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, 2020
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):
![[MISSING IMAGE: ing_cov.jpg]](ing_cov.jpg)
![[MISSING IMAGE: voya_covinvmgt.jpg]](voya_covinvmgt.jpg)
TABLE OF CONTENTS
| | | | | | 1 | | | |
| | | | | | 3 | | | |
| | | | | | 16 | | | |
| | | | | | 18 | | | |
| | | | | | 19 | | | |
| | | | | | 23 | | | |
| | | | | | 25 | | | |
| | | | | | 28 | | | |
| | | | | | 34 | | | |
| | | | | | 53 | | | |
| | | | | | 193 | | | |
| | | | | | 194 | | | |
| | | | | | 199 | | |
| | |
![[MISSING IMAGE: ing_e.jpg]](ing_e.jpg){kind=small}
|
| |
Go Paperless with E-Delivery!
|
| |
|
| |
| | |
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.
|
| | ||||||
| | |
Just go to www.individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
|
| | ||||||
| | |
You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.
|
| | ||||||
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Funds’ website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Funds voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This report contains a summary portfolio of investments for the Funds. The Funds’ Forms NPORT-P are available on the SEC’s website at www.sec.gov. The Funds’ complete schedule of portfolio holdings is available: on www.voyainvestments.com and without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.
PRESIDENT’S LETTER
![[MISSING IMAGE: ph_dina-santoro.jpg]](ph_dina-santoro.jpg)
Dear Shareholder,
After a tumultuous January, stocks staged an impressive recovery until the last week of February, at which point the financial markets fell sharply as fears of the spreading coronavirus darkened the outlook. The tumult has since continued: as of this writing at the end of March, global stock markets, as measured by the MSCI All Country World IndexSM, have spiraled down into a bear market, i.e., a drop of 20% or more.
Governments around the world launched massive policy responses to the coronavirus pandemic in March. The U.S. Congress passed a $2 trillion rescue package, the largest single injection of cash into the U.S. economy in history. The U.S. Federal Reserve Board cut interest rates to near zero, expanded its purchases of U.S. Treasury and mortgage-backed securities to include corporate and municipal bonds, coordinated with other central banks to ease strains in the global funding markets and guaranteed support for critical market functions such as credit flows into the private and public sectors. While these measures provided only temporary respite from market tumult, we believe they have helped allay fears of an economic shutdown.
Until the picture is clearer, however, we expect the market swings to continue. It is our opinion that investors should resist the temptation of the 24-hour “breaking news” cycle; in the end, fundamentals will count most. The most valuable insight we can offer is a reminder that events such as the coronavirus are exactly why investors prepare portfolios for risk. It is also worth remembering that, in our view, portfolios should not be built just to withstand risk; primarily, they should be built to achieve long-term objectives. We believe that even severe market disruptions such as this should not distract investors from focusing on their objectives.
This is an unprecedented time for all of us, and the situation is fast-changing. And while we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
![[MISSING IMAGE: sg_dina-santoro.jpg]](sg_dina-santoro.jpg){kind=small}
Dina Santoro
President
Voya Family of Funds
April 2, 2020
President
Voya Family of Funds
April 2, 2020
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
For more complete information, or to obtain a prospectus for 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. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.
1
Benchmark Descriptions
| | |
Index
|
| | |
Description
|
| |
| | | ICE BofAML U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index | | | | The index is designed to track the performance of a synthetic asset paying London Interbank Offered Rate (“LIBOR”) to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day rate) and rolled into a new instrument. | | |
| | | Bloomberg Barclays GNMA Index | | | | An index comprised of all fixed security mortgage pools sponsored by GNMA, including GNMA Graduated Payment Mortgages. | | |
| | | Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index | | | | An index that includes all fixed income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. | | |
| | | Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index | | | | A widely recognized index of publicly issued fixed rate, investment grade debt securities, including Treasuries, Agencies and credit securities with a maturity of one to three years. | | |
| | | Bloomberg Barclays U.S. Aggregate Bond Index | | | | An index of publicly issued investment grade U.S. government, mortgage-backed, asset-backed and corporate debt securities. | | |
| | | Bloomberg Barclays U.S. Universal Bond Index | | | | The index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. | | |
| | | MSCI All Country World IndexSM | | | | A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets. | | |
2
| Portfolio Managers’ Report | Voya GNMA Income Fund |
| |
Investment Type Allocation
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | U.S. Government Agency Obligations | | |
75.2%
|
|
| | Collateralized Mortgage Obligations | | |
49.3%
|
|
| | Commercial Mortgage-Backed Securities | | |
0.2%
|
|
| | Asset-Backed Securities | | |
0.2%
|
|
| | Liabilities in Excess of Other Assets* | | |
(24.9)%
|
|
| | Net Assets | | |
100.0%
|
|
| |
*
Includes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Securities issued by the U.S. Treasury are backed by the full faith and credit of the federal government. Securities issued by individual agencies and organizations may be backed by the full faith and credit of the federal government as to principal or interest but are not direct obligations of the U.S. Treasury. