/2030 |  | 111700 | 0.0 |
| 8184600 | 1.250%, 11/30/2026 |  | 7834516 | 0.1 |
| 25131200 | 1.250%, 09/30/2028 |  | 22965106 | 0.3 |
| 3309100 | 1.500%, 01/31/2027 |  | 3168722 | 0.0 |
| 17183400 | 1.500%, 11/30/2028 |  | 15782550 | 0.2 |
| 40000000 <sup>(2)</sup> | 2.625%, 01/31/2026 |  | 39524314 | 0.4 |
| 50000000 | 2.750%, 05/15/2025 |  | 49909727 | 0.5 |
| 4089400 | 2.750%, 08/15/2032 |  | 3739884 | 0.0 |
| 46866500 | 3.375%, 09/15/2027 |  | 46315453 | 0.5 |
| 107340000 <sup>(2)</sup> | 3.875%, 03/31/2027 |  | 107306456 | 1.1 |
| 158707000 | 3.875%, 03/15/2028 |  | 158688401 | 1.7 |
| 747000 | 3.875%, 08/15/2034 |  | 728267 | 0.0 |
| 57054000 | 4.000%, 03/31/2030 |  | 57172119 | 0.6 |
| 26020000 | 4.125%, 03/31/2032 |  | 26095214 | 0.3 |
| 1695100 | 4.375%, 05/15/2034 |  | 1718375 | 0.0 |
| 719000 | 4.625%, 06/15/2027 |  | 730150 | 0.0 |
| 114591400 | 4.625%, 02/15/2035 |  | 118396192 | 1.3 |
|  |  |  | **660187146** | **7.0** |
|  | Total U.S. Treasury Obligations |  |  |  |
|  | (Cost $1,050,201,161) |  | **1049550383** | **11.1** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.9%** |
| 7250000 <sup>(1)(3)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 A, 5.626%, (TSFR1M + 1.310%), 08/18/2042 |  | 7255491 | 0.1 |
| 11831576 <sup>(1)(3)</sup> | AREIT LLC 2023-CRE8 A, 6.431%, (TSFR1M + 2.112%), 08/17/2041 |  | 11877767 | 0.1 |
| 2500000 <sup>(1)(3)</sup> | AREIT Ltd. 2024-CRE9 A, 6.006%, (TSFR1M + 1.686%), 05/17/2041 |  | 2503756 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 6000000 <sup>(1)(3)</sup> | AREIT Ltd. 2025-CRE10 A, 5.707%, (TSFR1M + 1.388%), 12/17/2029 | $6001705 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | ARES Commercial Mortgage Trust 2024-IND A, 6.011%, (TSFR1M + 1.692%), 07/15/2041 | 4995817 | 0.1 |
| 10000000 <sup>(1)(3)</sup> | ARES Commercial Mortgage Trust 2024-IND2 A, 5.762%, (TSFR1M + 1.443%), 10/15/2034 | 9990088 | 0.1 |
| 1500000 <sup>(1)</sup> | ARZ Trust 2024-BILT C, 6.361%, 06/11/2029 | 1522766 | 0.0 |
| 3600000 <sup>(1)</sup> | Atrium Hotel Portfolio Trust 2024-ATRM A, 5.049%, 11/10/2029 | 3602229 | 0.0 |
| 4000000 <sup>(1)</sup> | Atrium Hotel Portfolio Trust 2024-ATRM B, 5.501%, 11/10/2029 | 4058534 | 0.0 |
| 2500000 <sup>(1)(3)</sup> | BAHA Trust 2024-MAR A, 5.574%, 12/10/2041 | 2539904 | 0.0 |
| 2500000 <sup>(1)(3)</sup> | BAHA Trust 2024-MAR B, 6.385%, 12/10/2041 | 2595062 | 0.0 |
| 7500000 <sup>(1)(3)</sup> | BAMLL Trust 2025-ASHF B, 6.670%, (TSFR1M + 2.350%), 02/15/2042 | 7491408 | 0.1 |
| 2500000 | BANK 2017-BNK4 A4, 3.625%, 05/15/2050 | 2440369 | 0.0 |
| 4656000 <sup>(1)</sup> | BANK 2017-BNK4 D, 3.357%, 05/15/2050 | 3445202 | 0.0 |
| 28157142 <sup>(3)(6)</sup> | BANK 2017-BNK4 XA, 1.329%, 05/15/2050 | 545847 | 0.0 |
| 167655000 <sup>(3)(6)</sup> | BANK 2017-BNK8 XB, 0.182%, 11/15/2050 | 765538 | 0.0 |
| 3600000 <sup>(1)</sup> | BANK 2017-BNK9 D, 2.800%, 11/15/2054 | 2385843 | 0.0 |
| 175326422 <sup>(3)(6)</sup> | BANK 2018-BN14 XA, 0.501%, 09/15/2060 | 2371193 | 0.0 |
| 19110000 <sup>(1)(3)(6)</sup> | BANK 2018-BN14 XD, 1.618%, 09/15/2060 | 911270 | 0.0 |
| 22365605 <sup>(3)(6)</sup> | BANK 2019-BN16 XA, 0.931%, 02/15/2052 | 607449 | 0.0 |
| 88557985 <sup>(3)(6)</sup> | BANK 2019-BN19 XA, 0.927%, 08/15/2061 | 3003409 | 0.0 |
| 5971468 <sup>(3)(6)</sup> | BANK 2020-BN30 XA, 1.274%, 12/15/2053 | 321909 | 0.0 |
| 3000000 <sup>(3)</sup> | BANK5 2024-5YR10 B, 6.140%, 10/15/2057 | 3049339 | 0.0 |
| 2500000 <sup>(3)</sup> | BANK5 2024-5YR10 C, 5.743%, 10/15/2057 | 2463118 | 0.0 |
| 5000000 | BANK5 2024-5YR7 A3, 5.769%, 06/15/2057 | 5172549 | 0.1 |
| 92840000 <sup>(1)(3)(6)</sup> | BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033 | 55402 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 10859312 <sup>(3)(6)</sup> | BBCMS Mortgage Trust 2022-C17 XA, 1.150%, 09/15/2055 | $725308 | 0 |
| 5250000 | BBCMS Mortgage Trust 2024-5C29 B, 5.858%, 09/15/2057 | 5295573 | 0.1 |
| 1000000 <sup>(3)</sup> | BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057 | 990954 | 0 |
| 19117523 <sup>(3)(6)</sup> | BBCMS Trust 2021-C10 XA, 1.212%, 07/15/2054 | 1052721 | 0 |
| 2000000 <sup>(1)(3)</sup> | BDS LLC 2024-FL13 A, 5.893%, (TSFR1M + 1.576%), 09/19/2039 | 2006389 | 0 |
| 1767664 <sup>(1)(3)</sup> | BDS Ltd. 2021-FL10 A, 5.781%, (TSFR1M + 1.464%), 12/16/2036 | 1770364 | 0 |
| 183256 <sup>(1)(3)</sup> | BDS Ltd. 2021-FL9 A, 5.501%, (TSFR1M + 1.184%), 11/16/2038 | 183047 | 0 |
| 3000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2018-B3 B, 4.295%, 04/10/2051 | 2741680 | 0 |
| 49235018 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2019-B12 XA, 1.066%, 08/15/2052 | 1424901 | 0 |
| 2000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2019-B13 C, 3.839%, 08/15/2057 | 1629539 | 0 |
| 33948611 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2019-B9 XA, 1.012%, 03/15/2052 | 1082835 | 0 |
| 25144420 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2020-B17 XA, 1.385%, 03/15/2053 | 1165660 | 0 |
| 104016563 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2020-B19 XA, 1.756%, 09/15/2053 | 5144919 | 0.1 |
| 56818073 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2020-B20 XA, 1.600%, 10/15/2053 | 3191315 | 0 |
| 45441433 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2020-B21 XA, 1.436%, 12/17/2053 | 2583761 | 0 |
| 4870451 <sup>(3)(6)</sup> | Benchmark Mortgage Trust 2021-B28 XA, 1.258%, 08/15/2054 | 267824 | 0 |
| 2250000 <sup>(1)</sup> | Benchmark Mortgage Trust 2021-B30 D, 2.000%, 11/15/2054 | 1488764 | 0 |
| 3000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2022-B34 A5, 3.786%, 04/15/2055 | 2734819 | 0 |
| 2670000 <sup>(3)</sup> | Benchmark Mortgage Trust 2023-V3 A3, 6.363%, 07/15/2056 | 2784838 | 0 |
| 5000000 <sup>(3)</sup> | Benchmark Mortgage Trust 2024-V8 A3, 6.189%, 07/15/2057 | 5244264 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 4500000 <sup>(1)(3)</sup> | BFLD Commercial Mortgage Trust 2024- UNIV A, 5.812%, (TSFR1M + 1.493%), 11/15/2041 | $4501361 | 0.1 |
| 4634985 <sup>(1)(3)</sup> | BFLD Mortgage Trust 2024-WRHS C, 6.760%, (TSFR1M + 2.441%), 08/15/2026 | 4628554 | 0.1 |
| 2100000 <sup>(1)(3)</sup> | BIG Commercial Mortgage Trust 2022- BIG B, 6.060%, (TSFR1M + 1.741%), 02/15/2039 | 2085875 | 0.0 |
| 10895555 <sup>(1)(8)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | 8702693 | 0.1 |
| 7671000 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.428%, 05/25/2052 | 6245186 | 0.1 |
| 5000000 | BMO Mortgage Trust 2024-5C5 A3, 5.857%, 02/15/2057 | 5165518 | 0.1 |
| 750000 <sup>(3)</sup> | BMO Mortgage Trust 2024-5C6 C, 5.885%, 09/15/2057 | 754470 | 0.0 |
| 5000000 <sup>(1)(3)</sup> | BMP 2024-MF23 C, 6.160%, (TSFR1M + 1.841%), 06/15/2041 | 4993287 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | BOCA Commercial Mortgage Trust 2024- BOCA A, 6.240%, (TSFR1M + 1.921%), 08/15/2041 | 5030480 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | BX 2024-BRVE A, 6.160%, (TSFR1M + 1.841%), 04/15/2026 | 5014369 | 0.1 |
| 5192308 <sup>(1)(3)</sup> | BX 2024-PALM A, 5.860%, (TSFR1M + 1.541%), 06/15/2037 | 5180778 | 0.1 |
| 5302500 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- 21M E, 6.604%, (TSFR1M + 2.285%), 10/15/2036 | 5199829 | 0.1 |
| 3762845 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- IRON E, 6.783%, (TSFR1M + 2.464%), 02/15/2038 | 3634182 | 0.0 |
| 1898475 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- VOLT A, 5.134%, (TSFR1M + 0.814%), 09/15/2036 | 1882803 | 0.0 |
| 1484708 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021- VOLT D, 6.084%, (TSFR1M + 1.764%), 09/15/2036 | 1466561 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1500000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.834%, (TSFR1M + 2.514%), 09/15/2036 | $1479258 | 0.0 |
| 3000000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2023-VLT3 A, 6.259%, (TSFR1M + 1.940%), 11/15/2028 | 3008360 | 0.0 |
| 3580044 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2023-XL3 A, 6.081%, (TSFR1M + 1.761%), 12/09/2040 | 3585289 | 0.0 |
| 3500000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-AIR2 A, 5.812%, (TSFR1M + 1.492%), 10/15/2041 | 3505244 | 0.0 |
| 5000000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-AIRC A, 6.010%, (TSFR1M + 1.691%), 08/15/2039 | 5008176 | 0.1 |
| 4688570 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-GPA3 A, 5.612%, (TSFR1M + 1.293%), 12/15/2039 | 4683436 | 0.1 |
| 4935031 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-KING A, 5.860%, (TSFR1M + 1.541%), 05/15/2034 | 4929971 | 0.1 |
| 2389981 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-MDHS A, 5.960%, (TSFR1M + 1.641%), 05/15/2041 | 2392120 | 0.0 |
| 5295904 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-MF D, 7.009%, (TSFR1M + 2.690%), 02/15/2039 | 5304543 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-VLT5 C, 5.779%, 11/13/2046 | 2978330 | 0.0 |
| 8647033 <sup>(1)(3)</sup> | BX Commercial Mortgage Trust 2024-XL5 C, 6.260%, (TSFR1M + 1.941%), 03/15/2041 | 8653847 | 0.1 |
| 3800000 <sup>(1)(3)</sup> | BX Trust 2021-LBA EJV, 6.434%, (TSFR1M + 2.114%), 02/15/2036 | 3749992 | 0.0 |
| 1423458 <sup>(1)(3)</sup> | BX Trust 2021-LBA EV, 6.434%, (TSFR1M + 2.114%), 02/15/2036 | 1404725 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 941921 <sup>(1)(3)</sup> | BX Trust 2021-SDMF E, 6.020%, (TSFR1M + 1.701%), 09/15/2034 | $924052 | 0 |
| 722095 <sup>(1)(3)</sup> | BX Trust 2022-FOX2 C, 5.629%, (TSFR1M + 1.309%), 04/15/2039 | 715498 | 0 |
| 1180000 <sup>(1)(3)</sup> | BX Trust 2022-LBA6 C, 5.919%, (TSFR1M + 1.600%), 01/15/2039 | 1177611 | 0 |
| 5000000 <sup>(1)(3)</sup> | BX Trust 2024-BIO B, 6.260%, (TSFR1M + 1.941%), 02/15/2041 | 5002269 | 0.1 |
| 1521509 <sup>(1)(3)</sup> | BX Trust 2024-CNYN C, 6.260%, (TSFR1M + 1.941%), 04/15/2041 | 1521365 | 0 |
| 1056604 <sup>(1)(3)</sup> | BX Trust 2024-CNYN D, 7.009%, (TSFR1M + 2.690%), 04/15/2041 | 1056472 | 0 |
| 7516512 <sup>(1)(3)</sup> | BX Trust 2024-FNX A, 5.761%, (TSFR1M + 1.442%), 11/15/2041 | 7509237 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | BX Trust 2024-VLT4 A, 5.811%, (TSFR1M + 1.491%), 07/15/2029 | 4982566 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | BX Trust 2025-ROIC C, 5.862%, (TSFR1M + 1.543%), 03/15/2030 | 4977714 | 0.1 |
| 7200000 <sup>(1)(3)</sup> | BX Trust 2025-VLT6 C, 6.511%, (TSFR1M + 2.192%), 03/15/2042 | 7165990 | 0.1 |
| 10000000 <sup>(1)(3)</sup> | BXSC Commercial Mortgage Trust 2022-WSS C, 6.711%, (TSFR1M + 2.391%), 03/15/2035 | 10004628 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | BXSC Commercial Mortgage Trust 2022-WSS E, 8.454%, (TSFR1M + 4.134%), 03/15/2035 | 3003476 | 0 |
| 4000000 <sup>(1)(3)</sup> | Caliun 2024-SUN A, 6.213%, (TSFR1M + 1.891%), 07/15/2041 | 4007149 | 0 |
| 69527692 <sup>(3)(6)</sup> | CCUBS Commercial Mortgage Trust 2017-C1 XA, 1.012%, 11/15/2050 | 1346970 | 0 |
| 19737104 <sup>(3)(6)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.334%, 08/10/2049 | 168401 | 0 |
| 45113000 <sup>(1)(3)(6)</sup> | CD Mortgage Trust 2016-CD1 XB, 0.667%, 08/10/2049 | 291777 | 0 |
| 25866405 <sup>(3)(6)</sup> | CD Mortgage Trust 2017-CD4 XA, 1.218%, 05/10/2050 | 483156 | 0 |
| 1500000 <sup>(3)</sup> | CFCRE Commercial Mortgage Trust 2016-C7 C, 4.362%, 12/10/2054 | 1388123 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2000000 <sup>(1)</sup> | CFK Trust 2020-MF2 C, 2.995%, 03/15/2039 | $1797588 | 0.0 |
| 5000000 <sup>(3)</sup> | Citigroup Commercial Mortgage Trust 2015-GC35 AS, 4.072%, 11/10/2048 | 4706938 | 0.1 |
| 3000000 | Citigroup Commercial Mortgage Trust 2016-C1 B, 4.117%, 05/10/2049 | 2942594 | 0.0 |
| 3000000 | Citigroup Commercial Mortgage Trust 2016-GC37 A4, 3.314%, 04/10/2049 | 2955705 | 0.0 |
| 35297762 <sup>(3)(6)</sup> | Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.875%, 07/10/2049 | 530580 | 0.0 |
| 89525 <sup>(3)(6)</sup> | Citigroup Commercial Mortgage Trust 2017-C4 XA, 0.978%, 10/12/2050 | 1775 | 0.0 |
| 37624858 <sup>(3)(6)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.861%, 09/15/2050 | 586590 | 0.0 |
| 69030459 <sup>(3)(6)</sup> | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.664%, 06/10/2051 | 1308579 | 0.0 |
| 2230000 <sup>(3)</sup> | Citigroup Commercial Mortgage Trust 2020-GC46 B, 3.150%, 02/15/2053 | 1887009 | 0.0 |
| 799000 <sup>(1)(3)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT C, 5.852%, 10/12/2040 | 800568 | 0.0 |
| 1000000 <sup>(1)(3)</sup> | Citigroup Commercial Mortgage Trust 2023-SMRT D, 5.852%, 10/12/2040 | 986822 | 0.0 |
| 3812122 <sup>(1)(3)</sup> | CLNY Trust 2019-IKPR A, 5.808%, (TSFR1M + 1.493%), 11/15/2038 | 3768683 | 0.0 |
| 27260000 <sup>(1)(3)(6)</sup> | COMM Mortgage Trust 2012-CR4 XB, 0.220%, 10/15/2045 | 175347 | 0.0 |
| 3922000 | COMM Mortgage Trust 2014-UBS4 AM, 3.968%, 08/10/2047 | 3741028 | 0.0 |
| 5816344 | COMM Mortgage Trust 2015-CR23 AM, 3.801%, 05/10/2048 | 5809845 | 0.1 |
| 2650000 <sup>(3)</sup> | COMM Mortgage Trust 2015-CR23 B, 4.183%, 05/10/2048 | 2587613 | 0.0 |
| 5000000 | COMM Mortgage Trust 2015-CR25 A4, 3.759%, 08/10/2048 | 4974980 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 3500000 <sup>(3)</sup> | COMM Mortgage Trust 2015-CR27 B, 4.333%, 10/10/2048 | $3400056 | 0.0 |
| 41839297 <sup>(1)(3)(6)</sup> | COMM Mortgage Trust 2015-PC1 XA, 0.363%, 07/10/2050 | 9336 | 0.0 |
| 3000000 | COMM Mortgage Trust 2016-CR28 A4, 3.762%, 02/10/2049 | 2976687 | 0.0 |
| 48364754 <sup>(3)(6)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.634%, 02/10/2049 | 219927 | 0.0 |
| 32039042 <sup>(3)(6)</sup> | COMM Mortgage Trust 2017-COR2 XA, 1.151%, 09/10/2050 | 654007 | 0.0 |
| 3000000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 3065878 | 0.0 |
| 3000000 <sup>(1)(3)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 3079260 | 0.0 |
| 1500000 <sup>(1)(3)</sup> | CONE Trust 2024-DFW1 A, 5.961%, (TSFR1M + 1.642%), 08/15/2041 | 1491384 | 0.0 |
| 1722193 <sup>(3)</sup> | Csail Commercial Mortgage Trust 2015- C2 AS, 3.849%, 06/15/2057 | 1705934 | 0.0 |
| 4000000 | CSAIL Commercial Mortgage Trust 2019- C16 A3, 3.329%, 06/15/2052 | 3748119 | 0.0 |
| 3746000 <sup>(3)</sup> | CSAIL Commercial Mortgage Trust 2020- C19 B, 3.476%, 03/15/2053 | 3192747 | 0.0 |
| 3000000 <sup>(3)</sup> | CSAIL Commercial Mortgage Trust 2020- C19 C, 3.616%, 03/15/2053 | 2477003 | 0.0 |
| 4200000 <sup>(1)(3)</sup> | CSTL Commercial Mortgage Trust 2024- GATE A, 4.764%, 11/10/2041 | 4126989 | 0.1 |
| 3200000 <sup>(1)(3)</sup> | CSTL Commercial Mortgage Trust 2024- GATE B, 5.052%, 11/10/2041 | 3124441 | 0.0 |
| 5000000 <sup>(1)</sup> | DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040 | 5127717 | 0.1 |
| 7000000 <sup>(1)(3)</sup> | DC Trust 2024-HLTN A, 5.727%, 04/13/2040 | 7099191 | 0.1 |
| 5500000 <sup>(1)(3)</sup> | DK Trust 2024-SPBX C, 6.269%, (TSFR1M + 1.950%), 03/15/2034 | 5495973 | 0.1 |
| 2750000 <sup>(1)(3)</sup> | DK Trust 2024-SPBX D, 7.069%, (TSFR1M + 2.750%), 03/15/2034 | 2749662 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2000000 <sup>(1)(3)</sup> | DTP Commercial Mortgage Trust 2023- STE2 A, 5.454%, 01/15/2041 | $2044230 | 0.0 |
| 3343341 <sup>(1)(3)</sup> | Extended Stay America Trust 2021-ESH E, 7.283%, (TSFR1M + 2.964%), 07/15/2038 | 3342267 | 0.0 |
| 7500000 <sup>(1)(3)</sup> | Fashion Show Mall LLC 2024-SHOW A, 4.764%, 10/10/2041 | 7512972 | 0.1 |
| 2000000 <sup>(1)(3)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU C, 6.469%, (TSFR1M + 2.150%), 12/15/2039 | 2003137 | 0.0 |
| 2500000 <sup>(1)(3)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.919%, (TSFR1M + 2.600%), 12/15/2039 | 2504915 | 0.0 |
| 9948315 <sup>(1)</sup> | Freddie Mac Multifamily ML Certificates 2021- ML11 XUS, 0.769%, 03/25/2038 | 491687 | 0.0 |
| 15047885 | Freddie Mac Multifamily ML Certificates US XUS, 1.846%, 07/25/2037 | 1857290 | 0.0 |
| 67637044 <sup>(3)(6)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.574%, 04/25/2030 | 4328953 | 0.1 |
| 100082498 <sup>(3)(6)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K119 X1, 0.924%, 09/25/2030 | 4125891 | 0.1 |
| 40608748 <sup>(3)(6)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K123 X1, 0.767%, 12/25/2030 | 1434575 | 0.0 |
| 71961310 <sup>(3)(6)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K151 X1, 0.347%, 04/25/2030 | 1075044 | 0.0 |
| 13220034 <sup>(3)(6)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1516 X1, 1.508%, 05/25/2035 | 1455130 | 0.0 |
| 9000000 <sup>(1)(3)</sup> | FS Rialto Issuer LLC 2024-FL9 A, 5.947%, (TSFR1M + 1.631%), 10/19/2039 | 9013509 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 5000000 <sup>(1)(3)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.685%, (TSFR1M + 1.385%), 08/19/2042 | $4999868 | 0.1 |
| 4475000 <sup>(1)(3)</sup> | FS Trust 2024-HULA A, 6.130%, (TSFR1M + 1.811%), 08/15/2039 | 4490929 | 0.1 |
| 15763000 <sup>(1)(8)</sup> | GAM Re-REMIC Trust 2021-FRR1 2B, 0.000%, 11/29/2050 | 13244319 | 0.1 |
| 11035000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049 | 9536405 | 0.1 |
| 18225509 <sup>(1)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.973%, 11/27/2050 | 15902347 | 0.2 |
| 10668000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 8188531 | 0.1 |
| 7212000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 7116904 | 0.1 |
| 7208000 <sup>(1)(8)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 7089173 | 0.1 |
| 8096000 <sup>(1)</sup> | GAM RE-REMIC TRUST 2021-FRR2 BK78, 2.380%, 09/27/2051 | 6769666 | 0.1 |
| 6689324 <sup>(1)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK49, 0.994%, 09/27/2051 | 6527307 | 0.1 |
| 7409000 <sup>(1)(8)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | 5302976 | 0.1 |
| 3941311 <sup>(1)(8)</sup> | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | 3917673 | 0 |
| 8724000 <sup>(1)(8)</sup> | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | 8395941 | 0.1 |
| 3900000 <sup>(1)(3)</sup> | Great Wolf Trust 2024-WOLF D, 7.209%, (TSFR1M + 2.890%), 03/15/2039 | 3909488 | 0 |
| 2800000 <sup>(1)(3)</sup> | GS Mortgage Securities Corp. Trust 2021-ARDN A, 5.684%, (TSFR1M + 1.364%), 11/15/2036 | 2784324 | 0 |
| 5581000 <sup>(1)(3)</sup> | GS Mortgage Securities Corp. Trust 2021-STAR A, 5.390%, (TSFR1M + 1.064%), 12/15/2036 | 5539321 | 0.1 |
| 10878021 <sup>(3)(6)</sup> | GS Mortgage Securities Trust 2014-GC22 XA, 0.496%, 06/10/2047 | 84122 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 5000000 <sup>(3)</sup> | GS Mortgage Securities Trust 2015-GC30 AS, 3.777%, 05/10/2050 | $4898271 | 0.1 |
| 5670000 <sup>(3)</sup> | GS Mortgage Securities Trust 2015-GC30 B, 4.046%, 05/10/2050 | 5440457 | 0.1 |
| 2500000 <sup>(3)</sup> | GS Mortgage Securities Trust 2016-GS3 C, 3.979%, 10/10/2049 | 2307025 | 0 |
| 55370328 <sup>(3)(6)</sup> | GS Mortgage Securities Trust 2016-GS4 XA, 0.558%, 11/10/2049 | 335439 | 0 |
| 65413685 <sup>(3)(6)</sup> | GS Mortgage Securities Trust 2017-GS6 XA, 0.997%, 05/10/2050 | 1019947 | 0 |
| 500000 <sup>(3)</sup> | GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051 | 459073 | 0 |
| 66530958 <sup>(3)(6)</sup> | GS Mortgage Securities Trust 2019-GC38 XA, 1.007%, 02/10/2052 | 2149755 | 0 |
| 3261000 | GS Mortgage Securities Trust 2019-GC39 B, 3.970%, 05/10/2052 | 2854127 | 0 |
| 1015000 | GS Mortgage Securities Trust 2019-GC42 B, 3.363%, 09/10/2052 | 903708 | 0 |
| 4000000 | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 | 3732060 | 0 |
| 3000000 <sup>(1)(3)</sup> | GSMS Trustair 2024-FAIR C, 6.431%, 07/15/2029 | 3068128 | 0 |
| 4250000 <sup>(1)(3)</sup> | GWT 2024-WLF2 A, 6.010%, (TSFR1M + 1.691%), 05/15/2041 | 4255287 | 0.1 |
| 2600000 <sup>(1)(3)</sup> | Hawaii Hotel Trust 2025-MAUI C, 6.362%, (TSFR1M + 2.042%), 03/15/2042 | 2592836 | 0 |
| 3000000 <sup>(1)(3)</sup> | HILT Commercial Mortgage Trust 2024-ORL A, 5.860%, (TSFR1M + 1.541%), 05/15/2037 | 3002419 | 0 |
| 7000000 <sup>(1)(3)</sup> | HLTN Commercial Mortgage Trust 2024-DPLO A, 5.961%, (TSFR1M + 1.642%), 06/15/2041 | 7010735 | 0.1 |
| 6000000 <sup>(1)(3)</sup> | HTL Commercial Mortgage Trust 2024-T53 A, 5.876%, 05/10/2039 | 6045919 | 0.1 |
| 2400000 <sup>(1)(3)</sup> | HYT Commercial Mortgage Trust 2024-RGCY A, 6.161%, (TSFR1M + 1.841%), 09/15/2041 | 2403597 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2600000 <sup>(1)(3)</sup> | HYT Commercial Mortgage Trust 2024-RGCY B, 6.660%, (TSFR1M + 2.341%), 09/15/2041 | $2599458 | 0 |
| 4000000 <sup>(1)</sup> | ICNQ Mortgage Trust 2024-MF B, 6.074%, 12/10/2034 | 4073220 | 0.1 |
| 6000000 <sup>(1)(3)</sup> | ILPT Commercial Mortgage Trust 2022-LPF2 A, 6.564%, (TSFR1M + 2.245%), 10/15/2039 | 6015265 | 0.1 |
| 7500000 <sup>(1)(3)</sup> | INTOWN Mortgage Trust 2025-STAY D, 7.150%, (TSFR1M + 2.850%), 03/15/2042 | 7457117 | 0.1 |
| 7500000 <sup>(1)(3)</sup> | IRV Trust 2025-200P B, 5.440%, 03/14/2047 | 7384196 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI A, 5.797%, 10/05/2039 | 3045935 | 0 |
| 2000000 <sup>(1)(3)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2024-OMNI C, 5.797%, 10/05/2039 | 1999235 | 0 |
| 4234000 | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP2 B, 3.460%, 08/15/2049 | 3904706 | 0 |
| 5075000 | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP3 A5, 2.870%, 08/15/2049 | 4918357 | 0.1 |
| 73872132 <sup>(3)(6)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP4 XA, 0.562%, 12/15/2049 | 483512 | 0 |
| 48282 <sup>(3)(6)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.026%, 10/15/2048 | 3 | 0 |
| 3000000 <sup>(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C29 AS, 3.917%, 05/15/2048 | 2991674 | 0 |
| 3700000 <sup>(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C29 B, 4.118%, 05/15/2048 | 3638412 | 0 |
| 3719244 | JPMBB Commercial Mortgage Securities Trust 2015-C31 A3, 3.801%, 08/15/2048 | 3694759 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 3750000 <sup>(1)(3)</sup> | JW Trust 2024-BERY A, 5.912%, (TSFR1M + 1.593%), 11/15/2039 | $3752644 | 0 |
| 1730000 <sup>(1)</sup> | Key Commercial Mortgage Securities Trust 2018-S1 AS, 4.842%, 10/15/2053 | 1667451 | 0 |
| 5000000 <sup>(1)(3)</sup> | KIND Commercial Mortgage Trust 2024-1 A, 6.209%, (TSFR1M + 1.890%), 08/15/2041 | 4996871 | 0.1 |
| 2479300 <sup>(1)(3)</sup> | KIND Trust 2021-KIND A, 5.390%, (TSFR1M + 1.064%), 08/15/2038 | 2447027 | 0 |
| 7700000 <sup>(1)(3)</sup> | KRE Commercial Mortgage Trust 2025-AIP4 C, 6.170%, (TSFR1M + 1.850%), 03/15/2042 | 7658809 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | KSL Commercial Mortgage Trust 2024-HT2 B, 6.361%, (TSFR1M + 2.042%), 12/15/2039 | 5018080 | 0.1 |
| 435270 <sup>(1)(3)</sup> | LAQ Mortgage Trust 2023-LAQ A, 6.411%, (TSFR1M + 2.091%), 03/15/2036 | 435356 | 0 |
| 6000000 <sup>(1)(3)</sup> | LBA Trust 2024-BOLT A, 5.910%, (TSFR1M + 1.591%), 06/15/2039 | 5994275 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | Life Mortgage Trust 2022-BMR2 A1, 5.614%, (TSFR1M + 1.295%), 05/15/2039 | 4851028 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 A, 5.704%, (TSFR1M + 1.385%), 08/17/2042 | 5012864 | 0.1 |
| 33713510 <sup>(1)(3)(6)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 0.842%, 03/10/2050 | 309384 | 0 |
| 3222769 <sup>(1)(3)</sup> | MCR Mortgage Trust 2024-HTL D, 8.225%, (TSFR1M + 3.905%), 02/15/2037 | 3246651 | 0 |
| 5000000 <sup>(1)</sup> | MCR Mortgage Trust 2024-TWA A, 5.924%, 06/12/2039 | 5060326 | 0.1 |
| 5200000 <sup>(1)(3)</sup> | MED Commercial Mortgage Trust 2024-MOB A, 5.911%, (TSFR1M + 1.592%), 05/15/2041 | 5144060 | 0.1 |
| 4943698 <sup>(1)(3)</sup> | MF1 LLC 2022-FL9 A, 6.467%, (TSFR1M + 2.150%), 06/19/2037 | 4952006 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | MF1 LLC 2025-FL17 A, 5.632%, (TSFR1M + 1.320%), 02/18/2040 | 3003672 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Intermediate Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1400000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 B, 4.538%, 10/15/2048 | $1358868 | 0.0 |
| 3500000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 B, 4.492%, 12/15/2047 | 3390660 | 0.0 |
| 5000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 A5, 2.860%, 09/15/2049 | 4839520 | 0.1 |
| 4000000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30 B, 3.307%, 09/15/2049 | 3692598 | 0.0 |
| 4000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 A4, 3.536%, 11/15/2052 | 3881168 | 0.0 |
| 5000000 | Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 C, 6.859%, 03/15/2030 | 5107105 | 0.1 |
| 36784476 <sup>(3)(6)</sup> | Morgan Stanley Capital I 2017-HR2 XA, 0.848%, 12/15/2050 | 693588 | 0.0 |
| 10000000 | Morgan Stanley Capital I Trust 2020-HR8 A4, 2.041%, 07/15/2053 | 8700056 | 0.1 |
| 30334977 <sup>(3)(6)</sup> | Morgan Stanley Capital I Trust 2021-L6 XA, 1.173%, 06/15/2054 | 1324727 | 0.0 |
| 5000000 <sup>(1)(3)</sup> | MTN Commercial Mortgage Trust 2022-LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 | 4984911 | 0.1 |
| 11500000 <sup>(1)(3)</sup> | NXPT Commercial Mortgage Trust 2024-STOR A, 4.312%, 11/05/2041 | 11156533 | 0.1 |
| 3500000 <sup>(1)(3)</sup> | NYC Commercial Mortgage Trust 2025-3BP A, 5.532%, (TSFR1M + 1.213%), 02/15/2042 | 3459364 | 0.0 |
| 4000000 <sup>(1)(3)</sup> | NYC Commercial Mortgage Trust 2025-3BP C, 6.211%, (TSFR1M + 1.892%), 02/15/2042 | 3971174 | 0.0 |
| 4000000 <sup>(1)(3)</sup> | NYC Trust 2024-3ELV A, 6.310%, (TSFR1M + 1.991%), 08/15/2029 | 4021581 | 0.0 |
| 2500000 <sup>(1)(3)</sup> | ONNI Commerical Mortgage Trust 2024-APT A, 5.196%, 07/15/2039 | 2533617 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 10000000 <sup>(1)(3)</sup> | ORL Trust 2024-GLKS C, 6.611%, (TSFR1M + 2.291%), 12/15/2039 | $10016952 | 0.1 |
| 7732493 <sup>(1)(3)</sup> | PFP Ltd. 2023-10 A, 6.684%, (TSFR1M + 2.365%), 09/16/2038 | 7759997 | 0.1 |
| 4878102 <sup>(1)(3)</sup> | PFP Ltd. 2024-11 A, 6.154%, (TSFR1M + 1.832%), 09/17/2039 | 4903711 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | PRM5 Trust 2025-PRM5 C, 4.667%, 03/10/2033 | 2945504 | 0.0 |
| 14290000 <sup>(1)(3)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.358%, 11/08/2049 | 13233277 | 0.1 |
| 19500000 <sup>(1)(3)</sup> | RFM Reremic Trust 2022-FRR1 AB64, 2.211%, 03/01/2050 | 18005974 | 0.2 |
| 6590000 <sup>(1)(8)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 5682513 | 0.1 |
| 6000000 <sup>(1)(3)</sup> | RIDE 2025-SHRE A, 5.075%, 02/14/2047 | 6065078 | 0.1 |
| 2500000 <sup>(1)(3)</sup> | SDR Commercial Mortgage Trust 2024-DSNY B, 6.060%, (TSFR1M + 1.741%), 05/15/2039 | 2497876 | 0.0 |
| 4525000 <sup>(1)(3)</sup> | SHER Trust 2024-DAL A, 5.960%, (TSFR1M + 1.641%), 04/15/2037 | 4522015 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | SHR Trust 2024-LXRY A, 6.269%, (TSFR1M + 1.950%), 10/15/2041 | 5009675 | 0.1 |
| 10000000 <sup>(1)(3)</sup> | SMRT 2022-MINI D, 6.270%, (TSFR1M + 1.950%), 01/15/2039 | 9807099 | 0.1 |
| 5000000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025-DATA B, 6.162%, (TSFR1M + 1.842%), 03/15/2042 | 4955510 | 0.1 |
| 5500000 <sup>(1)(3)</sup> | SWCH Commercial Mortgage Trust 2025-DATA C, 6.411%, (TSFR1M + 2.092%), 03/15/2042 | 5444639 | 0.1 |
| 4454348 <sup>(1)</sup> | THPT Mortgage Trust 2023-THL A, 6.994%, 12/10/2034 | 4544446 | 0.1 |
| 4300000 <sup>(1)(3)</sup> | TRTX Issuer Ltd. 2025-FL6 A, 5.867%, (TSFR1M + 1.537%), 09/18/2042 | 4306747 | 0.1 |
| 769045 <sup>(1)(3)</sup> | TTAN 2021-MHC D, 6.184%, (TSFR1M + 1.864%), 03/15/2038 | 767463 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 4750000 <sup>(1)(3)</sup> | WCORE Commercial Mortgage Trust 2024-CORE A, 5.811%, (TSFR1M + 1.492%), 11/15/2041 | 4756686 | 0.1 |
| 3000000 <sup>(1)(3)</sup> | WCORE Commercial Mortgage Trust 2024-CORE B, 6.161%, (TSFR1M + 1.842%), 11/15/2041 | 3000092 | 0 |
| 889204 <sup>(3)</sup> | Wells Fargo Commercial Mortgage Trust 2015-C26 C, 4.071%, 02/15/2048 | 885853 | 0 |
| 3342161 | Wells Fargo Commercial Mortgage Trust 2015-LC20 B, 3.719%, 04/15/2050 | 3326436 | 0 |
| 4000000 <sup>(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C41 B, 4.188%, 11/15/2050 | 3774082 | 0 |
| 1800000 | Wells Fargo Commercial Mortgage Trust 2017-RC1 C, 4.591%, 01/15/2060 | 1704834 | 0 |
| 5000000 | Wells Fargo Commercial Mortgage Trust 2021-C59 C, 3.284%, 04/15/2054 | 4048967 | 0 |
| 5000000 | Wells Fargo Commercial Mortgage Trust 2024-5C1 AS, 6.520%, 07/15/2057 | 5232717 | 0.1 |
| 2500000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT B, 5.675%, 03/15/2038 | 2497449 | 0 |
| 2500000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT C, 6.029%, 03/15/2038 | 2498002 | 0 |
| 3691284 <sup>(1)(3)</sup> | WFLD Mortgage Trust 2014-MONT A, 3.755%, 08/10/2031 | 3480607 | 0 |
| 5432664 <sup>(3)</sup> | WFRBS Commercial Mortgage Trust 2014-C21 B, 4.213%, 08/15/2047 | 5255665 | 0.1 |
| 7000000 <sup>(1)</sup> | WSTN Trust 2023-MAUI A, 6.297%, 07/05/2037 | 7126108 | 0.1 |
|  | Total Commercial |  |  |
|  | Mortgage-Backed Securities |  |  |
|  | (Cost $933,985,961) | **944080159** | **9.9** |
| **SOVEREIGN BONDS: 2.4%** | **SOVEREIGN BONDS: 2.4%** | **SOVEREIGN BONDS: 2.4%** | **SOVEREIGN BONDS: 2.4%** |
| <sup>BRL</sup>612211 <sup>(9)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 | 96482251 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
| 4825000 | Brazilian Government International Bond, 6.125%, 03/15/2034 | $4709200 | 0.1 |
| 3125000 | Brazilian Government International Bond, 7.125%, 05/13/2054 | 3000781 | 0.0 |
| 1000000 | Colombia Government International Bond, 3.125%, 04/15/2031 | 814000 | 0.0 |
| 1737000 | Colombia Government International Bond, 7.750%, 11/07/2036 | 1705734 | 0.0 |
| 4828000 | Colombia Government International Bond, 8.000%, 11/14/2035 | 4876280 | 0.1 |
| 3000000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 2881500 | 0.0 |
| 5250000 | Colombia Government International Bond, 8.750%, 11/14/2053 | 5259188 | 0.1 |
| 12350000 <sup>(1)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 | 12510550 | 0.1 |
| 4100000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 4110250 | 0.1 |
| 2025000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 2022975 | 0.0 |
| <sup>MXN</sup>1248110 | Mexican Udibonos S, 2.750%, 11/27/2031 | 45467904 | 0.5 |
| 5523000 | Mexico Government International Bond, 6.875%, 05/13/2037 | 5672121 | 0.1 |
| 1940000 | Mexico Government International Bond, 7.375%, 05/13/2055 | 1993350 | 0.0 |
| 1200000 <sup>(2)</sup> | Panama Government International Bond, 3.298%, 01/19/2033 | 939600 | 0.0 |
| 2760000 | Panama Government International Bond, 7.500%, 03/01/2031 | 2869020 | 0.0 |
| 3610000 | Panama Government International Bond, 8.000%, 03/01/2038 | 3754400 | 0.0 |
| 8700000 | Republic of South Africa Government International Bond, 4.850%, 09/30/2029 | 8199750 | 0.1 |
| 2800000 <sup>(2)</sup> | Republic of South Africa Government International Bond, 5.875%, 04/20/2032 Republic of South | 2663500 | 0.0 |
| 5125000 <sup>(1)</sup> | Africa Government International Bond, 7.100%, 11/19/2036 | 4984062 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
| 2475000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | $2331759 | 0.0 |
| 6258000 <sup>(1)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 | 5671313 | 0.1 |
| 2542000 <sup>(1)</sup> | Romanian Government International Bond, 6.375%, 01/30/2034 | 2449853 | 0.0 |
| <sub>334404</sub> (1)(10) | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 172218 | 0.0 |
| 1249625 <sup>(1)(10)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 496726 | 0.0 |
| 1056019 <sup>(1)(10)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 586091 | 0.0 |
| 880015 <sup>(1)(10)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | 486208 | 0.0 |
| 1163381 <sup>(1)(10)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2029 | 756198 | 0.0 |
| 2324212 <sup>(1)(10)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2034 | 1243453 | 0.0 |
| 2033233 <sup>(1)(10)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), |  |  |
|  | 02/01/2035 | 1067447 | 0.0 |
| 601039 <sup>(1)(10)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 | 311038 | 0.0 |
|  | Total Sovereign Bonds |  |  |
|  | (Cost $227,373,504) | **230488720** | **2.4** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $9,675,155,339) | **9443151090** | **99.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount**† | | **Value** | **Percentage<br> of Net<br> Assets** |
| **SHORT-TERM INVESTMENTS: 9.0%** | **SHORT-TERM INVESTMENTS: 9.0%** | **SHORT-TERM INVESTMENTS: 9.0%** | **SHORT-TERM INVESTMENTS: 9.0%** |
|  | **Commercial Paper: 3.3%** | **Commercial Paper: 3.3%** | **Commercial Paper: 3.3%** |
| 13775000 | American Electric Power Co., Inc., 4.650%, 04/22/2025 | $13736537 | 0.2 |
| 1700000 | American Electric Power Co., Inc., 4.680%, 05/06/2025 | 1692194 | 0.0 |
| 11330000 | American Electric Power Co., Inc., 4.700%, 05/27/2025 | 11247498 | 0.1 |
| 725000 | American Electric Power Co., Inc., 4.700%, 06/13/2025 | 718152 | 0.0 |
| 3250000 | American Honda Finance Corp., 4.690%, 07/23/2025 | 3203111 | 0.0 |
| 4600000 <sup>(11)</sup> | ANZ Banking Group Ltd., 4.480%, 08/27/2025 | 4602258 | 0.0 |
| 4050000 <sup>(11)</sup> | BNP Paribas S.A., 07/23/2025 | 3995939 | 0.0 |
| 7000000 | Broadcom, Inc., 4.580%, 04/02/2025 | 6998245 | 0.1 |
| 20000000 | Broadcom, Inc., 4.580%, 04/03/2025 | 19992476 | 0.2 |
| 9000000 | Broadcom, Inc., 4.590%, 04/10/2025 | 8988687 | 0.1 |
| 7960000 | Broadcom, Inc., 4.690%, 05/13/2025 | 7916265 | 0.1 |
| 6975000 | Broadcom, Inc., 4.690%, 05/15/2025 | 6934894 | 0.1 |
| 3500000 | Broadcom, Inc., 4.700%, 06/06/2025 Columbia Pipelines | 3470036 | 0.0 |
| 14125000 | Holding, 4.630%, 04/24/2025 Concord | 14082095 | 0.2 |
| 3450000 | Minutemen Capital Co. LLC, 4.460%, 04/04/2025 Dominion Energy, Inc., | 3448314 | 0.0 |
| 28925000 | 4.580%, 04/08/2025 | 28895994 | 0.3 |
| 1840000 | Duke Energy Co., 4.590%, 04/21/2025 | 1835152 | 0.0 |
| 1000000 | Duke Energy Co., 4.640%, 05/20/2025 | 993685 | 0.0 |
| 3790000 | eBay, Inc., 4.660%, |  |  |
|  | 07/22/2025 | 3736153 | 0.0 |
| 4000000 | EIDP, Inc., 4.470%, |  |  |
|  | 12/10/2025 | 3879422 | 0.0 |
| 4500000 | EIDP, Inc., 4.670%, 05/05/2025 | 4479933 | 0.1 |
| 16000000 | Enbridge (US) Inc., 4.580%, 04/01/2025 Enbridge (US) Inc., | 15997994 | 0.2 |
| 600000 | 4.600%, 04/07/2025 | 599471 | 0.0 |
| 2550000 | Entergy Corp., 4.650%, 04/22/2025 | 2542880 | 0.0 |
| 48500000 | Entergy Corp., 4.690%, 05/15/2025 | 48221431 | 0.5 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** | **Commercial Paper (continued)** |
| 4450000 | Entergy Corp., 4.710%, 06/23/2025 | $| 4402320 | 0.1 |
| 6025000 | Entergy Corp., 4.710%, 06/24/2025 |  | 5959681 | 0.1 |
| 3700000 | Fiserv, Inc., 4.600%, 04/01/2025 |  | 3699534 | 0.0 |
| 23000000 | Intel Corp., 4.580%, 04/04/2025 |  | 22988461 | 0.3 |
| 20000000 | Kellanova, 4.650%, 04/24/2025 |  | 19939008 | 0.2 |
| 2950000 | Keurig Dr. Pepper, Inc., 4.690%, 06/17/2025 |  | 2920726 | 0.0 |
| 16505000 | McCormick & Company, Inc., 4.580%, 04/01/2025 |  | 16502930 | 0.2 |
| 4000000 | Parker-Hannifin Corp., 4.570%, 04/01/2025 |  | 3999499 | 0.1 |
| 2800000 <sup>(11)</sup> | Santander UK PLC, 05/06/2025 |  | 2788143 | 0.0 |
| 12000000 | Sherwin-Williams Co., 4.520%, 05/21/2025 |  | 11924741 | 0.1 |
|  | Total Commercial Paper |  |  |  |
|  | (Cost $317,366,670) |  | **317333859** | **3.3** |
|  | **Repurchase Agreements: 4.7%** | **Repurchase Agreements: 4.7%** | **Repurchase Agreements: 4.7%** | **Repurchase Agreements: 4.7%** |
| 43476771 <sup>(11)</sup> | Bethesda Securities, Repurchase Agreement dated 03/31/2025, 4.460%, due 04/01/2025 (Repurchase Amount $43,482,084, collateralized by various U.S. Government Agency Obligations, 3.000%-5.500%, Market Value plus accrued interest $44,346,307, due 10/01/27-01/01/57) |  | 43476771 | 0.5 |
| 118271255 <sup>(11)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/2025, 4.390%, due 04/01/2025 (Repurchase Amount $118,285,480, collateralized by various U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $120,636,680, due 02/01/36-02/01/57) |  | 118271255 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 48102943 <sup>(11)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 03/31/2025, 4.450%, due 04/01/2025 (Repurchase Amount $48,108,808, collateralized by various U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $49,065,002, due 07/01/42-11/01/54) | $48102943 | 0.5 |
| 64877776 <sup>(11)</sup> | Mirae Asset Securities (USA), Inc., Repurchase Agreement dated 03/31/2025, 4.470%, due 04/01/2025 (Repurchase Amount $64,885,721, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.625%-7.538%, Market Value plus accrued interest $66,186,924, due 04/21/25-03/15/66) | 64877776 | 0.7 |
| 40000000 <sup>(11)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $40,004,778, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $40,800,001, due 04/10/25-12/15/66) | 40000000 | 0.4 |
| 118271255 <sup>(11)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/2025, 4.470%, due 04/01/2025 (Repurchase Amount $118,285,739, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $120,476,696, due 04/15/26-02/15/53) | 118271255 | 1.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 11999345 <sup>(11)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $12,000,782, collateralized by various U.S. Government Securities, 4.875%, Market Value plus accrued interest $12,239,335, due 10/31/28) | $| 11999345 | 0.1 |
|  | Total Repurchase Agreements |  |  |  |
|  | (Cost $444,999,345) |  | **444999345** | **4.7** |
|  | **Corporate Bonds/Notes: 0.9%** | **Corporate Bonds/Notes: 0.9%** | **Corporate Bonds/Notes: 0.9%** | **Corporate Bonds/Notes: 0.9%** |
| 950000 <sup>(11)</sup> | Bank of America N.A., 4.510%, 08/07/2025 |  | 950559 | 0.0 |
| 3900000 <sup>(11)</sup> | Bank of America N.A., 4.530%, 08/05/2025 |  | 3902515 | 0.1 |
| 4600000 <sup>(11)</sup> | Bank of Montreal, 4.510%, 09/05/2025 |  | 4602874 | 0.1 |
| 1450000 <sup>(11)</sup> | Barclays Bank PLC, 4.530%, 08/19/2025 |  | 1451015 | 0.0 |
| 950000 <sup>(11)</sup> | BNP Paribas, 4.497%, 09/15/2025 |  | 950729 | 0.0 |
| 950000 <sup>(11)</sup> | Commonwealth Bank of Australia, 4.510%, 08/11/2025 |  | 950558 | 0.0 |
| 3950000 <sup>(11)</sup> | Commonwealth Bank of Australia, 4.520%, 07/24/2025 |  | 3951976 | 0.1 |
| 3650000 <sup>(11)</sup> | Credit Agricole Corporate And Investment Bank, 4.600%, 06/17/2025 |  | 3652436 | 0.0 |
| 600000 <sup>(11)</sup> | Credit Agricole Corporate And Investment Bank, 4.633%, 06/20/2025 |  | 600429 | 0.0 |
| 2700000 <sup>(11)</sup> | Credit Industriel et Commercial S.A., 07/14/2025 |  | 2666848 | 0.0 |
| 800000 <sup>(11)</sup> | Credit Industriel et Commercial S.A., 4.580%, 08/22/2025 |  | 800658 | 0.0 |
| 1400000 <sup>(11)</sup> | Credit Industriel et Commercial S.A., 4.680%, 04/08/2025 |  | 1400133 | 0.0 |
| 4900000 <sup>(11)</sup> | DZ Bank AG, 4.485%, 08/15/2025 |  | 4902578 | 0.1 |
| 1400000 <sup>(11)</sup> | Landesbank Baden-Wurttemberg, 0.010%, 09/03/2025 |  | 1401031 | 0.0 |
| 2400000 <sup>(11)</sup> | LLoyds Bank PLC, 07/24/2025 |  | 2367678 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |  |
|  | **Corporate Bonds/Notes (continued)** | **Corporate Bonds/Notes (continued)** | **Corporate Bonds/Notes (continued)** | **Corporate Bonds/Notes (continued)** |
| 850000 <sup>(11)</sup> | Macquarie Bank Ltd., 4.520%, 09/05/2025 | $| 850580 | 0.0 |
| 2350000 <sup>(11)</sup> | Macquarie Bank Ltd., 4.550%, 09/18/2025 |  | 2352198 | 0.0 |
| 1700000 <sup>(11)</sup> | Macquarie Bank Ltd., 4.640%, 05/19/2025 |  | 1700809 | 0.0 |
| 950000 <sup>(11)</sup> | Mizuho Bank Ltd., 4.557%, 08/08/2025 |  | 950702 | 0.0 |
| 4000000 <sup>(11)</sup> | Mizuho Bank Ltd., 4.563%, 07/23/2025 |  | 4002844 | 0.1 |
| 1700000 <sup>(3)(11)</sup> | MUFG Bank Ltd., 4.511%, (SOFRRATE + 0.190%), 09/10/2025 |  | 1701325 | 0.0 |
| 3750000 <sup>(11)</sup> | National Australia Bank Ltd., 4.500%, 09/04/2025 |  | 3752150 | 0.0 |
| 1200000 <sup>(11)</sup> | National Australia Bank Ltd., 4.530%, 08/27/2025 |  | 1200777 | 0.0 |
| 4550000 <sup>(11)</sup> | Natixis, 4.532%, 08/06/2025 |  | 4552755 | 0.1 |
| 3100000 <sup>(11)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.509%, 08/11/2025 |  | 3101571 | 0.0 |
| 1850000 <sup>(11)</sup> | Oversea-Chinese Banking Corporation Ltd., 4.530%, 05/12/2025 |  | 1850497 | 0.0 |
| 4950000 <sup>(11)</sup> | Sumitomo Mitsui Banking Corp., 4.523%, 08/20/2025 |  | 4953237 | 0.1 |
| 3050000 <sup>(11)</sup> | Sumitomo Mitsui Trust Bank Ltd., 05/20/2025 |  | 3032106 | 0.0 |
| 1900000 <sup>(11)</sup> | Sumitomo Mitsui Trust Bank Ltd., 4.566%, 05/15/2025 |  | 1900686 | 0.0 |
| 4900000 <sup>(11)</sup> | Svenska Handelsbaken AB, 4.500%, 09/10/2025 |  | 4903116 | 0.1 |
| 3550000 <sup>(11)</sup> | Toyota Motor Credit Corp., 08/11/2025 |  | 3495010 | 0.0 |
| 4850000 <sup>(11)</sup> | United Overseas Bank Ltd., 4.360%, 09/19/2025 |  | 4854517 | 0.1 |
| 750000 <sup>(11)</sup> | Westpac Banking Corp., 4.670%, 05/05/2025 |  | 750277 | 0.0 |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $84,457,174) |  | **84457174** | **0.9** |
|  | **Certificates of Deposit: 0.1%** | **Certificates of Deposit: 0.1%** | **Certificates of Deposit: 0.1%** | **Certificates of Deposit: 0.1%** |
| 1650000 <sup>(3)(11)</sup> | Barclays Bank PLC, 4.570%, (SOFRRATE + 0.220%), 07/28/2025 |  | 1651115 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Certificates of Deposit (continued)** | **Certificates of Deposit (continued)** |  |
| 3150000 <sup>(3)(11)</sup> | Mitsubishi UFJ Trust & Banking Corp. YCd, 4.566%, (SOFRRATE + 0.230%), 08/08/2025 | $3152163 | 0.1 |
|  | Total Certificates of Deposit |  |  |
|  | (Cost $4,803,278) | **4803278** | **0.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $851,626,467) | **851593656** | **9.0** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $10,526,781,806)** | $**10294744746** | **108.3** |
|  | **Liabilities in Excess of Other Assets** | **(788333208)** | **(8.3)** |
|  | **Net Assets** | $**9506411538** | **100.0** |

---

---

| | |
|:---|:---|
| † | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(4)</sup> | The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| <sup>(5)</sup> | Represents or includes a TBA transaction. |
| <sup>(6)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(7)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(8)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(9)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2025. |
| <sup>(10)</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of March 31, 2025. |
| <sup>(11)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |

---

Currency Abbreviations:

BRL Brazilian Real <br> EUR EU Euro <br> MXN Mexican Peso

---

| | |
|:---|:---|
| Reference Rate Abbreviations: | Reference Rate Abbreviations: |
| 12MTA | 12-month Treasury Average |
| RFUCCT1Y | FTSE USD IBOR Consumer Cash Fallbacks Term 1Y |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| US0001M | 1-month LIBOR |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** | | | | |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $2644307382 | $— | $2644307382 |
| U.S. Government Agency Obligations |  | 1992884665 |  | 1992884665 |
| Collateralized Mortgage Obligations |  | 1399884989 |  | 1399884989 |
| Asset-Backed Securities |  | 1181954792 |  | 1181954792 |
| U.S. Treasury Obligations |  | 1049550383 |  | 1049550383 |
| Commercial Mortgage-Backed Securities |  | 944080159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 944080159 |
| Sovereign Bonds |  | 230488720 |  | 230488720 |
| Short-Term Investments |  | 851593656 |  | 851593656 |
| Total Investments, at fair value | $— | $10294744746 | $— | $10294744746 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps |  | 735478 |  | 735478 |
| Centrally Cleared Interest Rate Swaps |  | 702507 |  | 702507 |
| Forward Foreign Currency Contracts |  | 936491 |  | 936491 |
| Forward Premium Swaptions |  | 8302348 |  | 8302348 |
| Futures | 12721909 |  |  | 12721909 |
| Total Assets | $12721909 | $10305421570 | $— | $10318143479 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | $(2010640) | $— | $(2010640) |
| Forward Premium Swaptions |  | (3655063) |  | (3655063) |
| Futures | (819915) |  |  | (819915) |
| Written Options |  | (1365565) |  | (1365565) |
| Total Liabilities | $(819915) | $(7031268) | $— | $(7851183) |

---

---

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

---

At March 31, 2025, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| EUR | 171613 | USD | 188297 | Barclays Bank PLC | 05/16/25 | $(2279) |
| EUR | 39146 | USD | 42672 | Brown Brothers Harriman & Co. | 05/16/25 | (240) |
| USD | 18439378 | MXN | 368273092 | Goldman Sachs International | 04/25/25 | 500273 |
| USD | 18690935 | MXN | 376889619 | Goldman Sachs International | 04/25/25 | 332108 |
| USD | 6826905 | MXN | 138012722 | Goldman Sachs International | 04/25/25 | 104110 |
| USD | 8380254 | MXN | 172406955 | Goldman Sachs International | 04/25/25 | (17934) |
| USD | 98355049 | BRL | 612211000 | Goldman Sachs International | 01/05/26 | (1799808) |
| MXN | 137938949 | USD | 6909581 | Standard Chartered Bank | 04/25/25 | (190379) |
|  |  |  |  |  |  | $(1074149) |

---

At March 31, 2025, the following futures contracts were outstanding for Voya Intermediate Bond Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 3183 | 06/18/25 | $354009281 | $4453840 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | 3253 | 06/18/25 | 381515907 | 2849372 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 5245 | 06/18/25 | 641201250 | 5418697 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
|  |  |  | $1376726438 | $12721909 |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | (460) | 06/30/25 | $(95299062) | $(83795) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(58) | 06/30/25 | (6273063) | (23221) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (559) | 06/18/25 | (63795875) | (712899) |
|  |  |  | $(165368000) | $(819915) |

---

At March 31, 2025, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Fund:

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection** **<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** | <br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX North American Investment Grade Index |  |  |  |  |  |  |  |
| Series 44, Version 1 | Buy | (1.000) | 06/20/30 | USD | 474550000 | $(8569037) | $735478 |
|  |  |  |  |  |  | $(8569037) | $735478 |

---

<sup>(1)</sup> If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(2)</sup> Payments made quarterly.

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

At March 31, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Intermediate Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | | <br>**Notional**<br>**Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837% | Annual | 08/16/44 | USD | 18336100 | $319378 | $319378 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 23883000 | 383129 | 383129 |
|  |  |  |  |  |  |  |  | $702507 | $702507 |

---

At March 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Intermediate Bond Fund:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | |<br>**Notional**<br>**Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
| Put on 5-Year |  | CDX North America High |  |  |  |  |  |  |  |  |
| Credit Default | JPMorgan Chase | Yield Index Series 43, |  |  |  |  |  |  |  |  |
| Swap | Bank N.A. | Version 1 | 5.000 | Pay | 104.500% | 04/16/25 | USD | $47500000 | $(280250) | $(191419) |
| Put on 5-Year |  | CDX North America High |  |  |  |  |  |  |  |  |
| Credit Default | Goldman Sachs | Yield Index Series 43, |  |  |  |  |  |  |  |  |
| Swap | International | Version 1 | 5.000 | Pay | 104.000% | 05/21/25 | USD | 142019000 | (1088576) | (1174146) |
|  |  |  |  |  |  |  |  |  | $(1368826) | $(1365565) |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

At March 31, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | | <br>**Notional**<br>**Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | Financing Rate | 11/27/34 | USD | 49756000 | $— | $924757 |
| Call on 10-Year | JPMorgan Chase |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Bank N.A. | 2.375% | Receive | Financing Rate | 08/14/34 | USD | 45840320 | (1925294) | (415921) |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | Financing Rate | 06/14/27 | USD | 39935000 | (6988625) | 1305341 |
| Call on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 17.700% | Receive | Financing Rate | 05/28/27 | USD | 66490400 | (11768801) | 2081051 |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 50394000 | (980842) | (255200) |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EUIRBOR | 12/15/25 | EUR | 37797000 | (735660) | (191408) |
| Put on 20-Year | Goldman Sachs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | International | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 25364000 | (3524263) | 829025 |
| Put on 20-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 25364000 | (3518778) | 833266 |
| Put on 30-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | Financing Rate | 05/25/27 | USD | 61700000 | (11106000) | 1764671 |
|  |  |  |  |  |  |  |  | $(40548263) | $6875582 |

---

At March 31, 2025, the following OTC written forward premium swaptions were outstanding for Voya Intermediate Bond Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | | <br>**Notional**<br>**Amount** | **Premium**<br>**receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Put on 10-Year |  |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | Financing Rate | 11/27/34 | USD | 49756000 | $900584 | $(1244911) |
| Put on 10-Year | JPMorgan Chase |  |  | 1-day Secured Overnight |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Bank N.A. | 5.540% | Receive | Financing Rate | 08/14/34 | USD | 45840320 | 1925294 | (294299) |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 50394000 | 408684 | 152125 |
| Put on 10-Year | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 50394000 | 599403 | 165692 |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 37797000 | 355569 | 162385 |
| Put on 10-Year |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 37797000 | 408700 | 84035 |
| Put on 5-Year Interest | Goldman Sachs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rate Swap | International | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 76092000 | 1810128 | (626662) |
| Put on 5-Year Interest | Morgan Stanley |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rate Swap | Capital Services LLC | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 76092000 | 1810128 | (626662) |
|  |  |  |  |  |  |  |  | $8218490 | $(2228297) |

---

<sup>(1)</sup> Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

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

Currency Abbreviations:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| EUR | EU Euro |
| MXN | Mexican Peso |
| USD | United States Dollar |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $936491 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 8302348 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | 12721909 |
| Credit contracts | Variation margin receivable on centrally cleared swaps<sup>\*</sup> | 735478 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*</sup> | 702507 |
| **Total Asset Derivatives** |  | $23398733 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $2010640 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 3655063 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | 819915 |
| Credit contracts | Written options, at fair value | 1365565 |
| **Total Liability Derivatives** |  | $7851183 |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging <br> instruments</u>** |<br>**Investments<sup>\*</sup>** | **Forward**<br>**foreign**<br>**currency<br> contracts** |<br>**Futures** |<br>**Swaps** |<br>**Written<br> options** |<br>**Total** |
| Credit contracts | $— | $— | $— | $4465496 | $— | $4465496 |
| Equity contracts |  |  | 2172676 |  |  | 2172676 |
| Foreign exchange contracts | (942676) | 3115 |  | (1790398) |  | (2729959) |
| Interest rate contracts | (6432978) |  | (60382591) | (3211255) | 7908196 | (62118628) |
| **Total** | $(7375654) | $3115 | $(58209915) | $(536157) | $7908196 | $(58210415) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging <br> instruments</u>** | **Investments<sup>\*</sup>** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Credit contracts | $— | $— | $— | $735477 | $3261 | $738738 |
| Foreign exchange contracts | 933706 | (1079354) |  | 113985 |  | (31663) |
| Interest rate contracts | 7357027 |  | 6218987 | 671818 | (4192482) | 10055352 |
| **Total** | $8290733 | $(1079354) | $6218987 | $1521280 | $(4189221) | $10762427 |

---

<sup>\*</sup> Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Intermediate Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays Bank<br> PLC** | **Brown<br> Brothers<br> Harriman &<br> Co.** | **Goldman<br> Sachs<br> International** | **JPMorgan<br> Chase Bank<br> N.A.** | **Morgan<br> Stanley<br> Capital<br> Services LLC** | **Standard<br> Chartered<br> Bank** | **UBS AG** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $— | $— | $936491 | $— | $— | $— | $— | $936491 |
| Forward premium swaptions | 6075820 |  | 829025 |  | 1151083 |  | 246420 | 8302348 |
| **Total Assets** | $6075820 | $— | $1765516 | $— | $1151083 | $— | $246420 | $9238839 |
| Liabilities: |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $2279 | $240 | $1817742 | $— | $— | $190379 | $— | $2010640 |
| Forward premium swaptions | 1244911 |  | 626662 | 710220 | 881862 |  | 191408 | 3655063 |
| Written options |  |  | 1174146 | 191419 |  |  |  | 1365565 |
| **Total Liabilities** | $1247190 | $240 | $3618550 | $901639 | $881862 | $190379 | $191408 | $7031268 |
| **Net OTC derivative instruments by counterparty, at fair value** | $4828630 | $(240) | $(1853034) | $(901639) | $269221 | $(190379) | $55012 | $2207571 |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $(4090000) | $— | $1853034 | $570000 | $— | $— | $— | $(1666966) |
| **Net Exposure<sup>(1),(2)</sup>** | $738630 | $(240) | $— | $(331639) | $269221 | $(190379) | $55012 | $540605 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> At March 31, 2025, the Fund had pledged $1,970,000 and $570,000 to Goldman Sach International and JPMorgan Chase Bank N.A., respectively. In addition, the Fund had received $4,090,000 from Barclays Bank PLC. Excess cash collateral is not shown for financial reporting purposes.

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $10,578,689,729.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $82573165 |
| Gross Unrealized Depreciation | (350966656) |
| Net Unrealized Depreciation | $(268393491) |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> PORTFOLIO OF INVESTMENTS <br> <u>as of March 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 45.3%** | **CORPORATE BONDS/NOTES: 45.3%** | **CORPORATE BONDS/NOTES: 45.3%** | **CORPORATE BONDS/NOTES: 45.3%** |
|  | **Basic Materials: 1.8%** | **Basic Materials: 1.8%** | **Basic Materials: 1.8%** |
| 389000 | Albemarle Corp., 4.650%, 06/01/2027 | $385894 | 0.1 |
| 656000 | BHP Billiton Finance USA Ltd., 5.250%, 09/08/2026 | 664386 | 0.1 |
| 1200000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 5.875%, 06/01/2027 | 1192662 | 0.2 |
| 513000 | Eastman Chemical Co., 5.000%, 08/01/2029 | 515906 | 0.1 |
| 641000 | Ecolab, Inc., 1.650%, 02/01/2027 | 612177 | 0.1 |
| 417000 | EIDP, Inc., 4.500%, 05/15/2026 | 417517 | 0.1 |
| 827000 <sup>(2)</sup> | Georgia-Pacific LLC, 1.750%, 09/30/2025 | 815451 | 0.1 |
| 1200000 <sup>(2)</sup> | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | 1182961 | 0.2 |
| 1200000 <sup>(2)</sup> | NOVA Chemicals Corp., 5.250%, 06/01/2027 | 1195023 | 0.2 |
| 1200000 <sup>(2)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 1161175 | 0.2 |
| 252000 | Nucor Corp., 2.000%, 06/01/2025 | 250811 | 0.0 |
| 835000 | Nucor Corp., 4.650%, 06/01/2030 | 832722 | 0.1 |
| 65000 | Nutrien Ltd., 4.900%, 03/27/2028 | 65607 | 0.0 |
| 1098000 | Nutrien Ltd., 5.950%, 11/07/2025 | 1106467 | 0.2 |
| 255000 | Rio Tinto Finance USA PLC, 4.500%, 03/14/2028 | 256550 | 0.1 |
| 176000 | Rio Tinto Finance USA PLC, 4.875%, 03/14/2030 | 177847 | 0.0 |
|  |  | **10833156** | **1.8** |
|  | **Communications: 2.7%** | **Communications: 2.7%** | **Communications: 2.7%** |
| 513000 | AT&T, Inc., 1.700%, 03/25/2026 | 499046 | 0.1 |
| 1200000 <sup>(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 1198858 | 0.2 |
| 386000 | Cisco Systems, Inc., 4.550%, 02/24/2028 | 389329 | 0.1 |
| 552000 | Cisco Systems, Inc., 4.750%, 02/24/2030 | 560985 | 0.1 |
| 529000 | Comcast Corp., 4.550%, 01/15/2029 | 531271 | 0.1 |
| 1200000 <sup>(2)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | 1163977 | 0.2 |
| 444000 | Fox Corp., 3.050%, 04/07/2025 | 443921 | 0.1 |
| 1200000 <sup>(2)</sup> | Match Group Holdings II LLC, 5.000%, 12/15/2027 | 1177435 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 710000 | Meta Platforms, Inc., 4.300%, 08/15/2029 | 710028 | 0.1 |
| 1497000 <sup>(2)</sup> | NBN Co. Ltd., 1.450%, 05/05/2026 | 1450274 | 0.2 |
| 349000 <sup>(2)</sup> | NBN Co. Ltd., 5.750%, 10/06/2028 | 362771 | 0.1 |
| 1200000 <sup>(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.000%, 08/15/2027 | 1180241 | 0.2 |
| 700000 | Rogers Communications, Inc., 5.000%, 02/15/2029 | 700847 | 0.1 |
| 1200000 <sup>(2)</sup> | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | 1163722 | 0.2 |
| 1147000 | Sprint Capital Corp., 6.875%, 11/15/2028 | 1224895 | 0.2 |
| 596000 | T-Mobile USA, Inc., 2.050%, 02/15/2028 | 556779 | 0.1 |
| 429000 | T-Mobile USA, Inc., 2.250%, 02/15/2026 | 420598 | 0.1 |
| 283000 | T-Mobile USA, Inc., 2.625%, 04/15/2026 | 277639 | 0.0 |
| 291000 | T-Mobile USA, Inc., 4.950%, 03/15/2028 | 294412 | 0.0 |
| 395000 | Uber Technologies, Inc., 4.300%, 01/15/2030 | 388308 | 0.1 |
| 1200000 <sup>(2)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 1191058 | 0.2 |
|  |  | **15886394** | **2.7** |
|  | **Consumer, Cyclical: 5.4%** | **Consumer, Cyclical: 5.4%** | **Consumer, Cyclical: 5.4%** |
| 14892 | American Airlines Pass Through Trust 2016-1, AA, 3.575%, 07/15/2029 | 14416 | 0.0 |
| 500000 <sup>(2)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | 499010 | 0.1 |
| 225000 | American Honda Finance Corp., GMTN, 4.400%, 10/05/2026 | 224888 | 0.0 |
| 430000 | American Honda Finance Corp., GMTN, 4.450%, 10/22/2027 | 429932 | 0.1 |
| 195000 | American Honda Finance Corp., MTN, 1.300%, 09/09/2026 | 186593 | 0.0 |
| 656000 <sup>(2)</sup> | BMW US Capital LLC, 1.250%, 08/12/2026 | 628198 | 0.1 |
| 325000 | BorgWarner, Inc., 4.950%, 08/15/2029 | 325607 | 0.1 |
| 1035000 <sup>(2)</sup> | Daimler Truck Finance North America LLC, 3.500%, 04/07/2025 | 1034798 | 0.2 |
| 410000 <sup>(2)</sup> | Daimler Truck Finance North America LLC, 5.000%, 01/15/2027 | 412831 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 245000 <sup>(2)</sup> | Denso Corp., 4.420%, 09/11/2029 | $243632 | 0.0 |
| 380000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 367199 | 0.1 |
| 300000 | Ford Motor Credit Co. LLC, 5.800%, 03/08/2029 | 297212 | 0.1 |
| 500000 | Ford Motor Credit Co. LLC, GMTN, 4.389%, 01/08/2026 | 497246 | 0.1 |
| 410000 | General Motors Financial Co., Inc., 3.800%, 04/07/2025 | 409900 | 0.1 |
| 235000 | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | 232931 | 0.0 |
| 559000 | General Motors Financial Co., Inc., 5.050%, 04/04/2028 | 559759 | 0.1 |
| 586000 | General Motors Financial Co., Inc., 5.250%, 03/01/2026 | 587236 | 0.1 |
| 415000 | General Motors Financial Co., Inc., 5.400%, 04/06/2026 | 416853 | 0.1 |
| 300000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | 302487 | 0.1 |
| 565000 <sup>(2)</sup> | Hilton Domestic Operating Co., Inc., 5.375%, 05/01/2025 | 564472 | 0.1 |
| 565000 | Home Depot, Inc., 4.875%, 06/25/2027 | 573054 | 0.1 |
| 874000 | Honda Motor Co. Ltd., 2.534%, 03/10/2027 | 843386 | 0.1 |
| 394000 <sup>(1)</sup> | Hyatt Hotels Corp., 5.050%, 03/30/2028 | 395874 | 0.1 |
| 561000 <sup>(1)(2)</sup> | Hyundai Capital America, 1.300%, 01/08/2026 | 546500 | 0.1 |
| 264000 <sup>(2)</sup> | Hyundai Capital America, 5.650%, 06/26/2026 | 266940 | 0.0 |
| 262000 <sup>(2)</sup> | Hyundai Capital America, 5.950%, 09/21/2026 | 266648 | 0.0 |
| 493000 <sup>(2)</sup> | Hyundai Capital America, 6.250%, 11/03/2025 | 496957 | 0.1 |
| 1300000 <sup>(2)</sup> | International Game Technology PLC, 4.125%, 04/15/2026 | 1284690 | 0.2 |
| 252000 | Lowe's Cos., Inc., 3.350%, 04/01/2027 | 246805 | 0.0 |
| 999000<sup>(2)</sup> | Mattel, Inc., 3.375%, 04/01/2026 | 985624 | 0.2 |
| 1200000 <sup>(1)(2)</sup> | Melco Resorts Finance Ltd., 5.250%, 04/26/2026 | 1189560 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 493000 <sup>(2)</sup> | Mercedes-Benz Finance North America LLC, 5.100%, 08/03/2028 | $498829 | 0.1 |
| 655000 | MGM Resorts International, 4.625%, 09/01/2026 | 647953 | 0.1 |
| 545000 | MGM Resorts International, 5.500%, 04/15/2027 | 540854 | 0.1 |
| 1200000 <sup>(2)</sup> | NCL Corp. Ltd., 5.875%, 02/15/2027 | 1199112 | 0.2 |
| 1200000 <sup>(1)</sup> | Newell Brands, Inc., 6.375%, 09/15/2027 | 1208194 | 0.2 |
| 235000 | PACCAR Financial Corp., 4.000%, 09/26/2029 | 231350 | 0.0 |
| 1112000 | Ross Stores, Inc., 4.600%, 04/15/2025 | 1111836 | 0.2 |
| 1200000 <sup>(1)(2)</sup> | Royal Caribbean Cruises Ltd., 4.250%, 07/01/2026 | 1182525 | 0.2 |
| 840000 | Toll Brothers Finance Corp., 4.350%, 02/15/2028 | 828577 | 0.1 |
| 718000 | Toyota Motor Credit Corp., 5.400%, 11/20/2026 | 730898 | 0.1 |
| 230000 | Toyota Motor Credit Corp., MTN, 4.350%, 10/08/2027 | 230133 | 0.0 |
| 702000 | Toyota Motor Credit Corp. B, 5.000%, 03/19/2027 | 711416 | 0.1 |
| 28130 | United Airlines Pass Through Trust 20-1, A, 5.875%, 04/15/2029 | 28674 | 0.0 |
| 1200000 <sup>(2)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 | 1181843 | 0.2 |
| 1200000 <sup>(2)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 | 1194678 | 0.2 |
| 425000 <sup>(2)</sup> | Volkswagen Group of America Finance LLC, 4.950%, 08/15/2029 | 421016 | 0.1 |
| 535000 <sup>(2)</sup> | Volkswagen Group of America Finance LLC, 5.300%, 03/22/2027 | 539632 | 0.1 |
| 500000 <sup>(2)</sup> | Volkswagen Group of America Finance LLC, 5.650%, 09/12/2028 | 509041 | 0.1 |
| 385000 <sup>(2)</sup> | Volkswagen Group of America Finance LLC, 6.450%, 11/16/2030 | 403797 | 0.1 |
| 864000 | Warnermedia Holdings, Inc., 3.755%, 03/15/2027 | 842983 | 0.1 |
| 1200000 <sup>(2)</sup> | William Carter Co., 5.625%, 03/15/2027 | 1193908 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 1250000 <sup>(2)</sup> | ZF North America Capital, Inc., 4.750%, 04/29/2025 | $| 1247140 | 0.2 |
|  |  |  | **32015627** | **5.4** |
|  | **Consumer, Non-cyclical: 7.1%** | **Consumer, Non-cyclical: 7.1%** | **Consumer, Non-cyclical: 7.1%** | **Consumer, Non-cyclical: 7.1%** |
| 1088000 | AbbVie, Inc., 3.200%, 05/14/2026 |  | 1074422 | 0.2 |
| 280000 | AbbVie, Inc., 3.200%, 11/21/2029 |  | 264591 | 0.0 |
| 651000 | AbbVie, Inc., 4.800%, 03/15/2029 |  | 659380 | 0.1 |
| 680000 <sup>(2)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.250%, 03/15/2026 |  | 665112 | 0.1 |
| 520000 <sup>(2)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 |  | 512726 | 0.1 |
| 618000 | Amgen, Inc., 5.150%, 03/02/2028 |  | 629217 | 0.1 |
| 930000 | Astrazeneca Finance LLC, 4.800%, 02/26/2027 |  | 940084 | 0.2 |
| 1200000 <sup>(1)(2)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.750%, 07/15/2027 |  | 1159231 | 0.2 |
| 695000 | Becton Dickinson & Co., 4.693%, 02/13/2028 |  | 697793 | 0.1 |
| 403000 | Boston Scientific Corp., 1.900%, 06/01/2025 |  | 401009 | 0.1 |
| 760000 | Bunge Ltd. Finance Corp., 1.630%, 08/17/2025 |  | 751171 | 0.1 |
| 365000 | Cardinal Health, Inc., 4.700%, 11/15/2026 |  | 366639 | 0.1 |
| 299000 | Cardinal Health, Inc., 5.000%, 11/15/2029 |  | 301551 | 0.1 |
| 270000 | Cardinal Health, Inc., 5.125%, 02/15/2029 |  | 274428 | 0.0 |
| 263000 <sup>(2)</sup> | Cargill, Inc., 3.625%, 04/22/2027 |  | 259094 | 0.0 |
| 1200000 <sup>(2)</sup> | CHS/Community Health Systems, Inc., 5.625%, 03/15/2027 |  | 1146865 | 0.2 |
| 370000 | Cigna Group, 1.250%, 03/15/2026 |  | 358685 | 0.1 |
| 517000 | Cigna Group, 5.000%, 05/15/2029 |  | 524066 | 0.1 |
| 314000 <sup>(2)</sup> | CSL Finance PLC, 3.850%, 04/27/2027 |  | 309948 | 0.1 |
| 1247000 | CVS Health Corp., 3.875%, 07/20/2025 |  | 1243463 | 0.2 |
| 990000 | CVS Health Corp., 5.400%, 06/01/2029 |  | 1008876 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 629000 <sup>(2)</sup> | Element Fleet Management Corp., 3.850%, 06/15/2025 | $627575 | 0.1 |
| 398000 <sup>(2)</sup> | Element Fleet Management Corp., 5.643%, 03/13/2027 | 404692 | 0.1 |
| 709000 | Eli Lilly & Co., 4.550%, 02/12/2028 | 716146 | 0.1 |
| 247000 | Eli Lilly & Co., 4.750%, 02/12/2030 | 250851 | 0.0 |
| 315000 <sup>(1)</sup> | Equifax, Inc., 2.600%, 12/15/2025 | 310591 | 0.1 |
| 486000 <sup>(2)</sup> | ERAC USA Finance LLC, 5.000%, 02/15/2029 | 491566 | 0.1 |
| 1200000 <sup>(2)</sup> | Garda World Security Corp., 4.625%, 02/15/2027 | 1169176 | 0.2 |
| 933000 | GE HealthCare Technologies, Inc., 5.600%, 11/15/2025 | 937405 | 0.2 |
| 348000 | Gilead Sciences, Inc., 4.800%, 11/15/2029 | 351577 | 0.1 |
| 357000 | GlaxoSmithKline Capital, Inc., 4.500%, 04/15/2030 | 357089 | 0.1 |
| 920000 | Global Payments, Inc., 1.200%, 03/01/2026 | 891177 | 0.1 |
| 1100000 <sup>(2)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 1100978 | 0.2 |
| 811000 | HCA, Inc., 5.625%, 09/01/2028 | 829697 | 0.1 |
| 999000 | HCA, Inc., 5.875%, 02/15/2026 | 1003024 | 0.2 |
| 600000 <sup>(2)</sup> | Health Care Service Corp. A Mutual Legal Reserve Co., 1.500%, 06/01/2025 | 596620 | 0.1 |
| 552000 | Hershey Co., 4.750%, 02/24/2030 | 558700 | 0.1 |
| 1348000 | Humana, Inc., 5.750%, 03/01/2028 | 1385966 | 0.2 |
| 1200000 <sup>(2)</sup> | IQVIA, Inc., 5.000%, 10/15/2026 | 1192163 | 0.2 |
| 838000 | Johnson & Johnson, 4.550%, 03/01/2028 | 847406 | 0.1 |
| 118000 | Keurig Dr Pepper, Inc., 5.050%, 03/15/2029 | 119594 | 0.0 |
| 285000 | Laboratory Corp. of America Holdings, 4.350%, 04/01/2030 | 279410 | 0.0 |
| 1021000 <sup>(2)</sup> | Mars, Inc., 4.600%, 03/01/2028 | 1025297 | 0.2 |
| 289000 <sup>(2)</sup> | Mars, Inc., 4.800%, 03/01/2030 | 290724 | 0.0 |
| 180000 | McKesson Corp., 4.250%, 09/15/2029 | 178333 | 0.0 |
| 185000 | Mondelez International, Inc., 4.750%, 02/20/2029 | 187209 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 355000 | Novartis Capital Corp., 3.800%, 09/18/2029 | $| 347720 | 0.1 |
| 267000 | Philip Morris International, Inc., 4.875%, 02/13/2029 |  | 269868 | 0.0 |
| 1200000 <sup>(2)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 08/31/2027 |  | 1138151 | 0.2 |
| 325000 | Quanta Services, Inc., 4.750%, 08/09/2027 |  | 325672 | 0.1 |
| 355000 | Quest Diagnostics, Inc., 4.600%, 12/15/2027 |  | 356889 | 0.1 |
| 459000 | RELX Capital, Inc., 4.750%, 03/27/2030 |  | 461840 | 0.1 |
| 726000 <sup>(2)</sup> | Roche Holdings, Inc., 5.338%, 11/13/2028 |  | 749562 | 0.1 |
| 1361000 <sup>(1)</sup> | Royalty Pharma PLC, 1.200%, 09/02/2025 |  | 1340037 | 0.2 |
| 748000 | S&P Global, Inc., 2.450%, 03/01/2027 |  | 724503 | 0.1 |
| 1151000 | S&P Global, Inc., 2.700%, 03/01/2029 |  | 1079299 | 0.2 |
| 705000 | Smith & Nephew PLC, 5.150%, 03/20/2027 |  | 711553 | 0.1 |
| 695000 | Solventum Corp., 5.450%, 02/25/2027 |  | 705219 | 0.1 |
| 256000 | Stryker Corp., 3.650%, 03/07/2028 |  | 250244 | 0.0 |
| 834000 | Stryker Corp., 4.700%, 02/10/2028 |  | 839596 | 0.1 |
| 1200000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 |  | 1183319 | 0.2 |
| 156000 | Tyson Foods, Inc., 5.400%, 03/15/2029 |  | 159594 | 0.0 |
| 498000 | UnitedHealth Group, Inc., 2.950%, 10/15/2027 |  | 482041 | 0.1 |
| 295000 | UnitedHealth Group, Inc., 4.800%, 01/15/2030 |  | 298400 | 0.1 |
| 459000 | Zimmer Biomet Holdings, Inc., 4.700%, 02/19/2027 |  | 460554 | 0.1 |
| 522000 | Zoetis, Inc., 5.400%, 11/14/2025 |  | 524083 | 0.1 |
|  |  |  | **42059461** | **7.1** |
|  | **Energy: 2.4%** | **Energy: 2.4%** | **Energy: 2.4%** | **Energy: 2.4%** |
| 1200000 <sup>(2)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 |  | 1197273 | 0.2 |
| 516000 | Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 2.061%, 12/15/2026 |  | 497338 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 748000 | Canadian Natural Resources Ltd., 2.050%, 07/15/2025 | $| 742326 | 0.1 |
| 1121000 | Chevron USA, Inc., 4.475%, 02/26/2028 |  | 1129105 | 0.2 |
| 561000 | Chevron USA, Inc., 4.687%, 04/15/2030 |  | 565949 | 0.1 |
| 488000 | Diamondback Energy, Inc., 5.150%, 01/30/2030 |  | 495621 | 0.1 |
| 488000 | Diamondback Energy, Inc., 5.200%, 04/18/2027 |  | 494110 | 0.1 |
| 600000 <sup>(2)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 |  | 611765 | 0.1 |
| 1200000 <sup>(2)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 |  | 1232210 | 0.2 |
| 625000 | EnLink Midstream Partners L.P., 4.150%, 06/01/2025 |  | 623980 | 0.1 |
| 243000 | Equinor ASA, 2.875%, 04/06/2025 |  | 242910 | 0.0 |
| 1200000 | Global Partners L.P. / GLP Finance Corp., 7.000%, 08/01/2027 |  | 1197532 | 0.2 |
| 905000 <sup>(2)</sup> | Hess Midstream Operations L.P., 5.875%, 03/01/2028 |  | 909798 | 0.2 |
| 590000 | Kinder Morgan, Inc., 1.750%, 11/15/2026 |  | 564682 | 0.1 |
| 196000 <sup>(1)</sup> | Occidental Petroleum Corp., 6.625%, 09/01/2030 |  | 206030 | 0.0 |
| 385000 | Ovintiv Exploration, Inc., 5.375%, 01/01/2026 |  | 385561 | 0.1 |
| 600000 <sup>(2)</sup> | Permian Resources Operating LLC, 5.375%, 01/15/2026 |  | 598419 | 0.1 |
| 551000 | Phillips 66, 3.850%, 04/09/2025 |  | 550884 | 0.1 |
| 647000 | Pioneer Natural Resources Co., 1.125%, 01/15/2026 |  | 630461 | 0.1 |
| 1252000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 |  | 1251712 | 0.2 |
|  |  |  | **14127666** | **2.4** |
|  | **Financial: 15.7%** | **Financial: 15.7%** | **Financial: 15.7%** | **Financial: 15.7%** |
| 653000 | Aflac, Inc., 1.125%, 03/15/2026 |  | 632572 | 0.1 |
| 1200000 <sup>(2)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.250%, 10/15/2027 |  | 1158985 | 0.2 |
| 298000 <sup>(3)</sup> | American Express Co., 4.990%, 05/01/2026 |  | 298037 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 224000 <sup>(3)</sup> | American Express Co., 5.098%, 02/16/2028 | $226739 | 0.0 |
| 541000 <sup>(3)</sup> | American Express Co., 5.389%, 07/28/2027 | 546864 | 0.1 |
| 510000 <sup>(3)</sup> | American Express Co., 5.645%, 04/23/2027 | 515884 | 0.1 |
| 438000 | American Tower Corp., 3.650%, 03/15/2027 | 430745 | 0.1 |
| 112000 | American Tower Corp., 5.250%, 07/15/2028 | 114029 | 0.0 |
| 850000 | Ameriprise Financial, Inc., 3.000%, 04/02/2025 | 849938 | 0.1 |
| 98000 | Aon North America, Inc., 5.125%, 03/01/2027 | 99083 | 0.0 |
| 162000 | Aon North America, Inc., 5.150%, 03/01/2029 | 164912 | 0.0 |
| 482000 | Arthur J Gallagher & Co., 4.850%, 12/15/2029 | 485556 | 0.1 |
| 698000 <sup>(2)</sup> | Athene Global Funding, 5.684%, 02/23/2026 | 705179 | 0.1 |
| 577000 <sup>(2)</sup> | Aviation Capital Group LLC, 6.375%, 07/15/2030 | 605707 | 0.1 |
| 1175000 <sup>(2)</sup> | Avolon Holdings Funding Ltd., 2.528%, 11/18/2027 | 1100758 | 0.2 |
| 200000 <sup>(3)</sup> | Banco Santander SA, 5.538%, 03/14/2030 | 204287 | 0.0 |
| 400000 | Banco Santander SA, 5.588%, 08/08/2028 | 411533 | 0.1 |
| 1422000 <sup>(3)</sup> | Bank of America Corp., 1.734%, 07/22/2027 | 1370941 | 0.2 |
| 328000 <sup>(3)</sup> | Bank of America Corp., 3.419%, 12/20/2028 | 317945 | 0.1 |
| 48000 <sup>(3)</sup> | Bank of America Corp., 3.705%, 04/24/2028 | 47194 | 0.0 |
| 132000 <sup>(3)</sup> | Bank of America Corp., 4.376%, 04/27/2028 | 131472 | 0.0 |
| 760000 <sup>(3)</sup> | Bank of America Corp., 5.202%, 04/25/2029 | 772297 | 0.1 |
| 234000 <sup>(3)</sup> | Bank of America Corp., MTN, 1.197%, 10/24/2026 | 229589 | 0.0 |
| 1281000 <sup>(3)</sup> | Bank of America Corp., MTN, 1.319%, 06/19/2026 | 1271887 | 0.2 |
| 75000 <sup>(3)</sup> | Bank of America Corp., MTN, 2.551%, 02/04/2028 | 72375 | 0.0 |
| 264000 <sup>(3)</sup> | Bank of America Corp., MTN, 3.194%, 07/23/2030 | 247691 | 0.0 |
| 1055000 | Bank of Montreal, 5.300%, 06/05/2026 | 1064800 | 0.2 |
| 229000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.414%, 07/24/2026 | 228827 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 710000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.890%, 07/21/2028 | $716811 | 0.1 |
| 447000 <sup>(3)</sup> | Bank of New York Mellon Corp., 4.947%, 04/26/2027 | 449383 | 0.1 |
| 522000 | Bank of Nova Scotia, MTN, 3.450%, 04/11/2025 | 521811 | 0.1 |
| 788000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 1.625%, 08/05/2028 | 718139 | 0.1 |
| 329000 <sup>(2)</sup> | Blackstone Holdings Finance Co. LLC, 2.500%, 01/10/2030 | 299364 | 0.1 |
| 220000 <sup>(1)(2)(3)</sup> | CaixaBank SA, 5.673%, 03/15/2030 | 225726 | 0.0 |
| 328000 <sup>(2)(3)</sup> | CaixaBank SA, 6.684%, 09/13/2027 | 337330 | 0.1 |
| 304000 | Camden Property Trust, 4.100%, 10/15/2028 | 298630 | 0.1 |
| 343000 <sup>(3)</sup> | Canadian Imperial Bank of Commerce, 4.857%, 03/30/2029 | 344319 | 0.1 |
| 315000 <sup>(3)</sup> | Capital One Financial Corp., 1.878%, 11/02/2027 | 301415 | 0.1 |
| 535000 <sup>(3)</sup> | Capital One Financial Corp., 5.468%, 02/01/2029 | 544073 | 0.1 |
| 551000 <sup>(3)</sup> | Capital One Financial Corp., 5.700%, 02/01/2030 | 562983 | 0.1 |
| 526000 | Charles Schwab Corp., 5.875%, 08/24/2026 | 535889 | 0.1 |
| 194000 <sup>(3)</sup> | Charles Schwab Corp., 6.196%, 11/17/2029 | 204707 | 0.0 |
| 842000 <sup>(3)</sup> | Citigroup, Inc., 4.786%, 03/04/2029 | 843966 | 0.1 |
| 452000 | CME Group, Inc., 4.400%, 03/15/2030 | 451403 | 0.1 |
| 550000 <sup>(2)(3)</sup> | Cooperatieve Rabobank UA, 1.339%, 06/24/2026 | 545648 | 0.1 |
| 714000 | Cooperatieve Rabobank UA, 4.800%, 01/09/2029 | 723705 | 0.1 |
| 507000 | Corebridge Financial, Inc., 3.650%, 04/05/2027 | 498241 | 0.1 |
| 651000 <sup>(2)</sup> | Corebridge Global Funding, 0.900%, 09/22/2025 | 639801 | 0.1 |
| 711000 <sup>(1)(2)(3)</sup> | Credit Agricole SA, 5.335%, 01/10/2030 | 721620 | 0.1 |
| 121000 | Credit Suisse AG/ New York NY, 2.950%, 04/09/2025 | 120947 | 0.0 |
| 1210000 | Crown Castle, Inc., 1.350%, 07/15/2025 | 1199014 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 556000 <sup>(2)(3)</sup> | Danske Bank A/S, 4.298%, 04/01/2028 | $552112 | 0.1 |
| 329000 <sup>(2)(3)</sup> | Danske Bank A/S, 4.613%, 10/02/2030 | 324613 | 0.1 |
| 714000 <sup>(3)</sup> | Deutsche Bank AG/ New York NY, 2.311%, 11/16/2027 | 686310 | 0.1 |
| 836000 <sup>(2)(3)</sup> | DNB Bank ASA, 5.896%, 10/09/2026 | 840859 | 0.1 |
| 703000 | Equinix, Inc., 1.250%, 07/15/2025 | 695939 | 0.1 |
| 487000 <sup>(2)</sup> | Federation des Caisses Desjardins du Quebec, 5.250%, 04/26/2029 | 496754 | 0.1 |
| 597000 | Fifth Third Bank NA, 3.850%, 03/15/2026 | 592125 | 0.1 |
| 1200000 <sup>(2)</sup> | Freedom Mortgage Corp., 7.625%, 05/01/2026 | 1197880 | 0.2 |
| 600000 <sup>(2)</sup> | GA Global Funding Trust, 3.850%, 04/11/2025 | 599840 | 0.1 |
| 209000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.283%, 03/18/2027 | 210363 | 0.0 |
| 106000 <sup>(3)</sup> | Goldman Sachs Bank USA/New York NY, 5.414%, 05/21/2027 | 107018 | 0.0 |
| 354000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 2.640%, 02/24/2028 | 341808 | 0.1 |
| 356000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.049%, 07/23/2030 | 359029 | 0.1 |
| 130000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 134142 | 0.0 |
| 130000 <sup>(3)</sup> | Goldman Sachs Group, Inc., 6.484%, 10/24/2029 | 137351 | 0.0 |
| 324000 | Hanover Insurance Group, Inc., 4.500%, 04/15/2026 | 323202 | 0.1 |
| 1000000 <sup>(3)</sup> | HSBC Holdings PLC, 2.099%, 06/04/2026 | 995267 | 0.2 |
| 869000 <sup>(3)</sup> | HSBC Holdings PLC, 4.899%, 03/03/2029 | 871197 | 0.1 |
| 736000 <sup>(3)</sup> | ING Groep NV, 4.017%, 03/28/2028 | 727963 | 0.1 |
| 309000 <sup>(3)</sup> | ING Groep NV, 6.083%, 09/11/2027 | 315308 | 0.1 |
| 272000 | Intercontinental Exchange, Inc., 3.625%, 09/01/2028 | 265294 | 0.0 |
| 593000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.470%, 09/22/2027 | 567340 | 0.1 |
| 798000 <sup>(3)</sup> | JPMorgan Chase & Co., 1.578%, 04/22/2027 | 773959 | 0.1 |
| 621000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.069%, 06/01/2029 | 575081 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 1169000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.083%, 04/22/2026 | $1167106 | 0.2 |
| 691000 <sup>(3)</sup> | JPMorgan Chase & Co., 2.947%, 02/24/2028 | 671443 | 0.1 |
| 500000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.509%, 01/23/2029 | 486080 | 0.1 |
| 119000 <sup>(3)</sup> | JPMorgan Chase & Co., 3.960%, 01/29/2027 | 118427 | 0.0 |
| 715000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.505%, 10/22/2028 | 714416 | 0.1 |
| 320000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.603%, 10/22/2030 | 317965 | 0.1 |
| 190000 <sup>(3)</sup> | JPMorgan Chase & Co., 4.995%, 07/22/2030 | 191757 | 0.0 |
| 968000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.012%, 01/23/2030 | 978964 | 0.2 |
| 720000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.040%, 01/23/2028 | 726398 | 0.1 |
| 1000000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 1020096 | 0.2 |
| 255000 <sup>(3)</sup> | JPMorgan Chase & Co., 5.581%, 04/22/2030 | 263069 | 0.0 |
| 712000 <sup>(3)</sup> | JPMorgan Chase & Co., 6.070%, 10/22/2027 | 728943 | 0.1 |
| 597000 | KeyBank NA/ Cleveland OH, 4.390%, 12/14/2027 | 592954 | 0.1 |
| 1200000 <sup>(2)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | 1169584 | 0.2 |
| 707000 <sup>(3)</sup> | Lloyds Banking Group PLC, 5.985%, 08/07/2027 | 718786 | 0.1 |
| 419000 <sup>(2)</sup> | LPL Holdings, Inc., 4.625%, 11/15/2027 | 415734 | 0.1 |
| 232000 <sup>(2)</sup> | Lseg US Fin Corp., 4.875%, 03/28/2027 | 233902 | 0.0 |
| 806000 <sup>(2)</sup> | LSEGA Financing PLC, 1.375%, 04/06/2026 | 781922 | 0.1 |
| 548000 <sup>(1)</sup> | Main Street Capital Corp., 6.950%, 03/01/2029 | 563934 | 0.1 |
| 720000 | Marsh & McLennan Cos., Inc., 4.550%, 11/08/2027 | 723577 | 0.1 |
| 838000 | Mastercard, Inc., 4.550%, 03/15/2028 | 844349 | 0.1 |
| 717000 <sup>(2)</sup> | Met Tower Global Funding, 4.850%, 01/16/2027 | 723251 | 0.1 |
| 400000 | Mitsubishi UFJ Financial Group, Inc., 1.412%, 07/17/2025 | 396228 | 0.1 |
| 508000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 1.538%, 07/20/2027 | 488861 | 0.1 |
| 777000 <sup>(3)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031 | 789244 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 421000 <sup>(3)</sup> | Mizuho Financial Group, Inc., 5.376%, 05/26/2030 | $429934 | 0.1 |
| 725000 <sup>(3)</sup> | Mizuho Financial Group, Inc., 5.382%, 07/10/2030 | 740245 | 0.1 |
| 341000 <sup>(3)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 332619 | 0.1 |
| 715000 <sup>(3)</sup> | Morgan Stanley, 1.593%, 05/04/2027 | 692541 | 0.1 |
| 57000 <sup>(3)</sup> | Morgan Stanley, 2.188%, 04/28/2026 | 56888 | 0.0 |
| 574000 <sup>(3)</sup> | Morgan Stanley, 2.475%, 01/21/2028 | 553727 | 0.1 |
| 185000 <sup>(3)</sup> | Morgan Stanley, 5.042%, 07/19/2030 | 186582 | 0.0 |
| 111000 <sup>(3)</sup> | Morgan Stanley, 5.123%, 02/01/2029 | 112542 | 0.0 |
| 384000 <sup>(1)(3)</sup> | Morgan Stanley, 5.230%, 01/15/2031 | 390329 | 0.1 |
| 412000 <sup>(3)</sup> | Morgan Stanley, 6.296%, 10/18/2028 | 428533 | 0.1 |
| 585000 <sup>(3)</sup> | Morgan Stanley, GMTN, 1.512%, 07/20/2027 | 562464 | 0.1 |
| 320000 | Morgan Stanley, MTN, 3.125%, 07/27/2026 | 314544 | 0.1 |
| 727000 <sup>(3)</sup> | Morgan Stanley, MTN, 5.164%, 04/20/2029 | 736989 | 0.1 |
| 533000 | Morgan Stanley Bank NA, 4.754%, 04/21/2026 | 534750 | 0.1 |
| 556000 <sup>(2)</sup> | National Securities Clearing Corp., 5.000%, 05/30/2028 | 563948 | 0.1 |
| 1200000 <sup>(2)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 1195949 | 0.2 |
| 532000 <sup>(2)</sup> | Nationwide Building Society, 1.500%, 10/13/2026 | 509115 | 0.1 |
| 419000 <sup>(3)</sup> | NatWest Group PLC, 5.583%, 03/01/2028 | 426149 | 0.1 |
| 395000 <sup>(1)(2)</sup> | NatWest Markets PLC, 5.410%, 05/17/2029 | 404528 | 0.1 |
| 1200000 | Navient Corp., 6.750%, 06/25/2025 | 1201764 | 0.2 |
| 374000 <sup>(2)</sup> | Nordea Bank Abp, 3.600%, 06/06/2025 | 373276 | 0.1 |
| 1200000 | OneMain Finance Corp., 3.500%, 01/15/2027 | 1150893 | 0.2 |
| 219000 <sup>(2)</sup> | Pacific Life Global Funding II, 1.200%, 06/24/2025 | 217357 | 0.0 |
| 394000 <sup>(2)</sup> | Pacific Life Global Funding II, 1.375%, 04/14/2026 | 382341 | 0.1 |
| 488000 <sup>(2)</sup> | Principal Life Global Funding II, 5.100%, 01/25/2029 | 495951 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 352000 | Prologis L.P., 4.875%, 06/15/2028 | $355993 | 0.1 |
| 148000 <sup>(2)</sup> | Prologis Targeted US Logistics Fund L.P., 5.250%, 04/01/2029 | 151074 | 0.0 |
| 1200000 <sup>(2)</sup> | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | 1174126 | 0.2 |
| 1200000 <sup>(1)(2)</sup> | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/2026 | 1150996 | 0.2 |
| 457000 | Royal Bank of Canada, GMTN, 1.150%, 07/14/2026 | 439528 | 0.1 |
| 435000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.522%, 10/18/2028 | 433977 | 0.1 |
| 385000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.715%, 03/27/2028 | 386152 | 0.1 |
| 332000 | Royal Bank of Canada, GMTN, 4.950%, 02/01/2029 | 336429 | 0.1 |
| 160000 <sup>(3)</sup> | Royal Bank of Canada, GMTN, 4.969%, 08/02/2030 | 161193 | 0.0 |
| 722000 | Royal Bank of Canada, GMTN, 5.200%, 07/20/2026 | 729317 | 0.1 |
| 727000 <sup>(3)</sup> | Santander UK Group Holdings PLC, 6.833%, 11/21/2026 | 736186 | 0.1 |
| 534000 <sup>(2)</sup> | Skandinaviska Enskilda Banken AB, 3.700%, 06/09/2025 | 532982 | 0.1 |
| 1200000 <sup>(2)</sup> | Starwood Property Trust, Inc., 4.375%, 01/15/2027 | 1167287 | 0.2 |
| 772000 <sup>(3)</sup> | State Street Corp., 3.031%, 11/01/2034 | 703040 | 0.1 |
| 565000 <sup>(3)</sup> | State Street Corp., 4.530%, 02/20/2029 | 565409 | 0.1 |
| 953000 | State Street Corp., 4.536%, 02/28/2028 | 957699 | 0.2 |
| 208000 | State Street Corp., 4.729%, 02/28/2030 | 209167 | 0.0 |
| 888000 | Sumitomo Mitsui Financial Group, Inc., 1.474%, 07/08/2025 | 880983 | 0.1 |
| 357000 | Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029 | 333978 | 0.1 |
| 230000 | Sumitomo Mitsui Financial Group, Inc., 5.716%, 09/14/2028 | 238291 | 0.0 |
| 1000000 <sup>(2)</sup> | Sumitomo Mitsui Trust Bank Ltd., 5.200%, 03/07/2027 | 1014177 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 241000 <sup>(2)</sup> | Sumitomo Mitsui Trust Bank Ltd., 5.650%, 09/14/2026 | $244959 | 0.0 |
| 533000 <sup>(2)</sup> | Svenska Handelsbanken AB, 3.650%, 06/10/2025 | 531952 | 0.1 |
| 447000 <sup>(2)</sup> | Swedbank AB, 3.356%, 04/04/2025 | 446974 | 0.1 |
| 576000 | Toronto-Dominion Bank, 3.766%, 06/06/2025 | 574910 | 0.1 |
| 595000 | Toronto-Dominion Bank, GMTN, 4.980%, 04/05/2027 | 601356 | 0.1 |
| 859000 | Toronto-Dominion Bank, MTN, 5.532%, 07/17/2026 | 870470 | 0.1 |
| 370000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.267%, 03/02/2027 | 358792 | 0.1 |
| 491000 <sup>(3)</sup> | Truist Financial Corp., MTN, 1.887%, 06/07/2029 | 449937 | 0.1 |
| 425000 <sup>(3)</sup> | Truist Financial Corp., MTN, 4.260%, 07/28/2026 | 424241 | 0.1 |
| 421000 <sup>(3)</sup> | Truist Financial Corp., MTN, 5.435%, 01/24/2030 | 429802 | 0.1 |
| 321000 | UBS AG/London, 5.800%, 09/11/2025 | 322662 | 0.1 |
| 1249000 <sup>(2)(3)</sup> | UBS Group AG, 2.193%, 06/05/2026 | 1243181 | 0.2 |
| 451000 <sup>(2)(3)</sup> | UBS Group AG, 4.488%, 05/12/2026 | 450851 | 0.1 |
| 702000 <sup>(2)(3)</sup> | UBS Group AG, 5.428%, 02/08/2030 | 714866 | 0.1 |
| 1200000 <sup>(2)</sup> | United Wholesale Mortgage LLC, 5.500%, 11/15/2025 | 1197579 | 0.2 |
| 440000 <sup>(3)</sup> | US Bancorp, 5.384%, 01/23/2030 | 448999 | 0.1 |
| 406000 <sup>(3)</sup> | US Bancorp, 5.775%, 06/12/2029 | 418785 | 0.1 |
| 777000 <sup>(2)</sup> | VICI Properties L.P. / VICI Note Co., Inc., 4.625%, 06/15/2025 | 777427 | 0.1 |
| 601000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 2.879%, 10/30/2030 | 554139 | 0.1 |
| 784000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.526%, 03/24/2028 | 768408 | 0.1 |
| 168000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 3.584%, 05/22/2028 | 164515 | 0.0 |
| 99000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 | 98962 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 281000 <sup>(3)</sup> | Wells Fargo & Co., MTN, 5.574%, 07/25/2029 | $288696 | 0.0 |
| 574000 | Wells Fargo Bank NA, 5.450%, 08/07/2026 | 581976 | 0.1 |
| 276000 <sup>(2)</sup> | Westpac New Zealand Ltd., 5.132%, 02/26/2027 | 279710 | 0.0 |
|  |  | **93524586** | **15.7** |
|  | **Industrial: 3.3%** |  |  |
| 558000 | 3M Co., 4.800%, 03/15/2030 | 559954 | 0.1 |
| 185000 | AGCO Corp., 5.450%, 03/21/2027 | 187385 | 0.0 |
| 303000 <sup>(2)</sup> | Amcor Flexibles North America, Inc., 4.800%, 03/17/2028 | 304744 | 0.1 |
| 303000 <sup>(2)</sup> | Amcor Flexibles North America, Inc., 5.100%, 03/17/2030 | 305583 | 0.1 |
| 735000 | Avnet, Inc., 6.250%, 03/15/2028 | 760631 | 0.1 |
| 325000 <sup>(2)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 | 330122 | 0.1 |
| 524000 <sup>(2)</sup> | Bombardier, Inc., 7.875%, 04/15/2027 | 526313 | 0.1 |
| 1200000 <sup>(2)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | 1190260 | 0.2 |
| 505000 | Caterpillar Financial Services Corp., 4.400%, 03/03/2028 | 506456 | 0.1 |
| 459000 | Caterpillar Financial Services Corp., 4.800%, 01/08/2030 | 465565 | 0.1 |
| 315000 | CNH Industrial Capital LLC, 5.100%, 04/20/2029 | 319104 | 0.1 |
| 1225000 | CNH Industrial Capital LLC, 5.450%, 10/14/2025 | 1229199 | 0.2 |
| 656000 | FedEx Corp., 3.250%, 04/01/2026 | 648064 | 0.1 |
| 560000 | GATX Corp., 5.400%, 03/15/2027 | 567404 | 0.1 |
| 368000 | HEICO Corp., 5.250%, 08/01/2028 | 374599 | 0.1 |
| 465000 | Ingersoll Rand, Inc., 5.197%, 06/15/2027 | 471627 | 0.1 |
| 563000 | JB Hunt Transport Services, Inc., 4.900%, 03/15/2030 | 566693 | 0.1 |
| 251000 | John Deere Capital Corp., MTN, 2.350%, 03/08/2027 | 242393 | 0.0 |
| 185000 | L3Harris Technologies, Inc., 4.400%, 06/15/2028 | 183705 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 1200000 <sup>(2)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027 | $| 1194591 | 0.2 |
| 705000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 01/12/2027 |  | 712465 | 0.1 |
| 743000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 6.050%, 08/01/2028 |  | 771407 | 0.1 |
| 1239000 | Raytheon Technologies Corp., 3.950%, 08/16/2025 |  | 1236222 | 0.2 |
| 600000 <sup>(2)</sup> | Rolls-Royce PLC, 3.625%, 10/14/2025 |  | 597848 | 0.1 |
| 271000 | Ryder System, Inc., GMTN, 4.950%, 09/01/2029 |  | 272823 | 0.0 |
| 508000 | Ryder System, Inc., MTN, 5.250%, 06/01/2028 |  | 517057 | 0.1 |
| 282000 | Ryder System, Inc., MTN, 5.375%, 03/15/2029 |  | 288587 | 0.0 |
| 101000 | Ryder System, Inc., MTN, 5.500%, 06/01/2029 |  | 103766 | 0.0 |
| 1200000 <sup>(2)</sup> | Standard Industries, Inc., 5.000%, 02/15/2027 |  | 1182208 | 0.2 |
| 833000 | Stanley Black & Decker, Inc., 6.000%, 03/06/2028 |  | 868621 | 0.1 |
| 1200000 <sup>(2)</sup> | TK Elevator US Newco, Inc., 5.250%, 07/15/2027 |  | 1178315 | 0.2 |
| 707000 | Veralto Corp., 5.500%, 09/18/2026 |  | 715855 | 0.1 |
| 355000 | Waste Management, Inc., 4.950%, 07/03/2027 |  | 360574 | 0.1 |
|  |  |  | **19740140** | **3.3** |
|  | **Technology: 3.1%** | **Technology: 3.1%** | **Technology: 3.1%** | **Technology: 3.1%** |
| 350000 | Accenture Capital, Inc., 3.900%, 10/04/2027 |  | 347762 | 0.1 |
| 215000 | Accenture Capital, Inc., 4.050%, 10/04/2029 |  | 212023 | 0.0 |
| 357000 | Advanced Micro Devices, Inc., 4.319%, 03/24/2028 |  | 359061 | 0.1 |
| 364000 | Analog Devices, Inc., 2.950%, 04/01/2025 |  | 364000 | 0.1 |
| 210000 | AppLovin Corp., 5.125%, 12/01/2029 |  | 210883 | 0.0 |
| 149000 <sup>(2)</sup> | Booz Allen Hamilton, Inc., 4.000%, 07/01/2029 |  | 140256 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 731000 | Broadcom, Inc., 3.459%, 09/15/2026 | $720960 | 0.1 |
| 714000 | Broadcom, Inc., 4.150%, 02/15/2028 | 708108 | 0.1 |
| 884000 | Broadcom, Inc., 4.800%, 04/15/2028 | 890680 | 0.2 |
| 355000 | Cadence Design Systems, Inc., 4.200%, 09/10/2027 | 354033 | 0.1 |
| 19000 <sup>(1)</sup> | Concentrix Corp., 6.600%, 08/02/2028 | 19837 | 0.0 |
| 289000 | Dell International LLC / EMC Corp., 5.000%, 04/01/2030 | 290450 | 0.0 |
| 1244000 | Fidelity National Information Services, Inc., 1.150%, 03/01/2026 | 1206141 | 0.2 |
| 237000 | Fiserv, Inc., 5.150%, 03/15/2027 | 239399 | 0.0 |
| 685000 | Fiserv, Inc., 5.450%, 03/02/2028 | 700741 | 0.1 |
| 656000 | Hewlett Packard Enterprise Co., 4.550%, 10/15/2029 | 649067 | 0.1 |
| 1059000 | HP, Inc., 2.200%, 06/17/2025 | 1052714 | 0.2 |
| 702000 | IBM International Capital Pte Ltd., 4.600%, 02/05/2029 | 704678 | 0.1 |
| 297000 | Intel Corp., 3.700%, 07/29/2025 | 295834 | 0.0 |
| 999000 | Microchip Technology, Inc., 4.250%, 09/01/2025 | 997834 | 0.2 |
| 1008000 | NetApp, Inc., 1.875%, 06/22/2025 | 1001466 | 0.2 |
| 923000 | NXP BV / NXP Funding LLC / NXP USA, Inc., 2.700%, 05/01/2025 | 920896 | 0.2 |
| 643000 | Oracle Corp., 1.650%, 03/25/2026 | 625097 | 0.1 |
| 313000 | Oracle Corp., 2.500%, 04/01/2025 | 313000 | 0.1 |
| 633000 | Oracle Corp., 2.650%, 07/15/2026 | 618100 | 0.1 |
| 417000 | Oracle Corp., 4.800%, 08/03/2028 | 420489 | 0.1 |
| 1200000 <sup>(2)</sup> | SS&C Technologies, Inc., 5.500%, 09/30/2027 | 1191865 | 0.2 |
| 430000 <sup>(1)</sup> | Synopsys, Inc., 4.650%, 04/01/2028 | 432575 | 0.1 |
| 157000 | Synopsys, Inc., 4.850%, 04/01/2030 | 158067 | 0.0 |
| 682000 | Take-Two Interactive Software, Inc., 3.550%, 04/14/2025 | 681695 | 0.1 |
| 739000 | VMware LLC, 3.900%, 08/21/2027 | 726253 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Short Duration Bond Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 421000 | VMware, Inc., 1.400%, 08/15/2026 | $| 403278 | 0.1 |
| 290000 | Workday, Inc., 3.500%, 04/01/2027 |  | 284386 | 0.0 |
|  |  |  | **18241628** | **3.1** |
|  | **Utilities: 3.8%** | **Utilities: 3.8%** | **Utilities: 3.8%** | **Utilities: 3.8%** |
| 518000 <sup>(2)</sup> | AEP Texas, Inc., 3.850%, 10/01/2025 |  | 514798 | 0.1 |
| 399000 | AES Corp., 1.375%, 01/15/2026 |  | 388109 | 0.1 |
| 1119000 | AES Corp., 5.450%, 06/01/2028 |  | 1138759 | 0.2 |
| 579000 | Alabama Power Co., 3.750%, 09/01/2027 |  | 572016 | 0.1 |
| 502000 | Ameren Corp., 5.700%, 12/01/2026 |  | 511051 | 0.1 |
| 607000 | Ameren Illinois Co., 3.800%, 05/15/2028 |  | 597475 | 0.1 |
| 637000 <sup>(1)</sup> | American Electric Power Co., Inc., 5.200%, 01/15/2029 |  | 647746 | 0.1 |
| 551000 | Avangrid, Inc., 3.200%, 04/15/2025 |  | 550560 | 0.1 |
| 561000 | CenterPoint Energy Houston Electric LLC, 4.800%, 03/15/2030 |  | 564683 | 0.1 |
| 359000 | Connecticut Light and Power Co., 4.650%, 01/01/2029 |  | 361011 | 0.1 |
| 315000 | Consumers Energy Co., 4.900%, 02/15/2029 |  | 319121 | 0.1 |
| 534000 | DTE Energy Co., 5.100%, 03/01/2029 |  | 541237 | 0.1 |
| 1032000 <sup>(2)</sup> | East Ohio Gas Co., 1.300%, 06/15/2025 |  | 1023839 | 0.2 |
| 697000 <sup>(2)</sup> | Enel Finance International NV, 7.050%, 10/14/2025 |  | 703586 | 0.1 |
| 927000 | Entergy Corp., 0.900%, 09/15/2025 |  | 912068 | 0.2 |
| 438000 | Eversource Energy, 2.900%, 03/01/2027 |  | 424383 | 0.1 |
| 713000 | Eversource Energy, 4.750%, 05/15/2026 |  | 713469 | 0.1 |
| 266000 | Exelon Corp., 5.150%, 03/15/2029 |  | 270590 | 0.0 |
| 697000 | Georgia Power Co., 5.004%, 02/23/2027 |  | 705948 | 0.1 |
| 320000 <sup>(1)(2)</sup> | Liberty Utilities Co., 5.577%, 01/31/2029 |  | 327665 | 0.1 |
| 123000 | National Rural Utilities Cooperative Finance Corp., 4.120%, 09/16/2027 |  | 122315 | 0.0 |
| 309000 | National Rural Utilities Cooperative Finance Corp., 5.150%, 06/15/2029 |  | 315571 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 156000 | National Rural Utilities Cooperative Finance Corp., MTN, 5.600%, 11/13/2026 | $158930 | 0.0 |
| 392000 <sup>(2)</sup> | New York State Electric & Gas Corp., 5.650%, 08/15/2028 | 404212 | 0.1 |
| 516000 | NextEra Energy Capital Holdings, Inc., 1.875%, 01/15/2027 | 493158 | 0.1 |
| 446000 | NextEra Energy Capital Holdings, Inc., 1.900%, 06/15/2028 | 411600 | 0.1 |
| 464000 | NextEra Energy Capital Holdings, Inc., 4.625%, 07/15/2027 | 465826 | 0.1 |
| 257000 | NextEra Energy Capital Holdings, Inc., 4.900%, 02/28/2028 | 259467 | 0.0 |
| 788000 | NextEra Energy Capital Holdings, Inc., 5.050%, 03/15/2030 | 798586 | 0.1 |
| 535000 <sup>(2)</sup> | Niagara Mohawk Power Corp., 1.960%, 06/27/2030 | 462755 | 0.1 |
| 621000 | NiSource, Inc., 0.950%, 08/15/2025 | 612956 | 0.1 |
| 632000 | ONE Gas, Inc., 5.100%, 04/01/2029 | 645482 | 0.1 |
| 527829 | PG&E Wildfire Recovery Funding LLC A-1, 3.594%, 06/01/2032 | 515663 | 0.1 |
| 647000 | Public Service Enterprise Group, Inc., 0.800%, 08/15/2025 | 637582 | 0.1 |
| 170000 | Public Service Enterprise Group, Inc., 5.850%, 11/15/2027 | 175648 | 0.0 |
| 220000 | Sempra Energy, 5.400%, 08/01/2026 | 221791 | 0.0 |
| 1252000 | Sierra Pacific Power Co., 2.600%, 05/01/2026 | 1228127 | 0.2 |
| 238000 | Southern Co., 5.500%, 03/15/2029 | 245523 | 0.0 |
| 283000 | Southern Co. Gas Capital Corp., 3.250%, 06/15/2026 | 279004 | 0.0 |
| 351000 <sup>(2)</sup> | Trans-Allegheny Interstate Line Co., 3.850%, 06/01/2025 | 350383 | 0.1 |
| 570000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.050%, 12/30/2026 | 572216 | 0.1 |
| 680000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 | 680088 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 520000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | 518474 | 0.1 |
| 23000 | WEC Energy Group, Inc., 2.200%, 12/15/2028 | 21120 | 0.0 |
| 295000 | WEC Energy Group, Inc., 4.750%, 01/09/2026 | 295131 | 0.0 |
| 51000 | WEC Energy Group, Inc., 5.000%, 09/27/2025 | 51059 | 0.0 |
| 71000 | WEC Energy Group, Inc., 5.150%, 10/01/2027 | 72038 | 0.0 |
|  |  | **22802819** | **3.8** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $267,442,729) | **269231477** | **45.3** |
| **ASSET-BACKED SECURITIES: 16.5%** | **ASSET-BACKED SECURITIES: 16.5%** | **ASSET-BACKED SECURITIES: 16.5%** | **ASSET-BACKED SECURITIES: 16.5%** |
|  | **Automobile Asset-Backed Securities: 6.0%** | **Automobile Asset-Backed Securities: 6.0%** | **Automobile Asset-Backed Securities: 6.0%** |
| 1450000 <sup>(2)</sup> | American Heritage Auto Receivables Trust 2024-1A A3, 4.900%, 09/17/2029 | 1460817 | 0.2 |
| 745672 | Americredit Automobile Receivables Trust 2023-1 A3, 5.620%, 11/18/2027 | 749450 | 0.1 |
| 2850000 | BMW Vehicle Lease Trust 2024-1 A4, 5.000%, 06/25/2027 | 2874574 | 0.5 |
| 2850000 | Carmax Auto Owner Trust 2023-3 B, 5.470%, 02/15/2029 | 2904426 | 0.5 |
| 300000 | CarMax Auto Owner Trust 2022-1 B, 1.950%, 09/15/2027 | 292164 | 0.0 |
| 1650000 <sup>(2)</sup> | Chase Auto Owner Trust 2023-AA A3, 5.680%, 01/25/2029 | 1673187 | 0.3 |
| 1050000 <sup>(2)</sup> | Citizens Auto Receivables Trust 2024-1 A3, 5.110%, 04/17/2028 | 1057719 | 0.2 |
| 850000 | Drive Auto Receivables Trust 2024-2 A3, 4.500%, 09/15/2028 | 850175 | 0.1 |
| 1700000 <sup>(2)</sup> | GLS Auto Receivables Issuer Trust 2025-1A A3, 4.770%, 09/15/2028 | 1706660 | 0.3 |
| 450000 | GM Financial Automobile Leasing Trust 2023-1 A4, 5.160%, 01/20/2027 | 450442 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 400000 | GM Financial Consumer Automobile Receivables Trust 2022-4 B, 5.500%, 08/16/2028 | $405749 | 0.1 |
| 448157 | GM Financial Consumer Automobile Receivables Trust 2023-1 A3, 4.660%, 02/16/2028 | 448651 | 0.1 |
| 1750000 | GM Financial Consumer Automobile Receivables Trust 2023-3 A4, 5.340%, 12/18/2028 | 1779453 | 0.3 |
| 2600000 <sup>(2)</sup> | GM Financial Revolving Receivables Trust 2021-1 A, 1.170%, 06/12/2034 | 2481333 | 0.4 |
| 1050000 | Hyundai Auto Receivables Trust 2021-C B, 1.490%, 12/15/2027 | 1026016 | 0.2 |
| 10076 <sup>(2)</sup> | JPMorgan Chase Bank NA - CACLN 2021-3 B, 0.760%, 02/26/2029 | 10039 | 0.0 |
| 1600000 | Nissan Auto Lease Trust 2023-B A4, 5.610%, 11/15/2027 | 1608671 | 0.3 |
| 1200000 <sup>(2)</sup> | PenFed Auto Receivables Owner Trust 2024-A A3, 4.700%, 06/15/2029 | 1204517 | 0.2 |
| 1250000 <sup>(2)</sup> | Porsche Financial Auto Securitization Trust 2023-1A A4, 4.720%, 06/23/2031 | 1255280 | 0.2 |
| 1100000 <sup>(2)</sup> | Porsche Innovative Lease Owner Trust 2024-1A A4, 4.660%, 02/20/2030 | 1105235 | 0.2 |
| 2600000 | Santander Drive Auto Receivables Trust 2023-3 B, 5.610%, 07/17/2028 | 2619180 | 0.4 |
| 1550000 | Santander Drive Auto Receivables Trust 2024-4 A3, 4.850%, 01/16/2029 | 1554280 | 0.3 |
| 950000 <sup>(2)</sup> | SCCU Auto Receivables Trust 2024-1A A3, 5.110%, 06/15/2029 | 958605 | 0.1 |
| 1032191 <sup>(2)</sup> | Tesla Auto Lease Trust 2023-A A3, 5.890%, 06/22/2026 | 1034693 | 0.2 |
| 1150000 <sup>(2)</sup> | Tesla Auto Lease Trust 2024-B A3, 4.820%, 10/20/2027 | 1155139 | 0.2 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** | **Automobile Asset-Backed Securities: (continued)** |
| 2750000 | Toyota Auto Receivables Owner Trust 2024-A A3, 4.830%, 10/16/2028 | 2766655 | 0.5 |
|  |  | **35433110** | **6.0** |
|  | **Other Asset-Backed Securities: 9.6%** | **Other Asset-Backed Securities: 9.6%** | **Other Asset-Backed Securities: 9.6%** |
| 550000 <sup>(2)(3)</sup> | AB BSL CLO 4 Ltd. 2023-4A A, 6.293%, (TSFR3M + 2.000%), 04/20/2036 | 550331 | 0.1 |
| 1478236 <sup>(2)(3)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.784%, (TSFR1M + 1.464%), 11/15/2036 | 1478611 | 0.2 |
| 620322 <sup>(2)(3)</sup> | Bain Capital Credit CLO 2018-2A A1R, 5.373%, (TSFR3M + 1.080%), 07/19/2031 | 620121 | 0.1 |
| 1900000 <sup>(2)(3)</sup> | Ballyrock CLO 17 Ltd. 2021-17A A1B, 5.955%, (TSFR3M + 1.662%), 10/20/2034 | 1901277 | 0.3 |
| 1160671 <sup>(2)(3)</sup> | Barings CLO Ltd. 2015-IA AR, 5.545%, (TSFR3M + 1.252%), 01/20/2031 | 1161039 | 0.2 |
| 2750000 <sup>(2)(3)</sup> | Barings CLO Ltd. 2024-1A A, 5.923%, (TSFR3M + 1.630%), 01/20/2037 | 2763750 | 0.5 |
| 2000000 <sup>(2)(3)</sup> | Benefit Street Partners CLO XX Ltd. 2020-20A AR, 5.734%, (TSFR3M + 1.432%), 07/15/2034 | 2001324 | 0.3 |
| 1650000 <sup>(2)(3)</sup> | Benefit Street Partners CLO XXIX Ltd. 2022-29A AR, 5.485%, (TSFR3M + 1.180%), 01/25/2038 | 1651015 | 0.3 |
| 600000 <sup>(2)(3)</sup> | Birch Grove CLO 10 Ltd. 2024-10A A, 5.949%, (TSFR3M + 1.390%), 01/22/2038 | 597905 | 0.1 |
| 2500000 <sup>(2)(3)</sup> | BlueMountain CLO XXXII Ltd. 2021-32A AR, 5.392%, (TSFR3M + 1.100%), 10/15/2034 | 2500503 | 0.4 |
| 4000000 <sup>(2)(3)</sup> | BRSP Ltd. 2021-FL1 B, 6.331%, (TSFR1M + 2.014%), 08/19/2038 | 3976608 | 0.7 |
| 600000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2017-3A A1R2, 5.693%, (TSFR3M + 1.400%), 10/21/2037 | 600337 | 0.1 |
| 800000 <sup>(2)(3)</sup> | Carlyle US CLO Ltd. 2021-4A A2, 5.955%, (TSFR3M + 1.662%), 04/20/2034 | 802002 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1650000 <sup>(2)(3)</sup> | CBAM Ltd. 2017-1A AR2, 5.770%, (TSFR3M + 1.390%), 01/20/2038 | $1650884 | 0.3 |
| 250000 <sup>(2)(3)</sup> | CIFC Funding Ltd. 2019-6A A2R, 6.008%, (TSFR3M + 1.700%), 07/16/2037 | 249961 | 0.0 |
| 148393 | CNH Equipment Trust 2021-B A3, 0.440%, 08/17/2026 | 147994 | 0.0 |
| 126549 | CNH Equipment Trust 2021-C A3, 0.810%, 12/15/2026 | 125953 | 0.0 |
| 1750000 <sup>(2)</sup> | DLLAA LLC 2023-1A A3, 5.640%, 02/22/2028 | 1776609 | 0.3 |
| 250000 <sup>(2)(3)</sup> | Eaton Vance Clo Ltd. 2015-1A A2R, 5.805%, (TSFR3M + 1.512%), 01/20/2030 | 250405 | 0.0 |
| 1450000 <sup>(2)(3)</sup> | Empower CLO Ltd. 2022-1A A1R, 5.683%, (TSFR3M + 1.390%), 10/20/2037 | 1449168 | 0.2 |
| 736014 <sup>(2)(3)</sup> | Goldentree Loan Management US Clo 4 Ltd. 2019-4A ARR, 5.447%, (TSFR3M + 1.150%), 04/24/2031 | 736153 | 0.1 |
| 292235 <sup>(2)(3)</sup> | HGI CRE CLO Ltd. 2022-FL3 A, 6.049%, (SOFR30A + 1.700%), 04/20/2037 | 292909 | 0.0 |
| 450000 <sup>(2)(3)</sup> | Invesco US CLO Ltd. 2023-1A AR, 5.860%, (TSFR3M + 1.570%), 04/22/2037 | 452158 | 0.1 |
| 54153 | John Deere Owner Trust 2021-B A3, 0.520%, 03/16/2026 | 54056 | 0.0 |
| 450000 | John Deere Owner Trust 2022 2022-A A4, 2.490%, 01/16/2029 | 444688 | 0.1 |
| 1000000 | John Deere Owner Trust 2025 2025-A A4, 4.420%, 02/17/2032 | 1000873 | 0.2 |
| 1080926 <sup>(2)</sup> | Kubota Credit Owner Trust 2023-1A A3, 5.020%, 06/15/2027 | 1085524 | 0.2 |
| 425100 <sup>(2)(3)</sup> | LCM 26 Ltd. 26A A1, 5.625%, (TSFR3M + 1.332%), 01/20/2031 | 425320 | 0.1 |
| 900000 <sup>(2)(3)</sup> | Madison Park Funding XXX Ltd. 2018-30A A1R, 5.668%, (TSFR3M + 1.360%), 07/16/2037 | 900468 | 0.2 |
| 1575000 <sup>(2)(3)</sup> | MF1 Ltd. 2021-FL6 C, 6.281%, (TSFR1M + 1.964%), 07/16/2036 | 1542561 | 0.3 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1800000 <sup>(2)(3)</sup> | Neuberger Berman Loan Advisers CLO 26 Ltd. 2017-26A AR2, 5.653%, (TSFR3M + 1.360%), 10/18/2038 | $1801643 | 0.3 |
| 1200000 <sup>(2)(3)</sup> | Oaktree CLO Ltd. 2022-2A A1R2, 5.672%, (TSFR3M + 1.370%), 10/15/2037 | 1196196 | 0.2 |
| 300000 <sup>(2)(3)</sup> | Octagon 61 Ltd. 2023-2A A, 6.143%, (TSFR3M + 1.850%), 04/20/2036 | 300181 | 0.1 |
| 250000 <sup>(2)(3)</sup> | Octagon Investment Partners XV Ltd. 2013-1A A2R, 5.905%, (TSFR3M + 1.612%), 07/19/2030 | 250122 | 0.0 |
| 532133 <sup>(2)(3)</sup> | Octagon Loan Funding Ltd. 2014-1A ARR, 5.765%, (TSFR3M + 1.442%), 11/18/2031 | 532266 | 0.1 |
| 3700000 <sup>(2)(3)</sup> | OHA Credit Partners XIII Ltd. 2016-13A A1R2, 5.673%, (TSFR3M + 1.380%), 10/21/2037 | 3701717 | 0.6 |
| 500000 <sup>(2)(3)</sup> | OHA Loan Funding Ltd. 2015-1A AR3, 5.705%, (TSFR3M + 1.412%), 01/19/2037 | 500379 | 0.1 |
| 1850000 <sup>(2)(3)</sup> | Palmer Square CLO Ltd. 2018-1A A1R, 5.813%, (TSFR3M + 1.520%), 04/18/2037 | 1855511 | 0.3 |
| 1650000 <sup>(2)(3)</sup> | Palmer Square CLO Ltd. 2019-1A A1R, 5.730%, (TSFR3M + 1.412%), 11/14/2034 | 1650832 | 0.3 |
| 600000 <sup>(2)</sup> | PFS Financing Corp. 2022-D A, 4.270%, 08/15/2027 | 599090 | 0.1 |
| 950000 <sup>(2)</sup> | PFS Financing Corp. 2023-C A, 5.520%, 10/15/2028 | 966218 | 0.2 |
| 750000 <sup>(2)(3)</sup> | Rad CLO 6 Ltd. 2019-6A A1R, 5.683%, (TSFR3M + 1.390%), 10/20/2037 | 749957 | 0.1 |
| 2100000 <sup>(2)</sup> | SoFi Consumer Loan Program Trust 2025-1 B, 5.120%, 02/27/2034 | 2117809 | 0.4 |
| 857877 <sup>(2)(3)</sup> | Sound Point CLO XVIII Ltd. 2017-4A A1, 5.675%, (TSFR3M + 1.382%), 01/21/2031 | 858371 | 0.1 |
| 410000 <sup>(2)(3)</sup> | Sound Point CLO XXV Ltd. 2019-4A A1R, 5.580%, (TSFR3M + 1.280%), 04/25/2033 | 409563 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 716230 <sup>(2)(3)</sup> | TCI-Symphony CLO Ltd. 2017-1A AR, 5.494%, (TSFR3M + 1.192%), 07/15/2030 | 716341 | 0.1 |
| 500000 <sup>(2)(3)</sup> | THL Credit Wind River CLO Ltd. 2019-1A AR, 5.715%, (TSFR3M + 1.422%), 07/20/2034 | 500262 | 0.1 |
| 2000000 <sup>(2)</sup> | T-Mobile US Trust 2024-2A A, 4.250%, 05/21/2029 | 1995782 | 0.3 |
| 924119 <sup>(2)(3)</sup> | Venture 37 CLO Ltd. 2019-37A A1RR, 5.552%, (TSFR3M + 1.250%), 07/15/2032 | 923689 | 0.2 |
| 500000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A3, 4.290%, 10/16/2028 | 498731 | 0.1 |
| 500000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2024-1A A4, 4.290%, 07/15/2031 | 496566 | 0.1 |
| 1050000 <sup>(2)</sup> | Volvo Financial Equipment LLC Series 2025-1A A3, 4.460%, 05/15/2029 | 1051093 | 0.2 |
| 300000 <sup>(2)(3)</sup> | Wellman Park CLO Ltd. 2021-1A AR, 5.652%, (TSFR3M + 1.350%), 07/15/2037 | 300142 | 0.0 |
|  |  | **57162968** | **9.6** |
|  | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** |
| 28183 <sup>(2)(3)</sup> | Navient Private Education Loan Trust 2014-AA A3, 6.034%, (TSFR1M + 1.714%), 10/15/2031 | 28208 | 0.0 |
| 115193 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | 110755 | 0.0 |
| 36671 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2020-GA A, 1.170%, 09/16/2069 | 33937 | 0.0 |
| 70170 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-A A, 0.840%, 05/15/2069 | 63828 | 0.0 |
| 1132881 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-EA A, 0.970%, 12/16/2069 | 1005704 | 0.2 |
| 274651 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2021-FA A, 1.110%, 02/18/2070 | 241631 | 0.0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 2350845 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2023-A A, 5.510%, 10/15/2071 | 2394582 | 0.4 |
| 66598 <sup>(2)</sup> | Sofi Professional Loan Program LLC 2018-A A2B, 2.950%, 02/25/2042 | 66207 | 0 |
| 307907 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2021-B AFX, 1.140%, 02/15/2047 | 272302 | 0.1 |
| 1178694 <sup>(2)</sup> | Sofi Proffesional Loan Program Trust 2021-A AFX, 1.030%, 08/17/2043 | 1034749 | 0.2 |
|  |  | **5251903** | **0.9** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $97,569,947) | **97847981** | **16.5** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.3%** |
| 2000000 <sup>(2)(3)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 A, 5.626%, (TSFR1M + 1.310%), 08/18/2042 | 2001515 | 0.3 |
| 1478947 <sup>(2)(3)</sup> | AREIT LLC 2023-CRE8 A, 6.431%, (TSFR1M + 2.112%), 08/17/2041 | 1484721 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | AREIT Ltd. 2025-CRE10 A, 5.707%, (TSFR1M + 1.388%), 12/17/2029 | 1000284 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | ARES1 2024-IND2 A, 5.762%, (TSFR1M + 1.443%), 10/15/2034 | 999009 | 0.2 |
| 500000 <sup>(2)</sup> | ARZ Trust 2024-BILT A, 5.772%, 06/11/2029 | 510718 | 0.1 |
| 1625000 <sup>(2)(3)</sup> | BAHA Trust 2024-MAR A, 5.574%, 12/10/2041 | 1650937 | 0.3 |
| 1000000 <sup>(2)(3)</sup> | BAMLL Trust 2025-ASHF A, 6.170%, (TSFR1M + 1.850%), 02/15/2042 | 998340 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | BAMLL Trust 2025-ASHF B, 6.670%, (TSFR1M + 2.350%), 02/15/2042 | 998854 | 0.2 |
| 2000000 <sup>(3)</sup> | BANK5 2024-5YR10 B, 6.140%, 10/15/2057 | 2032892 | 0.3 |
| 1500000 <sup>(2)(3)</sup> | BFLD Commercial Mortgage Trust 2024-UNIV A, 5.812%, (TSFR1M + 1.493%), 11/15/2041 | 1500454 | 0.2 |
| 2917000 <sup>(2)(3)</sup> | BHMS 2018-ATLS C, 6.516%, (TSFR1M + 2.197%), 07/15/2035 | 2908949 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 | BMO Mortgage Trust 2024-5C5 A3, 5.857%, 02/15/2057 | $1033104 | 0.2 |
| 1250000 <sup>(3)</sup> | BMO Mortgage Trust 2024-5C6 B, 6.086%, 09/15/2057 | 1283898 | 0.2 |
| 2143246 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2021-ACNT B, 5.683%, (TSFR1M + 1.364%), 11/15/2038 | 2135875 | 0.4 |
| 1250000 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2024-AIR2 B, 6.112%, (TSFR1M + 1.792%), 10/15/2041 | 1251468 | 0.2 |
| 493503 <sup>(2)(3)</sup> | BX Commercial Mortgage Trust 2024-KING A, 5.860%, (TSFR1M + 1.541%), 05/15/2034 | 492997 | 0.1 |
| 1550000 <sup>(2)(3)</sup> | BX Trust 2021-ARIA C, 6.079%, (TSFR1M + 1.760%), 10/15/2036 | 1545321 | 0.3 |
| 1000000 <sup>(2)(3)</sup> | BX Trust 2021-LGCY A, 4.939%, (TSFR1M + 0.620%), 10/15/2036 | 992300 | 0.2 |
| 2113323 <sup>(2)(3)</sup> | BX Trust 2021-RISE B, 5.683%, (TSFR1M + 1.364%), 11/15/2036 | 2100252 | 0.3 |
| 701288 <sup>(2)(3)</sup> | BX Trust 2022-PSB A, 6.770%, (TSFR1M + 2.451%), 08/15/2039 | 700412 | 0.1 |
| 1879128 <sup>(2)(3)</sup> | BX Trust 2024-FNX A, 5.761%, (TSFR1M + 1.442%), 11/15/2041 | 1877309 | 0.3 |
| 2450000 <sup>(2)(3)</sup> | BX Trust 2024-VLT4 B, 6.260%, (TSFR1M + 1.941%), 07/15/2029 | 2437923 | 0.4 |
| 825000 <sup>(2)(3)</sup> | BX Trust 2025-VLT6 B, 6.212%, (TSFR1M + 1.893%), 03/15/2042 | 822136 | 0.1 |
| 436226 | COMM Mortgage Trust 2015-CR23 AM, 3.801%, 05/10/2048 | 435738 | 0.1 |
| 639000 | COMM Mortgage Trust 2015-CR25 A4, 3.759%, 08/10/2048 | 635803 | 0.1 |
| 1144000 <sup>(3)</sup> | COMM Mortgage Trust 2015-CR25 C, 4.517%, 08/10/2048 | 1115715 | 0.2 |
| 1300000 | COMM Mortgage Trust 2015-CR26 A4, 3.630%, 10/10/2048 | 1290682 | 0.2 |
| 500000 <sup>(2)(3)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 510980 | 0.1 |
| 500000 <sup>(2)(3)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 513210 | 0.1 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 693194 | Csail Commercial Mortgage Trust 2015-C2 A4, 3.504%, 06/15/2057 | $691650 | 0.1 |
| 2000000 <sup>(2)(3)</sup> | CSTL Commercial Mortgage Trust 2024-GATE B, 5.052%, 11/10/2041 | 1952776 | 0.3 |
| 221762 | DBJPM Mortgage Trust 2017-C6 A3, 3.269%, 06/10/2050 | 214994 | 0.0 |
| 4000000 <sup>(2)</sup> | DC Commercial Mortgage Trust 2023-DC A, 6.314%, 09/12/2040 | 4102174 | 0.7 |
| 1500000 <sup>(2)</sup> | ELM Trust 2024-ELM B15, 5.596%, 06/10/2039 | 1519736 | 0.3 |
| 1100000 <sup>(2)(3)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.685%, (TSFR1M + 1.385%), 08/19/2042 | 1099971 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | FS Trust 2024-HULA B, 6.410%, (TSFR1M + 2.091%), 08/15/2039 | 1001994 | 0.2 |
| 47399 | Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052 | 45511 | 0.0 |
| 3792 | Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057 | 3762 | 0.0 |
| 568 | Ginnie Mae 2017-70 A, 2.500%, 10/16/2057 | 566 | 0.0 |
| 23625 | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 | 23177 | 0.0 |
| 2374 | Ginnie Mae 2018-41 A, 2.400%, 09/16/2058 | 2356 | 0.0 |
| 1000000 <sup>(2)</sup> | ICNQ Mortgage Trust 2024-MF A, 5.778%, 12/10/2034 | 1020076 | 0.2 |
| 4000000 <sup>(2)(3)</sup> | ILPT Commercial Mortgage Trust 2022-LPF2 A, 6.564%, (TSFR1M + 2.245%), 10/15/2039 | 4010176 | 0.7 |
| 1000000 <sup>(2)(3)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.550%, (TSFR1M + 2.250%), 03/15/2042 | 994364 | 0.2 |
| 653452 | JPMBB Commercial Mortgage Securities Trust 2015-C31 A3, 3.801%, 08/15/2048 | 649150 | 0.1 |
| 1500000 <sup>(2)(3)</sup> | LBA Trust 2024-BOLT A, 5.910%, (TSFR1M + 1.591%), 06/15/2039 | 1498569 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | Life Mortgage Trust 2022-BMR2 A1, 5.614%, (TSFR1M + 1.295%), 05/15/2039 | 970206 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1500000 <sup>(2)(3)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 A, 5.704%, (TSFR1M + 1.385%), 08/17/2042 | $1503859 | 0.2 |
| 1000000 <sup>(2)(3)</sup> | MF1 LLC 2025-FL17 A, 5.632%, (TSFR1M + 1.320%), 02/18/2040 | 1001224 | 0.2 |
| 1000000 <sup>(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 C, 4.492%, 12/15/2047 | 960994 | 0.2 |
| 400000 <sup>(2)(3)</sup> | MTN Commercial Mortgage Trust 2022- LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 | 398793 | 0.1 |
| 1750000 <sup>(2)(3)</sup> | NXPT Commercial Mortgage Trust 2024- STOR A, 4.312%, 11/05/2041 | 1697733 | 0.3 |
| 927899 <sup>(2)(3)</sup> | PFP Ltd. 2023-10 A, 6.684%, (TSFR1M + 2.365%), 09/16/2038 | 931200 | 0.2 |
| 1500000 <sup>(2)(3)</sup> | PRM5 Trust 2025- PRM5 A, 4.173%, 03/10/2033 | 1474143 | 0.2 |
| 2000000 <sup>(2)(3)</sup> | SMRT 2022-MINI F, 7.670%, (TSFR1M + 3.350%), 01/15/2039 | 1897782 | 0.3 |
| 3000000 <sup>(2)(3)</sup> | SWCH Commercial Mortgage Trust 2025- DATA B, 6.162%, (TSFR1M + 1.842%), 03/15/2042 | 2973306 | 0.5 |
| 1692652 <sup>(2)</sup> | THPT Mortgage Trust 2023-THL A, 6.994%, 12/10/2034 | 1726890 | 0.3 |
| 2000000 <sup>(2)(3)</sup> | WCORE Commercial Mortgage Trust 2024- CORE B, 6.161%, (TSFR1M + 1.842%), 11/15/2041 | 2000061 | 0.3 |
| 1085000 | Wells Fargo Commercial Mortgage Trust 2016-LC25 A4, 3.640%, 12/15/2059 | 1065815 | 0.2 |
| 1530975 <sup>(3)</sup> | WFRBS Commercial Mortgage Trust 2014- C21 B, 4.213%, 08/15/2047 | 1481095 | 0.2 |
| 2500000 <sup>(2)</sup> | WSTN Trust 2023- MAUI A, 6.297%, 07/05/2037 | 2545039 | 0.4 |
|  | Total Commercial Mortgage-Backed Securities <br> (Cost $78,175,758) | **78720938** | **13.3** |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 12.6%** |
| 721236 <sup>(2)(3)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R01 1M2, 5.890%, (SOFR30A + 1.550%), 10/25/2041 | $722181 | 0.1 |
| 58726 | Fannie Mae Interest Strip 404 8, 3.000%, 05/25/2040 | 54067 | 0.0 |
| 1303 | Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040 | 1297 | 0.0 |
| 172461 | Fannie Mae REMIC Trust 2013-114 NA, 3.000%, 08/25/2032 | 170164 | 0.0 |
| 450311 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-34 PF, 4.804%, (SOFR30A + 0.464%), 08/25/2042 | 446502 | 0.1 |
| 9514394 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-100 FD, 5.790%, (SOFR30A + 1.450%), 06/25/2054 | 9597219 | 1.6 |
| 5135970 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-103 FH, 5.590%, (SOFR30A + 1.250%), 01/25/2055 | 5122723 | 0.9 |
| 3759830 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-88 FD, 5.540%, (SOFR30A + 1.200%), 12/25/2054 | 3784889 | 0.6 |
| 16517797 <sup>(3)</sup> | Fannie Mae REMIC Trust 2024-93 FL, 5.790%, (SOFR30A + 1.450%), 12/25/2054 | 16661589 | 2.8 |
| 61544 | Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028 | 62580 | 0.0 |
| 638467 <sup>(3)</sup> | Freddie Mac REMIC Trust 3049 XF, 4.813%, (SOFR30A + 0.464%), 05/15/2033 | 633787 | 0.1 |
| 3092871 <sup>(3)</sup> | Freddie Mac REMIC Trust 3114 PF, 4.863%, (SOFR30A + 0.514%), 02/15/2036 | 3075098 | 0.5 |
| 4617692 <sup>(3)</sup> | Freddie Mac REMIC Trust 3136 FA, 5.013%, (SOFR30A + 0.664%), 04/15/2036 | 4601832 | 0.8 |
| 920910 <sup>(3)</sup> | Freddie Mac REMIC Trust 3153 UF, 4.893%, (SOFR30A + 0.544%), 05/15/2036 | 916441 | 0.2 |
| 334210 <sup>(3)</sup> | Freddie Mac REMIC Trust 3255 FA, 4.743%, (SOFR30A + 0.394%), 12/15/2036 | 329739 | 0.1 |
| 19395 <sup>(3)</sup> | Freddie Mac REMIC Trust 3747 FA, 4.963%, (SOFR30A + 0.614%), 10/15/2040 | 19269 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 433939 <sup>(3)</sup> | Freddie Mac REMIC Trust 4879 DF, 4.863%, (SOFR30A + 0.514%), 08/15/2034 | $431143 | 0.1 |
| 5485681 <sup>(3)</sup> | Freddie Mac REMIC Trust 5410 DF, 5.790%, (SOFR30A + 1.450%), 05/25/2054 | 5542654 | 0.9 |
| 1366468 <sup>(3)</sup> | Freddie Mac REMIC Trust 5499 FX, 5.740%, (SOFR30A + 1.400%), 02/25/2055 | 1375933 | 0.2 |
| 980059 <sup>(3)</sup> | Freddie Mac REMIC Trust 5502 BF, 5.990%, (SOFR30A + 1.650%), 02/25/2055 | 986196 | 0.2 |
| 1500000 <sup>(2)(3)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 6.740%, (SOFR30A + 2.400%), 02/25/2042 | 1527123 | 0.3 |
| 3904169 <sup>(3)</sup> | Freddie Mac Strips 406 F43, 5.140%, (SOFR30A + 0.800%), 10/25/2053 | 3898700 | 0.7 |
| 3291796 <sup>(3)</sup> | Freddie Mac Strips 406 F44, 5.340%, (SOFR30A + 1.000%), 10/25/2053 | 3297551 | 0.6 |
| 821157 <sup>(3)</sup> | Ginnie Mae 2010-H11 FA, 5.438%, (TSFR1M + 1.114%), 06/20/2060 | 825023 | 0.1 |
| 71685 <sup>(3)</sup> | Ginnie Mae 2011-H03 FA, 4.923%, (TSFR1M + 0.614%), 01/20/2061 | 71630 | 0 |
| 21036 <sup>(3)</sup> | Ginnie Mae 2011-H05 FA, 4.923%, (TSFR1M + 0.614%), 12/20/2060 | 21021 | 0 |
| 239674 <sup>(3)</sup> | Ginnie Mae 2011-H05 FB, 4.923%, (TSFR1M + 0.614%), 12/20/2060 | 239495 | 0 |
| 340667 <sup>(3)</sup> | Ginnie Mae 2011-H06 FA, 4.873%, (TSFR1M + 0.564%), 02/20/2061 | 340223 | 0.1 |
| 15717 <sup>(3)</sup> | Ginnie Mae 2011-H07 FA, 4.923%, (TSFR1M + 0.614%), 02/20/2061 | 15703 | 0 |
| 37787 <sup>(3)</sup> | Ginnie Mae 2011-H08 FD, 4.923%, (TSFR1M + 0.614%), 02/20/2061 | 37761 | 0 |
| 310783 <sup>(3)</sup> | Ginnie Mae 2011-H08 FG, 4.903%, (TSFR1M + 0.594%), 03/20/2061 | 310561 | 0 |
| 157084 <sup>(3)</sup> | Ginnie Mae 2011-H09 AF, 4.923%, (TSFR1M + 0.614%), 03/20/2061 | 156943 | 0 |
| 92212 <sup>(3)</sup> | Ginnie Mae 2012-H18 NA, 4.943%, (TSFR1M + 0.634%), 08/20/2062 | 92129 | 0 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 247042 <sup>(3)</sup> | Ginnie Mae 2012-H23 WA, 4.943%, (TSFR1M + 0.634%), 10/20/2062 | 246888 | 0 |
| 225634 | Ginnie Mae 2014-3 EP, 2.750%, 02/16/2043 | 214032 | 0 |
| 209398 <sup>(3)</sup> | Ginnie Mae 2014-53 JM, 6.962%, 04/20/2039 | 221570 | 0 |
| 2140125 <sup>(3)</sup> | Ginnie Mae 2015-H32 FH, 5.083%, (TSFR1M + 0.774%), 12/20/2065 | 2142381 | 0.4 |
| 1510534 <sup>(3)</sup> | Ginnie Mae 2016-H16 FE, 6.297%, (TSFR12M + 1.095%), 06/20/2066 | 1518003 | 0.3 |
| 592755 <sup>(3)</sup> | Ginnie Mae 2017-H06 FE, 4.973%, (TSFR1M + 0.664%), 02/20/2067 | 592430 | 0.1 |
| 364310 <sup>(3)</sup> | Ginnie Mae 2017-H07 FG, 4.883%, (TSFR1M + 0.574%), 02/20/2067 | 363807 | 0.1 |
| 1328957 | Ginnie Mae 2023-86 DA, 5.500%, 08/20/2050 | 1357247 | 0.2 |
| 1421154 <sup>(3)</sup> | Ginnie Mae 2025-9 FE, 5.594%, (SOFR30A + 1.250%), 01/20/2055 | 1420904 | 0.2 |
| 910507 <sup>(2)(3)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 740595 | 0.1 |
| 945992 | Seasoned Credit Risk Transfer Trust Series 2018-2 MA, 3.500%, 11/25/2057 | 911920 | 0.2 |
|  | Total Collateralized Mortgage Obligations |  |  |
|  | (Cost $74,571,912) | **75098943** | **12.6** |
| **U.S. TREASURY OBLIGATIONS: 10.1%** | **U.S. TREASURY OBLIGATIONS: 10.1%** | **U.S. TREASURY OBLIGATIONS: 10.1%** | **U.S. TREASURY OBLIGATIONS: 10.1%** |
|  | **United States Treasury Notes: 10.1%** | **United States Treasury Notes: 10.1%** | **United States Treasury Notes: 10.1%** |
| 2561600 | 3.375%, 09/15/2027 | 2531481 | 0.4 |
| 44182000 <sup>(1)</sup> | 3.875%, 03/31/2027 | 44168193 | 7.5 |
| 11279000 | 3.875%, 03/15/2028 | 11277678 | 1.9 |
| 158000 | 4.000%, 03/31/2030 | 158327 | 0 |
| 1960000 | 4.125%, 03/31/2032 | 1965666 | 0.3 |
| 55900 | 4.625%, 02/15/2035 | 57756 | 0 |
|  |  | **60159101** | **10.1** |
|  | Total U.S. Treasury Obligations |  |  |
|  | (Cost $60,050,074) | **60159101** | **10.1** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.1%** |
|  | **Federal Home Loan Mortgage Corporation: 0.1%** **<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 0.1%** **<sup>(4)</sup>** | **Federal Home Loan Mortgage Corporation: 0.1%** **<sup>(4)</sup>** |
| 10108 | 5.500%, 01/01/2037 | 10363 | 0 |
| 4969 | 5.500%, 10/01/2038 | 5071 | 0 |
| 90340 | 5.500%, 11/01/2038 | 92024 | 0.1 |
| 87703 | 5.500%, 02/01/2039 | 89679 | 0 |
|  |  | **197137** | **0.1** |
|  | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** | **Uniform Mortgage-Backed Securities: 0.0%** |
| 15 | 5.000%, 03/01/2027 | 15 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** | **Uniform Mortgage-Backed Securities (continued)** |
| 66777 | 5.000%, 05/01/2042 | 67388 | 0.0 |
|  |  | **67403** | **0.0** |
|  | Total U.S. Government Agency Obligations |  |  |
|  | (Cost $275,064) | **264540** | **0.1** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $578,085,484) | **581322980** | **97.9** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount**† | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** | **SHORT-TERM INVESTMENTS: 2.8%** |
|  | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** | **Repurchase Agreements: 1.4%** |
| 3654754 <sup>(5)</sup> | Citadel Securities LLC, Repurchase Agreement dated 03/31/2025, 4.440%, due 04/01/2025 (Repurchase Amount $3,655,199, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $3,728,309, due 04/15/25-02/15/55) | 3654754 | 0.6 |
| 1056000 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $1,056,126, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,077,120, due 04/10/25-03/01/55) | 1056000 | 0.2 |
| 3654754 <sup>(5)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/2025, 4.470%, due 04/01/2025 (Repurchase Amount $3,655,202, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $3,722,905, due 04/15/26-02/15/53) | 3654754 | 0.6 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements** (**continued)** | **Repurchase Agreements** (**continued)** | **Repurchase Agreements** (**continued)** |
| 172230 <sup>(5)</sup> | TD Securities (USA) LLC, Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $172,251, collateralized by various U.S. Government Securities, 4.875%, Market Value plus accrued interest $175,675, due 10/31/28) | $172230 | 0.0 |
|  | Total Repurchase Agreements<br> (Cost $8,537,738) | **8537738** | **1.4** |
|  | **Commercial Paper: 0.4%** | **Commercial Paper: 0.4%** | **Commercial Paper: 0.4%** |
| 2200000 <sup>(2)</sup> | Enterprise Products, 4.580%, 04/01/2025(Cost $2,200,000) | 2199724 | 0.4 |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
|  | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** | **Mutual Funds: 1.0%** |
| 5998000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% <br> (Cost $5,998,000) | $**5998000** | **1.0** |
|  | Total Short-Term Investments <br> (Cost $16,735,738) | **16735462** | **2.8** |
|  | **Total Investments in Securities <br> (Cost $594,821,222)** | $**598058442** | **100.7** |
|  | **Liabilities in Excess of Other Assets** | **(3925899)** | **(0.7)** |
|  | **Net Assets** | $**594132543** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(4)</sup> | The Federal Housing Finance Agency ("FHFA") placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| SOFR30A | 30-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| TSFR12M | 12-month CME Term Secured Overnight Financing Rate |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $269231477 | $— | $269231477 |
| Asset-Backed Securities |  | 97847981 |  | 97847981 |
| Commercial Mortgage-Backed Securities |  | 78720938 |  | 78720938 |
| Collateralized Mortgage Obligations |  | 75098943 |  | 75098943 |
| U.S. Treasury Obligations |  | 60159101 |  | 60159101 |
| U.S. Government Agency Obligations |  | 264540 |  | 264540 |
| Short-Term Investments | 5998000 | 10737462 |  | 16735462 |
| Total Investments, at fair value | $5998000 | $592060442 | $— | $598058442 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 1070479 |  |  | 1070479 |
| Total Assets | $7068479 | $592060442 | $— | $599128921 |
| **Liabilities Table**<br> **Other Financial Instruments+** |  |  |  |  |
| Futures | $(411112) | $— | $— | $(411112) |
| Written Options |  | (91255) |  | (91255) |
| Total Liabilities | $(411112) | $(91255) | $— | $(502367) |

---

---

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

---

At March 31, 2025, the following futures contracts were outstanding for Voya Short Duration Bond Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** | <br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 1081 | 06/30/25 | $223952797 | $1070479 |
|  |  |  | $223952797 | $1070479 |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | (301) | 06/30/25 | (32555032) | (369773) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (27) | 06/18/25 | (3002906) | (41339) |
|  |  |  | $(35557938) | $(411112) |

---

At March 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Short Duration Bond Fund:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | <br>**Premiums**<br>**Received** | <br>**Fair**<br>**Value** |
| Put on 5-Year Credit Default Swap | Goldman Sachs International | CDX North America High Yield Index Series 43, Version 1 | 5.000 | Receive | 104.000% | 05/21/25 | USD | $6023000 | $(46166) | $(49795) |
| Put on 5-YearCredit Default Swap | Morgan Stanley Capital Services LLC | CDX North America High Yield Index Series 44, Version 1 | 5.000 | Receive | 103.000% | 05/21/25 | USD | 6000000 | (43200) | (41460) |
|  |  |  |  |  |  |  |  |  | $(89366) | $(91255) |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration Bond Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

Currency Abbreviations:

USD — United States Dollar

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** | **<u>of Assets and Liabilities</u>** | <br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $1070479 |
| **Total Asset Derivatives** |  | $1070479 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $411112 |
| Credit contracts | Written options, at fair value | 91255 |
| **Total Liability Derivatives** |  | $502367 |

---

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

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | <br>**Futures** | <br>**Swaps** | **Written**<br>**Options** | <br>**Total** |
| Credit contracts | $— | $267263 | $— | $267263 |
| Equity contracts | 75495 |  |  | 75495 |
| Interest rate contracts | (2180466) |  | 185596 | (1994870) |
| **Total** | $(2104971) | $267263 | $185596 | $(1652112) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | <br>**Futures** | **Written**<br>**options** | <br>**Total** |
| Credit contracts | $— | $(1888) | $(1888) |
| Interest rate contracts | 991246 |  | 991246 |
| **Total** | $991246 | $(1888) | $989358 |

---

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Goldman**<br>**Sachs**<br>**International** | **Morgan**<br>**Stanley**<br>**Capital**<br>**Services LLC** |<br><br>**Total** |
| **Liabilities:** |  |  |  |
| Written options | $49795 | $41460 | $91255 |
| **Total Liabilities** | $49795 | $41460 | $91255 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(49795) | $(41460) | $(91255) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— |
| **Net Exposure<sup>(1)</sup>** | $(49795) | $(41460) | $(91255) |

---

See Accompanying Notes to Financial Statements

Voya Short Duration Bond Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

<sup>(1)</sup> 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.

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $595,556,999. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4236228 |
| Gross Unrealized Depreciation | (1166672) |
| Net Unrealized Appreciation | $3069556 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 84.4%** | **CORPORATE BONDS/NOTES: 84.4%** | **CORPORATE BONDS/NOTES: 84.4%** | **CORPORATE BONDS/NOTES: 84.4%** |
|  | **Basic Materials: 5.1%** | **Basic Materials: 5.1%** | **Basic Materials: 5.1%** |
| 4100000 <sup>(1)</sup> | Alumina Pty Ltd., 6.125%, 03/15/2030 | $4092942 | 1.5 |
| 3000000 <sup>(2)</sup> | Celanese US Holdings LLC, 6.500%, 04/15/2030 | 2980821 | 1.1 |
| 1000000 | Cleveland-Cliffs, Inc., 5.875%, 06/01/2027 | 993885 | 0.4 |
| 1856000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., 6.750%, 04/15/2030 | 1799270 | 0.7 |
| 2293000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 6.875%, 11/01/2029 | 2246151 | 0.8 |
| 400000 <sup>(1)</sup> | INEOS Quattro Finance 2 PLC, 9.625%, 03/15/2029 | 414228 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Novelis, Inc., 6.875%, 01/30/2030 | 1014959 | 0.4 |
|  |  | **13542256** | **5.1** |
|  | **Communications: 7.8%** |  |  |
| 2000000 <sup>(1)(2)</sup> | Directv Financing LLC, 8.875%, 02/01/2030 | 1911470 | 0.7 |
| 3500000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.000%, 02/15/2031 | 3363676 | 1.3 |
| 1600000 <sup>(1)</sup> | Gen Digital, Inc., 6.750%, 09/30/2027 | 1621053 | 0.6 |
| 1500000 <sup>(1)</sup> | ION Trading Technologies Sarl, 5.750%, 05/15/2028 | 1397760 | 0.5 |
| 3250000 <sup>(1)</sup> | ION Trading Technologies Sarl, 9.500%, 05/30/2029 | 3278554 | 1.2 |
| 3900000 <sup>(1)</sup> | Millennium Escrow Corp., 6.625%, 08/01/2026 | 2769217 | 1 |
| 1088000 <sup>(1)</sup> | Uber Technologies, Inc., 7.500%, 09/15/2027 | 1102043 | 0.4 |
| 500000 <sup>(1)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 496274 | 0.2 |
| 4950000 <sup>(1)</sup> | Univision Communications, Inc., 8.000%, 08/15/2028 | 4970090 | 1.9 |
|  |  | **20910137** | **7.8** |
|  | **Consumer, Cyclical: 20.2%** |  |  |
| 4498000 <sup>(1)</sup> | Caesars Entertainment, Inc., 8.125%, 07/01/2027 | 4532486 | 1.7 |
| 2000000 <sup>(1)</sup> | Clarios Global L.P. / Clarios US Finance Co., 6.750%, 02/15/2030 | 2020800 | 0.7 |
| 1000000 <sup>(1)</sup> | Delta Air Lines, Inc., 7.000%, 05/01/2025 | 1001375 | 0.4 |
| 3000000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 3324924 | 1.2 |
| 4000000 | Ford Motor Credit Co. LLC, 5.875%, 11/07/2029 | 3958692 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 2000000 | Ford Motor Credit Co. LLC, 6.950%, 03/06/2026 | $2022181 | 0.8 |
| 500000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 509287 | 0.2 |
| 1562000 | General Motors Co., 6.125%, 10/01/2025 | 1570045 | 0.6 |
| 3000000 <sup>(1)</sup> | Genting New York LLC / GENNY Capital, Inc., 7.250%, 10/01/2029 | 3059756 | 1.1 |
| 5250000 <sup>(1)</sup> | Global Auto Holdings Ltd./AAG FH UK Ltd., 11.500%, 08/15/2029 | 5136128 | 1.9 |
| 1500000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 1506971 | 0.6 |
| 3750000 <sup>(1)</sup> | JetBlue Airways Corp. / JetBlue Loyalty L.P., 9.875%, 09/20/2031 | 3704781 | 1.4 |
| 1500000 <sup>(1)</sup> | LGI Homes, Inc., 8.750%, 12/15/2028 | 1564204 | 0.6 |
| 3000000 <sup>(2)</sup> | MGM Resorts International, 6.125%, 09/15/2029 | 2972536 | 1.1 |
| 900000 <sup>(1)</sup> | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.500%, 06/20/2027 | 904442 | 0.3 |
| 1200000 <sup>(1)</sup> | OneSky Flight LLC, 8.875%, 12/15/2029 | 1213968 | 0.4 |
| 822000 <sup>(1)</sup> | Six Flags Theme Parks, Inc., 7.000%, 07/01/2025 | 824472 | 0.3 |
| 4000000 <sup>(1)</sup> | Specialty Building Products Holdings LLC / SBP Finance Corp., 7.750%, 10/15/2029 | 3698959 | 1.4 |
| 1500000 <sup>(1)(2)</sup> | Victra Holdings LLC / Victra Finance Corp., 8.750%, 09/15/2029 | 1549097 | 0.6 |
| 2500000 <sup>(1)(2)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.875%, 05/01/2027 | 2457887 | 0.9 |
| 6750000 <sup>(1)(2)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.500%, 06/01/2028 | 6688487 | 2.5 |
|  |  | **54221478** | **20.2** |
|  | **Consumer, Non-cyclical: 10.5%** |  |  |
| 1000000 <sup>(1)</sup> | Albion Financing 1 Sarl / Aggreko Holdings, Inc., 6.125%, 10/15/2026 | 999900 | 0.4 |
| 2450000 <sup>(1)</sup> | Albion Financing 2SARL, 8.750%, 04/15/2027 | 2496031 | 0.9 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 750000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | $761048 | 0.3 |
| 7300000 <sup>(1)(2)</sup> | Champions Financing, Inc., 8.750%, 02/15/2029 | 6541712 | 2.4 |
| 1000000 <sup>(1)</sup> | Dcli Bidco LLC, 7.750%, 11/15/2029 | 1030298 | 0.4 |
| 975000 | HCA, Inc., 4.125%, 06/15/2029 | 946980 | 0.3 |
| 1300000 | HCA, Inc., 5.875%, 02/15/2026 | 1305237 | 0.5 |
| 4250000 <sup>(1)</sup> | Herc Holdings, Inc., 5.500%, 07/15/2027 | 4235768 | 1.6 |
| 7250000 <sup>(1)</sup> | Mobius Merger Sub, Inc., 9.000%, 06/01/2030 | 6605640 | 2.5 |
| 2265000 <sup>(1)</sup> | WASH Multifamily Acquisition, Inc., 5.750%, 04/15/2026 | 2247634 | 0.8 |
| 1000000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1011570 | 0.4 |
|  |  | **28181818** | **10.5** |
|  | **Energy: 12.4%** |  |  |
| 3000000 <sup>(1)</sup> | Buckeye Partners L.P., 6.875%, 07/01/2029 | 3052035 | 1.1 |
| 600000 <sup>(1)</sup> | CITGO Petroleum Corp., 8.375%, 01/15/2029 | 611161 | 0.2 |
| 2000000 <sup>(1)</sup> | CVR Energy, Inc., 5.750%, 02/15/2028 | 1866317 | 0.7 |
| 7365000<sup>(1)</sup> | CVR Energy, Inc., 8.500%, 01/15/2029 | 7078067 | 2.6 |
| 1050000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | 1053023 | 0.4 |
| 1500000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 1555452 | 0.6 |
| 1500000 | Genesis Energy L.P. / Genesis Energy Finance Corp., 8.250%, 01/15/2029 | 1549833 | 0.6 |
| 500000 | Global Partners L.P. / GLP Finance Corp., 6.875%, 01/15/2029 | 499384 | 0.2 |
| 1000000 | Global Partners L.P. / GLP Finance Corp., 7.000%, 08/01/2027 | 997944 | 0.4 |
| 1169000 | HF Sinclair Corp., 6.375%, 04/15/2027 | 1184473 | 0.4 |
| 675000 <sup>(1)</sup> | Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 11.500%, 02/15/2028 | 717576 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 11088763 <sup>(1)(2)</sup> | NFE Financing LLC, 12.000%, 11/15/2029 | $9355228 | 3.5 |
| 1100000 <sup>(1)</sup> | Sunnova Energy Corp., 5.875%, 09/01/2026 | 468748 | 0.2 |
| 6000000 <sup>(1)</sup> | Sunnova Energy Corp., 11.750%, 10/01/2028 | 2557800 | 1 |
| 625000 <sup>(1)</sup> | Sunoco L.P. / Sunoco Finance Corp., 7.000%, 09/15/2028 | 640101 | 0.2 |
|  |  | **33187142** | **12.4** |
|  | **Financial: 17.9%** |  |  |
| 1000000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.000%, 10/01/2028 | 1074931 | 0.4 |
| 4250000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 9.250%, 02/01/2029 | 4319483 | 1.6 |
| 1500000 <sup>(1)</sup> | HAT Holdings I LLC / HAT Holdings II LLC, 3.750%, 09/15/2030 | 1334653 | 0.5 |
| 6250000 <sup>(1)</sup> | HAT Holdings I LLC / HAT Holdings II LLC, 8.000%, 06/15/2027 | 6478000 | 2.4 |
| 250000 <sup>(1)</sup> | Iron Mountain, Inc., 7.000%, 02/15/2029 | 255880 | 0.1 |
| 5457000 <sup>(1)</sup> | LD Holdings Group LLC, 6.125%, 04/01/2028 | 4331512 | 1.6 |
| 5650000 <sup>(1)</sup> | LD Holdings Group LLC, 8.750%, 11/01/2027 | 5142433 | 1.9 |
| 4000000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 6.000%, 01/15/2027 | 4000655 | 1.5 |
| 1000000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 6.500%, 08/01/2029 | 1014598 | 0.4 |
| 500000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 7.125%, 11/15/2030 | 508413 | 0.2 |
| 2500000 <sup>(1)</sup> | Provident Funding Associates L.P. / PFG Finance Corp., 9.750%, 09/15/2029 | 2561008 | 0.9 |
| 250000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | 256175 | 0.1 |
| 6250000 <sup>(1)</sup> | Saks Global Enterprises LLC, 11.000%, 12/15/2029 | 5071807 | 1.9 |
| 1500000 | SLM Corp., 6.500%, 01/31/2030 | 1540463 | 0.6 |
| 2000000 <sup>(1)</sup> | TrueNoord Capital DAC, 8.750%, 03/01/2030 | 2031944 | 0.8 |
| 2250000 <sup>(1)</sup> | United Wholesale Mortgage LLC, 5.500%, 11/15/2025 | 2245460 | 0.8 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 1000000 <sup>(1)</sup> | United Wholesale Mortgage LLC, 5.750%, 06/15/2027 | $984125 | 0.4 |
| 2500000 <sup>(1)</sup> | UWM Holdings LLC, 6.625%, 02/01/2030 | 2481967 | 0.9 |
| 2500000 <sup>(1)</sup> | XHR L.P., 6.625%, 05/15/2030 | 2457476 | 0.9 |
|  |  | **48090983** | **17.9** |
|  | **Industrial: 2.2%** |  |  |
| 2900000 <sup>(1)</sup> | Axon Enterprise, Inc., 6.125%, 03/15/2030 | 2934001 | 1.1 |
| 2000000 <sup>(1)</sup> | Esab Corp., 6.250%, 04/15/2029 | 2031688 | 0.7 |
| 1000000 | Hillenbrand, Inc., 6.250%, 02/15/2029 | 1003091 | 0.4 |
|  |  | **5968780** | **2.2** |
|  | **Technology: 4.3%** |  |  |
| 6986000 <sup>(1)</sup> | Consensus Cloud Solutions, Inc., 6.000%, 10/15/2026 | 6941816 | 2.6 |
| 4700000 <sup>(1)(2)</sup> | Consensus Cloud Solutions, Inc., 6.500%, 10/15/2028 | 4620454 | 1.7 |
|  |  | **11562270** | **4.3** |
|  | **Utilities: 4.0%** |  |  |
| 2000000 | AmeriGas Partners L.P. / AmeriGas Finance Corp., 5.750%, 05/20/2027 | 1924650 | 0.7 |
| 6500000 <sup>(1)</sup> | AmeriGas Partners L.P. / AmeriGas Finance Corp., 9.375%, 06/01/2028 | 6438706 | 2.4 |
| 2250000 <sup>(1)</sup> | ContourGlobal Power Holdings SA, 6.750%, 02/28/2030 | 2262713 | 0.9 |
|  |  | **10626069** | **4.0** |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $233,312,544) | **226290933** | **84.4** |
| **BANK LOANS: 8.8%** |  |  |  |
|  | **Communications: 2.2%** |  |  |
| 1940000 <sup>(3)</sup> | Directv Financing LLC, Term Loan, 02/15/2031 | 1859975 | 0.7 |
| 4000000 <sup>(3)</sup> | Summer (BC) Bidco B LLC, Term Loan B, 02/15/2029 | 4002500 | 1.5 |
|  |  | **5862475** | **2.2** |
|  | **Consumer, Non-cyclical: 1.3%** |  |  |
| 3482500 | Medline Borrower LP, Dollar Incremental Term Loan, 6.574%, (TSFR1M+2.250%), 10/23/2028 | 3481257 | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Financial: 3.1%** | **Financial: 3.1%** | **Financial: 3.1%** |
| 7000000 | Asurion LLC, 2021 Second Lien Term Loan B4, 8.840%, (TSFR1M+3.500%), 01/20/2029 | $6510000 | 2.4 |
| 1980000 <sup>(3)</sup> | Moneygram International, Inc., 2024 Term Loan B, 06/01/2030 | 1867799 | 0.7 |
|  |  | **8377799** | **3.1** |
|  | **Industrial: 2.2%** |  |  |
| 6000000 | Quikrete Holdings Inc, Tranche B3, 6.593%, (TSFR1M+2.250%), 02/10/2032 | 5944284 | 2.2 |
|  | Total Bank Loans |  |  |
|  | (Cost $23,946,162) | **23665815** | **8.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMON STOCK: 0.2%** | **COMMON STOCK: 0.2%** | **COMMON STOCK: 0.2%** | **COMMON STOCK: 0.2%** |
|  | **Energy: 0.2%** | **Energy: 0.2%** | **Energy: 0.2%** |
| 60625 | New Fortress Energy, Inc. | **503794** | **0.2** |
|  | Total Common Stock |  |  |
|  | (Cost $–) | **503794** | **0.2** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $257,258,706) | **250460542** | **93.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 12.3%** | **SHORT-TERM INVESTMENTS: 12.3%** | **SHORT-TERM INVESTMENTS: 12.3%** | **SHORT-TERM INVESTMENTS: 12.3%** |
|  | **Repurchase Agreements: 5.4%** | **Repurchase Agreements: 5.4%** | **Repurchase Agreements: 5.4%** |
| 4026134 <sup>(4)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $4,026,616, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $4,106,657, due 04/10/25-03/01/55) | 4026134 | 1.5 |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 4026134 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $4,026,616, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.470%- 6.500%, Market Value plus accrued interest $4,106,657, due 06/01/28-02/01/55) | $4026134 | 1.5 |
| 82166 <sup>(4)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $82,176, collateralized by various U.S. Government Securities, 0.000%-1.500%, Market Value plus accrued interest $83,809, due 02/15/27-02/15/55) | 82166 | 0.0 |
| 765916 <sup>(4)</sup> | JPMorgan Securities LLC, Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $766,007, collateralized by various U.S. Government Securities, 2.375%-4.625%, Market Value plus accrued interest $781,234, due 02/15/42-02/15/55) | 765916 | 0.3 |
| 1493058 <sup>(4)</sup> | Nomura Securities International Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,493,236, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.125%- 7.239%, Market Value plus accrued interest $1,523,088, due 03/01/26-12/01/63) | 1493058 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |
| 4026134 <sup>(4)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $4,026,615, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%- 7.500%, Market Value plus accrued interest $4,106,657, due 04/10/25-12/15/66) | $4026134 | 1.5 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $14,419,542) | **14419542** | **5.4** |
|  | **Time Deposits: 1.0%** |  |  |
| 380000 <sup>(4)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 04/01/2025 | 380000 | 0.1 |
| 360000 <sup>(4)</sup> | Credit Agricole Corporate And Investment Bank, 4.310%, 04/01/2025 | 360000 | 0.1 |
| 260000 <sup>(4)</sup> | DNB Bank Asa, 4.310%, 04/01/2025 | 260000 | 0.1 |
| 340000 <sup>(4)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 04/01/2025 | 340000 | 0.1 |
| 380000 <sup>(4)</sup> | Mizuho Bank Ltd., 4.330%, 04/01/2025 | 380000 | 0.2 |
| 390000 <sup>(4)</sup> | Royal Bank of Canada, 4.330%, 04/01/2025 | 390000 | 0.2 |
| 380000 <sup>(4)</sup> | Societe Generale S.A., 4.320%, 04/01/2025 | 380000 | 0.1 |
| 280000 <sup>(4)</sup> | Svenska Handelsbanken AB, 4.300%, 04/01/2025 | 280000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $2,770,000) | **2770000** | **1.0** |

---

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 5.9%** | **Mutual Funds: 5.9%** | **Mutual Funds: 5.9%** |
| 15738753 <sup>(5)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% |  |  |
|  | (Cost $15,738,753) | $**15738753** | **5.9** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $32,928,295) | $**32928295** | **12.3** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $290,187,001)** | $**283388837** | **105.7** |
|  | **Liabilities in Excess of Other Assets** | **(15374216)** | **(5.7)** |
|  | **Net Assets** | $**268014621** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(4)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

<u>Voya Short Duration High Income Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $226290933 | $— | $226290933 |
| Bank Loans |  | 23665815 |  | 23665815 |
| Common Stock | 503794 |  |  | 503794 |
| Short-Term Investments | 15738753 | 17189542 |  | 32928295 |
| Total Investments, at fair value | $16242547 | $267146290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $283388837 |

---

<sup>^</sup> See Note 2, "Significant Accounting Policies" in the Notes to Financial Statements for additional information.

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $290,187,000. | Cost for U.S. federal income tax purposes was $290,187,000. |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $2694708 |
| Gross Unrealized Depreciation | (9492871) |
| Net Unrealized Depreciation | $(6798163) |

---

See Accompanying Notes to Financial Statements

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 29.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 29.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 29.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 29.0%** |
| 158871 <sup>(1)</sup> | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.745%, 05/25/2036 | $139721 | 0.0 |
| 844358 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-2 B3, 3.617%, 03/25/2045 | 781511 | 0.0 |
| 475938 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-4 B3, 3.488%, 06/25/2045 | 385676 | 0.0 |
| 1198975 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B3, 3.637%, 12/25/2045 | 1031809 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-1 B4, 3.637%, 12/25/2045 | 769263 | 0.0 |
| 1137085 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B4, 3.760%, 03/25/2046 | 878188 | 0.0 |
| 3089000 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 2876960 | 0.1 |
| 4234000 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 4030702 | 0.2 |
| 254032 <sup>(1)</sup> | Alternative Loan Trust 2004-J7 M1, 5.258%, (TSFR1M + 1.134%), 10/25/2034 | 252156 | 0.0 |
| 261014 <sup>(1)</sup> | Alternative Loan Trust 2005-10CB 1A2, 4.885%, (TSFR1M + 0.564%), 05/25/2035 | 196160 | 0.0 |
| 265289 | Alternative Loan Trust 2005-23CB A15, 5.500%, 07/25/2035 | 216323 | 0.0 |
| 16559 <sup>(1)</sup> | Alternative Loan Trust 2005-53T2 2A6, 4.935%, (TSFR1M + 0.614%), 11/25/2035 | 8571 | 0.0 |
| 148090 <sup>(1)</sup> | Alternative Loan Trust 2005-J2 1A12, 4.835%, (TSFR1M + 0.514%), 04/25/2035 | 113908 | 0.0 |
| 29114 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 13596 | 0.0 |
| 441695 <sup>(1)</sup> | Alternative Loan Trust 2006-18CB A10, 4.835%, (TSFR1M + 0.514%), 07/25/2036 | 173274 | 0.0 |
| 104897 <sup>(1)</sup> | Alternative Loan Trust 2006-19CB A12, 4.835%, (TSFR1M + 0.514%), 08/25/2036 | 46353 | 0.0 |
| 444214 <sup>(1)</sup> | Alternative Loan Trust 2006-19CB A28, 5.035%, (TSFR1M + 0.714%), 08/25/2036 | 203009 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 769513 | Alternative Loan Trust 2006-27CB A5, 6.000%, 11/25/2036 | $413544 | 0.0 |
| 774533 | Alternative Loan Trust 2007-15CB A5, 5.750%, 07/25/2037 | 450507 | 0.0 |
| 112638 <sup>(1)</sup> | Alternative Loan Trust 2007-2CB 2A1, 5.035%, (TSFR1M + 0.714%), 03/25/2037 | 46138 | 0.0 |
| 141768 <sup>(1)</sup> | Alternative Loan Trust 2007-HY8C A1, 4.755%, (TSFR1M + 0.434%), 09/25/2047 | 130935 | 0.0 |
| 447316 <sup>(1)</sup> | Alternative Loan Trust 2007-OA4 A1, 4.775%, (TSFR1M + 0.454%), 05/25/2047 | 400033 | 0.0 |
| 328152 <sup>(1)(2)</sup> | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | 311865 | 0.0 |
| 238908 <sup>(1)</sup> | Banc of America Funding Trust 2007-2 1A16, 5.035%, (TSFR1M + 0.714%), 03/25/2037 | 178670 | 0.0 |
| 1122856 <sup>(1)</sup> | Banc of America Funding Trust 2007-C 7A1, 4.854%, (TSFR1M + 0.534%), 05/20/2047 | 1032667 | 0.1 |
| 84757 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2005-3 4A3, 4.333%, 04/25/2035 | 82745 | 0.0 |
| 354438 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2006-6 31A1, 4.639%, 11/25/2036 | 205890 | 0.0 |
| 505757 <sup>(1)</sup> | Bear Stearns ALT-A Trust 2006-6 32A1, 4.676%, 11/25/2036 | 262031 | 0.0 |
| 66079 <sup>(1)</sup> | Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 5.116%, 01/26/2036 | 47248 | 0.0 |
| 2100000 <sup>(1)(2)</sup> | Bellemeade RE Ltd. 2021-3A M1C, 5.890%, (SOFR30A + 1.550%), 09/25/2031 | 2108445 | 0.1 |
| 1993807 <sup>(2)</sup> | Brean Asset Backed Securities Trust 2024-RM9 A1, 5.000%, 09/25/2064 | 1955651 | 0.1 |
| 874944 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2019-1 B2, 3.883%, 03/25/2050 | 786523 | 0.0 |
| 1138145 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2019-1 B3, 3.883%, 03/25/2050 | 1012257 | 0.1 |
| 105955 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2019-ATR2 A3, 3.500%, 07/25/2049 | 96211 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1987458 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 B3, 7.128%, 08/25/2055 | $2083404 | 0.1 |
| 726229 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-1 A9, 6.500%, 01/25/2055 | 737555 | 0.0 |
| 2310460 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-11 B3, 6.613%, 11/25/2055 | 2327786 | 0.1 |
| 1745879 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 A9, 6.000%, 03/25/2055 | 1750870 | 0.1 |
| 2555768 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B2, 6.188%, 03/25/2055 | 2558090 | 0.1 |
| 1799088 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-4 B3, 6.188%, 03/25/2055 | 1765664 | 0.1 |
| 990582 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust Series 2024-6 B3, 7.104%, 05/25/2055 | 1032754 | 0.1 |
| 231931 <sup>(1)</sup> | Chase Mortgage Finance Trust Series 2006-A1 2A3, 5.707%, 09/25/2036 | 203612 | 0.0 |
| 197449 <sup>(1)</sup> | CHL Mortgage Pass-Through Trust 2005-HYB9 2A1, 7.210%, (TSFR12M + 2.465%), 02/20/2036 | 181265 | 0.0 |
| 1459159 <sup>(1)(2)</sup> | CHNGE Mortgage Trust 2022-1 A1, 3.007%, 01/25/2067 | 1374129 | 0.1 |
| 86620 <sup>(1)(2)</sup> | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 82777 | 0.0 |
| 122896 <sup>(1)(2)</sup> | CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049 | 115735 | 0.0 |
| 138829 <sup>(1)(2)</sup> | CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049 | 126000 | 0.0 |
| 208243 <sup>(1)(2)</sup> | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 | 189001 | 0.0 |
| 1434695 <sup>(1)(2)</sup> | CIM Trust 2019-J1 B3, 3.938%, 08/25/2049 | 1320133 | 0.1 |
| 2809171 <sup>(1)(2)</sup> | CIM Trust 2019-J2 B2, 3.763%, 10/25/2049 | 2545274 | 0.1 |
| 1765577 <sup>(1)(2)</sup> | CIM Trust 2019-J2 B3, 3.763%, 10/25/2049 | 1599972 | 0.1 |
| 1151927 <sup>(1)(2)</sup> | CIM Trust 2020-J2 B3, 2.754%, 01/25/2051 | 929995 | 0.0 |
| 1716036 <sup>(1)(2)</sup> | CIM Trust 2021-J3 B3, 2.613%, 06/25/2051 | 1354657 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 346320 | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 | $316487 | 0.0 |
| 60848 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 5.853%, 03/25/2036 | 46338 | 0.0 |
| 24958 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2006-AR9 2A, 5.988%, 11/25/2036 | 22390 | 0.0 |
| 149192 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | 145457 | 0.0 |
| 2578097 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2024-1 B3, 6.761%, 07/25/2054 | 2627369 | 0.1 |
| 1401569 <sup>(2)</sup> | Citigroup Mortgage Loan Trust 2024-CMI1 B2, 6.427%, 06/25/2054 | 1417504 | 0.1 |
| 27324 <sup>(1)</sup> | Citigroup Mortgage Loan Trust, Inc. 2005-4 A, 6.759%, 08/25/2035 | 27222 | 0.0 |
| 144004 | Citigroup Mortgage Loan Trust, Inc. 2005- 9 22A2, 6.000%, 11/25/2035 | 145966 | 0.0 |
| 629571 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2019- R05 1B1, 8.554%, (SOFR30A + 4.214%), 07/25/2039 | 649468 | 0.0 |
| 1700000 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020- SBT1 1M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | 1777362 | 0.1 |
| 265169 | CSMC Mortgage-Backed Trust 2007-2 3A6, 5.400%, 03/25/2037 | 118937 | 0.0 |
| 376131 <sup>(1)(2)</sup> | CSMC Trust 2013-7 A11, 3.500%, 08/25/2043 | 346259 | 0.0 |
| 239502 <sup>(1)(2)</sup> | CSMC Trust 2017-HL1 A12, 3.500%, 06/25/2047 | 217518 | 0.0 |
| 1192742 <sup>(1)(2)</sup> | CSMC Trust 2019-AFC1 A3, 3.877%, 07/25/2049 | 1144137 | 0.1 |
| 2969575 <sup>(1)(2)</sup> | CSMC Trust 2021-AFC1 M1, 2.193%, 03/25/2056 | 1841225 | 0.1 |
| 4635292 <sup>(2)</sup> | Deephaven Residential Mortgage Trust 2022-2 A1, 4.300%, 03/25/2067 | 4466956 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 320190 <sup>(1)</sup> | Deutsche Alt-B Securities Mortgage Loan Trust Series 2007-AB1 A1, 4.735%, (TSFR1M + 0.414%), 04/25/2037 | $223864 | 0.0 |
| 72207 <sup>(1)(2)</sup> | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 4.482%, 06/27/2037 | 63981 | 0.0 |
| 772535 <sup>(1)(2)</sup> | Ellington Financial Mortgage Trust A1, 2022-2 4.299%, 04/25/2067 | 764329 | 0.0 |
| 3540000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.454%, (SOFR30A + 3.114%), 01/25/2040 | 3625463 | 0.2 |
| 3898000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-SBT1 2M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | 4063030 | 0.2 |
| 750000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R04 1B1, 9.590%, (SOFR30A + 5.250%), 03/25/2042 | 797457 | 0.0 |
| 3045000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2022-R05 2B2, 11.340%, (SOFR30A + 7.000%), 04/25/2042 | 3293208 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R04 1B1, 9.686%, (SOFR30A + 5.350%), 05/25/2043 | 1092829 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.086%, (SOFR30A + 4.750%), 06/25/2043 | 1620565 | 0.1 |
| 6400000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R07 2M2, 7.586%, (SOFR30A + 3.250%), 09/25/2043 | 6667276 | 0.3 |
| 3300000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R03 2B1, 7.136%, (SOFR30A + 2.800%), 03/25/2044 | 3400546 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R04 1B1, 6.540%, (SOFR30A + 2.200%), 05/25/2044 | 2520534 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 1000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2024-R06 1B1, 6.390%, (SOFR30A + 2.050%), 09/25/2044 | $1000594 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.286%, (SOFR30A + 1.950%), 02/25/2045 | 2001502 | 0.1 |
| 297700 <sup>(3)</sup> | Fannie Mae Interest Strip 343 6, 5.000%, 10/25/2033 | 39147 | 0.0 |
| 16748126 <sup>(3)</sup> | Fannie Mae Interest Strip 427 C13, 3.500%, 03/25/2037 | 1817281 | 0.1 |
| 14149082 <sup>(3)</sup> | Fannie Mae Interest Strip 427 C18, 3.500%, 03/25/2039 | 2034409 | 0.1 |
| 26932586 <sup>(3)</sup> | Fannie Mae Interest Strip 427 C38, 3.000%, 04/25/2049 | 5224539 | 0.3 |
| 3780069 <sup>(3)</sup> | Fannie Mae Interest Strip 429 141, 6.500%, 02/25/2053 | 853390 | 0.0 |
| 1203608 <sup>(3)</sup> | Fannie Mae Interest Strip 429 142, 6.500%, 02/25/2053 | 264228 | 0.0 |
| 458685 <sup>(3)</sup> | Fannie Mae Interest Strip 429 143, 6.500%, 02/25/2053 | 98060 | 0.0 |
| 268056 <sup>(3)</sup> | Fannie Mae Interest Strip 429 144, 6.500%, 02/25/2053 | 57022 | 0.0 |
| 36463 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2000-26 SP, 4.046%, (-1.000\*SOFR30A + 8.386%), 08/25/2030 | 2941 | 0.0 |
| 48433 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2002-13 SR, 2.146%, (-1.000\*SOFR30A + 6.486%), 03/25/2032 | 1767 | 0.0 |
| 774136 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2004-53 UC, 3.096%, (-1.000\*SOFR30A + 7.436%), 07/25/2034 | 80500 | 0.0 |
| 59459 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2004-64 SW, 2.596%, (-1.000\*SOFR30A + 6.936%), 08/25/2034 | 4237 | 0.0 |
| 45582 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2004-66 SE, 2.046%, (-1.000\*SOFR30A + 6.386%), 09/25/2034 | 2636 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 295433 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2005-59 NS, 2.296%, (-1.000\*SOFR30A + 6.636%), 05/25/2035 | $6436 | 0 |
| 178477 <sup>(1)</sup> | Fannie Mae REMIC Trust 2006-11 FA, 4.754%, (SOFR30A + 0.414%), 03/25/2036 | 177134 | 0 |
| 87746 <sup>(1)</sup> | Fannie Mae REMIC Trust 2006-46 SP, 7.868%, (-1.000\*SOFR30A + 23.780%), 06/25/2036 | 101434 | 0 |
| 259760 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2007-18 BS, 2.146%, (-1.000\*SOFR30A + 6.486%), 06/25/2035 | 21330 | 0 |
| 2424167 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2007-22 SD, 1.946%, (-1.000\*SOFR30A + 6.286%), 03/25/2037 | 211565 | 0 |
| 1348838 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2007-55 S, 2.306%, (-1.000\*SOFR30A + 6.646%), 06/25/2037 | 111165 | 0 |
| 1222098 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2008-94 SI, 1.046%, (-1.000\*SOFR30A + 5.386%), 04/25/2036 | 74511 | 0 |
| 154687 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2009-25 SN, 2.096%, (-1.000\*SOFR30A + 6.436%), 04/25/2039 | 12281 | 0 |
| 719885 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2009-70 PS, 2.296%, (-1.000\*SOFR30A + 6.636%), 01/25/2037 | 69700 | 0 |
| 109095 <sup>(1)</sup> | Fannie Mae REMIC Trust 2010-15 FD, 5.194%, (SOFR30A + 0.854%), 03/25/2040 | 109380 | 0 |
| 281473 <sup>(1)</sup> | Fannie Mae REMIC Trust 2011-47 GF, 5.024%, (SOFR30A + 0.684%), 06/25/2041 | 281121 | 0 |
| 40039 <sup>(1)</sup> | Fannie Mae REMIC Trust 2012-10 UF, 5.004%, (SOFR30A + 0.664%), 02/25/2042 | 39806 | 0 |
| 3077916 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-111 UI, 3.000%, 10/25/2027 | 76813 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 280223 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-121 DI, 2.500%, 11/25/2027 | $5938 | 0.0 |
| 2615013 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-128 KI, 3.000%, 11/25/2027 | 69007 | 0.0 |
| 5756680 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2012-133 NS, 1.696%, (-1.000\*SOFR30A + 6.036%), 12/25/2042 | 622654 | 0.0 |
| 544938 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-148 IB, 3.500%, 01/25/2028 | 14852 | 0.0 |
| 3393733 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2012-150 PS, 1.696%, (-1.000\*SOFR30A + 6.036%), 01/25/2043 | 359051 | 0.0 |
| 6973914 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2012-66 IB, 0.050%, (-1.000\*SOFR30A + 5.936%), 06/25/2042 | 13607 | 0.0 |
| 116614 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2012-84 KI, 6.000%, (SOFR30A + 6.000%), 08/25/2042 | 21244 | 0.0 |
| 127125 <sup>(3)</sup> | Fannie Mae REMIC Trust 2012-93 IL, 3.000%, 09/25/2027 | 2709 | 0.0 |
| 2846486 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-1 LI, 2.500%, 02/25/2028 | 67885 | 0.0 |
| 28460 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2013-116 SC, 1.746%, (-1.000\*SOFR30A + 6.086%), 04/25/2033 | 125 | 0.0 |
| 1200835 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-137 PI, 5.000%, 10/25/2041 | 232048 | 0.0 |
| 4793216 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2013-19 JS, 1.746%, (-1.000\*SOFR30A + 6.086%), 10/25/2041 | 232902 | 0.0 |
| 937234 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-2 NI, 4.000%, 02/25/2043 | 127002 | 0.0 |
| 1138771 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-21 KI, 3.000%, 03/25/2028 | 27049 | 0.0 |
| 2842959 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-32 EI, 2.500%, 04/25/2033 | 177933 | 0.0 |
| 470164 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-41 BI, 3.000%, 05/25/2028 | 13835 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 810382 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-67 AI, 3.000%, 07/25/2028 | $19597 | 0.0 |
| 802769 <sup>(3)</sup> | Fannie Mae REMIC Trust 2013-69 PI, 3.000%, 04/25/2033 | 40409 | 0.0 |
| 2291590 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2013-97 JS, 1.696%, (-1.000\*SOFR30A + 6.036%), 04/25/2038 | 163581 | 0.0 |
| 5992226 <sup>(3)</sup> | Fannie Mae REMIC Trust 2015-40 AI, 6.000%, 05/25/2037 | 1008589 | 0.1 |
| 4316360 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2016-19 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 04/25/2046 | 298824 | 0.0 |
| 1563226 <sup>(3)</sup> | Fannie Mae REMIC Trust 2016-4 BI, 4.000%, 02/25/2046 | 288973 | 0.0 |
| 1011835 <sup>(3)</sup> | Fannie Mae REMIC Trust 2016-61 PI, 4.500%, 01/25/2046 | 166613 | 0.0 |
| 19784963 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2016-81 SA, 1.696%, (-1.000\*SOFR30A + 6.036%), 11/25/2046 | 1356014 | 0.1 |
| 10807902 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2017-16 SG, 1.596%, (-1.000\*SOFR30A + 5.936%), 03/25/2047 | 1222114 | 0.1 |
| 20250515 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2018-86 US, 1.746%, (-1.000\*SOFR30A + 6.086%), 12/25/2048 | 1435288 | 0.1 |
| 7777888 <sup>(3)</sup> | Fannie Mae REMIC Trust 2019-15 AI, 4.000%, 04/25/2059 | 1818724 | 0.1 |
| 10355503 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2019-17 SA, 1.646%, (-1.000\*SOFR30A + 5.986%), 04/25/2049 | 776627 | 0.0 |
| 9007920 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2019-8 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 03/25/2049 | 680603 | 0.0 |
| 22117297 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-33 YI, 4.000%, 05/25/2050 | 4078295 | 0.2 |
| 10619969 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-47 PI, 4.000%, 07/25/2050 | 2297908 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 11359720 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2020-47 SH, 1.646%, (-1.000\*SOFR30A + 5.986%), 07/25/2050 | $1412070 | 0.1 |
| 17259947 <sup>(1)(3)</sup> | Fannie Mae REMIC Trust 2020-49 SB, 1.646%, (-1.000\*SOFR30A + 5.986%), 07/25/2050 | 2476072 | 0.1 |
| 11513194 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-52 AI, 4.000%, 08/25/2050 | 1927426 | 0.1 |
| 35567306 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-64 IO, 3.000%, 09/25/2050 | 6727620 | 0.3 |
| 17622164 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-65 CI, 4.000%, 09/25/2050 | 3093619 | 0.2 |
| 18382489 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-67 JI, 4.000%, 09/25/2050 | 3734158 | 0.2 |
| 23082071 <sup>(3)</sup> | Fannie Mae REMIC Trust 2020-94 MI, 4.500%, 04/25/2050 | 5416799 | 0.3 |
| 14499523 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-18 IY, 4.500%, 08/25/2049 | 3801876 | 0.2 |
| 16863621 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-2 PI, 2.000%, 02/25/2051 | 1832769 | 0.1 |
| 17738347 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-23 JI, 3.000%, 04/25/2051 | 2919210 | 0.1 |
| 17017840 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-28 GI, 4.000%, 05/25/2051 | 3496618 | 0.2 |
| 45773524 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-46 IM, 4.500%, 07/25/2051 | 11861733 | 0.6 |
| 32794806 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-65 KI, 3.500%, 10/25/2051 | 6007152 | 0.3 |
| 17355834 <sup>(3)</sup> | Fannie Mae REMIC Trust 2021-74 AI, 3.000%, 11/25/2051 | 2962230 | 0.1 |
| 61912 | First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A7, 6.000%, 02/25/2037 | 23648 | 0.0 |
| 138333 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2017-2 A7, 3.500%, 10/25/2047 | 125577 | 0.0 |
| 549372 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-1 B3, 3.934%, 03/25/2048 | 505842 | 0.0 |
| 613805 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | 573553 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3332690 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.141%, 07/25/2048 | $3051489 | 0.1 |
| 186006 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-6RR 1A7, 4.000%, 10/25/2048 | 170966 | 0.0 |
| 3115113 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-6RR B1, 4.906%, 10/25/2048 | 3048332 | 0.1 |
| 1322283 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-2 B1, 4.000%, 12/25/2049 | 1213921 | 0.1 |
| 1851196 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2019-2 B2, 4.000%, 12/25/2049 | 1694204 | 0.1 |
| 3148288 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.190%, 03/25/2050 | 2928413 | 0.1 |
| 2698533 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.190%, 03/25/2050 | 2461565 | 0.1 |
| 3429727 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2021-2 B3, 2.782%, 04/25/2051 | 2856002 | 0.1 |
| <sub>827</sub> (1)(3) | Freddie Mac REMIC Trust 2266 S, 4.087%, (-1.000\*SOFR30A + 8.436%), 11/15/2030 | 46 | 0.0 |
| <sub>58244</sub> (1)(3) | Freddie Mac REMIC Trust 2374 S, 3.637%, (-1.000\*SOFR30A + 7.986%), 06/15/2031 | 4349 | 0.0 |
| 36062 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2417 SY, 3.937%, (-1.000\*SOFR30A + 8.286%), 12/15/2031 | 3540 | 0.0 |
| 149286 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2525 SM, 3.537%, (-1.000\*SOFR30A + 7.886%), 02/15/2032 | 13625 | 0.0 |
| 69979 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2577 SA, 2.987%, (-1.000\*SOFR30A + 7.336%), 02/15/2033 | 6157 | 0.0 |
| 758508 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2781 SB, 2.687%, (-1.000\*SOFR30A + 7.036%), 04/15/2034 | 62256 | 0.0 |
| 159734 <sup>(1)</sup> | Freddie Mac REMIC Trust 2921 PF, 4.813%, (SOFR30A + 0.464%), 01/15/2035 | 158262 | 0.0 |
| 130848 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2981 CS, 2.257%, (-1.000\*SOFR30A + 6.606%), 05/15/2035 | 7684 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| <sub>61012</sub> (1)(3) | Freddie Mac REMIC Trust 2981 SU, 3.337%, (-1.000\*SOFR30A + 7.686%), 05/15/2030 | $4043 | 0.0 |
| 236955 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 2989 HS, 2.687%, (-1.000\*SOFR30A + 7.036%), 08/15/2034 | 30216 | 0.0 |
| <sub>79229</sub> (1)(3) | Freddie Mac REMIC Trust 3018 SM, 2.737%, (-1.000\*SOFR30A + 7.086%), 08/15/2035 | 8232 | 0.0 |
| 98810 <sup>(1)</sup> | Freddie Mac REMIC Trust 3031 BP, 8.000%, (-1.000\*SOFR30A + 44.205%), 08/15/2035 | 101288 | 0.0 |
| 258949 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3049 PI, 2.187%, (-1.000\*SOFR30A + 6.536%), 10/15/2035 | 22107 | 0.0 |
| 1887955 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3128 JI, 2.167%, (-1.000\*SOFR30A + 6.516%), 03/15/2036 | 163654 | 0.0 |
| 35428 <sup>(4)</sup> | Freddie Mac REMIC Trust 3151 PO, 0.000%, 05/15/2036 | 29494 | 0.0 |
| 993468 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3222 SN, 2.137%, (-1.000\*SOFR30A + 6.486%), 09/15/2036 | 82532 | 0.0 |
| 1001445 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3298 S, 1.647%, (-1.000\*SOFR30A + 5.996%), 04/15/2037 | 82422 | 0.0 |
| 301966 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3523 SA, 1.537%, (-1.000\*SOFR30A + 5.886%), 09/15/2036 | 20673 | 0.0 |
| 302716 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3582 MS, 1.687%, (-1.000\*SOFR30A + 6.036%), 10/15/2039 | 25041 | 0.0 |
| 120064 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 3624 TS, 0.337%, (-1.000\*SOFR30A + 4.686%), 01/15/2040 | 4488 | 0.0 |
| 359210 <sup>(3)</sup> | Freddie Mac REMIC Trust 3688 BI, 5.000%, 07/15/2040 | 51458 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 255183 <sup>(1)</sup> | Freddie Mac REMIC Trust 3740 FB, 4.963%, (SOFR30A + 0.614%), 10/15/2040 | $252510 | 0.0 |
| 822508 <sup>(3)</sup> | Freddie Mac REMIC Trust 4097 IC, 2.500%, 08/15/2027 | 16591 | 0.0 |
| 548776 <sup>(3)</sup> | Freddie Mac REMIC Trust 4116 IL, 4.500%, 05/15/2042 | 53200 | 0.0 |
| 2823993 <sup>(3)</sup> | Freddie Mac REMIC Trust 4120 TI, 2.500%, 10/15/2027 | 62039 | 0.0 |
| 404713 <sup>(3)</sup> | Freddie Mac REMIC Trust 4136 QI, 3.000%, 11/15/2032 | 15841 | 0.0 |
| 330911 <sup>(3)</sup> | Freddie Mac REMIC Trust 4143 IK, 4.000%, 10/15/2041 | 17795 | 0.0 |
| 9694025 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4146 SA, 1.687%, (-1.000\*SOFR30A + 6.036%), 12/15/2042 | 1020118 | 0.1 |
| 79274 <sup>(3)</sup> | Freddie Mac REMIC Trust 4153 YI, 3.000%, 09/15/2042 | 656 | 0.0 |
| 1318767 <sup>(3)</sup> | Freddie Mac REMIC Trust 4157 IH, 3.500%, 01/15/2043 | 198612 | 0.0 |
| 402337 <sup>(3)</sup> | Freddie Mac REMIC Trust 4162 DI, 2.000%, 02/15/2028 | 7362 | 0.0 |
| 1387301 <sup>(3)</sup> | Freddie Mac REMIC Trust 4182 IL, 3.000%, 03/15/2028 | 42876 | 0.0 |
| 1505465 <sup>(3)</sup> | Freddie Mac REMIC Trust 4186 IA, 3.000%, 03/15/2033 | 112050 | 0.0 |
| 29837 <sup>(3)</sup> | Freddie Mac REMIC Trust 4261 ID, 6.500%, 06/15/2032 | 696 | 0.0 |
| 17337666 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4273 PS, 1.637%, (-1.000\*SOFR30A + 5.986%), 11/15/2043 | 1341665 | 0.1 |
| 271277 <sup>(3)</sup> | Freddie Mac REMIC Trust 4287 CI, 4.500%, 07/15/2041 | 27235 | 0.0 |
| 1276320 <sup>(3)</sup> | Freddie Mac REMIC Trust 4290 EI, 5.000%, 12/15/2043 | 244714 | 0.0 |
| 57531 <sup>(3)</sup> | Freddie Mac REMIC Trust 4333 AI, 5.500%, 02/15/2044 | 9463 | 0.0 |
| 1075352 <sup>(3)</sup> | Freddie Mac REMIC Trust 4494 LI, 5.000%, 12/15/2043 | 79655 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 5194656 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4618 SA, 1.537%, (-1.000\*SOFR30A + 5.886%), 09/15/2046 | $573562 | 0.0 |
| 1299044 <sup>(3)</sup> | Freddie Mac REMIC Trust 4625 BI, 3.500%, 06/15/2046 | 233543 | 0.0 |
| 1327095 <sup>(3)</sup> | Freddie Mac REMIC Trust 4708 KI, 4.500%, 11/15/2046 | 215167 | 0.0 |
| 9061388 <sup>(3)</sup> | Freddie Mac REMIC Trust 4813 IO, 5.500%, 08/15/2048 | 1743244 | 0.1 |
| 16593635 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4903 NS, 1.646%, (-1.000\*SOFR30A + 5.986%), 08/25/2049 | 1765131 | 0.1 |
| 9866496 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4909 SJ, 1.596%, (-1.000\*SOFR30A + 5.936%), 09/25/2049 | 1251204 | 0.1 |
| 3950246 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4910 SD, 1.587%, (-1.000\*SOFR30A + 5.936%), 06/15/2049 | 479713 | 0.0 |
| 12289890 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4910 SH, 1.596%, (-1.000\*SOFR30A + 5.936%), 09/25/2049 | 1572122 | 0.1 |
| 16462184 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 4924 SY, 1.596%, (-1.000\*SOFR30A + 5.936%), 10/25/2049 | 2180862 | 0.1 |
| 11080668 <sup>(3)</sup> | Freddie Mac REMIC Trust 4967 IQ, 4.000%, 02/25/2050 | 2350120 | 0.1 |
| 39506897 <sup>(3)</sup> | Freddie Mac REMIC Trust 4973 BI, 4.500%, 05/25/2050 | 9227859 | 0.4 |
| 29472082 <sup>(3)</sup> | Freddie Mac REMIC Trust 4974 I, 4.000%, 04/25/2050 | 6128437 | 0.3 |
| 19001158 <sup>(1)(3)</sup> | Freddie Mac REMIC Trust 5009 TS, 1.746%, (-1.000\*SOFR30A + 6.086%), 09/25/2050 | 2428677 | 0.1 |
| 26936534 <sup>(3)</sup> | Freddie Mac REMIC Trust 5010 MI, 3.000%, 09/25/2050 | 4090073 | 0.2 |
| 16119532 <sup>(3)</sup> | Freddie Mac REMIC Trust 5036 CI, 4.000%, 12/25/2049 | 3388369 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 23395461 <sup>(3)</sup> | Freddie Mac REMIC Trust 5049 UI, 3.000%, 12/25/2050 | $4335050 | 0.2 |
| 8610717 <sup>(3)</sup> | Freddie Mac REMIC Trust 5052 BI, 5.000%, 12/25/2050 | 2173693 | 0.1 |
| 12454030 <sup>(3)</sup> | Freddie Mac REMIC Trust 5074 GI, 2.000%, 02/25/2051 | 1436534 | 0.1 |
| 20740015 <sup>(3)</sup> | Freddie Mac REMIC Trust 5081 CI, 2.000%,03/25/2051 | 2408179 | 0.1 |
| 36837886 <sup>(3)</sup> | Freddie Mac REMIC Trust 5083 IP, 4.000%,11/25/2048 | 7787426 | 0.4 |
| 13115185 <sup>(3)</sup> | Freddie Mac REMIC Trust 5133 CI, 4.500%, 07/25/2039 | 2259660 | 0.1 |
| 14458080 <sup>(3)</sup> | Freddie Mac REMIC Trust 5138 CI, 4.000%,07/25/2050 | 3033315 | 0.1 |
| 9762232 <sup>(3)</sup> | Freddie Mac REMIC Trust 5142 LI, 2.500%, 09/25/2051 | 1562749 | 0.1 |
| 4794976 <sup>(3)</sup> | Freddie Mac REMIC Trust 5152 GI, 4.500%, 06/25/2048 | 1144440 | 0.1 |
| 18777913 <sup>(3)</sup> | Freddie Mac REMIC Trust 5214 IO, 2.000%, 03/25/2051 | 2482162 | 0.1 |
| 7914892 <sup>(3)</sup> | Freddie Mac REMIC Trust 5261 IC, 4.000%, 01/25/2050 | 1597903 | 0.1 |
| 49053356 <sup>(1)</sup> | Freddie Mac REMIC Trust 5502 FD, 5.940%, (SOFR30A + 1.600%), 02/25/2055 | 49279453 | 2.3 |
| 5100000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-DNA6 B1, 7.740%, (SOFR30A + 3.400%), 10/25/2041 | 5228437 | 0.3 |
| 6100000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.090%, (SOFR30A + 3.750%), 12/25/2041 | 6266167 | 0.3 |
| 5000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 M2, 6.690%, (SOFR30A + 2.350%), 12/25/2041 | 5049353 | 0.2 |
| 2800000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.740%, (SOFR30A + 3.400%), 01/25/2042 | 2872453 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 M2, 6.840%, (SOFR30A + 2.500%), 01/25/2042 | $3035330 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.090%, (SOFR30A + 4.750%), 02/25/2042 | 2614349 | 0.1 |
| 3400000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA3 M2, 8.690%, (SOFR30A + 4.350%), 04/25/2042 | 3566329 | 0.2 |
| 1800000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA5 M2, 11.090%, (SOFR30A + 6.750%), 06/25/2042 | 1992500 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA6 M2, 10.090%, (SOFR30A + 5.750%), 09/25/2042 | 2179781 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2023-HQA3 M2, 7.690%, (SOFR30A + 3.350%), 11/25/2043 | 2626963 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2024-HQA2 M2, 6.140%, (SOFR30A + 1.800%), 08/25/2044 | 4006180 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2025-HQA1 M2, 5.990%, (SOFR30A + 1.650%), 02/25/2045 | 1991258 | 0.1 |
| 496060 <sup>(3)</sup> | Freddie Mac Strips 224 IO, 6.000%, 03/01/2033 | 74805 | 0.0 |
| 269733 <sup>(1)(3)</sup> | Freddie Mac Strips 237 S23, 2.637%, (-1.000\*SOFR30A + 6.986%), 05/15/2036 | 29450 | 0.0 |
| 335661 <sup>(3)</sup> | Freddie Mac Strips 260 33, 4.000%, 05/15/2039 | 50577 | 0.0 |
| 325704 <sup>(3)</sup> | Freddie Mac Strips 287 IO, 3.000%, 10/15/2027 | 7714 | 0.0 |
| 165840 <sup>(1)(3)</sup> | Freddie Mac Strips 324 144, 6.000%, 06/15/2039 | 30633 | 0.0 |
| 7766925 <sup>(3)</sup> | Freddie Mac Strips 390 C3, 3.500%, 11/15/2037 | 949979 | 0.0 |
| 9012970 <sup>(3)</sup> | Freddie Mac Strips 400 C8, 6.500%, 05/25/2053 | 1834529 | 0.1 |
| 1468671 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2018-2 B2, 4.672%, 10/25/2058 | 1423175 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 2245819 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 B1, 4.250%, 02/25/2059 | $2147782 | 0.1 |
| 1805578 <sup>(1)(2)</sup> | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 | 1738956 | 0.1 |
| 1977540 <sup>(1)(2)</sup> | GCAT Trust 2024-INV2 B3, 7.344%, 06/25/2054 | 2092978 | 0.1 |
| 1991966 <sup>(1)(2)</sup> | GCAT Trust 2024-INV4 B4, 7.082%, 12/25/2054 | 1967764 | 0.1 |
| 2500291 <sup>(1)(3)</sup> | Ginnie Mae 2007-59 SC, 2.066%, (-1.000\*TSFR1M + 6.386%), 07/20/2037 | 233846 | 0.0 |
| 209137 <sup>(1)(3)</sup> | Ginnie Mae 2008-40 SA, 1.966%, (-1.000\*TSFR1M + 6.286%), 05/16/2038 | 10536 | 0.0 |
| 234536 <sup>(3)</sup> | Ginnie Mae 2010-143 JI, 4.000%, 08/16/2039 | 7446 | 0.0 |
| 433657 <sup>(3)</sup> | Ginnie Mae 2010-4 IP, 5.000%, 01/16/2039 | 19962 | 0.0 |
| 390413 <sup>(1)(3)</sup> | Ginnie Mae 2010-4 SL, 1.966%, (-1.000\*TSFR1M + 6.286%), 01/16/2040 | 36727 | 0.0 |
| 1048784 <sup>(1)(3)</sup> | Ginnie Mae 2011-101 BI, 0.650%, (-1.000\*TSFR1M + 6.536%), 11/20/2037 | 21765 | 0.0 |
| 83031 <sup>(1)(3)</sup> | Ginnie Mae 2011-101 EI, 6.000%, (-1.000\*TSFR1M + 106.946%), 10/16/2039 | 14712 | 0.0 |
| 595173 <sup>(3)</sup> | Ginnie Mae 2011-124 KI, 4.000%, 08/20/2039 | 18820 | 0.0 |
| 2751634 <sup>(1)(3)</sup> | Ginnie Mae 2011-25 AS, 1.626%, (-1.000\*TSFR1M + 5.946%), 02/20/2041 | 188113 | 0.0 |
| 364889 <sup>(3)</sup> | Ginnie Mae 2012-148 IP, 3.500%, 04/20/2041 | 5063 | 0.0 |
| 10435 <sup>(3)</sup> | Ginnie Mae 2012-149 BI, 3.500%, 10/20/2041 | 880 | 0.0 |
| 995862 <sup>(3)</sup> | Ginnie Mae 2012-39 PI, 4.000%, 03/16/2042 | 92583 | 0.0 |
| 2216602 <sup>(1)(3)</sup> | Ginnie Mae 2013-103 DS, 1.716%, (-1.000\*TSFR1M + 6.036%), 07/20/2043 | 228711 | 0.0 |
| 12450520 <sup>(1)(3)</sup> | Ginnie Mae 2013-130 SB, 0.613%, (-1.000\*TSFR1M + 4.936%), 09/16/2043 | 464746 | 0.0 |
| 3987757 <sup>(1)(3)</sup> | Ginnie Mae 2013-134 DS, 1.666%, (-1.000\*TSFR1M + 5.986%), 09/20/2043 | 393729 | 0.0 |
| 111394 <sup>(3)</sup> | Ginnie Mae 2013-44 LI, 4.500%, 01/16/2043 | 11569 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 372430 <sup>(3)</sup> | Ginnie Mae 2013-81 IO, 4.500%, 01/16/2040 | $19429 | 0.0 |
| 5830074 <sup>(1)(3)</sup> | Ginnie Mae 2014-58 SM, 1.666%, (-1.000\*TSFR1M + 5.986%), 04/16/2044 | 545138 | 0.0 |
| 1220141 <sup>(3)</sup> | Ginnie Mae 2014-84 PI, 4.500%, 04/20/2043 | 126979 | 0.0 |
| 1263605 <sup>(3)</sup> | Ginnie Mae 2015-132 BI, 4.000%, 11/20/2044 | 167427 | 0.0 |
| 1975507 <sup>(1)(3)</sup> | Ginnie Mae 2015-69 IL, 0.200%, (-1.000\*TSFR1M + 6.586%), 07/20/2034 | 9220 | 0.0 |
| 137199 <sup>(3)</sup> | Ginnie Mae 2015-94 IU, 4.000%, 08/20/2044 | 18855 | 0.0 |
| 4667254 <sup>(1)(3)</sup> | Ginnie Mae 2016-66 ES, 1.616%, (-1.000\*TSFR1M + 5.936%), 05/20/2046 | 525313 | 0.0 |
| 263835 <sup>(3)</sup> | Ginnie Mae 2016-8 PI, 4.000%, 10/20/2044 | 30179 | 0.0 |
| 9429836 <sup>(1)(3)</sup> | Ginnie Mae 2018-125 HS, 1.816%, (-1.000\*TSFR1M + 6.136%), 09/20/2048 | 1030392 | 0.1 |
| 4091467 <sup>(1)(3)</sup> | Ginnie Mae 2018-153 SQ, 1.766%, (-1.000\*TSFR1M + 6.086%), 11/20/2048 | 311640 | 0.0 |
| 9982558 <sup>(1)(3)</sup> | Ginnie Mae 2018-93 SJ, 1.766%, (-1.000\*TSFR1M + 6.086%), 07/20/2048 | 869433 | 0.0 |
| 119321 <sup>(3)</sup> | Ginnie Mae 2019-111 TI, 5.000%, 09/20/2049 | 25345 | 0.0 |
| 65029 <sup>(3)</sup> | Ginnie Mae 2019-86 GI, 6.500%, 07/20/2049 | 13123 | 0.0 |
| 273150 <sup>(3)</sup> | Ginnie Mae 2019-86 HI, 5.500%, 07/20/2049 | 63268 | 0.0 |
| 9291350 <sup>(1)(3)</sup> | Ginnie Mae 2019-89 SC, 1.666%, (-1.000\*TSFR1M + 5.986%), 07/20/2049 | 1135626 | 0.1 |
| 18293301 <sup>(3)</sup> | Ginnie Mae 2020-7 EI, 3.500%, 01/20/2050 | 3559392 | 0.2 |
| 20528184 <sup>(3)</sup> | Ginnie Mae 2021-152 ID, 3.000%, 08/20/2051 | 3489192 | 0.2 |
| 37259223 <sup>(3)</sup> | Ginnie Mae 2021-194 IK, 3.000%, 11/20/2051 | 6417283 | 0.3 |
| 20153923 <sup>(1)(3)</sup> | Ginnie Mae 2022-159 SE, 1.656%, (-1.000\*SOFR30A + 6.000%), 09/20/2052 | 1685678 | 0.1 |
| 15878312 <sup>(3)</sup> | Ginnie Mae 2022-56 IG, 4.500%, 07/20/2050 | 3680140 | 0.2 |
| 18852886 <sup>(3)</sup> | Ginnie Mae 2023-24 ID, 3.500%, 06/20/2050 | 3646789 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 9721164 <sup>(1)</sup> | Ginnie Mae 2023-57 S, 3.972%, (-1.000\*SOFR30A + 13.530%), 04/20/2053 | $9106788 | 0.4 |
| 20530780 <sup>(3)</sup> | Ginnie Mae 2023-70 JI, 5.500%, 06/20/2052 | 3971809 | 0.2 |
| 216226 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A1, 3.500%, 05/25/2050 | 194615 | 0.0 |
| 343418 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A4, 3.500%, 05/25/2050 | 309094 | 0.0 |
| 864947 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 A8, 3.500%, 05/25/2050 | 778496 | 0.0 |
| 2164395 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 B2, 3.611%, 05/25/2050 | 1911091 | 0.1 |
| 3416750 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 B3, 3.611%, 05/25/2050 | 3006195 | 0.1 |
| 1479646 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.022%, 08/25/2049 | 1325202 | 0.1 |
| 56546 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 53363 | 0.0 |
| 3466966 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.373%, 11/25/2049 | 3218839 | 0.2 |
| 3586032 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.373%, 11/25/2049 | 3310118 | 0.2 |
| 419417 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 3.983%, 03/25/2050 | 383981 | 0.0 |
| 427786 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.983%, 03/25/2050 | 391643 | 0.0 |
| 1669933 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2020-PJ3 B4, 3.411%, 10/25/2050 | 1368998 | 0.1 |
| 1572584 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ3 B3, 2.651%, 08/25/2051 | 1254906 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3592717 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ4 B3, 2.614%, 09/25/2051 | $2946293 | 0.1 |
| 4648062 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2021-PJ5 B3, 2.588%, 10/25/2051 | 3768632 | 0.2 |
| 921319 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B3, 3.378%, 04/25/2052 | 770448 | 0.0 |
| 923671 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2021-GR3 B4, 3.378%, 04/25/2052 | 748909 | 0.0 |
| 2276751 <sup>(2)</sup> | GS Mortgage-Backed Securities Trust 2021-PJ9 A4, 2.500%, 02/26/2052 | 1851880 | 0.1 |
| 2081621 <sup>(2)</sup> | GS Mortgage-Backed Securities Trust 2022-NQM1 A4, 4.000%, 05/25/2062 | 1911074 | 0.1 |
| 2937455 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023-PJ6 B2, 6.899%, 04/25/2054 | 3052415 | 0.1 |
| 983238 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ1 B2, 7.134%, 06/25/2054 | 1042192 | 0.1 |
| 1472584 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ2 B3, 6.283%, 07/25/2054 | 1463801 | 0.1 |
| 1965104 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2024-PJ4 B2, 6.197%, 08/25/2054 | 1969156 | 0.1 |
| 1732329 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2025-PJ1 A19, 6.000%, 06/25/2055 | 1735116 | 0.1 |
| 275843 <sup>(1)</sup> | HarborView Mortgage Loan Trust 2007-5 A1A, 4.811%, (TSFR1M + 0.494%), 09/19/2037 | 238166 | 0.0 |
| 604 <sup>(1)</sup> | HomeBanc Mortgage Trust 2004-1 2A, 5.295%, (TSFR1M + 0.974%), 08/25/2029 | 589 | 0.0 |
| 3000000 <sup>(2)</sup> | HTAP Issuer Trust 2025-1 A, 6.500%, 11/25/2042 | 2958626 | 0.1 |
| 2600000 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 1952249 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 47880 <sup>(1)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 4.855%, (TSFR1M + 0.534%), 04/25/2046 | $43160 | 0.0 |
| <sub>49761</sub> (1)(2) | J.P. Morgan Mortgage Trust 2019-2 A3, 3.984%, 08/25/2049 | 47158 | 0.0 |
| 970831 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B1, 4.432%, 08/25/2049 | 919540 | 0.0 |
| 2352232 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-2 B2, 4.432%, 08/25/2049 | 2221689 | 0.1 |
| 1012156 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.615%, 06/25/2049 | 967637 | 0.1 |
| 2307918 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 1859832 | 0.1 |
| 850939 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-5 A9, 2.800%, 09/25/2052 | 712724 | 0.0 |
| 710108 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2024-1 A9, 6.000%, 06/25/2054 | 712582 | 0.0 |
| 852417 <sup>(1)</sup> | JP Morgan Mortgage Trust 2005-A4 B1, 6.091%, 07/25/2035 | 816906 | 0.0 |
| 69650 | JP Morgan Mortgage Trust 2005-S3 1A10, 6.000%, 01/25/2036 | 31686 | 0.0 |
| 136378 | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 | 61286 | 0.0 |
| 389146 | JP Morgan Mortgage Trust 2006-S3 1A30, 6.500%, 08/25/2036 | 122175 | 0.0 |
| 784352 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-5 B3, 2.681%, 10/25/2029 | 732040 | 0.0 |
| 399828 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-1 B3, 3.793%, 05/25/2046 | 378303 | 0.0 |
| 2095000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-1 B4, 3.793%, 05/25/2046 | 1595933 | 0.1 |
| 306669 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046 | 277218 | 0.0 |
| 730117 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.447%, 01/25/2047 | 649167 | 0.0 |
| 1153568 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-3 B1, 3.782%, 08/25/2047 | 1074007 | 0.1 |
| 1452616 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-5 B1, 5.011%, 10/26/2048 | 1436904 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 474902 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B3, 3.780%, 12/25/2048 | $432172 | 0.0 |
| 1340906 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.780%, 12/25/2048 | 1210961 | 0.1 |
| 927723 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B5, 3.780%, 12/25/2048 | 751670 | 0.0 |
| 1912290 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-1 B2, 3.580%, 06/25/2048 | 1731705 | 0.1 |
| 1999167 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.704%, 09/25/2048 | 1812160 | 0.1 |
| 404144 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 369491 | 0.0 |
| 1637714 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-5 A13, 3.500%, 10/25/2048 | 1470306 | 0.1 |
| 89830 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 | 81127 | 0.0 |
| 139802 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 A3, 4.000%, 01/25/2049 | 130599 | 0.0 |
| 3372281 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-8 B2, 4.033%, 01/25/2049 | 3105328 | 0.2 |
| 859890 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-9 B2, 4.240%, 02/25/2049 | 806072 | 0.0 |
| 147841 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 138638 | 0.0 |
| 314641 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049 | 296756 | 0.0 |
| 2595745 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-5 B1, 4.459%, 11/25/2049 | 2468349 | 0.1 |
| <sub>70399</sub> (1)(2) | JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049 | 64332 | 0.0 |
| 858283 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.204%, 02/25/2050 | 755571 | 0.0 |
| 338888 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 306871 | 0.0 |
| 872199 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.406%, 03/25/2050 | 773663 | 0.0 |
| 3442078 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.933%, 10/25/2049 | 3350342 | 0.2 |
| 209664 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 | 191153 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 3761856 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.355%, 05/25/2050 | $3489624 | 0.2 |
| 1495316 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.706%, 12/25/2049 | 1447493 | 0.1 |
| 1515779 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.706%, 12/25/2049 | 1463499 | 0.1 |
| 2496150 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.350%, 03/25/2050 | 2330367 | 0.1 |
| 5810196 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.350%, 03/25/2050 | 5389222 | 0.3 |
| 236102 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-2 A15, 3.500%, 07/25/2050 | 210129 | 0.0 |
| 51295 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 | 50579 | 0.0 |
| 264990 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050 | 261191 | 0.0 |
| 2986278 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-6 B3, 2.863%, 10/25/2051 | 2366539 | 0.1 |
| 2354583 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2022-2 B3, 3.125%, 08/25/2052 | 1910794 | 0.1 |
| 979942 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.350%, 05/25/2054 | 974611 | 0.1 |
| 1904357 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 1914984 | 0.1 |
| 1284207 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-2 A9, 6.500%, 08/25/2054 | 1307526 | 0.1 |
| 670069 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A3, 5.500%, 04/25/2055 | 663949 | 0.0 |
| 1430991 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 B3, 6.564%, 04/25/2055 | 1401484 | 0.1 |
| 4956066 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A9, 5.500%, 06/25/2055 | 4880586 | 0.2 |
| 1765690 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 B3, 6.116%, 06/25/2055 | 1683787 | 0.1 |
| 1779029 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B2, 7.148%, 10/25/2054 | 1890774 | 0.1 |
| 2689298 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-4 B3, 7.148%, 10/25/2054 | 2813859 | 0.1 |
| 2442725 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust Series 2024-6 B3, 6.937%, 12/25/2054 | 2523022 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 423593 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B3, 3.577%, 05/25/2045 | $397340 | 0.0 |
| 1327529 <sup>(1)(2)</sup> | JP Morgan Trust 2015-3 B4, 3.577%, 05/25/2045 | 1035589 | 0.1 |
| 55897 <sup>(1)</sup> | Lehman XS Trust Series 2005-5N 1A2, 4.795%, (TSFR1M + 0.474%), 11/25/2035 | 56077 | 0.0 |
| 1728207 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2021-MTG3 B3, 2.901%, 07/01/2051 | 1398931 | 0.1 |
| 2682732 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2022-INV1 B3, 3.314%, 03/25/2052 | 2220894 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 1588385 | 0.1 |
| 927668 <sup>(1)</sup> | Morgan Stanley Mortgage Loan Trust 2006-9AR A2, 4.735%, (TSFR1M + 0.414%), 08/25/2036 | 218138 | 0.0 |
| 988110 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-2 B3, 7.162%, 03/25/2054 | 1032169 | 0.1 |
| 993184 <sup>(1)(2)</sup> | Morgan Stanley Residential Mortgage Loan Trust 2024-4 B3, 7.025%, 09/25/2054 | 1031277 | 0.1 |
| 245841 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 | 242919 | 0.0 |
| 1300000 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.690%, (SOFR30A + 3.350%), 04/25/2034 | 1325286 | 0.1 |
| 147091 <sup>(1)(2)</sup> | OBX Trust 2019-EXP3 1A9, 3.500%, 10/25/2059 | 133478 | 0.0 |
| 292266 <sup>(1)(2)</sup> | OBX Trust 2019-INV2 A25, 4.000%, 05/27/2049 | 273835 | 0.0 |
| 216425 <sup>(1)(2)</sup> | OBX Trust 2020-INV1 A21, 3.500%, 12/25/2049 | 195177 | 0.0 |
| 1698480 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 1377325 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | OBX Trust 2022-NQM4 A1B, 3.900%, 04/25/2062 | 2348242 | 0.1 |
| 2057490 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-1 B3, 2.717%, 05/25/2051 | 1641038 | 0.1 |
| 1022152770 <sup>(2)(3)</sup> | PMTT4 2017-PM1 XIO, 13.000%, 10/25/2048 | 4951155 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u>PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 12738 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | $11320 | 0.0 |
| 127385 <sup>(1)(2)</sup> | PSMC Trust 2019-3 A12, 3.500%, 11/25/2049 | 119505 | 0.0 |
| 1464029 <sup>(1)(2)</sup> | Radnor RE Ltd. 2021-1 M1C, 7.040%, (SOFR30A + 2.700%), 12/27/2033 | 1477514 | 0.1 |
| 2132957 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2019-1 B2A, 3.888%, 09/25/2049 | 1952253 | 0.1 |
| 1477295 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 1327992 | 0.1 |
| 2267955 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2021-4 A21, 2.500%, 09/25/2051 | 1844725 | 0.1 |
| 5150998 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2021-6 B3, 2.794%, 12/25/2051 | 4096673 | 0.2 |
| 831183 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2022-3 A21, 3.000%, 05/25/2052 | 703657 | 0.0 |
| 651922 <sup>(2)</sup> | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 | 624290 | 0.0 |
| 1207383 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-1 B2, 3.603%, 02/25/2047 | 1131324 | 0.1 |
| 1024018 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2018-6 B1, 4.164%, 07/25/2048 | 973021 | 0.1 |
| 461204 <sup>(2)</sup> | Sequoia Mortgage Trust 2018-CH1 B2B, 4.427%, 03/25/2048 | 439718 | 0.0 |
| 1453589 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B2, 4.247%, 06/25/2049 | 1392817 | 0.1 |
| 1374498 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.247%, 06/25/2049 | 1284007 | 0.1 |
| 1853511 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B2, 3.712%, 12/25/2049 | 1693081 | 0.1 |
| 1854363 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-5 B3, 3.712%, 12/25/2049 | 1678562 | 0.1 |
| 692248 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH1 B2B, 4.911%, 03/25/2049 | 677700 | 0.0 |
| 15990 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | 15901 | 0.0 |
| 145997 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 | 137597 | 0.0 |
| 1768325 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.509%, 09/25/2049 | 1689631 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) |
| 167516 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-1 A1, 3.500%, 02/25/2050 | $152395 | 0.0 |
| 1340780 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.631%, 03/25/2050 | 1191190 | 0.1 |
| 522093 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-3 B3, 2.650%, 05/25/2051 | 424768 | 0.0 |
| 1155916 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-5 B3, 3.052%, 07/25/2051 | 956759 | 0.0 |
| 1024129 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2022-1 B3, 2.945%, 02/25/2052 | 849038 | 0.0 |
| 2285290 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-3 A19, 6.000%, 04/25/2054 | 2291823 | 0.1 |
| 1305244 <sup>(2)</sup> | Sequoia Mortgage Trust 2024-4 A19, 6.000%, 05/25/2054 | 1308976 | 0.1 |
| 1671587 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 | 1650204 | 0.1 |
| 1935717 <sup>(2)</sup> | Sequoia Mortgage Trust 2025-1 A19, 6.000%, 01/25/2055 | 1942510 | 0.1 |
| 2547495 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.631%, 10/25/2047 | 2349998 | 0.1 |
| 1921647 <sup>(1)(2)</sup> | Shellpoint Co-Originator Trust 2017-2 B2, 3.631%, 10/25/2047 | 1780493 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2022-2 M1, 4.200%, 02/25/2067 | 1564511 | 0.1 |
| 17807 <sup>(1)</sup> | Structured Adjustable Rate Mortgage Loan Trust Series 2005-4 3A1, 5.795%, 03/25/2035 | 16205 | 0.0 |
| 2866908 <sup>(1)(2)</sup> | Triangle Re Ltd. 2021-3 M1B, 7.240%, (SOFR30A + 2.900%), 02/25/2034 | 2889108 | 0.1 |
| 2361737 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.218%, 12/25/2051 | 1942887 | 0.1 |
| 52675785 <sup>(1)(3)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR1 X, 0.277%, 01/25/2045 | 529 | 0.0 |
| 20164527 <sup>(1)(3)</sup> | WaMu Mortgage Pass-Through Certificates 2005-AR2 X, 0.157%, 01/25/2045 | 203 | 0.0 |
| 9603 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 1A1, 4.756%, 10/25/2036 | 8770 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 50385 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR12 2A3, 4.182%, 10/25/2036 | $46182 | 0 |
| 245408 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2006-AR14 1A4, 4.218%, 11/25/2036 | 216398 | 0 |
| 62391 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY2 1A1, 4.313%, 12/25/2036 | 56450 | 0 |
| 316296 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates 2007-HY3 1A1, 3.884%, 03/25/2037 | 261914 | 0 |
| 510830 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 5.884%, 07/25/2034 | 479172 | 0 |
| 97079 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2004-AR4 A6, 6.208%, 06/25/2034 | 94619 | 0 |
| 63857 <sup>(1)</sup> | WaMu Mortgage Pass-Through Certificates Series Trust 2006-AR14 1A3, 4.218%, 11/25/2036 | 56308 | 0 |
| 351438 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-10 2A3, 5.335%, (TSFR1M + 1.014%), 11/25/2035 | 318629 | 0 |
| 417511 | Washington Mutual Mortgage Pass-Through Certificates WMALT 2005-5 CB3, 5.500%, 07/25/2035 | 387893 | 0 |
| 536636 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-5 2CB2, 5.035%, (TSFR1M + 0.714%), 07/25/2036 | 343285 | 0 |
| 1488698 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR5 3A, 5.575%, (12MTA + 0.940%), 07/25/2046 | 923237 | 0 |
| 605333 <sup>(1)</sup> | Washington Mutual Mortgage Pass-Through Certificates WMALT 2006-AR6 2A, 5.595%, (12MTA + 0.960%), 08/25/2046 | 335130 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |
| 372579 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-10 2A9, 6.000%, 11/25/2035 | $| 357763 | 0.0 |
| 81562 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust 2005-8 1A2, 5.500%, 10/25/2035 |  | 75189 | 0.0 |
| 17246 <sup>(1)</sup> | Wells Fargo Alternative Loan Trust 2007-PA2 2A1, 4.865%, (TSFR1M + 0.544%), 06/25/2037 |  | 14869 | 0.0 |
| 1222628 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.646%, 07/25/2047 |  | 1095171 | 0.1 |
| 276734 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2006-AR12 1A1, 7.582%, 09/25/2036 |  | 253476 | 0.0 |
| 63171 <sup>(1)</sup> | Wells Fargo Mortgage Backed Securities Trust 2007-AR7 A1, 6.679%, 12/28/2037 |  | 56384 | 0.0 |
| 1397978 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2019-4 B3, 3.512%, 09/25/2049 |  | 988064 | 0.1 |
| 1786551 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049 |  | 1559085 | 0.1 |
| 2607245 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-4 B2, 3.156%, 07/25/2050 |  | 2315534 | 0.1 |
| 1814965 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2021-1 B3, 2.700%, 12/25/2050 |  | 1381173 | 0.1 |
| 326121 <sup>(1)(2)</sup> | WinWater Mortgage Loan Trust 2015-5 B4, 3.753%, 08/20/2045 |  | 300471 | 0.0 |
|  | Total Collateralized Mortgage Obligations |  |  |  |
|  | (Cost $641,699,175) |  | **609359688** | **29.0** |
| **CORPORATE BONDS/NOTES: 18.7%** | **CORPORATE BONDS/NOTES: 18.7%** | **CORPORATE BONDS/NOTES: 18.7%** | **CORPORATE BONDS/NOTES: 18.7%** | **CORPORATE BONDS/NOTES: 18.7%** |
|  | **Basic Materials: 1.3%** | **Basic Materials: 1.3%** | **Basic Materials: 1.3%** | **Basic Materials: 1.3%** |
| 1500000 | AngloGold Ashanti Holdings PLC, 3.750%, 10/01/2030 |  | 1382340 | 0.1 |
| 1005000 <sup>(2)</sup> | Avient Corp., 6.250%, 11/01/2031 |  | 996396 | 0.1 |
| 600000 <sup>(2)(5)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 |  | 619550 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 150000 <sup>(2)(5)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | $137301 | 0.0 |
| 1650000 <sup>(2)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 1644959 | 0.1 |
| 700000 <sup>(2)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 651207 | 0.0 |
| 375000 <sup>(2)</sup> | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | 326769 | 0.0 |
| 450000 <sup>(2)</sup> | Cleveland-Cliffs, Inc., 6.875%, 11/01/2029 | 440806 | 0.0 |
| 875000 <sup>(2)(5)</sup> | Constellium SE, 5.625%, 06/15/2028 | 849463 | 0.0 |
| 1075000 <sup>(2)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | 1090588 | 0.1 |
| 1400000 <sup>(2)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 1446200 | 0.1 |
| 625000 <sup>(2)</sup> | Corp Nacional del Cobre de Chile, 6.440%, 01/26/2036 | 650313 | 0.0 |
| 1328000 <sup>(2)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 | 1371160 | 0.1 |
| 925000 <sup>(2)</sup> | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | 911866 | 0.0 |
| 948125 <sup>(2)</sup> | Innophos Holdings, Inc., 11.500%, 06/15/2029 | 970501 | 0.1 |
| 1650000 <sup>(2)(5)</sup> | Mativ Holdings, Inc., 8.000%, 10/01/2029 | 1424165 | 0.1 |
| 1650000 <sup>(2)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 1667612 | 0.1 |
| 1650000 <sup>(2)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 1721587 | 0.1 |
| 200000 <sup>(2)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 193529 | 0.0 |
| 600000 <sup>(2)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 522208 | 0.0 |
| 250000 <sup>(2)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 232887 | 0.0 |
| 675000 <sup>(2)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 629019 | 0.0 |
| 1775000 <sup>(2)</sup> | OCP SA, 6.750%, 05/02/2034 | 1826031 | 0.1 |
| 400000 <sup>(2)</sup> | Olympus Water US Holding Corp., 4.250%, 10/01/2028 | 370013 | 0.0 |
| 400000 <sup>(2)</sup> | Olympus Water US Holding Corp., 7.125%, 10/01/2027 | 400270 | 0.0 |
| 2025000 <sup>(2)</sup> | Sociedad Quimica y Minera de Chile SA, 5.500%, 09/10/2034 | 1966234 | 0.1 |
| 800000 <sup>(2)</sup> | SPCM SA, 3.125%, 03/15/2027 | 761099 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 1650000 <sup>(2)(5)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | $| 1412598 | 0.1 |
|  |  |  | **26616671** | **1.3** |
|  | **Communications: 2.2%** | **Communications: 2.2%** | **Communications: 2.2%** | **Communications: 2.2%** |
| 1500000 <sup>(2)</sup> | Altice Financing SA, 5.750%, 08/15/2029 |  | 1099355 | 0.1 |
| 800000 <sup>(2)</sup> | Arches Buyer, Inc., 6.125%, 12/01/2028 |  | 703615 | 0.0 |
| 2000000 <sup>(2)</sup> | C&W Senior Finance Ltd., 9.000%, 01/15/2033 |  | 1972500 | 0.1 |
| 800000 <sup>(2)</sup> | Cablevision Lightpath LLC, 5.625%, 09/15/2028 |  | 736468 | 0.0 |
| 1750000 <sup>(2)(5)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 |  | 1594560 | 0.1 |
| 1325000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 |  | 1151158 | 0.1 |
| 1000000 <sup>(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 |  | 971330 | 0.0 |
| 1025000 <sup>(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 |  | 1010362 | 0.0 |
| 300000 <sup>(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 |  | 299714 | 0.0 |
| 1650000 <sup>(2)</sup> | CommScope, Inc., 4.750%, 09/01/2029 |  | 1468994 | 0.1 |
| 1200000 <sup>(2)(5)</sup> | Connect Finco Sarl / Connect US Finco LLC, 9.000%, 09/15/2029 |  | 1095575 | 0.1 |
| 2110000 <sup>(2)</sup> | CSC Holdings LLC, 5.500%, 04/15/2027 |  | 1955416 | 0.1 |
| 1650000 <sup>(2)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.000%, 02/15/2031 |  | 1585733 | 0.1 |
| 1300000 <sup>(2)</sup> | DISH Network Corp., 11.750%, 11/15/2027 |  | 1369812 | 0.1 |
| 675000 <sup>(2)</sup> | GCI LLC, 4.750%, 10/15/2028 |  | 623231 | 0.0 |
| 715000 <sup>(2)</sup> | Gray Escrow II, Inc., 5.375%, 11/15/2031 |  | 447255 | 0.0 |
| 1500000 <sup>(5)</sup> | Lamar Media Corp., 4.000%, 02/15/2030 |  | 1390668 | 0.1 |
| 1150000 <sup>(2)</sup> | Level 3 Financing, Inc., 4.000%, 04/15/2031 |  | 868250 | 0.0 |
| 1175000 <sup>(2)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 |  | 1264880 | 0.1 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 1200000 <sup>(2)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | $| 1152566 | 0.1 |
| 1050000 <sup>(2)</sup> | McGraw-Hill Education, Inc., 8.000%, 08/01/2029 |  | 1033886 | 0.0 |
| 1651000 | Meta Platforms, Inc., 4.750%, 08/15/2034 |  | 1639894 | 0.1 |
| 3236000 | Meta Platforms, Inc., 5.400%, 08/15/2054 |  | 3172952 | 0.1 |
| 3236000 | Meta Platforms, Inc., 5.550%, 08/15/2064 |  | 3186412 | 0.2 |
| 675000 <sup>(2)(5)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 |  | 617848 | 0.0 |
| 865000 <sup>(1)</sup> | Paramount Global, 6.375%, 03/30/2062 |  | 844557 | 0.0 |
| 1000000 <sup>(2)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 |  | 987429 | 0.0 |
| 1875000 <sup>(2)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |  | 1833486 | 0.1 |
| 4101000 | Sprint Capital Corp., 6.875%, 11/15/2028 |  | 4379506 | 0.2 |
| 850000 <sup>(2)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 |  | 810329 | 0.0 |
| 1200000 <sup>(2)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 |  | 1191058 | 0.1 |
| 425000 <sup>(2)(5)</sup> | Viasat, Inc., 7.500%, 05/30/2031 |  | 321458 | 0.0 |
| 1500000 <sup>(2)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 |  | 1528601 | 0.1 |
| 1520000 <sup>(2)</sup> | Zayo Group Holdings, Inc., 6.125%, 03/01/2028 |  | 1266262 | 0.1 |
|  |  |  | **45575120** | **2.2** |
|  | **Consumer, Cyclical: 2.6%** | **Consumer, Cyclical: 2.6%** | **Consumer, Cyclical: 2.6%** | **Consumer, Cyclical: 2.6%** |
| 800000 <sup>(2)</sup> | 1011778 BC ULC / New Red Finance, Inc., 4.000%, 10/15/2030 |  | 724696 | 0.0 |
| 1200000 <sup>(2)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 |  | 1208746 | 0.1 |
| 300000 <sup>(2)(5)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 |  | 291035 | 0.0 |
| 275000 <sup>(2)</sup> | Allison Transmission, Inc., 3.750%, 01/30/2031 |  | 244722 | 0.0 |
| 625000 <sup>(2)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 |  | 623090 | 0.0 |
| 775000 <sup>(2)(5)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 |  | 771596 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 104167 <sup>(2)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | $103960 | 0.0 |
| 525000 | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 | 505929 | 0.0 |
| 475000 <sup>(5)</sup> | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | 444805 | 0.0 |
| 925000 <sup>(2)(5)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | 850937 | 0.1 |
| 900000 <sup>(2)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | 912892 | 0.1 |
| 525000 <sup>(2)</sup> | Carnival Corp., 4.000%, 08/01/2028 | 502609 | 0.0 |
| 1325000 <sup>(2)</sup> | Carnival Corp., 6.000%, 05/01/2029 | 1316548 | 0.1 |
| 1298149 <sup>(2)(6)</sup> | Carvana Co., 9.000% (PIK Rate 12.000%, Cash Rate 9.000%), 12/01/2028 | 1338284 | 0.1 |
| 900000 <sup>(2)</sup> | CCM Merger, Inc., 6.375%, 05/01/2026 | 901977 | 0.1 |
| 1000000 <sup>(2)(5)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | 913750 | 0.1 |
| 108782 <sup>(2)</sup> | Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.750%, 10/20/2028 | 108364 | 0.0 |
| 700000 <sup>(2)</sup> | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | 724065 | 0.0 |
| 1500000 <sup>(2)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 1662462 | 0.1 |
| 530000 <sup>(2)</sup> | El Puerto de Liverpool SAB de CV, 6.255%, 01/22/2032 | 539932 | 0.0 |
| 630000 <sup>(2)</sup> | El Puerto de Liverpool SAB de CV, 6.658%, 01/22/2037 | 640827 | 0.0 |
| 1400000 | Ford Motor Credit Co. LLC, 2.700%, 08/10/2026 | 1350451 | 0.1 |
| 1250000 | Ford Motor Credit Co. LLC, 4.125%, 08/17/2027 | 1207893 | 0.1 |
| 725000 <sup>(2)</sup> | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | 592625 | 0.0 |
| 225000 <sup>(2)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 203236 | 0.0 |
| 600000 <sup>(2)(5)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 518282 | 0.0 |
| 605000 <sup>(2)</sup> | Gates Corp., 6.875%, 07/01/2029 | 616237 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 3693000 | General Motors Financial Co., Inc., 5.550%, 07/15/2029 | $3723621 | 0.2 |
| 815000 <sup>(2)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 818788 | 0.0 |
| 1650000 <sup>(2)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 03/15/2033 | 1635311 | 0.1 |
| 4125000 <sup>(2)</sup> | Hyundai Capital America, 6.100%, 09/21/2028 | 4277010 | 0.2 |
| 650000 <sup>(2)</sup> | Installed Building Products, Inc., 5.750%, 02/01/2028 | 642284 | 0.0 |
| 725000 <sup>(2)</sup> | Interface, Inc., 5.500%, 12/01/2028 | 706654 | 0.0 |
| 200000 <sup>(2)</sup> | International Game Technology PLC, 4.125%, 04/15/2026 | 197645 | 0.0 |
| 900000 <sup>(2)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 880249 | 0.1 |
| 1575000 <sup>(2)</sup> | LG Energy Solution Ltd., 5.875%, 04/02/2035 | 1570527 | 0.1 |
| 725000 <sup>(2)(5)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 | 657414 | 0.0 |
| 225000 | M/I Homes, Inc., 3.950%, 02/15/2030 | 205860 | 0.0 |
| 525000 | M/I Homes, Inc., 4.950%, 02/01/2028 | 509995 | 0.0 |
| 325000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 260330 | 0.0 |
| 875000 <sup>(2)(5)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 801143 | 0.0 |
| 400000 | MGM Resorts International, 4.625%, 09/01/2026 | 395697 | 0.0 |
| 400000 <sup>(5)</sup> | MGM Resorts International, 4.750%, 10/15/2028 | 385414 | 0.0 |
| 225000 <sup>(5)</sup> | MGM Resorts International, 6.500%, 04/15/2032 | 220854 | 0.0 |
| 1225000 <sup>(2)</sup> | Michaels Cos., Inc., 5.250%, 05/01/2028 | 847085 | 0.1 |
| 650000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 622591 | 0.0 |
| 200000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 199369 | 0.0 |
| 35000 <sup>(2)</sup> | NCL Corp. Ltd., 5.875%, 03/15/2026 | 34948 | 0.0 |
| 1650000 <sup>(2)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 1631021 | 0.1 |
| 165000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 166127 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 700000 <sup>(2)</sup> | Raising Cane's Restaurants LLC, 9.375%, 05/01/2029 | $744542 | 0.0 |
| 1935000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | 1928676 | 0.1 |
| 430000 <sup>(2)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 | 422532 | 0.0 |
| 825000 <sup>(5)</sup> | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 827567 | 0.1 |
| 750000 <sup>(2)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 708092 | 0.0 |
| 800000 <sup>(2)</sup> | Scientific Games International, Inc., 7.000%, 05/15/2028 | 800175 | 0.0 |
| 351455 <sup>(2)</sup> | Staples, Inc., 12.750%, 01/15/2030 | 238484 | 0.0 |
| 955000 <sup>(2)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 | 915417 | 0.1 |
| 625000 <sup>(2)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 549453 | 0.0 |
| 150000 <sup>(2)(5)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 139453 | 0.0 |
| 450000 <sup>(2)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 | 443191 | 0.0 |
| 1520000 <sup>(2)(5)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 1330854 | 0.1 |
| 1525000 <sup>(2)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 | 1518236 | 0.1 |
| 225000 <sup>(2)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 | 225902 | 0.0 |
| 750000 <sup>(2)(5)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 | 657968 | 0.0 |
| 875000 <sup>(2)</sup> | William Carter Co., 5.625%, 03/15/2027 | 870558 | 0.1 |
| 950000 <sup>(2)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 | 940655 | 0.1 |
| 450000 <sup>(2)</sup> | ZF North America Capital, Inc., 4.750%, 04/29/2025 | 448970 | 0.0 |
| 440000 <sup>(2)</sup> | ZF North America Capital, Inc., 6.875%, 04/14/2028 | 432725 | 0.0 |
|  |  | **55353337** | **2.6** |
|  | **Consumer, Non-cyclical: 2.4%** |  |  |
| 700000 <sup>(2)</sup> | 1375209 BC Ltd., 9.000%, 01/30/2028 | 699895 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 850000 <sup>(2)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 | $827865 | 0.0 |
| 550000 <sup>(2)</sup> | AHP Health Partners, Inc., 5.750%, 07/15/2029 | 510966 | 0.0 |
| 525000 <sup>(2)(5)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 | 483718 | 0.0 |
| 575000 <sup>(2)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | 575352 | 0.0 |
| 600000 <sup>(2)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.250%, 03/15/2033 | 606413 | 0.0 |
| 725000 <sup>(2)(5)</sup> | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | 635091 | 0.0 |
| 375000 <sup>(2)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 347821 | 0.0 |
| 425000 <sup>(2)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 397105 | 0.0 |
| 650000 <sup>(2)</sup> | Bausch & Lomb Escrow Corp., 8.375%, 10/01/2028 | 675187 | 0.0 |
| 750000 <sup>(2)</sup> | Bausch Health Cos., Inc., 4.875%, 06/01/2028 | 606495 | 0.0 |
| 565000 <sup>(2)</sup> | Bausch Health Cos., Inc., 6.125%, 02/01/2027 | 573263 | 0.0 |
| 1370000 <sup>(2)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 1361711 | 0.1 |
| 310000 <sup>(2)</sup> | Brink's Co., 6.500%, 06/15/2029 | 314567 | 0.0 |
| 310000 <sup>(2)</sup> | Brink's Co., 6.750%, 06/15/2032 | 314629 | 0.0 |
| 1000000 <sup>(2)(5)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 895796 | 0.1 |
| 1255000 <sup>(2)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 1036918 | 0.1 |
| 910000 <sup>(2)(5)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 837353 | 0.0 |
| 2589000 | Coca-Cola Co., 5.200%, 01/14/2055 | 2496929 | 0.1 |
| 750000 <sup>(2)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 799081 | 0.0 |
| 275000 <sup>(2)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | 239653 | 0.0 |
| 1100000 <sup>(2)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 1013531 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 1650000 <sup>(2)</sup> | Embecta Corp., 5.000%, 02/15/2030 | $1478958 | 0.1 |
| 1025000 <sup>(5)</sup> | Encompass Health Corp., 4.750%, 02/01/2030 | 986842 | 0.1 |
| 750000 <sup>(2)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 775066 | 0.0 |
| 225000 <sup>(2)</sup> | Fiesta Purchaser, Inc., 9.625%, 09/15/2032 | 231780 | 0.0 |
| 650000 <sup>(2)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 650578 | 0.0 |
| 1240000 <sup>(2)(5)</sup> | Grifols SA, 4.750%, 10/15/2028 | 1146551 | 0.1 |
| 460000 <sup>(2)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 467891 | 0.0 |
| 1000000 <sup>(2)(5)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | 950898 | 0.1 |
| 200000 <sup>(2)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 201564 | 0.0 |
| 1000000 <sup>(2)</sup> | LifePoint Health, Inc., 10.000%, 06/01/2032 | 955160 | 0.1 |
| 800000 <sup>(2)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 748335 | 0.0 |
| 700000 <sup>(2)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 672184 | 0.0 |
| 1000000 | Minerva Luxembourg SA, 4.375%, 03/18/2031 | 878450 | 0.1 |
| 1600000 <sup>(2)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 | 1703520 | 0.1 |
| 750000 <sup>(2)</sup> | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | 693263 | 0.0 |
| 400000 | New Albertsons L.P., 7.450%, 08/01/2029 | 416394 | 0.0 |
| 1100000 <sup>(2)(5)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 959942 | 0.1 |
| 975000 <sup>(5)</sup> | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 960599 | 0.1 |
| 675000 <sup>(2)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 631151 | 0.0 |
| 935000 <sup>(2)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 922904 | 0.1 |
| 190000 <sup>(2)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 187305 | 0.0 |
| 1100000 <sup>(2)(5)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028 | 1101672 | 0.1 |
| 760000 <sup>(2)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 728004 | 0.0 |
| 1800000 <sup>(2)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 1752415 | 0.1 |
| 1650000 <sup>(2)(5)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 1609474 | 0.1 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 1650000 <sup>(5)</sup> | Service Corp. International, 5.750%, 10/15/2032 | $1623577 | 0.1 |
| 1650000 <sup>(2)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | 1531740 | 0.1 |
| 530000 <sup>(2)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 539477 | 0.0 |
| 700000 <sup>(2)(5)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | 690834 | 0.0 |
| 825000 <sup>(2)</sup> | Surgery Center Holdings, Inc., 7.250%, 04/15/2032 | 816860 | 0.0 |
| 640000 <sup>(2)</sup> | Teleflex, Inc., 4.250%, 06/01/2028 | 610962 | 0.0 |
| 275000 | Tenet Healthcare Corp., 4.250%, 06/01/2029 | 259350 | 0.0 |
| 650000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 640964 | 0.0 |
| 1015000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 1011576 | 0.1 |
| 1000000 <sup>(2)</sup> | United Natural Foods, Inc., 6.750%, 10/15/2028 | 989011 | 0.1 |
| 275000 <sup>(5)</sup> | United Rentals North America, Inc., 3.750%, 01/15/2032 | 243124 | 0.0 |
| 700000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 688586 | 0.0 |
| 575000 <sup>(2)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 | 576078 | 0.0 |
| 1460000 <sup>(2)</sup> | US Foods, Inc., 5.750%, 04/15/2033 | 1423961 | 0.1 |
| 1650000 <sup>(2)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 1669090 | 0.1 |
|  |  | **51375429** | **2.4** |
|  | **Energy: 2.4%** |  |  |
| 500000 <sup>(2)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | 489080 | 0.0 |
| 700000 <sup>(2)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 | 698409 | 0.0 |
| 635000 <sup>(2)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 636011 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  | |
|  | **Energy: (continued)** |  | |
| 108000 <sup>(2)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | $108133 | 0.0 |
| 850000 <sup>(2)(5)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | 830156 | 0.1 |
| 825000 <sup>(2)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 838714 | 0.1 |
| 310000 | Cenovus Energy, Inc., 5.250%, 06/15/2037 | 298085 | 0.0 |
| 800000 <sup>(2)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 792006 | 0.0 |
| 475000 <sup>(2)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | 476368 | 0.0 |
| 550000 <sup>(2)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 570332 | 0.0 |
| 162000 | Devon Energy Corp., 4.500%, 01/15/2030 | 159183 | 0.0 |
| 275000 <sup>(2)</sup> | DT Midstream, Inc., 4.125%, 06/15/2029 | 259062 | 0.0 |
| 475000 <sup>(2)</sup> | DT Midstream, Inc., 4.375%, 06/15/2031 | 437343 | 0.0 |
| 820000 <sup>(2)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | 836078 | 0.1 |
| 1300000 | Ecopetrol SA, 6.875%, 04/29/2030 | 1289470 | 0.1 |
| 1985000 | Ecopetrol SA, 7.750%, 02/01/2032 | 1949270 | 0.1 |
| 1030000 | Ecopetrol SA, 8.375%, 01/19/2036 | 1007185 | 0.1 |
| 694850 <sup>(2)</sup> | EIG Pearl Holdings Sarl, 3.545%, 08/31/2036 | 612554 | 0.0 |
| 900000 <sup>(2)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 915554 | 0.1 |
| 743000 <sup>(2)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 | 762944 | 0.0 |
| 2725000 <sup>(1)</sup> | Energy Transfer L.P. G, 7.125%, 12/31/2199 | 2764163 | 0.1 |
| 1200000 | EnLink Midstream LLC, 5.375%, 06/01/2029 | 1218970 | 0.1 |
| 1200000 <sup>(2)</sup> | EQM Midstream Partners L.P., 4.750%, 01/15/2031 | 1154690 | 0.1 |
| 675000 <sup>(2)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 694424 | 0.0 |
| 400000 <sup>(2)</sup> | Greensaif Pipelines Bidco Sarl, 6.129%,02/23/2038 | 411126 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 725000 <sup>(2)</sup> | Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042 | $758758 | 0.0 |
| 425000 <sup>(2)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 5.750%, 02/01/2029 | 410969 | 0.0 |
| 450000 <sup>(2)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | 428445 | 0.0 |
| 450000 <sup>(2)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | 420973 | 0.0 |
| 1690000 <sup>(2)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 1732756 | 0.1 |
| 1575000 <sup>(2)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033 | 1762819 | 0.1 |
| 775000 <sup>(2)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 767489 | 0.0 |
| 775000 <sup>(2)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 790618 | 0.0 |
| 200000 <sup>(2)</sup> | Matador Resources Co., 6.500%, 04/15/2032 | 198370 | 0.0 |
| 1000000 <sup>(5)</sup> | Medco Maple Tree Pte Ltd., 8.960%, 04/27/2029 | 1031000 | 0.1 |
| 785000 <sup>(2)</sup> | Moss Creek Resources Holdings, Inc., 8.250%, 09/01/2031 | 766210 | 0.0 |
| 1500000 <sup>(2)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 1515234 | 0.1 |
| 875000 <sup>(2)</sup> | ORLEN SA, 6.000%, 01/30/2035 | 896875 | 0.1 |
| 825000 <sup>(2)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 | 814826 | 0.0 |
| 300000 <sup>(2)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 299049 | 0.0 |
| 1000000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 752000 | 0.0 |
| 3300000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 3222120 | 0.2 |
| 1475000 <sup>(2)</sup> | Pluspetrol Camisea SA / Pluspetrol Lote 56 SA, 6.240%, 07/03/2036 | 1515009 | 0.1 |
| 1400000 <sup>(2)</sup> | Raizen Fuels Finance SA, 5.700%, 01/17/2035 | 1330210 | 0.1 |
| 1450000 <sup>(2)</sup> | Raizen Fuels Finance SA, 6.700%, 02/25/2037 | 1451523 | 0.1 |
| 1500000 <sup>(2)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 1532028 | 0.1 |
| 225000 <sup>(2)</sup> | Sunoco L.P., 7.000%, 05/01/2029 | 230360 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 315000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | $| 298598 | 0.0 |
| 690000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 |  | 645796 | 0.0 |
| 1555000 <sup>(2)</sup> | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 6.000%, 03/01/2027 |  | 1547854 | 0.1 |
| 375000 <sup>(2)</sup> | Talos Production, Inc., 9.000%, 02/01/2029 |  | 385679 | 0.0 |
| 500000 <sup>(2)</sup> | Talos Production, Inc., 9.375%, 02/01/2031 |  | 509210 | 0.0 |
| 393750 <sup>(2)</sup> | Transocean Poseidon Ltd., 6.875%, 02/01/2027 |  | 391627 | 0.0 |
| 108571 <sup>(2)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 |  | 110990 | 0.0 |
| 800000 <sup>(2)</sup> | Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031 |  | 727448 | 0.0 |
| 920000 <sup>(2)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 |  | 907031 | 0.1 |
| 875000 <sup>(2)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 |  | 894649 | 0.1 |
| 775000 <sup>(2)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 |  | 786552 | 0.0 |
|  |  |  | **50042385** | **2.4** |
|  | **Financial: 4.3%** | **Financial: 4.3%** | **Financial: 4.3%** | **Financial: 4.3%** |
| 390000 <sup>(2)</sup> | Acrisure LLC / Acrisure Finance, Inc., 6.000%, 08/01/2029 |  | 374121 | 0.0 |
| 745000 <sup>(2)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 |  | 758451 | 0.0 |
| 355000 <sup>(2)</sup> | Acrisure LLC / Acrisure Finance, Inc., 8.500%, 06/15/2029 |  | 370098 | 0.0 |
| 760000 <sup>(2)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 |  | 747030 | 0.0 |
| 800000 <sup>(2)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 7.375%, 10/01/2032 |  | 804514 | 0.1 |
| 425000 | Ally Financial, Inc., 5.750%, 11/20/2025 |  | 426316 | 0.0 |
| 350000 <sup>(5)</sup> | Ally Financial, Inc., 6.700%, 02/14/2033 |  | 350267 | 0.0 |
| 4125000 <sup>(1)</sup> | American Express Co., 5.282%, 07/27/2029 |  | 4209789 | 0.2 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 800000 <sup>(2)</sup> | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | $786370 | 0.0 |
| 984000 <sup>(1)(2)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 | 1033569 | 0.1 |
| 1300000 <sup>(2)</sup> | Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 | 1319084 | 0.1 |
| 3000000 <sup>(1)</sup> | Bank of America Corp., MTN, 3.384%, 04/02/2026 | 2999850 | 0.2 |
| 825000 <sup>(2)</sup> | BroadStreet Partners, Inc., 5.875%, 04/15/2029 | 793679 | 0.0 |
| 625000 <sup>(2)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 617838 | 0.0 |
| 4125000 | Crown Castle, Inc., 5.600%, 06/01/2029 | 4216941 | 0.2 |
| 835000 <sup>(2)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 824254 | 0.1 |
| 430000 <sup>(2)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 474149 | 0.0 |
| 740000 <sup>(2)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 723679 | 0.0 |
| 175000 <sup>(2)</sup> | Freedom Mortgage Holdings LLC, 9.125%, 05/15/2031 | 176324 | 0.0 |
| 1000 <sup>(1)</sup> | Goldman Sachs Group, Inc., 5.016%, 10/23/2035 | 973 | 0.0 |
| 8251000 <sup>(1)</sup> | Goldman Sachs Group, Inc., 5.727%, 04/25/2030 | 8513877 | 0.4 |
| 1650000 <sup>(2)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 1640507 | 0.1 |
| 1550000 <sup>(2)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 1487616 | 0.1 |
| 1460000 <sup>(2)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | 1437637 | 0.1 |
| 2000000 <sup>(1)</sup> | JPMorgan Chase & Co., 2.083%, 04/22/2026 | 1996760 | 0.1 |
| 198000 (1) | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 196675 | 0.0 |
| 8251000 <sup>(1)</sup> | JPMorgan Chase & Co., 5.571%, 04/22/2028 | 8416814 | 0.4 |
| 200000 <sup>(2)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | 194931 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal <br> Amount†** | | **Value** | **Percentage <br> of Net<br> Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 675000 <sup>(2)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | $643327 | 0.0 |
| 4125000 <sup>(2)</sup> | Met Tower Global Funding, 5.250%, 04/12/2029 | 4224650 | 0.2 |
| 400000 <sup>(2)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 363316 | 0.0 |
| 515000 <sup>(2)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 496930 | 0.0 |
| 4020000 <sup>(1)</sup> | Mitsubishi UFJ Financial Group, Inc., 5.197%, 01/16/2031 | 4083349 | 0.2 |
| 2000000 <sup>(1)</sup> | Morgan Stanley, 0.985%, 12/10/2026 | 1950846 | 0.1 |
| 2000000 <sup>(1)</sup> | Morgan Stanley, 2.188%, 04/28/2026 | 1996071 | 0.1 |
| 2500000 <sup>(1)</sup> | Morgan Stanley, 4.679%, 07/17/2026 | 2499588 | 0.1 |
| 7000 <sup>(1)</sup> | Morgan Stanley, 5.587%, 01/18/2036 | 7152 | 0.0 |
| 7000 <sup>(1)</sup> | Morgan Stanley, 5.831%, 04/19/2035 | 7257 | 0.0 |
| 16000 <sup>(1)</sup> | Morgan Stanley, 6.627%, 11/01/2034 | 17458 | 0.0 |
| 61000 <sup>(1)</sup> | Morgan Stanley, MTN, 5.424%, 07/21/2034 | 61731 | 0.0 |
| 675000 | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029 | 515354 | 0.0 |
| 825000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 746380 | 0.0 |
| 575000 <sup>(2)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 573059 | 0.0 |
| 875000 <sup>(2)</sup> | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | 877132 | 0.1 |
| 350000 | Navient Corp., 5.000%, 03/15/2027 | 342775 | 0.0 |
| 250000 | Navient Corp., 6.750%, 06/25/2025 | 250367 | 0.0 |
| 800000 <sup>(5)</sup> | OneMain Finance Corp., 5.375%, 11/15/2029 | 761720 | 0.0 |
| 325000 | OneMain Finance Corp., 7.125%, 03/15/2026 | 329971 | 0.0 |
| 825000 <sup>(2)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 841154 | 0.1 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 850000 <sup>(2)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | $| 857007 | 0.1 |
| 1650000 <sup>(2)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 |  | 1641750 | 0.1 |
| 720000 <sup>(2)</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.875%, 11/01/2029 |  | 695534 | 0.0 |
| 23000 <sup>(1)</sup> | PNC Financial Services Group, Inc., 6.037%, 10/28/2033 |  | 24156 | 0.0 |
| 600000 <sup>(2)(5)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 |  | 553203 | 0.0 |
| 925000 <sup>(2)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 |  | 947847 | 0.1 |
| 975000 <sup>(2)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 |  | 963839 | 0.1 |
| 2242000 | Sumitomo Mitsui Financial Group, Inc., 3.040%, 07/16/2029 |  | 2097420 | 0.1 |
| 2060000 | Sumitomo Mitsui Financial Group, Inc., 5.316%, 07/09/2029 |  | 2107130 | 0.1 |
| 770000 <sup>(2)</sup> | Trust Fibra Uno, 7.700%, 01/23/2032 |  | 796931 | 0.1 |
| 760000 <sup>(2)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 |  | 781479 | 0.0 |
| 2000000 <sup>(1)</sup> | Wells Fargo & Co., MTN, 4.540%, 08/15/2026 |  | 1999224 | 0.1 |
| 8251000 <sup>(1)</sup> | Wells Fargo & Co., MTN, 5.707%, 04/22/2028 |  | 8432223 | 0.4 |
|  |  |  | **89379443** | **4.3** |
|  | **Industrial: 2.1%** | **Industrial: 2.1%** | **Industrial: 2.1%** | **Industrial: 2.1%** |
| 650000 <sup>(2)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 |  | 661124 | 0.0 |
| 1400000 <sup>(2)</sup> | Aeropuertos Dominicanos Siglo XXI SA, 7.000%, 06/30/2034 |  | 1410696 | 0.1 |
| 1500000 <sup>(2)(5)</sup> | Ambipar Lux Sarl, 10.875%, 02/05/2033 |  | 1536750 | 0.1 |
| 1590000 <sup>(2)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 |  | 1583393 | 0.1 |
| 910000 <sup>(2)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 |  | 923331 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 800000 <sup>(2)</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029 | $682304 | 0.0 |
| 4190000 <sup>(2)</sup> | BAE Systems PLC, 5.125%, 03/26/2029 | 4256039 | 0.2 |
| 475000 <sup>(2)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 | 487549 | 0.0 |
| 216000 <sup>(2)</sup> | Bombardier, Inc., 7.875%, 04/15/2027 | 216953 | 0.0 |
| 200000 <sup>(2)(5)</sup> | Bombardier, Inc., 8.750%, 11/15/2030 | 211110 | 0.0 |
| 625000 <sup>(2)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032 | 595817 | 0.0 |
| 150000 <sup>(2)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | 148783 | 0.0 |
| 775000 <sup>(2)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 751799 | 0.0 |
| 725000 <sup>(2)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 733527 | 0.0 |
| 1650000 <sup>(2)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 1662751 | 0.1 |
| 1650000 <sup>(2)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 1652794 | 0.1 |
| 1584000 <sup>(2)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | 1515300 | 0.1 |
| 750000 <sup>(2)</sup> | GFL Environmental, Inc., 4.000%, 08/01/2028 | 713582 | 0.0 |
| 450000 <sup>(2)(5)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 424877 | 0.0 |
| 325000 <sup>(2)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 313320 | 0.0 |
| 350000 <sup>(2)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | 345768 | 0.0 |
| 1025000 <sup>(2)</sup> | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | 1001907 | 0.1 |
| 975000 <sup>(2)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 926730 | 0.1 |
| 675000 <sup>(2)</sup> | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | 657358 | 0.0 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 1750000 <sup>(2)</sup> | Kingston Airport Revenue Finance Ltd., 6.750%, 12/15/2036 | $| 1765837 | 0.1 |
| 875000 <sup>(2)</sup> | Madison IAQ LLC, 5.875%, 06/30/2029 |  | 827449 | 0.0 |
| 1520000 <sup>(2)</sup> | Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.500%, 04/15/2030 |  | 1366404 | 0.1 |
| 1150000 <sup>(2)(5)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 |  | 1124125 | 0.1 |
| 1030000 | Park-Ohio Industries, Inc., 6.625%, 04/15/2027 |  | 997013 | 0.1 |
| 4125000 <sup>(2)</sup> | Penske Truck Leasing Co. L.P. / PTL Finance Corp., 5.350%, 03/30/2029 |  | 4206760 | 0.2 |
| 1670000 <sup>(2)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 |  | 1681966 | 0.1 |
| 400000 <sup>(2)</sup> | Rolls-Royce PLC, 3.625%, 10/14/2025 |  | 398565 | 0.0 |
| 725000 <sup>(2)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 |  | 698505 | 0.0 |
| 425000 <sup>(2)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 |  | 425890 | 0.0 |
| 875000 <sup>(2)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 |  | 765136 | 0.0 |
| 660000 <sup>(2)</sup> | Sitios Latinoamerica SAB de CV, 6.000%, 11/25/2029 |  | 666976 | 0.0 |
| 900000 <sup>(2)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 |  | 933368 | 0.1 |
| 675000 <sup>(2)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 |  | 587443 | 0.0 |
| 425000 <sup>(2)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 |  | 392496 | 0.0 |
| 955000 <sup>(2)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 |  | 941040 | 0.1 |
| 550000 <sup>(2)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 |  | 557697 | 0.0 |
| 1075000 <sup>(2)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 |  | 1081315 | 0.1 |
| 650000 <sup>(2)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 |  | 617458 | 0.0 |
| 1005000 <sup>(2)</sup> | Wilsonart LLC, 11.000%, 08/15/2032 |  | 923681 | 0.1 |
|  |  |  | **44372686** | **2.1** |
|  | **Technology: 0.3%** | **Technology: 0.3%** | **Technology: 0.3%** | **Technology: 0.3%** |
| 800000 <sup>(2)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 |  | 787810 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 810000 <sup>(2)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | $| 787972 | 0.1 |
| 500000 <sup>(2)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 |  | 498034 | 0.0 |
| 350000 <sup>(2)</sup> | Entegris, Inc., 3.625%, 05/01/2029 |  | 322067 | 0.0 |
| 700000 <sup>(2)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 |  | 706542 | 0.0 |
| 400000 <sup>(2)</sup> | Open Text Corp., 3.875%, 12/01/2029 |  | 364360 | 0.0 |
| 800000 <sup>(2)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 |  | 730526 | 0.0 |
| 790000 <sup>(2)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 |  | 696524 | 0.0 |
| 850000 <sup>(2)</sup> | Rocket Software, Inc., 6.500%, 02/15/2029 |  | 802177 | 0.1 |
| 825000 <sup>(2)</sup> | UKG, Inc., 6.875%, 02/01/2031 |  | 837518 | 0.1 |
|  |  |  | **6533530** | **0.3** |
|  | **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** | **Utilities: 1.1%** |
| 379267 | AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 |  | 339823 | 0.0 |
| 1256321 <sup>(2)</sup> | AES Panama Generation Holdings SRL, 4.375%, 05/31/2030 |  | 1125664 | 0.1 |
| 1500000 <sup>(2)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 |  | 1502129 | 0.1 |
| 475000 <sup>(2)</sup> | Calpine Corp., 4.500%, 02/15/2028 |  | 460869 | 0.0 |
| 400000 <sup>(2)</sup> | Calpine Corp., 5.000%, 02/01/2031 |  | 382211 | 0.0 |
| 650000 <sup>(2)</sup> | Calpine Corp., 5.125%, 03/15/2028 |  | 640126 | 0.0 |
| 1100000 <sup>(2)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 |  | 1100220 | 0.1 |
| 1225000 <sup>(2)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 |  | 1203660 | 0.1 |
| 1700000 <sup>(2)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 |  | 1640500 | 0.1 |
| 800000 <sup>(2)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 |  | 824328 | 0.1 |
| 3681000 <sup>(1)</sup> | National Rural Utilities Cooperative Finance Corp., 7.459%, (TSFR3M + 3.172%), 04/30/2043 |  | 3684687 | 0.2 |
| 2875000 <sup>(1)</sup> | NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079 |  | 2822011 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** | **Utilities: (continued)** |
| 1950000 <sup>(2)</sup> | Niagara Energy SAC, 5.746%, 10/03/2034 | $| 1934644 | 0.1 |
| 710000 <sup>(2)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 |  | 691456 | 0.0 |
| 770000 <sup>(2)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 |  | 758673 | 0.0 |
| 2950000 | South Jersey Industries, Inc., 5.020%, 04/15/2031 |  | 2505808 | 0.1 |
| 475000 <sup>(2)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 |  | 451462 | 0.0 |
| 750000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |  | 750097 | 0.0 |
| 350000 <sup>(2)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 348973 | 0.0 |
| 475000 <sup>(2)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 |  | 497864 | 0.0 |
|  |  |  | **23665205** | **1.1** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $394,137,322) |  | **392913806** | **18.7** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 17.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 17.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 17.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 17.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 17.9%** |
| 5000000 <sup>(1)(2)</sup> | Acrec 2025 Fl 3 LLC 2025-FL3 A, 5.626%, (TSFR1M + 1.310%), 08/18/2042 |  | 5003787 | 0.2 |
| 1971929 <sup>(1)(2)</sup> | AREIT LLC 2023-CRE8 A, 6.431%, (TSFR1M + 2.112%), 08/17/2041 |  | 1979628 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | AREIT Ltd. 2025-CRE10 A, 5.707%, (TSFR1M + 1.388%), 12/17/2029 |  | 5001421 | 0.2 |
| 3500000 <sup>(1)(2)</sup> | ARES1 2024-IND2 A, 5.762%, (TSFR1M + 1.443%), 10/15/2034 |  | 3496531 | 0.2 |
| 1500000 <sup>(2)</sup> | ARZ Trust 2024-BILT C, 6.361%, 06/11/2029 |  | 1522766 | 0.1 |
| 1600000 <sup>(2)</sup> | Atrium Hotel Portfolio Trust 2024-ATRM A, 5.049%, 11/10/2029 |  | 1600991 | 0.1 |
| 3400000 <sup>(2)</sup> | Atrium Hotel Portfolio Trust 2024-ATRM B, 5.501%, 11/10/2029 |  | 3449754 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR A, 5.574%, 12/10/2041 |  | 2539904 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR B, 6.385%, 12/10/2041 |  | 2595062 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF A, 6.170%, (TSFR1M + 1.850%), 02/15/2042 |  | 1996680 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF B, 6.670%, (TSFR1M + 2.350%), 02/15/2042 | $998854 | 0.1 |
| 685000 <sup>(1)</sup> | BANK 2017-BNK4 C, 4.372%, 05/15/2050 | 594623 | 0 |
| 5320000 <sup>(1)(2)(3)</sup> | BANK 2017-BNK4 XE, 1.472%, 05/15/2050 | 134214 | 0 |
| 16600000 <sup>(1)(2)(3)</sup> | BANK 2017-BNK6 XE, 1.500%, 07/15/2060 | 465012 | 0 |
| 9309998 <sup>(1)(3)</sup> | BANK 2019-BN16 XA, 0.931%, 02/15/2052 | 252859 | 0 |
| 48228404 <sup>(1)(3)</sup> | BANK 2019-BN17 XA, 0.998%, 04/15/2052 | 1571127 | 0.1 |
| 56991825 <sup>(1)(3)</sup> | BANK 2019-BN22 XA, 0.579%, 11/15/2062 | 1314223 | 0.1 |
| 2500000 <sup>(1)</sup> | BANK5 2024-5YR10 C, 5.743%, 10/15/2057 | 2463118 | 0.1 |
| 1000000 <sup>(1)</sup> | BBCMS Mortgage Trust 2024-5C31 C, 5.756%, 12/15/2057 | 990954 | 0.1 |
| 10091101 <sup>(1)(3)</sup> | BBCMS Trust 2021-C10 XA, 1.212%, 07/15/2054 | 555674 | 0 |
| 2000000 <sup>(1)(2)</sup> | BDS LLC 2024-FL13 A, 5.893%, (TSFR1M + 1.576%), 09/19/2039 | 2006389 | 0.1 |
| 1178443 <sup>(1)(2)</sup> | BDS Ltd. 2021-FL10 A, 5.781%, (TSFR1M + 1.464%), 12/16/2036 | 1180243 | 0.1 |
| 96127049 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2018-B7 XA, 0.407%, 05/15/2053 | 1077993 | 0.1 |
| 43686390 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.221%, 03/15/2062 | 1705514 | 0.1 |
| 42285000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XB, 0.914%, 03/15/2062 | 1363886 | 0.1 |
| 39693138 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2019-B12 XA, 1.066%, 08/15/2052 | 1148751 | 0.1 |
| 3090000 <sup>(2)</sup> | Benchmark Mortgage Trust 2019-B9 D, 3.000%, 03/15/2052 | 1976252 | 0.1 |
| 7330000 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B9 XD, 1.993%, 03/15/2052 | 470410 | 0 |
| 950000 <sup>(1)</sup> | Benchmark Mortgage Trust 2020-B16 AM, 2.944%, 02/15/2053 | 850628 | 0 |
| 17337484 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B24 XA, 1.137%, 03/15/2054 | 764076 | 0 |
| 9741880 <sup>(1)(3)</sup> | Benchmark Mortgage Trust 2021-B28 XA, 1.258%, 08/15/2054 | 535702 | 0 |
| 3500000 <sup>(1)</sup> | Benchmark Mortgage Trust 2024-V8 A3, 6.189%, 07/15/2057 | 3670985 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1853994 <sup>(1)(2)</sup> | BFLD Mortgage Trust 2024-WRHS A, 5.811%, (TSFR1M + 1.492%), 08/15/2026 | $1849888 | 0.1 |
| 2100000 <sup>(1)(2)</sup> | BIG Commercial Mortgage Trust 2022- BIG B, 6.060%, (TSFR1M + 1.741%), 02/15/2039 | 2085875 | 0.1 |
| 2653000 <sup>(2)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 3AB, 0.000%, 05/25/2052 | 2119052 | 0.1 |
| 3002000 <sup>(2)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.428%, 05/25/2052 | 2444016 | 0.1 |
| 2500000 <sup>(1)</sup> | BMO Mortgage Trust 2024-5C7 A3, 5.566%, 11/15/2057 | 2564656 | 0.1 |
| 4100000 <sup>(1)(2)</sup> | BMP 2024-MF23 C, 6.160%, (TSFR1M + 1.841%), 06/15/2041 | 4094495 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | BX 2024-BRVE A, 6.160%, (TSFR1M + 1.841%), 04/15/2026 | 2507184 | 0.1 |
| 4326923 <sup>(1)(2)</sup> | BX 2024-PALM A, 5.860%, (TSFR1M + 1.541%), 06/15/2037 | 4317315 | 0.2 |
| 4970000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021- 21M E, 6.604%, (TSFR1M + 2.285%), 10/15/2036 | 4873767 | 0.2 |
| 3500000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021- VOLT D, 6.084%, (TSFR1M + 1.764%), 09/15/2036 | 3457221 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021- VOLT F, 6.834%, (TSFR1M + 2.514%), 09/15/2036 | 1479258 | 0.1 |
| 2362829 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023- XL3 A, 6.081%, (TSFR1M + 1.761%), 12/09/2040 | 2366291 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- AIR2 A, 5.812%, (TSFR1M + 1.492%), 10/15/2041 | 2503746 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- AIRC A, 6.010%, (TSFR1M + 1.691%), 08/15/2039 | 5008176 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1875428 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- GPA3 A, 5.612%, (TSFR1M + 1.293%), 12/15/2039 | $1873375 | 0.1 |
| 1974013 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- KING A, 5.860%, (TSFR1M + 1.541%), 05/15/2034 | 1971988 | 0.1 |
| 1328182 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-MF D, 7.009%, (TSFR1M + 2.690%), 02/15/2039 | 1330349 | 0.1 |
| 1458014 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- XL4 C, 6.510%, (TSFR1M + 2.191%), 02/15/2039 | 1459848 | 0.1 |
| 5620571 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024- XL5 C, 6.260%, (TSFR1M + 1.941%), 03/15/2041 | 5625000 | 0.3 |
| 3500000 <sup>(1)(2)</sup> | BX Trust 2021-LBA EJV, 6.434%, (TSFR1M + 2.114%), 02/15/2036 | 3453940 | 0.2 |
| 2767834 <sup>(1)(2)</sup> | BX Trust 2021-LBA EV, 6.434%, (TSFR1M + 2.114%), 02/15/2036 | 2731409 | 0.1 |
| 845329 <sup>(1)(2)</sup> | BX Trust 2021-RISE B, 5.683%, (TSFR1M + 1.364%), 11/15/2036 | 840101 | 0.0 |
| 941921 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.820%, (TSFR1M + 1.501%), 09/15/2034 | 928668 | 0.0 |
| 1412881 <sup>(1)(2)</sup> | BX Trust 2021-SDMF E, 6.020%, (TSFR1M + 1.701%), 09/15/2034 | 1386078 | 0.1 |
| 722095 <sup>(1)(2)</sup> | BX Trust 2022-FOX2 C, 5.629%, (TSFR1M + 1.309%), 04/15/2039 | 715498 | 0.0 |
| 1180000 <sup>(1)(2)</sup> | BX Trust 2022-LBA6 C, 5.919%, (TSFR1M + 1.600%), 01/15/2039 | 1177611 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | BX Trust 2022-VAMF F, 7.618%, (TSFR1M + 3.299%), 01/15/2039 | 1476367 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | BX Trust 2024-BIO B, 6.260%, (TSFR1M + 1.941%), 02/15/2041 | 2751248 | 0.1 |
| 1521509 <sup>(1)(2)</sup> | BX Trust 2024-CNYN C, 6.260%, (TSFR1M + 1.941%), 04/15/2041 | 1521365 | 0.1 |
| 1056604 <sup>(1)(2)</sup> | BX Trust 2024-CNYN D, 7.009%, (TSFR1M + 2.690%), 04/15/2041 | 1056472 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | BX Trust 2024-VLT4 A, 5.811%, (TSFR1M + 1.491%), 07/15/2029 | 2989540 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2500000 <sup>(1)(2)</sup> | BX Trust 2025-ROIC C, 5.862%, (TSFR1M + 1.543%), 03/15/2030 | $2488857 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | BX Trust 2025-VLT6 C, 6.511%, (TSFR1M + 2.192%), 03/15/2042 | 4976382 | 0.2 |
| 4000000 <sup>(1)(2)</sup> | Caliun 2024-SUN A, 6.213%, (TSFR1M + 1.891%), 07/15/2041 | 4007149 | 0.2 |
| 88454997 <sup>(1)(3)</sup> | Cantor Commercial Real Estate Lending 2019-CF1 XA, 1.112%, 05/15/2052 | 2802475 | 0.1 |
| 32738291 <sup>(1)(3)</sup> | Cantor Commercial Real Estate Lending 2019-CF2 XA, 1.172%, 11/15/2052 | 1253998 | 0.1 |
| 1250000 <sup>(1)</sup> | CCUBS Commercial Mortgage Trust 2017-C1 B, 4.159%, 11/15/2050 | 1184949 | 0.1 |
| 6454805 <sup>(1)(3)</sup> | CD Mortgage Trust 2016-CD1 XA, 1.334%, 08/10/2049 | 55074 | 0 |
| 14660000 <sup>(1)(2)(3)</sup> | CD Mortgage Trust 2016-CD1 XB, 0.667%, 08/10/2049 | 94816 | 0 |
| 989184 | Citigroup Commercial Mortgage Trust 2015- GC31 A4, 3.762%, 06/10/2048 | 983515 | 0 |
| 37512643 <sup>(1)(3)</sup> | Citigroup Commercial Mortgage Trust 2019- GC41 XA, 1.032%, 08/10/2056 | 1203276 | 0.1 |
| 1661000 <sup>(1)</sup> | COMM Mortgage Trust 2015-CR23 C, 4.492%, 05/10/2048 | 1585458 | 0.1 |
| 2000000 | COMM Mortgage Trust 2015-CR25 A4, 3.759%, 08/10/2048 | 1989992 | 0.1 |
| 1000000 <sup>(1)</sup> | COMM Mortgage Trust 2015-CR27 B, 4.333%, 10/10/2048 | 971445 | 0 |
| 9242259 <sup>(1)(3)</sup> | COMM Mortgage Trust 2016-COR1 XA, 1.298%, 10/10/2049 | 93275 | 0 |
| 1801765 | COMM Mortgage Trust 2016-CR28 A4, 3.762%, 02/10/2049 | 1787763 | 0.1 |
| 1975598 <sup>(1)(3)</sup> | COMM Mortgage Trust 2016-CR28 XA, 0.634%, 02/10/2049 | 8984 | 0 |
| 1500000 <sup>(1)</sup> | COMM Mortgage Trust 2017-COR2 B, 4.206%, 09/10/2050 | 1425480 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 3065878 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 3000000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | $3079260 | 0.1 |
| 4143276 <sup>(1)(2)(3)</sup> | Commercial Mortgage Pass Through Certificates 2012-LTRT XA, 0.789%, 10/05/2030 | 36483 | 0.0 |
| 1500000 <sup>(1)(2)</sup> | CONE Trust 2024-DFW1 A, 5.961%, (TSFR1M + 1.642%), 08/15/2041 | 1491384 | 0.1 |
| 2200000 <sup>(1)</sup> | CSAIL Commercial Mortgage Trust 2020-C19 B, 3.476%, 03/15/2053 | 1875078 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | DC Trust 2024-HLTN A, 5.727%, 04/13/2040 | 3549596 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX C, 6.269%, (TSFR1M + 1.950%), 03/15/2034 | 2498169 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 7.069%, (TSFR1M + 2.750%), 03/15/2034 | 2749662 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | DTP Commercial Mortgage Trust 2023-STE2 A, 5.454%, 01/15/2041 | 2044230 | 0.1 |
| 2000000 <sup>(2)</sup> | ELM Trust 2024- ELM C15, 5.777%, 06/10/2039 | 2018898 | 0.1 |
| 7759571 <sup>(1)(2)</sup> | EQUS Mortgage Trust 2021-EQAZ C, 5.934%, (TSFR1M + 1.614%), 10/15/2038 | 7716794 | 0.4 |
| 866150 <sup>(1)(2)</sup> | Extended Stay America Trust 2021-ESH E, 7.283%, (TSFR1M + 2.964%), 07/15/2038 | 865872 | 0.0 |
| 1732301 <sup>(1)(2)</sup> | Extended Stay America Trust 2021-ESH F, 8.133%, (TSFR1M + 3.814%), 07/15/2038 | 1734542 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Fashion Show Mall LLC 2024-SHOW A, 4.764%, 10/10/2041 | 2504324 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU D, 6.919%, (TSFR1M + 2.600%), 12/15/2039 | 2504915 | 0.1 |
| 19811286 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K109 X1, 1.574%, 04/25/2030 | 1267976 | 0.1 |
| 2422312 <sup>(1)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.979%, 08/25/2036 | 185726 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 2000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2024-FL9 A, 5.947%, (TSFR1M + 1.631%), 10/19/2039 | $2003002 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.685%, (TSFR1M + 1.385%), 08/19/2042 | 4999869 | 0.2 |
| 3700000 <sup>(1)(2)</sup> | FS Trust 2024-HULA A, 6.130%, (TSFR1M + 1.811%), 08/15/2039 | 3713171 | 0.2 |
| 2442000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK61, 0.000%, 11/27/2049 | 2110367 | 0.1 |
| 4690000 <sup>(2)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK71, 1.973%, 11/27/2050 | 4092177 | 0.2 |
| 2676000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 2054041 | 0.1 |
| 1850000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 1825606 | 0.1 |
| 1849000 <sup>(2)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 1818518 | 0.1 |
| 2238000 <sup>(2)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK49, 0.994%, 09/27/2051 | 2183795 | 0.1 |
| 1900000 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | 1359921 | 0.1 |
| 1011131 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | 1005067 | 0.1 |
| 2237000 <sup>(2)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | 2152879 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | Great Wolf Trust 2024- WOLF D, 7.209%, (TSFR1M + 2.890%), 03/15/2039 | 2506082 | 0.1 |
| 10000000 <sup>(1)(2)</sup> | GS Mortgage Securities Corp. Trust 2021- ARDN B, 6.084%, (TSFR1M + 1.764%), 11/15/2036 | 9981349 | 0.5 |
| 1000000 <sup>(1)</sup> | GS Mortgage Securities Trust 2015-GC30 AS, 3.777%, 05/10/2050 | 979654 | 0.0 |
| 1200000 <sup>(1)</sup> | GS Mortgage Securities Trust 2016-GS3 C, 3.979%, 10/10/2049 | 1107372 | 0.1 |
| 500000 <sup>(1)</sup> | GS Mortgage Securities Trust 2018-GS9 B, 4.321%, 03/10/2051 | 459073 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 13087863 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GC38 XA, 1.007%, 02/10/2052 | $422896 | 0 |
| 32465783 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GC40 XA, 1.118%, 07/10/2052 | 1217920 | 0.1 |
| 660000 | GS Mortgage Securities Trust 2019-GSA1 B, 3.511%, 11/10/2052 | 603684 | 0 |
| 80585936 <sup>(1)(3)</sup> | GS Mortgage Securities Trust 2019-GSA1 XA, 0.801%, 11/10/2052 | 2348262 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | GSMS Trustair 2024- FAIR A, 5.484%, 07/15/2029 | 5121248 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | HLTN Commercial Mortgage Trust 2024- DPLO A, 5.961%, (TSFR1M + 1.642%), 06/15/2041 | 1001533 | 0.1 |
| 5300000 <sup>(1)(2)</sup> | HTL Commercial Mortgage Trust 2024-T53 A, 5.876%, 05/10/2039 | 5340562 | 0.3 |
| 4000000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY D, 7.150%, (TSFR1M + 2.850%), 03/15/2042 | 3977129 | 0.2 |
| 5000000 <sup>(1)(2)</sup> | IRV Trust 2025-200P B, 5.440%, 03/14/2047 | 4922798 | 0.2 |
| 4050000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019- MFP E, 6.527%, (TSFR1M + 2.207%), 07/15/2036 | 3892365 | 0.2 |
| 750000 | JP Morgan Chase Commercial Mortgage Securities Trust 2016- JP3 AS, 3.144%, 08/15/2049 | 698828 | 0 |
| 547585 <sup>(1)</sup> | JPMBB Commercial Mortgage Securities Trust 2014-C21 C, 4.535%, 08/15/2047 | 540961 | 0 |
| 1914141 <sup>(1)(3)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.026%, 10/15/2048 | 128 | 0 |
| 1000000 <sup>(1)</sup> | JPMBB Commercial Mortgage Securities Trust 2015-C29 AS, 3.917%, 05/15/2048 | 997225 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | KIND Commercial Mortgage Trust 2024-1 A, 6.209%, (TSFR1M + 1.890%), 08/15/2041 | 1998748 | 0.1 |
| 991720 <sup>(1)(2)</sup> | KIND Trust 2021-KIND A, 5.390%, (TSFR1M + 1.064%), 08/15/2038 | 978811 | 0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 5000000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 B, 6.361%, (TSFR1M + 2.042%), 12/15/2039 | $5018080 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | LBA Trust 2024-BOLT A, 5.910%, (TSFR1M + 1.591%), 06/15/2039 | 1998092 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | Life Mortgage Trust 2022-BMR2 A1, 5.614%, (TSFR1M + 1.295%), 05/15/2039 | 3395720 | 0.2 |
| 2000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 A, 5.704%, (TSFR1M + 1.385%), 08/17/2042 | 2005146 | 0.1 |
| 9267966 <sup>(1)(2)(3)</sup> | LSTAR Commercial Mortgage Trust 2017-5 X, 0.842%, 03/10/2050 | 85051 | 0.0 |
| 1224652 <sup>(1)(2)</sup> | MCR Mortgage Trust 2024-HTL D, 8.225%, (TSFR1M + 3.905%), 02/15/2037 | 1233728 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | MED Commercial Mortgage Trust 2024-MOB A, 5.911%, (TSFR1M + 1.592%), 05/15/2041 | 989242 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | MF1 LLC 2024-FL14 A, 6.054%, (TSFR1M + 1.737%), 03/19/2039 | 4021000 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | MF1 LLC 2025-FL17 A, 5.632%, (TSFR1M + 1.320%), 02/18/2040 | 3003672 | 0.1 |
| 2917165 <sup>(1)(2)</sup> | MHP 2022-MHIL E, 6.930%, (TSFR1M + 2.611%), 01/15/2039 | 2895311 | 0.1 |
| 2000000 <sup>(1)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27 C, 4.492%, 12/15/2047 | 1921989 | 0.1 |
| 14305707 <sup>(1)(3)</sup> | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 XA, 0.766%, 11/15/2052 | 204589 | 0.0 |
| 30376020 <sup>(1)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XA, 0.848%, 12/15/2050 | 572754 | 0.0 |
| 25660000 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I Trust 2018-L1 XD, 1.780%, 10/15/2051 | 1401988 | 0.1 |
| 21440494 <sup>(1)(3)</sup> | Morgan Stanley Capital I Trust 2021-L6 XA, 1.173%, 06/15/2054 | 936305 | 0.0 |
| 1650000 <sup>(1)(2)</sup> | MTN Commercial Mortgage Trust 2022- LPFL A, 5.717%, (TSFR1M + 1.397%), 03/15/2039 | 1645021 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 3000000 <sup>(1)(2)</sup> | NXPT Commercial Mortgage Trust 2024-STOR B, 4.648%, 11/05/2041 | $2893307 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | NYC Commercial Mortgage Trust 2025- 3BP A, 5.532%, (TSFR1M + 1.213%), 02/15/2042 | 2965169 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | NYC Commercial Mortgage Trust 2025- 3BP C, 6.211%, (TSFR1M + 1.892%), 02/15/2042 | 2978380 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS C, 6.611%, (TSFR1M + 2.291%), 12/15/2039 | 5008476 | 0.2 |
| 1951241 <sup>(1)(2)</sup> | PFP Ltd. 2024-11 A, 6.154%, (TSFR1M + 1.832%), 09/17/2039 | 1961484 | 0.1 |
| 13000000 (2) | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 | 11457666 | 0.5 |
| 5950000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.358%, 11/08/2049 | 5510007 | 0.3 |
| 8030000 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB64, 2.211%, 03/01/2050 | 7414768 | 0.4 |
| 2750000 <sup>(2)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 | 2371307 | 0.1 |
| 3400000 <sup>(1)(2)</sup> | SHER Trust 2024-DAL A, 5.960%, (TSFR1M + 1.641%), 04/15/2037 | 3397757 | 0.2 |
| 2500000 <sup>(1)(2)</sup> | SHR Trust 2024-LXRY A, 6.269%, (TSFR1M + 1.950%), 10/15/2041 | 2504837 | 0.1 |
| 3000000 <sup>(1)(2)</sup> | SMRT 2022-MINI E, 7.020%, (TSFR1M + 2.700%), 01/15/2039 | 2896821 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025- DATA B, 6.162%, (TSFR1M + 1.842%), 03/15/2042 | 2477755 | 0.1 |
| 2500000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025- DATA C, 6.411%, (TSFR1M + 2.092%), 03/15/2042 | 2474836 | 0.1 |
| 4454348 <sup>(2)</sup> | THPT Mortgage Trust 2023-THL A, 6.994%, 12/10/2034 | 4544446 | 0.2 |
| 769045 <sup>(1)(2)</sup> | TTAN 2021-MHC D, 6.184%, (TSFR1M + 1.864%), 03/15/2038 | 767463 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 21426113 <sup>(1)(3)</sup> | UBS Commercial Mortgage Trust 2019-C16 XA, 1.519%, 04/15/2052 | $| 933506 | 0.0 |
| 1000000 <sup>(1)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C41 B, 4.188%, 11/15/2050 |  | 943521 | 0.0 |
| 2588000 | Wells Fargo Commercial Mortgage Trust 2019-C49 B, 4.546%, 03/15/2052 |  | 2473040 | 0.1 |
| 2500000 <sup>(2)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C59 E, 2.500%, 04/15/2054 |  | 1606510 | 0.1 |
| 18855070 <sup>(1)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C59 XA, 1.499%, 04/15/2054 |  | 1176469 | 0.1 |
| 2500000 <sup>(2)</sup> | Wells Fargo Commercial Mortgage Trust 2025-VTT C, 6.029%, 03/15/2038 |  | 2498002 | 0.1 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $377,239,076) |  | **377337739** | **17.9** |
| **ASSET-BACKED SECURITIES: 12.7%** | **ASSET-BACKED SECURITIES: 12.7%** | **ASSET-BACKED SECURITIES: 12.7%** | **ASSET-BACKED SECURITIES: 12.7%** | **ASSET-BACKED SECURITIES: 12.7%** |
|  | **Home Equity Asset-Backed Securities: 0.4%** | **Home Equity Asset-Backed Securities: 0.4%** | **Home Equity Asset-Backed Securities: 0.4%** | **Home Equity Asset-Backed Securities: 0.4%** |
| 1792393 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |  | 1444495 | 0.1 |
| 2743235 <sup>(1)(2)</sup> | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A3, 7.250%, 02/25/2038 |  | 2098314 | 0.1 |
| 277879 <sup>(1)</sup> | GSAA Home Equity Trust 2006-3 A3, 5.035%, (TSFR1M + 0.714%), 03/25/2036 |  | 134976 | 0.0 |
| 1785379 <sup>(1)</sup> | GSAA Home Equity Trust 2006-4 4A3, 4.261%, 03/25/2036 |  | 1070296 | 0.1 |
| 790045 <sup>(1)</sup> | GSAA Home Equity Trust 2007-1 1A1, 4.595%, (TSFR1M + 0.274%), 02/25/2037 |  | 227197 | 0.0 |
| 776919 <sup>(1)</sup> | GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046 |  | 284538 | 0.0 |
| 681429 <sup>(1)</sup> | Morgan Stanley Mortgage Loan Trust 2007-10XS A2, 6.250%, 02/25/2037 |  | 380063 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** | **Home Equity Asset-Backed Securities: (continued)** |
| 310066 <sup>(1)</sup> | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 4.895%, (TSFR1M + 0.574%), 02/25/2037 | $| 279798 | 0.0 |
| 2652828 <sup>(1)</sup> | Renaissance Home Equity Loan Trust 2004-4 MF2, 5.818%, 02/25/2035 |  | 2336311 | 0.1 |
| 972372 <sup>(2)</sup> | Unlock HEA Trust 2024-2 A, 6.500%, 10/25/2039 |  | 953501 | 0.0 |
|  |  |  | **9209489** | **0.4** |
|  | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** | **Other Asset-Backed Securities: 11.4%** |
| 2950000 <sup>(1)(2)</sup> | AB BSL CLO 3 Ltd. 2021-3A D1R, 6.968%, (TSFR3M + 2.650%), 04/20/2038 |  | 2884392 | 0.1 |
| 1194494 <sup>(2)</sup> | ACHV ABS TRUST 2024-1PL A, 5.900%, 04/25/2031 |  | 1204858 | 0.1 |
| 4000000 <sup>(1)(2)</sup> | Aimco CLO 15 Ltd. 2021-15A ER, (TSFR3M + 4.600%), 04/17/2038 |  | 4011388 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | AMMC CLO 25 Ltd. 2022-25A CR, 6.302%, (TSFR3M + 2.000%), 04/15/2035 |  | 1494375 | 0.1 |
| 2700000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.605%, (TSFR3M + 2.312%), 10/20/2030 |  | 2708959 | 0.1 |
| 2900000 <sup>(1)(2)</sup> | Apidos CLO XXXIII 2020-33A CR, 6.458%, (TSFR3M + 2.162%), 10/24/2034 |  | 2904417 | 0.1 |
| 742500 <sup>(2)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 |  | 729034 | 0.0 |
| 195741 <sup>(2)</sup> | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 |  | 188307 | 0.0 |
| 2217353 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 A, 5.784%, (TSFR1M + 1.464%), 11/15/2036 |  | 2217917 | 0.1 |
| 500000 <sup>(1)(2)</sup> | Arbor Realty Commercial Real Estate Notes Ltd. 2021-FL4 D, 7.334%, (TSFR1M + 3.014%), 11/15/2036 |  | 498247 | 0.0 |
| 3600000 <sup>(1)(2)</sup> | Bain Capital CLO Ltd. 2024-1A C, 6.708%, (TSFR3M + 2.400%), 04/16/2037 |  | 3615444 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1700000 <sup>(1)(2)</sup> | Bain Capital Credit CLO 2019-2A ER3, 10.195%, (TSFR3M + 5.900%), 10/17/2032 | $1677509 | 0.1 |
| 2100000 <sup>(1)(2)</sup> | Bain Capital Credit Clo Ltd. 2019-4A ERR, 11.295%, (TSFR3M + 7.000%), 04/23/2035 | 2070522 | 0.1 |
| 1030000 <sup>(1)(2)</sup> | Bain Capital Credit CLO Ltd. 2017-2A CR3, 6.500%, (TSFR3M + 2.200%), 07/25/2037 | 1031480 | 0.1 |
| 7000000 <sup>(1)(2)</sup> | Benefit Street Partners CLO V-B Ltd. 2018-5BA CR, 6.443%, (TSFR3M + 2.150%), 07/20/2037 | 7024584 | 0.3 |
| 3050000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A D2, 8.093%, (TSFR3M + 3.750%), 04/22/2038 | 3057177 | 0.2 |
| 2250000 <sup>(1)(2)</sup> | Birch Grove CLO 12 Ltd. 2025-12A E, 9.293%, (TSFR3M + 4.950%), 04/22/2038 | 2251818 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.835%, (TSFR3M + 2.000%), 10/22/2037 | 1583184 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2013-2A CR, 6.502%, (TSFR3M + 2.212%), 10/22/2030 | 1001449 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | BlueMountain CLO Ltd. 2015-4A CR, 6.455%, (TSFR3M + 2.162%), 04/20/2030 | 1002474 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | BlueMountain CLO XXIX Ltd. 2020-29A CR, 6.662%, (TSFR3M + 2.362%), 07/25/2034 | 1996582 | 0.1 |
| 1250000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A C, 6.564%, (TSFR3M + 2.262%), 04/15/2034 | 1243394 | 0.1 |
| 800000 <sup>(2)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 805161 | 0.0 |
| 750000 <sup>(1)(2)</sup> | Buttermilk Park CLO Ltd. 2018-1A CR, 6.252%, (TSFR3M + 1.950%), 10/15/2031 | 750907 | 0.0 |
| 1000000 <sup>(1)(2)</sup> | Carlyle C17 CLO Ltd. C17A BR, 6.399%, (TSFR3M + 2.112%), 04/30/2031 | 1001130 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 4500000 <sup>(1)(2)</sup> | Carlyle Global Market Strategies CLO Ltd. 2014-1A CR2, 6.364%, (TSFR3M + 2.062%), 04/17/2031 | $4507083 | 0.2 |
| 4100000 <sup>(1)(2)</sup> | Carlyle US CLO Ltd. 2019-3A BRR, 6.893%, (TSFR3M + 2.600%), 04/20/2037 | 4114662 | 0.2 |
| 4600000 <sup>(1)(2)</sup> | CARLYLE US CLO Ltd. 2017-3A CR2, 6.293%, (TSFR3M + 2.000%), 10/21/2037 | 4602374 | 0.2 |
| 3300000 <sup>(1)(2)</sup> | CBAM Ltd. 2017-1A CR2, 6.480%, (TSFR3M + 2.100%), 01/20/2038 | 3313213 | 0.2 |
| 4300000 <sup>(1)(2)</sup> | Cedar Funding VIII Clo Ltd. 2017-8A CRR, 6.172%, (TSFR3M + 1.850%), 01/17/2038 | 4283669 | 0.2 |
| 5500000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2019-2A CR, 6.664%, (TSFR3M + 2.362%), 04/17/2034 | 5508635 | 0.3 |
| 2600000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 6.493%, (TSFR3M + 2.200%), 07/21/2037 | 2606243 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | Crown City CLO V 2023-5A BR, 6.893%, (TSFR3M + 2.600%), 04/20/2037 | 5013540 | 0.2 |
| 577763 <sup>(1)</sup> | CWABS Asset-Backed Certificates Trust 2005-AB2 M1, 5.140%, (TSFR1M + 0.819%), 09/25/2035 | 564689 | 0.0 |
| 3000000 <sup>(1)(2)</sup> | Dewolf Park CLO Ltd. 2017-1A DR, 7.414%, (TSFR3M + 3.112%), 10/15/2030 | 3003741 | 0.1 |
| 2750000 <sup>(1)(2)</sup> | Dryden 30 Senior Loan Fund 2013-30A DR, 7.185%, (TSFR3M + 2.862%), 11/15/2028 | 2755651 | 0.1 |
| 1750000 <sup>(1)(2)</sup> | Dryden 55 CLO Ltd. 2018-55A C, 6.464%, (TSFR3M + 2.162%), 04/15/2031 | 1753087 | 0.1 |
| 5000000 <sup>(1)(2)</sup> | Dryden 75 CLO Ltd. 2019-75A CR2, 6.364%, (TSFR3M + 2.062%), 04/15/2034 | 4978440 | 0.2 |
| 3201543 <sup>(1)(2)</sup> | FS Rialto 2021-FL3 A, 5.684%, (TSFR1M + 1.364%), 11/16/2036 | 3201156 | 0.2 |
| 5650000 <sup>(1)(2)</sup> | Invesco US CLO Ltd. 2023-1A CR, 6.690%, (TSFR3M + 2.400%), 04/22/2037 | 5663357 | 0.3 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 820127 <sup>(2)</sup> | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 | $740123 | 0.0 |
| 1350000 <sup>(1)(2)</sup> | LCM XVIII L.P. 18A CR, 6.405%, (TSFR3M + 2.112%), 04/20/2031 | 1351039 | 0.1 |
| 2800000 <sup>(1)(2)</sup> | LCM XXIV Ltd. 24A CR, 6.455%, (TSFR3M + 2.162%), 03/20/2030 | 2806843 | 0.1 |
| 729074 <sup>(2)</sup> | LCSS Financing LLC 2018-A A, 4.700%, 12/15/2062 | 639309 | 0.0 |
| 3150000 <sup>(1)(2)</sup> | Magnetite Xlv Ltd. 2025-45A E, 8.785%, (TSFR3M + 4.500%), 04/15/2038 | 3158984 | 0.2 |
| 4000000 <sup>(1)(2)</sup> | Magnetite XLVII Ltd. 2024-47A C, 6.322%, (TSFR3M + 1.850%), 01/25/2038 | 4004820 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | MF1 LLC 2023-FL12 A, 6.383%, (TSFR1M + 2.066%), 10/19/2038 | 3013700 | 0.1 |
| 7000000 <sup>(1)(2)</sup> | MF1 Ltd. 2021-FL6 D, 6.981%, (TSFR1M + 2.664%), 07/16/2036 | 6985379 | 0.3 |
| 3000000 <sup>(1)(2)</sup> | MF1 Ltd. 2021-FL7 AS, 5.881%, (TSFR1M + 1.564%), 10/16/2036 | 2965798 | 0.1 |
| 1248835 <sup>(2)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 1124499 | 0.1 |
| 379928 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 349629 | 0.0 |
| 1730349 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS A, 4.200%, 02/22/2044 | 1593967 | 0.1 |
| 487136 <sup>(2)</sup> | Mosaic Solar Loan Trust 2018-2GS B, 4.740%, 02/22/2044 | 431763 | 0.0 |
| 845966 <sup>(2)</sup> | Mosaic Solar Loan Trust 2019-1A A, 4.370%, 12/21/2043 | 789638 | 0.0 |
| 401342 <sup>(2)</sup> | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 | 356975 | 0.0 |
| 1208319 <sup>(2)</sup> | Mosaic Solar Loan Trust 2021-2A B, 2.090%, 04/22/2047 | 888401 | 0.0 |
| 5775387 <sup>(2)</sup> | Mosaic Solar Loan Trust 2024-2A A, 5.600%, 04/22/2052 | 5669622 | 0.3 |
| 923252 <sup>(2)</sup> | Mosaic Solar Loan Trust 2025-1A A, 6.120%, 08/22/2050 | 933115 | 0.0 |
| 652784 <sup>(2)</sup> | Mosaic Solar Loans LLC 2017-2A A, 3.820%, 06/22/2043 | 603036 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 3600000 <sup>(1)(2)</sup> | Neuberger Berman CLO XX Ltd. 2015-20A D2R3, 8.018%, (TSFR3M + 3.700%), 04/15/2039 | $3545968 | 0.2 |
| 2625000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 24 Ltd. 2017-24A CR2, 6.390%, (TSFR3M + 2.100%), 10/19/2038 | 2633479 | 0.1 |
| 2300000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A CR2, 6.337%, (TSFR3M + 2.000%), 04/16/2039 | 2305750 | 0.1 |
| 4750000 <sup>(1)(2)</sup> | Neuberger Berman Loan Advisers Clo 44 Ltd. 2021-44A CR, 5.998%, (TSFR3M + 1.700%), 10/16/2035 | 4719605 | 0.2 |
| 2150000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.793%, (TSFR3M + 2.500%), 04/20/2037 | 2146981 | 0.1 |
| 3500000 <sup>(1)(2)</sup> | OCP CLO Ltd. 2020-8RA CR, 6.203%, (TSFR3M + 1.900%), 10/17/2036 | 3473316 | 0.2 |
| 3000000 <sup>(1)(2)</sup> | Octagon 75 Ltd. 2025-1A D1, 6.922%, (TSFR3M + 2.600%), 01/22/2038 | 2950593 | 0.1 |
| 7000000 <sup>(1)(2)</sup> | Octagon Investment Partners 32 Ltd. 1A CR3, 6.661%, (TSFR3M + 2.050%), 10/31/2037 2017-1A CR3, 6.661%, (TSFR3M + 2.050%), 10/31/2037 | 7020923 | 0.3 |
| 8125000 <sup>(1)(2)</sup> | Octagon Investment Partners 43 Ltd. 2019-1A CR, 6.750%, (TSFR3M + 2.450%), 10/25/2032 | 8146661 | 0.4 |
| 4500000 <sup>(1)(2)</sup> | Octagon Investment Partners XIV Ltd. 2012-1A BRR, 6.664%, (TSFR3M + 2.362%), 07/15/2029 | 4511326 | 0.2 |
| 1500000 <sup>(1)(2)</sup> | OHA Credit Funding 9 Ltd. 2021-9A CR, 6.243%, (TSFR3M + 1.950%), 10/19/2037 | 1502323 | 0.1 |
| 949920 <sup>(2)</sup> | Pagaya AI Debt Grantor Trust 2024-10 B, 5.750%, 06/15/2032 | 955654 | 0.1 |
| 3150000 <sup>(1)(2)</sup> | Palmer Square Loan Funding Ltd. 2025-1A D, 8.420%, (TSFR3M + 4.100%), 02/15/2033 | 3157453 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 3000000 <sup>(1)(2)</sup> | Peebles Park CLO Ltd. 2024-1A C, 6.693%, (TSFR3M + 2.400%), 04/21/2037 | $3009684 | 0.1 |
| 6060 <sup>(1)</sup> | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.398%, 01/25/2036 | 6029 | 0.0 |
| 2352000 <sup>(2)</sup> | Primrose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 | 2320458 | 0.1 |
| 1600000 <sup>(1)(2)</sup> | Rad CLO 10 Ltd. 2021-10A C, 6.302%, (TSFR3M + 2.012%), 04/23/2034 | 1604686 | 0.1 |
| 1100000 <sup>(1)(2)</sup> | Recette Clo Ltd. 2015-1A CRR, 6.305%, (TSFR3M + 2.012%), 04/20/2034 | 1092243 | 0.1 |
| 2050000 <sup>(1)(2)</sup> | Rockland Park CLO Ltd. 2021-1A C, 6.455%, (TSFR3M + 2.162%), 04/20/2034 | 2052200 | 0.1 |
| 2227500 <sup>(2)</sup> | Servpro Master Issuer LLC 2024-1A A2, 6.174%, 01/25/2054 | 2281511 | 0.1 |
| 3270000 <sup>(1)(2)</sup> | Shackleton CLO Ltd. 2019-15A CR, 6.714%, (TSFR3M + 2.412%), 01/15/2032 | 3279656 | 0.2 |
| 1860625 <sup>(2)</sup> | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 1812895 | 0.1 |
| 1000000 <sup>(1)(2)</sup> | Sound Point CLO VII-R Ltd. 2014-3RA C, 6.802%, (TSFR3M + 2.512%), 10/23/2031 | 1001012 | 0.1 |
| 750000 <sup>(1)(2)</sup> | Stewart Park CLO Ltd. 2015-1A DR, 7.164%, (TSFR3M + 2.862%), 01/15/2030 | 751372 | 0.0 |
| 4139625 <sup>(2)</sup> | Subway Funding LLC 2024-3A A2II, 5.566%, 07/30/2054 | 4116428 | 0.2 |
| 774922 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A A, 4.870%, 07/20/2048 | 735828 | 0.0 |
| 2839552 <sup>(2)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 2169901 | 0.1 |
| 1627254 <sup>(2)</sup> | Sunrun Athena Issuer LLC 2018-1 A, 5.310%, 04/30/2049 | 1561063 | 0.1 |
| 3214125 <sup>(2)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 | 3008006 | 0.1 |
| 5337449 <sup>(2)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 | 5033915 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |
| 1000000 <sup>(1)(2)</sup> | TCI-Flatiron Clo Ltd. 2017-1A C, 6.435%, (TSFR3M + 2.112%), 11/18/2030 | $| 1001567 | 0.1 |
| 2250000 <sup>(1)(2)</sup> | TCI-Flatiron Clo Ltd. 2018-1A CR, 6.305%, (TSFR3M + 2.012%), 01/29/2032 |  | 2253132 | 0.1 |
| 6800000 <sup>(2)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 |  | 6937911 | 0.3 |
| 1500000 <sup>(1)(2)</sup> | Upland CLO Ltd. 2016-1A BR, 6.405%, (TSFR3M + 2.112%), 04/20/2031 |  | 1504719 | 0.1 |
| 2000000 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.505%, (TSFR3M + 2.212%), 07/18/2031 |  | 2002922 | 0.1 |
|  |  |  | **239838059** | **11.4** |
|  | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** | **Student Loan Asset-Backed Securities: 0.9%** |
| 63570 <sup>(2)</sup> | Commonbond Student Loan Trust-GS 2018-CGS C, 4.350%, 02/25/2046 |  | 55654 | 0.0 |
| 434092 <sup>(1)(2)</sup> | ELFI Graduate Loan Program LLC 2019-A B, 2.940%, 03/25/2044 |  | 358240 | 0.0 |
| 642425 <sup>(2)</sup> | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 |  | 635491 | 0.0 |
| 2257787 <sup>(2)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |  | 2170795 | 0.1 |
| 4000000 <sup>(2)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |  | 3591570 | 0.2 |
| 1000000 <sup>(2)</sup> | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 |  | 981225 | 0.1 |
| 2000000 <sup>(2)</sup> | Sofi Professional Loan Program LLC 2019-B BFX, 3.730%, 08/17/2048 |  | 1840915 | 0.1 |
| 3000000 <sup>(2)</sup> | Sofi Professional Loan Program LLC 2019-C BFX, 3.050%, 11/16/2048 |  | 2623490 | 0.1 |
| 1000000 <sup>(2)</sup> | SoFi Professional Loan Program LLC 2017-E C, 4.160%, 11/26/2040 |  | 960332 | 0.0 |
| 1000000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 |  | 962504 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 4400000 <sup>(2)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | $| 3656999 | 0.2 |
|  |  |  | **17837215** | **0.9** |
|  | Total Asset-Backed Securities |  |  |  |
|  | (Cost $271,659,994) |  | **266884763** | **12.7** |
| **BANK LOANS: 6.8%** | **BANK LOANS: 6.8%** | **BANK LOANS: 6.8%** | **BANK LOANS: 6.8%** | **BANK LOANS: 6.8%** |
|  | **Auto Components: 0.1%** | **Auto Components: 0.1%** | **Auto Components: 0.1%** | **Auto Components: 0.1%** |
| 283503 | American Axle & Manufacturing Inc., New Tranche B Term Loan, 7.322%, (TSFR1M+3.000%), 12/12/2029 |  | 281022 | 0.0 |
| 506436 | Holley Purchaser, Inc., Initial Term Loan, 8.189%, (TSFR1M+3.750%), 11/17/2028 |  | 486432 | 0.1 |
| 397925 | RC Buyer Inc., First Lien Initial Term Loan, 7.939%, (TSFR1M+3.610%), 07/28/2028 |  | 389220 | 0.0 |
| 293720 | RealTruck Goup Inc. (fka Truck Hero), Initial Term Loan, 7.939%, (TSFR1M+3.610%), 01/31/2028 |  | 280380 | 0.0 |
|  |  |  | **1437054** | **0.1** |
|  | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** | **Basic Materials: 0.2%** |
| 254363 | A-Ap Buyer, Inc., Initial Term Loan, 2.750%, (TSFR1M+2.750%), 09/09/2031 |  | 254680 | 0.0 |
| 585000 | Covia Holdings Corporation, Initial Term Loans, 7.568%, (TSFR3M+3.250%), 02/12/2032 |  | 584269 | 0.1 |
| 220000 <sup>(7)</sup> | Fortis Inc., Ineos Composites, 02/06/2032 |  | 218625 | 0.0 |
| 452402 | Ineos Finance PLC, 2030 Dollar Term Loans, 7.575%, (TSFR1M+3.250%), 02/18/2030 |  | 435719 | 0.0 |
| 491250 | Ineos US Petrochem LLC, 2030 Tranche B Dollar Term Loan, 8.175%, (TSFR1M+3.750%), 03/14/2030 |  | 465459 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | | |  |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |  |
| 300000 | Paint Intermediate III LLC, Paint Intermediate/ Wesco Group Cov-Lite Tlb, 7.302%, (TSFR3M+3.000%), 10/09/2031 | $| 300000 | 0.0 |
| 420551 | Sparta US HoldCo LLC, Initial Term Loan, 7.323%, (TSFR1M+3.000%), 08/02/2030 |  | 417792 | 0.0 |
| 23819 <sup>(7)(8)</sup> | USALCO LLC, Delayed Draw Term Commitment, 09/30/2031 |  | 23848 | 0.0 |
| 230603 | USALCO LLC, Initial Term Loans, 8.299%, (TSFR3M+4.000%), 09/30/2031 |  | 230892 | 0.0 |
| 562730 | WR Grace Holdings LLC, Initial Term Loan, 7.549%, (TSFR3M+3.250%), 09/22/2028 |  | 559916 | 0.1 |
|  |  |  | **3491200** | **0.2** |
|  | **Building & Development: 0.0%** | **Building & Development: 0.0%** | **Building & Development: 0.0%** |  |
| 467144 | Cornerstone Building Brands Inc., New Term Loan B, 7.669%, (TSFR1M+3.250%), 04/12/2028 |  | 393686 | 0.0 |
| 223109 | LBM Acquisition LLC, First Lien Initial Term Loan, 8.174%, (TSFR1M+3.750%), 12/17/2027 |  | 218891 | 0.0 |
| 384655 | LHS Borrower, LLC, Initial Term Loan, 9.175%, (TSFR1M+4.850%), 02/16/2029 |  | 327919 | 0.0 |
| 148192 | Standard Industries Inc., Tranche B, 7.692%, (TSFR1M+2.250%), 09/22/2028 |  | 148271 | 0.0 |
|  |  |  | **1088767** | **0.0** |
|  | **Business Equipment & Services: 0.0%** | **Business Equipment & Services: 0.0%** | **Business Equipment & Services: 0.0%** |  |
| 615571 | Ensono LP, First Lien Initial Term Loan, 8.438%, (TSFR1M+4.110%), 05/26/2028 |  | 606722 | 0.0 |
| 501913 | Open Text Corporation, 2024-A Replacement Term Loan, 6.075%, (TSFR1M+1.750%), 01/30/2030 |  | 501285 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Business Equipment & Services: (continued)** | **Business Equipment & Services: (continued)** | **Business Equipment & Services: (continued)** |  |
| 1000 | West Technology Group, LLC, Term B-3 Loan, 8.541%, (TSFR3M+4.250%), 04/10/2027 | $775 |  | 0.0 |
|  |  | **1108782** |  | **0.0** |
|  | **Chemicals & Plastics: 0.0%** |  |  |  |
| 246869 | Geon Performance Solutions LLC, 2024 Refinancing Term Loan, 8.811%, (TSFR3M+4.500%), 08/18/2028 | 244400 |  | 0.0 |
| 470663 | Herens Holdco Sarl, Facility B USD Loans, 8.354%, (TSFR3M+4.000%), 07/03/2028 | 433990 |  | 0.0 |
| 411641 | Ineos US Finance LLC, 2028 Dollar Term Loan, 6.925%, (TSFR1M+2.600%), 11/08/2028 | 401350 |  | 0.0 |
|  |  | **1079740** |  | **0.0** |
|  | **Commodities: 0.0%** |  |  |  |
| 153228 | Foundation Building Materials Inc., Initial Term Loan (First Lien), 7.802%, (TSFR3M+3.500%), 01/31/2028 | 145758 |  | 0.0 |
|  | **Communications: 0.4%** |  |  |  |
| 154459 | Acuris Finance US Inc., 2024 Dollar Term Loan, 8.049%, (TSFR3M+3.750%), 02/16/2028 | 154402 |  | 0.0 |
| 350000 | AP Core Holdings II LLC, Term B-2 Loans, 9.939%, (TSFR1M+5.610%), 09/01/2027 | 317450 |  | 0.0 |
| 603474 | Arches Buyer Inc., Refinancing Term Loan, 7.675%, (TSFR1M+3.350%), 12/06/2027 | 591593 |  | 0.1 |
| 486801 | Cablevision Lightpath LLC, 2025 Refinancing Term Loan, 7.319%, (TSFR1M+3.000%), 11/30/2027 | 486801 |  | 0.0 |
| 528476 | Cengage Learning Inc., 2024 Refinancing Term Loans, 7.829%, (TSFR3M+3.500%), 03/22/2031 | 524695 |  | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Communications: (continued)** |  |  |
| 582646 | Charter Communications Operating LLC, Term Loan B5, 6.560%, (TSFR3M+2.250%), 12/15/2031 | $581299 | 0.1 |
| 495000 | CNT Holdings I Corp, 2025 Replacement Term Loans, 6.802%, (TSFR3M+2.500%), 11/08/2032 | 492463 | 0.0 |
| 135077 | Connect US FInc.o LLC, Amendment No. 4 Term Loan, 8.825%, (TSFR1M+4.500%), 09/27/2029 | 119138 | 0.0 |
| 292788 | Crown Subsea Communications Holding Inc., 2024 Term Loan, 8.323%, (TSFR1M+4.000%), 04/27/2028 | 293519 | 0.0 |
| 532648 | Dotdash Meredith, Inc., Term B-1 Loan, 7.823%, (TSFR1M+3.500%), 12/01/2028 | 536643 | 0.1 |
| 346413 | Gogo Intermediate Holdings LLC, Initial Term Loan, 8.189%, (TSFR1M+3.750%), 04/30/2028 | 324221 | 0.0 |
| 274313 | GoodRX Inc., 2024 Term Loan, 8.075%, (TSFR1M+3.750%), 07/10/2029 | 274055 | 0.0 |
| 387970 | Ion Trading Finance Limited, 2024-B Dollar Term Loan, 7.829%, (TSFR3M+3.500%), 04/01/2028 | 385181 | 0.0 |
| 150000 <sup>(7)</sup> | Level 3, 2025 Refi Term Loan B, 03/21/2032 | 148563 | 0.0 |
| 715 | Lumen Technologies, Inc.., Term B-1 Loan, 6.788%, (TSFR1M+2.460%), 04/15/2029 | 688 | 0.0 |
| 715 | Lumen Technologies, Inc.., Term B-2 Loan, 6.788%, (TSFR1M+2.460%), 04/15/2030 | 689 | 0.0 |
| 263677 | Magnite Inc., Amendment 2 Initial Term Loan, 7.316%, (TSFR1M+3.000%), 02/06/2031 | 263512 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Communications: (continued)** |  |  |
| 525374 | McGraw-Hill Education Inc., Term Loan B, 7.575%, (TSFR1M+3.250%), 08/06/2031 | $525045 | 0.0 |
| 502127 | MH Sub I LLC, 2023 May New Term Loans, 8.574%, (TSFR1M+4.250%), 05/03/2028 | 479845 | 0.0 |
| 631984 | Proofpoint Inc., 2024 Refinancing Term Loan, 7.325%, (TSFR1M+3.000%), 08/31/2028 | 630651 | 0.1 |
| 147727 | SInc.lair Television Group Inc., Term B-7 Loans, 8.527%, (TSFR1M+4.110%), 12/31/2030 | 124460 | 0.0 |
| 250000 <sup>(7)</sup> | Terrier Media Buyer Inc., Term Facility, 06/18/2029 | 235833 | 0.0 |
| 190000 <sup>(7)</sup> | TripAdvisor Inc., Incremental Tl, 07/08/2031 | 187388 | 0.0 |
| 149250 | TripAdvisor Inc., Initial Term B Loan, 7.049%, (TSFR3M+2.750%), 07/08/2031 | 147198 | 0.0 |
| 218350 | Univision Communications Inc., 2024 Replacement First-Lien Term Loan, 7.939%, (TSFR1M+3.610%), 01/31/2029 | 212482 | 0.0 |
|  |  | **8037814** | **0.4** |
|  | **Consumer, Cyclical: 1.1%** |  |  |
| 493750 | 84 Lumber Company, 2023 Term B-1 Loan, 6.575%, (TSFR1M+2.250%), 11/29/2030 | 494573 | 0.0 |
| 653634 | ABG Intermediate Holdings 2 LLC, 2024-1 Refinancing Term Loan, 6.575%, (TSFR1M+2.250%), 12/21/2028 | 647752 | 0.1 |
| 220000 <sup>(8)</sup> | ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw Term Loan, 6.575%, (TSFR1M+2.250%), 02/13/2032 | 217731 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 452728 | AI Aqua Merger Sub Inc. FKA Osmosis Buyer Limited, 2025 Refinancing Term B, 7.323%, (TSFR1M+3.000%), 07/31/2028 | $448943 | 0.0 |
| 663941 | Alterra Mountain Company, Series B-6 Term Loan, 7.075%, (TSFR1M+2.750%), 08/17/2028 | 666845 | 0.1 |
| 66912 | American Airlines Inc., Repriced Term Loan, 6.543%, (TSFR3M+2.250%), 04/20/2028 | 66131 | 0.0 |
| 456898 | American Greetings Corporation, Tranche C Term Loan, 10.075%, (TSFR1M+5.750%), 10/30/2029 | 458754 | 0.0 |
| 291313 | Aramark Services Inc., Us Term B-8 Loan, 6.325%, (TSFR1M+2.000%), 06/22/2030 | 292041 | 0.0 |
| 598711 | Autokiniton US Holdings Inc., 2024 Replacement Term B Loan, 8.442%, (TSFR1M+4.110%), 04/06/2028 | 588857 | 0.0 |
| 490050 | Caesars Entertainment, Inc.., Incremental Term B-1 Loan, 6.563%, (TSFR3M+2.250%), 02/06/2031 | 487906 | 0.0 |
| 299431 | Cinemark USA Inc., Term Loan B, 7.049%, (TSFR3M+2.750%), 05/24/2030 | 300600 | 0.0 |
| 296990 | City Football Group Limited, Tl, 7.939%, (TSFR1M+3.610%), 07/21/2030 | 293897 | 0.0 |
| 824860 | Clarios Global LP, 2024 Term Loan B, 6.825%, (TSFR1M+2.500%), 05/06/2030 | 814549 | 0.1 |
| 110000 | Clarios Global LP, Amendment No 6 Dollar Term Loan, 7.075%, (TSFR1M+2.750%), 01/28/2032 | 108762 | 0.0 |
| 434290 | Core & Main LP, Tranche D Term Loan, 6.270%, (TSFR1M+6.855%), 07/27/2028 | 434290 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 643513 | Crown Finance US Inc., Initial Term Loans, 9.573%, (TSFR1M+5.250%), 12/02/2031 | $641099 |  | 0.1 |
| 515493 | Dealer Tire LLC, Term Loan B5, 7.325%, (TSFR1M+3.000%), 07/02/2031 | 517426 |  | 0.0 |
| 150000 | DK Crown Holdings Inc., Term B Loans, 6.075%, (TSFR1M+1.750%), 02/25/2032 | 149313 |  | 0.0 |
| 235000 | EOC Borrower LLC, Term B Loans, 7.319%, (TSFR3M+3.000%), 01/27/2032 | 234168 |  | 0.0 |
| 482773 | Everi Holdings Inc., Term B Loan, 6.939%, (TSFR1M+2.500%), 08/03/2028 | 483487 |  | 0.0 |
| 596819 | Flutter Entertainment Public Limited Company, 2024 Term Loan B, 6.049%, (TSFR3M+1.750%), 11/30/2030 | 595700 |  | 0.1 |
| 134000 | Flynn Restaurant Group LP, Series 2025 Term Loans, 8.075%, (TSFR1M+3.750%), 01/28/2032 | 131152 |  | 0.0 |
| 73333 <sup>(7)</sup> | Formula One Management Limited, Incremental Term Facility, 09/30/2031 | 73345 |  | 0.0 |
| 146295 | Formula One Management Limited, Term Loan B1, 6.299%, (TSFR3M+2.000%), 09/30/2031 | 146318 |  | 0.0 |
| 577100 | Gates Corporation, Inital B-5 Dollar Term Loan, 6.075%, (TSFR1M+1.750%), 06/04/2031 | 572050 |  | 0.0 |
| 557214 | Golden State Foods LLC, Initial Term Loans, 8.564%, (TSFR1M+4.250%), 12/04/2031 | 560000 |  | 0.0 |
| 874397 | Great Outdoors Group LLC, Term B-3 Loan, 7.575%, (TSFR1M+3.250%), 01/16/2032 | 874069 |  | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 235000 | Hanesbrands Inc., Term Loan B, 7.075%, (TSFR1M+2.750%), 03/07/2032 | $235294 | 0.0 |
| 825850 | Harbor Freight Tools USA Inc., Initial Term Loan, 6.825%, (TSFR1M+2.500%), 06/11/2031 | 806924 | 0.1 |
| 189525 | Highline AfterMarket Acquisition LLC, 2025-1 Term Loan, 7.825%, (TSFR1M+3.500%), 02/13/2030 | 190117 | 0.0 |
| 309225 | Hunter Douglas Holding BV, Tranche B-1 Term Loan, 7.549%, (TSFR3M+3.250%), 01/17/2032 | 297629 | 0.0 |
| 397831 | IRB Holding Corp, 2024 New Term Loan B Replacement, 6.825%, (TSFR1M+2.500%), 12/15/2027 | 395687 | 0.0 |
| 215000 | J&J Ventures Gaming LLC, 2025 Term Loans, 7.825%, (TSFR1M+3.500%), 04/26/2030 | 212380 | 0.0 |
| 345000 | Kodiak BP LLC, Initial Term Loan, 8.046%, (TSFR3M+3.750%), 11/26/2031 | 331775 | 0.0 |
| 353225 | Lc Ahab Us Bidco LLC, Initial Term Loan, 7.325%, (TSFR1M+3.000%), 05/01/2031 | 355874 | 0.0 |
| 394013 | Life Time Inc. (f/k/a Life Time Fitness Inc.), 2024 New Term Loan, 6.796%, (TSFR3M+2.500%), 11/05/2031 | 393323 | 0.0 |
| 676754 | LS Group OPCO Acquisition LLC, Term Loan B, 6.813%, (TSFR3M+2.500%), 04/23/2031 | 673370 | 0.1 |
| 533668 | Olympus Water US Holding Corporation, Term B-6 Dollar Loan, 7.337%, (TSFR3M+3.000%), 06/20/2031 | 525854 | 0.0 |
| 334163 | Peer Holding III BV, Term Loan B5b, 6.799%, (TSFR3M+2.500%), 07/01/2031 | 334232 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 345558 | Penn National Gaming Inc., Term B Facility, 6.825%, (TSFR1M+2.500%), 05/03/2029 | $345753 | 0.0 |
| 149250 | Raising Canes Restaurants LLC, Initial Term Loan, 6.325%, (TSFR1M+2.000%), 09/18/2031 | 148947 | 0.0 |
| 79400 | RealTruck Goup Inc. (fka Truck Hero), Second Amendment Incremental Term Loan, 9.438%, (TSFR1M+5.250%), 01/31/2028 | 77961 | 0.0 |
| 346989 | Restoration Hardware, Inc., 2022 Incremental Term Loan, 7.675%, (TSFR1M+3.350%), 10/20/2028 | 337261 | 0.0 |
| 261040 | Samsonite International SA, 2024 Tranche B Term Loan, 6.325%, (TSFR1M+2.000%), 06/21/2030 | 261693 | 0.0 |
| 407538 | Scientific Games Holdings LP, 2024 Refi Dollar Term Loan, 7.296%, (TSFR3M+3.000%), 04/04/2029 | 405542 | 0.0 |
| 684337 | Scientific Games International, Inc., Term Loan B-2, 6.566%, (TSFR1M+2.250%), 04/14/2029 | 681343 | 0.1 |
| 200000 <sup>(7)</sup> | Showtime Acquisition LLC, Initial Term Loan, 08/13/2031 | 201167 | 0.0 |
| 189525 | SRAM LLC, Initial Term Loan, 6.572%, (TSFR1M+2.250%), 02/20/2032 | 188577 | 0.0 |
| 415800 | Station Casinos LLC, Term B Facility Loans, 6.325%, (TSFR1M+2.000%), 03/14/2031 | 414208 | 0.0 |
| 150000 | Tecta America Corp, Closing Date Term Loan, 7.325%, (TSFR1M+3.000%), 02/18/2032 | 148922 | 0.0 |
| 248235 | TGP Holdings III LLC, First Lien Closing Date Term Loan, 7.674%, (TSFR1M+3.350%), 06/29/2028 | 228377 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 51667 | Thor Industries Inc., Term B-3 USD, 6.575%, (TSFR1M+2.250%), 11/15/2030 | $51957 | 0.0 |
| 246795 | Tory Burch LLC, Initial Term B Loan, 7.689%, (TSFR1M+3.350%), 04/16/2028 | 246024 | 0.0 |
| 149625 | UFC Holdings LLC, Term B-4 Loans, 6.580%, (TSFR3M+2.250%), 11/21/2031 | 149326 | 0.0 |
| 411248 | United Air Lines, Inc., Term Loan B, 6.297%, (TSFR3M+2.000%), 02/22/2031 | 410927 | 0.0 |
| 596185 | Weber Stephen Products LLC, Initial Term B Loan, 7.689%, (TSFR1M+3.350%), 10/30/2027 | 578300 | 0.0 |
| 660118 | Whatabrands LLC, 2024-2 Refinancing Term B Loan, 6.824%, (TSFR1M+2.500%), 08/03/2028 | 658055 | 0.1 |
| 624387 | White Cap Buyer LLC, Tranche C Term Loan, 7.575%, (TSFR1M+3.250%), 10/19/2029 | 606670 | 0.1 |
| 246452 | Windsor Holdings III LLC, 2025 Refi Term Loan B, 7.069%, (TSFR1M+2.750%), 08/01/2030 | 244501 | 0.0 |
|  |  | **22437728** | **1.1** |
|  | **Consumer, Non-cyclical: 1.1%** |  |  |
| 298454 | ADMI Corp, Amendment No 5 Term Loan, 8.189%, (TSFR1M+3.750%), 12/23/2027 | 296588 | 0.0 |
| 411361 | ADMI Corp, Incremental Term Loan, 7.814%, (TSFR1M+3.500%), 12/23/2027 | 407247 | 0.0 |
| 280633 | Albion Financing 3 SARL, 2025 Amended USD Term Loan, 7.293%, (TSFR3M+3.000%), 08/16/2029 | 283088 | 0.0 |
| 198000 | American Airlines Inc., 2024 Replacement Term Loan, 6.507%, (TSFR6M+2.250%), 06/04/2029 | 195484 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage <br> of Net<br> Assets** | **Percentage <br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 486331 | Auris Luxembourg III SARL, Facility B6 Loan, 8.177%, (TSFR6M+3.750%), 02/28/2029 | $484811 |  | 0.0 |
| 699801 | Bausch & Lomb Corporation, Initial Term Loan, 7.672%, (TSFR1M+3.350%), 05/10/2027 | 697989 |  | 0.1 |
| 628316 | Bausch Health Companies Inc., Second Amendment Term Loans, 9.675%, (TSFR1M+5.250%), 02/01/2027 | 617320 |  | 0.1 |
| 425212 | Belfor Holdings Inc., Tranche B3, 7.325%, (TSFR1M+3.000%), 11/01/2030 | 429464 |  | 0.0 |
| 481300 | Bella Holding Company LLC, Tl, 7.575%, (TSFR1M+3.250%), 05/10/2028 | 480913 |  | 0.0 |
| 582075 | Belron Finance US LLC, 2031 Dollar Incremental Term Loans, 7.052%, (TSFR3M+2.750%), 10/16/2031 | 581893 |  | 0.1 |
| 464942 | Camelot US Acquisition I Co, Term Loan B-1, 7.075%, (TSFR1M+2.750%), 01/31/2031 | 459227 |  | 0.0 |
| 506159 | CHG Healthcare Services Inc., Amendment No. 5 Refinancing Term Loan, 7.313%, (TSFR3M+3.000%), 09/29/2028 | 505888 |  | 0.0 |
| 445378 | Chobani LLC, Term Loan B First Lien, 6.825%, (TSFR1M+2.500%), 10/25/2027 | 446101 |  | 0.0 |
| 306908 | Cimpress PLC, 2024-2 Refinancing Tranche B-1, 6.825%, (TSFR1M+2.500%), 05/17/2028 | 307675 |  | 0.0 |
| 174563 | Concentra Health Services, Inc., Term Loan B-1, 6.325%, (TSFR1M+2.000%), 07/26/2031 | 175435 |  | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 796970 | Cotiviti Inc., Initial Floating Rate Term Loans, 7.073%, (TSFR1M+2.750%), 05/01/2031 | $792737 | 0.1 |
| 149625 | Creative Artists Agency, LLC, Term Loan B, 7.075%, (TSFR1M+2.750%), 10/01/2031 | 149478 | 0.0 |
| 667449 | Electron Bidco Inc., Initial Term Loan, 7.075%, (TSFR1M+2.750%), 11/01/2028 | 666719 | 0.1 |
| 421818 | Fiesta Purchaser, Inc., Term Loan B (2024), 7.575%, (TSFR1M+3.250%), 02/12/2031 | 419498 | 0.0 |
| 148503 | Financiere Mendel, Addtl Term Facility 2, 7.065%, (TSFR3M+2.750%), 11/08/2030 | 148132 | 0.0 |
| 136439 | Fleet Midco I Ltd., Facility B2 Term Loan, 7.055%, (TSFR6M+2.750%), 02/21/2031 | 137292 | 0.0 |
| 577069 | Fugue Finance LLC, Eleventh Amendment Dollar Term Loan, 7.496%, (TSFR6M+3.250%), 01/09/2032 | 577519 | 0.0 |
| 369880 | Garda World Security Corporation, Twelfth Additional Term Loan, 7.322%, (TSFR1M+3.000%), 02/01/2029 | 368955 | 0.0 |
| 397793 | Global Medical Response Inc., 2024 Extended Term Loan, 9.790%, (TSFR3M+5.000%), 10/31/2028 | 398219 | 0.0 |
| 189051 | Grant Thornton Advisors LLC, 2025 Incremental Term Loan, 7.075%, (TSFR1M+2.750%), 06/02/2031 | 188165 | 0.0 |
| 40494 <sup>(8)</sup> | Hanger Inc., Delayed Draw Term Loan, 7.825%, (TSFR1M+3.500%), 10/23/2031 | 40515 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 314506 | Hanger Inc., Initial Term Loan, 7.825%, (TSFR1M+3.500%), 10/23/2031 | $314663 |  | 0.0 |
| 297750 | HomeServe USA Holding Corp., Amendment No.1 Refinancing Term Loan, 6.319%, (TSFR1M+2.000%), 10/21/2030 | 295269 |  | 0.0 |
| 427503 | IVC Acquisition Ltd., Incremental Term Loan B12, 8.049%, (TSFR3M+3.750%), 12/12/2028 | 428216 |  | 0.0 |
| 504147 | Jazz Financing Lux Sarl, Tranche B-2 Dollar Facility, 6.574%, (TSFR1M+2.250%), 05/05/2028 | 504659 |  | 0.0 |
| 419052 | Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 8.584%, (TSFR1M+3.500%), 02/08/2028 | 417480 |  | 0.0 |
| 311920 | Kuehg Corp., Term Loan, 7.549%, (TSFR3M+3.250%), 06/12/2030 | 311579 |  | 0.0 |
| 447469 | Latham Pool Products Inc., Initial Term Loans, 8.391%, (TSFR3M+4.100%), 02/23/2029 | 436095 |  | 0.0 |
| 298502 | LifePoint Health Inc., Term Loan B2, 7.817%, (TSFR3M+3.500%), 05/16/2031 | 288676 |  | 0.0 |
| 1204403 | Medline Borrower LP, Dollar Incremental Term Loan, 6.574%, (TSFR1M+2.250%), 10/23/2028 | 1203973 |  | 0.1 |
| 139147 | Mister Car Wash Holdings Inc., 2024 Refinancing Term Loans, 6.791%, (TSFR3M+2.500%), 03/21/2031 | 138765 |  | 0.0 |
| 348604 | Neptune Bidco Us Inc., Term B Loans, 9.389%, (TSFR3M+5.100%), 04/11/2029 | 300932 |  | 0.0 |
| 522460 | Organon & Co, Dollar Term Loan, 6.572%, (TSFR1M+2.250%), 05/19/2031 | 516582 |  | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 661580 | Pegasus Bidco Bv, 2024-2 Dollar Term Loan, 7.573%, (TSFR3M+3.250%), 07/12/2029 | $665439 |  | 0.1 |
| 353399 | Perrigo Investments LLC, 2024 Refinancing Term B Loan, 6.325%, (TSFR1M+2.000%), 04/20/2029 | 353620 |  | 0.0 |
| 594015 | Phoenix Guarantor Inc., Tranche B5 Term Loan, 6.825%, (TSFR1M+2.500%), 02/21/2031 | 592324 |  | 0.1 |
| 312643 | Prime Security Services Borrower, LLC (aka Protection 1 Security Solutions), Term B1 Loan, 6.325%, (TSFR1M+2.000%), 10/13/2030 | 311666 |  | 0.0 |
| 46333 <sup>(7)(8)</sup> | Raven Acquisition Holdings, LLC, 2024 Delayed Draw Term Loan Commitment, 11/19/2031 | 45776 |  | 0.0 |
| 648667 | Raven Acquisition Holdings, LLC, Initial Term Loans, 7.575%, (TSFR1M+3.250%), 11/19/2031 | 641842 |  | 0.1 |
| 262476 | Ryan LLC, Term Loan, 9.856%, (TSFR1M+4.500%), 11/14/2030 | 261819 |  | 0.0 |
| 388551 | Sigma Bidco BV, Facility B12, 8.240%, 01/03/2028 | 386973 |  | 0.0 |
| 676600 | Sotera Health Holdings LLC, 2024 Refinancing Term Loans, 7.549%, (TSFR3M+3.250%), 05/30/2031 | 679137 |  | 0.1 |
| 430000 | Southern Veterinary Partners LLC, 2024-3 New Term Loans, 7.575%, (TSFR1M+3.250%), 12/04/2031 | 429424 |  | 0.0 |
| 460180 | Spring Education Group Inc., Initial Term Loans, 8.299%, (TSFR3M+4.000%), 10/04/2030 | 460180 |  | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 301727 | Surgery Center Holdings Inc., 2024 Refinancing Term Loans, 7.072%, (TSFR1M+2.750%), 12/19/2030 | $| 301665 |  | 0.0 |
| 376252 | Triton Water Holdings Inc., 2025 Refinancing Term Loan, 6.549%, (TSFR3M+2.250%), 03/31/2028 |  | 375821 |  | 0.0 |
| 314085 | Trugreen Limited Partnership, Second Refinancing Term Loan (First Lien), 8.425%, (TSFR1M+4.110%), 11/02/2027 |  | 296549 |  | 0.0 |
| 12174 <sup>(7)(8)</sup> | US Fertility Enterprises LLC, Initial Delayed Draw Term Loan, 10/10/2031 |  | 12143 |  | 0.0 |
| 267157 | US Fertility Enterprises LLC, Term Loan B, 8.785%, (TSFR3M+4.500%), 10/10/2031 |  | 269828 |  | 0.0 |
| 100000 <sup>(7)</sup> | Valvoline Inc., Term Loan B, 03/19/2032 |  | 100063 |  | 0.0 |
| 234413 | Viant Medical Holdings Inc., Term Loan B, 8.325%, (TSFR1M+4.000%), 10/29/2031 |  | 234950 |  | 0.0 |
| 413280 | VM Consolidated Inc., Term B-3 Loan, 6.575%, (TSFR1M+2.250%), 03/24/2028 |  | 414210 |  | 0.0 |
| 632060 | Wand NewCo 3 Inc., Tranche B-2 Term Loan, 6.825%, (TSFR1M+2.500%), 01/30/2031 |  | 623633 |  | 0.1 |
| 360000 | WCG Intermediate Corp, Term Loan B, 7.324%, (TSFR3M+3.000%), 02/25/2032 |  | 357030 |  | 0.0 |
|  |  |  | **23227333** |  | **1.1** |
|  | **Containers & Glass Products: 0.1%** | **Containers & Glass Products: 0.1%** | **Containers & Glass Products: 0.1%** |  |  |
| 512400 | Clydesdale Acquisition Holdings, Inc., Term B Loan, 7.499%, (TSFR1M+3.250%), 04/13/2029 |  | 510585 |  | 0.0 |
| 245513 | Plaze Inc., 2021-1 Term Loan, 8.188%, (TSFR1M+3.750%), 08/03/2026 |  | 233237 |  | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Containers & Glass Products: (continued)** | **Containers & Glass Products: (continued)** | **Containers & Glass Products: (continued)** |  |
| 566330 | ProAmpac PG Borrower LLC, 2024 Term Loan B, 8.323%, (TSFR3M+4.000%), 09/15/2028 | $565268 |  | 0.1 |
| 3691 | TricorBraun Inc., Term Loan, 7.689%, (TSFR1M+3.350%), 03/03/2028 | 3662 |  | 0.0 |
|  |  | **1312752** |  | **0.1** |
|  | **Diversified: 0.0%** |  |  |  |
| 461513 | First Eagle Holdings Inc., Tranche B-2 Term Loans, 7.329%, (TSFR3M+3.000%), 03/05/2029 | 461837 |  | 0.0 |
|  | **Electronics/Electrical: 0.1%** |  |  |  |
| 326590 | Chariot Buyer LLC, Tranche B, 8.600%, (TSFR1M+3.250%), 11/03/2028 | 324344 |  | 0.0 |
| 196589 | Creation Technologies Inc., Initial Term Loan, 10.058%, (TSFR3M+5.750%), 10/05/2028 | 190691 |  | 0.0 |
| 440462 | DG Investment Intermediate Holdings 2 Inc., First Lien Closing Date Initial Term Loan, 8.189%, (TSFR1M+3.750%), 03/31/2028 | 441701 |  | 0.1 |
| 210000 | DG Investment Intermediate Holdings 2 Inc., Second Lien Initial Term Loan, 11.189%, (TSFR1M+6.860%), 03/30/2029 | 207113 |  | 0.0 |
|  |  | **1163849** |  | **0.1** |
|  | **Energy: 0.2%** |  |  |  |
| 376840 | Brazos Delaware II LLC, 2025 Refinancing Term Loan, 7.314%, (TSFR1M+3.000%), 02/11/2030 | 377389 |  | 0.0 |
| 243798 | CPPIB OVM Member U.S. LLC, Initial Term Loans, 7.049%, (TSFR3M+2.750%), 08/20/2031 | 242680 |  | 0.0 |
| 500000 <sup>(7)</sup> | Emg Utica Midstream Holdings, LLC, Term Loan B, 10/24/2029 | 500000 |  | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Energy: (continued)** |  |  |
| 575000 | Epic Crude Services LP, Term Loan, 7.302%, (TSFR3M+3.000%), 10/15/2031 | $575838 | 0.1 |
| 153973 | GIP Pilot Acquisition Partners LP, Amendment No 2 Refinancing Term Loan, 6.302%, (TSFR3M+2.000%), 10/04/2030 | 153829 | 0.0 |
| 311025 | Goodnight Water Solutions Holdings, LLC, Initial Term Loans, 8.825%, (TSFR1M+4.500%), 06/04/2029 | 311025 | 0.0 |
| 255000 | Hilcorp Energy I LP, Term Loan B, 6.322%, (TSFR1M+2.000%), 02/05/2030 | 255637 | 0.0 |
| 155000 <sup>(7)</sup> | M6 Etx Holdings Ii Midco LLC, Term Loan B, 03/25/2032 | 154952 | 0.0 |
| 220000 | MRC Global (US) Inc., Term Loan, 7.931%, (TSFR6M+3.500%), 10/24/2031 | 220550 | 0.0 |
| 264338 | NGP XI Midstream Holdings LLC, Term Loan B-2, 7.799%, (TSFR3M+3.500%), 07/25/2031 | 265990 | 0.0 |
| 197476 | NorthRiver Midstream Finance LP, Term Loan (First Lien), 6.560%, (TSFR3M+2.250%), 08/16/2030 | 196806 | 0.0 |
| 185000 | Pasadena Performance Products LLC, Term B Loan, 7.752%, (TSFR3M+3.500%), 02/24/2032 | 185116 | 0.0 |
| 608475 | Rockpoint Gas Storage Partners LP, Term Loan B, 7.299%, (TSFR3M+3.000%), 09/18/2031 | 608095 | 0.1 |
| 363175 | WaterBridge Midstream Operating LLC, Term Loan B, 9.053%, (TSFR3M+4.750%), 06/27/2029 | 361018 | 0.0 |
| 348250 | Waterbridge NDB Operating LLC(f/k/a Waterbridge Midstream Operating LLC), Initial Term Loan, 8.315%, (TSFR3M+4.000%), 05/10/2029 | 349991 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Energy: (continued)** |  |  |
| 248752 | Whitewater DBR Holdco LLC, Term Loan C, 6.549%, (TSFR3M+2.250%), 03/03/2031 | $248285 | 0.0 |
|  |  | **5007201** | **0.2** |
|  | **Financial: 0.8%** |  |  |
| 348252 | AAL Delaware Holdco Inc., Amendment No. 1 Term Loan, 7.075%, (TSFR1M+2.750%), 07/30/2031 | 346511 | 0.0 |
| 1066013 | Acrisure LLC, 2024 Repricing Term B-6 Loan, 7.325%, (TSFR1M+3.000%), 11/06/2030 | 1060849 | 0.1 |
| 853338 | Alliant Holdings Intermediate LLC, New Term Loan B6, 7.069%, (TSFR1M+2.750%), 09/19/2031 | 848165 | 0.1 |
| 298469 | Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 7.313%, (TSFR3M+3.000%), 11/01/2030 | 298376 | 0.0 |
| 872813 | AmWINS Group Inc., Initial Term Loans, 6.575%, (TSFR1M+2.250%), 01/30/2032 | 866734 | 0.1 |
| 104000 <sup>(7)</sup> | Ardonagh FInc.o B.V., Add-On Tlb, 02/15/2031 | 102700 | 0.0 |
| 335000 | Ardonagh Group FInc.o Pty Ltd., Syndicated Facility B (USD) Loan, 8.039%, (TSFR6M+3.750%), 02/17/2031 | 330812 | 0.0 |
| 588902 | Aretec Group Inc., Term B-3 Loan, 7.825%, (TSFR1M+3.500%), 08/09/2030 | 584899 | 0.0 |
| 567127 | Ascensus Group Holdings Inc. (f/k/a Mercury Borrower Inc.), 2024 Term Loan B, 7.325%, (TSFR1M+3.000%), 08/02/2028 | 564646 | 0.0 |
| 980100 | AssuredPartners Inc., 2024 Term Loan, 7.825%, (TSFR1M+3.500%), 02/14/2031 | 982244 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 1029451 | Broadstreet Partners Inc., 2024 Term B Loans, 7.325%, (TSFR1M+3.000%), 06/13/2031 | $1021730 | 0.1 |
| 10329 <sup>(8)</sup> | Chrysaor Bidco S.A R.L., Delayed Draw Term Loan (Usd), 8.830%, (TSFR1M+3.500%), 10/30/2031 | 10362 | 0.0 |
| 139321 | Chrysaor Bidco S.A R.L., Facility B (USD), 7.789%, (TSFR3M+3.500%), 10/30/2031 | 139757 | 0.0 |
| 423249 | Citadel Securities LP, 2024 Term Facility, 6.325%, (TSFR1M+2.000%), 10/31/2031 | 423249 | 0.0 |
| 290000 | Cpi Holdco B, LLC, First Amendment Incremental Term Loan, 6.575%, (TSFR1M+2.250%), 05/19/2031 | 288550 | 0.0 |
| 149250 | Cpi Holdco B, LLC, Initial Term Loans, 6.325%, (TSFR1M+2.000%), 05/17/2031 | 148006 | 0.0 |
| 491113 | Cushman &Amp; Wakefield U.S. Borrower, Llc., 2024 – 3 Term Loan, 7.575%, (TSFR1M+3.250%), 01/31/2030 | 492494 | 0.0 |
| 185000 | Dechra Pharmaceuticals Holdings Limited (f/k/a Freya Bidco Limited), Facility B1 Loan, 7.513%, (TSFR6M+3.250%), 01/27/2032 | 184711 | 0.0 |
| 150000 | Edelman Financial Engines Center LLC (The), 2024 Refinancing Term Loans, 9.575%, (TSFR1M+5.250%), 10/06/2028 | 150422 | 0.0 |
| 529627 | Edelman Financial Engines Center LLC (The), 2024-2 Refinancing Term Loan, 7.325%, (TSFR1M+3.000%), 04/07/2028 | 528510 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage<br> of Net<br> Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Financial: (continued)** |  |  |
| 269662 | Etna French Bidco SAS, Facility B1 (USD) Loan, 8.900%, (TSFR1M+4.500%), 12/08/2031 | $268988 | 0.0 |
| 134326 | Etna French Bidco SAS, Facility B2 USD, 8.871%, (TSFR3M+4.500%), 12/08/2031 | 133990 | 0.0 |
| 816152 | Focus Financial Partners LLC, Tranche B Incremental Term Loan, 7.075%, (TSFR1M+2.750%), 09/15/2031 | 808841 | 0.1 |
| 150000 | Goosehead Insurance Holdings, LLC, Initial Term Loan, 7.822%, (TSFR1M+3.500%), 01/08/2032 | 151313 | 0.0 |
| 371169 | Guardian US Holdco LLC, Initial Term Loan, 7.799%, (TSFR3M+3.500%), 01/31/2030 | 366181 | 0.0 |
| 400768 | Hightower Holdings LLC, Initial Term Loan, 7.291%, (TSFR3M+3.000%), 02/03/2032 | 401770 | 0.0 |
| 301960 | HUB International Ltd., 2025 Incremental Term Loan, 6.787%, (TSFR3M+2.500%), 06/20/2030 | 300959 | 0.0 |
| 861719 | Jane Street Group LLC, Extended Term Loan, 6.313%, (TSFR3M+2.000%), 12/10/2031 | 853640 | 0.1 |
| 523688 | Jefferies Finance LLC, Initial Term Loan 2024, 7.319%, (TSFR1M+3.000%), 10/21/2031 | 523033 | 0.0 |
| 761908 | Osaic Holdings Inc., Term B4 Loan, 7.824%, (TSFR1M+3.500%), 08/17/2028 | 757146 | 0.1 |
| 366367 | Overdrive, Inc., New First Lien Term Loan, 8.322%, (TSFR1M+4.000%), 06/15/2028 | 367970 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | | |
|  | **Financial: (continued)** |  |  |
| 122664 | RHP Hotel Properties LP, Second Incremental Tranche B Term Loan, 6.325%, (TSFR1M+2.000%), 05/18/2030 | $122626 | 0.0 |
| 537359 | Ryan Specialty Group LLC, 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 09/15/2031 | 537191 | 0.0 |
| 60000 <sup>(7)</sup> | Sedgwick Claims Management Services, Inc., Term Loan B, 07/31/2031 | 59858 | 0.0 |
| 394013 | Starwood Property Mortgage LLC, Facility B-4, 6.575%, (TSFR1M+2.250%), 01/02/2030 | 394012 | 0.0 |
| 170081 | Truist Insurance Holdings, LLC, 2024 Term Loan B, 7.049%, (TSFR3M+2.750%), 05/06/2031 | 169230 | 0.0 |
| 78947 | Truist Insurance Holdings, LLC, Initial Term Loans (Second Lien), 9.049%, (TSFR3M+4.750%), 05/06/2032 | 79811 | 0.0 |
| 299463 | USI Inc., 2024 Term Loan, 6.549%, (TSFR3M+2.250%), 09/27/2030 | 296805 | 0.0 |
| 488834 | USI Inc., 2024 Term Loan D, 6.549%, (TSFR3M+2.250%), 11/22/2029 | 485168 | 0.0 |
| 290000 | VFH Parent LLC, Term Loan B-2, 6.825%, (TSFR1M+2.500%), 06/21/2031 | 291088 | 0.0 |
|  |  | **16743347** | **0.8** |
|  | **Food Products: 0.1%** |  |  |
| 392971 | 8th Avenue Food & Provisions Inc., 2021 Incremental Term Loan, 9.189%, (TSFR1M+4.860%), 10/01/2025 | 386749 | 0.0 |
| 321102 | BCPE North Star US Holdco 2 Inc., First Lien Initial Term Loan, 8.439%, (TSFR1M+4.110%), 06/09/2028 | 314119 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Food Products: (continued)** |  |  |
| 512403 | CHG PPC Parent LLC, 2021-1 US Term Loan, 7.439%, (TSFR1M+3.110%), 12/08/2028 | $512403 | 0.1 |
|  |  | **1213271** | **0.1** |
|  | **Health Care: 0.2%** |  |  |
| 889334 | AthenaHealth Group Inc., Initial Term Loan, 7.325%, (TSFR1M+3.000%), 02/15/2029 | 881553 | 0.1 |
| 466852 | Embecta Corp, Initial Term Loan, 7.313%, (TSFR3M+3.000%), 03/30/2029 | 466356 | 0.0 |
| 286231 | Gloves Buyer Inc., First Lien Initial Term Loan, 8.439%, (TSFR1M+4.110%), 12/29/2027 | 286231 | 0.0 |
| 12531 | National Mentor Holdings Inc., First Lien Initial Term C Loan, 8.149%, (TSFR3M+3.850%), 03/02/2028 | 12170 | 0.0 |
| 433707 | National Mentor Holdings Inc., First Lien Initial Term Loan, 8.175%, (TSFR1M+3.750%), 03/02/2028 | 421238 | 0.0 |
| 880000 <sup>(7)</sup> | Opella Healthc, 03/01/2032 | 875600 | 0.0 |
| 360087 | Pacific Dental Services LLC, Term Loan USD 1BN, 7.069%, (TSFR1M+2.750%), 03/15/2031 | 359097 | 0.0 |
| 487550 | Resonetics LLC, 2024 Specified Refinancing Term Loan, 7.545%, (TSFR3M+3.250%), 06/18/2031 | 484909 | 0.1 |
|  |  | **3787154** | **0.2** |
|  | **Industrial: 1.1%** |  |  |
| 485697 | AlixPartners LLP, Tranche B, 7.717%, (TSFR1M+2.500%), 02/04/2028 | 485848 | 0.0 |
| 580000 | Alliance Laundry Systems LLC, Initial Term B Loans, 7.072%, (TSFR3M+2.750%), 08/19/2031 | 578840 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 685855 | Allied Universal Holdco LLC, Term Loan Usd, 8.175%, (TSFR1M+3.750%), 05/12/2028 | $685855 | 0.1 |
| 427847 | Altium Packaging LLC, 2024 Refinancing Term Loan, 6.825%, (TSFR1M+2.500%), 06/11/2031 | 425708 | 0.0 |
| 253650 | Anticimex Inc., Facility B6, 7.726%, (SOFRRATE+3.400%), 11/16/2028 | 253650 | 0.0 |
| 154613 | Arcosa, Inc.., Initial Term Loan, 6.575%, (TSFR1M+2.250%), 08/12/2031 | 154854 | 0.0 |
| 477600 | Azorra Soar TLB FInance Limited, Initial Term Loans, 7.799%, (TSFR3M+3.500%), 10/18/2029 | 481182 | 0.0 |
| 395764 | Azuria Water Solutions Inc., 2025 Replacement Term Loan, 7.325%, (TSFR1M+3.000%), 05/17/2028 | 393786 | 0.0 |
| 520000 | BCP VI Summit Holdings LP, Initial Term Loan, 7.825%, (TSFR1M+3.500%), 01/30/2032 | 520650 | 0.0 |
| 482471 | Bombardier Recreational Products Inc., 2024 Extended Term Loan, 7.075%, (TSFR1M+2.750%), 01/22/2031 | 477776 | 0.0 |
| 163765 | Brown Group Holding LLC, Incremental Term B-2 Facility, 6.813%, (TSFR3M+2.500%), 07/01/2031 | 163048 | 0.0 |
| 344474 | Chart Industries, Inc., 2024 Term Loan B, 6.805%, (TSFR3M+2.500%), 03/15/2030 | 343612 | 0.0 |
| 1117 <sup>(7)(8)</sup> | Clydesdale Acquisition Holdings, Inc.., Delayed Draw Term Loan, 03/27/2032 | 1112 | 0.0 |
| 63883 <sup>(7)</sup> | Clydesdale Acquisition Holdings, Inc.., Term Loan B, 03/27/2032 | 63604 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 281512 | Coherent Corp (f/k/a II-VI Inc.orporated), Term Loan B-2, 6.325%, (TSFR1M+2.000%), 07/02/2029 | $281570 | 0.0 |
| 490667 | Construction Partners Inc., Closing Date Loans, 6.827%, (TSFR1M+2.500%), 11/03/2031 | 489440 | 0.0 |
| 365000 | Crown Equipment Corporation, Initial Term Loan, 6.819%, (TSFR1M+2.500%), 10/10/2031 | 365684 | 0.0 |
| 491959 | Doosan Bobcat North America Inc. (f/k/a Clark Equipment Company), Tranche B Term Loans, 6.299%, (TSFR3M+2.000%), 04/20/2029 | 492369 | 0.0 |
| 274601 | Dynasty Acquisition Co Inc., Initial Term B-1 Loan, 6.325%, (TSFR1M+2.000%), 10/31/2031 | 274150 | 0.0 |
| 104711 | Dynasty Acquisition Co Inc., Initial Term B-2 Loan, 6.324%, (TSFR1M+2.000%), 10/31/2031 | 104539 | 0.0 |
| 150000 | Eco Material Technologies Inc., Initial Term Loan, 7.467%, (TSFR1M+3.250%), 02/12/2032 | 150375 | 0.0 |
| 170679 | EMRLD Borrower LP, Initial Term B Loan, 6.933%, (TSFR3M+2.500%), 05/31/2030 | 168972 | 0.0 |
| 457385 | Filtration Group Corporation, 2025 Incremental Dollar Term Loan, 7.325%, (TSFR1M+3.000%), 10/21/2028 | 457385 | 0.0 |
| 289 | Foley Products Company, LLC, Term Loan, 9.199%, (TSFR3M+4.900%), 12/29/2028 | 292 | 0.0 |
| 149625 | Frontdoor Inc., 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 12/17/2031 | 151869 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 154172 | Genesee & Wyoming Inc., Initial Term Loan B, 6.049%, (TSFR3M+1.750%), 04/10/2031 | $152844 | 0.0 |
| 315000 | GFL Environmental Services Inc., Initial Term Loan, 6.819%, (TSFR3M+2.500%), 02/04/2032 | 313228 | 0.0 |
| 139778 | Gulfside Supply Inc., Initial Term Loan, 7.299%, (TSFR3M+3.000%), 06/17/2031 | 138380 | 0.0 |
| 165000 <sup>(7)</sup> | Igloo Holdings Corp, Senior Facility B (USD) Loan, 02/20/2032 | 164691 | 0.0 |
| 432807 | Ingram Micro Inc., 2024 Term Loan B, 7.053%, (TSFR3M+2.750%), 09/22/2031 | 435106 | 0.0 |
| 62155 <sup>(7)(8)</sup> | Kaman Corporation, Delayed Draw Term Loan, 01/30/2032 | 62233 | 0.0 |
| 658845 | Kaman Corporation, Initial Term Loans, 7.068%, (TSFR3M+2.750%), 01/30/2032 | 650918 | 0.1 |
| 487103 | Kenan Advantage Group Inc. (The), Term Loan B4, 7.575%, (TSFR1M+3.250%), 01/25/2029 | 485277 | 0.0 |
| 346919 | Legence Holdings LLC (f/k/a Refficiency Holdings LLC), Amendment No 9 Refinancing Term Loan, 7.575%, (TSFR1M+3.250%), 12/18/2028 | 344968 | 0.0 |
| 328865 | Lsf11 Trinity Bidco, Inc., Term Loan B, 7.322%, (TSFR1M+3.000%), 06/14/2030 | 330304 | 0.0 |
| 675000 | Lsf12 Crown Us Commercial Bidco, LLC, Term Loan, 8.573%, (TSFR1M+4.250%), 12/02/2031 | 664313 | 0.1 |
| 292356 | Madison Iaq LLC, Initial Term Loan, 6.762%, (TSFR6M+2.500%), 06/21/2028 | 289554 | 0.0 |
| 597000 <sup>(7)</sup> | Madison Safe FRN TL, 09/26/2031 | 596751 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 295000 | Madison Safety & Flow LLC, 2025 Incremental Term B, 7.075%, (TSFR1M+2.7500%), 03/29/2032 | $292787 | 0.0 |
| 153802 | MI Windows and Doors LLC, 2024 Incremental Term Loans, 7.325%, (TSFR1M+3.000%), 03/28/2031 | 151522 | 0.0 |
| 230000 | Novelis Holdings Inc., Initial Term Loan, 6.292%, (TSFR3M+2.000%), 02/20/2032 | 230057 | 0.0 |
| 170641 | Oscar AcquisitionCo LLC, Term B Loan, 8.549%, (TSFR3M+4.250%), 04/29/2029 | 159905 | 0.0 |
| 530100 | Pactiv Evergreen Group Holdings Inc., Tranch B-4 U.S. Term Loans, 6.825%, (TSFR1M+2.500%), 09/24/2028 | 529778 | 0.0 |
| 491775 | Pre Paid Legal Services Inc., First Lien Initial Term Loans, 7.689%, (TSFR1M+3.350%), 12/15/2028 | 487319 | 0.0 |
| 545418 | Pro Mach Group Inc., Amendment No.5 Refinancing Tl, 7.075%, (TSFR1M+2.750%), 08/31/2028 | 544452 | 0.1 |
| 590000 <sup>(7)</sup> | Protective Industrial Products Inc., Tl, 01/17/2032 | 568613 | 0.1 |
| 84152 | Quikrete Holdings Inc., New Tranche B-1 Term Loan, 6.575%, (TSFR1M+2.250%), 04/14/2031 | 83426 | 0.0 |
| 389388 | Quikrete Holdings Inc., Term Loan B (2029), 6.575%, (TSFR1M+2.250%), 03/19/2029 | 386273 | 0.0 |
| 730000 | Red SPV LLC, Initial Term Loan, 6.575%, (TSFR3M+2.250%), 03/08/2032 | 732737 | 0.1 |
| 347318 | Savage Enterprises LLC, Refinancing Term Loan, 7.073%, (TSFR1M+2.750%), 09/15/2028 | 347354 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 390027 | Service Logic Acquisition Inc., Amendment 8 Refinancing Term Loan, 7.319%, (TSFR1M+3.000%), 10/29/2027 | $391977 | 0.0 |
| 227907 | Smyrna Ready Mix Concrete LLC, 2025 Term Loan, 7.319%, (TSFR1M+3.000%), 04/02/2029 | 229616 | 0.0 |
| 516008 | SPX Flow, Inc., 2024 Term Loan B, 7.325%, (TSFR1M+3.000%), 04/05/2029 | 515928 | 0.0 |
| 350000 <sup>(7)</sup> | Stonepeak Nile Parent LLC, Term Loan B, 02/03/2032 | 349070 | 0.0 |
| 250000 | Terex Corporation, US Term Loan, 6.299%, (TSFR3M+2.000%), 10/08/2031 | 250603 | 0.0 |
| 536625 | Third Coast Infrastructure LLC, Initial Term Loan, 8.575%, (TSFR1M+4.250%), 09/25/2030 | 532936 | 0.1 |
| 436700 | Titan Acquisition Limited, Amendment No. 5 Refinancing Term Loan, 8.785%, (TSFR3M+4.500%), 02/15/2029 | 435563 | 0.0 |
| 739922 | TK Elevator Midco Gmbh, Facility B2 (Usd), 7.737%, (TSFR6M+3.500%), 04/30/2030 | 740847 | 0.1 |
| 738155 | Transdigm Inc., Tranche K Term Loans, 7.049%, (TSFR3M+2.750%), 03/22/2030 | 734003 | 0.1 |
| 358304 | Trident TPI Holdings Inc., Tranche B-7 Term Loan, 8.049%, (TSFR3M+3.750%), 09/15/2028 | 346472 | 0.0 |
| 281943 | Watlow Electric Manufacturing Company, Term Loan B, 7.791%, (TSFR3M+3.500%), 03/02/2028 | 281767 | 0.0 |
| 417900 | Wilsonart LLC, Initial Term Loans, 8.549%, (TSFR3M+4.250%), 08/05/2031 | 398703 | 0.0 |
|  |  | **22316445** | **1.1** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Insurance: 0.0%** | **Insurance: 0.0%** | **Insurance: 0.0%** |
| 3844 | Ima Financial Group, Inc.., Initial Term Loan, 7.325%, (TSFR1M+3.000%), 11/01/2028 | $3828 | 0.0 |
| 994861 | Sedgwick Claims Management Services Inc, 2024 Term Loan, 8.250%, (TSFR3M+3.000%), 07/31/2031 | 992499 | 0.0 |
|  |  | **996327** | **0.0** |
|  | **Leisure Good/Activities/Movies: 0.0%** | **Leisure Good/Activities/Movies: 0.0%** | **Leisure Good/Activities/Movies: 0.0%** |
| 551667 | Hayward Industries Inc., First Lien Initial Term Loan, 6.939%, (TSFR1M+2.610%), 05/30/2028 | 550547 | 0.0 |
| 481203 | Playtika Holding Corp, Tranche B1, 7.943%, (TSFR1M+2.750%), 03/13/2028 | 476451 | 0.0 |
|  |  | **1026998** | **0.0** |
|  | **Lodging & Casinos: 0.1%** | **Lodging & Casinos: 0.1%** | **Lodging & Casinos: 0.1%** |
| 671207 | Fertitta Entertainment LLC, Initial B Term Loan, 7.825%, (TSFR1M+3.500%), 01/27/2029 | 661390 | 0.1 |
| 471333 | Flynn Restaurant Group LP, 2021 New Term Loan, 8.689%, (TSFR1M+4.360%), 12/01/2028 | 471628 | 0.0 |
| 413875 | Golden Entertainment Inc., Term B-1 Loan, 6.575%, (TSFR1M+2.250%), 05/26/2030 | 414134 | 0.0 |
| 322780 | Hilton Grand Vacations Borrower LLC, Initial Term Loan, 6.325%, (TSFR1M+2.000%), 08/02/2028 | 321651 | 0.0 |
|  |  | **1868803** | **0.1** |
|  | **Radio & Television: 0.0%** | **Radio & Television: 0.0%** | **Radio & Television: 0.0%** |
| 143302 | DirectV Financing LLC, Closing Date Term Loan, 10.360%, (TSFR1M+5.262%), 08/02/2027 | 143711 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Radio & Television: (continued)** | **Radio & Television: (continued)** | **Radio & Television: (continued)** | **Radio & Television: (continued)** |
| 343567 | Houghton Mifflin Harcourt Company, First Lien Term B Loan, 9.675%, (TSFR1M+5.250%), 04/09/2029 | $| 340077 | 0 |
|  |  |  | **483788** | **0.0** |
|  | **Retailers (Except Food & Drug): 0.0%** | **Retailers (Except Food & Drug): 0.0%** | **Retailers (Except Food & Drug): 0.0%** | **Retailers (Except Food & Drug): 0.0%** |
| 420052 | Leslie's Poolmart Inc., Initial Term Loan, 7.302%, (TSFR3M+3.000%), 03/09/2028 |  | 312414 | 0 |
| 581583 | Petco Health and Wellness Company Inc., First Lien Initial Term Loan, 7.811%, (TSFR3M+3.500%), 03/03/2028 |  | 531018 | 0 |
|  |  |  | **843432** | **0.0** |
|  | **Technology: 1.0%** | **Technology: 1.0%** | **Technology: 1.0%** | **Technology: 1.0%** |
| 421250 | Adeia Inc., Amendment No 4 Term Loan B, 6.825%, (TSFR1M+2.500%), 06/08/2028 |  | 420197 | 0 |
| 348250 | AMC Entertainment Holdings Inc., Initial Exchange Term Loan, 11.322%, (TSFR1M+7.000%), 01/04/2029 |  | 348250 | 0 |
| 483788 | Amentum Holdings LLC, Initial Term Loan, 6.575%, (TSFR1M+2.250%), 09/29/2031 |  | 470256 | 0 |
| 115000 | Applied Systems Inc., Initial Term Loan (2024) (Second Lien), 8.079%, (TSFR1M+3.750%), 02/23/2032 |  | 118019 | 0 |
| 517161 | Applied Systems Inc., Tranche B-1 Term Loan, 7.049%, (TSFR3M+2.750%), 02/24/2031 |  | 517080 | 0 |
| 478234 | Ascend Learning LLC, Amendment No 5 Term Loan, 7.325%, (TSFR1M+3.000%), 12/11/2028 |  | 473003 | 0 |
| 330000 | Asurion LLC, Second Lien Term Loan B3, 9.689%, (TSFR1M+5.250%), 01/31/2028 |  | 313830 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 280000 | BCPE Pequod Buyer Inc., Initial Term Loan, 7.791%, (TSFR3M+3.500%), 11/25/2031 | $279446 | 0.0 |
| 275000 | BMC Software (Boxer/ Bladelogic), 2031 Replacement Dollar Term Loan, 7.291%, (TSFR3M+3.000%), 07/30/2031 | 270485 | 0.0 |
| 150000 <sup>(7)</sup> | Clearwater Analytics LLC, Term Loan B, 02/07/2032 | 150281 | 0.0 |
| 5 | Cloud Software Group Inc., Initial Dollar Term B Facility, 7.829%, (TSFR3M+3.500%), 03/30/2029 | 4 | 0.0 |
| 568441 | Connectwise, LLC, Initial Term Loan, 8.061%, (TSFR3M+3.750%), 09/29/2028 | 568725 | 0.1 |
| 215000 <sup>(7)</sup> | Cotiviti Inc., Term Loan, 02/13/2032 | 211641 | 0.0 |
| 548625 | Dragon Buyer, Inc., Term Loan, 7.299%, (TSFR3M+3.000%), 09/30/2031 | 545608 | 0.0 |
| 424647 | ECI Macola / Max Holding LLC, Term Loan, 7.549%, (TSFR3M+3.250%), 05/09/2030 | 425045 | 0.0 |
| 854382 | Epicor Software Corporation, Term F Loans, 7.075%, (TSFR1M+2.750%), 05/30/2031 | 853381 | 0.1 |
| 248750 | Fortress Intermediate 3 Inc., Initial Term Loan, 8.075%, (TSFR1M+3.750%), 06/27/2031 | 248750 | 0.0 |
| 394347 | Gainwell Acquisition Corp, Term B Loan, 8.399%, (TSFR3M+4.100%), 10/01/2027 | 368714 | 0.0 |
| 620000 | Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC), 2025 Dollar Term Loans, 6.825%, (TSFR1M+2.500%), 01/24/2032 | 614188 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |
| | **Technology: (continued)** | **Technology: (continued)** |  |
| 300000 | Helios Software Holdings Inc., Facility 2024-B Dollar Term Loan, 7.799%, (TSFR3M+3.500%), 07/18/2030 | $300516 | 0.0 |
| 600000 | Icon Parent I Inc., Initial Term Loan, 7.315%, (TSFR3M+3.000%), 11/13/2031 | 595725 | 0.1 |
| 346500 | Imagine Learning LLC, 2024 Term Loan, 7.825%, (TSFR1M+3.500%), 12/21/2029 | 345453 | 0.0 |
| 548625 | Indy Us Bidco, LLC, Eleventh Amendment Term Loan, 7.824%, (TSFR1M+3.500%), 03/06/2028 | 547425 | 0.0 |
| 395659 | Informatica LLC, 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 10/27/2028 | 397555 | 0.0 |
| 150000 <sup>(7)</sup> | Kaseya Inc., Initial Term Loan, 03/05/2033 | 150156 | 0.0 |
| 285000 <sup>(7)</sup> | Kaseya, Inc., Initial Term Loan, 03/06/2032 | 283539 | 0.0 |
| 615000 | Leia FInc.o US LLC, Initial Term Loan, 7.535%, (TSFR3M+3.250%), 10/09/2031 | 609859 | 0.1 |
| 491253 | Mcafee Corp, Refinancing Tranche B-1, 7.323%, (TSFR1M+3.000%), 03/01/2029 | 469147 | 0.0 |
| 199500 | Minerals Technologies Inc., Term Loan B, 6.322%, (TSFR1M+2.000%), 11/21/2031 | 199500 | 0.0 |
| 547250 | Mitchell International, Inc., Initial Term Loan, 7.575%, (TSFR1M+3.250%), 06/17/2031 | 541521 | 0.0 |
| 316261 | MKS Instruments Inc., 2025-1 Dollar Term B Loans, 6.319%, (TSFR1M+2.000%), 08/17/2029 | 315470 | 0.0 |
| 455000 | Neon Maple Purchaser Inc., Tranche B-1 Term Loan, 7.325%, (TSFR1M+3.000%), 11/17/2031 | 453436 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |  |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 97854 | Oceankey (U.S.) II Corp, Term Loan, 7.925%, (TSFR1M+3.600%), 12/15/2028 | $97747 | 0 |
| 201491 | Paysafe Holdings (US) Corp, Facility B1, 7.189%, (TSFR1M+2.860%), 06/28/2028 | 200735 | 0 |
| 588525 | PointClickCare Technologies Inc., 2024-1 Term Loan, 7.549%, (TSFR3M+3.250%), 11/03/2031 | 589077 | 0.1 |
| 545001 | Project Boost Purchaser LLC, 1L Intial Term Loan, 7.299%, (TSFR3M+3.000%), 07/16/2031 | 542762 | 0 |
| 372565 | Project Ruby Ultimate Parent Corp, Incremental Term B4 Loan, 7.439%, (TSFR1M+3.110%), 03/10/2028 | 371809 | 0 |
| 60444 | Rackspace Finance, LLC, First Lien Term Loan, 7.187%, (TSFR1M+2.860%), 05/15/2028 | 28257 | 0 |
| 643842 | RealPage Inc., First Lien Initial Term Loan, 7.561%, (TSFR3M+3.250%), 04/24/2028 | 636115 | 0.1 |
| 450699 | Rocket Software Inc., Term Loan, 8.575%, (TSFR1M+4.250%), 11/28/2028 | 450290 | 0 |
| 380000 | Sandisk Corporation, Term B Loan, 7.330%, (TSFR3M+3.000%), 02/20/2032 | 375725 | 0 |
| 296945 | Skillsoft Finance II Inc., Initial Term Loan, 9.692%, (TSFR1M+5.250%), 07/14/2028 | 256115 | 0 |
| 363579 | Skopima Consilio Parent LLC (FKA GI Consilio), Amendment No. 5 Term Loans, 8.075%, (TSFR1M+3.750%), 05/12/2028 | 361502 | 0 |
| 595000 <sup>(7)</sup> | Solarwinds TLB S, 03/12/2032 | 579753 | 0.1 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 301950 | SonicWall US Holdings Inc., 2023 Term Loan, 9.299%, (TSFR3M+5.000%), 05/18/2028 | $| 297374 | 0.0 |
| 513653 | Sophos Holdings, LLC, Dollar Tranche Term Loan, 7.936%, (TSFR1M+3.610%), 03/05/2027 |  | 514883 | 0.0 |
| 242689 | Tenable Inc., Initial Term Loan, 7.189%, (TSFR1M+2.860%), 07/07/2028 |  | 243144 | 0.0 |
| 455908 | The Knot Worldwide Inc., Amendment No 5 term Loan, 8.075%, (TSFR1M+3.750%), 01/31/2028 |  | 459327 | 0.0 |
| 238800 | Thunder Generation Funding LLC, Term Loan B, 9.500%, (TSFR3M+3.000%), 10/03/2031 |  | 239148 | 0.0 |
| 895060 | UKG Inc., Term Loan B, 7.300%, (TSFR3M+3.000%), 02/10/2031 |  | 894733 | 0.1 |
| 493740 | Virtusa Corporation, Term B-2 Loan, 7.575%, (TSFR1M+3.250%), 02/15/2029 |  | 493535 | 0.0 |
| 218901 | VS Buyer LLC, 2024-1 Refinancing Term Loan, 7.072%, (TSFR1M+2.750%), 04/12/2031 |  | 219175 | 0.0 |
| 395669 | Waystar Technologies Inc., 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 10/22/2029 |  | 394927 | 0.0 |
| 708221 | World Wide Technology Holding Co LLC, 2024-2 Refinancing Term Loans, 6.575%, (TSFR1M+2.250%), 03/01/2030 |  | 711762 | 0.1 |
|  |  |  | **21364100** | **1.0** |
|  | **Telecommunications: 0.1%** | **Telecommunications: 0.1%** | **Telecommunications: 0.1%** | **Telecommunications: 0.1%** |
| 402403 | Asurion LLC, New B11 Term Loan, 8.675%, (TSFR1M+4.350%), 08/21/2028 |  | 399285 | 0.0 |
| 781222 | CCI Buyer Inc., First Lien Initial Term Loan, 8.299%, (TSFR3M+4.000%), 12/17/2027 |  | 782931 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | | | **Percentage** |
| **Principal** |  | | | **of Net** |
| **Amount†** | ` | **Value** | **Value** | **Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Telecommunications: (continued)** | **Telecommunications: (continued)** | **Telecommunications: (continued)** | **Telecommunications: (continued)** |
| 71111 | Viasat Inc., Initial Term Loan, 8.939%, (TSFR1M+4.610%), 03/02/2029 | $| 66653 | 0 |
| 500000 | Zayo Group Holdings Inc., Initial Dollar Term Loan, 7.439%, (TSFR1M+3.110%), 03/09/2027 |  | 466771 | 0 |
|  |  |  | **1715640** | **0.1** |
|  | **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** |
| 185000 | AL GCX Holdings LLC, Initial Term Loan B, 6.325%, (TSFR1M+2.000%), 01/21/2032 |  | 184191 | 0 |
| 218900 | Alpha Generation LLC, Initial Term B Loan, 7.075%, (TSFR1M+2.750%), 09/30/2031 |  | 219310 | 0 |
| 278889 | Bip Pipeco Holdings LLC, Term Loan, 6.544%, (TSFR3M+2.250%), 12/05/2030 |  | 278471 | 0 |
| 361800 | Discovery Energy Holding Corporation, Initial Dollar Term Loan, 8.049%, (TSFR3M+3.750%), 05/01/2031 |  | 356825 | 0.1 |
| 333325 | Lightning Power, LLC, Initial Term B Loan, 6.549%, (TSFR3M+2.250%), 08/18/2031 |  | 331956 | 0 |
| 315381 | Vistra Operations Company LLC, 2018 Incremental Term Loan, 6.075%, (TSFR1M+1.750%), 12/20/2030 |  | 314886 | 0 |
|  |  |  | **1685639** | **0.1** |
|  | Total Bank Loans<br> (Cost $144,561,947) |  | **144044759** | **6.8** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: 6.0%** |
|  | **Government National Mortgage Association: 4.1%** | **Government National Mortgage Association: 4.1%** | **Government National Mortgage Association: 4.1%** | **Government National Mortgage Association: 4.1%** |
| 17200000 <sup>(9)</sup> | 4.500%, 04/20/2055 |  | 16503937 | 0.8 |
| 9940000 <sup>(9)</sup> | 5.000%, 04/20/2055 |  | 9777961 | 0.5 |
| 20892000 <sup>(9)</sup> | 5.500%, 04/20/2055 |  | 20938201 | 1 |
| 136353 | 6.000%, 02/20/2055 |  | 140330 | 0 |
| 2999371 | 6.000%, 12/20/2064 |  | 3034274 | 0.1 |
| 1171716 | 6.000%, 02/20/2065 |  | 1183067 | 0.1 |
| 815192 | 6.500%, 12/20/2054 |  | 855133 | 0 |
| 2269207 | 6.500%, 02/20/2055 |  | 2371424 | 0.1 |
| 4046731 | 6.500%, 02/20/2055 |  | 4229016 | 0.2 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)** |
|  | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** | **Government National Mortgage Association (continued)** |
| 21408928 | 6.500%, 02/20/2055 | $| 22711624 | 1.1 |
| 1587747 | 6.500%, 03/20/2055 |  | 1672778 | 0.1 |
| 1745032 | 6.500%, 03/20/2055 |  | 1838487 | 0.1 |
|  |  |  | **85256232** | **4.1** |
|  | **Uniform Mortgage-Backed Securities: 1.9%** | **Uniform Mortgage-Backed Securities: 1.9%** | **Uniform Mortgage-Backed Securities: 1.9%** | **Uniform Mortgage-Backed Securities: 1.9%** |
| 2368 | 5.500%, 10/01/2039 |  | 2407 | 0 |
| 17730000 <sup>(9)</sup> | 6.000%, 04/01/2055 |  | 18010103 | 0.8 |
| 21688000 <sup>(9)</sup> | 6.500%, 04/01/2055 |  | 22366308 | 1.1 |
|  |  |  | **40378818** | **1.9** |
|  | Total U.S. Government Agency Obligations<br> (Cost $124,990,821) |  | **125635050** | **6.0** |
| **SOVEREIGN BONDS: 4.0%** | **SOVEREIGN BONDS: 4.0%** | **SOVEREIGN BONDS: 4.0%** | **SOVEREIGN BONDS: 4.0%** | **SOVEREIGN BONDS: 4.0%** |
| <sup>BRL</sup>205979 <sup>(10)</sup> | Brazil Letras do Tesouro Nacional LTN, 15.084%, 01/01/2026 |  | 32461549 | 1.6 |
| <sup>BRL</sup>6628000 | Brazil Notas do Tesouro Nacional Serie B NTNB, 6.000%, 08/15/2050 |  | 4437603 | 0.2 |
| 1050000 | Brazilian Government International Bond, 6.125%, 03/15/2034 |  | 1024800 | 0.1 |
| 675000 | Brazilian Government International Bond, 7.125%, 05/13/2054 |  | 648169 | 0 |
| 1000000 | Colombia Government International Bond, 5.200%, 05/15/2049 |  | 669000 | 0 |
| 900000 | Colombia Government International Bond, 7.750%, 11/07/2036 |  | 883800 | 0.1 |
| 2000000 | Colombia Government International Bond, 8.375%, 11/07/2054 |  | 1921000 | 0.1 |
| 2775000 <sup>(2)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 |  | 2811075 | 0.1 |
| 1750000 <sup>(2)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 |  | 1695855 | 0.1 |
| 1425000 <sup>(2)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 |  | 1428563 | 0.1 |
| 675000 <sup>(2)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 |  | 674325 | 0 |
| 2575000 | Ivory Coast Government International Bond, 8.075%, 04/01/2036 |  | 2464758 | 0.1 |
| <sup>MXN</sup>587068 | Mexican Udibonos S, 2.750%, 11/27/2031 |  | 21386538 | 1 |
| 1869000 | Mexico Government International Bond, 6.875%, 05/13/2037 |  | 1919463 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
| 656000 | Mexico Government International Bond, 7.375%, 05/13/2055 | $674040 | 0.0 |
| 600000 | Panama Government International Bond, 3.160%, 01/23/2030 | 525000 | 0.0 |
| 1200000 | Panama Government International Bond, |  |  |
|  | 7.500%, 03/01/2031 | 1247400 | 0.1 |
| 1765000 | Republic of South Africa Government |  |  |
|  | International Bond, 4.850%, 09/30/2029 | 1663512 | 0.1 |
| 625000 | Republic of South Africa Government International Bond, 5.875%, 04/20/2032 | 594531 | 0.0 |
| 1150000 <sup>(2)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | 1118375 | 0.1 |
| 550000 <sup>(2)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | 518169 | 0.0 |
| 924000 <sup>(2)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 | 837375 | 0.1 |
| 125232 <sup>(2)(11)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 64494 | 0.0 |
| 467977 <sup>(2)(11)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 186021 | 0.0 |
| 395473 <sup>(2)(11)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 219488 | 0.0 |
| <sub>329561</sub> (2)(11) | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | 182082 | 0.0 |
| 603324 <sup>(2)(11)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2029 | 392160 | 0.0 |
| 793835 <sup>(2)(11)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2034 | 424702 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
| 718884 <sup>(2)(11)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2035 | $| 377414 | 0.0 |
| 176565 <sup>(2)(11)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 |  | 91372 | 0.0 |
|  | Total Sovereign Bonds <br> (Cost $82,730,425) |  | **83542633** | **4.0** |
| **U.S. TREASURY OBLIGATIONS: 1.2%** | **U.S. TREASURY OBLIGATIONS: 1.2%** | **U.S. TREASURY OBLIGATIONS: 1.2%** | **U.S. TREASURY OBLIGATIONS: 1.2%** | **U.S. TREASURY OBLIGATIONS: 1.2%** |
|  | **United States Treasury Notes: 1.2%** | **United States Treasury Notes: 1.2%** | **United States Treasury Notes: 1.2%** | **United States Treasury Notes: 1.2%** |
| 858000 | 0.375%, 09/30/2027 |  | 786997 | 0.0 |
| 94000 | 2.750%, 08/15/2032 |  | 85966 | 0.0 |
| 188000 | 3.375%, 09/15/2027 |  | 185790 | 0.0 |
| 8444000 <sup>(5)</sup> | 3.875%, 03/31/2027 |  | 8441361 | 0.4 |
| 1962000 | 4.125%, 03/31/2032 |  | 1967671 | 0.1 |
| 4074000 | 4.250%, 01/31/2030 |  | 4126835 | 0.2 |
| 2000 | 4.625%, 06/15/2027 |  | 2031 | 0.0 |
| 10364900 | 4.625%, 02/15/2035 |  | 10709047 | 0.5 |
|  |  |  | **26305698** | **1.2** |
|  | Total U.S. Treasury Obligations <br> (Cost $25,985,422) |  | **26305698** | **1.2** |
|  |  |  |  | **Percentage** |
|  |  |  |  | **of Net** |
| **Shares** |  |  | **Value** | **Assets** |
| **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** | **COMMON STOCK: 0.0%** |
|  | **Business Equipment & Services: 0.0%** | **Business Equipment & Services: 0.0%** | **Business Equipment & Services: 0.0%** | **Business Equipment & Services: 0.0%** |
| 5366 <sup>(12)</sup> | Yak Access LLC Series A |  | 10732 | 0.0 |
| 1157 <sup>(12)</sup> | Yak Access LLC Series B |  | 2315 | 0.0 |
|  |  |  | **13047** | **0.0** |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 142000 <sup>(12)</sup> | 24 Hour Fitness Worldwide, Inc. |  | 1420 | 0.0 |
| <sub>113</sub> <sup>(12)</sup> | Travelport Tech Ltd. |  | **37815** | **0.0** |
|  |  |  | **39235** | **0.0** |
|  | **Consumer Staples: —%** | **Consumer Staples: —%** | **Consumer Staples: —%** | **Consumer Staples: —%** |
| 2038 <sup>(12)</sup> | Save-A-Lot, Inc./Moran Foods |  |  |  |
|  | Total Common Stock<br> (Cost $548,231) |  | **52282** | **0.0** |
| **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 189193 <sup>(12)</sup> | 24 Hour Fitness Worldwide, Inc. |  | 5676 | 0.0 |
|  | Total Preferred Stock<br> (Cost $227,212) |  | **5676** | **0.0** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** | **PURCHASED OPTIONS<sup>(13)</sup>: 0.0%** |
|  | Total Purchased Options <br> (Cost $124,303) | $95750 | 0.0 |
|  | Total Long-Term Investments <br> (Cost $2,063,903,928) | **2026177844** | **96.3** |
|  |  |  | **Percentage** |
| **Principal** |  |  | **of Net** |
| **Amount**† |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** | **SHORT-TERM INVESTMENTS: 6.8%** |
|  | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** | **Repurchase Agreements: 1.7%** |
| 7976643 <sup>(14)</sup> | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/2025, 4.390%, due 04/01/2025 (Repurchase Amount $7,977,602, collateralized by various U.S. Government Agency Obligations, 1.500%-7.000%, Market Value plus accrued interest $8,136,176, due 02/01/36-02/01/57) | 7976643 | 0.4 |
| 5640821 <sup>(14)</sup> | Citadel Securities LLC, Repurchase Agreement dated 03/31/2025, 4.440%, due 04/01/2025 (Repurchase Amount $5,641,507, collateralized by various U.S. Government Securities, 0.000%-4.625%, Market Value plus accrued interest $5,754,347, due 04/15/25-02/15/55) | 5640821 | 0.3 |
| 718742 <sup>(14)</sup> | Citigroup Global Markets Inc., Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 (Repurchase Amount $718,828, collateralized by various U.S. Government Securities, 1.500%-3.500%, Market Value plus accrued interest $733,117, due 08/15/26-09/30/26) | 718742 | 0.0 |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount**† | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 6241036 <sup>(14)</sup> | Marex Capital Markets Inc., Repurchase Agreement dated 03/31/2025, 4.450%, due 04/01/2025 (Repurchase Amount $6,241,797, collateralized by various U.S. Government Agency Obligations, 2.500%-5.500%, Market Value plus accrued interest $6,365,857, due 07/01/42-11/01/54) | $| 6241036 | 0.3 |
| 7123000 <sup>(14)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $7,123,851, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $7,265,460, due 04/10/25-12/15/66) |  | 7123000 | 0.3 |
| 8167500 <sup>(14)</sup> | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/2025, 4.470%, due 04/01/2025 (Repurchase Amount $8,168,500, collateralized by various U.S. Government Securities, 0.125%-3.625%, Market Value plus accrued interest $8,319,802, due 04/15/26-02/15/53) |  | 8167500 | 0.4 |
|  | Total Repurchase Agreements<br> (Cost $35,867,742) |  | **35867742** | **1.7** |
|  | **Commercial Paper: 5.0%** | **Commercial Paper: 5.0%** | **Commercial Paper: 5.0%** | **Commercial Paper: 5.0%** |
| 550000 | American Electric Power Co., Inc., 4.680%, 05/05/2025 |  | 547545 | 0.0 |
| 5000000 | American Honda Finance Corp., 4.720%, 07/16/2025 |  | 4931756 | 0.2 |
| 16500000 | Broadcom, Inc., 4.590%, 04/08/2025 |  | 16483421 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Commercial Paper (continued)** |  |  |
| 5000000 | Concord Minutemen Capital Co. LLC, 4.460%, 04/04/2025 | $4997557 | 0.2 |
| 16375000 | Entergy Corp., 4.710%, 06/23/2025 | 16199547 | 0.8 |
| 3000000 | HP, Inc., 4.650%, 04/10/2025 | 2996185 | 0.2 |
| 9000000 | HP, Inc., 4.820%, 04/01/2025 | 8998812 | 0.4 |
| 20000000 | Kellanova, 4.630%, 04/14/2025 | 19964538 | 1 |
| 5000000 | McCormick & Company, Inc., 4.580%, 04/01/2025 | 4999373 | 0.3 |
| 2250000 | Mondelez International, 4.580%, 04/22/2025 | 2243800 | 0.1 |
| 1560000 | National Grid, 4.670%, 04/28/2025 | 1554437 | 0.1 |
| 4000000 | Parker-Hannifin Corp., 4.660%, 05/02/2025 | 3983716 | 0.2 |
| 15000000 | Parker-Hannifin Corp., 4.670%, 05/09/2025 | 14925574 | 0.7 |
|  | Total Commercial Paper<br> (Cost $102,840,571) | **102826261** | **5.0** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 2263628 <sup>(15)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% | 2263628 | 0.1 |
| 560000 <sup>(15)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% | 560000 | 0 |
|  | Total Mutual Funds<br> (Cost $2,823,628) | **2823628** | **0.1** |
|  | Total Short-Term Investments<br> (Cost $141,531,941) | **141517631** | **6.8** |
|  | **Total Investments in Securities<br> (Cost $2,205,435,869)** | $**2167695475** | **103.1** |
|  | **Liabilities in Excess of Other Assets** | **(64268096)** | **(3.1)** |
|  | **Net Assets** | $**2103427379** | **100.0** |

---

<u>Voya Strategic Income Opportunities Fund</u> <u> PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued)</u>

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(2)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(3)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(4)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(5)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(6)</sup> | All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates. |
| <sup>(7)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(8)</sup> | All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 10 for additional details. |
| <sup>(9)</sup> | Represents or includes a TBA transaction. |
| <sup>(10)</sup> | Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2025. |
| <sup>(11)</sup> | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of March 31, 2025. |
| <sup>(12)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| <sup>(13)</sup> | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| <sup>(14)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(15)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Currency Abbreviations:

BRL Brazilian Real <br> EUR EU Euro <br> MXN Mexican Peso

Reference Rate Abbreviations:

---

| | |
|:---|:---|
| 12MTA | 12-month Treasury Average |
| SOFR30A | 30-day Secured Overnight Financing Rate |
| SOFRRATE | 1-day Secured Overnight Financing Rate |
| TSFR1M | 1-month CME Term Secured Overnight Financing Rate |
| TSFR3M | 3-month CME Term Secured Overnight Financing Rate |
| TSFR6M | 6-month CME Term Secured Overnight Financing Rate |
| TSFR12M | 12-month CME Term Secured Overnight Financing Rate |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

**Fair Value Measurements** **^**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $609359688 | $— | $609359688 |
| Corporate Bonds/Notes |  | 392913806 |  | 392913806 |
| Commercial Mortgage-Backed Securities |  | 377337739 |  | 377337739 |
| Asset-Backed Securities |  | 266884763 |  | 266884763 |
| Bank Loans |  | 144044759 |  | 144044759 |
| U.S. Government Agency Obligations |  | 125635050 |  | 125635050 |
| Sovereign Bonds |  | 83542633 |  | 83542633 |
| U.S. Treasury Obligations |  | 26305698 |  | 26305698 |
| Purchased Options |  | 95750 |  | 95750 |
| Common Stock |  |  | 52282 | 52282 |
| Preferred Stock |  |  | 5676 | 5676 |
| Short-Term Investments | 2823628 | 138694003 |  | 141517631 |
| Total Investments, at fair value | $2823628 | $2164813889 | $57958 | $2167695475 |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Credit Default Swaps |  | 335607 |  | 335607 |
| Centrally Cleared Interest Rate Swaps |  | 326870 |  | 326870 |
| Forward Foreign Currency Contracts |  | 1508450 |  | 1508450 |
| Forward Premium Swaptions |  | 3702194 |  | 3702194 |
| Futures | 3132728 |  |  | 3132728 |
| OTC volatility swaps |  | 406600 |  | 406600 |
| Total Assets | $5956356 | $2171093610 | $57958 | $2177107924 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Centrally Cleared Interest Rate Swaps | $— | $(603329) | $— | $(603329) |
| Forward Foreign Currency Contracts |  | (1677356) |  | (1677356) |
| Forward Premium Swaptions |  | (1645925) |  | (1645925) |
| Futures | (3094373) |  |  | (3094373) |
| OTC interest rate swaps |  | (494217) |  | (494217) |
| OTC Total Return Swaps |  | (1072000) |  | (1072000) |
| Sales Commitments |  | (66095859) |  | (66095859) |
| Written Options |  | (1482873) |  | (1482873) |
| Total Liabilities | $(3094373) | $(73071559) | $— | $(76165932) |

---

---

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

---

 

At March 31, 2025, the following forward foreign currency contracts were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 1418467 | TRY | 65675000 | Bank of America N.A. | 04/03/25 | $(309873) |
| USD | 5816459 | BRL | 33666222 | Bank of America N.A. | 04/25/25 | (58860) |
| EUR | 214455 | USD | 235304 | Barclays Bank PLC | 05/16/25 | (2847) |
| BRL | 18020906 | USD | 3066657 | BNP Paribas | 04/25/25 | 78292 |
| MXN | 123631459 | USD | 6001818 | BNP Paribas | 04/25/25 | 20445 |
| CLP | 5816546657 | USD | 6148114 | BNP Paribas | 04/25/25 | (22959) |
| USD | 3145572 | BRL | 18204998 | BNP Paribas | 04/25/25 | (31504) |
| CLP | 5974952836 | USD | 6408487 | BNP Paribas | 04/25/25 | (116521) |
| USD | 44074 | ZAR | 832395 | Brown Brothers Harriman & Co. | 04/25/25 | (1243) |
| EUR | 81265 | USD | 88585 | Brown Brothers Harriman & Co. | 05/16/25 | (498) |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | <br>**Counterparty** | <br>**Settlement Date** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| USD | 8986 | CLP | 8760446 | Citibank N.A. | 04/25/25 | $(240) |
| USD | 3196177 | BRL | 18658739 | Citibank N.A. | 04/25/25 | (60085) |
| USD | 4213569 | TRY | 198711889 | Deutsche Bank AG | 11/10/25 | 76970 |
| TRY | 65675000 | USD | 1416936 | Goldman Sachs International | 04/03/25 | 311403 |
| USD | 8673756 | MXN | 173233129 | Goldman Sachs International | 04/25/25 | 235325 |
| USD | 8955135 | MXN | 180574019 | Goldman Sachs International | 04/25/25 | 159118 |
| USD | 3104730 | MXN | 62648163 | Goldman Sachs International | 04/25/25 | 53049 |
| USD | 6350769 | CLP | 6011003086 | Goldman Sachs International | 04/25/25 | 20841 |
| USD | 1081224 | MXN | 21858031 | Goldman Sachs International | 04/25/25 | 16489 |
| USD | 126603 | MXN | 2622352 | Goldman Sachs International | 04/25/25 | (1136) |
| USD | 3783547 | MXN | 77838917 | Goldman Sachs International | 04/25/25 | (8097) |
| TRY | 198459074 | USD | 4213568 | Goldman Sachs International | 11/10/25 | (82233) |
| USD | 33091654 | BRL | 205979000 | Goldman Sachs International | 01/05/26 | (605547) |
| USD | 3781476 | BRL | 22118309 | HSBC Bank USA N.A. | 04/25/25 | (78538) |
| USD | 6156146 | CLP | 5730756470 | Morgan Stanley Capital Services LLC | 04/25/25 | 121333 |
| BRL | 34577677 | USD | 5997550 | Morgan Stanley Capital Services LLC | 04/25/25 | 36832 |
| CNY | 191731 | USD | 26378 | Morgan Stanley Capital Services LLC | 04/25/25 | 265 |
| MXN | 85197106 | USD | 4171178 | Morgan Stanley Capital Services LLC | 04/25/25 | (21106) |
| USD | 5900580 | MXN | 120419933 | State Street Bank and Trust Co. | 04/25/25 | 34754 |
| USD | 4252999 | MXN | 87025116 | State Street Bank and Trust Co. | 04/25/25 | 13883 |
| MXN | 63308434 | USD | 3147768 | State Street Bank and Trust Co. | 04/25/25 | (63924) |
| BRL | 37891585 | USD | 6391752 | Wells Fargo Bank, N.A. | 04/25/25 | 220963 |
| USD | 6295535 | MXN | 127014315 | Wells Fargo Bank, N.A. | 04/25/25 | 108488 |
| MXN | 20047500 | USD | 1000000 | Wells Fargo Bank, N.A. | 04/25/25 | (23458) |
| USD | 3476665 | BRL | 20145532 | Wells Fargo Bank, N.A. | 04/25/25 | (39068) |
| MXN | 127649724 | USD | 6367618 | Wells Fargo Bank, N.A. | 04/25/25 | (149619) |
|  |  |  |  |  |  | $(168906) |

---

At March 31, 2025, the following futures contracts were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Long Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 55 | 06/30/25 | $11394453 | $3691 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 2570 | 06/30/25 | 277961563 | 3129037 |
|  |  |  | $289356016 | $3132728 |
| Short Contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (549) | 06/18/25 | (61059094) | (840552) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (360) | 06/18/25 | (42221250) | (492958) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (1086) | 06/18/25 | (123939750) | (1733051) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | (201) | 06/18/25 | (24572250) | (27812) |
|  |  |  | $(251792344) | $(3094373) |

---

At March 31, 2025, the following centrally cleared credit default swaps were outstanding for Voya Strategic Income Opportunities Fund:

**Centrally Cleared Credit Default Swaps on Credit Indices - Buy Protection** **<sup>(1)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Notional** | **Notional** | | |
| <br>**Reference Entity/Obligation** | <br>**Buy/Sell**<br>**Protection** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate (%)<sup>(2)</sup>** | <br>**Termination**<br>**Date** | **Amount<sup>(3)</sup>** | **Amount<sup>(3)</sup>** |<br>**Fair**<br>**Value<sup>(4)</sup>** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| CDX Emerging Markets Index Series 43, Version 1 | Buy | (1.000) | 06/20/30 | USD | 107100000 | $4084107 | $335607 |
|  |  |  |  |  |  | $4084107 | $335607 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

<sup>(1)</sup> If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

<sup>(2)</sup> Payments made quarterly.

<sup>(3)</sup> The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

<sup>(4)</sup> The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation's credit soundness and a greater likelihood or risk of default or other credit event occurring.

 

At March 31, 2025, the following centrally cleared interest rate swaps were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br>**Frequency** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** |<br>**Fair**<br>**Value** |<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Secured Overnight Financing Rate | Annual | 3.730% | Annual | 03/05/30 | USD | 4000000 | $9733 | $9733 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.837 | Annual | 08/16/44 | USD | 8327900 | 145055 | 145055 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 3.855 | Annual | 11/29/44 | USD | 10727000 | 172082 | 172082 |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.143 | Annual | 02/18/30 | USD | 13000000 | (270219) | (270219) |
| Receive | 1-day Secured Overnight Financing Rate | Annual | 4.211 | Annual | 02/14/30 | USD | 14000000 | (333110) | (333110) |
|  |  |  |  |  |  |  |  | $(276459) | $(276459) |

---

At March 31, 2025, the following OTC interest rate swaps were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Floating Rate** | <br>**Floating Rate Index** | **Floating**<br>**Rate Index**<br>**Payment**<br> **Frequency** | <br>**Counterparty** | <br>**Fixed**<br>**Rate** | <br>**Fixed Rate**<br>**Payment**<br>**Frequency** | <br>**Maturity**<br>**Date** | **Amount** | **Amount** | <br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** | <br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Pay | 1-day Overnight Brazil Interbank Deposit | At Termination<br> Date | Goldman Sachs International | 14.133% | At Termination<br> Date | 01/03/28 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;132434278 | $(319068) | $— | $(319068) |
| Pay | 1-day COP-IBR-BANREP | Quarterly | BNP Paribas | 8.390% | Quarterly | 02/03/30 | COP | 39856231000 | (83076) |  | (83076) |
| Pay | 1-day COP-IBR-BANREP | Quarterly | Goldman Sachs International | 8.370% | Quarterly | 02/04/30 | COP | 40556231000 | (92073) |  | (92073) |
|  |  |  |  |  |  |  |  |  | $(494217) | $— | $(494217) |

---

At March 31, 2025, the following OTC total return swaps were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | | |
| <br>**Pay/Receive**<br>**Total**<br>**Return<sup>(1)</sup>** |<br><br>**Reference Entity** | **Reference**<br>**Entity**<br>**Payment**<br>**Frequency** | **(Pay)/**<br>**Receive**<br>**Financing**<br>**Rate** | **Floating**<br>**Rate**<br>**Payment**<br>**Frequency** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Amount** | **Amount** | <br>**Fair**<br>**Value** | **Upfront**<br>**Payments**<br>**Paid/**<br>**(Received)** | <br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Receive | iShares iBoxx $ High Yield Corporate Bond ETF | At Termination <br> Date | (1-day SOFR) | At Termination <br> Date | Morgan Stanley Capital Services LLC | 09/20/25 | USD | 30000000 | $(51000) | $(309304) | $258304 |
| Receive | iShares iBoxx $ High Yield Corporate Bond ETF | At Termination <br> Date | (1-day SOFR) | At Termination <br> Date | Morgan Stanley Capital Services LLC | 12/20/25 | USD | 62000000 | (775000) | (571413) | (203587) |
| Receive | iShares iBoxx $ High Yield Corporate Bond ETF | At Termination <br> Date | (1-day SOFR) | At Termination<br> Date | Morgan Stanley Capital Services LLC | 12/22/25 | USD | 30000000 | (246000) | (221663) | (24337) |
|  |  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1072000) | $&nbsp;&nbsp;&nbsp;&nbsp;(1102380) | $30380 |

---

<sup>(1)</sup> The fund will pay or receive the total return of the reference entity depending on whether the return is positive or negative. Where the fund has elected to receive the total return of the reference entity if positive, it will be responsible for paying the floating rate and the total return of the reference entity, if negative. If the fund has elected to pay the total return of the reference entity if positive, it will receive the floating rate and the total return of the reference entity, if negative.

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

At March 31, 2025, the following OTC volatility swaps were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/**<br>**Receive**<br>**Volatility<sup>(1)</sup>** | <br>**Reference Entity** | **Volatility**<br>**Strike**<br>**Rate** | <br>**Counterparty** | <br>**Maturity**<br>**Date** | <br>**Currency** | <br>**Notional**<br>**Amount** |<br>**Fair Value** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Pay | USD vs. MXN Spot Exchange Rate | 14.200% | Goldman Sachs International | 01/20/26 | USD | 117000 | $84955 | $84955 |
| Pay | EUR vs. USD Spot Exchange Rate | 8.400% | Morgan Stanley Capital Services LLC | 02/10/26 | USD | 36444000 | 171915 | 171915 |
| Pay | USD vs. MXN Spot Exchange Rate | 13.500% | Morgan Stanley Capital Services LLC | 06/12/25 | USD | 117000 | 3306 | 3306 |
| Pay | USD vs. MXN Spot Exchange Rate | 14.500% | Morgan Stanley Capital Services LLC | 02/04/26 | USD | 58500 | 64081 | 64081 |
| Receive | USD vs. INR Spot Exchange Rate | 4.325% | BNP Paribas | 02/10/26 | USD | 36444000 | 82343 | 82343 |
|  |  |  |  |  |  |  | $406600 | $406600 |

---

At March 31, 2025, the following OTC written credit default swaptions were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Reference Entity** | <br>**Exercise**<br>**Rate (%)** | **(Pay)/**<br>**Receive**<br>**Exercise**<br>**Rate** | <br>**Strike**<br>**Price** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** |<br>**Premiums**<br>**Received** |<br>**Fair**<br>**Value** |
| Put on 5-Year |  | CDX North America High |  |  |  |  |  |  |  |  |
| Credit Default | JPMorgan Chase | Yield Index Series 43, |  |  |  |  |  |  |  |  |
| Swap | Bank N.A. | Version 1 | 5.000 | Receive | 104.500% | 04/16/25 | USD | $10500000 | $(61950) | $(42314) |
| Put on 5-Year |  | CDX North America High |  |  |  |  |  |  |  |  |
| Credit Default | Goldman Sachs | Yield Index Series 43, |  |  |  |  |  |  |  |  |
| Swap | International | Version 1 | 5.000 | Receive | 104.000% | 05/21/25 | USD | 42153000 | (323103) | (348501) |
|  |  |  |  |  |  |  |  |  | $(385053) | $(390815) |

---

At March 31, 2025, the following OTC purchased foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** |<br>**Cost** |<br>**Fair Value** |
| Put USD vs. Call JPY | Nomura International PLC | 08/21/25 | 135.000 | USD | 1172000 | $124303 | $95750 |
|  |  |  |  |  |  | $124303 | $95750 |

---

At March 31, 2025, the following OTC written foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | **Expiration**<br>**Date** | **Exercise**<br>**Price** | **Notional Amount** | **Notional Amount** | **Premiums**<br>**Received** |<br>**Fair Value** |
| Call USD vs. Put TRY | Deutsche Bank AG | 11/07/25 | 47.000 | USD | 11716000 | $1055612 | $(1020783) |
| Put USD vs. Call TRY | Deutsche Bank AG | 05/29/25 | 38.500 | USD | 11716000 | $161739 | $(71275) |
|  |  |  |  |  |  | $1217351 | $(1092058) |

---

At March 31, 2025, the following OTC purchased forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/<br> Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** |  | <br>**Notional**<br>**Amount** | **Premium<br> receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Call on 10-Year Interest Rate Swap | Barclays Bank PLC | 2.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 22347000 | $(404481) | $415338 |
| Call on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 2.375% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 20819720 | (874428) | (188903) |
| Call on 30-Year Interest Rate Swap | Barclays Bank PLC | 17.500% | Receive | 1-day Secured Overnight Financing Rate | 06/14/27 | USD | 22958000 | (4017650) | 750420 |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.000% | Pay | 6-month EUR-EURIBOR | 12/15/25 | EUR | 22383000 | (435651) | (113350) |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.000% | Pay | 6-month EUR-EUIRBOR | 12/15/25 | EUR | 16787000 | (326733) | (85011) |
| Put on 20-Year Interest Rate Swap | Goldman Sachs International | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 11452000 | (1591226) | 374310 |
| Put on 20-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 2.100% | Pay | 6-month EUR-EURIBOR | 02/12/35 | EUR | 11452000 | (1588750) | 376225 |
| Put on 30-Year Interest Rate Swap | Barclays Bank PLC | 18.000% | Pay | 1-day Secured Overnight Financing Rate | 05/25/27 | USD | 53680100 | (9662418) | 1535295 |
|  |  |  |  |  |  |  |  | $(18901337) | $3064324 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

At March 31, 2025, the following OTC written forward premium swaptions were outstanding for Voya Strategic Income Opportunities Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | | |
| <br>**Description** | <br>**Counterparty** | <br>**Exercise**<br>**Rate<sup>(1)</sup>** | **Pay/<br> Receive**<br>**Exercise**<br>**Rate** | <br>**Floating Rate**<br>**Index** | <br>**Expiration**<br>**Date** | **Amount** | **Amount** | **Premium<br> receivable/**<br>**(payable)**<br>**at expiration<sup>(2)</sup>** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Put on 10-Year Interest Rate Swap | Barclays Bank PLC | 5.355% | Receive | 1-day Secured Overnight Financing Rate | 11/27/34 | USD | 22347000 | $404481 | $(559129) |
| Put on 10-Year Interest Rate Swap | JPMorgan Chase Bank N.A. | 5.540% | Receive | 1-day Secured Overnight Financing Rate | 08/14/34 | USD | 20819720 | 874428 | (133665) |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 22383000 | 181521 | 67568 |
| Put on 10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 22383000 | 266231 | 73594 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.500% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 16787000 | 157921 | 72121 |
| Put on 10-Year Interest Rate Swap | UBS AG | 3.250% | Receive | 6-month EUR-EURIBOR | 12/15/25 | EUR | 16787000 | 181518 | 37323 |
| Put on 5-Year Interest Rate Swap | Goldman Sachs International | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 34355000 | 817260 | (282933) |
| Put on 5-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 3.000% | Receive | 6-month EUR-EURIBOR | 02/12/30 | EUR | 34355000 | 817260 | (282934) |
|  |  |  |  |  |  |  |  | $3700620 | $(1008055) |

---

<sup>(1)</sup> Forward premium swaption exercise rates represent the premium price on each respective swaption contract. Final exercise rate will be determined at the expiration of each respective swaption contract.

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

The following sales commitments were held by the Voya Strategic Income Opportunities Fund at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal Amount** | <br>**Description** | **Contractual**<br>**Settlement Date** | <br>**Fair Value** |
| $&nbsp;&nbsp;&nbsp;&nbsp;(3300000) | G2SF, 6.500%, due 04/15/55 | 04/21/25 | $(3365896) |
| (10200000) | Ginnie Mae, 3.500%, due 04/20/54 | 04/21/25 | (9332251) |
| (10000000) | Ginnie Mae, 4.000%, due 04/15/55 | 04/21/25 | (9360461) |
| (14700000) | Ginnie Mae, 6.000%, due 04/20/55 | 04/21/25 | (14921196) |
| (20000000) | Uniform Mortgage-Backed Securities, 4.500%, due 04/15/55 | 04/14/25 | (19129348) |
| (10000000) | Uniform Mortgage-Backed Securities, 5.500%, due 04/15/55 | 04/14/25 | (9986707) |
|  | Total Sales Commitments |  |  |
|  | Proceeds receivable $(65840732) |  | $(66095859) |

---

Currency Abbreviations:

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| EUR | EU Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **<u>Derivatives not accounted for as hedging instruments</u>** |  **<u>of Assets and Liabilities</u>** | <br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Foreign exchange contracts | Investments in securities at value<sup>\*</sup> | $95750 |
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1508450 |
| Credit Contracts | Unrealized appreciation on forward premium swaptions | 109444 |
| Interest rate contracts | Unrealized appreciation on forward premium swaptions | 3592750 |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*\*</sup> | 3132728 |
| Credit contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 335607 |
| Interest rate contracts | Variation margin receivable on centrally cleared swaps<sup>\*\*</sup> | 326870 |
| Foreign exchange contracts | Unrealized appreciation on OTC swap agreements | 406600 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 258304 |
| **Total Asset Derivatives** |  | $9766503 |
| **<u>Liability Derivatives</u>** |  |  |
| Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts | $1677356 |
| Interest rate contracts | Unrealized depreciation on forward premium swaptions | 1645925 |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*\*</sup> | 3094373 |
| Interest rate contracts | Variation margin payable on centrally cleared swaps<sup>\*\*</sup> | 603329 |
| Interest rate contracts | Upfront payments received on OTC swap agreements | 1102380 |
| Interest rate contracts | Unrealized depreciation on OTC swap agreements | 722141 |
| Credit contracts | Written options, at fair value | 390815 |
| Foreign exchange contracts | Written options, at fair value | 1092058 |
| **Total Liability Derivatives** |  | $10328377 |

---

\* Includes purchased options.

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

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging</u>** | | | | | | |
| **<u>instruments</u>** |<br>**Investments<sup>\*</sup>** | **Forward<br> foreign**<br>**currency**<br>**contracts** |<br>**Futures** |<br>**Swaps** |<br>**Written**<br>**options** |<br>**Total** |
| Credit contracts | $— | $— | $— | $1929750 | $— | $1929750 |
| Equity contracts |  |  | 1010047 |  |  | 1010047 |
| Foreign exchange contracts | (1103709) | 301731 |  | (761442) | (380112) | (1943531) |
| Interest rate contracts | (4024473) |  | (2543911) | (5220090) | 5515822 | (6272651) |
| **Total** | $(5128182) | $301731 | $(1533864) | $(4051782) | $5135710 | $(5276385) |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Derivatives not accounted for as hedging<br> instruments</u>** | **Investments\*** | **Forward<br> foreign<br> currency<br> contracts** | **Futures** | **Swaps** | **Written<br> options** | **Total** |
| Credit contracts | $— | $— | $— | $335607 | $103682 | $439289 |
| Foreign exchange contracts | 1147094 | 1037117 |  | 458841 | (41756) | 2601297 |
| Interest rate contracts | 4448747 |  | 2250908 | 1216588 | (2919222) | 4997021 |
| **Total** | $5595841 | $1037117 | $2250908 | $2011036 | $(2857296) | $8037607 |

---

Voya Strategic Income Opportunities Fund PORTFOLIO OF INVESTMENTS as of March 31, 2025 (continued) <br>    

<sup>\*</sup> Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank of<br> America N.A.** | **Barclays Bank<br> PLC** | **BNP Paribas** | **Brown<br> Brothers<br> Harriman &<br> Co.** | **Citibank N.A.** | **Deutsche<br> Bank AG** | **Goldman<br> Sachs<br> International** | **HSBC Bank<br> USA N.A.** | **JPMorgan<br> Chase Bank<br> N.A.** | **Morgan<br> Stanley<br> Capital<br> Services LLC** | **Nomura<br> International<br> PLC** |
| **Assets:** |  |  |  |  |  |  |  |  |  |  |  |
| Purchased options | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $95750 |
| Forward foreign currency contracts |  |  | 98737 |  |  | 76970 | 796225 |  |  | 158430 |  |
| Forward premium swaptions |  | 2701053 |  |  |  |  | 374310 |  |  | 517387 |  |
| OTC volatility swaps |  |  | 82343 |  |  |  | 84955 |  |  | 239302 |  |
| **Total Assets** | $— | $2701053 | $181080 | $— | $— | $76970 | $1255490 | $— | $— | $915119 | $95750 |
| **Liabilities:** |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign currency contracts | $368733 | $2847 | $170984 | $1741 | $60325 | $— | $697013 | $78538 | $— | $21106 | $— |
| Forward premium swaptions |  | 559129 |  |  |  |  | 282933 |  | 322568 | 396284 |  |
| OTC interest rate swaps |  |  | 83076 |  |  |  | 411141 |  |  |  |  |
| OTC total return swaps |  |  |  |  |  |  |  |  |  | 1072000 |  |
| Written options |  |  |  |  |  | 1092058 | 348501 |  | 42314 |  |  |
| **Total Liabilities** | $368733 | $561976 | $254060 | $1741 | $60325 | $1092058 | $1739588 | $78538 | $364882 | $1489390 | $— |
| **Net OTC derivative instruments by counterparty, at fair value** | $(368733) | $2139077 | $(72980) | $(1741) | $(60325) | $(1015088) | $(484098) | $(78538) | $(364882) | $(574271) | $95750 |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $368733 | $(1910000) | $— | $— | $— | $1015088 | $484098 | $— | $— | $— | $— |
| **Net Exposure<sup>(1),(2)</sup>** | $— | $229077 | $(72980) | $(1741) | $(60325) | $— | $— | $(78538) | $(364882) | $(574271) | $95750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Street<br> Bank and<br> Trust Co.** | **UBS AG** | **Wells Fargo<br> Bank, N.A.** | **Total** |
| **Assets:** |  |  |  |  |
| Purchased options | $— | $— | $— | $95750 |
| Forward foreign currency contracts | 48637 |  | 329451 | 1508450 |
| Forward premium swaptions |  | 109444 |  | 3702194 |
| OTC volatility swaps |  |  |  | 406600 |
| **Total Assets** | $48637 | $109444 | $329451 | $5712994 |
| **Liabilities:** |  |  |  |  |
| Forward foreign currency contracts | $63924 | $— | $212145 | $1677356 |
| Forward premium swaptions |  | 85011 |  | 1645925 |
| OTC interest rate swaps |  |  |  | 494217 |
| OTC total return swaps |  |  |  | 1072000 |
| Written options |  |  |  | 1482873 |
| **Total Liabilities** | $63924 | $85011 | $212145 | $6372371 |
| **Net OTC derivative instruments by counterparty, at fair value** | $(15287) | $24433 | $117306 | $(659377) |
| **Total collateral pledged by the Fund/(Received from counterparty)** | $— | $— | $— | $(42081) |
| **Net Exposure<sup>(1),(2)</sup>** | $(15287) | $24433 | $117306 | $(701458) |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> At March 31, 2025, the Fund had pledged $420,000, $1,050,000 and $1,330,000 to Bank of America N.A., Deutsche Bank AG and Goldman Sachs International, respectively. In addition, the Fund had received $1,910,000 and $20,000 from Barclays Bank PLC and BNP Paribas, respectively. Excess cash collateral is not shown for financial reporting purposes.

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

Cost for U.S. federal income tax purposes was $2,210,266,413.

Net unrealized depreciation consisted of:

---

| | |
|:---|:---|
| Gross Unrealized Appreciation | $31622165 |
| Gross Unrealized Depreciation | (73849399) |
| Net Unrealized Depreciation | $(42227234) |

---

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** |  |  | **Per Share** |
| **<u>Fund Name</u>** | **<u>Amount</u>** | **<u>Fund Name</u>** | **<u>Type</u>** | **<u>Amount</u>** |
| Voya GNMA Income Fund |  | Voya Short Duration Bond Fund |  |  |
| Class A NII | $0.2433 | Class A | NII | $0.4165 |
| Class C NII | $0.1871 | Class C | NII | $0.3467 |
| Class I NII | $0.2659 | Class I | NII | $0.4413 |
| Class R6 NII | $0.2697 | Class R | NII | $0.3946 |
| Class W NII | $0.2627 | Class R6 | NII | $0.4465 |
|  |  | Class W | NII | $0.4411 |
| Voya High Yield Bond Fund |  | Voya Short Duration High Income Fund |  |  |
| Class A NII | $0.4392 | Class A | NII | $0.7798 |
| Class C NII | $0.3868 | Class C | NII | $0.7119 |
| Class I NII | $0.4622 | Class I | NII | $0.8051 |
| Class R NII | $0.4219 | Class R6 | NII | $0.8051 |
| Class R6 NII | $0.4675 | All Classes | STCG | $0.0808 |
| Class W NII | $0.4572 | All Classes | LTCG | $0.0170 |
| Voya Intermediate Bond Fund |  | Voya Strategic Income Opportunities Fund |  |  |
| Class A NII | $0.3808 | Class A | NII | $0.4851 |
| Class C NII | $0.3149 | Class C | NII | $0.4097 |
| Class I NII | $0.4125 | Class I | NII | $0.5078 |
| Class R NII | $0.3594 | Class R | NII | $0.4583 |
| Class R6 NII | $0.4180 | Class R6 | NII | $0.5127 |
| Class W NII | $0.4023 | Class W | NII | $0.5070 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Pursuant to Internal Revenue Code Section 871(k)(1), the Funds designate the following percentages of net investment income distributions as interest-related dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya GNMA Income Fund | 99.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Bond Fund | 83.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Fund | 81.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Short Duration Bond Fund | 77.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Short Duration High Income Fund | 85.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Strategic Income Opportunities Fund | 81.09% |

---

The Funds designate the following amount of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Short Duration High Income Fund | $346958 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Funds Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Duration Bond Fund (formerly, Voya Short Term Bond Fund), Voya Short Duration High Income Fund, and Voya Strategic Income Opportunities Fund, each a series of the Trust (the "Funds"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to

each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment return information, from

the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted any breakpoints in the management fee schedules that will result in a lower management fee rate if and when a Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, while some of the Funds do not have management fee breakpoints, they may have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for each Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered any fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12,

2024, and/or November 14, 2024 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**Voya GNMA Income Fund**

In considering whether to approve the renewal of the Contracts for Voya GNMA Income Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year and ten-year periods and the second quintile for the year-to-date, one-year and five-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the one-year period, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the fourth quintile.

In analyzing this fee data, the Board took into account management's representations regarding its belief that the Fund's pricing is competitive.

**Voya High Yield Bond Fund**

In considering whether to approve the renewal of the Contracts for Voya High Yield Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the third quintile of its Morningstar category for the ten-year period and the fourth quintile for the year-to-date,

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

one-year, three-year and five-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented.

In analyzing this performance data, the Board took into account management's representations regarding the (1) competitiveness of the Fund's performance during certain periods; and (2) the changes to the Fund's portfolio management team in May 2023.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the fourth quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Fund's net expense ratio.

**Voya Intermediate Bond Fund**

In considering whether to approve the renewal of the Contracts for Voya Intermediate Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the year-to-date and one-year periods, and the third quintile for the three-year and five-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Short Duration Bond Fund (formerly, Voya Short Term Bond Fund)**

In considering whether to approve the renewal of the Contracts for Voya Short Duration Bond Fund (formerly, Voya Short Term Bond Fund), the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the third quintile of its Morningstar category for the three-year, five-year and

ten-year periods, the fourth quintile for the one-year period and the fifth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented.

In analyzing this performance data, the Board took into account management's representations regarding the competitiveness of the Fund's performance during certain periods.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Short Duration High Income Fund**

In considering whether to approve the renewal of the Contracts for Voya Short Duration High Income Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the one-year period and the fourth quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account that the Fund commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**Voya Strategic Income Opportunities Fund**

In considering whether to approve the renewal of the Contracts for Voya Strategic Income Opportunities Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the ten-year period, the second quintile for the one-year period and the third quintile for the year-to-date, three-year

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)

and five-year periods; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year periods, during which it underperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for each Fund for the year ending November 30, 2025.

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| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**163059 (0325)**

![](tm2514698d4_vogomoimg01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

**Voya Government Money Market Fund**

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

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d4_vogomoimg02.jpg) | E-Delivery Sign-up – details inside |

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|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2514698d4_vogomoimg03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#S_001) | [1](#S_001) |
| [Statement of Assets and Liabilities](#S_002) | [2](#S_002) |
| [Statement of Operations](#S_003) | [4](#S_003) |
| [Statements of Changes in Net Assets](#S_004) | [5](#S_004) |
| [Financial Highlights](#S_005) | [6](#S_005) |
| [Notes to Financial Statements](#S_006) | [8](#S_006) |
| [Portfolio of Investments](#a_001) | [15](#a_001) |
| [Tax Information](#a_002) | [18](#a_002) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a_003) | [19](#a_003) |

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| |
|:---|
| **Go Paperless with E-Delivery!** |
| Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180 and (2) 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 https://individuals.voya.com and on the SEC's website at www.sec.gov.

**PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Fund's Forms N-MFP are available on the SEC's website at www.sec.gov or the monthly schedule of portfolio holdings are also available at: https://individuals.voya.come/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

**Please note that your investment: is not a bank deposit, is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC"), the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. There is no guarantee that the Fund will achieve its investment objective. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Government Money Market Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Government Money Market Fund (the "Fund") (one of the funds constituting Voya Funds Trust (the "Trust")), including the portfolio of investments, as of March 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Funds Trust) at March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d4_vogomoimg04.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025

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| | |
|:---|:---|
| **ASSETS:** | |
| Short-term investments at amortized cost | $215128755 |
| Repurchase agreements | 116413000 |
| Cash | 84493 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 128103558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 19882929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 445836 |
| Prepaid expenses | 66928 |
| Reimbursement due from Investment Adviser | 37964 |
| Other assets | 22813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 480186276 |
| **LIABILITIES:** |  |
| Income distribution payable | 3992 |
| Payable for investment securities purchased | 49876347 |
| Payable for fund shares redeemed | 5545330 |
| Payable for investment management fees | 125551 |
| Payable for distribution and shareholder service fees | 1850 |
| Payable to trustees under the deferred compensation plan (Note 5) | 22813 |
| Payable for trustee fees | 968 |
| Other accrued expenses and liabilities | 226330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 55803181 |
| **NET ASSETS** | $424383095 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $424384058 |
| Total distributable loss | (963) |
| **NET ASSETS** | $424383095 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025 (continued)

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| | |
|:---|:---|
| **Class A** | |
| Net assets | $346681938 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 346677659 |
| Net asset value and redemption price per share† | $1.00 |
| **Class C** |  |
| Net assets | $2202203 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 2202176 |
| Net asset value and redemption price per share† | $1.00 |
| **Class I** |  |
| Net assets | $65536918 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 65536114 |
| Net asset value and redemption price per share | $1.00 |
| **Class R6** |  |
| Net assets | $3453712 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 3453673 |
| Net asset value and redemption price per share | $1.00 |
| **Class W** |  |
| Net assets | $6508324 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 6508243 |
| Net asset value and redemption price per share | $1.00 |

---

† Redemption
price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended March 31, 2025

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| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividends | $320325 |
| Interest | 18610072 |
| Other | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 18932474 |
| **EXPENSES:** |  |
| Investment management fees | 1353313 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 22232 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 328587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 39960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<sup>(1)</sup> | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 8560 |
| Shareholder reporting expense | 17635 |
| Registration fees | 118177 |
| Professional fees | 40552 |
| Custody and accounting expense | 18670 |
| Trustee fees | 9681 |
| Miscellaneous expense | 17628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1977486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (595894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1381592 |
| Net investment income | 17550882 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 244053 |
| **Increase in net assets resulting from operations** | $17794935 |

---

(1) Class R6 shares of the fund commenced operations on June 11, 2024.

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Year Ended <br> March 31, 2025** | **Year Ended <br> March 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $17550882 | $15563243 |
| Net realized gain | 244053 | 44938 |
| Increase in net assets resulting from operations | 17794935 | 15608181 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14330320) | (12215598) |
| &nbsp;&nbsp;&nbsp;Class C | (81158) | (84235) |
| &nbsp;&nbsp;&nbsp;Class I | (2916036) | (2815104) |
| &nbsp;&nbsp;&nbsp;Class R6<sup>(1)</sup> | (98703) |  |
| &nbsp;&nbsp;&nbsp;Class W | (355462) | (448234) |
| Total distributions | (17781679) | (15563171) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 1636193747 | 1474342746 |
| Reinvestment of distributions | 17705527 | 15507497 |
|  | 1653899274 | 1489850243 |
| Cost of shares redeemed | (1567924744) | (1428809700) |
| Net increase in net assets resulting from capital share transactions | 85974530 | 61040543 |
| Net increase in net assets | 85987786 | 61085553 |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 338395309 | 277309756 |
| End of year or period | $424383095 | $338395309 |

---

(1) Class R6 shares of the fund commenced operations on June 11, 2024.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | **Income (loss)<br>from investment<br>operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | | **Supplemental <br> Data** | **Supplemental <br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total <br> from<br> investment<br> operations | From <br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end<br> of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) | ($) | <br> ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00\* |  | 0.05 |  | 1.00 | **4.74** | 0.51 | 0.35<sup>(4)</sup> | 0.35 | 4.54 |  | 346682 |  |
| 03-31-24 | 1.00 | 0.05 | <sup>•</sup> | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **5.04** | 0.57 | 0.39<sup>(5)</sup> | 0.39 | 4.93 |  | 265846 |  |
| 03-31-23 | 1.00 | 0.03 |  | (0.01) | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **2.48** | 0.62 | 0.39<sup>(6)</sup> | 0.39 | 2.63 |  | 217392 |  |
| 03-31-22 | 1.00 | (0.00) |)\*• | 0.00 \* | 0.00\* |  | 0.00\* |  | 0.00\* |  | 1.00 | **0.09** | 0.64 | 0.05<sup>(7)</sup> | 0.05 | (0.00) |)\* | 156626 |  |
| 03-31-21 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00\* | 0.00\* | 0.00\* |  | 0.00\* |  | 1.00 | **0.04** | 0.68 | 0.11<sup>(8)</sup> | 0.11 | 0.01 |  | 156808 |  |
| **Class C** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 1.00 | 0.04 | <sup>•</sup> |  | 0.04 | 0.04 | 0.00\* |  | 0.04 |  | 1.00 | **3.70** | 1.51 | 1.35<sup>(4)</sup> | 1.35 | 3.60 |  | 2202 |  |
| 03-31-24 | 1.00 | 0.04 | <sup>•</sup> | 0.00 \* | 0.04 | 0.04 |  |  | 0.04 |  | 1.00 | **3.99** | 1.57 | 1.39<sup>(5)</sup> | 1.39 | 3.92 |  | 2116 |  |
| 03-31-23 | 1.00 | 0.02 | <sup>•</sup> | 0.00 \* | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **1.63** | 1.62 | 1.23<sup>(6)</sup> | 1.23 | 1.62 |  | 2220 |  |
| 03-31-22 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00 |  | 0.00\* |  | 0.00\* |  | 1.00 | **0.09** | 1.64 | 0.05<sup>(7)</sup> | 0.05 | 0.00 | \* | 2015 |  |
| 03-31-21 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00\* | 0.00\* | 0.00\* |  | 0.00\* |  | 1.00 | **0.03** | 1.68 | 0.11<sup>(8)</sup> | 0.11 | 0.01 |  | 2321 |  |
| **Class I** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00\* |  | 0.05 |  | 1.00 | **4.74** | 0.47 | 0.35<sup>(4)</sup> | 0.35 | 4.58 |  | 65537 |  |
| 03-31-24 | 1.00 | 0.05 | <sup>•</sup> | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **5.04** | 0.48 | 0.39<sup>(5)</sup> | 0.39 | 4.93 |  | 58966 |  |
| 03-31-23 | 1.00 | 0.03 |  | (0.01) | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **2.48** | 0.49 | 0.39<sup>(6)</sup> | 0.39 | 2.63 |  | 56466 |  |
| 03-31-22 | 1.00 | (0.00) |)<sup>\*•</sup> | 0.00 \* | 0.00\* |  | 0.00\* |  | 0.00\* |  | 1.00 | **0.09** | 0.50 | 0.05<sup>(7)</sup> | 0.05 | (0.00) |)\* | 41745 |  |
| 03-31-21 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00\* | 0.00\* | 0.00\* |  | 0.00\* |  | 1.00 | **0.03** | 0.57 | 0.11<sup>(8)</sup> | 0.11 | 0.01 |  | 45260 |  |
| **Class R6** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 06-11-24<sup>(9)</sup>-03-31-25 | 1.00 | 0.03 | <sup>•</sup> | 0.01 | 0.04 | 0.04 | 0.00\* |  | 0.04 |  | 1.00 | **3.71** | 0.41 | 0.35<sup>(4)</sup> | 0.35 | 4.18 |  | 3454 |  |
| **Class W** |  |  | |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 1.00 | 0.05 | <sup>•</sup> |  | 0.05 | 0.05 | 0.00\* |  | 0.05 |  | 1.00 | **4.74** | 0.51 | 0.35<sup>(4)</sup> | 0.35 | 4.65 |  | 6508 |  |
| 03-31-24 | 1.00 | 0.05 | <sup>•</sup> | 0.00 \* | 0.05 | 0.05 |  |  | 0.05 |  | 1.00 | **5.04** | 0.57 | 0.39<sup>(5)</sup> | 0.39 | 4.99 |  | 11467 |  |
| 03-31-23 | 1.00 | 0.03 | <sup>•</sup> | (0.01) | 0.02 | 0.02 |  |  | 0.02 |  | 1.00 | **2.50** | 0.62 | 0.39<sup>(6)</sup> | 0.39 | 3.37 |  | 1232 |  |
| 03-31-22 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00\* |  | 0.00\* |  | 0.00\* |  | 1.00 | **0.09** | 0.64 | 0.05<sup>(7)</sup> | 0.05 | 0.00 | \* | 173 |  |
| 03-31-21 | 1.00 | 0.00 | <sup>\*•</sup> | 0.00 \* | 0.00\* | 0.00\* | 0.00\* |  | 0.00\* |  | 1.00 | **0.04** | 0.68 | 0.11<sup>(8)</sup> | 0.11 | 0.01 |  | 386 |  |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

<sup>(2)</sup> Annualized for periods less than one year.

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>(4)</sup> Expense ratios reflect waivers of 0.00%, 0.00%, 0.00%, 0.00% and 0.00% of management fees, distribution and shareholder servicing fees for Classes A, C, I, R6 and W, respectively, in order to maintain a net yield of not less than zero.

<sup>(5)</sup> Expense ratios reflect waivers of 0.00%, 0.00%, 0.00% and 0.00% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

<sup>(6)</sup> Expense ratios reflect waivers of 0.01%, 0.18%, 0.01% and 0.01% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

<sup>(7)</sup> Expense ratios reflect waivers of 0.35%, 1.35%, 0.35% and 0.35% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero.

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (continued)

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| | |
|:---|:---|
| <sup>(8)</sup> | Expense ratios reflect waivers of 0.30%, 1.30%, 0.30% and 0.30% of management fees, distribution and shareholder servicing fees for Classes A, C, I, and W, respectively, in order to maintain a net yield of not less than zero. |
| <sup>(9)</sup> | Commencement of operations. |
| <sup>•</sup> | Calculated using average number of shares outstanding throughout the year or period. |
| <sup>\*</sup> | Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%. |

---

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025

**NOTE 1** — **ORGANIZATION**

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

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R6 and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees, as well as differences in the amount of waiver fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders are allocated the common expenses of a fund and earn income and realized gains/losses from a fund *pro rata* based on the daily ending net assets of each class, without discrimination between share classes. Expenses that are specific to a fund or a class are charged directly to that fund or class. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets. Dividends are determined separately for each class based on income and expenses allocated to each class. Realized gain distributions are allocated to each class *pro rata* based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the share classes, if any.

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

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board

("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. The Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

The Fund uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Fund's Board of Trustees ("Board") has established procedures designed to stabilize, to the extent reasonably possible, the share price of the Fund, there can be no assurance that the Fund's NAV can be maintained at $1.00 per share.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the sub-adviser's or pricing committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund's valuation procedures. The Board has also designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s).

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

B. ***Securities Transactions and Revenue Recognition.*** Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Premium amortization and discount accretion are determined by the effective yield method.

C. ***Distributions to Shareholders.*** The Fund records distributions to its shareholders on the ex-dividend date. Dividends are declared daily from net investment income and paid monthly. The Fund distributes capital gains, if any, annually. The Fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.

D. ***Federal Income Taxes.*** It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions

taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

E. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements ("MRA") which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables or payables under the MRA with collateral held and/or pledged by the counterparty and create one single net payment due to or from the Fund.

Please refer to the table within the Portfolio of Investments for open repurchase agreements subject to the MRA on a net basis at March 31, 2025.

G. ***Restricted Securities.*** The Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a)(2)

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

H. ***Indemnifications.*** In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, at an annual rate of 0.35% of the Fund's average daily net assets.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies, and limitations.

**NOTE 4 — DISTRIBUTION AND SERVICE FEES**

Class C shares of the Fund have a service and distribution plan (the "Plan"), whereby the Distributor is paid an annual fee at the rate of 1.00% for Class C shares of the value of average daily net assets of the class for expenses incurred in the distribution and/or shareholder servicing of the Fund's Class C shares. Pursuant to the Plan, the Distributor is entitled to a payment each month for the distribution and promotion of the Fund's Class C shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any distribution or shareholder servicing fees paid to securities dealers who have executed a distribution agreement with the Distributor.

The Distributor and Investment Adviser have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses to the extent necessary to assist the Fund in maintaining a net yield of not less than zero through August 1, 2025. There is no guarantee the Fund will maintain such a yield. Distribution and shareholder servicing fees waived are not subject to recoupment. Management fees waived or expenses reimbursed are subject to possible recoupment by the Investment Adviser within three years subject to certain restrictions. For the year ended March 31, 2025, there were no waivers or reimbursements necessary to assist the Fund in maintaining a net yield of not less than zero.

Termination or modification of this obligation requires approval by the Board. Please note that these waivers or reimbursements are in addition to existing contractual expense limitations.

As of March 31, 2025, separate amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **March 31,** | **March 31,** | **March 31,** | |
| **2026** | **2027** | **2028** | <br>**Total** |
| $25222 | $— | $— | $25222 |

---

The Distributor may also retain the proceeds of the contingent deferred sales charge paid by shareholders

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 4 — DISTRIBUTION AND SERVICE FEES (continued)**

upon certain redemptions for Class C shares. For the year ended March 31, 2025, the Distributor retained the following amounts in sales charges:

---

| | |
|:---|:---|
|  | **Class C** |
| Initial Sales Charges: | $— |
| Contingent Deferred Sales Charges: | $810 |

---

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At March 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 22.39% |
| Voya Investments Distributor, LLC | 8.01 |
| Voya Retirement Insurance and Annuity Company | 26.77 |

---

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

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $255,630.

**NOTE 6 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** | **Class W** |
| 0.35% | 1.35% | 0.35% | 0.35% | 0.35% |

---

The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of March 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **March 31,** | **March 31,** | **March 31,** | |
| **2026** | **2027** | **2028** |<br>**Total** |
| $207322 | $62718 | $218327 | $488367 |

---

In addition to the above waived and/or reimbursed fees, the amount of class specific fees waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates as of March 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** | <br>**Total** |
| Class A | $258466 | $409470 | $326892 | $994828 |
| Class C | 2972 | 3694 | 2408 | 9074 |
| Class I |  | 43086 | 39697 | 82783 |
| Class R6 |  |  | 72 | 72 |
| Class W | 1457 | 14528 | 8498 | 24483 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective June 10, 2024, the Fund, in addition to certain other funds managed by the Investment Adviser, entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 7 — LINE OF CREDIT (continued)**

$400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments

**NOTE 8 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

generally must be made within 60 days after the date of a revolving credit advance. During the year ended March 31, 2025, the Fund did not utilize the line of credit.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br> **issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br> **Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 1605921702 |  | 14260508 | (1539356512) |  | 80825698 | 1605921702 |  | 14260508 | (1539356512) |  | 80825698 |
| 3/31/2024 | 1430435227 |  | 12170677 | (1394187271) |  | 48418633 | 1430435227 |  | 12170677 | (1394187271) |  | 48418633 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 524391 |  | 80661 | (518499) |  | 86553 | 524391 |  | 80661 | (518499) |  | 86553 |
| 3/31/2024 | 480854 |  | 83555 | (669070) |  | (104661) | 480854 |  | 83555 | (669070) |  | (104661) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 21532320 |  | 2910192 | (17874537) |  | 6567975 | 21532320 |  | 2910192 | (17874537) |  | 6567975 |
| 3/31/2024 | 23042711 |  | 2805031 | (23356641) |  | 2491101 | 23042711 |  | 2805031 | (23356641) |  | 2491101 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/11/2024<sup>(1)</sup>- |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 5565162 |  | 98705 | (2210194) |  | 3453673 | 5565162 |  | 98705 | (2210194) |  | 3453673 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 2650172 |  | 355461 | (7965002) |  | (4959369) | 2650172 |  | 355461 | (7965002) |  | (4959369) |
| 3/31/2024 | 20383954 |  | 448234 | (10596718) |  | 10235470 | 20383954 |  | 448234 | (10596718) |  | 10235470 |

---

(1) Commencement of operations

**NOTE 9 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. 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.

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

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

---

| | |
|:---|:---|
| **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| $17781679 | $15563171 |

---

The tax-basis components of distributable earnings as of March 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $3032 | $(3) | $(3992) | $(963) |

---

At March 31, 2025, the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 9 — FEDERAL INCOME TAXES (continued)**

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of March 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 10 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial

difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 11 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 11 — SEGMENT REPORTING (continued)**

other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 12 — SUBSEQUENT EVENTS**

*Dividends.* Subsequent to March 31, 2025, the Fund declared dividends and distributions of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Type** | **Per Share**<br>**Amount** | <br>**Payable Date** | <br>**Record Date** |
| Class A | NII | $0.0033 | May 1, 2025 | Daily |
| Class C | NII | $0.0025 | May 1, 2025 | Daily |
| Class I | NII | $0.0033 | May 1, 2025 | Daily |
| Class R6 | NII | $0.0033 | May 1, 2025 | Daily |
| Class W | NII | $0.0033 | May 1, 2025 | Daily |
| All Classes | STCG | &nbsp;&nbsp;$0.0000\* | May 1, 2025 | April 29, 2025 |

---

NII – Net investment income

STCG – Short-term capital gain

\* Amount rounds to $0.0000.

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

Voya Government Money Market Fund PORTFOLIO OF INVESTMENTS <br> AS OF MARCH 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **U.S. TREASURY DEBT: 33.6%** | **U.S. TREASURY DEBT: 33.6%** | **U.S. TREASURY DEBT: 33.6%** | **U.S. TREASURY DEBT: 33.6%** |
| 73000000 <sup>(1)</sup> | United States Treasury Bill, 4.010%, 04/15/2025 | $72880000 | 17.2 |
| 14000000 <sup>(1)</sup> | United States Treasury Bill, 4.210%, 05/20/2025 | 13919681 | 3.3 |
| 50000000 | United States Treasury Bill, 4.311%, 04/22/2025 | 49876289 | 11.7 |
| 6000000 <sup>(2)</sup> | United States Treasury Floating Rate Notes, 4.400%, (USBMMY3M + 0.169%), 04/30/2025 | 6000526 | 1.4 |
|  |  | **142676496** | **33.6** |
|  | Total U.S. Treasury Debt |  |  |
|  | (Cost $142,676,496) | **142676496** | **33.6** |
| **U.S. GOVERNMENT AGENCY DEBT: 17.1%** | **U.S. GOVERNMENT AGENCY DEBT: 17.1%** | **U.S. GOVERNMENT AGENCY DEBT: 17.1%** | **U.S. GOVERNMENT AGENCY DEBT: 17.1%** |
| 2000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.410%, (SOFRRATE + 0.000%), 08/20/2025 | 2000000 | 0.5 |
| 3250000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.410%, (SOFRRATE + 0.070%), 11/20/2025 | 3250000 | 0.8 |
| 1500000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp., 4.760%, (SOFRRATE + 0.350%), 11/25/2025 | 1502751 | 0.4 |
| 22000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.390%, (SOFRRATE + 0.050%), 01/28/2026 | 22000988 | 5.2 |
| 3900000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0001, 4.405%, (SOFRRATE + 0.065%), 09/05/2025 | 3900000 | 0.9 |
| 15000000 <sup>(2)</sup> | Federal Farm Credit Banks Funding Corp. 0003, 4.395%, (SOFRRATE + (0.015)%), 06/20/2025 | 15000000 | 3.5 |
| 4000000 <sup>(2)</sup> | Federal Home Loan Banks, 4.440%, (SOFRRATE + 0.030%), 04/10/2025 | 4000000 | 0.9 |
| 4500000 <sup>(2)</sup> | Federal Home Loan Banks, 4.460%, (SOFRRATE + 0.050%), 08/21/2025 | 4500000 | 1.1 |
| 4000000 <sup>(2)</sup> | Federal Home Loan Banks, 4.475%, (SOFRRATE + 0.065%), 09/16/2025 | 4000000 | 0.9 |
| 9350000 <sup>(2)</sup> | Federal Home Loan Banks 0001, 4.500%, (SOFRRATE + 0.160%), 10/20/2025 | 9354495 | 2.2 |
|  |  | **69508234** | **16.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br> Amount†** | | **Value** | **Percentage <br> of Net <br> Assets** |
| **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** | **U.S. GOVERNMENT AGENCY DEBT: (continued)** |
| 3000000 | Federal Home Loan Mortgage Corp., 0.465%, 09/30/2025 | $2944025 | 0.7 |
|  | Total U.S. Government Agency Debt |  |  |
|  | (Cost $72,452,259) | **72452259** | **17.1** |
| **U.S. TREASURY REPURCHASE AGREEMENTS: 27.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 27.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 27.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS: 27.4%** |
| 116413000 | Deutsche Bank, Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 $116,427,067 to be received upon repurchase (Collateralized by $120,204,000, various U.S. Treasuries, 0.000%, Market Value plus accrued interest $118,741,317 due 4/17/25-12/26/25) | 116413000 | 27.4 |
|  | Total U.S. Treasury Repurchase Agreements |  |  |
|  | (Cost $116,413,000) | **116413000** | **27.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $331,541,755)** | $**331541755** | **78.1** |
|  | **Assets in Excess of Other Liabilities** | **92841340** | **21.9** |
|  | **Net Assets** | $**424383095** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2025.

<sup>(2)</sup> Variable rate security. Rate shown is the rate in effect as of March 31, 2025.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate <br> USBMMY3M U.S. Treasury 3-month Bill Money Market Yield

See Accompanying Notes to Financial Statements

Voya Government Money Market Fund PORTFOLIO OF INVESTMENTS <br> As of March 31, 2025 (continued) <br>    

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br> **Signifiicant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Signifiicant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| U.S. Government Agency Debt | $— | $72452259 | $— | $72452259 |
| U.S. Treasury Debt |  | 142676496 |  | 142676496 |
| U.S. Treasury Repurchase Agreements |  | 116413000 |  | 116413000 |
| Total Investments, at fair value | $— | $331541755 | $— | $331541755 |

---

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

The following table is a summary of the Fund's treasury repurchase agreement by counterparty which is subject to offset under a MRA as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **U.S. Treasury<br> Repurchase<br> Agreements,<br> at fair value** | **Fair Value of<br> Non-Cash Collateral<br>Received Including<br> Accrued Interest<sup>(1)</sup>** | **Net Amount** |
| Deutsche Bank | $116413000 | $(116413000) | $— |
| Totals | $116413000 | $(116413000) | $— |

---

(1) Collateral with a fair value of $118,741,317 has been pledged
by the counterparty and received in connection with the above treasury repurchase agreement. Excess collateral received from the individual
counterparty is not shown for financial reporting purposes.

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $331,541,758. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $— |
| Gross Unrealized Depreciation | (3) |
| Net Unrealized Depreciation | $(3) |

---

See Accompanying Notes to Financial Statements

[This Page Intentionally Left Blank]

TAX INFORMATION (Unaudited)

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Type** | **Per Share Amount** |
| Voya Government Money Market Fund |  |  |
| &nbsp;&nbsp;&nbsp;Class A | NII | $0.0458 |
| &nbsp;&nbsp;&nbsp;Class C | NII | $0.0358 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.0459 |
| &nbsp;&nbsp;&nbsp;Class R6 <sup>(1)</sup> | NII | $0.0359 |
| &nbsp;&nbsp;&nbsp;Class W | NII | $0.0458 |
| &nbsp;&nbsp;&nbsp;All Classes | STCG | $0.0006 |

---

NII — Net investment income

STCG - Short-term capital gain

(1) Commenced operations on June 11, 2024.

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Government Money Market Fund designates 98.32% of net investment income distributions as interest-related dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Funds Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Government Money Market Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management

fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. The Board considered that, while the Fund does not have management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Fund and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted

below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund outperformed its Morningstar category average for all periods presented; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the three-year and five-year period, during which outperformed.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Fund's management fee rate and net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2025.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258 | Ernst & Young LLP<br> 200 Clarendon Street<br> Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258 | The Bank of New York Mellon<br> 225 Liberty Street<br> New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc.<br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809 | Ropes & Gray LLP<br> Prudential Tower<br> 800 Boylston Street<br> Boston, Massachusetts 02199 |

---

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

**163052 (0325)**![](tm2514698d3_voyava-img01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

◼ Voya VACS Series EMHCD Fund

◼ Voya VACS Series HYB Fund

◼ Voya VACS Series SC Fund

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d3_voyava-img02.jpg) | E-Delivery Sign-up – details inside |

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| | |
|:---|:---|
| **INVESTMENT MANAGEMENT**<br>**voyainvestments.com** | ![](tm2514698d3_voyava-img03.jpg) |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#a_001-1) | [1](#a_001-1) |
| [Statements of Assets and Liabilities](#a_002-1) | [3](#a_002-1) |
| [Statements of Operations](#a_003-0) | [4](#a_003-0) |
| [Statements of Changes in Net Assets](#a_004) | [5](#a_004) |
| [Financial Highlights](#a_005) | [7](#a_005) |
| [Notes to Financial Statements](#a_006) | [8](#a_006) |
| [Portfolios of Investments](#a_007) | [19](#a_007) |
| [Tax Information](#a_008) | [57](#a_008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#a_009) | [58](#a_009) |

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**Go Paperless with E-Delivery!**<br>Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements.<br>Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.<br>You will be notified by e-mail when these communications become available on the internet.<br>

**PROXY VOTING INFORMATION**

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

**QUARTERLY PORTFOLIO HOLDINGS**

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Voya VACS Series EMHCD Fund, Voya VACS Series HYB Fund and Voya VACS Series SC Fund and the Board of Trustees of Voya Separate Portfolios Trust and Voya Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Voya VACS Series EMHCD Fund, Voya VACS Series HYB Fund and Voya VACS Series SC Fund (collectively referred to as the "Funds") (each a fund constituting Voya Separate Portfolios Trust, Voya Funds Trust and Voya Separate Portfolios Trust, respectively (collectively referred to as the "Trusts")), including the portfolios of investments, as of March 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds at March 31, 2025 and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| Individual fund constituting the Trusts | Statement of<br> Operations | Statements of changes in<br> net assets | Financial highlights |
| Voya VACS Series EMHCD Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from February 17, 2023 (commencement of operations) through March 31, 2023 |
| Voya VACS Series HYB Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from February 24, 2023 (commencement of operations) through March 31, 2023 |
| Voya VACS Series SC Fund | For the year ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 | For each of the two years in the period ended March 31, 2025 and the period from March 03, 2023 (commencement of operations) through March 31, 2023 |

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**Basis for Opinion**

These financial statements are the responsibility of the Trusts' management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of the Trusts' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d3_voyava-img04.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **ASSETS:** | **ASSETS:** |  |  |  |
| Investments in securities at fair value+\* | Investments in securities at fair value+\* | $106096386 | $165555314 | $183163734 |
| Short-term investments at fair value† | Short-term investments at fair value† | 9774636 | 13225247 | 24301675 |
| Cash | Cash | 73204 | 10705 | 1165044 |
| Cash collateral for futures contracts | Cash collateral for futures contracts | 97498 |  | 564390 |
| Foreign currencies at value‡ | Foreign currencies at value‡ | 441 |  |  |
| Receivables: | Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 768280 | 1886475 | 381897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 3276 | 2538 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1597425 | 2647484 | 823658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3922 |  | 2227 |
| Prepaid expenses | Prepaid expenses | 13043 | 19846 | 15877 |
| Reimbursement due from Investment Adviser | Reimbursement due from Investment Adviser |  |  | 46385 |
| Other assets | Other assets | 546 | 594 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 118428657 | 183348203 | 210468085 |
| **LIABILITIES:** | **LIABILITIES:** |  |  |  |
| Income distribution payable | Income distribution payable |  |  | 286440 |
| Payable for investment securities purchased | Payable for investment securities purchased | 1316331 | 3744127 | 2952763 |
| Payable for fund shares redeemed | Payable for fund shares redeemed | 2699 | 50560 | 20407 |
| Payable upon receipt of securities loaned | Payable upon receipt of securities loaned | 4366529 | 8880855 |  |
| Payable to trustees under the deferred compensation plan (Note 5) | Payable to trustees under the deferred compensation plan (Note 5) | 546 | 594 | 915 |
| Payable for trustee fees | Payable for trustee fees | 291 | 370 | 514 |
| Payable for foreign capital gains tax | Payable for foreign capital gains tax | 66658 |  |  |
| Other accrued expenses and liabilities | Other accrued expenses and liabilities | 50812 | 59080 | 72560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5803866 | 12735586 | 3333599 |
| **NET ASSETS** | **NET ASSETS** | $112624791 | $170612617 | $207134486 |
| **NET ASSETS WERE COMPRISED OF:** | **NET ASSETS WERE COMPRISED OF:** |  |  |  |
| Paid-in capital | Paid-in capital | $109290118 | $168865577 | $194793886 |
| Total distributable earnings | Total distributable earnings | 3334673 | 1747040 | 12340600 |
| **NET ASSETS** | **NET ASSETS** | $112624791 | $170612617 | $207134486 |
| + | Including securities loaned at value | $4229395 | $8628083 | $— |
| \* | Cost of investments in securities | $103435387 | $164482694 | $171581227 |
| † | Cost of short-term investments | $9775158 | $13225705 | $24304604 |
| ‡ | Cost of foreign currencies | $441 | $— | $— |
| Net assets | Net assets | $112624791 | $170612617 | $207134486 |
| Shares authorized | Shares authorized | unlimited | unlimited | unlimited |
| Par value | Par value | $0.001 | $0.001 | $0.001 |
| Shares outstanding | Shares outstanding | 11124920 | 16731719 | 19554090 |
| Net asset value and redemption price per share | Net asset value and redemption price per share | $10.12 | $10.20 | $10.59 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF OPERATIONS for the year ended March 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Voya VACS Series**<br>**EMHCD Fund** | **Voya VACS Series**<br>**HYB Fund** | **Voya VACS Series**<br>**SC Fund** |
| **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |  |  |  |
| Dividends | Dividends | $36717 | $37704 | $56995 |
| Interest, net of foreign taxes withheld\* | Interest, net of foreign taxes withheld\* | 8261368 | 10925334 | 12683568 |
| Securities lending income, net | Securities lending income, net | 20460 | 47917 |  |
| Other | Other | 635 | 788 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 8319180 | 11011743 | 12741683 |
| **EXPENSES:** | **EXPENSES:** |  |  |  |
| Transfer agent fees | Transfer agent fees | 530 | 432 | 320 |
| Shareholder reporting expense | Shareholder reporting expense | 1068 | 730 | 3774 |
| Registration fees | Registration fees | 26307 | 31358 | 23277 |
| Professional fees | Professional fees | 70745 | 99243 | 125360 |
| Custody and accounting expense | Custody and accounting expense | 44955 | 37115 | 42740 |
| Trustee fees | Trustee fees | 2907 | 3696 | 5145 |
| Miscellaneous expense | Miscellaneous expense | 11049 | 13679 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 157561 | 186253 | 214084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees |  |  | (107814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 157561 | 186253 | 106270 |
| Net investment income | Net investment income | 8161619 | 10825490 | 12635413 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** | **REALIZED AND UNREALIZED GAIN (LOSS):** |  |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes withheld^) | 4087379 | 978232 | 1003356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (233776) |  | 1099242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 3853603 | 978232 | 2102598 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (net of foreign capital gains taxes accrued#) | (3160756) | (2106748) | 2840554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (56011) |  | 269242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3216768) | (2106748) | 3109796 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 636835 | (1128516) | 5212394 |
| **Increase in net assets resulting from operations** | **Increase in net assets resulting from operations** | $8798454 | $9696974 | $17847807 |
| \* | Foreign taxes withheld | $488 | $— | $— |
| ^ | Foreign capital gains taxes withheld | $20237 | $— | $— |
| # | Change in foreign capital gains taxes accrued | $46421 | $— | $— |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya VACS Series EMHCD Fund** | **Voya VACS Series EMHCD Fund** | **Voya VACS Series HYB Fund** | **Voya VACS Series HYB Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |  |  |
| Net investment income | $8161619 | $9140803 | $10825490 | $9995957 |
| Net realized gain (loss) | 3853603 | 2392274 | 978232 | (305492) |
| Net change in unrealized appreciation (depreciation) | (3216768) | 5515400 | (2106748) | 1852476 |
| Increase in net assets resulting from operations | 8798454 | 17048477 | 9696974 | 11542941 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Total distributions (excluding return of capital) | (12678907) | (10236184) | (10876527) | (9938067) |
| Total distributions | (12678907) | (10236184) | (10876527) | (9938067) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| Net proceeds from sale of shares | 8193590 | 191064 | 86853420 | 232044 |
| Reinvestment of distributions | 12678907 | 10236184 | 10863512 | 9938067 |
|  | 20872497 | 10427248 | 97716932 | 10170111 |
| Cost of shares redeemed | (28221967) | (35087866) | (53768017) | (8177674) |
| Net increase (decrease) in net assets resulting from capital share transactions | (7349470) | (24660618) | 43948915 | 1992437 |
| Net increase (decrease) in net assets | (11229923) | (17848325) | 42769362 | 3597311 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of year or period | 123854714 | 141703039 | 127843255 | 124245944 |
| End of year or period | $112624791 | $123854714 | $170612617 | $127843255 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Voya VACS Series SC Fund** | **Voya VACS Series SC Fund** |
|  | **Year Ended**<br>**March 31,**<br>**2025** | **Year Ended**<br>**March 31,**<br>**2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $12635413 | $11457211 |
| Net realized gain (loss) | 2102598 | (1237582) |
| Net change in unrealized appreciation (depreciation) | 3109796 | 8940471 |
| Increase in net assets resulting from operations | 17847807 | 19160100 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital) | (12613918) | (11969446) |
| Total distributions | (12613918) | (11969446) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 55669247 | 4851900 |
| Reinvestment of distributions | 8161756 | 5140590 |
|  | 63831003 | 9992490 |
| Cost of shares redeemed | (64445145) | (51131440) |
| Net decrease in net assets resulting from capital share transactions | (614142) | (41138950) |
| Net increase (decrease) in net assets | 4619747 | (33948296) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 202514739 | 236463035 |
| End of year or period | $207134486 | $202514739 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | **Income (loss)<br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year or<br> period | Net<br> investment<br> income<br> (loss) |  | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) | <br>Total<br> from<br> investment<br> operations | From<br> net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses<br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses<br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or<br> period ended | ($) | ($) |  | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Voya VACS Series EMHCD Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.53 | 0.73 | <sup>•</sup> | 0.04 | 0.77 | 0.72 | 0.46 |  | 1.18 |  | 10.12 | **7.54** | 0.14 | 0.14 | 0.14 | 7.02 | 112625 | 107 |
| 03-31-24 | 10.03 | 0.67 | <sup>•</sup> | 0.58 | 1.25 | 0.67 | 0.08 |  | 0.75 |  | 10.53 | **12.98** | 0.13 | 0.13 | 0.13 | 6.68 | 123855 | 120 |
| 02-17-23<sup>(4)</sup>-03-31-23 | 10.00 | 0.07 | <sup>•</sup> | 0.03 | 0.10 | 0.07 |  |  | 0.07 |  | 10.03 | **0.98** | 0.08 | 0.08 | 0.08 | 6.43 | 141703 | 14 |
| **Voya VACS Series HYB Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.24 | 0.75 | <sup>•</sup> | (0.03) | 0.72 | 0.76 |  |  | 0.76 |  | 10.20 | **7.26** | 0.13 | 0.13 | 0.13 | 7.32 | 170613 | 86 |
| 03-31-24 | 10.11 | 0.82 | <sup>•</sup> | 0.13 | 0.95 | 0.82 |  |  | 0.82 |  | 10.24 | **9.85** | 0.12 | 0.12 | 0.12 | 8.18 | 127843 | 56 |
| 02-24-23<sup>(4)</sup>-03-31-23 | 10.00 | 0.08 | <sup>•</sup> | 0.11 | 0.19 | 0.08 |  |  | 0.08 |  | 10.11 | **1.86** | 0.07 | 0.07 | 0.07 | 8.38 | 124241 | 2 |
| **Voya VACS Series SC Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 10.33 | 0.64 | <sup>•</sup> | 0.26 | 0.90 | 0.64 |  |  | 0.64 |  | 10.59 | **8.97** | 0.10 | 0.05 | 0.05 | 6.14 | 207134 | 28 |
| 03-31-24 | 10.00 | 0.54 | <sup>•</sup> | 0.36 | 0.90 | 0.50 | 0.07 |  | 0.57 |  | 10.33 | **9.21** | 0.08 | 0.05 | 0.05 | 5.32 | 202515 | 16 |
| 03-03-23<sup>(4)</sup>-03-31-23 | 10.00 | 0.04 | <sup>•</sup> | (0.01) | 0.03 | 0.03 |  |  | 0.03 |  | 10.00 | **0.35** | 0.07 | 0.05 | 0.05 | 5.17 | 236463 |  |

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<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

 

<sup>(2)</sup> Annualized for periods less than one year.

 

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

 

<sup>(4)</sup> Commencement of operations.

<sup>•</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025

**NOTE 1 — ORGANIZATION**

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

Voya Separate Portfolios Trust is a Delaware statutory trust and is registered as an open-end management investment company under the 1940 Act. It was organized on March 2, 2007 and was established under a Declaration of Trust dated March 2, 2007. It consists of fourteen separately managed series. This report is for Voya VACS Series EMHCD Fund ("EMHCD"), a non-diversified series of Voya Separate Portfolios Trust and Voya Series SC Fund ("SC"), a diversified series of Voya Separate Portfolios Trust.

Voya Funds Trust and Voya Separate Portfolios Trust are each a "Trust" and collectively referred to as the "Trusts." HYB, EMHCD and SC are each a "Fund" and collectively referred as the "Funds." The investment objective of the Funds is described in each Fund's Prospectus.

The Funds do not have a share class designation. All shareholders are allocated the common expenses of a fund and earn income and realized gains/ losses from a fund. Expenses that are specific to a fund are charged directly to that fund. Other operating expenses shared by several funds are generally allocated among those funds based on average net assets.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Funds. Voya Investments Distributor, LLC ("VID"), a Delaware limited liability company, serves as the principal underwriter to the Funds.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles ("GAAP") and follows the accounting and reporting guidance applicable to investment companies.

A. ***Security Valuation***. Each Fund is open for business every day the New York Stock Exchange ("NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value ("NAV") per share for each class of each Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when a Fund is closed for business, Fund shares will not be priced and a Fund does not transact purchase and redemption orders. To the extent each Fund's assets are traded in other markets on days when a Fund does not price its shares, the value of a Fund's assets will likely change and you will not be able to purchase or redeem shares of a Fund.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of each Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or each Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

NYSE close. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in each Fund.

The Funds' financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

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

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

A table summarizing each Fund's investments under these levels of classification is included within each Portfolio of Investments.

Each investment asset or liability of the Funds is assigned a level at measurement date based on the significance and

source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. The Funds classify each of their investments in the Underlying Funds as Level 1, without consideration as to the classification level of the specific investments held by the Underlying Funds. A table summarizing each Fund's investments under these levels of classification is included within the Portfolio of Investments.

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

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

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

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

(2) Purchases
and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities' current market values. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

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

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

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

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

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

***Interest Rate Risk.*** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that a mutual fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause a mutual fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

rate sensitivity, and reduced liquidity, which may impact operations and return potential.

***Risks of Investing in Derivatives.*** Each Fund's use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.

Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains.

***Counterparty Credit Risk and Credit Related Contingent Features.*** Certain derivative positions are

subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Each Fund's derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund's International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("Master Agreements"). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

Each Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

Each Fund's Master Agreements with derivative counterparties have credit related contingent features that if triggered would allow their derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between a Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill their payment obligations to their counterparties. These triggering features include, but are not limited to, a percentage decrease in a Fund's net assets and or a percentage decrease in the Fund's NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within each Fund's Master Agreements.

There were no open OTC derivatives for any Fund at March 31, 2025.

E. ***Forward Foreign Currency Transactions and Futures Contracts.*** Each Fund may enter into foreign currency exchange transactions to convert to and from different foreign currencies and to and from the U.S. dollar in connection with the planned purchases or sales of securities. The Fund

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

either enters into these transactions on a spot basis at the spot rate prevailing in the foreign currency exchange market or use forward foreign currency contracts to purchase or sell foreign currencies. When the contract is fulfilled or closed, gains or losses are realized. Until then, the gain or loss is included in unrealized appreciation or depreciation. Risks may arise upon entering into forward contracts from the potential inability of counterparties to meet the terms of their forward contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

Each Fund may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. The Funds intend to limit its use of futures contracts and futures options to "bona fide hedging" transactions, as such term is defined in applicable regulations, interpretations and practice. A futures contract obligates the seller of the contract to deliver and the purchaser of the contract to take delivery of the type of foreign currency, financial instrument or security called for in the contract at a specified future time for a specified price.

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

Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2025, EMHCD and SC had purchased and sold futures contracts on various bonds and notes to gain exposure to different parts of the yield curve while maintaining overall duration. Additional associated risks of entering into futures contracts include the possibility that there may be an illiquid market where a Fund is unable to liquidate the contract or enter into an offsetting position

and, if used for hedging purposes, the risk that the price of the contract will correlate imperfectly with the prices of the Fund's securities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

During the year ended March 31, 2025, the Funds had average notional values on futures contracts purchased and sold as disclosed below:

---

| | | |
|:---|:---|:---|
|  | **Purchased** | **Sold** |
| EMHCD | $16708338 | $14169206 |
| SC | 47413351 | 24523266 |

---

Please refer to the tables within the Portfolio of Investments for open futures contracts at March 31, 2025. HYB did not enter into any futures contracts during the year ended March 31, 2025.

F. ***Distributions to Shareholders.*** Each Fund records distributions to the shareholders on the ex-dividend date. The Funds distribute capital gains, if any, annually. The Funds declare dividends daily and pay dividends monthly. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP for investment companies.

G. ***Federal Income Taxes.*** It is the policy of each Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of a Fund's tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.

Each Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

H. ***Use of Estimates.*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

I. ***Restricted Securities.*** Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended ("1933 Act") ("Rule 144A") or securities offered pursuant to Section 4(a) (2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.

Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S under the 1933 Act, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.

J. ***Indemnifications.*** In the normal course of business, the Trusts may enter into contracts that provide certain indemnifications. The Trusts' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, the cost of purchases and the proceeds from the sales of securities excluding short-term and U.S. government securities, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| EMHCD | $119188842 | $132736513 |
| HYB | 163753892 | 122441268 |
| SC | 50737918 | 65667884 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| HYB | $1653351 | $— |
| SC | 1650750 | 1729846 |

---

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

Each Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Funds. The Investment Adviser oversees all investment advisory and portfolio management services for the Funds and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services.

There is no management fee charged per the Management Agreement for EMHCD, HYB, and SC.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM with respect to each Fund. Voya IM provides investment advice for the Funds and is paid by the Investment Adviser based on the average daily net assets of each respective Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages each Fund's assets in accordance with each Fund's investment objectives, policies, and limitations.

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At March 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:

---

| | | |
|:---|:---|:---|
| **Subsidiary/ Affiliated Investment<br> Company** | **Fund** | **Percentage** |
| Voya Balanced Income Portfolio | &nbsp;&nbsp;EMHCD | 9.17% |
|  | &nbsp;&nbsp;HYB | 17.44 |
|  | &nbsp;&nbsp;SC | 15.65 |
| Voya Intermediate Bond Portfolio | &nbsp;&nbsp;EMHCD | 68.34 |
|  | &nbsp;&nbsp;HYB | 16.21 |
|  | &nbsp;&nbsp;SC | 27.25 |
| Voya Investment Management Co. LLC | &nbsp;&nbsp;EMHCD | 16.96 |
|  | &nbsp;&nbsp;HYB | 22.46 |
|  | &nbsp;&nbsp;SC | 38.77 |
| Voya Retirement Insurance and Annuity Company | &nbsp;&nbsp;HYB | 31.48 |

---

The Funds have adopted a deferred compensation plan (the "DC Plan"), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the trustees' fees that they are entitled to receive from

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)**

the Funds. For purposes of determining the amount owed to the trustee under the DC Plan, the amounts deferred are invested in shares of the funds selected by the trustee (the "Notional Funds"). When the Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees' deferred fees, this results in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of "Other assets" on the accompanying Statements of Assets and Liabilities. Deferral of trustees' fees under the DC Plan will not affect net assets of the Funds, and will not materially affect the Funds' assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.

The Funds may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the Funds did not pay any amounts for affiliated recordkeeping services.

**NOTE 6 — EXPENSE LIMITATION AGREEMENTS**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") between the Investment Adviser and the Trusts, on behalf of each Fund, the Investment Adviser has agreed to limit expenses of each Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:

---

| | |
|:---|:---|
| **Fund** | **Expense Limit** |
| EMHCD | 0.15% |
| HYB | 0.15% |
| SC | 0.05% |

---

The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statements of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statements of Assets and Liabilities.

As of March 31, 2025, the amounts of waived and/or reimbursed fees that are subject to possible recoupment by the Investment Adviser and the related expiration dates are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31,** | **March 31,** | **March 31,** | |
|  | **2026** | **2027** | **2028** |<br>**Total** |
| SC | $3164 | $67007 | $107814 | $177985 |

---

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective on June 10, 2024, the Funds, in addition to certain other funds managed by the Investment Adviser, each Fund entered into a 364-day unsecured committed revolving line of credit agreement (the "Credit Agreement") with The Bank of New York Mellon ("BNY") for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to June 10, 2024, the predecessor line of credit was for an aggregate amount of $400,000,000 and the funds to which the line of credit was available paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through June 10, 2024.

Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance.

The Funds did not utilize the line of credit during the year ended March 31, 2025.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 8 — CAPITAL SHARES**

Transactions in capital shares and dollars are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |<br><br>**Shares**<br>**sold** |<br>**Shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br>**Net increase**<br>**(decrease) in**<br>**shares**<br>**outstanding** |<br><br>**Shares**<br>**sold** | **Proceeds**<br>**from**<br>**shares**<br>**issued in**<br>**merger** |<br>**Reinvestment**<br>**of**<br>**distributions** |<br><br>**Shares**<br>**redeemed** |<br><br>**Shares**<br>**converted** |<br><br>**Net increase**<br>**(decrease)** |
| <br>**Year or**<br>**period ended** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** |<br>**#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| EMHCD |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 765918 |  | 1231864 | (2638253) |  | (640471) | 8193590 |  | 12678907 | (28221967) |  | (7349470) |
| 3/31/2024 | 19005 |  | 1013377 | (3396842) |  | (2364460) | 191064 |  | 10236184 | (35087866) |  | (24660618) |
| HYB |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 8432276 |  | 1057901 | (5242381) |  | 4247796 | 86853420 |  | 10863512 | (53768017) |  | 43948915 |
| 3/31/2024 | 23074 |  | 987151 | (817694) |  | 192531 | 232044 |  | 9938067 | (8177674) |  | 1992437 |
| SC |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 5293232 |  | 776201 | (6115427) |  | (45994) | 55669247 |  | 8161756 | (64445145) |  | (614142) |
| 3/31/2024 | 474327 |  | 506298 | (5035221) |  | (4054596) | 4851900 |  | 5140590 | (51131440) |  | (41138950) |

---

**NOTE 9 — SECURITIES LENDING**

Under a Master Securities Lending Agreement (the "Agreement") with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Fund on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the "Agreement"). The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.

Cash collateral received in connection with securities lending is invested in cash equivalents, money market funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less ("Permitted Investments"). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.

Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower's failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising its right to dispose of the collateral. Engaging in securities lending could have a leveraging effect, which may intensify the credit, market and other risks associated with investing in a fund.

The following tables represent a summary of each respective Fund's securities lending agreements by counterparty which are subject to offset under the Agreement as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **EMHCD**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BofA Securities Inc | $111787 | $(111787) | $— |
| Jefferies International Ltd | 229151 | (229151) |  |
| Jefferies LLC | 1883896 | (1883896) |  |
| JP Morgan Securities Plc. | 1431291 | (1431291) |  |
| Merrill Lynch International | 573270 | (573270) |  |
| Total | $4229395 | $(4229395) | $&nbsp;&nbsp;&nbsp;&nbsp; — |

---

(1) Cash collateral with a fair value of $4,366,529 has been pledged
by the counterparty and received in connection with the above securities lending transactions. Excess cash collateral received from the
individual counterparty is not shown for financial reporting purposes.

---

| | | | |
|:---|:---|:---|:---|
| **HYB**<br>**Counterparty** |<br>**Securities**<br>**Loaned at Value** |<br>**Cash Collateral**<br>**Received<sup>(1)</sup>** |<br>**Net**<br>**Amount** |
| BofA Securities Inc | $5738962 | $(5738962) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Citadel Clearing LLC | 87036 | (87036) |  |
| Scotia Capital (USA) INC | 614237 | (614237) |  |
| State Street Bank and Trust Company | 1560482 | (1560482) |  |

---

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 9 — SECURITIES LENDING (continued)**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Counterparty** | **Securities**<br>**Loaned at Value** | **Cash Collateral**<br>**Received<sup>(1)</sup>** | **Net**<br>**Amount** |
| Truist Securities INC | $64872 | $(64872) | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank NA | 562494 | (562494) |  |
| Total | $8628083 | $(8628083) | $— |

---

(1) Cash
 collateral with a fair value of $8,880,855 has been pledged by the counterparty and received
 in connection with the above securities lending transactions. Excess cash collateral received
 from the individual counterparty is not shown for financial reporting purposes.

**NOTE 10 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of futures contracts, paydowns, perpetual preferred securities, and wash sale deferrals.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2024** | **March 31, 2024** |
|  | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Long-term**<br>**Capital Gains** |
| EMHCD | $9810009 | $2868898 | $9795774 | $440410 |
| HYB | 10876527 |  | 9938067 |  |
| SC | 12613918 |  | 11312104 | 657342 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of March 31, 2025, were:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **<u>Capital Loss Carryforwards</u>** | **<u>Capital Loss Carryforwards</u>** | | |
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-term**<br>**Capital Gains** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| EMHCD | $— | $711097 | $2669997 | $— |  | $(46421) | $3334673 |
| HYB | 19036 | 666786 | 1061218 |  |  |  | 1747040 |
| SC | 1253328 |  | 11579578 | (62831) | Short-term | (286440) | 12340601 |
|  |  |  |  | (143034) | Long-term |  |  |
|  |  |  |  | $(205865) |  |  |  |

---

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

As of March 31, 2025, no provision for income tax is required in the Funds' financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 11 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of investments, including beyond the direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect

individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Any of these occurrences could disrupt the operations of a Fund and of a Fund's service providers.

**NOTE 12 — SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Funds financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Funds have one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Funds holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Funds is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Funds performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 13 — SUBSEQUENT EVENTS**

Dividends: Subsequent to March 31, 2025, the Funds declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| EMHCD | $0.0585 | May 1, 2025 | Daily |
| HYB | $0.0566 | May 1, 2025 | Daily |
| SC | $0.0520 | May 1, 2025 | Daily |

---

The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued ("subsequent events") to determine whether any subsequent events necessitated adjustment to or disclosure in the financial

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 13 — SUBSEQUENT EVENTS (continued)**

statements. Other than the above, no such subsequent events were identified.

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** | **SOVEREIGN BONDS: 61.0%** |
|  | **Angola: 1.0%** |  |  |
| 550000 <sup>(1)</sup> | Angolan Government International Bond, 8.000%, 11/26/2029 | $488812 | 0.4 |
| 750000 | Angolan Government International Bond, 8.750%, 04/14/2032 | 644180 | 0.6 |
|  |  | **1132992** | **1.0** |
|  | **Argentina: 2.3%** |  |  |
| 1041724 <sup>(2)</sup> | Argentine Republic Government International Bond, 0.750% (Step Rate @ 1.750% on 07/09/2027), 07/09/2030 | 759938 | 0.7 |
| 201700 | Argentine Republic Government International Bond, 1.000%, 07/09/2029 | 156761 | 0.1 |
| 2156220 <sup>(2)</sup> | Argentine Republic Government International Bond, 4.125% (Step Rate @ 4.750% on 07/09/2027), 07/09/2035 | 1350872 | 1.2 |
| 451019 <sup>(3)</sup> | Argentine Republic Government International Bond, 5.000%, 01/09/2038 | 297616 | 0.3 |
|  |  | **2565187** | **2.3** |
|  | **Bahrain: 2.1%** |  |  |
| 1700000 | Bahrain Government International Bond, 7.375%, 05/14/2030 | 1776781 | 1.6 |
| 600000 <sup>(1)</sup> | Bahrain Government International Bond, 7.500%, 02/12/2036 | 627750 | 0.5 |
|  |  | **2404531** | **2.1** |
|  | **Benin: 0.2%** |  |  |
| 200000 | Benin Government International Bond, 8.375%, 01/23/2041 | 190250 | 0.2 |
|  | **Brazil: 2.5%** |  |  |
| 400000 | Brazilian Government International Bond, 5.625%, 02/21/2047 | 328800 | 0.3 |
| 500000 | Brazilian Government International Bond, 6.000%, 10/20/2033 | 488500 | 0.4 |
| 200000 | Brazilian Government International Bond, 6.125%, 03/15/2034 | 195200 | 0.2 |
| 945000 | Brazilian Government International Bond, 6.250%, 03/18/2031 | 966735 | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Brazil: (continued)** |  |  |
| 900000 | Brazilian Government International Bond, 7.125%, 05/13/2054 | $864225 | 0.8 |
|  |  | **2843460** | **2.5** |
|  | **Colombia: 3.4%** |  |  |
| 500000 | Colombia Government International Bond, 3.250%, 04/22/2032 | 391375 | 0.4 |
| 800000 | Colombia Government International Bond, 4.125%, 05/15/2051 | 459000 | 0.4 |
| 550000 | Colombia Government International Bond, 5.000%, 06/15/2045 | 372075 | 0.3 |
| 500000 | Colombia Government International Bond, 6.125%, 01/18/2041 | 409000 | 0.4 |
| 500000 | Colombia Government International Bond, 7.750%, 11/07/2036 | 491000 | 0.4 |
| 464000 | Colombia Government International Bond, 8.000%, 04/20/2033 | 480240 | 0.4 |
| 455000 | Colombia Government International Bond, 8.000%, 11/14/2035 | 459550 | 0.4 |
| 775000 | Colombia Government International Bond, 8.375%, 11/07/2054 | 744387 | 0.7 |
|  |  | **3806627** | **3.4** |
|  | **Costa Rica: 0.9%** |  |  |
| 575000 | Costa Rica Government International Bond, 6.125%, 02/19/2031 | 583625 | 0.5 |
| 450000 <sup>(1)</sup> | Costa Rica Government International Bond, 7.300%, 11/13/2054 | 466650 | 0.4 |
|  |  | **1050275** | **0.9** |
|  | **Dominican Republic: 3.0%** |  |  |
| 200000 <sup>(1)</sup> | Dominican Republic International Bond, 4.875%, 09/23/2032 | 182674 | 0.2 |
| 500000 <sup>(1)</sup> | Dominican Republic International Bond, 5.300%, 01/21/2041 | 423563 | 0.4 |
| 1050000 <sup>(4)</sup> | Dominican Republic International Bond, 5.875%, 01/30/2060 | 888825 | 0.8 |
| 550000 | Dominican Republic International Bond, 6.000%, 07/19/2028 | 555070 | 0.5 |
| 350000 <sup>(1)</sup> | Dominican Republic International Bond, 6.000%, 02/22/2033 | 341600 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Dominican Republic: (continued)** |  |  |
| 825000 <sup>(1)</sup> | Dominican Republic International Bond, 6.950%, 03/15/2037 | $835725 | 0.7 |
| 150000 <sup>(1)(4)</sup> | Dominican Republic International Bond, 7.050%, 02/03/2031 | 155475 | 0.1 |
|  |  | **3382932** | **3.0** |
|  | **Ecuador: 0.9%** |  |  |
| 442550 <sup>(1)(2)</sup> | Ecuador Government International Bond, 5.000% (Step Rate @ 5.500% on 07/31/2026), 07/31/2040 | 198705 | 0.2 |
| 882267 <sup>(1)(2)</sup> | Ecuador Government International Bond, 5.500% (Step Rate @ 6.900% on 07/31/2025), 07/31/2035 | 436722 | 0.4 |
| 369817 <sup>(3)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 | 221058 | 0.2 |
| 300000 <sup>(3)</sup> | Ecuador Government International Bond, 6.900%, 07/31/2030 | 179325 | 0.1 |
|  |  | **1035810** | **0.9** |
|  | **Egypt: 2.5%** |  |  |
| 800000 | Egypt Government International Bond, 5.800%, 09/30/2027 | 748848 | 0.7 |
| 500000 <sup>(1)</sup> | Egypt Government International Bond, 7.500%, 02/16/2061 | 333655 | 0.3 |
| 575000 <sup>(1)</sup> | Egypt Government International Bond, 8.625%, 02/04/2030 | 557209 | 0.5 |
| 1250000 <sup>(1)</sup> | Egypt Government International Bond, 8.700%, 03/01/2049 | 955625 | 0.8 |
| 350000 <sup>(1)</sup> | Egypt Government International Bond, 8.875%, 05/29/2050 | 271562 | 0.2 |
|  |  | **2866899** | **2.5** |
|  | **Ghana: 1.1%** |  |  |
| 568700 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2029 | 496197 | 0.4 |
| 817800 <sup>(2)</sup> | Ghana Government International Bond, 5.000% (Step Rate @ 6.000% on 07/03/2028), 07/03/2035 | 580152 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Ghana: (continued)** |  |  |
| 56400 <sup>(5)</sup> | Ghana Government International Bond, 5.080%, 07/03/2026 | $52992 | 0.1 |
| 129721 <sup>(5)</sup> | Ghana Government International Bond, 5.390%, 01/03/2030 | 101020 | 0.1 |
|  |  | **1230361** | **1.1** |
|  | **Guatemala: 1.6%** |  |  |
| 435000 <sup>(1)</sup> | Guatemala Government Bond, 5.250%, 08/10/2029 | 429345 | 0.4 |
| 600000 <sup>(1)</sup> | Guatemala Government Bond, 6.050%, 08/06/2031 | 601500 | 0.5 |
| 250000 <sup>(1)</sup> | Guatemala Government Bond, 6.550%, 02/06/2037 | 249750 | 0.2 |
| 500000 <sup>(1)</sup> | Guatemala Government Bond, 6.600%, 06/13/2036 | 505500 | 0.5 |
|  |  | **1786095** | **1.6** |
|  | **Honduras: 0.4%** |  |  |
| 250000 | Honduras Government International Bond, 5.625%, 06/24/2030 | 225875 | 0.2 |
| 200000 | Honduras Government International Bond, 6.250%, 01/19/2027 | 197600 | 0.2 |
|  |  | **423475** | **0.4** |
|  | **Hungary: 1.7%** |  |  |
| 500000 <sup>(1)</sup> | Hungary Government International Bond, 3.125%, 09/21/2051 | 297943 | 0.2 |
| 450000 <sup>(1)</sup> | Hungary Government International Bond, 5.500%, 06/16/2034 | 436050 | 0.4 |
| 500000 | Hungary Government International Bond 30Y, 7.625%, 03/29/2041 | 564150 | 0.5 |
| 650000 <sup>(1)</sup> | Magyar Export-Import Bank Zrt, 6.125%, 12/04/2027 | 663203 | 0.6 |
|  |  | **1961346** | **1.7** |
|  | **India: 0.2%** |  |  |
| 300000 | Export-Import Bank of India, 2.250%, 01/13/2031 | 257951 | 0.2 |
|  | **Indonesia: 1.7%** |  |  |
| 350000 | Indonesia Government International Bond, 5.250%, 01/17/2042 | 336437 | 0.3 |
| 320000 | Indonesia Government International Bond, 5.450%, 09/20/2052 | 307360 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Indonesia: (continued)** |  |  |
| 1050000 | Indonesia Government International Bond, 8.500%, 10/12/2035 | $1308300 | 1.1 |
|  |  | **1952097** | **1.7** |
|  | **Ivory Coast: 1.2%** |  |  |
| 300000 <sup>(1)</sup> | Ivory Coast Government International Bond, 7.625%, 01/30/2033 | 292048 | 0.3 |
| 550000 | Ivory Coast Government International Bond, 8.075%, 04/01/2036 | 526453 | 0.5 |
| 375000 <sup>(1)</sup> | Ivory Coast Government International Bond, 8.250%, 01/30/2037 | 360469 | 0.3 |
| 170269 <sup>(3)</sup> | Ivory Coast Government International Bond REGs, 5.750%, 12/31/2032 | 162036 | 0.1 |
|  |  | **1341006** | **1.2** |
|  | **Jamaica: 0.9%** |  |  |
| 400000 | Jamaica Government International Bond, 7.875%, 07/28/2045 | 461200 | 0.4 |
| 500000 | Jamaica Government International Bond, 8.000%, 03/15/2039 | 581000 | 0.5 |
|  |  | **1042200** | **0.9** |
|  | **Jordan: 0.8%** |  |  |
| 1000000 <sup>(1)</sup> | Jordan Government International Bond, 5.850%, 07/07/2030 | 926250 | 0.8 |
|  | **Kenya: 1.4%** |  |  |
| 250000 <sup>(4)</sup> | Republic of Kenya Government International Bond, 6.300%, 01/23/2034 | 194714 | 0.2 |
| 500000 | Republic of Kenya Government International Bond, 7.250%, 02/28/2028 | 481250 | 0.4 |
| 225000 | Republic of Kenya Government International Bond, 8.000%, 05/22/2032 | 201938 | 0.2 |
| 250000 <sup>(4)</sup> | Republic of Kenya Government International Bond, 8.250%, 02/28/2048 | 197187 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Kenya: (continued)** |  |  |
| 525000 <sup>(1)</sup> | Republic of Kenya Government International Bond, 9.500%, 03/05/2036 | $478012 | 0.4 |
|  |  | **1553101** | **1.4** |
|  | **Lebanon: 0.6%** |  |  |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond, 6.100%, 10/04/2022 | 315000 | 0.3 |
| 2000000 <sup>(6)</sup> | Lebanon Government International Bond 10Y, 6.850%, 03/23/2027 | 315000 | 0.3 |
|  |  | **630000** | **0.6** |
|  | **Mexico: 3.1%** |  |  |
| 740000 | Mexico Government International Bond, 3.250%, 04/16/2030 | 670348 | 0.6 |
| 950000 | Mexico Government International Bond, 4.875%, 05/19/2033 | 876850 | 0.8 |
| 1179000 | Mexico Government International Bond, 6.338%, 05/04/2053 | 1076427 | 0.9 |
| 652000 | Mexico Government International Bond, 6.875%, 05/13/2037 | 669604 | 0.6 |
| 227000 | Mexico Government International Bond, 7.375%, 05/13/2055 | 233242 | 0.2 |
|  |  | **3526471** | **3.1** |
|  | **Morocco: 0.3%** |  |  |
| 500000 <sup>(1)</sup> | Morocco Government International Bond, 4.000%, 12/15/2050 | 342190 | 0.3 |
|  | **Nigeria: 2.3%** |  |  |
| 500000 | Nigeria Government International Bond, 6.500%, 11/28/2027 | 480815 | 0.4 |
| 550000 <sup>(1)</sup> | Nigeria Government International Bond, 7.375%, 09/28/2033 | 464244 | 0.4 |
| 500000 | Nigeria Government International Bond, 7.696%, 02/23/2038 | 404598 | 0.4 |
| 475000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 422669 | 0.4 |
| 300000 | Nigeria Government International Bond, 7.875%, 02/16/2032 | 266949 | 0.2 |
| 500000 | Nigeria Government International Bond, 10.375%, 12/09/2034 | 502500 | 0.5 |
|  |  | **2541775** | **2.3** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Oman: 0.9%** |  |  |
| 600000 | Oman Government International Bond, 6.000%, 08/01/2029 | $615438 | 0.6 |
| 350000 <sup>(1)</sup> | Oman Government International Bond, 6.500%, 03/08/2047 | 354695 | 0.3 |
|  |  | **970133** | **0.9** |
|  | **Panama: 2.1%** |  |  |
| 300000 | Panama Government International Bond, 4.500%, 04/16/2050 | 192525 | 0.2 |
| 575000 | Panama Government International Bond, 4.500%, 04/01/2056 | 353050 | 0.3 |
| 550000 | Panama Government International Bond, 4.500%, 01/19/2063 | 335569 | 0.3 |
| 500000 | Panama Government International Bond, 6.400%, 02/14/2035 | 470719 | 0.4 |
| 550000 | Panama Government International Bond, 6.700%, 01/26/2036 | 527587 | 0.5 |
| 410000 | Panama Government International Bond, 7.500%, 03/01/2031 | 426195 | 0.4 |
|  |  | **2305645** | **2.1** |
|  | **Paraguay: 1.4%** |  |  |
| 43000 | Paraguay Government International Bond, 5.000%, 04/15/2026 | 43034 | 0.0 |
| 650000 | Paraguay Government International Bond, 5.600%, 03/13/2048 | 574600 | 0.5 |
| 550000 <sup>(1)</sup> | Paraguay Government International Bond, 5.850%, 08/21/2033 | 553162 | 0.5 |
| 425000 <sup>(1)</sup> | Paraguay Government International Bond, 6.000%, 02/09/2036 | 425850 | 0.4 |
|  |  | **1596646** | **1.4** |
|  | **Peru: 0.2%** |  |  |
| 250000 | Peruvian Government International Bond, 5.625%, 11/18/2050 | 238250 | 0.2 |
|  | **Philippines: 0.9%** |  |  |
| 550000 | Philippine Government International Bond, 5.500%, 01/17/2048 | 541640 | 0.5 |
| 500000 | Philippine Government International Bond, 5.950%, 10/13/2047 | 519500 | 0.4 |
|  |  | **1061140** | **0.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Poland: 1.2%** |  |  |
| 590000 | Republic of Poland Government International Bond, 5.375%, 02/12/2035 | $592803 | 0.5 |
| 800000 | Republic of Poland Government International Bond, 5.500%, 03/18/2054 | 751200 | 0.7 |
|  |  | **1344003** | **1.2** |
|  | **Qatar: 0.6%** |  |  |
| 550000 <sup>(1)</sup> | Qatar Government International Bond, 4.400%, 04/16/2050 | 472725 | 0.4 |
| 250000 <sup>(1)(4)</sup> | Qatar Government International Bond, 4.817%, 03/14/2049 | 229545 | 0.2 |
|  |  | **702270** | **0.6** |
|  | **Romania: 3.6%** |  |  |
| 1250000 <sup>(1)(4)</sup> | Romanian Government International Bond, 3.000%, 02/14/2031 | 1048125 | 0.9 |
| 500000 <sup>(1)</sup> | Romanian Government International Bond, 3.625%, 03/27/2032 | 419000 | 0.4 |
| 200000 | Romanian Government International Bond, 4.000%, 02/14/2051 | 122563 | 0.1 |
| 300000 | Romanian Government International Bond, 5.125%, 06/15/2048 | 227475 | 0.2 |
| 684000 <sup>(1)</sup> | Romanian Government International Bond, 5.750%, 03/24/2035 | 619875 | 0.5 |
| 300000 | Romanian Government International Bond, 6.375%, 01/30/2034 | 289125 | 0.3 |
| 1218000 <sup>(1)</sup> | Romanian Government International Bond, 6.375%, 01/30/2034 | 1173848 | 1 |
| 200000 | Romanian Government International Bond, 7.625%, 01/17/2053 | 199860 | 0.2 |
|  |  | **4099871** | **3.6** |
|  | **Saudi Arabia: 3.3%** |  |  |
| 1700000 | Saudi Government International Bond, 3.450%, 02/02/2061 | 1057349 | 0.9 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Saudi Arabia: (continued)** |  |  |
| 600000 | Saudi Government International Bond, 3.750%, 01/21/2055 | $407856 | 0.4 |
| 850000 <sup>(1)</sup> | Saudi Government International Bond, 5.500%, 10/25/2032 | 872296 | 0.8 |
| 825000 | Saudi Government International Bond, 5.625%, 01/13/2035 | 848306 | 0.8 |
| 500000 | Saudi Government International Bond, 5.750%, 01/16/2054 | 477112 | 0.4 |
|  |  | **3662919** | **3.3** |
|  | **Senegal: 0.3%** |  |  |
| 500000 | Senegal Government International Bond, 6.250%, 05/23/2033 | 373750 | 0.3 |
|  | **Serbia: 0.4%** |  |  |
| 250000 | Serbia International Bond, 2.125%, 12/01/2030 | 206407 | 0.2 |
| 275000 <sup>(1)</sup> | Serbia International Bond, 6.500%, 09/26/2033 | 283423 | 0.2 |
|  |  | **489830** | **0.4** |
|  | **South Africa: 2.8%** |  |  |
| 1300000 | Republic of South Africa Government International Bond, 4.300%, 10/12/2028 | 1226875 | 1.1 |
| 500000 | Republic of South Africa Government International Bond, 5.750%, 09/30/2049 | 368250 | 0.3 |
| 250000 | Republic of South Africa Government International Bond, 5.875%, 04/20/2032 | 237813 | 0.2 |
| 600000 | Republic of South Africa Government International Bond, 6.300%, 06/22/2048 | 477750 | 0.4 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.100%, 11/19/2036 | 437625 | 0.4 |
| 450000 <sup>(1)</sup> | Republic of South Africa Government International Bond, 7.950%, 11/19/2054 | 423956 | 0.4 |
|  |  | **3172269** | **2.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Sri Lanka: 1.2%** |  |  |
| 202000 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.100% (Step Rate @ 3.350% on 07/15/2027), 01/15/2030 | $178467 | 0.1 |
| 396220 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.350% (Step Rate @ 3.600% on 09/15/2027), 03/15/2033 | 310290 | 0.3 |
| 371514 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 08/15/2027), 02/15/2038 | 292428 | 0.3 |
| 185679 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 3.850% on 11/15/2027), 05/15/2036 | 145038 | 0.1 |
| 267540 <sup>(1)(2)</sup> | Sri Lanka Government International Bond, 3.600% (Step Rate @ 5.100% on 12/15/2027), 06/15/2035 | 181426 | 0.2 |
| 236034 <sup>(1)</sup> | Sri Lanka Government International Bond, 4.000%, 04/15/2028 | 221842 | 0.2 |
|  |  | **1329491** | **1.2** |
|  | **Trinidad and Tobago: 0.4%** |  |  |
| 400000 <sup>(1)</sup> | Trinidad & Tobago Government International Bond, 6.400%, 06/26/2034 | 393000 | 0.4 |
|  | **Turkey: 2.7%** |  |  |
| 300000 | Turkey Government International Bond 10Y, 5.125%, 02/17/2028 | 291132 | 0.3 |
| 800000 | Turkey Government International Bond 10Y, 7.625%, 04/26/2029 | 825000 | 0.7 |
| 595000 | Turkey Government International Bond 12Y, 6.500%, 09/20/2033 | 559300 | 0.5 |
| 550000 | Turkey Government International Bond 30Y, 6.000%, 01/14/2041 | 451550 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **Turkey: (continued)** |  |  |
| 600000 | Turkey Government International Bond 5Y, 9.875%, 01/15/2028 | $654450 | 0.6 |
| 200000 <sup>(1)</sup> | Turkiye Ihracat Kredi Bankasi AS, 9.000%, 01/28/2027 | 208187 | 0.2 |
|  |  | **2989619** | **2.7** |
|  | **Ukraine: 1.5%** |  |  |
| 110474 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2030 | 56894 | 0.1 |
| 412832 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2034 | 164101 | 0.1 |
| 348869 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2035 | 193622 | 0.2 |
| 290724 <sup>(1)(2)</sup> | Ukraine Government International Bond, 0.010% (Step Rate @ 3.000% on 02/01/2027), 02/01/2036 | 160625 | 0.1 |
| 299400 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2029 | 194610 | 0.2 |
| 618033 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2034 | 330648 | 0.3 |
| 569548 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2035 | 299013 | 0.3 |
| 535466 <sup>(1)(2)</sup> | Ukraine Government International Bond, 1.750% (Step Rate @ 4.500% on 08/01/2025), 02/01/2036 | 277103 | 0.2 |
|  |  | **1676616** | **1.5** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** | **SOVEREIGN BONDS: (continued)** |
|  | **United Arab Emirates: 0.2%** |  |  |  |
| 250000 <sup>(1)</sup> | Finance Department Government of Sharjah, 6.500%, 11/23/2032 | $| 259688 | 0.2 |
|  | **Uruguay: 0.2%** |  |  |  |
| 123334 | Uruguay Government International Bond, 4.375%, 10/27/2027 |  | 123396 | 0.1 |
| 51825 | Uruguay Government International Bond, 4.375%, 01/23/2031 |  | 51047 | 0.1 |
|  |  |  | **174443** | **0.2** |
|  | **Venezuela: 0.4%** |  |  |  |
| 175000 | Venezuela Government International Bond, 7.000%, 03/31/2038 |  | 33513 | 0.0 |
| 550000 <sup>(6)</sup> | Venezuela Government International Bond, 9.250%, 09/15/2027 |  | 114641 | 0.1 |
| 275000 | Venezuela Government International Bond, 9.250%, 05/07/2028 |  | 53625 | 0.1 |
| 200000 | Venezuela Government International Bond, 9.375%, 01/13/2034 |  | 47000 | 0.0 |
| 425000 | Venezuela Government International Bond, 11.750%, 10/21/2026 |  | 89887 | 0.1 |
| 575000 | Venezuela Government International Bond, 11.950%, 08/05/2031 |  | 118737 | 0.1 |
|  |  |  | **457403** | **0.4** |
|  | **Zambia: 0.6%** |  |  |  |
| 439337 <sup>(1)</sup> | Zambia Government International Bond, 0.500%, 12/31/2053 |  | 267996 | 0.2 |
| 442266 <sup>(1)(2)</sup> | Zambia Government International Bond, 5.750% (Step Rate @ 7.500% on 06/30/2031), 06/30/2033 |  | 386429 | 0.4 |
|  |  |  | **654425** | **0.6** |
|  | Total Sovereign Bonds |  |  |  |
|  | (Cost $66,742,278) |  | **68744692** | **61.0** |
| **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** | **CORPORATE BONDS/NOTES: 33.2%** |
|  | **Argentina: 0.4%** |  |  |  |
| 500000 <sup>(1)</sup> | YPF SA, 8.250%, 01/17/2034 |  | 498063 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Brazil: 2.8%** |  |  |
| 650000 <sup>(1)(4)</sup> | Ambipar Lux Sarl, 10.875%, 02/05/2033 | $665925 | 0.6 |
| 750000 <sup>(1)</sup> | Minerva Luxembourg SA, 8.875%, 09/13/2033 | 798525 | 0.7 |
| 500000 <sup>(1)</sup> | Raizen Fuels Finance SA, 5.700%, 01/17/2035 | 475075 | 0.4 |
| 500000 <sup>(1)</sup> | Raizen Fuels Finance SA, 6.700%, 02/25/2037 | 500525 | 0.4 |
| 750000 <sup>(1)</sup> | Sitios Latinoamerica SAB de CV, 6.000%, 11/25/2029 | 757927 | 0.7 |
|  |  | **3197977** | **2.8** |
|  | **Chile: 5.5%** |  |  |
| 416000 <sup>(1)(3)(4)</sup> | Banco del Estado de Chile, 7.950%, 12/31/2199 | 436956 | 0.4 |
| 725000 <sup>(1)</sup> | Chile Electricity Lux Mpc II Sarl, 5.580%, 10/20/2035 | 725145 | 0.6 |
| 500000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 4.500%, 08/01/2047 | 392875 | 0.3 |
| 250000 | Corp Nacional del Cobre de Chile, 5.125%, 02/02/2033 | 241375 | 0.2 |
| 725000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 5.950%, 01/08/2034 | 735513 | 0.7 |
| 425000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.300%, 09/08/2053 | 422078 | 0.4 |
| 550000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.330%, 01/13/2035 | 568150 | 0.5 |
| 506000 <sup>(1)</sup> | Corp Nacional del Cobre de Chile, 6.780%, 01/13/2055 | 522445 | 0.5 |
| 400000 <sup>(1)</sup> | Empresa de Pasajeros Metro S.A., 3.693%, 09/13/2061 | 264775 | 0.2 |
| 300000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 4.500%, 09/14/2047 | 235200 | 0.2 |
| 900000 <sup>(1)</sup> | Empresa Nacional del Petroleo, 5.950%, 07/30/2034 | 908100 | 0.8 |
| 725000 <sup>(1)</sup> | Engie Energia Chile SA, 6.375%, 04/17/2034 | 750150 | 0.7 |
|  |  | **6202762** | **5.5** |
|  | **Colombia: 0.7%** |  |  |
| 840000 | Ecopetrol SA, 8.375%, 01/19/2036 | 821394 | 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Dominican Republic: 1.1%** |  |  |
| 1175000 <sup>(1)</sup> | Aeropuertos Dominicanos Siglo XXI SA, 7.000%, 06/30/2034 | $1183977 | 1.1 |
|  | **India: 0.4%** |  |  |
| 425000 <sup>(1)(4)</sup> | IRB Infrastructure Developers Ltd., 7.110%, 03/11/2032 | 428719 | 0.4 |
|  | **Indonesia: 2.9%** |  |  |
| 500000 <sup>(1)</sup> | Hutama Karya Persero PT, 3.750%, 05/11/2030 | 471500 | 0.4 |
| 300000 <sup>(1)</sup> | Pertamina Persero PT, 3.100%, 01/21/2030 | 275063 | 0.3 |
| 550000 | Pertamina Persero PT, 5.625%, 05/20/2043 | 513777 | 0.5 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 3.000%, 06/30/2030 | 494313 | 0.4 |
| 475000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 466687 | 0.4 |
| 550000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.125%, 05/15/2027 | 540375 | 0.5 |
| 500000 <sup>(1)</sup> | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.250%, 01/25/2049 | 488562 | 0.4 |
|  |  | **3250277** | **2.9** |
|  | **Jamaica: 0.6%** |  |  |
| 650000 <sup>(1)</sup> | Kingston Airport Revenue Finance Ltd., 6.750%, 12/15/2036 | 655882 | 0.6 |
|  | **Kazakhstan: 0.7%** |  |  |
| 750000 <sup>(1)</sup> | Kaspi.KZ JSC, 6.250%, 03/26/2030 | 743850 | 0.7 |
|  | **Malaysia: 1.0%** |  |  |
| 300000 <sup>(4)</sup> | Petronas Capital Ltd., 2.480%, 01/28/2032 | 256530 | 0.2 |
| 1050000 <sup>(1)</sup> | Petronas Capital Ltd., 4.800%, 04/21/2060 | 911232 | 0.8 |
|  |  | **1167762** | **1.0** |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Mexico: 5.2%** |  |  |
| 550000 <sup>(1)</sup> | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025 | $549753 | 0.5 |
| 500000 <sup>(1)</sup> | Comision Federal de Electricidad, 5.700%, 01/24/2030 | 491290 | 0.4 |
| 700000 <sup>(1)</sup> | Comision Federal de Electricidad, 6.450%, 01/24/2035 | 675500 | 0.6 |
| 300000 | Petroleos Mexicanos, 5.500%, 06/27/2044 | 189756 | 0.2 |
| 1825000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 1781930 | 1.6 |
| 425000 <sup>(4)</sup> | Petroleos Mexicanos, 6.500%, 01/23/2029 | 400414 | 0.4 |
| 960000 | Petroleos Mexicanos, 6.700%, 02/16/2032 | 844704 | 0.7 |
| 425000 | Petroleos Mexicanos, 6.750%, 09/21/2047 | 291316 | 0.3 |
| 500000 | Petroleos Mexicanos, 6.950%, 01/28/2060 | 340200 | 0.3 |
| 270000 <sup>(1)</sup> | Trust Fibra Uno, 7.700%, 01/23/2032 | 279443 | 0.2 |
|  |  | **5844306** | **5.2** |
|  | **Morocco: 0.6%** |  |  |
| 700000 <sup>(1)</sup> | OCP SA, 6.750%, 05/02/2034 | 720125 | 0.6 |
|  | **Oman: 1.0%** |  |  |
| 1100000 <sup>(1)</sup> | OQ SAOC, 5.125%, 05/06/2028 | 1095881 | 1 |
|  | **Panama: 0.3%** |  |  |
| 300000 <sup>(1)</sup> | C&W Senior Finance Ltd., 9.000%, 01/15/2033 | 295875 | 0.3 |
|  | **Peru: 2.2%** |  |  |
| 400000 <sup>(1)</sup> | Corp Financiera de Desarrollo SA, 2.400%, 09/28/2027 | 374580 | 0.3 |
| 850000 <sup>(1)</sup> | Hunt Oil Co. of Peru LLC Sucursal Del Peru, 8.550%, 09/18/2033 | 951362 | 0.8 |
| 500000 <sup>(1)</sup> | Niagara Energy SAC, 5.746%, 10/03/2034 | 496063 | 0.4 |
| 250000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 188000 | 0.2 |
| 800000 <sup>(1)</sup> | Petroleos del Peru SA, 5.625%, 06/19/2047 | 505400 | 0.5 |
|  |  | **2515405** | **2.2** |
|  | **Poland: 2.6%** |  |  |
| 675000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.375%, 05/22/2033 | 675675 | 0.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Poland: (continued)** |  |  |
| 925000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 5.750%, 07/09/2034 | $938579 | 0.9 |
| 650000 <sup>(1)</sup> | Bank Gospodarstwa Krajowego, 6.250%, 10/31/2028 | 681232 | 0.6 |
| 575000 <sup>(1)</sup> | ORLEN SA, 6.000%, 01/30/2035 | 589375 | 0.5 |
|  |  | **2884861** | **2.6** |
|  | **Qatar: 0.6%** |  |  |
| 1000000 <sup>(1)</sup> | QatarEnergy, 3.300%, 07/12/2051 | 692190 | 0.6 |
|  | **Saudi Arabia: 0.5%** |  |  |
| 550000 <sup>(1)</sup> | Greensaif Pipelines Bidco Sarl, 6.510%, 02/23/2042 | 575609 | 0.5 |
|  | **South Africa: 0.7%** |  |  |
| 800000 <sup>(1)(4)</sup> | Eskom Holdings SOC Ltd., 6.350%, 08/10/2028 | 798004 | 0.7 |
|  | **Turkey: 1.2%** |  |  |
| 275000 <sup>(1)</sup> | Eregli Demir ve Celik Fabrikalari TAS, 8.375%, 07/23/2029 | 278738 | 0.2 |
| 500000 <sup>(1)</sup> | Sisecam UK PLC, 8.250%, 05/02/2029 | 505250 | 0.5 |
| 600000 <sup>(1)</sup> | TC Ziraat Bankasi AS, 7.250%, 02/04/2030 | 592311 | 0.5 |
|  |  | **1376299** | **1.2** |
|  | **United Arab Emirates: 1.5%** |  |  |
| 550000 | DP World Crescent Ltd., 3.875%, 07/18/2029 | 530057 | 0.5 |
| 725000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 4.375%, 11/22/2033 | 692241 | 0.6 |
| 400000 <sup>(1)</sup> | MDGH GMTN RSC Ltd., 5.500%, 04/28/2033 | 414570 | 0.4 |
|  |  | **1636868** | **1.5** |
|  | **United States: 0.3%** |  |  |
| 375000 <sup>(1)</sup> | Avianca Midco 2 PLC, 9.625%, 02/14/2030 | 346733 | 0.3 |
|  | **Venezuela: 0.4%** |  |  |
| 1000000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.000%, 11/17/2021 | 145000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Venezuela: (continued)** |  |  |  |
| 1750000 <sup>(6)</sup> | Petroleos de Venezuela SA, 9.750%, 05/17/2035 | $| 273875 | 0.3 |
|  |  |  | **418875** | **0.4** |
|  | Total Corporate Bonds/Notes |  |  |  |
|  | (Cost $36,693,109) |  | **37351694** | **33.2** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $103,435,387) |  | **106096386** | **94.2** |
| **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** | **SHORT-TERM INVESTMENTS: 8.7%** |
|  | **Commercial Paper: 3.5%** |  |  |  |
| 1000000 | Entergy Corp., 4.590%, 04/01/2025 |  | 999874 | 0.9 |
| 1000000 | Fiserv, Inc., 4.600%, 04/01/2025 |  | 999874 | 0.9 |
| 1000000 | HP, Inc., 4.820%, 04/01/2025 |  | 999868 | 0.9 |
| 1000000 | McCormick & Company, Inc., 4.650%, 04/04/2025 |  | 999491 | 0.8 |
|  | Total Commercial Paper |  |  |  |
|  | (Cost $3,999,629) |  | **3999107** | **3.5** |
|  | **Repurchase Agreements: 3.9%** |  |  |  |
| 233873 <sup>(7)</sup> | Bank of America Securities Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $233,901, collateralized by various U.S. Government Securities, 0.000%-4.375%, Market Value plus accrued interest $238,550, due 05/15/34-11/15/48) |  | 233873 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 1022728 <sup>(7)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $1,043,183, due 04/10/25-03/01/55) | $1022728 | 0.9 |
| 1022728 <sup>(7)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.470%-6.500%, Market Value plus accrued interest $1,043,183, due 06/01/28-02/01/55) | 1022728 | 0.9 |
| 1043600 <sup>(7)</sup> | Natwest Markets Securities Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,043,725, collateralized by various U.S. Government Securities, 1.250%-4.375%, Market Value plus accrued interest $1,064,472, due 12/31/26-08/31/31) | 1043600 | 1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |
|  | **Repurchase Agreements (continued)** |  |  |
| 1022728 <sup>(7)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,022,850, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $1,043,183, due 04/10/25-12/15/66) | $1022728 | 0.9 |
| 20872 <sup>(7)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.350%, due 04/01/2025 (Repurchase Amount $20,874, collateralized by various U.S. Government Securities, 0.000%-4.000%, Market Value plus accrued interest $21,289, due 04/15/26-02/15/54) | 20872 | 0.0 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $4,366,529) | **4366529** | **3.9** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 1.3%** |  |  |
| 1409000 <sup>(8)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $1,409,000) | $**1409000** | **1.3** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $9,775,158) | **9774636** | **8.7** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $113,210,545)** | $**115871022** | **102.9** |
|  | **Liabilities in Excess of Other Assets** | **(3246231)** | **(2.9)** |
|  | **Net Assets** | $**112624791** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |

---

<sup>(1)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(2)</sup> Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rates shown reflect the current and next coupon rate as of March 31, 2025.

<sup>(3)</sup> Variable rate security. Rate shown is the rate in effect as of March 31, 2025.

<sup>(4)</sup> Security, or a portion of the security, is on loan.

<sup>(5)</sup> Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2025.

<sup>(6)</sup> Defaulted security.

<sup>(7)</sup> All or a portion of the security represents securities purchased with cash collateral received for securities on loan.

<sup>(8)</sup> Rate shown is the 7-day yield as of March 31, 2025.

---

| | |
|:---|:---|
| **<u>Sector Diversification</u>** | **Percentage**<br>**of Net Assets** |
| Sovereign Bonds | 61.0% |
| Energy | 12.7 |
| Utilities | 5.3 |
| Financial | 5.0 |
| Industrial | 4.0 |
| Basic Materials | 3.4 |
| Consumer, Non-cyclical | 2.2 |
| Consumer, Cyclical | 0.3 |
| Communications | 0.3 |
| Short-Term Investments | 8.7 |
| Liabilities in Excess of Other Assets | (2.9) |
| **Net Assets** | **100.0%** |

---

**Portfolio holdings are subject to change daily.**

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Sovereign Bonds | $— | $68744692 | $— | $68744692 |
| Corporate Bonds/Notes |  | 37351694 |  | 37351694 |
| Short-Term Investments | 1409000 | 8365636 |  | 9774636 |
| Total Investments, at fair value | $1409000 | $114462022 | $— | $115871022 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 88992 |  |  | 88992 |
| Total Assets | $1497992 | $114462022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $115960014 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(143872) | $— | $— | $(143872) |
| Total Liabilities | $(143872) | $— | $— | $(143872) |

---

---

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

---

At March 31, 2025, the following futures contracts were outstanding for Voya VACS Series EMHCD Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 26 | 06/30/25 | $5386469 | $24559 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | &nbsp;&nbsp;&nbsp;&nbsp;44 | 06/30/25 | 4758875 | 52154 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;8 | 06/18/25 | 938250 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | &nbsp;&nbsp;&nbsp;&nbsp;25 | 06/18/25 | 3056250 | 6773 |
|  |  |  | $14139844 | $88992 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | (24) | 06/18/25 | (2669250) | (32165) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (70) | 06/18/25 | (7988750) | (111707) |
|  |  |  | $(10658000) | $(143872) |

---

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $88992 |
| **Total Asset Derivatives** |  | $88992 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $143872 |
| **Total Liability Derivatives** |  | $143872 |

---

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

See Accompanying Notes to Financial Statements

Voya VACS Series EMHCD Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $(233776) |
| **Total** | $(233776) |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $(56011) |
| **Total** | $(56011) |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $113,146,587. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $4495131 |
| Gross Unrealized Depreciation | (1825134) |
| Net Unrealized Appreciation | $2669997 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** | **CORPORATE BONDS/NOTES: 91.8%** |
|  | **Basic Materials: 5.3%** |  |  |
| 635000 <sup>(1)</sup> | Avient Corp., 6.250%, 11/01/2031 | $629564 | 0.4 |
| 300000 <sup>(1)(2)</sup> | Axalta Coating Systems Dutch Holding B BV, 7.250%, 02/15/2031 | 309775 | 0.2 |
| 419000 <sup>(1)</sup> | Axalta Coating Systems LLC, 3.375%, 02/15/2029 | 383527 | 0.2 |
| 600000 <sup>(1)</sup> | Capstone Copper Corp., 6.750%, 03/31/2033 | 598167 | 0.4 |
| 450000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.625%, 03/01/2029 | 418633 | 0.2 |
| 408000 <sup>(1)</sup> | Cleveland-Cliffs, Inc., 4.875%, 03/01/2031 | 355524 | 0.2 |
| 190000 <sup>(1)(2)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 | 182555 | 0.1 |
| 618000 <sup>(1)</sup> | Constellium SE, 5.625%, 06/15/2028 | 599964 | 0.4 |
| 720000 <sup>(1)</sup> | Hudbay Minerals, Inc., 4.500%, 04/01/2026 | 709776 | 0.4 |
| 384050 <sup>(1)</sup> | Innophos Holdings, Inc., 11.500%, 06/15/2029 | 393114 | 0.2 |
| 390000 <sup>(1)</sup> | Mativ Holdings, Inc., 8.000%, 10/01/2029 | 336621 | 0.2 |
| 600000 <sup>(1)</sup> | New Gold, Inc., 6.875%, 04/01/2032 | 606404 | 0.4 |
| 510000 <sup>(1)</sup> | NOVA Chemicals Corp., 7.000%, 12/01/2031 | 532127 | 0.3 |
| 140000 <sup>(1)</sup> | Novelis Corp., 3.250%, 11/15/2026 | 135470 | 0.1 |
| 385000 <sup>(1)</sup> | Novelis Corp., 3.875%, 08/15/2031 | 335084 | 0.2 |
| 225000 <sup>(1)</sup> | Novelis Corp., 4.750%, 01/30/2030 | 209599 | 0.1 |
| 410000 <sup>(1)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 | 382071 | 0.2 |
| 265000 <sup>(2)</sup> | Olin Corp., 5.000%, 02/01/2030 | 249828 | 0.1 |
| 422000 <sup>(1)</sup> | Olympus Water US Holding Corp., 4.250%, 10/01/2028 | 390363 | 0.2 |
| 200000 <sup>(1)</sup> | Olympus Water US Holding Corp., 7.125%, 10/01/2027 | 200135 | 0.1 |
| 480000 <sup>(1)</sup> | SPCM SA, 3.125%, 03/15/2027 | 456660 | 0.3 |
| 725000 <sup>(1)(2)</sup> | Tronox, Inc., 4.625%, 03/15/2029 | 620687 | 0.4 |
|  |  | **9035648** | **5.3** |
|  | **Communications: 10.0%** |  |  |
| 450000 <sup>(1)</sup> | Arches Buyer, Inc., 6.125%, 12/01/2028 | 395783 | 0.2 |
| 215000 <sup>(1)(2)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.250%, 01/15/2034 | 176998 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** |  |
| 1095000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | $997739 | 0.6 |
| 1005000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 873142 | 0.5 |
| 945000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 917907 | 0.5 |
| 660000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 650574 | 0.4 |
| 230000 <sup>(1)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 229781 | 0.1 |
| 285000 <sup>(1)</sup> | CommScope, Inc., 4.750%, 09/01/2029 | 253735 | 0.2 |
| 550000 <sup>(1)</sup> | Connect Finco Sarl / Connect US Finco LLC, 9.000%, 09/15/2029 | 502138 | 0.3 |
| 400000 <sup>(1)</sup> | CSC Holdings LLC, 4.125%, 12/01/2030 | 290171 | 0.2 |
| 810000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 08/15/2027 | 785685 | 0.5 |
| 600000 <sup>(1)</sup> | Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.000%, 02/15/2031 | 576630 | 0.3 |
| 375000 | EchoStar Corp., 10.750%, 11/30/2029 | 394370 | 0.2 |
| 420000 <sup>(1)</sup> | GCI LLC, 4.750%, 10/15/2028 | 387788 | 0.2 |
| 525000 | Lamar Media Corp., 4.000%, 02/15/2030 | 486734 | 0.3 |
| 510000 <sup>(1)</sup> | Level 3 Financing, Inc., 4.000%, 04/15/2031 | 385050 | 0.2 |
| 635000 <sup>(1)</sup> | Level 3 Financing, Inc., 10.500%, 05/15/2030 | 683573 | 0.4 |
| 900000 <sup>(1)</sup> | Match Group Holdings II LLC, 4.625%, 06/01/2028 | 864424 | 0.5 |
| 620000 <sup>(1)</sup> | McGraw-Hill Education, Inc., 7.375%, 09/01/2031 | 624046 | 0.4 |
| 604000 <sup>(1)(2)</sup> | Outfront Media Capital LLC / Outfront Media Capital Corp., 4.625%, 03/15/2030 | 552860 | 0.3 |
| 725000 <sup>(1)</sup> | Sinclair Television Group, Inc., 8.125%, 02/15/2033 | 715886 | 0.4 |
| 220000 <sup>(1)</sup> | Sirius XM Radio, Inc., 3.125%, 09/01/2026 | 213349 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** |  |
| 1490000 <sup>(1)</sup> | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | $1457010 | 0.9 |
| 605000 <sup>(1)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 576764 | 0.3 |
| 975000 <sup>(1)</sup> | Univision Communications, Inc., 6.625%, 06/01/2027 | 967735 | 0.6 |
| 265000 <sup>(1)</sup> | Viavi Solutions, Inc., 3.750%, 10/01/2029 | 242588 | 0.1 |
| 675000 <sup>(1)</sup> | Virgin Media Vendor Financing Notes IV DAC, 5.000%, 07/15/2028 | 638687 | 0.4 |
| 200000 <sup>(1)</sup> | Vmed O2 UK Financing I PLC, 4.750%, 07/15/2031 | 174068 | 0.1 |
| 665000 <sup>(1)</sup> | Windstream Escrow LLC / Windstream Escrow Finance Corp., 8.250%, 10/01/2031 | 677680 | 0.4 |
| 465000 <sup>(1)(2)</sup> | Zayo Group Holdings, Inc., 4.000%, 03/01/2027 | 424005 | 0.3 |
|  |  | **17116900** | **10.0** |
|  | **Consumer, Cyclical: 17.6%** |  |  |
| 987000 <sup>(1)</sup> | 1011778 BC ULC / New Red Finance, Inc., 6.125%, 06/15/2029 | 994193 | 0.6 |
| 260000 <sup>(1)(2)</sup> | Adient Global Holdings Ltd., 8.250%, 04/15/2031 | 252230 | 0.1 |
| 596000 <sup>(1)</sup> | Allison Transmission, Inc., 5.875%, 06/01/2029 | 594179 | 0.3 |
| 485000 <sup>(1)(2)</sup> | American Airlines, Inc., 7.250%, 02/15/2028 | 482870 | 0.3 |
| 164583 <sup>(1)</sup> | American Airlines, Inc./ AAdvantage Loyalty IP Ltd., 5.500%, 04/20/2026 | 164257 | 0.1 |
| 260000 | Bath & Body Works, Inc., 6.750%, 07/01/2036 | 259478 | 0.1 |
| 535000 <sup>(1)(2)</sup> | Caesars Entertainment, Inc., 4.625%, 10/15/2029 | 492163 | 0.3 |
| 779000 <sup>(1)</sup> | Caesars Entertainment, Inc., 7.000%, 02/15/2030 | 790158 | 0.5 |
| 845000 <sup>(1)</sup> | Carnival Corp., 6.000%, 05/01/2029 | 839610 | 0.5 |
| 327352 <sup>(1)(3)</sup> | Carvana Co., 9.000% (PIK Rate 12.000%, Cash Rate 9.000%), 12/01/2028 | 337473 | 0.2 |
| 540000 <sup>(1)</sup> | CCM Merger, Inc., 6.375%, 05/01/2026 | 541186 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 540000 <sup>(1)</sup> | CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.500%, 10/15/2029 | $493425 | 0.3 |
| 425000 <sup>(1)</sup> | Cinemark USA, Inc., 7.000%, 08/01/2032 | 429422 | 0.2 |
| 525000 <sup>(1)</sup> | Dream Finders Homes, Inc., 8.250%, 08/15/2028 | 543049 | 0.3 |
| 500000 <sup>(1)</sup> | eG Global Finance PLC, 12.000%, 11/30/2028 | 554154 | 0.3 |
| 405000 <sup>(1)</sup> | Foundation Building Materials, Inc., 6.000%, 03/01/2029 | 331053 | 0.2 |
| 305000 <sup>(1)</sup> | Gap, Inc., 3.625%, 10/01/2029 | 275497 | 0.2 |
| 402000 <sup>(1)(2)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 347249 | 0.2 |
| 485000 <sup>(1)</sup> | Gates Corp., 6.875%, 07/01/2029 | 494008 | 0.3 |
| 200000 <sup>(1)</sup> | Group 1 Automotive, Inc., 4.000%, 08/15/2028 | 188379 | 0.1 |
| 600000 <sup>(1)</sup> | Group 1 Automotive, Inc., 6.375%, 01/15/2030 | 602789 | 0.4 |
| 255000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 04/01/2029 | 255989 | 0.1 |
| 980000 <sup>(1)</sup> | Hilton Domestic Operating Co., Inc., 5.875%, 03/15/2033 | 971276 | 0.6 |
| 481000 <sup>(1)</sup> | Installed Building Products, Inc., 5.750%, 02/01/2028 | 475290 | 0.3 |
| 480000 <sup>(1)</sup> | Interface, Inc., 5.500%, 12/01/2028 | 467854 | 0.3 |
| 860000 <sup>(1)</sup> | International Game Technology PLC, 5.250%, 01/15/2029 | 841127 | 0.5 |
| 225000 <sup>(1)</sup> | Lithia Motors, Inc., 3.875%, 06/01/2029 | 206216 | 0.1 |
| 580000 <sup>(1)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 | 525931 | 0.3 |
| 100000 | M/I Homes, Inc., 3.950%, 02/15/2030 | 91493 | 0.1 |
| 440000 | M/I Homes, Inc., 4.950%, 02/01/2028 | 427425 | 0.2 |
| 255000 | Macy's Retail Holdings LLC, 4.500%, 12/15/2034 | 204259 | 0.1 |
| 195000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 5.875%, 03/15/2030 | 185944 | 0.1 |
| 370000 <sup>(1)</sup> | Macy's Retail Holdings LLC, 6.125%, 03/15/2032 | 338769 | 0.2 |
| 450000 <sup>(1)(2)</sup> | Melco Resorts Finance Ltd., 5.250%, 04/26/2026 | 446085 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 280000 | MGM Resorts International, 4.625%, 09/01/2026 | $276988 | 0.2 |
| 260000 | MGM Resorts International, 4.750%, 10/15/2028 | 250519 | 0.1 |
| 270000 | MGM Resorts International, 6.500%, 04/15/2032 | 265025 | 0.2 |
| 785000 <sup>(1)</sup> | Michaels Cos., Inc., 5.250%, 05/01/2028 | 542826 | 0.3 |
| 510000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 488494 | 0.3 |
| 160000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 159495 | 0.1 |
| 540000 <sup>(1)</sup> | NCL Corp. Ltd., 5.875%, 02/15/2027 | 539601 | 0.3 |
| 785000 <sup>(1)</sup> | NCL Corp. Ltd., 6.750%, 02/01/2032 | 775971 | 0.5 |
| 30000 | Newell Brands, Inc., 6.375%, 09/15/2027 | 30205 | 0.0 |
| 200000 | Newell Brands, Inc., 6.625%, 05/15/2032 | 194789 | 0.1 |
| 475000 <sup>(1)</sup> | Raising Cane's Restaurants LLC, 9.375%, 05/01/2029 | 505225 | 0.3 |
| 1180000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.375%, 07/15/2027 | 1176144 | 0.7 |
| 720000 <sup>(1)</sup> | Royal Caribbean Cruises Ltd., 5.625%, 09/30/2031 | 707496 | 0.4 |
| 510000 | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 511587 | 0.3 |
| 485000 <sup>(1)</sup> | Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.625%, 03/01/2030 | 457900 | 0.3 |
| 590000 <sup>(1)</sup> | Scientific Games International, Inc., 7.000%, 05/15/2028 | 590129 | 0.3 |
| 803000 <sup>(1)</sup> | Station Casinos LLC, 4.500%, 02/15/2028 | 769717 | 0.4 |
| 411000 <sup>(1)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 361320 | 0.2 |
| 307000 <sup>(1)</sup> | Tempur Sealy International, Inc., 4.000%, 04/15/2029 | 285414 | 0.2 |
| 465000 <sup>(1)</sup> | United Airlines, Inc., 4.375%, 04/15/2026 | 457964 | 0.3 |
| 560000 <sup>(1)(2)</sup> | Victoria's Secret & Co., 4.625%, 07/15/2029 | 490315 | 0.3 |
| 925000 <sup>(1)</sup> | Viking Cruises Ltd., 5.875%, 09/15/2027 | 920897 | 0.5 |
| 135000 <sup>(1)</sup> | Viking Cruises Ltd., 7.000%, 02/15/2029 | 135541 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |  |
| 500000 <sup>(1)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 02/01/2030 | $| 438646 | 0.3 |
| 270000 <sup>(1)</sup> | VistaJet Malta Finance PLC / Vista Management Holding, Inc., 7.875%, 05/01/2027 |  | 265452 | 0.2 |
| 555000 <sup>(1)</sup> | William Carter Co., 5.625%, 03/15/2027 |  | 552182 | 0.3 |
| 665000 <sup>(1)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 |  | 658458 | 0.4 |
| 425000 <sup>(1)</sup> | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 6.250%, 03/15/2033 |  | 414324 | 0.2 |
| 825000 | Yum! Brands, Inc., 3.625%, 03/15/2031 |  | 739772 | 0.4 |
| 350000 <sup>(1)</sup> | ZF North America Capital, Inc., 4.750%, 04/29/2025 |  | 349199 | 0.2 |
| 330000 <sup>(1)</sup> | ZF North America Capital, Inc., 6.875%, 04/14/2028 |  | 324544 | 0.2 |
|  |  |  | **30080619** | **17.6** |
|  | **Consumer, Non-cyclical: 18.3%** | **Consumer, Non-cyclical: 18.3%** | **Consumer, Non-cyclical: 18.3%** |  |
| 415000 <sup>(1)</sup> | 1375209 BC Ltd., 9.000%, 01/30/2028 |  | 414938 | 0.2 |
| 575000 <sup>(1)(2)</sup> | Acadia Healthcare Co., Inc., 5.500%, 07/01/2028 |  | 560026 | 0.3 |
| 255000 <sup>(1)</sup> | ADT Security Corp., 4.125%, 08/01/2029 |  | 239700 | 0.1 |
| 497000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 3.500%, 03/15/2029 |  | 457920 | 0.3 |
| 609000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 |  | 609373 | 0.4 |
| 345000 <sup>(1)</sup> | Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.250%, 03/15/2033 |  | 348688 | 0.2 |
| 300000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 |  | 283471 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 650000 <sup>(1)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.625%, 06/01/2028 | $616256 | 0.4 |
| 425000 <sup>(1)(2)</sup> | Alta Equipment Group, Inc., 9.000%, 06/01/2029 | 372295 | 0.2 |
| 215000 <sup>(1)</sup> | APi Group DE, Inc., 4.125%, 07/15/2029 | 199417 | 0.1 |
| 230000 <sup>(1)</sup> | APi Group DE, Inc., 4.750%, 10/15/2029 | 214904 | 0.1 |
| 170000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.750%, 07/15/2027 | 164224 | 0.1 |
| 570000 <sup>(1)</sup> | Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.000%, 02/15/2031 | 557038 | 0.3 |
| 470000 <sup>(1)</sup> | Bausch Health Cos., Inc., 4.875%, 06/01/2028 | 380070 | 0.2 |
| 345000 <sup>(1)</sup> | Bausch Health Cos., Inc., 6.125%, 02/01/2027 | 350046 | 0.2 |
| 530000 <sup>(1)</sup> | BellRing Brands, Inc., 7.000%, 03/15/2030 | 548087 | 0.3 |
| 500000 <sup>(1)</sup> | Belron UK Finance PLC, 5.750%, 10/15/2029 | 496975 | 0.3 |
| 389000 <sup>(1)</sup> | Brink's Co., 6.500%, 06/15/2029 | 394730 | 0.2 |
| 230000 <sup>(1)</sup> | Brink's Co., 6.750%, 06/15/2032 | 233434 | 0.1 |
| 725000 <sup>(1)(2)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 649452 | 0.4 |
| 455000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.250%, 05/15/2030 | 375934 | 0.2 |
| 375000 <sup>(1)</sup> | CHS/Community Health Systems, Inc., 5.625%, 03/15/2027 | 358395 | 0.2 |
| 550000 <sup>(1)</sup> | Cimpress PLC, 7.375%, 09/15/2032 | 506092 | 0.3 |
| 450000 <sup>(1)</sup> | CPI CG, Inc., 10.000%, 07/15/2029 | 479448 | 0.3 |
| 401000 <sup>(1)</sup> | DaVita, Inc., 3.750%, 02/15/2031 | 349458 | 0.2 |
| 685000 <sup>(1)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 631153 | 0.4 |
| 540000 <sup>(1)</sup> | Embecta Corp., 5.000%, 02/15/2030 | 484023 | 0.3 |
| 605000 | Encompass Health Corp., 4.750%, 02/01/2030 | 582477 | 0.3 |
| 635000 <sup>(1)</sup> | Fiesta Purchaser, Inc., 7.875%, 03/01/2031 | 656222 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 170000 <sup>(1)</sup> | Garda World Security Corp., 4.625%, 02/15/2027 | $165633 | 0.1 |
| 472000 <sup>(1)</sup> | Graham Holdings Co., 5.750%, 06/01/2026 | 472420 | 0.3 |
| 170000 <sup>(1)</sup> | Insulet Corp., 6.500%, 04/01/2033 | 172916 | 0.1 |
| 666000 <sup>(1)</sup> | Jazz Securities DAC, 4.375%, 01/15/2029 | 633298 | 0.4 |
| 200000 <sup>(1)</sup> | LifePoint Health, Inc., 8.375%, 02/15/2032 | 201564 | 0.1 |
| 760000 <sup>(1)</sup> | LifePoint Health, Inc., 9.875%, 08/15/2030 | 802828 | 0.5 |
| 635000 <sup>(1)</sup> | Medline Borrower L.P., 3.875%, 04/01/2029 | 593991 | 0.4 |
| 698000 <sup>(1)</sup> | Medline Borrower L.P., 5.250%, 10/01/2029 | 670264 | 0.4 |
| 155000 <sup>(1)</sup> | Medline Borrower L.P./ Medline Co-Issuer, Inc., 6.250%, 04/01/2029 | 157167 | 0.1 |
| 475000 <sup>(1)</sup> | NESCO Holdings II, Inc., 5.500%, 04/15/2029 | 439067 | 0.3 |
| 289000 | New Albertsons L.P., 7.450%, 08/01/2029 | 300845 | 0.2 |
| 600000 <sup>(1)(2)</sup> | Organon & Co / Organon Foreign Debt Co-Issuer BV, 5.125%, 04/30/2031 | 523605 | 0.3 |
| 605000 <sup>(2)</sup> | Perrigo Finance Unlimited Co. USD, 6.125%, 09/30/2032 | 596064 | 0.4 |
| 625000 <sup>(1)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 584399 | 0.3 |
| 405000 <sup>(1)</sup> | Post Holdings, Inc., 6.250%, 10/15/2034 | 399760 | 0.2 |
| 120000 <sup>(1)</sup> | Post Holdings, Inc., 6.375%, 03/01/2033 | 118298 | 0.1 |
| 765000 <sup>(1)(2)</sup> | Prime Security Services Borrower LLC / Prime Finance, Inc., 6.250%, 01/15/2028 | 766163 | 0.5 |
| 420000 <sup>(1)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.250%, 04/01/2029 | 419241 | 0.3 |
| 635000 <sup>(1)</sup> | Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 | 618213 | 0.4 |
| 525000 <sup>(1)</sup> | Select Medical Corp., 6.250%, 12/01/2032 | 512105 | 0.3 |
| 370000 <sup>(2)</sup> | Service Corp. International, 5.125%, 06/01/2029 | 361264 | 0.2 |
| 545000 | Service Corp. International, 5.750%, 10/15/2032 | 536273 | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |  |
| 770000 <sup>(1)</sup> | Simmons Foods, Inc./ Simmons Prepared Foods,, Inc. ./ Simmons Pet Food,, Inc../Simmons Feed, 4.625%, 03/01/2029 | $714812 | 0.4 |
| 544000 <sup>(1)</sup> | Sotera Health Holdings LLC, 7.375%, 06/01/2031 | 553727 | 0.3 |
| 420000 <sup>(1)(2)</sup> | Star Parent, Inc., 9.000%, 10/01/2030 | 414500 | 0.2 |
| 590000 <sup>(1)</sup> | Teleflex, Inc., 4.250%, 06/01/2028 | 563230 | 0.3 |
| 520000 | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 512772 | 0.3 |
| 865000 | Tenet Healthcare Corp., 6.125%, 10/01/2028 | 861583 | 0.5 |
| 882000 | Tenet Healthcare Corp., 6.125%, 06/15/2030 | 879025 | 0.5 |
| 410000 <sup>(1)</sup> | United Natural Foods, Inc., 6.750%, 10/15/2028 | 405494 | 0.2 |
| 555000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 545951 | 0.3 |
| 160000 | United Rentals North America, Inc., 5.500%, 05/15/2027 | 159560 | 0.1 |
| 330000 <sup>(1)</sup> | United Rentals North America, Inc., 6.125%, 03/15/2034 | 330619 | 0.2 |
| 605000 <sup>(1)</sup> | US Foods, Inc., 5.750%, 04/15/2033 | 590066 | 0.4 |
| 595000 <sup>(1)</sup> | Veritiv Operating Co., 10.500%, 11/30/2030 | 630745 | 0.4 |
| 515000 <sup>(1)</sup> | Wand NewCo 3, Inc., 7.625%, 01/30/2032 | 527503 | 0.3 |
| 230000 <sup>(1)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 223114 | 0.1 |
| 600000 <sup>(1)</sup> | Williams Scotsman, Inc., 6.625%, 04/15/2030 | 606942 | 0.4 |
| 70000 <sup>(1)</sup> | Williams Scotsman, Inc., 7.375%, 10/01/2031 | 72131 | 0.0 |
|  |  | **31151398** | **18.3** |
|  | **Energy: 11.8%** |  |  |
| 375000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.375%, 06/15/2029 | 366810 | 0.2 |
| 530000 <sup>(1)</sup> | Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.750%, 03/01/2027 | 528796 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Energy: (continued)** |  |  |
| 500000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | $500796 | 0.3 |
| 79000 <sup>(1)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | 79097 | 0.0 |
| 735000 <sup>(1)</sup> | Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 06/30/2029 | 717841 | 0.4 |
| 675000 <sup>(1)</sup> | Baytex Energy Corp., 8.500%, 04/30/2030 | 686221 | 0.4 |
| 620000 <sup>(1)</sup> | Crescent Energy Finance LLC, 7.625%, 04/01/2032 | 613804 | 0.4 |
| 345000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 7.125%, 06/01/2028 | 345993 | 0.2 |
| 470000 <sup>(1)</sup> | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 8.625%, 03/15/2029 | 487375 | 0.3 |
| 511000 <sup>(1)</sup> | DT Midstream, Inc., 4.125%, 06/15/2029 | 481384 | 0.3 |
| 290000 <sup>(1)</sup> | DT Midstream, Inc., 4.375%, 06/15/2031 | 267010 | 0.2 |
| 425000 <sup>(1)</sup> | Earthstone Energy Holdings LLC, 8.000%, 04/15/2027 | 433333 | 0.3 |
| 670000 <sup>(1)</sup> | Encino Acquisition Partners Holdings LLC, 8.500%, 05/01/2028 | 681579 | 0.4 |
| 592000 <sup>(1)</sup> | Enerflex Ltd., 9.000%, 10/15/2027 | 607890 | 0.4 |
| 770000 <sup>(1)</sup> | EQM Midstream Partners L.P., 4.750%, 01/15/2031 | 740926 | 0.4 |
| 185000 | Global Partners L.P. / GLP Finance Corp., 7.000%, 08/01/2027 | 184620 | 0.1 |
| 565000 <sup>(1)</sup> | Global Partners L.P. / GLP Finance Corp., 8.250%, 01/15/2032 | 581259 | 0.3 |
| 385000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 09/01/2028 | 389092 | 0.2 |
| 315000 <sup>(1)</sup> | Harvest Midstream I L.P., 7.500%, 05/15/2032 | 323927 | 0.2 |
| 330000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.500%, 10/15/2030 | 323433 | 0.2 |
| 340000 <sup>(1)</sup> | Hess Midstream Operations L.P., 5.875%, 03/01/2028 | 341803 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 380000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 04/15/2030 | $361798 | 0.2 |
| 175000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.000%, 02/01/2031 | 163712 | 0.1 |
| 150000 <sup>(1)</sup> | Hilcorp Energy I L.P. / Hilcorp Finance Co., 6.875%, 05/15/2034 | 141241 | 0.1 |
| 430000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 7.375%, 07/15/2032 | 440879 | 0.3 |
| 300000 <sup>(1)</sup> | Howard Midstream Energy Partners LLC, 8.875%, 07/15/2028 | 313060 | 0.2 |
| 706000 <sup>(1)</sup> | Kinetik Holdings L.P., 5.875%, 06/15/2030 | 699158 | 0.4 |
| 530000 <sup>(1)</sup> | Kodiak Gas Services LLC, 7.250%, 02/15/2029 | 540681 | 0.3 |
| 455000 <sup>(1)</sup> | Moss Creek Resources Holdings, Inc., 8.250%, 09/01/2031 | 444109 | 0.3 |
| 510000 <sup>(1)</sup> | Northriver Midstream Finance L.P., 6.750%, 07/15/2032 | 515180 | 0.3 |
| 405000 <sup>(1)</sup> | Permian Resources Operating LLC, 5.875%, 07/01/2029 | 400006 | 0.2 |
| 325000 <sup>(1)</sup> | Permian Resources Operating LLC, 6.250%, 02/01/2033 | 323969 | 0.2 |
| 415000 | SM Energy Co., 6.625%, 01/15/2027 | 414260 | 0.2 |
| 645000 <sup>(1)</sup> | Summit Midstream Holdings LLC, 8.625%, 10/31/2029 | 658772 | 0.4 |
| 225000 <sup>(1)</sup> | Sunoco L.P., 7.000%, 05/01/2029 | 230360 | 0.1 |
| 190000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | 180106 | 0.1 |
| 525000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 04/30/2030 | 491366 | 0.3 |
| 410000 <sup>(1)</sup> | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 6.000%, 03/01/2027 | 408116 | 0.2 |
| 260000 <sup>(1)</sup> | Talos Production, Inc., 9.000%, 02/01/2029 | 267404 | 0.2 |
| 330000 <sup>(1)</sup> | Talos Production, Inc., 9.375%, 02/01/2031 | 336079 | 0.2 |
| 238875 <sup>(1)</sup> | Transocean Poseidon Ltd., 6.875%, 02/01/2027 | 237587 | 0.1 |
| 67857 <sup>(1)</sup> | Transocean Titan Financing Ltd., 8.375%, 02/01/2028 | 69369 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Energy: (continued)** |  |  |
| 555000 <sup>(1)</sup> | Venture Global Calcasieu Pass LLC, 4.125%, 08/15/2031 | $504667 | 0.3 |
| 765000 <sup>(1)</sup> | Venture Global LNG, Inc., 7.000%, 01/15/2030 | 754216 | 0.4 |
| 760000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.125%, 06/01/2028 | 777067 | 0.5 |
| 855000 <sup>(1)</sup> | Venture Global LNG, Inc., 8.375%, 06/01/2031 | 867745 | 0.5 |
|  |  | **20223896** | **11.8** |
|  | **Financial: 10.4%** |  |  |
| 690000 <sup>(1)</sup> | Acrisure LLC / Acrisure Finance, Inc., 7.500%, 11/06/2030 | 702458 | 0.4 |
| 1090000 <sup>(1)</sup> | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.500%, 10/01/2031 | 1071398 | 0.6 |
| 295000 | Ally Financial, Inc., 5.750%, 11/20/2025 | 295913 | 0.2 |
| 320000 | Ally Financial, Inc., 6.700%, 02/14/2033 | 320244 | 0.2 |
| 405000 <sup>(1)</sup> | Aretec Escrow Issuer, Inc., 7.500%, 04/01/2029 | 398100 | 0.2 |
| 593000 <sup>(1)</sup> | Burford Capital Global Finance LLC, 6.875%, 04/15/2030 | 586205 | 0.4 |
| 400000 <sup>(1)</sup> | CI Financial Corp., 7.500%, 05/30/2029 | 419592 | 0.3 |
| 660000 <sup>(1)</sup> | Focus Financial Partners LLC, 6.750%, 09/15/2031 | 651507 | 0.4 |
| 380000 <sup>(1)</sup> | Freedom Mortgage Corp., 6.625%, 01/15/2027 | 378419 | 0.2 |
| 275000 <sup>(1)</sup> | Freedom Mortgage Corp., 12.250%, 10/01/2030 | 303235 | 0.2 |
| 350000 <sup>(1)</sup> | Freedom Mortgage Holdings LLC, 8.375%, 04/01/2032 | 342281 | 0.2 |
| 945000 <sup>(1)</sup> | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 10.000%, 11/15/2029 | 939563 | 0.6 |
| 980000 <sup>(1)</sup> | Iron Mountain, Inc., 5.250%, 07/15/2030 | 940557 | 0.6 |
| 365000 <sup>(1)</sup> | Iron Mountain, Inc., 6.250%, 01/15/2033 | 361743 | 0.2 |
| 205000 <sup>(1)(2)</sup> | Jane Street Group / JSG Finance, Inc., 4.500%, 11/15/2029 | 193776 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Financial: (continued)** |  |  |
| 710000 <sup>(1)</sup> | Jane Street Group / JSG Finance, Inc., 6.125%, 11/01/2032 | $699125 | 0.4 |
| 110000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.250%, 02/01/2027 | 107212 | 0.1 |
| 605000 <sup>(1)</sup> | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.750%, 06/15/2029 | 576611 | 0.3 |
| 214000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 5.625%, 01/15/2030 | 194374 | 0.1 |
| 380000 <sup>(1)</sup> | Midcap Financial Issuer Trust, 6.500%, 05/01/2028 | 366667 | 0.2 |
| 420000 <sup>(2)</sup> | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 379975 | 0.2 |
| 405000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.000%, 02/01/2026 | 403633 | 0.2 |
| 715000 <sup>(1)</sup> | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/2030 | 716742 | 0.4 |
| 180000 | Navient Corp., 6.750%, 06/25/2025 | 180265 | 0.1 |
| 720000 | OneMain Finance Corp., 5.375%, 11/15/2029 | 685548 | 0.4 |
| 290000 | OneMain Finance Corp., 7.125%, 03/15/2026 | 294436 | 0.2 |
| 525000 <sup>(1)</sup> | Panther Escrow Issuer LLC, 7.125%, 06/01/2031 | 535280 | 0.3 |
| 720000 <sup>(1)</sup> | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.000%, 02/01/2030 | 725936 | 0.4 |
| 630000 <sup>(1)</sup> | PennyMac Financial Services, Inc., 6.875%, 02/15/2033 | 626850 | 0.4 |
| 410000 <sup>(1)</sup> | PHH Escrow Issuer LLC/PHH Corp., 9.875%, 11/01/2029 | 396068 | 0.2 |
| 502000 <sup>(1)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 | 462847 | 0.3 |
| 300000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 6.500%, 04/01/2032 | 299701 | 0.2 |
| 555000 <sup>(1)</sup> | RHP Hotel Properties L.P. / RHP Finance Corp., 7.250%, 07/15/2028 | 568708 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: (continued)** |  |  |
| 220000 <sup>(1)</sup> | RLJ Lodging Trust L.P., 3.750%, 07/01/2026 | $215256 | 0.1 |
| 575000 <sup>(1)</sup> | Ryan Specialty LLC, 5.875%, 08/01/2032 | 568418 | 0.3 |
| 250000 <sup>(1)</sup> | Starwood Property Trust, Inc., 6.500%, 07/01/2030 | 250401 | 0.2 |
| 530000 <sup>(1)</sup> | VFH Parent LLC / Valor Co-Issuer, Inc., 7.500%, 06/15/2031 | 544979 | 0.3 |
|  |  | **17704023** | **10.4** |
|  | **Industrial: 12.0%** |  |  |
| 405000 <sup>(1)</sup> | AAR Escrow Issuer LLC, 6.750%, 03/15/2029 | 411931 | 0.2 |
| 565000 <sup>(1)</sup> | Amsted Industries, Inc., 6.375%, 03/15/2033 | 562652 | 0.3 |
| 635000 <sup>(1)</sup> | Arcosa, Inc., 6.875%, 08/15/2032 | 644302 | 0.4 |
| 400000 <sup>(1)</sup> | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 4.000%, 09/01/2029 | 341152 | 0.2 |
| 295000 <sup>(1)</sup> | Bombardier, Inc., 7.500%, 02/01/2029 | 302794 | 0.2 |
| 168000 <sup>(1)</sup> | Bombardier, Inc., 7.875%, 04/15/2027 | 168742 | 0.1 |
| 483000 <sup>(1)</sup> | Bombardier, Inc., 8.750%, 11/15/2030 | 509831 | 0.3 |
| 525000 <sup>(1)</sup> | Brundage-Bone Concrete Pumping Holdings, Inc., 7.500%, 02/01/2032 | 500486 | 0.3 |
| 95000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.125%, 01/15/2026 | 94229 | 0.1 |
| 468000 <sup>(1)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 453989 | 0.3 |
| 711000 <sup>(1)</sup> | Chart Industries, Inc., 7.500%, 01/01/2030 | 738300 | 0.4 |
| 550000 <sup>(1)</sup> | Clean Harbors, Inc., 6.375%, 02/01/2031 | 556469 | 0.3 |
| 770000 <sup>(1)</sup> | Clydesdale Acquisition Holdings, Inc., 6.750%, 04/15/2032 | 775950 | 0.5 |
| 835000 <sup>(1)</sup> | Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030 | 836414 | 0.5 |
| 775000 <sup>(1)</sup> | Energizer Holdings, Inc., 4.750%, 06/15/2028 | 742736 | 0.4 |
| 600000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.500%, 05/01/2028 | 588611 | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 345000 <sup>(1)</sup> | Fortress Transportation and Infrastructure Investors LLC, 5.875%, 04/15/2033 | $330037 | 0.2 |
| 510000 <sup>(1)</sup> | GFL Environmental, Inc., 4.000%, 08/01/2028 | 485236 | 0.3 |
| 478000 <sup>(1)(2)</sup> | GFL Environmental, Inc., 4.375%, 08/15/2029 | 451314 | 0.3 |
| 245000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 5.625%, 06/01/2029 | 236195 | 0.1 |
| 350000 <sup>(1)</sup> | Global Infrastructure Solutions, Inc., 7.500%, 04/15/2032 | 345768 | 0.2 |
| 305000 <sup>(1)</sup> | Goat Holdco LLC, 6.750%, 02/01/2032 | 298792 | 0.2 |
| 410000 <sup>(1)</sup> | Graham Packaging Co., Inc., 7.125%, 08/15/2028 | 400763 | 0.2 |
| 675000 <sup>(1)</sup> | Imola Merger Corp., 4.750%, 05/15/2029 | 641582 | 0.4 |
| 425000 <sup>(1)</sup> | Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, 6.000%, 09/15/2028 | 413892 | 0.2 |
| 425000 <sup>(1)</sup> | Madison IAQ LLC, 5.875%, 06/30/2029 | 401904 | 0.2 |
| 410000 <sup>(1)</sup> | Oscar AcquisitionCo LLC / Oscar Finance, Inc., 9.500%, 04/15/2030 | 368569 | 0.2 |
| 130000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 6.625%, 05/13/2027 | 129414 | 0.1 |
| 670000 <sup>(1)</sup> | Owens-Brockway Glass Container, Inc., 7.250%, 05/15/2031 | 654925 | 0.4 |
| 845000 <sup>(1)</sup> | Quikrete Holdings, Inc., 6.375%, 03/01/2032 | 851054 | 0.5 |
| 520000 <sup>(1)</sup> | Sealed Air Corp., 4.000%, 12/01/2027 | 500997 | 0.3 |
| 355000 <sup>(1)</sup> | Sealed Air Corp/Sealed Air Corp. US, 6.125%, 02/01/2028 | 355744 | 0.2 |
| 575000 <sup>(1)</sup> | Sensata Technologies, Inc., 3.750%, 02/15/2031 | 502804 | 0.3 |
| 730000 <sup>(1)</sup> | Smyrna Ready Mix Concrete LLC, 8.875%, 11/15/2031 | 757065 | 0.4 |
| 420000 <sup>(1)</sup> | Standard Industries, Inc., 3.375%, 01/15/2031 | 365520 | 0.2 |
| 587000 <sup>(1)</sup> | Standard Industries, Inc., 4.375%, 07/15/2030 | 542106 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |  |  |
|  | **Industrial: (continued)** |  |  |
| 530000 <sup>(1)</sup> | Terex Corp., 6.250%, 10/15/2032 | $514705 | 0.3 |
| 595000 <sup>(1)</sup> | TransDigm, Inc., 6.000%, 01/15/2033 | 586302 | 0.3 |
| 646000 <sup>(1)</sup> | TransDigm, Inc., 6.625%, 03/01/2032 | 655040 | 0.4 |
| 610000 <sup>(1)</sup> | Waste Pro USA, Inc., 7.000%, 02/01/2033 | 613583 | 0.4 |
| 445000 <sup>(1)</sup> | Weekley Homes LLC / Weekley Finance Corp., 4.875%, 09/15/2028 | 422721 | 0.3 |
| 405000 <sup>(1)</sup> | Wilsonart LLC, 11.000%, 08/15/2032 | 372230 | 0.2 |
|  |  | **20426850** | **12.0** |
|  | **Technology: 3.3%** |  |  |
| 624000 <sup>(1)</sup> | Amentum Escrow Corp., 7.250%, 08/01/2032 | 614492 | 0.4 |
| 1005000 <sup>(1)</sup> | Cloud Software Group, Inc., 6.500%, 03/31/2029 | 977670 | 0.6 |
| 315000 <sup>(1)(2)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 313761 | 0.2 |
| 320000 <sup>(1)</sup> | Entegris, Inc., 3.625%, 05/01/2029 | 294461 | 0.2 |
| 535000 <sup>(1)</sup> | Fortress Intermediate 3, Inc., 7.500%, 06/01/2031 | 540000 | 0.3 |
| 505000 <sup>(1)</sup> | NCR Atleos Escrow Corp., 9.500%, 04/01/2029 | 548023 | 0.3 |
| 295000 <sup>(1)</sup> | Open Text Corp., 3.875%, 12/01/2029 | 268716 | 0.2 |
| 560000 <sup>(1)</sup> | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 511368 | 0.3 |
| 495000 <sup>(1)</sup> | Playtika Holding Corp., 4.250%, 03/15/2029 | 436429 | 0.2 |
| 425000 <sup>(1)</sup> | Rocket Software, Inc., 6.500%, 02/15/2029 | 401088 | 0.2 |
| 687000 <sup>(1)</sup> | UKG, Inc., 6.875%, 02/01/2031 | 697425 | 0.4 |
|  |  | **5603433** | **3.3** |
|  | **Utilities: 3.1%** |  |  |
| 575000 <sup>(1)</sup> | Alpha Generation LLC, 6.750%, 10/15/2032 | 575816 | 0.3 |
| 320000 <sup>(1)</sup> | Calpine Corp., 4.500%, 02/15/2028 | 310480 | 0.2 |
| 471000 <sup>(1)</sup> | Calpine Corp., 5.000%, 02/01/2031 | 450053 | 0.3 |
| 410000 <sup>(1)</sup> | Calpine Corp., 5.125%, 03/15/2028 | 403771 | 0.2 |
| 625000 <sup>(1)</sup> | Lightning Power LLC, 7.250%, 08/15/2032 | 644006 | 0.4 |
| 460000 <sup>(1)</sup> | NRG Energy, Inc., 3.625%, 02/15/2031 | 407747 | 0.2 |
| 240000 <sup>(1)</sup> | NRG Energy, Inc., 6.000%, 02/01/2033 | 233732 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Utilities: (continued)** |  |  |  |
| 345000 <sup>(1)</sup> | NRG Energy, Inc., 6.250%, 11/01/2034 | $| 339925 | 0.2 |
| 420000 | TransAlta Corp., 7.750%, 11/15/2029 |  | 436482 | 0.3 |
| 260000 <sup>(1)</sup> | Vistra Operations Co. LLC, 4.375%, 05/01/2029 |  | 247116 | 0.2 |
| 435000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |  | 435057 | 0.3 |
| 225000 <sup>(1)</sup> | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |  | 224340 | 0.1 |
| 516000 <sup>(1)</sup> | Vistra Operations Co. LLC, 7.750%, 10/15/2031 |  | 540838 | 0.3 |
|  |  |  | **5249363** | **3.1** |
|  | Total Corporate Bonds/ Notes |  |  |  |
|  | (Cost $155,483,251) |  | **156592130** | **91.8** |
| **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** | **BANK LOANS: 5.2%** |
|  | **Communications: 0.6%** |  |  |  |
| 675000 | Getty Images Inc., Dollar Fixed Rate Term B-1 Loans, 11.250%, 02/21/2030 |  | 681750 | 0.4 |
| 313424 | MH Sub I LLC, 9.096%, 05/03/2028 |  | 299516 | 0.2 |
| 89869 | MH Sub I LLC, Tranche B, 8.577%, 12/31/2031 |  | 82589 | 0.0 |
|  |  |  | **1063855** | **0.6** |
|  | **Consumer, Cyclical: 1.1%** |  |  |  |
| 367969 | American Greetings Corporation, Tranche C Term Loan, 10.075%, (TSFR1M+5.750%), 10/30/2029 |  | 369463 | 0.2 |
| 832913 | Great Outdoors Group LLC, Term B-3 Loan, 7.575%, (TSFR1M+3.250%), 01/16/2032 |  | 832600 | 0.5 |
| 675000 | Hanesbrands, Inc., Tranche B, 7.071%, 03/08/2032 |  | 675844 | 0.4 |
|  |  |  | **1877907** | **1.1** |
|  | **Consumer, Non-cyclical: 0.8%** | **Consumer, Non-cyclical: 0.8%** | **Consumer, Non-cyclical: 0.8%** |  |
| 1000000 | 1261229 BC Ltd., 3.950%, 04/01/2030 |  | 930940 | 0.5 |
| 444478 | Bausch & Lomb Corporation, Initial Term Loan, 7.672%, (TSFR1M+3.350%), 05/10/2027 |  | 443327 | 0.3 |
|  |  |  | **1374267** | **0.8** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Energy: 0.8%** | **Energy: 0.8%** | **Energy: 0.8%** |
| 447750 | Epic Y Grade Services L.P., Term Loan B, 10.044%, (TSFR3M+5.750%), 06/29/2029 | $448356 | 0.3 |
| 353438 | Goodnight Water Solutions Holdings, LLC, Initial Term Loans, 8.825%, (TSFR1M+4.500%), 06/04/2029 | 353438 | 0.2 |
| 506250 | Hilcorp Energy I L.P., Term Loan B, 6.322%, (TSFR1M+2.000%), 02/05/2030 | 507516 | 0.3 |
|  |  | **1309310** | **0.8** |
|  | **Financial: 1.0%** |  |  |
| 806875 | HUB International Ltd., Facility 2024-1 Incremental Term Loans, 7.043%, (TSFR3M+2.750%), 06/20/2030 | 804202 | 0.5 |
| 373127 | Osaic Holdings Inc., Term B4 Loan, 7.824%, (TSFR1M+3.500%), 08/17/2028 | 370796 | 0.2 |
| 605000 | Sedgwick Claims Management Services, Inc., 7.313%, 07/31/2031 | 596811 | 0.3 |
|  |  | **1771809** | **1.0** |
|  | **Technology: 0.9%** |  |  |
| 375000 | Cotiviti Holdings Inc., Initial Fixed Rate Term Loan, 7.625%, 05/01/2031 | 373594 | 0.2 |
| 175000 <sup>(4)</sup> | Cotiviti Inc., 03/29/2032 | 172265 | 0.1 |
| 148504 | Cotiviti Inc., Initial Floating Rate Term Loans, 7.073%, (TSFR1M+2.750%), 05/01/2031 | 147715 | 0.1 |
| 374063 | Indy Us Bidco, LLC, Eleventh Amendment Term Loan, 7.824%, (TSFR1M+3.500%), 03/06/2028 | 373244 | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** | **BANK LOANS: (continued)** |
|  | **Technology: (continued)** |  |  |  |
| 498750 | PointClickCare Technologies Inc., 2024-1 Term Loan, 7.549%, (TSFR3M+3.250%), 11/03/2031 | $| 499218 | 0.3 |
|  |  |  | **1566036** | **0.9** |
|  | Total Bank Loans |  |  |  |
|  | (Cost $8,999,443) |  | **8963184** | **5.2** |
|  | Total Long-Term Investments |  |  |  |
|  | (Cost $164,482,694) |  | **165555314** | **97.0** |
|  |  |  |  | **Percentage** |
| **Principal** |  |  |  | **of Net** |
| **Amount†** |  |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 7.8%** | **SHORT-TERM INVESTMENTS: 7.8%** |  |  |  |
|  | **Commercial Paper: 2.2%** |  |  |  |
| 1100000 | Entergy Corp., 4.590%, 04/01/2025 |  | 1099862 | 0.7 |
| 1000000 | Fiserv, Inc., 4.600%, 04/01/2025 |  | 999874 | 0.6 |
| 500000 | Fiserv, Inc., 4.600%, 04/03/2025 |  | 499811 | 0.3 |
| 1000000 | Kellanova, 4.640%, 04/17/2025 |  | 997845 | 0.6 |
|  | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** | **Repurchase Agreements: 4.4%** |  |
| 2080073 <sup>(5)</sup> | Daiwa Capital Markets America Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $2,080,322, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.000%, Market Value plus accrued interest $2,121,675, due 04/10/25-03/01/55) |  | 2080073 | 1.2 |
| 2080073 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.370%, due 04/01/2025 (Repurchase Amount $2,080,322, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.470%-6.500%, Market Value plus accrued interest $2,121,674, due 06/01/28-02/01/55) |  | 2080073 | 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Repurchase Agreements (continued)** | **Repurchase Agreements (continued)** |  |
| 42451 <sup>(5)</sup> | HSBC Securities (USA) Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $42,456, collateralized by various U.S. Government Securities, 0.000%-1.500%, Market Value plus accrued interest $43,300, due 02/15/27-02/15/55) | $42451 | 0.1 |
| 1218185 <sup>(5)</sup> | JPMorgan Securities LLC, Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $1,218,331, collateralized by various U.S. Government Securities, 2.375%-4.625%, Market Value plus accrued interest $1,242,549, due 02/15/42-02/15/55) | 1218185 | 0.7 |
| 2080073 <sup>(5)</sup> | RBC Dominion Securities, Inc., Repurchase Agreement dated 03/31/2025, 4.360%, due 04/01/2025 (Repurchase Amount $2,080,321, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.500%, Market Value plus accrued interest $2,121,675, due 04/10/25-12/15/66) | 2080073 | 1.2 |
|  | Total Repurchase Agreements |  |  |
|  | (Cost $7,500,855) | **7500855** | **4.4** |
|  | **Time Deposits: 0.8%** |  |  |
| 190000 <sup>(5)</sup> | Canadian Imperial Bank of Commerce, 4.320%, 04/01/2025 | 190000 | 0.1 |
| 180000 <sup>(5)</sup> | Credit Agricole Corporate And Investment Bank, 4.310%, 04/01/2025 | 180000 | 0.1 |
| 130000 <sup>(5)</sup> | DNB Bank Asa, 4.310%, 04/01/2025 | 130000 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Time Deposits (continued)** |  |  |
| 170000 <sup>(5)</sup> | Landesbank Hessen Thueringen Girozentrale, 4.320%, 04/01/2025 | $170000 | 0.1 |
| 190000 <sup>(5)</sup> | Mizuho Bank Ltd., 4.330%, 04/01/2025 | 190000 | 0.1 |
| 190000 <sup>(5)</sup> | Royal Bank of Canada, 4.330%, 04/01/2025 | 190000 | 0.1 |
| 190000 <sup>(5)</sup> | Societe Generale S.A., 4.320%, 04/01/2025 | 190000 | 0.1 |
| 140000 <sup>(5)</sup> | Svenska Handelsbanken AB, 4.300%, 04/01/2025 | 140000 | 0.1 |
|  | Total Time Deposits |  |  |
|  | (Cost $1,380,000) | **1380000** | **0.8** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** |  | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Mutual Funds: 0.4%** |  |  |
| 747000 <sup>(6)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $747,000) | $**747000** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $13,225,705) | **13225247** | **7.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $177,708,399)** | $**178780561** | **104.8** |
|  | **Liabilities in Excess of Other Assets** | **(8167944)** | **(4.8)** |
|  | **Net Assets** | $**170612617** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Security, or a portion of the security, is on loan. |
| <sup>(3)</sup> | All or a portion of this security is payment-in-kind ("PIK") which may pay interest or additional principal at the issuer's discretion. Rates shown are the current rate and possible payment rates. |
| <sup>(4)</sup> | Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined. |
| <sup>(5)</sup> | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| <sup>(6)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

Voya VACS Series HYB Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Corporate Bonds/Notes | $— | $156592130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $156592130 |
| Bank Loans |  | 8963184 |  | 8963184 |
| Short-Term Investments | 747000 | 12478247 |  | 13225247 |
| Total Investments, at fair value | $747000 | $178033561 | $— | $178780561 |

---

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

At March 31, 2025, the aggregate cost of securities and other investments for federal income tax purposes was the same as for financial statement purposes. The composition of unrealized appreciation and depreciation of securities and other investments was:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $177,719,343. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $2674764 |
| Gross Unrealized Depreciation | (1613546) |
| Net Unrealized Appreciation | $1061218 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: 34.0%** |  |
| 776962 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 D, 2.000%, 10/15/2054 | $590502 | 0.3 |
| 1701186 <sup>(1)</sup> | Arbor Multifamily Mortgage Securities Trust 2021-MF3 E, 2.000%, 10/15/2054 | 1231620 | 0.6 |
| 500000 <sup>(1)</sup> | ARZ Trust 2024-BILT F, 8.268%, 06/11/2029 | 517477 | 0.2 |
| 500000 <sup>(1)(2)</sup> | Atrium Hotel Portfolio Trust 2017-ATRM C, 6.267%, (TSFR1M + 1.947%), 12/15/2036 | 482969 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | BAHA Trust 2024-MAR B, 6.385%, 12/10/2041 | 1038025 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BAMLL Trust 2025-ASHF A, 6.170%, (TSFR1M + 1.850%), 02/15/2042 | 998340 | 0.5 |
| 662526 <sup>(1)</sup> | BANK 2017-BNK4 D, 3.357%, 05/15/2050 | 490235 | 0.2 |
| 6369284 <sup>(1)(2)(3)</sup> | BANK 2017-BNK8 XE, 1.292%, 11/15/2050 | 191095 | 0.1 |
| 15809986 <sup>(2)(3)</sup> | BANK 2020-BN27 XA, 1.155%, 04/15/2063 | 699377 | 0.3 |
| 5195079 <sup>(2)(3)</sup> | BANK 2020-BN30 XA, 1.274%, 12/15/2053 | 280056 | 0.1 |
| 900000 <sup>(2)</sup> | Bank of America Merrill Lynch Commercial Mortgage Trust 2017-BNK3 C, 4.352%, 02/15/2050 | 854289 | 0.4 |
| 12917443 <sup>(2)(3)</sup> | Barclays Commercial Mortgage Trust 2019-C4 XA, 1.518%, 08/15/2052 | 636878 | 0.3 |
| 750000 <sup>(1)</sup> | BBCMS Mortgage Trust 2025-C32 D, 4.500%, 02/15/2062 | 626119 | 0.3 |
| 5710974 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2018-B5 XD, 1.500%, 07/15/2051 | 235894 | 0.1 |
| 5023811 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2019-B10 XA, 1.221%, 03/15/2062 | 196129 | 0.1 |
| 4489366 <sup>(1)(2)(3)</sup> | Benchmark Mortgage Trust 2019-B14 XD, 1.254%, 12/15/2062 | 238730 | 0.1 |
| 1841521 <sup>(1)</sup> | Benchmark Mortgage Trust 2020-B18 AGNF, 4.139%, 07/15/2053 | 1784347 | 0.9 |
| 6241750 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B18 XA, 1.806%, 07/15/2053 | 326513 | 0.2 |
| 4762108 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2020-B22 XA, 1.503%, 01/15/2054 | 321738 | 0.2 |
| 10269217 <sup>(2)(3)</sup> | Benchmark Mortgage Trust 2021-B25 XA, 1.078%, 04/15/2054 | 464683 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1008846 <sup>(1)(4)</sup> | BMD2 Re-Remic Trust 2019-FRR1 4A, 0.000%, 05/25/2052 | $769380 | 0.4 |
| 2537173 <sup>(1)</sup> | BMD2 Re-Remic Trust 2019-FRR1 6B10, 2.428%, 05/25/2052 | 2065587 | 1 |
| 1500000 <sup>(1)(2)</sup> | BOCA Commercial Mortgage Trust 2024-BOCA B, 6.659%, (TSFR1M + 2.340%), 08/15/2041 | 1503764 | 0.7 |
| 723659 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2019-IMC D, 6.265%, (TSFR1M + 1.946%), 04/15/2034 | 714774 | 0.3 |
| 752296 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2021-VOLT F, 6.834%, (TSFR1M + 2.514%), 09/15/2036 | 741893 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2022-CSMO B, 7.460%, (TSFR1M + 3.141%), 06/15/2027 | 1003093 | 0.5 |
| 537007 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2023-XL3 D, 7.908%, (TSFR1M + 3.589%), 12/09/2040 | 537844 | 0.3 |
| 1325000 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-AIRC B, 6.460%, (TSFR1M + 2.141%), 08/15/2039 | 1326887 | 0.6 |
| 937714 <sup>(1)(2)</sup> | BX Commercial Mortgage Trust 2024-GPA3 A, 5.612%, (TSFR1M + 1.293%), 12/15/2039 | 936687 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | BX Trust 2021-ARIA C, 6.079%, (TSFR1M + 1.760%), 10/15/2036 | 996981 | 0.5 |
| 500000 <sup>(1)(2)</sup> | BX Trust 2021-LGCY E, 6.133%, (TSFR1M + 1.814%), 10/15/2036 | 494831 | 0.2 |
| 289103 <sup>(1)(2)</sup> | BX Trust 2021-RISE C, 5.883%, (TSFR1M + 1.564%), 11/15/2036 | 285745 | 0.1 |
| 1177401 <sup>(1)(2)</sup> | BX Trust 2021-SDMF D, 5.820%, (TSFR1M + 1.501%), 09/15/2034 | 1160835 | 0.6 |
| 5120106 <sup>(2)(3)</sup> | CD Mortgage Trust 2019-CD8 XA, 1.393%, 08/15/2057 | 233964 | 0.1 |
| 6220215 <sup>(1)(2)(3)</sup> | Citigroup Commercial Mortgage Trust 2017-P8 XE, 1.254%, 09/15/2050 | 164660 | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 674572 <sup>(1)(2)</sup> | Citigroup COmmercial Mortgage Trust 2018-C6 D, 5.069%, 11/10/2051 | $481768 | 0.2 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM A2, 5.867%, 12/10/2041 | 510980 | 0.2 |
| 500000 <sup>(1)(2)</sup> | COMM Mortgage Trust 2024-CBM B, 6.511%, 12/10/2041 | 513210 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | DK Trust 2024-SPBX D, 7.069%, (TSFR1M + 2.750%), 03/15/2034 | 1249846 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | Fontainebleau Miami Beach Mortgage Trust 2024-FBLU A, 5.769%, (TSFR1M + 1.450%), 12/15/2039 | 1000894 | 0.5 |
| 3892869 <sup>(2)(3)</sup> | Freddie Mac Multifamily Structured Pass Through Certificates K-1521 X1, 0.979%, 08/25/2036 | 298479 | 0.1 |
| 1455653 <sup>(1)(4)</sup> | FREMF Mortgage Trust 2016-K57 D, 0.000%, 08/25/2049 | 1281759 | 0.6 |
| 1000000 <sup>(1)(2)</sup> | FS Rialto Issuer LLC 2025-FL10 A, 5.685%, (TSFR1M + 1.385%), 08/19/2042 | 999974 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | FS Trust 2024-HULA D, 7.259%, (TSFR1M + 2.940%), 08/15/2039 | 1002696 | 0.5 |
| 2235423 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1C, 0.000%, 11/29/2050 | 1881143 | 0.9 |
| 3147000 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 1D, 0.000%, 11/29/2050 | 2604167 | 1.3 |
| 2415208 <sup>(1)(4)</sup> | GAM Re-REMIC Trust 2021-FRR1 2C, 0.000%, 11/29/2050 | 1970366 | 1 |
| 1616752 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 BK89, 0.000%, 01/27/2052 | 1240985 | 0.6 |
| 1178995 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 CK47, 0.000%, 05/27/2048 | 1163449 | 0.6 |
| 1178694 <sup>(1)(4)</sup> | GAM RE-REMIC Trust 2022-FRR3 DK47, 0.000%, 05/27/2048 | 1159263 | 0.6 |
| 1362997 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 CK78, 0.000%, 09/27/2051 | 975562 | 0.5 |
| 725526 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 D730, 0.000%, 09/27/2051 | 721175 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 1605421 <sup>(1)(4)</sup> | GAM RE-REMIC TRUST 2021-FRR2 DK49, 0.000%, 09/27/2051 | $1545050 | 0.7 |
| 653492 <sup>(1)</sup> | GS Mortgage Securities Trust 2019-GC39 D, 3.000%, 05/10/2052 | 483050 | 0.2 |
| 542067 <sup>(1)</sup> | GS Mortgage Securities Trust 2021-GSA3 D, 2.250%, 12/15/2054 | 363258 | 0.2 |
| 600000 <sup>(1)(2)</sup> | HYT Commercial Mortgage Trust 2024-RGCY B, 6.660%, (TSFR1M + 2.341%), 09/15/2041 | 599875 | 0.3 |
| 881000 <sup>(1)(2)</sup> | INTOWN Mortgage Trust 2025-STAY C, 6.550%, (TSFR1M + 2.250%), 03/15/2042 | 876035 | 0.4 |
| 1760000 <sup>(1)(2)</sup> | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON E, 5.222%, 01/05/2034 | 1661389 | 0.8 |
| 500000 <sup>(1)(2)</sup> | JP Morgan Chase Commercial Mortgage Securities Trust 2021-MHC E, 7.134%, (TSFR1M + 2.814%), 04/15/2038 | 498812 | 0.2 |
| 1250000 <sup>(1)(2)</sup> | KSL Commercial Mortgage Trust 2024-HT2 A, 5.862%, (TSFR1M + 1.542%), 12/15/2039 | 1250468 | 0.6 |
| 375000 <sup>(1)(2)</sup> | LAQ Mortgage Trust 2023-LAQ D, 8.508%, (TSFR1M + 4.188%), 03/15/2036 | 374830 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | LoanCore 2025 Issuer LLC 2025-CRE8 C, 6.461%, (TSFR1M + 2.141%), 08/17/2042 | 1001501 | 0.5 |
| 360000 <sup>(1)(2)</sup> | MHC Commercial Mortgage Trust 2021-MHC F, 7.034%, (TSFR1M + 2.715%), 04/15/2038 | 359357 | 0.2 |
| 360000 <sup>(1)(2)</sup> | MHC Trust 2021-MHC2 E, 6.383%, (TSFR1M + 2.064%), 05/15/2038 | 357998 | 0.2 |
| 4684360 <sup>(1)(2)(3)</sup> | Morgan Stanley Capital I 2017-HR2 XD, 1.587%, 12/15/2050 | 172800 | 0.1 |
| 11128292 <sup>(2)(3)</sup> | Morgan Stanley Capital I Trust 2019-H7 XA, 1.218%, 07/15/2052 | 483772 | 0.2 |
| 1000000 <sup>(1)(2)</sup> | ORL Trust 2024-GLKS A, 5.812%, (TSFR1M + 1.493%), 12/15/2039 | 1000937 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued)** |
| 536670 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A C, 3.250%, 12/25/2050 | $| 520155 | 0.2 |
| 3011482 <sup>(1)</sup> | Prima Capital CRE Securitization Ltd. 2019-7A D, 4.250%, 12/25/2050 |  | 2654197 | 1.3 |
| 1000000 <sup>(1)(2)</sup> | PRM5 Trust 2025-PRM5 A, 4.173%, 03/10/2033 |  | 982762 | 0.5 |
| 4104649 <sup>(1)(2)</sup> | RFM Reremic Trust 2022-FRR1 AB60, 2.358%, 11/08/2049 |  | 3801117 | 1.8 |
| 1897233 <sup>(1)(4)</sup> | RFM Reremic Trust 2022-FRR1 CK60, 0.000%, 11/08/2049 |  | 1635971 | 0.8 |
| 1000000 <sup>(1)(2)</sup> | SG Commercial Mortgage Securities Trust 2020-COVE E, 3.728%, 03/15/2037 |  | 848000 | 0.4 |
| 750000 <sup>(1)(2)</sup> | SMRT 2022-MINI F, 7.670%, (TSFR1M + 3.350%), 01/15/2039 |  | 711668 | 0.3 |
| 1000000 <sup>(1)(2)</sup> | SWCH Commercial Mortgage Trust 2025-DATA A, 5.762%, (TSFR1M + 1.443%), 03/15/2042 |  | 990538 | 0.5 |
| 1000000 <sup>(1)(2)</sup> | WCORE Commercial Mortgage Trust 2024-CORE B, 6.161%, (TSFR1M + 1.842%), 11/15/2041 |  | 1000031 | 0.5 |
| 850000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-C37 D, 3.164%, 12/15/2049 |  | 779888 | 0.4 |
| 861000 <sup>(1)(2)</sup> | Wells Fargo Commercial Mortgage Trust 2016-LC25 D, 3.029%, 12/15/2059 |  | 768664 | 0.4 |
| 9280627 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.857%, 10/15/2050 |  | 142170 | 0.1 |
| 6038486 <sup>(2)(3)</sup> | Wells Fargo Commercial Mortgage Trust 2021-C60 XA, 1.495%, 08/15/2054 |  | 412343 | 0.2 |
|  | Total Commercial Mortgage-Backed Securities |  |  |  |
|  | (Cost $64,306,556) |  | **70474293** | **34.0** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS: 32.7%** |  |
| 422109 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2015-1 B4, 3.628%, 01/25/2045 |  | 338252 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 289974 <sup>(1)(2)</sup> | Agate Bay Mortgage Trust 2016-2 B3, 3.760%, 03/25/2046 | $273601 | 0.1 |
| 903444 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 841428 | 0.4 |
| 451722 <sup>(1)(2)</sup> | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 07/25/2059 | 430032 | 0.2 |
| 556018 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2021-5 B3A, 3.483%, 11/25/2051 | 475419 | 0.2 |
| 584214 <sup>(1)(2)</sup> | Bayview MSR Opportunity Master Fund Trust 2022-2 B3A, 3.397%, 12/25/2051 | 487517 | 0.2 |
| 712886 <sup>(1)(2)</sup> | Bayview Opportunity Master Fund VI Trust 2021-6 B3A, 3.386%, 10/25/2051 | 598587 | 0.3 |
| 323029 <sup>(2)</sup> | Bear Stearns ALT-A Trust 2005-9 26A1, 4.358%, 11/25/2035 | 175250 | 0.1 |
| 1297995 <sup>(1)(2)</sup> | Chase Home Lending Mortgage Trust 2024-8 A9A, 5.500%, 08/25/2055 | 1281391 | 0.6 |
| 353531 <sup>(1)(2)</sup> | CIM Trust 2021-J1 A19, 2.500%, 03/25/2051 | 287557 | 0.1 |
| 420859 <sup>(1)(2)</sup> | Citigroup Mortgage Loan Trust 2021-J3 B3W, 2.861%, 09/25/2051 | 343768 | 0.2 |
| 994021 <sup>(1)</sup> | Citigroup Mortgage Loan Trust 2024-CMI1 B2, 6.427%, 06/25/2054 | 1005322 | 0.5 |
| 958681 <sup>(1)(2)</sup> | COLT Mortgage Loan Trust 2021-1 A1, 0.910%, 06/25/2066 | 802639 | 0.4 |
| 873330 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2020-SBT1 1M2, 8.104%, (SOFR30A + 3.764%), 02/25/2040 | 913073 | 0.4 |
| 1054019 <sup>(1)(2)</sup> | Connecticut Avenue Securities Trust 2022-R01 1B1, 7.490%, (SOFR30A + 3.150%), 12/25/2041 | 1079096 | 0.5 |
| 602296 <sup>(1)(2)</sup> | Deephaven Residential Mortgage Trust 2021-4 M1, 3.257%, 11/25/2066 | 460744 | 0.2 |
| 998968 <sup>(1)</sup> | EFMT 2024-RM3 A1A, 5.000%, 12/25/2054 | 953402 | 0.5 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 602296 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2020-R02 2B1, 7.454%, (SOFR30A + 3.114%), 01/25/2040 | $616837 | 0.3 |
| 301148 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2021-R02 2B1, 7.640%, (SOFR30A + 3.300%), 11/25/2041 | 310447 | 0.1 |
| 1761717 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R02 1B1, 9.890%, (SOFR30A + 5.550%), 01/25/2043 | 1926052 | 0.9 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2023-R05 1B1, 9.086%, (SOFR30A + 4.750%), 06/25/2043 | 540188 | 0.3 |
| 500000 <sup>(1)(2)</sup> | Fannie Mae Connecticut Avenue Securities 2025-R02 1B1, 6.286%, (SOFR30A + 1.950%), 02/25/2045 | 500376 | 0.2 |
| 385647 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2018-4 B3, 4.141%, 07/25/2048 | 353107 | 0.2 |
| 1354390 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B2A, 4.190%, 03/25/2050 | 1259800 | 0.6 |
| 675034 <sup>(1)(2)</sup> | Flagstar Mortgage Trust 2020-1INV B3, 4.190%, 03/25/2050 | 615757 | 0.3 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2021-HQA4 B1, 8.090%, (SOFR30A + 3.750%), 12/25/2041 | 1546758 | 0.7 |
| 3011482 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA1 B1, 7.740%, (SOFR30A + 3.400%), 01/25/2042 | 3089407 | 1.5 |
| 2845850 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 B1, 9.090%, (SOFR30A + 4.750%), 02/25/2042 | 2976018 | 1.4 |
| 1505741 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M1B, 6.740%, (SOFR30A + 2.400%), 02/25/2042 | 1532968 | 0.7 |
| 1500000 <sup>(1)(2)</sup> | Freddie Mac STACR REMIC Trust 2022-DNA2 M2, 8.090%, (SOFR30A + 3.750%), 02/25/2042 | 1552127 | 0.7 |
| 481038 <sup>(1)(2)</sup> | GCAT Trust 2022-INV3 B1, 4.611%, 08/25/2052 | 447200 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 598384 <sup>(1)(2)</sup> | GS Mortage-Backed Securities Trust 2020- PJ1 B3, 3.611%, 05/25/2050 | $526482 |  | 0.3 |
| 957183 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 3.983%, 03/25/2050 | 876312 |  | 0.4 |
| 820092 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B3, 3.983%, 03/25/2050 | 748810 |  | 0.4 |
| 1215584 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2022- PJ5 B3, 2.985%, 10/25/2052 | 1007177 |  | 0.5 |
| 785545 <sup>(1)(2)</sup> | GS Mortgage-Backed Securities Trust 2023- PJ4 A3, 6.000%, 01/25/2054 | 790737 |  | 0.4 |
| 696846 <sup>(1)(2)</sup> | Hundred Acre Wood Trust 2021-INV3 B3, 3.319%, 12/25/2051 | 589657 |  | 0.3 |
| 451722 <sup>(1)(2)</sup> | Imperial Fund Mortgage Trust 2021-NQM4 M1, 3.446%, 01/25/2057 | 339182 |  | 0.2 |
| 617104 <sup>(2)</sup> | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 4.855%, (TSFR1M + 0.534%), 02/25/2046 | 467712 |  | 0.2 |
| 208554 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.615%, 06/25/2049 | 199381 |  | 0.1 |
| 417015 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2021-14 B4, 3.148%, 05/25/2052 | 336051 |  | 0.2 |
| 476025 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-1 B3, 3.087%, 07/25/2052 | 385034 |  | 0.2 |
| 1132589 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2022-6 B3, 3.290%, 11/25/2052 | 944463 |  | 0.5 |
| 765680 <sup>(1)(2)</sup> | J.P. Morgan Mortgage Trust 2023-2 B3, 5.639%, 07/25/2053 | 726827 |  | 0.4 |
| 288057 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2014-1 B5, 3.688%, 01/25/2044 | 248759 |  | 0.1 |
| 879494 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-1 B4, 3.447%, 01/25/2047 | 781982 |  | 0.4 |
| 356307 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-4 B2, 3.871%, 11/25/2048 | 327187 |  | 0.2 |
| 359050 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2017-6 B4, 3.780%, 12/25/2048 | 324255 |  | 0.2 |
| 389885 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B2, 3.704%, 09/25/2048 | 353416 |  | 0.2 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 552437 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-3 B3, 3.704%, 09/25/2048 | $500761 |  | 0.2 |
| 559853 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2018-4 B2, 3.715%, 10/25/2048 | 511849 |  | 0.2 |
| 774377 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-7 B3A, 3.204%, 02/25/2050 | 681706 |  | 0.3 |
| 781942 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-8 B3A, 3.406%, 03/25/2050 | 693603 |  | 0.3 |
| 839006 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-HYB1 B1, 4.953%, 10/25/2049 | 840379 |  | 0.4 |
| 451170 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV1 B2, 4.933%, 10/25/2049 | 439145 |  | 0.2 |
| 944064 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-INV3 B3, 4.355%, 05/25/2050 | 875745 |  | 0.4 |
| 456474 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.706%, 12/25/2049 | 441875 |  | 0.2 |
| 456474 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.706%, 12/25/2049 | 440730 |  | 0.2 |
| 672973 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.350%, 03/25/2050 | 624213 |  | 0.3 |
| 671657 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-5 B1, 3.570%, 12/25/2050 | 596004 |  | 0.3 |
| 396812 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2020-8 B3, 3.493%, 03/25/2051 | 343119 |  | 0.2 |
| 329037 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2021-INV6 A5A, 2.500%, 04/25/2052 | 267634 |  | 0.1 |
| 979942 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2023-10 B3, 6.350%, 05/25/2054 | 974611 |  | 0.5 |
| 952179 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-12 A9, 6.150%, 06/25/2055 | 957492 |  | 0.5 |
| 1287624 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-9 A9A, 5.500%, 02/25/2055 | 1271153 |  | 0.6 |
| 1000000 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2024-CCM1 A5A, 5.500%, 04/25/2055 | 984764 |  | 0.5 |
| 495607 <sup>(1)(2)</sup> | JP Morgan Mortgage Trust 2025-CCM1 A2, 5.500%, 06/25/2055 | 491502 |  | 0.2 |
| 215152 <sup>(1)(2)</sup> | JP Morgan Trust 2015-1 B3, 5.647%, 12/25/2044 | 207626 |  | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 545052 <sup>(1)(2)</sup> | Mello Mortgage Capital Acceptance 2018-MTG2 B2, 4.362%, 10/25/2048 | $516792 |  | 0.2 |
| 1050706 <sup>(1)(2)</sup> | MFA Trust 2021-INV2 M1, 3.199%, 11/25/2056 | 834463 |  | 0.4 |
| 542067 <sup>(1)(2)</sup> | Mill City Mortgage Trust 2015-2 B2, 3.721%, 09/25/2057 | 495101 |  | 0.2 |
| 406532 <sup>(1)(2)</sup> | New Residential Mortgage Loan Trust 2017-6A B2, 4.000%, 08/27/2057 | 396349 |  | 0.2 |
| 1144363 <sup>(1)(2)</sup> | Oaktown Re VII Ltd. 2021-2 M1C, 7.690%, (SOFR30A + 3.350%), 04/25/2034 | 1166621 |  | 0.6 |
| 383621 <sup>(1)(2)</sup> | OBX Trust 2022-J1 A14, 2.500%, 02/25/2052 | 311084 |  | 0.2 |
| 1069470 <sup>(1)(2)</sup> | Oceanview Mortgage Trust 2021-5 B3, 2.967%, 10/25/2051 | 873670 |  | 0.4 |
| 1000000 <sup>(1)(2)</sup> | PRET Trust 2025-RPL2 A1, 4.000%, 08/25/2064 | 958288 |  | 0.5 |
| 186491 <sup>(1)(2)</sup> | Radnor RE Ltd. 2021-1 M1C, 7.040%, (SOFR30A + 2.700%), 12/27/2033 | 188208 |  | 0.1 |
| 539908 <sup>(1)(2)</sup> | RCKT Mortgage Trust 2020-1 B2A, 3.473%, 02/25/2050 | 485343 |  | 0.2 |
| 468674 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2017-2 B2, 3.559%, 02/25/2047 | 438356 |  | 0.2 |
| 363307 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-2 B3, 4.247%, 06/25/2049 | 339388 |  | 0.2 |
| 455892 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH2 B2B, 4.790%, 08/25/2049 | 444850 |  | 0.2 |
| 813437 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B1B, 4.509%, 09/25/2049 | 777237 |  | 0.4 |
| 479009 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2019-CH3 B2B, 4.509%, 09/25/2049 | 452534 |  | 0.2 |
| 671071 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-2 B3, 3.631%, 03/25/2050 | 596200 |  | 0.3 |
| 539987 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2020-3 B3, 3.312%, 04/25/2050 | 474824 |  | 0.2 |
| 697044 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2021-7 B3, 2.863%, 11/25/2051 | 576575 |  | 0.3 |
| 601735 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2023-1 B2, 5.138%, 01/25/2053 | 569240 |  | 0.3 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)** |  |
| 697910 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-2 A19, 6.000%, 03/25/2054 | $| 700341 |  | 0.3 |
| 835794 <sup>(1)(2)</sup> | Sequoia Mortgage Trust 2024-9 A20, 5.500%, 10/25/2054 |  | 825102 |  | 0.4 |
| 343510 <sup>(1)(2)</sup> | Shellpoint Co.-Originator Trust 2017-2 B3, 3.631%, 10/25/2047 |  | 316879 |  | 0.2 |
| 240531 <sup>(1)(2)</sup> | STAR Trust 2021-1 A3, 1.528%, 05/25/2065 |  | 222576 |  | 0.1 |
| 903444 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-1 M1, 2.878%, 02/25/2050 |  | 794453 |  | 0.4 |
| 602296 <sup>(1)(2)</sup> | Starwood Mortgage Residential Trust 2020-3 A2, 2.240%, 04/25/2065 |  | 561107 |  | 0.3 |
| 1080678 <sup>(2)</sup> | TBW Mortgage-Backed Trust 2006-6 A5B, 6.540%, 01/25/2037 |  | 237371 |  | 0.1 |
| 331263 <sup>(1)(2)</sup> | Towd Point Mortgage Trust 2015-2 2B2, 4.993%, 11/25/2057 |  | 327040 |  | 0.2 |
| 553040 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV1 B1, 3.152%, 08/25/2051 |  | 468145 |  | 0.2 |
| 419854 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV4 B3, 3.218%, 12/25/2051 |  | 345394 |  | 0.2 |
| 1372731 <sup>(1)(2)</sup> | UWM Mortgage Trust 2021-INV5 B3, 3.231%, 01/25/2052 |  | 1141156 |  | 0.6 |
| 261566 <sup>(1)(2)</sup> | Verus Securitization Trust 2021-3 A1, 1.046%, 06/25/2066 |  | 223979 |  | 0.1 |
| 569222 <sup>(1)(2)</sup> | Wells Fargo Mortgage Backed Securities Trust 2020-1 B3, 3.370%, 12/25/2049 |  | 496748 |  | 0.2 |
|  | Total Collateralized Mortgage Obligations |  |  |  |  |
|  | (Cost $63,584,770) |  | **67686869** |  | **32.7** |
| **ASSET-BACKED SECURITIES: 21.7%** | **ASSET-BACKED SECURITIES: 21.7%** |  |  |  |  |
|  | **Other Asset-Backed Securities: 18.2%** | **Other Asset-Backed Securities: 18.2%** | **Other Asset-Backed Securities: 18.2%** |  |  |
| 300000 <sup>(1)(2)</sup> | AB BSL CLO 5 Ltd. 2024-5A C, 6.415%, (TSFR3M + 2.100%), 01/20/2038 |  | 300543 |  | 0.1 |
| 1000000 <sup>(1)(2)</sup> | AMMC CLO 30 Ltd. 2024-30A C, 6.952%, (TSFR3M + 2.650%), 01/15/2037 |  | 1004969 |  | 0.5 |
| 350000 <sup>(1)(2)</sup> | Apidos CLO XV 2013-15A CRR, 6.405%, (TSFR3M + 2.112%), 04/20/2031 |  | 350557 |  | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | | **Percentage** | **Percentage** |
| |  | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 730000 <sup>(1)(2)</sup> | Apidos CLO XXIV 2016-24A BRR, 6.605%, (TSFR3M + 2.312%), 10/20/2030 | $732422 |  | 0.3 |
| 327690 <sup>(1)</sup> | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/05/2049 | 321747 |  | 0.1 |
| 1747000 <sup>(1)</sup> | Aqua Finance Trust 2021-A B, 2.400%, 07/17/2046 | 1532789 |  | 0.7 |
| 819390 <sup>(1)</sup> | Arbys Funding LLC 2020-1A A2, 3.237%, 07/30/2050 | 781045 |  | 0.4 |
| 550000 <sup>(1)(2)</sup> | Birch Grove CLO 3 Ltd. 2021-3A CR, 6.105%, (TSFR3M + 1.800%), 01/19/2038 | 545188 |  | 0.3 |
| 250000 <sup>(1)(2)</sup> | Birch Grove Clo 9 Ltd. 2024-9A C, 6.835%, (TSFR3M + 2.000%), 10/22/2037 | 247372 |  | 0.1 |
| 250000 <sup>(1)(2)</sup> | BlueMountain CLO XXVIII Ltd. 2021-28A E, 10.964%, (TSFR3M + 6.662%), 04/15/2034 | 240380 |  | 0.1 |
| 781125 <sup>(1)(2)</sup> | BlueMountain CLO XXX Ltd. 2020-30A CR, 6.452%, (TSFR3M + 2.150%), 04/15/2035 | 781712 |  | 0.4 |
| 600000 <sup>(1)</sup> | Bojangles Issuer LLC 2024-1A A2, 6.584%, 11/20/2054 | 603871 |  | 0.3 |
| 800000 <sup>(1)(2)</sup> | Cedar Funding V CLO Ltd. 2016-5A CR, 6.664%, (TSFR3M + 2.362%), 07/17/2031 | 798479 |  | 0.4 |
| 300000 <sup>(1)(2)</sup> | CIFC Funding Ltd. 2024-3A C, 6.493%, (TSFR3M + 2.200%), 07/21/2037 | 300720 |  | 0.1 |
| 601567 <sup>(1)</sup> | CLI Funding VIII LLC 2021-1A A, 1.640%, 02/18/2046 | 550928 |  | 0.3 |
| 414058 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 | 412132 |  | 0.2 |
| 550498 <sup>(1)</sup> | Domino's Pizza Master Issuer LLC 2018-1A A2II, 4.328%, 07/25/2048 | 544648 |  | 0.3 |
| 750000 <sup>(1)(2)</sup> | Elmwood CLO 18 Ltd. 2022-5A CRR, 6.303%, (TSFR3M + 2.000%), 07/17/2037 | 751207 |  | 0.4 |
| 780000 <sup>(1)(2)</sup> | Galaxy XV CLO Ltd. 2013-15A CRR, 6.414%, (TSFR3M + 2.112%), 10/15/2030 | 781739 |  | 0.4 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 666135 <sup>(1)</sup> | Goddard Funding LLC 2022-1A A2, 6.864%, 10/30/2052 | $674304 | 0.3 |
| 446672 <sup>(1)</sup> | Loanpal Solar Loan Ltd. 2020-3GS B, 3.450%, 12/20/2047 | 347716 | 0.2 |
| 357887 <sup>(1)</sup> | Mill City Solar Loan Ltd. 2019-2GS A, 3.690%, 07/20/2043 | 322255 | 0.2 |
| 222511 <sup>(1)</sup> | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 204766 | 0.1 |
| 283110 <sup>(1)</sup> | Mosaic Solar Loan Trust 2020-1A B, 3.100%, 04/20/2046 | 246378 | 0.1 |
| 1500000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2019-4A CRR, 6.563%, (TSFR3M + 2.270%), 07/20/2037 | 1493740 | 0.7 |
| 250000 <sup>(1)(2)</sup> | Oaktree CLO Ltd. 2024-25A C, 6.793%, (TSFR3M + 2.500%), 04/20/2037 | 249649 | 0.1 |
| 450000 <sup>(1)(2)</sup> | Octagon Investment Partners XVI Ltd. 2013-1A CR, 6.414%, (TSFR3M + 2.112%), 07/17/2030 | 450828 | 0.2 |
| 800000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2024-11 B, 5.637%, 07/15/2032 | 802524 | 0.4 |
| 650000 <sup>(1)</sup> | Pagaya AI Debt Grantor Trust 2025-1 B, 5.628%, 07/15/2032 | 654048 | 0.3 |
| 800000 <sup>(1)(2)</sup> | Palmer Square CLO Ltd. 2018-2A BR, 6.808%, (TSFR3M + 2.500%), 04/16/2037 | 808199 | 0.4 |
| 1000000 <sup>(1)(2)</sup> | Parallel Ltd. 2023-1A B, 7.793%, (TSFR3M + 3.500%), 07/20/2036 | 1000780 | 0.5 |
| 1050000 <sup>(1)(2)</sup> | Sound Point CLO XXIX Ltd. 2021-1A C1, 6.862%, (TSFR3M + 2.562%), 04/25/2034 | 1051400 | 0.5 |
| 500000 <sup>(1)(2)</sup> | Sound Point CLO XXXII Ltd. 2021-4A C, 6.712%, (TSFR3M + 2.412%), 10/25/2034 | 495693 | 0.2 |
| 512823 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2018-1A B, 7.710%, 07/20/2048 | 391884 | 0.2 |
| 2034395 <sup>(1)</sup> | Sunnova Helios II Issuer LLC 2021-B B, 2.010%, 07/20/2048 | 1558101 | 0.7 |
| 385683 <sup>(1)</sup> | Sunnova Helios IV Issuer LLC 2020-AA A, 2.980%, 06/20/2047 | 344674 | 0.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | | | **Percentage** | **Percentage** |
| |  | | | **of Net** | **of Net** |
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Assets** | **Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** | **Other Asset-Backed Securities: (continued)** |  |
| 1055356 <sup>(1)</sup> | Sunnova Sol II Issuer LLC 2020-2A A, 2.730%, 11/01/2055 | $| 865572 |  | 0.4 |
| 917487 <sup>(1)</sup> | Sunrun Atlas Issuer LLC 2019-2 A, 3.610%, 02/01/2055 |  | 858649 |  | 0.4 |
| 717802 <sup>(1)</sup> | Sunrun Iris Issuer LLC 2023-1A A, 5.750%, 01/30/2059 |  | 698009 |  | 0.3 |
| 1893438 <sup>(1)</sup> | Sunrun Jupiter Issuer LLC 2022-1A A, 4.750%, 07/30/2057 |  | 1785760 |  | 0.9 |
| 367218 <sup>(1)</sup> | Sunrun Xanadu Issuer LLC 2019-1A A, 3.980%, 06/30/2054 |  | 342020 |  | 0.2 |
| 1041500 <sup>(1)(2)</sup> | THL Credit Wind River CLO Ltd. 2017-3A CR, 7.064%, (TSFR3M + 2.762%), 04/15/2035 |  | 1038126 |  | 0.5 |
| 461423 <sup>(1)</sup> | TIF Funding II LLC 2021-1A A, 1.650%, 02/20/2046 |  | 413231 |  | 0.2 |
| 1850000 <sup>(1)</sup> | Trafigura Securitisation Finance PLC 2024-1A A2, 5.980%, 11/15/2027 |  | 1887520 |  | 0.9 |
| 595980 <sup>(1)</sup> | Triton Container Finance VIII LLC 2021-1A B, 2.580%, 03/20/2046 |  | 539331 |  | 0.3 |
| 333280 <sup>(1)(2)</sup> | Venture 33 CLO Ltd. 2018-33A CR, 6.844%, (TSFR3M + 2.542%), 07/15/2031 |  | 333288 |  | 0.2 |
| 350000 <sup>(1)(2)</sup> | VERDE CLO Ltd. 2019-1A CRR, 6.302%, (TSFR3M + 2.000%), 04/15/2032 |  | 350054 |  | 0.2 |
| 585611 <sup>(1)</sup> | Vivint Solar Financing VII LLC 2020-1A A, 2.210%, 07/31/2051 |  | 518913 |  | 0.2 |
| 416600 <sup>(1)(2)</sup> | Wind River CLO Ltd. 2014-1A CRR, 6.505%, (TSFR3M + 2.212%), 07/18/2031 |  | 417209 |  | 0.2 |
| 1712154 <sup>(1)</sup> | Wingstop Funding LLC 2020-1A A2, 2.841%, 12/05/2050 |  | 1618035 |  | 0.8 |
| 1650000 <sup>(1)</sup> | Wingstop Funding LLC 2024-1A A2, 5.858%, 12/05/2054 |  | 1676750 |  | 0.8 |
| 1903482 <sup>(1)</sup> | Zaxby's Funding LLC 2021-1A A2, 3.238%, 07/30/2051 |  | 1743246 |  | 0.8 |
|  |  |  | **37765100** |  | **18.2** |
|  | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** | **Student Loan Asset-Backed Securities: 3.5%** |  |
| 312158 <sup>(1)</sup> | Laurel Road Prime Student Loan Trust 2019-A BFX, 3.000%, 10/25/2048 |  | 302729 |  | 0.1 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** | **ASSET-BACKED SECURITIES: (continued)** |
|  | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** | **Student Loan Asset-Backed Securities: (continued)** |
| 1267125 <sup>(1)</sup> | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | $1218303 | 0.6 |
| 790000 <sup>(1)</sup> | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 709335 | 0.3 |
| 376000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-D BFX, 3.610%, 09/25/2040 | 359728 | 0.2 |
| 1205000 <sup>(1)</sup> | SoFi Professional Loan Program LLC 2017-F BFX, 3.620%, 01/25/2041 | 1155905 | 0.6 |
| 602000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-C BFX, 4.130%, 01/25/2048 | 579159 | 0.3 |
| 632000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2018-D BFX, 4.140%, 02/25/2048 | 608303 | 0.3 |
| 1521000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-B BFX, 2.730%, 05/15/2046 | 1264158 | 0.6 |
| 1235000 <sup>(1)</sup> | SoFi Professional Loan Program Trust 2020-C BFX, 3.360%, 02/15/2046 | 1039852 | 0.5 |
|  |  | **7237472** | **3.5** |
|  | Total Asset-Backed Securities |  |  |
|  | (Cost $43,689,901) | **45002572** | **21.7** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $171,581,227) | **183163734** | **88.4** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** | **SHORT-TERM INVESTMENTS: 11.8%** |
|  | **Commercial Paper: 11.7%** |  |  |
| 1000000 | Agilent Technologies, 4.590%, 04/08/2025 | 998995 | 0.5 |
| 2000000 | Autozone, Inc., 4.580%, 04/03/2025 | 1999248 | 1 |
| 1000000 | Broadcom, Inc., 4.580%, 04/02/2025 | 999749 | 0.5 |
| 1000000 | Columbia Pipelines Holding, 4.620%, 04/21/2025 | 997349 | 0.5 |
| 2000000 | Concord Minutemen Capital Co. LLC, 4.460%, 04/04/2025 | 1999023 | 0.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **SHORT-TERM INVESTMENTS: (continued)** | **SHORT-TERM INVESTMENTS: (continued)** |  |  |
|  | **Commercial Paper (continued)** | **Commercial Paper (continued)** |  |
| 2000000 | Enbridge (US) Inc., 4.620%, 04/14/2025 | $1996462 | 0.9 |
| 2000000 | Entergy Corp., 4.590%, 04/01/2025 | 1999748 | 1 |
| 2000000 | Entergy Corp., 4.590%, 04/02/2025 | 1999497 | 1 |
| 2000000 <sup>(1)</sup> | Enterprise Products, 4.580%, 04/01/2025 | 1999749 | 1 |
| 2000000 | Fiserv, Inc., 4.600%, 04/02/2025 | 1999497 | 1 |
| 2000000 | HP, Inc., 4.820%, 04/01/2025 | 1999736 | 1 |
| 2000000 | McCormick & Company, Inc., 4.650%, 04/04/2025 | 1998982 | 0.9 |
| 2017000 | National Grid, 4.610%, 04/11/2025 | 2014202 | 1 |
| 1000000 | Sherwin-Williams Co., 4.500%, 04/29/2025 | 996438 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
|  | **Mutual Funds: 0.1%** |  |  |
| 303000 <sup>(5)</sup> | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 4.270% |  |  |
|  | (Cost $303,000) | $**303000** | **0.1** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $24,304,604) | **24301675** | **11.8** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $195,885,831)** | $**207465409** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(330923)** | **(0.2)** |
|  | **Net Assets** | $**207134486** | **100.0** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Unless otherwise indicated, principal amount is shown in USD. |
| <sup>(1)</sup> | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| <sup>(2)</sup> | Variable rate security. Rate shown is the rate in effect as of March 31, 2025. |
| <sup>(3)</sup> | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| <sup>(4)</sup> | Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security. |
| <sup>(5)</sup> | Rate shown is the 7-day yield as of March 31, 2025. |

---

Reference Rate Abbreviations:

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

SOFR30A 30-day Secured Overnight Financing Rate <br> TSFR1M 1-month CME Term Secured Overnight Financing Rate <br> TSFR3M 3-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

**Fair Value Measurements<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices**<br>**in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** |<br>**Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** |<br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Commercial Mortgage-Backed Securities | $— | $70474293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $70474293 |
| Collateralized Mortgage Obligations |  | 67686869 |  | 67686869 |
| Asset-Backed Securities |  | 45002572 |  | 45002572 |
| Short-Term Investments | 303000 | 23998675 |  | 24301675 |
| Total Investments, at fair value | $303000 | $207162409 | $— | $207465409 |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | 450307 |  |  | 450307 |
| Total Assets | $753307 | $207162409 | $— | $207915716 |
| **Liabilities Table** |  |  |  |  |
| **Other Financial Instruments+** |  |  |  |  |
| Futures | $(99404) | $— | $— | $(99404) |
| Total Liabilities | $(99404) | $— | $— | $(99404) |

---

---

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

---

At March 31, 2025, the following futures contracts were outstanding for Voya VACS Series SC Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | <br>**Number**<br>**of Contracts** | <br>**Expiration**<br>**Date** |<br>**Notional**<br>**Amount** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| <u>Long Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 2-Year Note | 355 | 06/30/25 | $73546015 | $351545 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 5-Year Note | 32 | 06/30/25 | 3461000 | 13553 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury 10-Year Note | 36 | 06/18/25 | 4003875 | 43402 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Long Bond | 27 | 06/18/25 | 3300750 | 41807 |
|  |  |  | $84311640 | $450307 |
| <u>Short Contracts:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bond | (5) | 06/18/25 | (586406) | (6847) |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | (58) | 06/18/25 | (6619250) | (92557) |
|  |  |  | $(7205656) | $(99404) |

---

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

The fair value of derivative instruments as of March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Location on Statement** | |
| **Derivatives not accounted for as hedging instruments** | **of Assets and Liabilities** |<br>**Fair Value** |
| **<u>Asset Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin receivable on futures contracts<sup>\*</sup> | $450307 |
| **Total Asset Derivatives** |  | $450307 |
| **<u>Liability Derivatives</u>** |  |  |
| Interest rate contracts | Variation margin payable on futures contracts<sup>\*</sup> | $99404 |
| **Total Liability Derivatives** |  | $99404 |

---

See Accompanying Notes to Financial Statements

Voya VACS Series SC Fund PORTFOLIO OF INVESTMENTS <br> as of March 31, 2025 (continued) <br>    

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

The effect of derivative instruments on the Fund's Statement of Operations for the year ended March 31, 2025 was as follows:

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $1099242 |
| **Total** | $1099242 |

---

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

---

| | |
|:---|:---|
| **<u>Derivatives not accounted for as hedging instruments</u>** | **Futures** |
| Interest rate contracts | $269242 |
| **Total** | $269242 |

---

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $196,236,734. |  |
| Net unrealized appreciation consisted of: |  |
| Gross Unrealized Appreciation | $11955707 |
| Gross Unrealized Depreciation | (376129) |
| Net Unrealized Appreciation | $11579578 |

---

See Accompanying Notes to Financial Statements

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TAX INFORMATION (Unaudited)

------

Dividends and distributions paid during the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  |  | **Per Share** |
| &nbsp;&nbsp;**<u>Fund Name</u>** | **<u>Type</u>** | **<u>Amount</u>** |
| &nbsp;&nbsp;Voya VACS Series EMHCD Fund | NII | $0.7166 |
|  | STCG | $0.1795 |
|  | LTCG | $0.2756 |
| &nbsp;&nbsp;Voya VACS Series HYB Fund | NII | $0.7622 |
| &nbsp;&nbsp;Voya VACS Series SC Fund | NII | $0.6427 |

---

NII - Net investment income

STCG - Short-term capital gain

LTCG - Long-term capital gain

Pursuant to Internal Revenue Code Section 871(k)(1), the Funds designate the following percentages of net investment income distributions as interest-related dividends:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series HYB Fund | 83.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series SC Fund | 87.03% |

---

The Funds designate the following amounts of long-term capital gain distributions as 20% rate long-term capital gain dividends under Internal Revenue Code Section 852(b)(3)(C):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya VACS Series EMHCD Fund | $2868898 |

---

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

------

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACTS AND SUB-ADVISORY CONTRACTS**

At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Funds Trust and Voya Separate Portfolios Trust (collectively, the "Trusts"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya VACS Series EMHCD Fund (the "EMHCD Fund"), Voya VACS Series SC Fund (the "SC Fund"), and Voya VACS Series HYB Fund (the "HYB Fund," and together with the EMHCD Fund and the SC Fund, the "Funds"), each a series of the Trusts, as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contracts (the "Management Contracts") between Voya Investments, LLC (the "Manager") and the Trusts, on behalf of the Funds, and the sub-advisory contracts (the "Sub-Advisory Contracts," and together with the Management Contracts, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to each Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to

each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for each Fund ("Selected Peer Group") based on that Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Funds, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Funds as set forth in the Management Contracts, including oversight of the Funds' operations and risk management and the oversight of their various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Funds under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trusts' Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Funds and the level of resources committed to the Funds (and other relevant funds in the Voya funds) by the Manager and Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Funds.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of each Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of each Fund's performance and risk, including risk-adjusted investment return information, from

the Trusts' Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management fee schedules, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when a Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted that there is no management fee charged pursuant to the Management Contracts or the Sub-Advisory Contracts. The Board also considered that the Funds have fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager could be shared with each Fund through such fee waivers, expense reimbursements or other expense reductions.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from a Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and management fee rate payable by each Fund to the Manager compared to the Fund's Selected Peer Group. In this regard, as noted above, the Board noted that there is no management fee charged pursuant to the Management Contracts or the Sub-Advisory Contracts. The Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager proposed any changes thereto. For each Fund, the Board separately determined that the fee schedules are reasonable for the services that the Manager and Sub-Adviser performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

For each Fund, the Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to their services to the Fund. In analyzing the profitability of

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

the Manager and its affiliates in connection with services they render to a Fund, the Board took into account that there is no sub-advisory fee payable by the Manager to the Sub-Adviser under the Sub-Advisory Contracts. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing each Fund both with and without taking into account the profitability of the distributor of the Funds and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Funds' operations may not be fully reflected in the expenses allocated to each Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Funds. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Funds. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Funds and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund-by-Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving each Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the

Board also considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings certain additional data regarding each Fund's more recent performance, asset levels and asset flows. Each Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

**EMHCD Fund**

In considering whether to approve the renewal of the Contracts for the EMHCD Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account that the Fund commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

**SC Fund**

In considering whether to approve the renewal of the Contracts for the SC Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund outperformed its primary benchmark for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account that the Fund commenced operations in March 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

------

Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the first quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the first quintile.

**HYB Fund**

In considering whether to approve the renewal of the Contracts for the HYB Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the fourth quintile of its Morningstar category for the year-to-date and one-year periods; and (2) the Fund underperformed its primary benchmark for the year-to-date and one-year periods.

In analyzing this performance data, the Board took into account (1) management's confidence in the portfolio management team and its ability to execute the Fund's investment strategy; and (2) that the Fund commenced operations in February 2023, and therefore had a limited operating history for the purpose of analyzing its performance.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the third quintile; (b) the Fund's contractual management fee rate is ranked in the first quintile; and (c) the Fund's net expense ratio is ranked in the second quintile.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to each Fund and that approval of the continuation of the Contracts is in the best interests of each Fund and its shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to each Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew

the Contracts for each Fund for the year ending November 30, 2025.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Placement Agent** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 800 Boylston Street |
|  | Boston, Massachusetts 02199 |

---

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

**220645 (0325)**

![](tm2514698d5_float-img01.jpg)

Annual Financial Statements and Other Information

**March 31, 2025**

**Voya Floating Rate Fund**

■ &nbsp;&nbsp;&nbsp;&nbsp;Classes A, C, I, R and W

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the funds' investment objectives, risks, charges, expenses and other information. This information should be read carefully.<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;![](tm2514698d5_float-img02.jpg) | E-Delivery Sign-up – details inside | ![](tm2514698d5_float-img03.jpg) |
|  |  | ![](tm2514698d5_float-img03.jpg) |
| **INVESTMENT MANAGEMENT** | **INVESTMENT MANAGEMENT** | ![](tm2514698d5_float-img03.jpg) |
|  |  | ![](tm2514698d5_float-img03.jpg) |
| **voyainvestments.com** | **voyainvestments.com** | ![](tm2514698d5_float-img03.jpg) |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#flo_001) | [1](#flo_001) |
| [Statement of Assets and Liabilities](#flo_002) | [2](#flo_002) |
| [Statement of Operations](#flo_003) | [4](#flo_003) |
| [Statements of Changes in Net Assets](#flo_004) | [5](#flo_004) |
| [Financial Highlights](#flo_005) | [6](#flo_005) |
| [Notes to Financial Statements](#flo_009) | [7](#flo_009) |
| [Portfolio of Investments](#flo_006) | [15](#flo_006) |
| [Tax Information](#flo_008) | [33](#flo_008) |
| [Advisory and Sub-Advisory Contract Approval Discussion](#flo_007) | [34](#flo_007) |

---

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|:---|
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| &nbsp;&nbsp;Sign up now for on-line prospectuses, tailored shareholder reports, and proxy statements. |
| &nbsp;&nbsp;Just go to individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp;You will be notified by e-mail when these communications become available on the internet. |

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**PROXY VOTING INFORMATION**

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; and (2) 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 https://individuals.voya.com and on the SEC's website at www.sec.gov.

**QUARTERLY PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund's Forms NPORT-P are available on the SEC's website at www.sec.gov. The Fund's complete schedule of portfolio holdings is available at: https://individuals.voya.com/product/mutual-fund/prospectuses-reports and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Voya Floating Rate Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Voya Floating Rate Fund (the "Fund") (one of the funds constituting Voya Funds Trust (the "Trust")), including the portfolio of investments, as of March 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Voya Funds Trust) at March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](tm2514698d5_float-img04.jpg)

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

Boston, Massachusetts

May 29, 2025

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in securities at fair value\* | $176991298 |
| Short-term investments at fair value† | 725020 |
| Cash | 158974 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 9480176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 91971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 6596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 594833 |
| Prepaid expenses | 55191 |
| Reimbursement due from Investment Adviser | 967 |
| Other assets | 47346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 188152372 |
| **LIABILITIES:** |  |
| Income distribution payable | 21460 |
| Payable for investment securities purchased | 7718465 |
| Payable for fund shares redeemed | 1268874 |
| Payable for investment management fees | 194576 |
| Payable for distribution and shareholder service fees | 40281 |
| Payable to trustees under the deferred compensation plan (Note 8) | 47346 |
| Payable for trustee fees | 574 |
| Payable for borrowings against line of credit (Note 7) | 700000 |
| Other accrued expenses and liabilities | 565931 |
| Unfunded loan commitments (Note 9) | 248737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10806244 |
| **NET ASSETS** | $177346128 |
| **NET ASSETS WERE COMPRISED OF:** |  |
| Paid-in capital | $408768013 |
| Total distributable loss | (231421885) |
| **NET ASSETS** | $177346128 |
| \* &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments in securities | $180291658 |
| † Cost of short-term investments | $725020 |

---

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES as of March 31, 2025 (Continued)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $24421852 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 3062429 |
| Net asset value and redemption price per share† | $7.97 |
| Maximum offering price per share (2.50%)<sup>(1)</sup> | $8.17 |
| **Class C** |  |
| Net assets | $4760961 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 596995 |
| Net asset value and redemption price per share† | $7.97 |
| **Class I** |  |
| Net assets | $69754964 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 8744370 |
| Net asset value and redemption price per share | $7.98 |
| **Class R** |  |
| Net assets | $73047584 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 9177041 |
| Net asset value and redemption price per share | $7.96 |
| **Class W** |  |
| Net assets | $5360767 |
| Shares authorized | unlimited |
| Par value | $0.001 |
| Shares outstanding | 670609 |
| Net asset value and redemption price per share | $7.99 |

---

<sup>(1)</sup> 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.

<sup>†</sup> Redemption price per share may be reduced for any applicable contingent deferred sales charges.

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS for the year ended March 31, 2025

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| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| Dividends | $493389 |
| Interest | 17953156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 18446545 |
| **EXPENSES:** |  |
| Investment management fees | 1359163 |
| Distribution and shareholder service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 52836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 391814 |
| Transfer agent fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 15765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 20936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 39321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class W | 2903 |
| Shareholder reporting expense | 8915 |
| Registration fees | 90081 |
| Professional fees | 67750 |
| Custody and accounting expense | 100855 |
| Trustee fees | 5737 |
| Proxy and solicitation costs (Note 8) | 330000 |
| Miscellaneous expense | 30539 |
| Interest expense | 36185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2628821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waived and reimbursed fees | (317772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2311049 |
| Net investment income | 16135496 |
| **REALIZED AND UNREALIZED GAIN (LOSS):** |  |
| Net realized gain on investments | 1745485 |
| Net change in unrealized appreciation (depreciation) on investments | (3919227) |
| Net realized and unrealized loss | (2173742) |
| **Increase in net assets resulting from operations** | $13961754 |

---

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
| **FROM OPERATIONS:** |  |  |
| Net investment income | $16135496 | $21245674 |
| Net realized gain (loss) | 1745485 | (20054880) |
| Net change in unrealized appreciation (depreciation) | (3919227) | 21161169 |
| Increase in net assets resulting from operations | 13961754 | 22351963 |
| **FROM DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Total distributions (excluding return of capital): |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2782808) | (3132997) |
| &nbsp;&nbsp;&nbsp;Class C | (444218) | (518426) |
| &nbsp;&nbsp;&nbsp;Class I | (8672712) | (9886804) |
| &nbsp;&nbsp;&nbsp;Class R | (6900916) | (7774883) |
| &nbsp;&nbsp;&nbsp;Class W | (535218) | (705359) |
| Return of capital: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (403573) |  |
| &nbsp;&nbsp;&nbsp;Class C | (80055) |  |
| &nbsp;&nbsp;&nbsp;Class I | (1265380) |  |
| &nbsp;&nbsp;&nbsp;Class R | (1230562) |  |
| &nbsp;&nbsp;&nbsp;Class W | (89210) |  |
| Total distributions | (22404652) | (22018469) |
| **FROM CAPITAL SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sale of shares | 51215516 | 40377458 |
| Reinvestment of distributions | 22049971 | 21637575 |
|  | 73265487 | 62015033 |
| Cost of shares redeemed | (114998064) | (91916202) |
| Net decrease in net assets resulting from capital share transactions | (41732577) | (29901169) |
| Net decrease in net assets | (50175475) | (29567675) |
| **NET ASSETS:** |  |  |
| Beginning of year or period | 227521603 | 257089278 |
| End of year or period | $177346128 | $227521603 |

---

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

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

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (loss) <br> from investment<br> operations** | **Income (loss) <br> from investment<br> operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | | | | | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** | **Supplemental<br> Data** | **Supplemental<br> Data** |
|  | <br>Net asset<br> value,<br> beginning<br> of year<br> or period | Net<br> investment<br> income<br> (loss) | Net<br> realized<br> and<br> unrealized<br> gain<br> (loss) |<br>Total from<br> investment<br> operations | From net<br> investment<br> income | From<br> net<br> realized<br> gains | From<br> return<br> of<br> capital | <br>Total<br> distributions | <br>Payment<br> by<br> affiliate | <br>Net<br> asset<br> value,<br> end of<br> year<br> or<br> period | <br>**Total<br> Return<sup>(1)</sup>** | Expenses <br> before<br> reductions/<br> additions<sup>(2)(3)</sup> | Expenses<br> net of fee<br> waivers<br> and/or<br> recoupments<br> if any<sup>(2)(3)</sup> | Expenses <br> net of all<br> reductions/<br> additions<sup>(2)(3)</sup> | Net<br> investment<br> income<br> (loss)<sup>(2)(3)</sup> | Net<br> assets,<br> end of<br> year or<br> period | Portfolio<br> turnover<br> rate |
| Year or <br> period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000's) | (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.30 | 0.63<sup>•</sup> | (0.10) | 0.53 | 0.73 |  | 0.13 | 0.86 |  | 7.97 | **6.70** | 1.27 | 1.11 | 1.11 | 7.71 | 24422 | 78 |
| 03-31-24 | 8.29 | 0.74<sup>•</sup> | 0.04 | 0.78 | 0.77 |  |  | 0.77 |  | 8.30 | **9.87** | 1.17 | 0.99 | 0.99 | 8.97 | 34474 | 72 |
| 03-31-23 | 8.94 | 0.55<sup>•</sup> | (0.68) | (0.13) | 0.52 |  |  | 0.52 |  | 8.29 | **(1.28)** | 1.26 | 1.06 | 1.06 | 6.48 | 33686 | 38 |
| 03-31-22 | 9.04 | 0.30<sup>•</sup> | (0.11) | 0.19 | 0.29 |  |  | 0.29 |  | 8.94 | **2.15** | 1.20 | 1.02 | 1.02 | 3.37 | 41990 | 89 |
| 03-31-21 | 8.00 | 0.29<sup>•</sup> | 1.03 | 1.32 | 0.28 |  |  | 0.28 |  | 9.04 | **16.69** | 1.34 | 1.13 | 1.13 | 3.35 | 39518 | 60 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.30 | 0.57<sup>•</sup> | (0.10) | 0.47 | 0.67 |  | 0.13 | 0.80 |  | 7.97 | **5.91** | 2.02 | 1.86 | 1.86 | 6.97 | 4761 | 78 |
| 03-31-24 | 8.28 | 0.68<sup>•</sup> | 0.05 | 0.73 | 0.71 |  |  | 0.71 |  | 8.30 | **9.19** | 1.92 | 1.74 | 1.74 | 8.23 | 5633 | 72 |
| 03-31-23 | 8.93 | 0.48<sup>•</sup> | (0.67) | (0.19) | 0.46 |  |  | 0.46 |  | 8.28 | **(2.03)** | 2.01 | 1.81 | 1.81 | 5.69 | 6743 | 38 |
| 03-31-22 | 9.04 | 0.23<sup>•</sup> | (0.11) | 0.12 | 0.23 |  |  | 0.23 |  | 8.93 | **1.27** | 1.95 | 1.77 | 1.77 | 2.59 | 9658 | 89 |
| 03-31-21 | 8.00 | 0.23<sup>•</sup> | 1.03 | 1.26 | 0.22 |  |  | 0.22 |  | 9.04 | **15.83** | 2.09 | 1.88 | 1.88 | 2.59 | 14914 | 60 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.31 | 0.65<sup>•</sup> | (0.10) | 0.55 | 0.75 |  | 0.13 | 0.88 |  | 7.98 | **6.98** | 0.99 | 0.86 | 0.86 | 7.97 | 69755 | 78 |
| 03-31-24 | 8.29 | 0.77<sup>•</sup> | 0.04 | 0.81 | 0.79 |  |  | 0.79 |  | 8.31 | **10.27** | 0.92 | 0.74 | 0.74 | 9.24 | 99303 | 72 |
| 03-31-23 | 8.94 | 0.55<sup>•</sup> | (0.65) | (0.10) | 0.55 |  |  | 0.55 |  | 8.29 | **(1.03)** | 0.92 | 0.81 | 0.81 | 6.50 | 116954 | 38 |
| 03-31-22 | 9.04 | 0.33<sup>•</sup> | (0.11) | 0.22 | 0.32 |  |  | 0.32 |  | 8.94 | **2.41** | 0.85 | 0.77 | 0.77 | 3.60 | 225339 | 89 |
| 03-31-21 | 8.00 | 0.31<sup>•</sup> | 1.03 | 1.34 | 0.30 |  |  | 0.30 |  | 9.04 | **16.97** | 1.00 | 0.88 | 0.88 | 3.61 | 235804 | 60 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.29 | 0.61<sup>•</sup> | (0.10) | 0.51 | 0.71 |  | 0.13 | 0.84 |  | 7.96 | **6.44** | 1.52 | 1.36 | 1.36 | 7.47 | 73048 | 78 |
| 03-31-24 | 8.27 | 0.72<sup>•</sup> | 0.05 | 0.77 | 0.75 |  |  | 0.75 |  | 8.29 | **9.75** | 1.42 | 1.24 | 1.24 | 8.72 | 81838 | 72 |
| 03-31-23 | 8.92 | 0.53<sup>•</sup> | (0.68) | (0.15) | 0.50 |  |  | 0.50 |  | 8.27 | **(1.53)** | 1.51 | 1.31 | 1.31 | 6.26 | 88959 | 38 |
| 03-31-22 | 9.03 | 0.28<sup>•</sup> | (0.12) | 0.16 | 0.27 |  |  | 0.27 |  | 8.92 | **1.78** | 1.45 | 1.27 | 1.27 | 3.12 | 109837 | 89 |
| 03-31-21 | 7.99 | 0.27<sup>•</sup> | 1.03 | 1.30 | 0.26 |  |  | 0.26 |  | 9.03 | **16.42** | 1.59 | 1.38 | 1.38 | 3.08 | 91934 | 60 |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 03-31-25 | 8.32 | 0.65<sup>•</sup> | (0.10) | 0.55 | 0.75 |  | 0.13 | 0.88 |  | 7.99 | **6.98** | 1.02 | 0.86 | 0.86 | 7.97 | 5361 | 78 |
| 03-31-24 | 8.30 | 0.77<sup>•</sup> | 0.04 | 0.81 | 0.79 |  |  | 0.79 |  | 8.32 | **10.26** | 0.92 | 0.74 | 0.74 | 9.26 | 6273 | 72 |
| 03-31-23 | 8.95 | 0.57<sup>•</sup> | (0.67) | (0.10) | 0.55 |  |  | 0.55 |  | 8.30 | **(1.04)** | 1.01 | 0.81 | 0.81 | 6.76 | 10747 | 38 |
| 03-31-22 | 9.06 | 0.33<sup>•</sup> | (0.12) | 0.21 | 0.32 |  |  | 0.32 |  | 8.95 | **2.29** | 0.95 | 0.77 | 0.77 | 3.62 | 12984 | 89 |
| 03-31-21 | 8.01 | 0.32<sup>•</sup> | 1.03 | 1.35 | 0.30 |  |  | 0.30 |  | 9.06 | **17.08** | 1.09 | 0.88 | 0.88 | 3.69 | 11426 | 60 |

---

<sup>(1)</sup> Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.

 

<sup>(2)</sup> Annualized for periods less than one year.

 

<sup>(3)</sup> Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.

<sup>\*</sup> Calculated using average number of shares outstanding throughout the year or period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025

**NOTE 1 — ORGANIZATION**

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

The Fund offers the following classes of shares: Class A, Class C, Class I, Class R and Class W. The separate classes of shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees, shareholder servicing fees, as well as differences in the amount of waiver of fees and reimbursement of expenses, if any. Generally, shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a fund and earn income and realized gains/losses from a fund *pro rata* based on the daily ending net assets of each class, without distinction between share classes. Differences in per share dividend rates generally result from the differences in separate class expenses, including distribution, and shareholder servicing fees, if applicable, as well as differences in the amount of waiver of fees and reimbursement of expenses between the share classes, if any.

Class C shares, along with their pro rata reinvested dividend shares, will automatically convert to Class A shares of the same Fund, after a holding period of 8 years from date of purchase.

Voya Investments, LLC ("Voya Investments" or the "Investment Adviser"), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC ("Voya IM"), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC ("VID" or the "Distributor"), a Delaware limited liability company, serves as the principal underwriter to the Fund.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES**

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Board Codification Topic 946 Financial Services - Investment Companies.

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 share of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association ("CTA"), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern Time unless otherwise designated by the CTA). The NAV per share of each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

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

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other Fund assets, the asset is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's assets, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's sub-adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of an asset's fair value. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. The prices of foreign securities will generally be adjusted based on inputs from an independent pricing service that are intended to reflect valuation changes through the NYSE close. Because of the

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

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.

The Fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

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

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

A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of

Investments.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as "Level 1," inputs other than quoted prices for an asset or liability that are observable are classified as "Level 2" and significant unobservable inputs, including the Sub-Adviser's or Pricing Committee's judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as "Level 3." The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund's investments under these levels of classification is included within the Portfolio of Investments.

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

B. ***Securities Transactions and Revenue Recognition.*** Security transactions and senior loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectible, unpaid accrued interest is also written off. Cash collections on non-accrual loans are generally applied as a reduction to the recorded investment of the loan. Loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. Premium amortization and discount accretion are deferred and recognized over the lives of the respective loans. Arrangement fees received on revolving credit facilities, which represent non-refundable fees or purchase discounts associated with the acquisition of loans, are deferred and recognized using the effective yield method over the lives of the respective loans. No such fees are recognized on loans which have been placed on non-accrual status. Arrangement fees associated with all other loans, except revolving credit facilities, are treated as discounts and are accreted as described above. Dividend income is recorded on the ex-dividend date. Amendment fees are earned as

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)**

compensation for evaluating and accepting changes to an original loan agreement and are recognized when received. Amendment fees and other fees earned are reported as other income on the Statement of Operations.

C. ***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:

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. ***When-Issued and 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.

E. ***Federal Income Taxes***. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund's tax positions taken on federal income tax returns for all open tax years in making this determination. The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.

F. ***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.

G. ***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.

H. ***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 risk of loss from such claims remote.

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 3 — INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $165,188,838 and $213,236,257, respectively.

The loans acquired by the Fund typically take the form of a direct lending relationship with the borrower acquired through an assignment of another lender's interest in a loan. The lead lender in a typical corporate loan syndicate administers the loan and monitors collateral. In the event that the lead lender becomes insolvent, enters Federal Deposit Insurance Corporation ("FDIC") receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

**NOTE 4 — INVESTMENT MANAGEMENT FEES**

The Fund has entered into an investment management agreement ("Management Agreement") with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, at an annual rate of 0.650% on the first $300 million; 0.625% on the next $200 million; and 0.600% thereafter, of the Fund's average daily net assets.

The Investment Adviser has agreed to waive 0.02% of the management fee through August 1, 2025. Any fees waived or reimbursed in relation to this waiver are not eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund's assets in accordance with the Fund's investment objectives, policies and limitations.

**NOTE 5 — DISTRIBUTION AND SERVICE FEES**

Class A, Class C and Class R shares of the Fund each has a distribution and/or distribution and service plan (the "Plan"), whereby the Distributor is compensated by the Fund for expenses incurred in the distribution and/or shareholder servicing of the Fund's shares ("Distribution

and/or Service Fees"). Pursuant to the Plan, the Distributor is entitled to payment each month for expenses incurred in the distribution and promotion of the Fund's shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any Distribution and/or Service Fees paid to securities dealers who have executed a distribution agreement with the Distributor. In addition, the Fund has a shareholder service plan for Class A and Class C shares (together with the Plan referenced above, the "Plans"). Under the Plans, each class of shares of the Fund pays the Distributor a Distribution and/ or Service Fee based on average daily net assets at the following annual rates:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class R** |
| 0.25% | 1.00% | 0.50% |

---

The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Fund and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended March 31, 2025, the Distributor retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class C** |
| Initial Sales Charges: | $10288 | $— |
| Contingent Deferred Sales Charges: | $— | $16 |

---

**NOTE 6 — EXPENSE LIMITATION AGREEMENT**

Pursuant to a written expense limitation agreement ("Expense Limitation Agreement") with the Fund, the Investment Adviser has agreed to limit expenses, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses, to the levels listed below:

**Maximum Operating Expense Limit**

**(as a percentage of average daily net assets)** 

Class A – 1.00%

Class C – 1.75%

Class I – 0.75%

Class R – 1.25%

Class W – 0.75%

Pursuant to a side letter agreement though August 1, 2025, the Investment Adviser has further lowered expenses to 0.95%, 1.70%, 0.70%, 1.20% and 0.70% for Class A, Class C, Class I, Class R and Class W, respectively. Any fees waived pursuant to the side letter agreement shall not be eligible for recoupment. Termination or modification of this obligation requires approval by the Board.

Unless otherwise specified above and with the exception of the non-recoupable management fee waiver for the Fund, the Investment Adviser may at a later date recoup from the

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 6 — EXPENSE LIMITATION AGREEMENT (continued)**

Fund for fees waived and/or other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund's expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of March 31, 2025, there are no amounts of waived and/ or reimbursed fees that are subject to possible recoupment by the Investment Advisor.

The Expense Limitation Agreement is contractual through August 1, 2025 and shall renew automatically for one-year terms. Termination or modification of this obligation requires approval by the Board.

**NOTE 7 — LINE OF CREDIT**

Effective May 6, 2024, the Fund joined certain other funds managed by the Investment Adviser in an unsecured committed revolving line of credit agreement with The Bank of New York Mellon for an aggregate amount of $400,000,000 through June 9, 2025. The proceeds may be used only to finance temporarily: (1) the purchase or sale of investment securities; or (2) the repurchase or redemption of shares of the Fund or certain other funds managed by the Investment Adviser. The funds to which the line of credit is available pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Prior to May 3, 2024, the unsecured committed revolving line of credit agreement was with State Street Bank and Trust Company for an aggregate amount of $50,000,000 and the commitment fee was equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears through May 3, 2024. Generally, borrowings under the Credit Agreement accrue interest at the higher of the federal funds rate and the overnight bank funding rate, plus a specified margin and 0.10%. Repayments generally must be made within 45 days after the date of a revolving credit advance.

The Fund utilized the line of credit during the year ended March 31, 2025, as follows:

---

| | |
|:---|:---|
| <br>**Days**<br>**Utilized** | **Approximate**<br>**Weighted**<br>**Average**<br>**Interest Rate**<br>**For Days**<br>**Utilized** |
| 57$3847368<sup>(1)</sup> | 5.94% |

---

<sup>(1)</sup> As of March 31, 2025, Voya Floating Rate Fund had an outstanding balance of $700,000.

**NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES**

At March 31, 2025, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. owned more than 5% of the Fund:

---

| | |
|:---|:---|
| **Subsidiary** | **Percentage** |
| Voya Institutional Trust Company | 41.80% |

---

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

The Fund may pay per account fees to affiliates of Voya Investments for recordkeeping services provided on certain assets. For the year ended March 31, 2025, the per account fees for affiliated recordkeeping services paid by the Fund were $50,642.

During the year end March 31, 2025, Floating Rate incurred $330,000 of proxy and solicitation costs associated with obtaining shareholder approval relating to its proposed merger with and into Voya Short Duration High Income Fund, which is not included in this report.

**NOTE 9 — UNFUNDED LOAN COMMITMENTS**

The Fund may enter into credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrower's discretion. Funded and unfunded portions of the credit agreements are presented within the Portfolio of Investments. At

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 9 — UNFUNDED LOAN COMMITMENTS (continued)**

March 31, 2025, the Fund had the following unfunded loan commitments:

---

| | |
|:---|:---|
| <br>**Loan** | **Unfunded**<br>**Loan**<br>**Commitment** |
| Hanger Inc. Delayed Draw Term Loan | $49449 |
| Kaman Corporation Delayed Draw Term Loan | 81164 |
| Raven Acquisition Holdings, LLC 2024 Delayed Draw Term Loan Commitment | 63000 |
| US Fertility Enterprises LLC Initial Delayed Draw Term Loan | 18695 |
| USALCO LLC Delayed Draw Term Commitment | 36429 |
|  | $248737 |

---

**NOTE 10 — CAPITAL SHARES**

Transactions in capital shares and dollars were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares<br> sold** | **Shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease) in<br> shares<br> outstanding** | **Shares<br> sold** | **Proceeds<br> from<br> shares<br> issued in<br> merger** | **Reinvestment<br> of<br> distributions** | **Shares<br> redeemed** | **Shares<br> converted** | **Net increase<br> (decrease)** |
| <br>**Year or<br> period ended** | **#** | **#** | **#** | **#** | **#** | **#** | **($)** | **($)** | **($)** | **($)** | **($)** | **($)** |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 636325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 359340 | (2084390) |  | (1088725) | 5174737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2932142 | (16953899) |  | (8847020) |
| 3/31/2024 | 390198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 353193 | (657957) |  | 85434 | 3234809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2930584 | (5464929) |  | 700464 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 143108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 58668 | (283305) |  | (81529) | 1162656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 478297 | (2302971) |  | (662018) |
| 3/31/2024 | 73792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 56693 | (265921) |  | (135436) | 612738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 470290 | (2205054) |  | (1122026) |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 4962065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1212677 | (9383448) |  | (3208706) | 40672802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 9892407 | (76443245) |  | (25878036) |
| 3/31/2024 | 4014603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1176783 | (7341145) |  | (2149759) | 33350145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 9764546 | (60808038) |  | (17693347) |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 457511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 999467 | (2155686) |  | (698708) | 3741306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8131478 | (17535104) |  | (5662320) |
| 3/31/2024 | 281499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 939075 | (2101110) |  | (880536) | 2333960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 7774875 | (17399214) |  | (7290379) |
| **Class W** |  |  |  |  |  |  |  |  |  |  |  |  |
| 3/31/2025 | 56456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 75339 | (214951) |  | (83156) | 464015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 615647 | (1762845) |  | (683183) |
| 3/31/2024 | 101546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 83906 | (726289) |  | (540837) | 845546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 697280 | (6038967) |  | (4496141) |

---

**NOTE 11 — FEDERAL INCOME TAXES**

The amount of distributions from net investment income and net realized capital gains are determined in accordance with U.S. 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 non-deductible expenses, paydowns and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

The following permanent tax differences have been reclassified as of March 31, 2025:

---

| | |
|:---|:---|
| **Paid-in**<br>**Capital** | **Distributable**<br>**Earnings** |
| $(132628) | $132628 |

---

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

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 11 — FEDERAL INCOME TAXES (continued)**

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

---

| | | |
|:---|:---|:---|
| **Year Ended** | **Year Ended** | **Year Ended** |
| **March 31, 2025** | **March 31, 2025** | March 31, 2024 |
| **Ordinary** | **Return of** | **Ordinary** |
| **Income** | **Capital** | **Income** |
| $19335872 | $3068780 | $22018469 |

---

The tax-basis components of distributable earnings and the capital loss carryforwards which may be used to offset future realized capital gains for federal income tax purposes as of March 31, 2025 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** | | |
| **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Amount** | **Character** |<br>**Other** | **Total**<br>**Distributable**<br>**Earnings/(Loss)** |
| $(3320843) | $(46563632) | Short-term | $(21460) | $(231421885) |
|  | (181515950) | Long-term |  |  |
|  | $(228079582) |  |  |  |

---

The Fund's major tax jurisdictions are U.S. federal and Arizona state.

As of March 31, 2025, no provision for income tax is required in the Fund's financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue. Generally, the preceding four tax years remain subject to examination by these jurisdictions.

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time.

Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other

NOTES TO FINANCIAL STATEMENTS as of March 31, 2025 (continued)

**NOTE 12 — MARKET DISRUPTION AND GEOPOLITICAL RISK (continued)**

changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**NOTE 13 —SEGMENT REPORTING**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. Adoption of ASU 2023-07, impacts financial statement disclosure only and did not affect the Fund's financial position or operating results.

Topic 280 defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker ("CODM") to assess performance and make resource allocation decisions. The Fund has one operating segment that derives its income from earnings on its investments. The Product Review Committee (the "Committee") of the Investment Adviser and its affiliates is deemed to be the CODM. The Committee is comprised of executive leaders and it reviews the operating results of the Fund holistically. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions. Detailed financial information regarding the Fund is

disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Portfolio of Investments, results of operations on the Statement of Operations and other information about the Fund's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**NOTE 14 — SUBSEQUENT EVENTS**

*Reorganization:* The Board approved a proposal to reorganize the Fund with and into Voya Short Duration High Income Fund, which is not included in this report and is a series of Voya Funds Trust (the "Reorganization"). The proposed Reorganization is subject to shareholder approval of the Fund. If shareholder approval of the proposed Reorganization is obtained, it is expected that the proposed Reorganization will take place at the close of business on or about August 8, 2025.

*Dividends:* Subsequent to March 31, 2025, the Fund declared dividends from net investment income of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share**<br>**Amount** | **Payable**<br>**Date** | **Record**<br>**Date** |
| Class A | $0.0480 | May 1, 2025 | Daily |
| Class C | $0.0431 | May 1, 2025 | Daily |
| Class I | $0.0497 | May 1, 2025 | Daily |
| Class R | $0.0462 | May 1, 2025 | Daily |
| Class W | $0.0498 | May 1, 2025 | Daily |

---

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

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: 93.0%** | **LOANS<sup>\*</sup>: 93.0%** | **LOANS<sup>\*</sup>: 93.0%** | **LOANS<sup>\*</sup>: 93.0%** |
|  | **Auto Components: 1.2%** | **Auto Components: 1.2%** | **Auto Components: 1.2%** |
| 507200 | American Axle & Manufacturing Inc., New Tranche B Term Loan, 7.322%, (TSFR1M+3.000%), 12/12/2029 | $502762 | 0.3 |
| 659240 | Holley Purchaser, Inc., Initial Term Loan, 8.189%, (TSFR1M+3.750%), 11/17/2028 | 633200 | 0.3 |
| 533907 | RC Buyer Inc., First Lien Initial Term Loan, 7.939%, (TSFR1M+3.610%), 07/28/2028 | 522228 | 0.3 |
| 506102 | RealTruck Goup Inc. (fka Truck Hero), Initial Term Loan, 7.939%, (TSFR1M+3.610%), 01/31/2028 | 483116 | 0.3 |
|  |  | **2141306** | **1.2** |
|  | **Basic Materials: 2.2%** | **Basic Materials: 2.2%** | **Basic Materials: 2.2%** |
| 413963 | A-Ap Buyer, Inc., Initial Term Loan, 2.750%, (TSFR1M+2.750%), 09/09/2031 | 414480 | 0.2 |
| 755000 | Covia Holdings Corporation, Initial Term Loans, 7.568%, (TSFR3M+3.250%), 02/12/2032 | 754056 | 0.4 |
| 280000 <sup>(1)</sup> | Fortis Inc., Ineos Composites, 02/06/2032 | 278250 | 0.2 |
| 492481 | Ineos US Petrochem LLC, 2030 Tranche B Dollar Term Loan, 8.175%, (TSFR1M+3.750%), 03/14/2030 | 466626 | 0.3 |
| 348853 | Spa Holdings 3 Oy, Facility B (USD) Loan, 8.340%, (TSFR3M+4.000%), 02/04/2028 | 349944 | 0.2 |
| 681830 | Sparta US HoldCo LLC, Initial Term Loan, 7.323%, (TSFR1M+3.000%), 08/02/2030 | 677356 | 0.4 |
| 36429 <sup>(1)(2)</sup> | USALCO LLC, Delayed Draw Term Commitment, 09/30/2031 | 36474 | 0.0 |
| 352688 | USALCO LLC, Initial Term Loans, 8.299%, (TSFR3M+4.000%), 09/30/2031 | 353128 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |
|  | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** | **Basic Materials: (continued)** |
| 554990 | WR Grace Holdings LLC, Initial Term Loan, 7.549%, (TSFR3M+3.250%), 09/22/2028 | $| 552215 | 0.3 |
|  |  |  | **3882529** | **2.2** |
|  | **Building & Development: 0.5%** | **Building & Development: 0.5%** | **Building & Development: 0.5%** | **Building & Development: 0.5%** |
| 398961 | Cornerstone Building Brands Inc., New Term Loan B, 7.669%, (TSFR1M+3.250%), 04/12/2028 |  | 336224 | 0.2 |
| 254394 | LBM Acquisition LLC, First Lien Initial Term Loan, 8.174%, (TSFR1M+3.750%), 12/17/2027 |  | 249584 | 0.1 |
| 447129 | LHS Borrower, LLC, Initial Term Loan, 9.175%, (TSFR1M+4.850%), 02/16/2029 |  | 381178 | 0.2 |
|  |  |  | **966986** | **0.5** |
|  | **Business Equipment & Services: 0.4%** | **Business Equipment & Services: 0.4%** | **Business Equipment & Services: 0.4%** | **Business Equipment & Services: 0.4%** |
| 807175 | Ensono LP, First Lien Initial Term Loan, 8.438%, (TSFR1M+4.110%), 05/26/2028 |  | 795572 | 0.4 |
|  | **Chemicals & Plastics: 0.5%** | **Chemicals & Plastics: 0.5%** | **Chemicals & Plastics: 0.5%** | **Chemicals & Plastics: 0.5%** |
| 493987 | Geon Performance Solutions LLC, 2024 Refinancing Term Loan, 8.811%, (TSFR3M+4.500%), 08/18/2028 |  | 489047 | 0.3 |
| 345884 | Herens Holdco Sarl, Facility B USD Loans, 8.354%, (TSFR3M+4.000%), 07/03/2028 |  | 318933 | 0.2 |
|  |  |  | **807980** | **0.5** |
|  | **Commodities: 0.1%** | **Commodities: 0.1%** | **Commodities: 0.1%** | **Commodities: 0.1%** |
| 174685 | Foundation Building Materials Inc., Initial Term Loan (First Lien), 7.802%, (TSFR3M+3.500%), 01/31/2028 |  | 166169 | 0.1 |
|  | **Communications: 5.5%** | **Communications: 5.5%** | **Communications: 5.5%** | **Communications: 5.5%** |
| 174125 | Acuris Finance US Inc., 2024 Dollar Term Loan, 8.049%, (TSFR3M+3.750%), 02/16/2028 |  | 174060 | 0.1 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 550000 | AP Core Holdings II LLC, Term B-2 Loans, 9.939%, (TSFR1M+5.610%), 09/01/2027 | $498850 | 0.3 |
| 817188 | Arches Buyer Inc., Refinancing Term Loan, 7.675%, (TSFR1M+3.350%), 12/06/2027 | 801099 | 0.5 |
| 472886 | Cablevision Lightpath LLC, 2025 Refinancing Term Loan, 7.319%, (TSFR1M+3.000%), 11/30/2027 | 472886 | 0.3 |
| 702390 | Cengage Learning Inc., 2024 Refinancing Term Loans, 7.829%, (TSFR3M+3.500%), 03/22/2031 | 697365 | 0.4 |
| 837814 | CNT Holdings I Corp, 2025 Replacement Term Loans, 6.802%, (TSFR3M+2.500%), 11/08/2032 | 833520 | 0.5 |
| 167014 | Connect US FInc.o LLC, Amendment No. 4 Term Loan, 8.825%, (TSFR1M+4.500%), 09/27/2029 | 147307 | 0.1 |
| 496250 | Crown Subsea Communications Holding Inc., 2024 Term Loan, 8.323%, (TSFR1M+4.000%), 04/27/2028 | 497491 | 0.3 |
| 652569 | Dotdash Meredith, Inc., Term B-1 Loan, 7.823%, (TSFR1M+3.500%), 12/01/2028 | 657463 | 0.4 |
| 250000 | Getty Images Inc., Dollar Fixed Rate Term B-1 Loans, 11.250%, 02/21/2030 | 252500 | 0.1 |
| 240646 | Gogo Intermediate Holdings LLC, Initial Term Loan, 8.189%, (TSFR1M+3.750%), 04/30/2028 | 225230 | 0.1 |
| 324188 | GoodRX Inc., 2024 Term Loan, 8.075%, (TSFR1M+3.750%), 07/10/2029 | 323883 | 0.2 |
| 360020 | Ion Trading Finance Limited, 2024-B Dollar Term Loan, 7.829%, (TSFR3M+3.500%), 04/01/2028 | 357432 | 0.2 |
| 150000 <sup>(1)</sup> | Level 3, 2025 Refi Term Loan B, 03/21/2032 | 148562 | 0.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** | **Communications: (continued)** |
| 452728 | Magnite Inc., Amendment 2 Initial Term Loan, 7.316%, (TSFR1M+3.000%), 02/06/2031 | $| 452445 | 0.3 |
| 514536 | McGraw-Hill Education Inc., Term Loan B, 7.575%, (TSFR1M+3.250%), 08/06/2031 |  | 514214 | 0.3 |
| 619096 | MH Sub I LLC, 2023 May New Term Loans, 8.574%, (TSFR1M+4.250%), 05/03/2028 |  | 591624 | 0.3 |
| 708980 | Proofpoint Inc., 2024 Refinancing Term Loan, 7.325%, (TSFR1M+3.000%), 08/31/2028 |  | 707485 | 0.4 |
| 270000 <sup>(1)</sup> | Terrier Media Buyer Inc., Term Facility, 06/18/2029 |  | 254700 | 0.1 |
| 230000 <sup>(1)</sup> | TripAdvisor Inc., Incremental Tl, 07/08/2031 |  | 226837 | 0.1 |
| 194025 | TripAdvisor Inc., Initial Term B Loan, 7.049%, (TSFR3M+2.750%), 07/08/2031 |  | 191357 | 0.1 |
| 593893 | Univision Communications Inc., 2022 Incremental First-Lien Term Loan, 8.549%, (TSFR3M+4.250%), 06/24/2029 |  | 584985 | 0.3 |
| 59550 | Univision Communications Inc., 2024 Replacement First-Lien Term Loan, 7.939%, (TSFR1M+3.610%), 01/31/2029 |  | 57950 | 0.0 |
|  |  |  | **9669245** | **5.5** |
|  | **Consumer, Cyclical: 13.0%** | **Consumer, Cyclical: 13.0%** | **Consumer, Cyclical: 13.0%** | **Consumer, Cyclical: 13.0%** |
| 788636 | AI Aqua Merger Sub Inc. FKA Osmosis Buyer Limited, 2025 Refinancing Term B, 7.323%, (TSFR1M+3.000%), 07/31/2028 |  | 782043 | 0.5 |
| 344622 | Alterra Mountain Company, Series B-6 Term Loan, 7.075%, (TSFR1M+2.750%), 08/17/2028 |  | 346129 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | | |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 301910 | Alterra Mountain Company, Series B-7 Term Loan, 7.325%, (TSFR1M+3.000%), 05/31/2030 | $303419 | &nbsp;&nbsp;&nbsp;&nbsp; 0.2 |
| 883395 | American Airlines Inc., Repriced Term Loan, 6.543%, (TSFR3M+2.250%), 04/20/2028 | 873088 | 0.5 |
| 598563 | American Greetings Corporation, Tranche C Term Loan, 10.075%, (TSFR1M+5.750%), 10/30/2029 | 600994 | 0.3 |
| 385125 | Aramark Services Inc., Us Term B-8 Loan, 6.325%, (TSFR1M+2.000%), 06/22/2030 | 386088 | 0.2 |
| 819066 | Autokiniton US Holdings Inc., 2024 Replacement Term B Loan, 8.442%, (TSFR1M+4.110%), 04/06/2028 | 805586 | 0.5 |
| 640890 | Bombardier Recreational Products Inc., 2023 Replacement Term Loan, 7.075%, (TSFR1M+2.750%), 12/13/2029 | 636351 | 0.4 |
| 412060 | Caesars Entertainment, Inc., Term Loan B, 6.563%, (TSFR3M+2.250%), 02/06/2030 | 411803 | 0.2 |
| 464061 | Cinemark USA Inc., Term Loan B, 7.049%, (TSFR3M+2.750%), 05/24/2030 | 465873 | 0.3 |
| 567540 | City Football Group Limited, Tl, 7.939%, (TSFR1M+3.610%), 07/21/2030 | 561628 | 0.3 |
| 970000 | Clarios Global LP, Amendment No 6 Dollar Term Loan, 7.075%, (TSFR1M+2.750%), 01/28/2032 | 959088 | 0.5 |
| 186128 | Core & Main LP, Tranche D Term Loan, 6.270%, (TSFR1M+6.855%), 07/27/2028 | 186128 | 0.1 |
| 862963 | Crown Finance US Inc., Initial Term Loans, 9.573%, (TSFR1M+5.250%), 12/02/2031 | 859726 | 0.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |  | |
|  | **Consumer, Cyclical: (continued)** |  |  |
| 443171 | Dealer Tire LLC, Term Loan B5, 7.325%, (TSFR1M+3.000%), 07/02/2031 | $444833 | &nbsp;&nbsp;&nbsp;&nbsp; 0.3 |
| 449717 | Delta Air Lines Inc., Initial Term Loan, 8.043%, (TSFR3M+3.750%), 10/20/2027 | 453933 | 0.3 |
| 150000 | DK Crown Holdings Inc., Term B Loans, 6.075%, (TSFR1M+1.750%), 02/25/2032 | 149313 | 0.1 |
| 248125 | Entain PLC, Facility B3, 7.053%, (TSFR3M+2.750%), 10/31/2029 | 248652 | 0.1 |
| 191000 | Flynn Restaurant Group LP, Series 2025 Term Loans, 8.075%, (TSFR1M+3.750%), 01/28/2032 | 186941 | 0.1 |
| 691542 | Golden State Foods LLC, Initial Term Loans, 8.564%, (TSFR1M+4.250%), 12/04/2031 | 695000 | 0.4 |
| 1215326 | Great Outdoors Group LLC, Term B-3 Loan, 7.575%, (TSFR1M+3.250%), 01/16/2032 | 1214871 | 0.7 |
| 305000 | Hanesbrands Inc., Term Loan B, 7.075%, (TSFR1M+2.750%), 03/07/2032 | 305381 | 0.2 |
| 786486 | Harbor Freight Tools USA Inc., Initial Term Loan, 6.825%, (TSFR1M+2.500%), 06/11/2031 | 768462 | 0.4 |
| 244388 | Highline AfterMarket Acquisition LLC, 2025-1 Term Loan, 7.825%, (TSFR1M+3.500%), 02/13/2030 | 245151 | 0.1 |
| 368575 | Hunter Douglas Holding BV, Tranche B-1 Term Loan, 7.549%, (TSFR3M+3.250%), 01/17/2032 | 354753 | 0.2 |
| 885495 | IRB Holding Corp, 2024 New Term Loan B Replacement, 6.825%, (TSFR1M+2.500%), 12/15/2027 | 880721 | 0.5 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 285000 | J&J Ventures Gaming LLC, 2025 Term Loans, 7.825%, (TSFR1M+3.500%), 04/26/2030 | $281526 | 0.2 |
| 460000 | Kodiak BP LLC, Initial Term Loan, 8.046%, (TSFR3M+3.750%), 11/26/2031 | 442367 | 0.3 |
| 597000 | Lc Ahab Us Bidco LLC, Initial Term Loan, 7.325%, (TSFR1M+3.000%), 05/01/2031 | 601478 | 0.3 |
| 513713 | Life Time Inc. (f/k/a Life Time Fitness Inc.), 2024 New Term Loan, 6.796%, (TSFR3M+2.500%), 11/05/2031 | 512813 | 0.3 |
| 406242 | LS Group OPCO Acquisition LLC, Term Loan B, 6.813%, (TSFR3M+2.500%), 04/23/2031 | 404211 | 0.2 |
| 609053 | Olympus Water US Holding Corporation, Term B-6 Dollar Loan, 7.337%, (TSFR3M+3.000%), 06/20/2031 | 600134 | 0.3 |
| 553613 | Peer Holding III BV, Term Loan B5b, 6.799%, (TSFR3M+2.500%), 07/01/2031 | 553728 | 0.3 |
| 407297 | Penn National Gaming Inc., Term B Facility, 6.825%, (TSFR1M+2.500%), 05/03/2029 | 407526 | 0.2 |
| 606809 | Restoration Hardware, Inc., 2022 Incremental Term Loan, 7.675%, (TSFR1M+3.350%), 10/20/2028 | 589796 | 0.3 |
| 231409 | Scientific Games Holdings LP, 2024 Refi Dollar Term Loan, 7.296%, (TSFR3M+3.000%), 04/04/2029 | 230276 | 0.1 |
| 480125 | Scientific Games International, Inc., Term Loan B-2, 6.566%, (TSFR1M+2.250%), 04/14/2029 | 478024 | 0.3 |
| 250000 <sup>(1)</sup> | Showtime Acquisition LLC, Initial Term Loan, 08/13/2031 | 251458 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |
|  | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** | **Consumer, Cyclical: (continued)** |
| 426081 | SRAM LLC, Initial Term Loan, 6.572%, (TSFR1M+2.250%), 02/20/2032 | $| 423951 | 0.2 |
| 150000 | Tecta America Corp, Closing Date Term Loan, 7.325%, (TSFR1M+3.000%), 02/18/2032 |  | 148922 | 0.1 |
| 446824 | TGP Holdings III LLC, First Lien Closing Date Term Loan, 7.674%, (TSFR1M+3.350%), 06/29/2028 |  | 411078 | 0.2 |
| 211095 | Thor Industries Inc., Term B-3 USD, 6.575%, (TSFR1M+2.250%), 11/15/2030 |  | 212283 | 0.1 |
| 357246 | United Air Lines, Inc., Term Loan B, 6.297%, (TSFR3M+2.000%), 02/22/2031 |  | 356967 | 0.2 |
| 745232 | Weber Stephen Products LLC, Initial Term B Loan, 7.689%, (TSFR1M+3.350%), 10/30/2027 |  | 722875 | 0.4 |
| 726152 | White Cap Buyer LLC, Tranche C Term Loan, 7.575%, (TSFR1M+3.250%), 10/19/2029 |  | 705547 | 0.4 |
| 576272 | Windsor Holdings III LLC, 2025 Refi Term Loan B, 7.069%, (TSFR1M+2.750%), 08/01/2030 |  | 571710 | 0.3 |
|  |  |  | **23032625** | **13.0** |
|  | **Consumer, Non-cyclical: 16.2%** | **Consumer, Non-cyclical: 16.2%** | **Consumer, Non-cyclical: 16.2%** | **Consumer, Non-cyclical: 16.2%** |
| 397938 | ADMI Corp, Amendment No 5 Term Loan, 8.189%, (TSFR1M+3.750%), 12/23/2027 |  | 395451 | 0.2 |
| 505715 | ADMI Corp, Incremental Term Loan, 7.814%, (TSFR1M+3.500%), 12/23/2027 |  | 500658 | 0.3 |
| 367726 | Albion Financing 3 SARL, 2025 Amended USD Term Loan, 7.293%, (TSFR3M+3.000%), 08/16/2029 |  | 370944 | 0.2 |
| 331650 | American Airlines Inc., 2024 Replacement Term Loan, 6.507%, (TSFR6M+2.250%), 06/04/2029 |  | 327435 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | | |
|  | **Consumer, Non-cyclical: (continued)** | |  |
| 645133 | Auris Luxembourg III SARL, Facility B6 Loan, 8.177%, (TSFR6M+3.750%), 02/28/2029 | $643117 | 0.4 |
| 638847 | Bausch & Lomb Corporation, Initial Term Loan, 7.672%, (TSFR1M+3.350%), 05/10/2027 | 637194 | 0.4 |
| 577025 | Bausch Health Companies Inc., Second Amendment Term Loans, 9.675%, (TSFR1M+5.250%), 02/01/2027 | 566927 | 0.3 |
| 559582 | Belfor Holdings Inc., Tranche B3, 7.325%, (TSFR1M+3.000%), 11/01/2030 | 565178 | 0.3 |
| 456491 | Bella Holding Company LLC, Tl, 7.575%, (TSFR1M+3.250%), 05/10/2028 | 456124 | 0.3 |
| 875600 | Belron Finance US LLC, 2031 Dollar Incremental Term Loans, 7.052%, (TSFR3M+2.750%), 10/16/2031 | 875327 | 0.5 |
| 417280 | Camelot US Acquisition I Co, Term Loan B-1, 7.075%, (TSFR1M+2.750%), 01/31/2031 | 412150 | 0.2 |
| 634014 | CHG Healthcare Services Inc., Amendment No. 5 Refinancing Term Loan, 7.313%, (TSFR3M+3.000%), 09/29/2028 | 633674 | 0.4 |
| 568006 | Chobani LLC, Term Loan B First Lien, 6.825%, (TSFR1M+2.500%), 10/25/2027 | 568929 | 0.3 |
| 591860 | Cimpress PLC, 2024-2 Refinancing Tranche B-1, 6.825%, (TSFR1M+2.500%), 05/17/2028 | 593340 | 0.3 |
| 289275 | Concentra Health Services, Inc., Term Loan B-1, 6.325%, (TSFR1M+2.000%), 07/26/2031 | 290721 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |  | |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 1083457 | Cotiviti Inc., Initial Floating Rate Term Loans, 7.073%, (TSFR1M+2.750%), 05/01/2031 | $1077702 | 0.6 |
| 174563 | Creative Artists Agency, LLC, Term Loan B, 7.075%, (TSFR1M+2.750%), 10/01/2031 | 174391 | 0.1 |
| 880537 | Electron Bidco Inc., Initial Term Loan, 7.075%, (TSFR1M+2.750%), 11/01/2028 | 879574 | 0.5 |
| 709646 | Fiesta Purchaser, Inc., Term Loan B (2024), 7.575%, (TSFR1M+3.250%), 02/12/2031 | 705743 | 0.4 |
| 267305 | Financiere Mendel, Addtl Term Facility 2, 7.065%, (TSFR3M+2.750%), 11/08/2030 | 266637 | 0.1 |
| 608859 | Fleet Midco I Ltd., Facility B2 Term Loan, 7.055%, (TSFR6M+2.750%), 02/21/2031 | 612665 | 0.3 |
| 751003 | Fugue Finance LLC, Eleventh Amendment Dollar Term Loan, 7.496%, (TSFR6M+3.250%), 01/09/2032 | 751590 | 0.4 |
| 594646 | Garda World Security Corporation, Twelfth Additional Term Loan, 7.322%, (TSFR1M+3.000%), 02/01/2029 | 593159 | 0.3 |
| 496770 | Global Medical Response Inc., 2024 Extended Term Loan, 9.790%, (TSFR3M+5.000%), 10/31/2028 | 497302 | 0.3 |
| 318402 | Grant Thornton Advisors LLC, 2025 Incremental Term Loan, 7.075%, (TSFR1M+2.750%), 06/02/2031 | 316909 | 0.2 |
| 58175 <sup>(2)</sup> | Hanger Inc., Delayed Draw Term Loan, 7.825%, (TSFR1M+3.500%), 10/23/2031 | 58204 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |  | |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 451825 | Hanger Inc., Initial Term Loan, 7.825%, (TSFR1M+3.500%), 10/23/2031 | $452051 | 0.3 |
| 356053 | HomeServe USA Holding Corp., Amendment No.1 Refinancing Term Loan, 6.319%, (TSFR1M+2.000%), 10/21/2030 | 353086 | 0.2 |
| 562066 | IVC Acquisition Ltd., Incremental Term Loan B12, 8.049%, (TSFR3M+3.750%), 12/12/2028 | 563003 | 0.3 |
| 664175 | Kingpin Intermediate Holdings LLC, 2023 Term Loan B, 8.584%, (TSFR1M+3.500%), 02/08/2028 | 661684 | 0.4 |
| 583731 | Kuehg Corp., Term Loan, 7.549%, (TSFR3M+3.250%), 06/12/2030 | 583092 | 0.3 |
| 596974 | Latham Pool Products Inc., Initial Term Loans, 8.391%, (TSFR3M+4.100%), 02/23/2029 | 581801 | 0.3 |
| 502478 | LifePoint Health Inc., Term Loan B2, 7.817%, (TSFR3M+3.500%), 05/16/2031 | 485938 | 0.3 |
| 712396 | Medline Borrower LP, Dollar Incremental Term Loan, 6.574%, (TSFR1M+2.250%), 10/23/2028 | 712142 | 0.4 |
| 448096 | Neptune Bidco Us Inc., Term B Loans, 9.389%, (TSFR3M+5.100%), 04/11/2029 | 386819 | 0.2 |
| 630718 | Organon & Co, Dollar Term Loan, 6.572%, (TSFR1M+2.250%), 05/19/2031 | 623622 | 0.4 |
| 690914 | Pegasus Bidco Bv, 2024-2 Dollar Term Loan, 7.573%, (TSFR3M+3.250%), 07/12/2029 | 694944 | 0.4 |
| 757804 | Phoenix Guarantor Inc., Tranche B5 Term Loan, 6.825%, (TSFR1M+2.500%), 02/21/2031 | 755647 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal** | **Principal** | | |
| **Amount†** | **Amount†** |<br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |  | |
|  | **Consumer, Non-cyclical: (continued)** |  |  |
| 267975 | Radnet Management Inc., 2024 Refinancing Term Loans, 6.568%, (TSFR3M+2.250%), 04/18/2031 | $267879 | 0.2 |
| 52558 <sup>(1)(2)</sup> | Raven Acquisition Holdings, LLC, 2024 Delayed Draw Term Loan Commitment, 11/19/2031 | 51925 | 0.0 |
| 717626 | Raven Acquisition Holdings, LLC, Initial Term Loans, 7.575%, (TSFR1M+3.250%), 11/19/2031 | 710076 | 0.4 |
| 543056 | RXB Holdings Inc., First Lien Initial Term Loan, 8.939%, (TSFR1M+4.610%), 12/20/2027 | 542377 | 0.3 |
| 584202 | Ryan LLC, Term Loan, 9.856%, (TSFR1M+4.500%), 11/14/2030 | 582741 | 0.3 |
| 244882 | Seren Bidco AB, Facility B1 Loan, 7.476%, (TSFR6M+3.150%), 11/16/2028 | 244423 | 0.1 |
| 318402 | Sigma Bidco BV, Facility B12, 8.240%, 01/03/2028 | 317109 | 0.2 |
| 711425 | Sotera Health Holdings LLC, 2024 Refinancing Term Loans, 7.549%, (TSFR3M+3.250%), 05/30/2031 | 714093 | 0.4 |
| 585000 | Southern Veterinary Partners LLC, 2024-3 New Term Loans, 7.575%, (TSFR1M+3.250%), 12/04/2031 | 584217 | 0.3 |
| 645740 | Spring Education Group Inc., Initial Term Loans, 8.299%, (TSFR3M+4.000%), 10/04/2030 | 645740 | 0.4 |
| 291320 | Triton Water Holdings Inc., 2025 Refinancing Term Loan, 6.549%, (TSFR3M+2.250%), 03/31/2028 | 290986 | 0.2 |
| 539485 | Trugreen Limited Partnership, Second Refinancing Term Loan (First Lien), 8.425%, (TSFR1M+4.110%), 11/02/2027 | 509364 | 0.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |
|  | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** | **Consumer, Non-cyclical: (continued)** |
| 18696 <sup>(1)(2)</sup> | US Fertility Enterprises LLC, Initial Delayed Draw Term Loan, 10/10/2031 | $| 18649 | 0.0 |
| 410276 | US Fertility Enterprises LLC, Term Loan B, 8.785%, (TSFR3M+4.500%), 10/10/2031 |  | 414379 | 0.2 |
| 125000 <sup>(1)</sup> | Valvoline Inc., Term Loan B, 03/19/2032 |  | 125078 | 0.1 |
| 334163 | Viant Medical Holdings Inc., Term Loan B, 8.325%, (TSFR1M+4.000%), 10/29/2031 |  | 334928 | 0.2 |
| 452289 | VM Consolidated Inc., Term B-3 Loan, 6.575%, (TSFR1M+2.250%), 03/24/2028 |  | 453307 | 0.3 |
| 906655 | Wand NewCo 3 Inc., Tranche B-2 Term Loan, 6.825%, (TSFR1M+2.500%), 01/30/2031 |  | 894567 | 0.5 |
| 405000 | WCG Intermediate Corp, Term Loan B, 7.324%, (TSFR3M+3.000%), 02/25/2032 |  | 401659 | 0.2 |
|  |  |  | **28728371** | **16.2** |
|  | **Containers & Glass Products: 0.9%** | **Containers & Glass Products: 0.9%** | **Containers & Glass Products: 0.9%** | **Containers & Glass Products: 0.9%** |
| 740133 | Clydesdale Acquisition Holdings, Inc., Term B Loan, 7.499%, (TSFR1M+3.250%), 04/13/2029 |  | 737512 | 0.4 |
| 264449 | Plaze Inc., 2021-1 Term Loan, 8.188%, (TSFR1M+3.750%), 08/03/2026 |  | 251226 | 0.1 |
| 666951 | ProAmpac PG Borrower LLC, 2024 Term Loan B, 8.323%, (TSFR3M+4.000%), 09/15/2028 |  | 665700 | 0.4 |
|  |  |  | **1654438** | **0.9** |
|  | **Diversified: 0.2%** | **Diversified: 0.2%** | **Diversified: 0.2%** | **Diversified: 0.2%** |
| 414981 | First Eagle Holdings Inc., Tranche B-2 Term Loans, 7.329%, (TSFR3M+3.000%), 03/05/2029 |  | 415273 | 0.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** | **LOANS<sup>\*</sup>: (continued)** |
|  | **Electronics/Electrical: 0.9%** | **Electronics/Electrical: 0.9%** | **Electronics/Electrical: 0.9%** |
| 368789 | Chariot Buyer LLC, Tranche B, 8.600%, (TSFR1M+3.250%), 11/03/2028 | $366254 | 0.2 |
| 363837 | Creation Technologies Inc., Initial Term Loan, 10.058%, (TSFR3M+5.750%), 10/05/2028 | 352922 | 0.2 |
| 484879 | DG Investment Intermediate Holdings 2 Inc., First Lien Closing Date Initial Term Loan, 8.189%, (TSFR1M+3.750%), 03/31/2028 | 486243 | 0.3 |
| 325000 | DG Investment Intermediate Holdings 2 Inc., Second Lien Initial Term Loan, 11.189%, (TSFR1M+6.860%), 03/30/2029 | 320531 | 0.2 |
|  |  | **1525950** | **0.9** |
|  | **Energy: 3.9%** | **Energy: 3.9%** | **Energy: 3.9%** |
| 572238 | Brazos Delaware II LLC, 2025 Refinancing Term Loan, 7.314%, (TSFR1M+3.000%), 02/11/2030 | 573073 | 0.3 |
| 308450 | CPPIB OVM Member U.S. LLC, Initial Term Loans, 7.049%, (TSFR3M+2.750%), 08/20/2031 | 307037 | 0.2 |
| 675000 <sup>(1)</sup> | Emg Utica Midstream Holdings, LLC, Term Loan B, 10/24/2029 | 675000 | 0.4 |
| 750000 | Epic Crude Services LP, Term Loan, 7.302%, (TSFR3M+3.000%), 10/15/2031 | 751093 | 0.4 |
| 431333 | GIP Pilot Acquisition Partners LP, Amendment No 2 Refinancing Term Loan, 6.302%, (TSFR3M+2.000%), 10/04/2030 | 430928 | 0.3 |
| 551363 | Goodnight Water Solutions Holdings, LLC, Initial Term Loans, 8.825%, (TSFR1M+4.500%), 06/04/2029 | 551363 | 0.3 |
| 330000 | Hilcorp Energy I LP, Term Loan B, 6.322%, (TSFR1M+2.000%), 02/05/2030 | 330825 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** | **Energy: (continued)** |
| 195000 <sup>(1)</sup> | M6 Etx Holdings Ii Midco LLC, Term Loan B, 03/25/2032 | $| 194939 | 0.1 |
| 300000 | MRC Global (US) Inc., Term Loan, 7.931%, (TSFR6M+3.500%), 10/24/2031 |  | 300750 | 0.2 |
| 423938 | NGP XI Midstream Holdings LLC, Term Loan B-2, 7.799%, (TSFR3M+3.500%), 07/25/2031 |  | 426587 | 0.2 |
| 275000 | NorthRiver Midstream Finance LP, Term Loan (First Lien), 6.560%, (TSFR3M+2.250%), 08/16/2030 |  | 274067 | 0.2 |
| 240000 | Pasadena Performance Products LLC, Term B Loan, 7.752%, (TSFR3M+3.500%), 02/24/2032 |  | 240150 | 0.1 |
| 768075 | Rockpoint Gas Storage Partners LP, Term Loan B, 7.299%, (TSFR3M+3.000%), 09/18/2031 |  | 767595 | 0.4 |
| 597000 | WaterBridge Midstream Operating LLC, Term Loan B, 9.053%, (TSFR3M+4.750%), 06/27/2029 |  | 593455 | 0.3 |
| 542275 | Waterbridge NDB Operating LLC(f/k/a Waterbridge Midstream Operating LLC), Initial Term Loan, 8.315%, (TSFR3M+4.000%), 05/10/2029 |  | 544986 | 0.3 |
| 2520 <sup>(1)</sup> | Whitewater Whistler Holdings, LLC, Term Loan, 6.049%, (TSFR3M+1.750%), 02/15/2030 |  | 2506 | 0.0 |
|  |  |  | **6964354** | **3.9** |
|  | **Financial: 9.8%** | **Financial: 9.8%** | **Financial: 9.8%** | **Financial: 9.8%** |
| 203976 | AAL Delaware Holdco Inc., Amendment No. 1 Term Loan, 7.075%, (TSFR1M+2.750%), 07/30/2031 |  | 202957 | 0.1 |
| 611530 | Acrisure LLC, 2024 Repricing Term B-6 Loan, 7.325%, (TSFR1M+3.000%), 11/06/2030 |  | 608568 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 1061432 | Alliant Holdings Intermediate LLC, New Term Loan B6, 7.069%, (TSFR1M+2.750%), 09/19/2031 | $1054998 | 0.6 |
| 242714 | Allspring Buyer LLC, 2024 Specified Refinancing Term Loan, 7.313%, (TSFR3M+3.000%), 11/01/2030 | 242639 | 0.1 |
| 550000 | Ardonagh Group FInc.o Pty Ltd., Syndicated Facility B (USD) Loan, 8.039%, (TSFR6M+3.750%), 02/17/2031 | 543125 | 0.3 |
| 869647 | Aretec Group Inc., Term B-3 Loan, 7.825%, (TSFR1M+3.500%), 08/09/2030 | 863736 | 0.5 |
| 654929 | Ascensus Group Holdings Inc. (f/k/a Mercury Borrower Inc.), 2024 Term Loan B, 7.325%, (TSFR1M+3.000%), 08/02/2028 | 652063 | 0.4 |
| 1316305 | AssuredPartners Inc., 2024 Term Loan, 7.825%, (TSFR1M+3.500%), 02/14/2031 | 1319185 | 0.7 |
| 343524 | Asurion LLC, New B-8 Term Loan, 7.689%, (TSFR1M+3.350%), 12/23/2026 | 343386 | 0.2 |
| 304745 | Asurion LLC, New B-9 Term Loan, 7.689%, (TSFR1M+3.350%), 07/31/2027 | 302726 | 0.2 |
| 218353 | Blackhawk Network Holdings Inc., Term Loan B, 8.325%, (TSFR1M+4.000%), 03/12/2029 | 217807 | 0.1 |
| 189525 | Blackstone Mortgage Trust Inc., Term B-5 Loan, 8.075%, (TSFR1M+3.750%), 12/10/2028 | 187393 | 0.1 |
| 737984 | Broadstreet Partners Inc., 2024 Term B Loans, 7.325%, (TSFR1M+3.000%), 06/13/2031 | 732449 | 0.4 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 600000 | Cpi Holdco B, LLC, First Amendment Incremental Term Loan, 6.575%, (TSFR1M+2.250%), 05/19/2031 | $597000 | 0.3 |
| 705063 | Cushman &Amp; Wakefield U.S. Borrower, Llc., 2024 - 3 Term Loan, 7.575%, (TSFR1M+3.250%), 01/31/2030 | 707045 | 0.4 |
| 245000 | Dechra Pharmaceuticals Holdings Limited (f/k/a Freya Bidco Limited), Facility B1 Loan, 7.513%, (TSFR6M+3.250%), 01/27/2032 | 244617 | 0.1 |
| 245000 | Edelman Financial Engines Center LLC (The), 2024 Refinancing Term Loans, 9.575%, (TSFR1M+5.250%), 10/06/2028 | 245689 | 0.1 |
| 712283 | Edelman Financial Engines Center LLC (The), 2024-2 Refinancing Term Loan, 7.325%, (TSFR1M+3.000%), 04/07/2028 | 710781 | 0.4 |
| 359549 | Etna French Bidco SAS, Facility B1 (USD) Loan, 8.900%, (TSFR1M+4.500%), 12/08/2031 | 358650 | 0.2 |
| 179101 | Etna French Bidco SAS, Facility B2 USD, 8.871%, (TSFR3M+4.500%), 12/08/2031 | 178653 | 0.1 |
| 1062636 | Focus Financial Partners LLC, Tranche B Incremental Term Loan, 7.075%, (TSFR1M+2.750%), 09/15/2031 | 1053117 | 0.6 |
| 160000 | Goosehead Insurance Holdings, LLC, Initial Term Loan, 7.822%, (TSFR1M+3.500%), 01/08/2032 | 161400 | 0.1 |
| 581193 | Guardian US Holdco LLC, Initial Term Loan, 7.799%, (TSFR3M+3.500%), 01/31/2030 | 573383 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 440208 | Hightower Holdings LLC, Initial Term Loan, 7.291%, (TSFR3M+3.000%), 02/03/2032 | $441308 | 0.3 |
| 361344 | HUB International Ltd., 2025 Incremental Term Loan, 6.787%, (TSFR3M+2.500%), 06/20/2030 | 360147 | 0.2 |
| 645095 | Jane Street Group LLC, Extended Term Loan, 6.313%, (TSFR3M+2.000%), 12/10/2031 | 639047 | 0.4 |
| 508725 | Jefferies Finance LLC, Initial Term Loan 2024, 7.319%, (TSFR1M+3.000%), 10/21/2031 | 508089 | 0.3 |
| 788582 | Osaic Holdings Inc., Term B4 Loan, 7.824%, (TSFR1M+3.500%), 08/17/2028 | 783653 | 0.4 |
| 559195 | Overdrive, Inc., New First Lien Term Loan, 8.322%, (TSFR1M+4.000%), 06/15/2028 | 561642 | 0.3 |
| 531312 | Ryan Specialty Group LLC, 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 09/15/2031 | 531146 | 0.3 |
| 115000 <sup>(1)</sup> | Sedgwick Claims Management Services, Inc., Term Loan B, 07/31/2031 | 114727 | 0.1 |
| 523688 | Starwood Property Mortgage LLC, Facility B-4, 6.575%, (TSFR1M+2.250%), 01/02/2030 | 523688 | 0.3 |
| 310282 | Truist Insurance Holdings, LLC, 2024 Term Loan B, 7.049%, (TSFR3M+2.750%), 05/06/2031 | 308731 | 0.2 |
| 102632 | Truist Insurance Holdings, LLC, Initial Term Loans (Second Lien), 9.049%, (TSFR3M+4.750%), 05/06/2032 | 103754 | 0.1 |
| 1661 | USI Inc., 2024 Term Loan, 6.549%, (TSFR3M+2.250%), 09/27/2030 | 1646 | 0.0 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** | **Financial: (continued)** |
| 485000 | VFH Parent LLC, Term Loan B-2, 6.825%, (TSFR1M+2.500%), 06/21/2031 | $| 486819 | 0.3 |
|  |  |  | **17465764** | **9.8** |
|  | **Food Products: 0.9%** | **Food Products: 0.9%** | **Food Products: 0.9%** | **Food Products: 0.9%** |
| 285786 | 8th Avenue Food & Provisions Inc., 2021 Incremental Term Loan, 9.189%, (TSFR1M+4.860%), 10/01/2025 |  | 281261 | 0.2 |
| 422436 | 8th Avenue Food & Provisions Inc., First Lien Term Loan, 8.189%, (TSFR1M+3.750%), 10/01/2025 |  | 415351 | 0.2 |
| 593850 | BCPE North Star US Holdco 2 Inc., First Lien Initial Term Loan, 8.439%, (TSFR1M+4.110%), 06/09/2028 |  | 580934 | 0.3 |
| 319736 | CHG PPC Parent LLC, 2021-1 US Term Loan, 7.439%, (TSFR1M+3.110%), 12/08/2028 |  | 319736 | 0.2 |
|  |  |  | **1597282** | **0.9** |
|  | **Health Care: 2.3%** | **Health Care: 2.3%** | **Health Care: 2.3%** | **Health Care: 2.3%** |
| 1197729 | AthenaHealth Group Inc., Initial Term Loan, 7.325%, (TSFR1M+3.000%), 02/15/2029 |  | 1187249 | 0.7 |
| 466852 | Embecta Corp, Initial Term Loan, 7.313%, (TSFR3M+3.000%), 03/30/2029 |  | 466356 | 0.2 |
| 478754 | Gloves Buyer Inc., First Lien Initial Term Loan, 8.439%, (TSFR1M+4.110%), 12/29/2027 |  | 478754 | 0.3 |
| 15256 | National Mentor Holdings Inc., First Lien Initial Term C Loan, 8.149%, (TSFR3M+3.850%), 03/02/2028 |  | 14818 | 0.0 |
| 529103 | National Mentor Holdings Inc., First Lien Initial Term Loan, 8.175%, (TSFR1M+3.750%), 03/02/2028 |  | 513891 | 0.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** | **Health Care: (continued)** |
| 1095000 <sup>(1)</sup> | Opella Healthc, 03/01/2032 | $| 1089525 | 0.6 |
| 388050 | Resonetics LLC, 2024 Specified Refinancing Term Loan, 7.545%, (TSFR3M+3.250%), 06/18/2031 |  | 385948 | 0.2 |
|  |  |  | **4136541** | **2.3** |
|  | **Industrial: 15.1%** | **Industrial: 15.1%** | **Industrial: 15.1%** | **Industrial: 15.1%** |
| 905693 | AlixPartners LLP, Tranche B, 7.717%, (TSFR1M+2.500%), 02/04/2028 |  | 905976 | 0.5 |
| 680000 | Alliance Laundry Systems LLC, Initial Term B Loans, 7.072%, (TSFR3M+2.750%), 08/19/2031 |  | 678640 | 0.4 |
| 900019 | Allied Universal Holdco LLC, Term Loan Usd, 8.175%, (TSFR1M+3.750%), 05/12/2028 |  | 900019 | 0.5 |
| 641308 | Altium Packaging LLC, 2024 Refinancing Term Loan, 6.825%, (TSFR1M+2.500%), 06/11/2031 |  | 638101 | 0.4 |
| 59400 | Anticimex Inc., Facility B6, 7.726%, (SOFRRATE+3.400%), 11/16/2028 |  | 59400 | 0.0 |
| 621875 | Azorra Soar TLB FInance Limited, Initial Term Loans, 7.799%, (TSFR3M+3.500%), 10/18/2029 |  | 626539 | 0.3 |
| 685000 | BCP VI Summit Holdings LP, Initial Term Loan, 7.825%, (TSFR1M+3.500%), 01/30/2032 |  | 685856 | 0.4 |
| 283 | Bombardier Recreational Products Inc., 2024 Extended Term Loan, 7.075%, (TSFR1M+2.750%), 01/22/2031 |  | 280 | 0.0 |
| 356380 | Brown Group Holding LLC, Incremental Term B-2 Facility, 6.813%, (TSFR3M+2.500%), 07/01/2031 |  | 354821 | 0.2 |
| 302041 | Chart Industries, Inc., 2024 Term Loan B, 6.805%, (TSFR3M+2.500%), 03/15/2030 |  | 301286 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 510099 | Construction Partners Inc., Closing Date Loans, 6.827%, (TSFR1M+2.500%), 11/03/2031 | $508824 | 0.3 |
| 159600 | Cornerstone Building Brands Inc., Tranche C Term Loans, 8.819%, (TSFR1M+4.500%), 05/15/2031 | 131770 | 0.1 |
| 300000 | Crown Equipment Corporation, Initial Term Loan, 6.819%, (TSFR1M+2.500%), 10/10/2031 | 300563 | 0.2 |
| 220991 | Dynasty Acquisition Co Inc., Initial Term B-1 Loan, 6.325%, (TSFR1M+2.000%), 10/31/2031 | 220628 | 0.1 |
| 84268 | Dynasty Acquisition Co Inc., Initial Term B-2 Loan, 6.324%, (TSFR1M+2.000%), 10/31/2031 | 84130 | 0.0 |
| 170000 | Eco Material Technologies Inc., Initial Term Loan, 7.467%, (TSFR1M+3.250%), 02/12/2032 | 170425 | 0.1 |
| 455926 | EMRLD Borrower LP, Initial Term B Loan, 6.933%, (TSFR3M+2.500%), 05/31/2030 | 451367 | 0.3 |
| 536484 | Filtration Group Corporation, 2025 Incremental Dollar Term Loan, 7.325%, (TSFR1M+3.000%), 10/21/2028 | 536484 | 0.3 |
| 149625 | Frontdoor Inc., 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 12/17/2031 | 151870 | 0.1 |
| 415000 | GFL Environmental Services Inc., Initial Term Loan, 6.819%, (TSFR3M+2.500%), 02/04/2032 | 412666 | 0.2 |
| 215000 <sup>(1)</sup> | Igloo Holdings Corp, Senior Facility B (USD) Loan, 02/20/2032 | 214597 | 0.1 |
| 392168 | Ingram Micro Inc., 2024 Term Loan B, 7.053%, (TSFR3M+2.750%), 09/22/2031 | 394251 | 0.2 |
| 81164 <sup>(1)(2)</sup> | Kaman Corporation, Delayed Draw Term Loan, 01/30/2032 | 81265 | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 860336 | Kaman Corporation, Initial Term Loans, 7.068%, (TSFR3M+2.750%), 01/30/2032 | $849986 | 0.5 |
| 692970 | Kenan Advantage Group Inc. (The), Term Loan B4, 7.575%, (TSFR1M+3.250%), 01/25/2029 | 690371 | 0.4 |
| 642068 | Legence Holdings LLC (f/k/a Refficiency Holdings LLC), Amendment No 9 Refinancing Term Loan, 7.575%, (TSFR1M+3.250%), 12/18/2028 | 638456 | 0.4 |
| 296132 | Lsf11 Trinity Bidco, Inc., Term Loan B, 7.322%, (TSFR1M+3.000%), 06/14/2030 | 297428 | 0.2 |
| 750000 | Lsf12 Crown Us Commercial Bidco, LLC, Term Loan, 8.573%, (TSFR1M+4.250%), 12/02/2031 | 738125 | 0.4 |
| 711425 <sup>(1)</sup> | Madison Safe FRN TL, 09/26/2031 | 711128 | 0.4 |
| 730000 | Madison Safety & Flow LLC, 2025 Incremental Term B, 7.075%, (TSFR1M+2.7500%), 03/29/2032 | 724525 | 0.4 |
| 253029 | MI Windows and Doors LLC, 2024 Incremental Term Loans, 7.325%, (TSFR1M+3.000%), 03/28/2031 | 249279 | 0.1 |
| 300000 | Novelis Holdings Inc., Initial Term Loan, 6.292%, (TSFR3M+2.000%), 02/20/2032 | 300075 | 0.2 |
| 210347 | Oscar AcquisitionCo LLC, Term B Loan, 8.549%, (TSFR3M+4.250%), 04/29/2029 | 197113 | 0.1 |
| 450670 | Pactiv Evergreen Group Holdings Inc., Tranch B-4 U.S. Term Loans, 6.825%, (TSFR1M+2.500%), 09/24/2028 | 450396 | 0.3 |
| 629823 | Pre Paid Legal Services Inc., First Lien Initial Term Loans, 7.689%, (TSFR1M+3.350%), 12/15/2028 | 624115 | 0.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 665274 | Pro Mach Group Inc., Amendment No.5 Refinancing Tl, 7.075%, (TSFR1M+2.750%), 08/31/2028 | $664096 | 0.4 |
| 675000 <sup>(1)</sup> | Protective Industrial Products Inc., Tl, 01/17/2032 | 650531 | 0.4 |
| 348248 | Quikrete Holdings Inc., New Tranche B-1 Term Loan, 6.575%, (TSFR1M+2.250%), 04/14/2031 | 345244 | 0.2 |
| 623890 | Quikrete Holdings Inc., Term Loan B (2029), 6.575%, (TSFR1M+2.250%), 03/19/2029 | 618899 | 0.3 |
| 935000 | Red SPV LLC, Initial Term Loan, 6.575%, (TSFR3M+2.250%), 03/08/2032 | 938506 | 0.5 |
| 536789 | Savage Enterprises LLC, Refinancing Term Loan, 7.073%, (TSFR1M+2.750%), 09/15/2028 | 536845 | 0.3 |
| 660242 | Service Logic Acquisition Inc., Amendment 8 Refinancing Term Loan, 7.319%, (TSFR1M+3.000%), 10/29/2027 | 663543 | 0.4 |
| 344530 | Smyrna Ready Mix Concrete LLC, 2025 Term Loan, 7.319%, (TSFR1M+3.000%), 04/02/2029 | 347114 | 0.2 |
| 656348 | SPX Flow, Inc., 2024 Term Loan B, 7.325%, (TSFR1M+3.000%), 04/05/2029 | 656245 | 0.4 |
| 455000 <sup>(1)</sup> | Stonepeak Nile Parent LLC, Term Loan B, 02/03/2032 | 453792 | 0.3 |
| 375000 | Terex Corporation, US Term Loan, 6.299%, (TSFR3M+2.000%), 10/08/2031 | 375904 | 0.2 |
| 685688 | Third Coast Infrastructure LLC, Initial Term Loan, 8.575%, (TSFR1M+4.250%), 09/25/2030 | 680974 | 0.4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** | **Industrial: (continued)** |
| 961926 | TK Elevator Midco Gmbh, Facility B2 (Usd), 7.737%, (TSFR6M+3.500%), 04/30/2030 | $| 963128 | 0.5 |
| 447072 | Transdigm Inc., Term Loan I, 7.049%, (TSFR3M+2.750%), 08/24/2028 |  | 447474 | 0.2 |
| 167061 | Transdigm Inc., Tranche J Term Loan, 6.799%, (TSFR3M+2.500%), 02/28/2031 |  | 166387 | 0.1 |
| 405900 | Transdigm Inc., Tranche K Term Loans, 7.049%, (TSFR3M+2.750%), 03/22/2030 |  | 403617 | 0.2 |
| 213925 | Transdigm Inc., Tranche L Term Loans, 6.799%, (TSFR3M+2.500%), 01/19/2032 |  | 213034 | 0.1 |
| 850167 | Trident TPI Holdings Inc., Tranche B-7 Term Loan, 8.049%, (TSFR3M+3.750%), 09/15/2028 |  | 822094 | 0.5 |
| 340174 | Vertex Aerospace Services Corp, 2023 Term Loan, 6.575%, (TSFR1M+2.250%), 12/06/2030 |  | 336134 | 0.2 |
| 580013 | Watlow Electric Manufacturing Company, Term Loan B, 7.791%, (TSFR3M+3.500%), 03/02/2028 |  | 579650 | 0.3 |
| 676600 | Wilsonart LLC, Initial Term Loans, 8.549%, (TSFR3M+4.250%), 08/05/2031 |  | 645518 | 0.4 |
|  |  |  | **26789484** | **15.1** |
|  | **Insurance: 0.7%** | **Insurance: 0.7%** | **Insurance: 0.7%** | **Insurance: 0.7%** |
| 1211226 | Sedgwick Claims Management Services Inc, 2024 Term Loan, 8.250%, (TSFR3M+3.000%), 07/31/2031 |  | 1208349 | 0.7 |
|  | **Leisure Good/Activities/Movies: 0.3%** | **Leisure Good/Activities/Movies: 0.3%** | **Leisure Good/Activities/Movies: 0.3%** | **Leisure Good/Activities/Movies: 0.3%** |
| 474880 | Playtika Holding Corp, Tranche B1, 7.943%, (TSFR1M+2.750%), 03/13/2028 |  | 470190 | 0.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |  |  |
|  | **Lodging & Casinos: 1.2%** | **Lodging & Casinos: 1.2%** | **Lodging & Casinos: 1.2%** |
| 1044622 | Fertitta Entertainment LLC, Initial B Term Loan, 7.825%, (TSFR1M+3.500%), 01/27/2029 | $1029345 | 0.6 |
| 602256 | Flynn Restaurant Group LP, 2021 New Term Loan, 8.689%, (TSFR1M+4.360%), 12/01/2028 | 602633 | 0.3 |
| 440798 | Golden Entertainment Inc., Term B-1 Loan, 6.575%, (TSFR1M+2.250%), 05/26/2030 | 441073 | 0.3 |
|  |  | **2073051** | **1.2** |
|  | **Radio & Television: 0.4%** |  |  |
| 200717 | DirectV Financing LLC, Closing Date Term Loan, 10.360%, (TSFR1M+5.262%), 08/02/2027 | 201290 | 0.1 |
| 463538 | Houghton Mifflin Harcourt Company, First Lien Term B Loan, 9.675%, (TSFR1M+5.250%), 04/09/2029 | 458830 | 0.3 |
|  |  | **660120** | **0.4** |
|  | **Retailers (Except Food & Drug): 0.6%** |  |  |
| 469669 | Leslie's Poolmart Inc., Initial Term Loan, 7.302%, (TSFR3M+3.000%), 03/09/2028 | 349317 | 0.2 |
| 695473 | Petco Health and Wellness Company Inc., First Lien Initial Term Loan, 7.811%, (TSFR3M+3.500%), 03/03/2028 | 635006 | 0.4 |
|  |  | **984323** | **0.6** |
|  | **Technology: 14.4%** |  |  |
| 412708 | Adeia Inc., Amendment No 4 Term Loan B, 6.825%, (TSFR1M+2.500%), 06/08/2028 | 411676 | 0.2 |
| 547250 | AMC Entertainment Holdings Inc., Initial Exchange Term Loan, 11.322%, (TSFR1M+7.000%), 01/04/2029 | 547250 | 0.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 528675 | Amentum Holdings LLC, Initial Term Loan, 6.575%, (TSFR1M+2.250%), 09/29/2031 | $513888 | 0.3 |
| 195000 | Applied Systems Inc., Initial Term Loan (2024) (Second Lien), 8.079%, (TSFR1M+3.750%), 02/23/2032 | 200119 | 0.1 |
| 710411 | Applied Systems Inc., Tranche B-1 Term Loan, 7.049%, (TSFR3M+2.750%), 02/24/2031 | 710300 | 0.4 |
| 887175 | Ascend Learning LLC, Amendment No 5 Term Loan, 7.325%, (TSFR1M+3.000%), 12/11/2028 | 877471 | 0.5 |
| 530000 | Asurion LLC, Second Lien Term Loan B3, 9.689%, (TSFR1M+5.250%), 01/31/2028 | 504030 | 0.3 |
| 430000 | BCPE Pequod Buyer Inc., Initial Term Loan, 7.791%, (TSFR3M+3.500%), 11/25/2031 | 429149 | 0.2 |
| 860000 | BMC Software (Boxer/ Bladelogic), 2031 Replacement Dollar Term Loan, 7.291%, (TSFR3M+3.000%), 07/30/2031 | 845879 | 0.5 |
| 150000 <sup>(1)</sup> | Clearwater Analytics LLC, Term Loan B, 02/07/2032 | 150281 | 0.1 |
| 7 | Cloud Software Group Inc., Initial Dollar Term B Facility, 7.829%, (TSFR3M+3.500%), 03/30/2029 | 7 | 0.0 |
| 539545 | Connectwise, LLC, Initial Term Loan, 8.061%, (TSFR3M+3.750%), 09/29/2028 | 539815 | 0.3 |
| 220000 <sup>(1)</sup> | Cotiviti Inc., Term Loan, 02/13/2032 | 216563 | 0.1 |
| 453863 | Dragon Buyer, Inc., Term Loan, 7.299%, (TSFR3M+3.000%), 09/30/2031 | 451366 | 0.3 |
| 619579 | ECI Macola / Max Holding LLC, Term Loan, 7.549%, (TSFR3M+3.250%), 05/09/2030 | 620160 | 0.3 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 909598 | Epicor Software Corporation, Term F Loans, 7.075%, (TSFR1M+2.750%), 05/30/2031 | $908533 | 0.5 |
| 422875 | Fortress Intermediate 3 Inc., Initial Term Loan, 8.075%, (TSFR1M+3.750%), 06/27/2031 | 422875 | 0.2 |
| 507051 | Gainwell Acquisition Corp, Term B Loan, 8.399%, (TSFR3M+4.100%), 10/01/2027 | 474093 | 0.3 |
| 815000 | Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC), 2025 Dollar Term Loans, 6.825%, (TSFR1M+2.500%), 01/24/2032 | 807359 | 0.5 |
| 465431 | Helios Software Holdings Inc., Facility 2024-B Dollar Term Loan, 7.799%, (TSFR3M+3.500%), 07/18/2030 | 466231 | 0.3 |
| 605000 | Icon Parent I Inc., Initial Term Loan, 7.315%, (TSFR3M+3.000%), 11/13/2031 | 600689 | 0.3 |
| 321750 | Imagine Learning LLC, 2024 Term Loan, 7.825%, (TSFR1M+3.500%), 12/21/2029 | 320778 | 0.2 |
| 916820 | Indy Us Bidco, LLC, Eleventh Amendment Term Loan, 7.824%, (TSFR1M+3.500%), 03/06/2028 | 914814 | 0.5 |
| 150000 <sup>(1)</sup> | Kaseya Inc., Initial Term Loan, 03/05/2033 | 150156 | 0.1 |
| 365000 <sup>(1)</sup> | Kaseya, Inc., Initial Term Loan, 03/06/2032 | 363129 | 0.2 |
| 820000 | Leia FInc.o US LLC, Initial Term Loan, 7.535%, (TSFR3M+3.250%), 10/09/2031 | 813146 | 0.5 |
| 264338 | Minerals Technologies Inc., Term Loan B, 6.322%, (TSFR1M+2.000%), 11/21/2031 | 264338 | 0.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 2147 | Mitchell International, Inc., Initial Term Loan, 7.575%, (TSFR1M+3.250%), 06/17/2031 | $2125 | 0 |
| 466056 | MKS Instruments Inc., 2025-1 Dollar Term B Loans, 6.319%, (TSFR1M+2.000%), 08/17/2029 | 464891 | 0.3 |
| 735000 | Neon Maple Purchaser Inc., Tranche B-1 Term Loan, 7.325%, (TSFR1M+3.000%), 11/17/2031 | 732473 | 0.4 |
| 798000 | PointClickCare Technologies Inc., 2024-1 Term Loan, 7.549%, (TSFR3M+3.250%), 11/03/2031 | 798749 | 0.5 |
| 551406 | Project Boost Purchaser LLC, 1L Intial Term Loan, 7.299%, (TSFR3M+3.000%), 07/16/2031 | 549141 | 0.3 |
| 719572 | Project Ruby Ultimate Parent Corp, Incremental Term B4 Loan, 7.439%, (TSFR1M+3.110%), 03/10/2028 | 718110 | 0.4 |
| 124274 | Rackspace Finance, LLC, First Lien Term Loan, 7.187%, (TSFR1M+2.860%), 05/15/2028 | 58098 | 0 |
| 990764 | RealPage Inc., First Lien Initial Term Loan, 7.561%, (TSFR3M+3.250%), 04/24/2028 | 978875 | 0.6 |
| 589050 | Rocket Software Inc., Term Loan, 8.575%, (TSFR1M+4.250%), 11/28/2028 | 588515 | 0.3 |
| 500000 | Sandisk Corporation, Term B Loan, 7.330%, (TSFR3M+3.000%), 02/20/2032 | 494375 | 0.3 |
| 344376 | Skillsoft Finance II Inc., Initial Term Loan, 9.692%, (TSFR1M+5.250%), 07/14/2028 | 297024 | 0.2 |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 703464 | Skopima Consilio Parent LLC (FKA GI Consilio), Amendment No. 5 Term Loans, 8.075%, (TSFR1M+3.750%), 05/12/2028 | $699445 | 0.4 |
| 750000 <sup>(1)</sup> | Solarwinds TLB S, 03/12/2032 | 730781 | 0.4 |
| 683208 | Sophos Holdings, LLC, Dollar Tranche Term Loan, 7.936%, (TSFR1M+3.610%), 03/05/2027 | 684845 | 0.4 |
| 569264 | The Knot Worldwide Inc., Amendment No 5 term Loan, 8.075%, (TSFR1M+3.750%), 01/31/2028 | 573534 | 0.3 |
| 358200 | Thunder Generation Funding LLC, Term Loan B, 9.500%, (TSFR3M+3.000%), 10/03/2031 | 358722 | 0.2 |
| 1237435 | UKG Inc., Term Loan B, 7.300%, (TSFR3M+3.000%), 02/10/2031 | 1236984 | 0.7 |
| 239830 | Ultra Clean Holdings Inc., Seventh Amendment Replacement Term Loan, 7.575%, (TSFR1M+3.250%), 02/28/2028 | 240729 | 0.1 |
| 394366 | Virtusa Corporation, Term B-2 Loan, 7.575%, (TSFR1M+3.250%), 02/15/2029 | 394201 | 0.2 |
| 368152 | VS Buyer LLC, 2024-1 Refinancing Term Loan, 7.072%, (TSFR1M+2.750%), 04/12/2031 | 368613 | 0.2 |
| 527558 | Waystar Technologies Inc., 2024 Term Loan B, 6.575%, (TSFR1M+2.250%), 10/22/2029 | 526569 | 0.3 |
| 10882 | World Wide Technology Holding Co LLC, 2024-2 Refinancing Term Loans, 6.575%, (TSFR1M+2.250%), 03/01/2030 | 10936 | 0.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | **Value** | **Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** | **LOANS** **<sup>\*</sup>: (continued)** |
|  | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** | **Technology: (continued)** |
| 555000 | World Wide Technology Holding Co LLC, 2024-2 Refinancing Term Loans, 6.575%, (TSFR1M+2.2500%), 03/01/2030 | $| 557775 | 0.3 |
|  |  |  | **25589605** | **14.4** |
|  | **Telecommunications: 0.8%** | **Telecommunications: 0.8%** | **Telecommunications: 0.8%** | **Telecommunications: 0.8%** |
| 911187 | CCI Buyer Inc., First Lien Initial Term Loan, 8.299%, (TSFR3M+4.000%), 12/17/2027 |  | 913181 | 0.5 |
| 600000 | Zayo Group Holdings Inc., Initial Dollar Term Loan, 7.439%, (TSFR1M+3.110%), 03/09/2027 |  | 560125 | 0.3 |
|  |  |  | **1473306** | **0.8** |
|  | **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** |
| 245000 | AL GCX Holdings LLC, Initial Term Loan B, 6.325%, (TSFR1M+2.000%), 01/21/2032 |  | 243928 | 0.1 |
| 333325 | Alpha Generation LLC, Initial Term B Loan, 7.075%, (TSFR1M+2.750%), 09/30/2031 |  | 333950 | 0.2 |
| 609106 | Discovery Energy Holding Corporation, Initial Dollar Term Loan, 8.049%, (TSFR3M+3.750%), 05/01/2031 |  | 600731 | 0.4 |
| 527350 | Lightning Power, LLC, Initial Term B Loan, 6.549%, (TSFR3M+2.250%), 08/18/2031 |  | 525184 | 0.3 |
|  |  |  | **1703793** | **1.0** |
|  | Total Loans |  |  |  |
|  | (Cost $165,764,995) |  | **164902606** | **93.0** |
| **CORPORATE BONDS/NOTES: 6.7%** | **CORPORATE BONDS/NOTES: 6.7%** | **CORPORATE BONDS/NOTES: 6.7%** | **CORPORATE BONDS/NOTES: 6.7%** | **CORPORATE BONDS/NOTES: 6.7%** |
|  | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** | **Basic Materials: 0.5%** |
| 500000 <sup>(3)</sup> | Cleveland-Cliffs, Inc., 7.000%, 03/15/2032 |  | 480409 | 0.3 |
| 500000 <sup>(3)</sup> | Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.000%, 01/27/2030 |  | 465940 | 0.2 |
|  |  |  | **946349** | **0.5** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Communications: 0.8%** | **Communications: 0.8%** | **Communications: 0.8%** |
| 500000 <sup>(3)</sup> | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 08/15/2030 | $455589 | 0.2 |
| 500000 <sup>(3)</sup> | Stagwell Global LLC, 5.625%, 08/15/2029 | 476664 | 0.3 |
| 500000 <sup>(3)</sup> | Viasat, Inc., 5.625%, 04/15/2027 | 480325 | 0.3 |
|  |  | **1412578** | **0.8** |
|  | **Consumer, Cyclical: 1.6%** | **Consumer, Cyclical: 1.6%** | **Consumer, Cyclical: 1.6%** |
| 500000 <sup>(3)</sup> | Gap, Inc., 3.875%, 10/01/2031 | 431902 | 0.2 |
| 500000 <sup>(3)</sup> | Lithia Motors, Inc., 4.375%, 01/15/2031 | 453389 | 0.3 |
| 500000 | Sally Holdings LLC / Sally Capital, Inc., 6.750%, 03/01/2032 | 501555 | 0.3 |
| 500000 <sup>(3)</sup> | Taylor Morrison Communities, Inc., 5.750%, 01/15/2028 | 499260 | 0.3 |
| 500000 <sup>(3)</sup> | Tempur Sealy International, Inc., 3.875%, 10/15/2031 | 439563 | 0.2 |
| 500000 <sup>(3)</sup> | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.250%, 05/15/2027 | 495081 | 0.3 |
|  |  | **2820750** | **1.6** |
|  | **Consumer, Non-cyclical: 1.6%** | **Consumer, Non-cyclical: 1.6%** | **Consumer, Non-cyclical: 1.6%** |
| 500000 <sup>(3)</sup> | ADT Security Corp., 4.125%, 08/01/2029 | 470000 | 0.3 |
| 500000 <sup>(3)</sup> | Cheplapharm Arzneimittel GmbH, 5.500%, 01/15/2028 | 447898 | 0.2 |
| 500000 <sup>(3)</sup> | DaVita, Inc., 4.625%, 06/01/2030 | 460696 | 0.2 |
| 500000 <sup>(3)</sup> | Post Holdings, Inc., 4.625%, 04/15/2030 | 467519 | 0.3 |
| 500000 <sup>(3)</sup> | Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 4.375%, 04/30/2029 | 478950 | 0.3 |
| 500000 <sup>(3)</sup> | Williams Scotsman International, Inc., 4.625%, 08/15/2028 | 485030 | 0.3 |
|  |  | **2810093** | **1.6** |
|  | **Energy: 0.6%** | **Energy: 0.6%** | **Energy: 0.6%** |
| 500000 <sup>(3)</sup> | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 500796 | 0.3 |
| 500000 | Sunoco L.P. / Sunoco Finance Corp., 4.500%, 05/15/2029 | 473965 | 0.3 |
|  |  | **974761** | **0.6** |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Principal**<br>**Amount†** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** | **CORPORATE BONDS/NOTES: (continued)** |
|  | **Financial: 0.8%** | **Financial: 0.8%** | **Financial: 0.8%** |
| 500000 <sup>(3)</sup> | Nationstar Mortgage Holdings, Inc., 5.750%, 11/15/2031 | $500284 | 0.3 |
| 500000 | OneMain Finance Corp., 5.375%, 11/15/2029 | 476075 | 0.3 |
| 500000 <sup>(3)</sup> | PRA Group, Inc., 5.000%, 10/01/2029 | 461003 | 0.2 |
|  |  | **1437362** | **0.8** |
|  | **Industrial: 0.5%** | **Industrial: 0.5%** | **Industrial: 0.5%** |
| 500000 <sup>(3)</sup> | Cascades, Inc. / Cascades USA, Inc., 5.375%, 01/15/2028 | 485031 | 0.3 |
| 500000 <sup>(3)</sup> | Standard Industries, Inc., 4.750%, 01/15/2028 | 484445 | 0.2 |
|  |  | **969476** | **0.5** |
|  | **Technology: 0.3%** | **Technology: 0.3%** | **Technology: 0.3%** |
| 550000 <sup>(3)</sup> | Entegris Escrow Corp., 5.950%, 06/15/2030 | 547837 | 0.3 |
|  | Total Corporate Bonds/ Notes |  |  |
|  | (Cost $11,833,645) | **11919206** | **6.7** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **COMMON STOCK: 0.1%** | **COMMON STOCK: 0.1%** | **COMMON STOCK: 0.1%** | **COMMON STOCK: 0.1%** |
|  | **Business Equipment & Services: 0.1%** | **Business Equipment & Services: 0.1%** | **Business Equipment & Services: 0.1%** |
| 30272 <sup>(4)</sup> | Yak Access LLC Series A | 60545 | 0.1 |
| 5388 <sup>(4)</sup> | Yak Access LLC Series B | 10776 | 0.0 |
|  |  | **71321** | **0.1** |
|  | **Communication Services: 0.0%** | **Communication Services: 0.0%** | **Communication Services: 0.0%** |
| 32597 <sup>(5)</sup> | Cumulus Media, Inc. — Class A | 14408 | 0.0 |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 408271 <sup>(4)</sup> | 24 Hour Fitness Worldwide, Inc. | 4083 | 0.0 |
| 42856 <sup>(4)</sup> | Anchor Hocking Holdings | 429 | 0.0 |
| 188 <sup>(4)</sup> | Travelport Tech Ltd. | 62914 | 0.0 |
|  |  | **67426** | **0.0** |
|  | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 5913978 <sup>(4)</sup> | Save-A-Lot, Inc./Moran Foods |  | 0.0 |
|  | Total Common Stock |  |  |
|  | (Cost $2,039,237) | **153155** | **0.1** |

---

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

---

| | | | |
|:---|:---|:---|:---|
| <br>**Shares** | | <br>**Value** | **Percentage**<br>**of Net**<br>**Assets** |
| **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** | **PREFERRED STOCK: 0.0%** |
|  | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 544388 <sup>(4)</sup> | 24 Hour Fitness Worldwide, Inc. | $16331 | 0.0 |
|  | Total Preferred Stock |  |  |
|  | (Cost $653,781) | **16331** | **0.0** |
|  | Total Long-Term Investments |  |  |
|  | (Cost $180,291,658) | **176991298** | **99.8** |
|  |  |  | **Percentage** |
|  |  |  | **of Net** |
| **Shares** | **RA** | **Value** | **Assets** |
| **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** | **SHORT-TERM INVESTMENTS: 0.4%** |
|  | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** | **Mutual Funds: 0.4%** |
| 725020 <sup>(6)</sup> | BlackRock Liquidity Funds, FedFund, Institutional Class, 4.230% |  |  |
|  | (Cost $725,020) | $**725020** | **0.4** |
|  | Total Short-Term Investments |  |  |
|  | (Cost $725,020) | **725020** | **0.4** |
|  | **Total Investments in Securities** |  |  |
|  | **(Cost $181,016,678)** | $**<u>177716318</u>** | **100.2** |
|  | **Liabilities in Excess of Other Assets** | **(370190)** | **(0.2)** |
|  | **Net Assets** | $**177346128** | **100.0** |

---

\* Loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These senior loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the Secured Overnight Financing Rate ("SOFR") and other short-term rates.

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

<sup>(1)</sup> Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined.

<sup>(2)</sup> All or a portion of this holding is subject to unfunded loan commitments. Please refer to Note 9 for additional details.

<sup>(3)</sup> Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.

<sup>(4)</sup> For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.

<sup>(5)</sup> Non-income producing security. <br><sup>(6)</sup> Rate shown is the 7-day yield as of March 31, 2025.

Reference Rate Abbreviations:

SOFRRATE 1-day Secured Overnight Financing Rate

TSFR1M 1-month CME Term Secured Overnight Financing Rate

TSFR3M 3-month CME Term Secured Overnight Financing Rate <br> TSFR6M 6-month CME Term Secured Overnight Financing Rate

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS <br> <u>Voya Floating Rate Fund</u> <u>as of March 31, 2025 (continued)</u>

**Fair Value Measurements** **<sup>^</sup>**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2025 in valuing the assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quoted Prices<br> in Active Markets**<br>**for Identical**<br>**Investments**<br>**(Level 1)** | **Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** |<br>**Fair Value**<br>**at**<br>**March 31, 2025** |
| **Asset Table** |  |  |  |  |
| **Investments, at fair value** |  |  |  |  |
| Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business Equipment & Services | $— | $— | $71321 | $71321 |
| &nbsp;&nbsp;&nbsp;Communication Services | 14408 |  |  | 14408 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  | 67426 | 67426 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  |  |  |  |
| Total Common Stock | 14408 |  | 138747 | 153155 |
| Loans |  | 164902606 |  | 164902606 |
| Corporate Bonds/Notes |  | 11919206 |  | 11919206 |
| Preferred Stock |  |  | 16331 | 16331 |
| Short-Term Investments | 725020 |  |  | 725020 |
| Total Investments, at fair value | $739428 | $176821812 | $155078 | $177716318 |

---

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

At March 31, 2025, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments on a tax basis were:

---

| | |
|:---|:---|
| Cost for U.S. federal income tax purposes was $181,037,161. |  |
| Net unrealized depreciation consisted of: |  |
| Gross Unrealized Appreciation | $727107 |
| Gross Unrealized Depreciation | (4047950) |
| Net Unrealized Depreciation | $(3320843) |

---

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

------

Dividends and distributions paid during the year ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Type** | **Per Share Amount** |
| Voya Floating Rate Fund |  |  |
| &nbsp;&nbsp;&nbsp;Class A | NII | $0.7304 |
| &nbsp;&nbsp;&nbsp;Class C | NII | $0.6689 |
| &nbsp;&nbsp;&nbsp;Class I | NII | $0.7509 |
| &nbsp;&nbsp;&nbsp;Class R | NII | $0.7084 |
| &nbsp;&nbsp;&nbsp;Class W | NII | $0.7523 |
| &nbsp;&nbsp;&nbsp;All Classes | ROC | $0.1331 |

---

NII — Net investment income

ROC — Return of capital

Pursuant to Internal Revenue Code Section 871(k)(1), Voya Floating Rate Fund designates 96.76% of net investment income distributions as interest-related dividends.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. generally accepted accounting principles (book) purposes and Internal Revenue Service (tax) purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Fund. In January, shareholders, excluding corporate shareholders, receive an IRS 1099-DIV regarding the federal tax status of the dividends and distributions they received in the calendar year.

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited)

**BOARD CONSIDERATION AND APPROVAL OF INVESTMENT MANAGEMENT CONTRACT AND SUB-ADVISORY CONTRACT**

At a meeting held on November 14, 2024, the Board of Trustees ("Board") of Voya Funds Trust (the "Trust"), including a majority of the Board members who have no direct or indirect interest in the investment management and sub-advisory contracts, and who are not "interested persons" of Voya Floating Rate Fund, a series of the Trust (the "Fund"), as such term is defined under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and approved the renewal of the investment management contract (the "Management Contract") between Voya Investments, LLC (the "Manager") and the Trust, on behalf of the Fund, and the sub-advisory contract (the "Sub-Advisory Contract," and together with the Management Contract, the "Contracts") with Voya Investment Management Co. LLC, the sub-adviser to the Fund (the "Sub-Adviser"), for an additional one-year period ending November 30, 2025.

In addition to the Board meeting on November 14, 2024, the Independent Trustees also held meetings outside the presence of representatives of the Manager and Sub-Adviser (collectively, such persons are referred to herein as "management") on October 9, 2024 and November 12, 2024. At those meetings, the Board members reviewed and considered materials related to the proposed continuance of the Contracts that they had requested and believed to be relevant to the renewal of the Contracts in light of their own business judgment and the legal advice furnished to them by K&L Gates LLP, their independent legal counsel. The Board also considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other relevant matters. While the Board considered the renewal of the management contracts and sub-advisory contracts for all of the applicable investment companies in the Voya family of funds at the same meetings, the Board considered each Voya fund's investment management and sub-advisory relationships separately.

The Board has established a Contracts Committee and two Investment Review Committees (the "IRCs"), each of which includes only Independent Trustees as members. The Contracts Committee meets several times throughout the year to provide oversight with respect to the management and sub-advisory contracts approval and renewal process for the Voya funds, among other functions, and each IRC meets several times throughout the year with respect to each Voya fund (assigned to that IRC) to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager's role in monitoring the sub-advisers.

The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds ("Methodology Guide"), which sets out a framework pursuant to which the Independent Trustees request, and management provides, certain information that the Independent Trustees deem to be important or potentially relevant to the contracts renewal process for the Voya funds. The Independent Trustees retain the services of an independent consultant with experience in the mutual fund industry to assist the Contracts Committee in developing and recommending to the Board: (1) a selected peer group of investment companies for the Fund ("Selected Peer Group") based on the Fund's particular attributes; and (2) updates to the Methodology Guide with respect to the content and format of various data prepared in connection with the renewal process.

The Manager or Sub-Adviser may not have been able to, or opted not to, provide information in response to certain information requests, in which case the Board conducted its evaluation based on the information that was provided. In such cases, the omission of any such information was not deemed to be material to the Board's considerations.

Provided below is an overview of certain material factors that the Board considered at its meetings regarding the renewal of the Contracts and the compensation to be paid thereunder. The Board members did not identify any particular information or factor that was most relevant to its consideration.

**Nature, Extent and Quality of Services**

The Manager oversees, subject to the authority of the Board, and is responsible for the provision of, all investment advisory and portfolio management services for the Fund, but may delegate certain of these responsibilities to one or more sub-advisers. In addition, the Manager provides administrative services reasonably necessary for the operation of the Fund as set forth in the Management Contract, including oversight of the Fund's operations and risk management and the oversight of its various other service providers.

The Board considered the "manager-of-managers" structure of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to the Board's approval, sub-advisers to provide day-to-day management services to all or a portion of each Voya fund. The Board recognized that the Manager is responsible for monitoring the Sub-Adviser's investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions with respect to the Fund under

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing due diligence and oversight with respect to the sub-advisers and to recommend appropriate changes in investment strategies, sub-advisers, or allocation among sub-advisers in an effort to improve a Voya fund's performance. In connection with the Manager's performance of these duties, the Board considered that the Manager has developed an oversight process formulated by its Manager Research & Selection Group that reviews, among other matters, performance data, the Sub-Adviser's management team, portfolio data and attribution analysis related to the Sub-Adviser through various means, including, but not limited to, in-person meetings, on-site or virtual visits, and telephonic meetings with the Sub-Adviser.

Further, the Board considered periodic compliance reports it receives from the Trust's Chief Compliance Officer evaluating, among other related matters, whether the regulatory compliance systems and procedures of the Manager and Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are complied with on a consistent basis.

The Board considered the portfolio management team assigned by the Sub-Adviser to the Fund and the level of resources committed to the Fund (and other relevant funds in the Voya funds) by the Manager and the Sub-Adviser, and whether those resources are sufficient to provide high-quality services to the Fund.

Based on their deliberations and the materials presented to them, the Board concluded that the nature, extent and quality of the overall services provided by the Manager and Sub-Adviser under the Contracts were appropriate.

**Fund Performance**

In assessing the investment management and sub-advisory relationships, the Board placed emphasis on the investment returns of the Fund, including its investment performance over certain time periods compared to the Fund's Morningstar, Inc. ("Morningstar," an independent provider of mutual fund data) category and primary benchmark, a broad-based securities market index. The Board also considered information from the Manager Research & Selection Group and received reports summarizing a separate analysis of the Fund's performance and risk, including risk-adjusted investment return information, from the Trust's Chief Investment Risk Officer.

**Economies of Scale**

When evaluating the reasonableness of the management

fee schedule, the Board considered whether economies of scale have been or likely will be realized by the Manager and the Sub-Adviser if and when the Fund grows larger and the extent to which any such economies are shared with the Fund. In this regard, the Board noted the breakpoints in the management fee schedule that will result in a lower management fee rate if and when the Fund achieves sufficient asset levels to receive a breakpoint discount. The Board also considered that, in addition to the management fee breakpoints, the Fund has fee waiver and expense reimbursement arrangements. The Board considered the extent to which economies of scale realized by the Manager or the Sub-Adviser could be shared with the Fund through such fee waivers, expense reimbursements or other expense reductions. In the case of sub-advisory fees, the Board considered that breakpoints, if any, would inure to the benefit of the Manager.

**Information Regarding Services, Performance, and Fee Schedules Offered to Other Clients**

The Board considered comparative information regarding the nature of services, performance, and fee schedules offered by the Manager and Sub-Adviser to other clients with similar investment objectives, if applicable, including other registered investment companies and relevant institutional accounts. When the fee schedules offered to or the performance of such other clients differed materially from the Fund, the Board took into account the underlying rationale provided by the Manager or Sub-Adviser, as applicable, for these differences.

**Fee Schedules, Profitability, and Fall-out Benefits**

The Board reviewed and considered the contractual management fee schedule and net management fee rate payable by the Fund to the Manager compared to the Fund's Selected Peer Group. The Board also considered the compensation payable by the Manager to the Sub-Adviser for sub-advisory services for the Fund, including the portion of the contractual and net management fee rates that are paid to the Sub-Adviser, as compared to the compensation paid to the Manager. In addition, the Board considered the fee waivers, expense limitations, and recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager proposed any changes thereto. The Board separately determined that the fees payable to the Manager and the fee schedule payable to the Sub-Adviser are reasonable for the services that each performs, which were considered in light of the nature, extent and quality of the services that each has performed and is expected to perform.

The Board considered information on revenues, costs and profits or losses realized by the Manager and the Voya-affiliated Sub-Adviser related to its services to the Fund. In

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)

analyzing the profitability of the Manager and its affiliates in connection with services they render to a Fund, the Board took into account the sub-advisory fee rate payable by the Manager to the Sub-Adviser. The Board also considered the profitability of the Manager and its affiliated Sub-Adviser attributable to servicing the Fund both with and without taking into account the profitability of the distributor of the Fund and any revenue sharing payments made by, or other distribution-related expenses incurred by, the Manager.

Although the Methodology Guide establishes a framework for profit calculation by the Manager and its affiliated Sub-Adviser, the Board recognized that there is no uniform methodology within the asset management industry for determining profitability for this purpose. The Board also recognized that the use of different reasonable methodologies can give rise to dramatically different reported profit and loss results with respect to the Manager and the Voya-affiliated Sub-Adviser, as well as other industry participants with whom the profits of the Manager and its affiliated Sub-Adviser could be compared. In addition, the Board recognized that management's calculations regarding its costs incurred in establishing the infrastructure necessary for the Fund's operations may not be fully reflected in the expenses allocated to the Fund in determining profitability. The Board also recognized that the information presented may not portray all of the costs borne by the Manager or reflect all of the risks associated with offering and managing a mutual fund complex in the current regulatory and market environment, including entrepreneurial, regulatory, legal and operational risks.

The Board also considered that the Manager and the Voya-affiliated Sub-Adviser are entitled to earn a reasonable level of profits for the services that they provide to the Fund. The Board also considered information regarding the potential fall-out benefits to the Manager and Sub-Adviser and their respective affiliates from their association with the Fund. Following its reviews, the Board determined that the Manager's and the Voya-affiliated Sub-Adviser's profitability with respect to their services to the Fund and the Manager's and Sub-Adviser's potential fall-out benefits were not unreasonable.

**Fund Analysis**

Set forth below are certain of the specific factors that the Board considered at its October 9, 2024, November 12, 2024, and/or November 14, 2024 meetings in relation to approving the Fund's Contracts and the conclusions reached by the Board. These specific factors are in addition to those considerations discussed above. The performance data provided to the Board primarily was for various periods ended March 31, 2024. In addition, the Board also considered at its October 9, 2024, November 12, 2024,

and/or November 14, 2024 meetings certain additional data regarding the Fund's more recent performance, asset levels and asset flows. The Fund's management fee rate and expense ratio were compared to the management fee rates and expense ratios of the funds in its Selected Peer Group. With respect to the quintile rankings noted below, the first quintile represents the range of funds with the highest performance or the lowest management fee rate or expense ratio, as applicable, and the fifth quintile represents the range of funds with the lowest performance or the highest management fee rate or expense ratio, as applicable.

In considering whether to approve the renewal of the Contracts for the Fund, the Board considered that, based on performance data for the periods ended March 31, 2024: (1) the Fund is ranked in the second quintile of its Morningstar category for the year-to-date period and the fifth quintile for the one-year, three-year, five-year and ten-year periods; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which it outperformed.

In analyzing this performance data, the Board took into account management's representations regarding the (1) competitiveness of the Fund's performance during certain periods; and (2) the changes to the Fund's portfolio management team in May 2023. The Board also considered that, at the Board meeting on November 14, 2024, Management had proposed, and the Board approved, that the Fund be merged into another Voya fund, which such merger was anticipated to be effective on or about August 8, 2025.

In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered the pricing structure (including the net expense ratio to be borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the Fund's net management fee rate is ranked in the second quintile; (b) the Fund's contractual management fee rate is ranked in the fourth quintile; and (c) the Fund's net expense ratio is ranked in the third quintile.

In analyzing this fee data, the Board took into account management's representations regarding the competitiveness of the Fund's management fee rate and net expense ratio.

**Board Conclusions**

After its deliberation, the Board concluded that, in its business judgment, the terms of the Contracts are fair and reasonable to the Fund and that approval of the continuation of the Contracts is in the best interests of the Fund and its

ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNaudited) (continued)

shareholders. In doing so, the Board reviewed all factors it considered to be material, including those discussed above. Within the context of its overall conclusions regarding the Contracts, and based on the information provided and management's related representations, the Board concluded that it was satisfied with management's responses relating to the Fund's investment performance and the fees payable under the Contracts. During this renewal process, each Board member may have accorded different weight to various factors in reaching his or her conclusions. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2025.

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| Voya Investments, LLC | Ernst & Young LLP |
| 7337 East Doubletree Ranch Road, Suite 100 | 200 Clarendon Street |
| Scottsdale, Arizona 85258 | Boston, Massachusetts 02116 |
| **Distributor** | **Custodian** |
| Voya Investments Distributor, LLC | The Bank of New York Mellon |
| 7337 East Doubletree Ranch Road, Suite 100 | 225 Liberty Street |
| Scottsdale, Arizona 85258 | New York, New York 10286 |
| **Transfer Agent** | **Legal Counsel** |
| BNY Mellon Investment Servicing (U.S.) Inc. | Ropes & Gray LLP |
| 103 Bellevue Parkway | Prudential Tower |
| Wilmington, Delaware 19809 | 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.

**163061 (0325)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants during the reporting period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None during the reporting period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The Trustees' Fees and Expenses are included in the financial statements filed under Item 7. Aggregate amount of $346,069.33 was paid during the reporting period.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included in the financial statements filed under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) Based on our evaluation conducted within 90 days of the filing
date, hereof, the design and operation of the registrant's disclosure controls and procedures are effective to ensure that material
information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly
during the period in which Forms N-CSR are being prepared, and the registrant's disclosure controls and procedures allow timely
preparation and review of the information for the registrant's Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant's internal
controls that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

[(a)(1)](tm2514698d7_ex99-codeeth.htm) [The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](tm2514698d7_ex99-codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2514698d7_ex99-cert.htm) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) is attached hereto as EX-99.CERT.](tm2514698d7_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2514698d7_ex99-906cert.htm) [The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](tm2514698d7_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant): Voya Funds Trust | (Registrant): Voya Funds Trust |
| By | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: June 6, 2025 | Date: June 6, 2025 |

---

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/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |
| Date: June 6, 2025 | Date: June 6, 2025 |
| By | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |
| Date: June 6, 2025 | Date: June 6, 2025 |

---

## Ex-99.Code

**EX-99.CODE ETH**

**VOYA MUTUAL FUNDS**

**SARBANES-OXLEY ACT**

**CODE OF ETHICS**

**<u>I.</u>**  **<u>Adoption</u>** 

The Boards of Directors/Trustees ("Board") of the Voya funds (each a "Fund," and collectively, the "Funds") adopted this code of ethics ("Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Act"), which requires annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers of the Funds ("Covered Officers"). For the purposes of this Code, the chief executive officer and the chief financial officer of the Funds are the Covered Officers for the Funds.

**<u>II.</u>**  **<u>Policy</u>** 

It is the policy of the Funds to conduct their affairs in an honest and ethical manner, and to comply with all applicable laws, rules and regulations. The purpose of this Code is to assist in the accomplishment of the foregoing policy, to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the
 ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
 disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities
 and Exchange Commission ("SEC") and in other public communications made by a
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental
 laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prompt internal reporting of violations
 of this Code to an appropriate person or persons identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to this Code.

If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any applicable law, the provisions of such applicable law shall control. If any part of this Code, or if compliance with any part of this Code, violates or conflicts with any policy or practice of the Funds or of any service provider to the Funds, the provisions of this Code shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Covered Officer Duties*** 

Each Covered Officer shall adhere to a high standard of business ethics in their dealings with and on behalf of a Fund, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct themself in an honest and ethical
 manner when dealing with or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from engaging in activity that
 would compromise their professional ethics or otherwise prejudice their ability faithfully
 to carry out their duties to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Refrain from using or appearing to use
 material non-public information acquired through their work for the Funds for unethical or
 illegal advantage, either directly or indirectly, through others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Place the interests of the Funds and their
 shareholders before their personal interests and manage actual or apparent conflicts of interest
 between their personal interests and the interests of a Fund in an ethical manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Be familiar with the disclosure requirements
 generally applicable to the Funds and take all reasonable actions, consistent with their
 position(s) with a Fund and/or a Fund's service providers(s) to ensure full,
 fair, accurate, timely, and understandable disclosure in reports and documents that a Fund
 files with, or submits to, the SEC or other governmental authorities, and in other public
 communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Comply with applicable governmental laws,
 rules, and regulations in their dealings with or on behalf of a Fund, and take all reasonable
 actions, consistent with their positions(s) with a Fund and/or Fund's service
 provider(s), to ensure compliance by the Fund with applicable governmental laws, rules, and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take all reasonable actions, consistent
 with their position(s) with a Fund and/or a Fund's service provider(s), to ensure
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not knowingly misrepresent, or knowingly
 cause or permit others to misrepresent, facts about a Fund to a Fund's shareholders,
 directors, counsel, or auditors, to governmental regulators or self-regulatory organizations,
 or to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Consult with other officers of a Fund,
 and its adviser(s), administrator, and principal underwriter, with the goal of promoting
 full, fair, accurate, timely, and understandable disclosure in the reports and documents
 the Fund files with, or submits to, the SEC, and in other public communications made by the
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Promote compliance by the Funds with the
 standards and restrictions imposed by applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Not influence investment decisions or
 financial or other reporting by the Fund whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Not cause a Fund to take an action, or
 fail to take an action, whereby the Covered Officer would benefit personally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Not retaliate or take any adverse action
 against, or cause or permit any retaliation or adverse action to be taken against, any other
 Covered Officer or any employee of the Funds or their affiliated persons for reports of potential
 violations of this Code or of applicable governmental laws, rules, and regulations that are
 made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Definitions*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***Conflicts of Interest*** 

For the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;(i) an actual conflict of interest is a situation
 in which a Covered Officer, a member of a Covered Officer's immediate family, or an
 entity other than a Fund on whose behalf a Covered Officer is acting or from which a Covered
 Officer may receive compensation or other personal benefit, has an interest in a transaction
 or the results of a transaction in which a Fund is involved that is different from the interests
 of the Funds with regarding to that same transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "apparent conflict of interest"
 is a situation in which a Covered Officer, a member of a Covered Officer's immediate
 family, or an entity other than a Fund on whose behalf a Covered Officers is acting or from
 which a Covered Officer may receive compensation or other personal benefit, appears to have
 an actual conflict of interest, without regard to whether an actual conflict of interest
 in fact exists.<sup>1</sup>

These inherent conflicts of interest are known to and understood by the Funds and the Board, and the Board has determined that the existence of these conflicts of interest is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Therefore, the fact that a Covered Officer acts primarily or exclusively on behalf of a party other than a Fund regarding a transaction that is covered by such inherent conflicts of interest shall not *ipso facto* cause such conduct to be in violation of the requirements of this Code. Absent specific dishonest or unethical conduct in such a transaction, the actions by a Covered Officer in such regard shall be deemed to be honest and ethical conduct, including the ethical handling or actual or apparent conflicts of interest between personal and professional relationships.

<sup>1</sup> Certain conflicts of interest are inherent in the relationship between a Fund and a Covered Officer who is employed by the Fund's investment adviser, administrator, or principal underwriter. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether acting on behalf of a Fund or on behalf of the adviser, the administrator or the principal underwriter, or a combination thereof) be involved in the recommending actions that may have different effects on the respective parties or may rebound to the benefit of the adviser, the administrator or the principal underwriter at the expense of the Fund. For example, the negotiation of the underlying advisory, administrative, and underwriting agreements necessarily places such Covered Officers in an actual conflict of interest position as to a Fund.

Notwithstanding the foregoing, an actual conflict of interest shall not include situations that are covered by law of the Funds' and an investment adviser's code of ethics required under Rule 17j-1 of the Investment Company Act of 1940 ("Investment Company Act").<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***Waiver and Implicit Waiver*** 

The term "waiver" means the approval by a Fund of a material departure from a provision of this Code. The term "implicit waiver" means a failure by a Fund to act within a reasonable period of time regarding material departure from a provision of this Code that has been made known to an executive officer<sup>3</sup> of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***Benefit Personally; Immediate Family*** 

Regarding a Covered Officer, the term "benefit personally" means the direct or indirect receipt by the Covered Officer, be a member of the Covered Officer's immediate family, or by any entity (other than a Fund's investment adviser or any affiliate thereof) of which the Covered Officer or any member of the Covered Officer's immediate family owns 5% or more of the beneficial ownership interest or by which the Covered Officer or any member of the Covered Officer's immediate family is employed, or from which the Covered Officer or any member of the Covered Officer's immediate family receives any compensation or other benefit, or any compensation or other personal benefit. For the purposes of this Code, the term "member of the immediate family" means a Covered Officer's parent, spouse of a parent, child, spouse of a child, spouse, sibling, and includes step and adoptive/foster relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Activities Requiring Prior Approval*** 

A Covered Officer and their immediate family shall not engage in any of the following activities without the prior written approval of the Funds' Chief Legal Officer ("CLO") and the Funds' Chief Executive Officer, except that in the case of the Chief Executive Officer or a member of the Chief Executive Officer's immediate family, such approval shall be from the CLO and the Compliance Committee of the Board. To obtain such approval, the Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity and the reasons for the activity.

<sup>2</sup> These inherent conflicts of interest are already subject to prohibitions in the Investment Company Act and the Investment Advisers Act of 1940 (the "Investment Advisers Act"). For example, a Covered Officer may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as an "affiliated person" of the Fund. The Funds' and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat and replace those programs and procedures, and such actual and apparent conflicts of interest fall outside the coverage of this Code. All other actual and apparent conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act, are covered by this Code.

<sup>3</sup> The term "executive officer" when used with reference to a registrant, means its president, any vice president of the registrant in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy making function or any other person who performs similar policy making functions for the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;1. Service as a director, partner, officer, manager, or managing
member on the board of any public or private company<sup>4</sup> other than a Fund's investment adviser, administrator, principal
underwriter, or an affiliate or any of the foregoing, if such company has current or prospective business dealings with a Fund or if
a Fund may invest in securities issued by such company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receipt of any entertainment<sup>5</sup> or meals from
any company with which a Fund has current or prospective business dealings unless such entertainment or meals are business-related, reasonable
in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. For the purposes of this Code,
entertainment and meals that are incidental to a business conference, seminar or meeting shall be deemed business-related, reasonable
in cost, and appropriate as to time and place;

&nbsp;&nbsp;&nbsp;&nbsp;3. Have any ownership interest in, or any consulting, employment,
or compensation relationship with, any of a Fund's service providers, other than its investment adviser(s), administrator, principal
underwriter, or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Exploit for their own personal gain any opportunity which
a Fund may exploit. This prohibition shall not apply to securities trading undertaken in conformance with the Funds' and an investment
adviser's code of ethics adopted pursuant to Rule 17j-1 of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Prohibited Activities*** 

A Covered Officer and their immediate family shall not engage in any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Have a direct or indirect financial interest, such as compensation
or equity ownership, in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transaction or for selling
or redeeming shares other than an interest arising from the Covered Officer's employment with a Fund's investment adviser,
administrator, principal underwriters, or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;2. Receive any gifts in excess of $500 in any calendar year
from any entity or person that directly or indirectly currently or prospectively does or will do business with or receives compensation
or other benefits from a Fund. For the purposes of this restriction, gifts from different persons employed by the same entity shall be
aggregated, along with any gifts from the entity itself, in order to determine whether the $500 limit has been exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;3. Accept employment from any company, other than a Fund's
investment adviser(s), administrator, or principal underwriter (or any affiliate thereof), with which the Fund has current or prospective
business dealings within one year after the latest to occur of such Covered Officer's termination of employment at the Fund or
at the Fund's investment adviser(s) administrator or principal underwriter (or any affiliate thereof);

<sup>4</sup> For the purposes of this Code, "company" includes any legal or business entity such as a corporation, limited liability company, partnership, limited partnership, trust, association, sole proprietorship, etc.

<sup>5</sup> For the purposes of this Code, "entertainment" means activities or events, such as golfing, theater, sporting events, etc., at which a representative of the entertaining company is present along with the Covered Officer or their immediate family member. If a representative of the entertaining company is not present, such activities or events shall be treated as gifts hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. Borrow money from any Fund, or borrow money from or have
any other financial transactions with any company, other than a Fund's investment adviser(s), administrator or principal underwriter
(or any affiliate thereof), with which the Fund has current or prospective business dealings, other than routine retail transactions
that are effected on the same terms and conditions as are available to the general public;

&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in a transaction directly as a principal with a Fund,
except that this prohibition shall not apply to the purchase or redemption of the shares of any Fund on the same terms and conditions
as all other shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;6. Any other activity that would cause them to benefit personally
at the expense of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Covered Officer Reporting*** 

Each Covered Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of this Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing to the CLO and the Board that they have received, read, and understand this Code.
Such affirmation shall be substantially in the form attached hereto as  ***Exhibit A*** .

&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm to the CLO and the Board that they have complied
with the requirements of this Code. Such affirmation shall be substantially in the form attached hereto as  ***Exhibit B*** .

&nbsp;&nbsp;&nbsp;&nbsp;3. Report at least annually all employment, ownership, affiliations,
or other relationships related to conflicts of interest that are included in the Fund's Directors and Officers Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;4. Notify the CLO promptly if they know of any violation of
this Code or of any applicable governmental laws, rules, and regulations. Failure to do so would be deemed a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***Investigations*** 

The Funds shall follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CLO shall take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;2. If, after such investigation, the CLO believes that no violation
has occurred, the CLO shall not be required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;3. If, after such investigation, the CLO believes that a violation
has occurred, the CLO shall report such violation to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. If the Compliance Committee concurs that a violation has
occurred, it shall inform and make a recommendation to the Board, which shall consider appropriate action that may include review of,
and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the investment adviser
or its board, and a recommendation to discipline or dismiss the Covered Officer or to require reimbursement or disgorgement by the Covered
Officer of any personal benefits received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Waivers*** 

The Compliance Committee and the CLO, as applicable, may grant a waiver to compliance with the Code by a Covered Officer or their immediate family if the Compliance Committee or the CLO determines that the proposed activity will not have an adverse impact on a Fund or on the ability of a Covered Officer to faithfully perform their other duties to the Funds. To obtain a waiver, a Covered Officer shall submit a written statement to the CLO describing in detail the proposed activity, and the reasons for the activity, and the provision(s) of this Code as to which a waiver is requested. Any waivers of the provisions of this Code shall be disclosed to the extent required by law and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***H.***  ***Relationship to Other Policies and Procedures*** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser(s), administrator, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***I.***  ***Interpretation of the Code*** 

The CLO has the authority and shall be responsible for applying this Code to specific situations and for making interpretations of this Code in a particular situation. In making interpretations of this Code, the CLO may consult with the Funds' outside counsel as well as counsel to the independent Board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***J.***  ***Confidentiality*** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board or committee thereof or the Funds' outside counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***K.***  ***Internal Use*** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund or any Covered Officer or their immediate family, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***L.***  ***Amendments*** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the independent directors. Material amendments to this Code shall be disclosed to the extent required by law and SEC rules.

**<u>Exhibit A</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Initial Acknowledgement**

Covered Officer Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Chief Legal Officer of the Funds.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

**<u>Exhibit B</u>**

**Voya Funds Sarbanes-Oxley Act Code of Ethics**

**Annual Acknowledgement**

Covered Office Name and Title:   <br> *(please print)*

I acknowledge that I have received and read a copy of the Voya Funds Sarbanes-Oxley Act Code of Ethics ("Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the time period since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify, or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

    <br> Signature Date

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATION</u>**

I, Christian G. Wilson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR
 of Voya Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
 any untrue statement of a material fact or omit to state a material fact necessary to make
 the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements,
 and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and
 I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment
 Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures,
 or caused such disclosure controls and procedures to be designed under our supervision, to
 ensure that material information relating to the registrant, including its consolidated subsidiaries,
 is made known to us by others within those entities, particularly during the period in which
 this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
 or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the
 preparation of financial statements for external purposes in accordance with generally accepted
 accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
 to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
 internal control over financial reporting that occurred during the period covered by this
 report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and
 I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses
 in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the registrant's ability to record, process, summarize,
 and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves
 management or other employees who have a significant role in the registrant's internal
 control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Christian G. Wilson |
|  | Christian G. Wilson |
|  | Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Todd Modic, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR
 of Voya Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
 any untrue statement of a material fact or omit to state a material fact necessary to make
 the statements made, in light of the circumstances under which such statements were made,
 not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements,
 and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and
 I are responsible for establishing and maintaining disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment
 Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures,
 or caused such disclosure controls and procedures to be designed under our supervision, to
 ensure that material information relating to the registrant, including its consolidated subsidiaries,
 is made known to us by others within those entities, particularly during the period in which
 this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
 or caused such internal control over financial reporting to be designed under our supervision,
 to provide reasonable assurance regarding the reliability of financial reporting and the
 preparation of financial statements for external purposes in accordance with generally accepted
 accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
 to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
 internal control over financial reporting that occurred during the period covered by this
 report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and
 I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses
 in the design or operation of internal control over financial reporting which are reasonably
 likely to adversely affect the registrant's ability to record, process, summarize,
 and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves
 management or other employees who have a significant role in the registrant's internal
 control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Todd Modic |
|  | Todd Modic |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Funds Trust

Date of Form N-CSR: March 31, 2025

The undersigned, the principal executive officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements
 of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR
 fairly presents, in all material respects, the financial condition and results of operations
 of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Funds Trust and will be retained by Voya Funds Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 6<sup>th</sup> day of June, 2025.

---

| |
|:---|
| /s/ Christian G. Wilson |
| Christian G. Wilson |
| Principal Executive Officer |

---

**Certification**

Pursuant to Section 906

of the

Sarbanes-Oxley Act of 2002

Name of Registrant: Voya Funds Trust

Date of Form N-CSR: March 31, 2025

The undersigned, the principal financial officer of the above named registrant (the "Fund"), hereby certifies that, with respect to the Form N-CSR referred to above, to the best of his knowledge and belief, after reasonable inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements
 of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR
 fairly presents, in all material respects, the financial condition and results of operations
 of the Fund.

A signed original of this written statement required by Section 906 has been provided to Voya Funds Trust and will be retained by Voya Funds Trust and furnished to the Securities and Exchange Commission or its staff upon request.

IN WITNESS WHEREOF, the undersigned has executed this Certification below, as of this 6<sup>th</sup> day of June, 2025.

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| |
|:---|
| /s/ Todd Modic |
| Todd Modic |
| Principal Financial Officer |

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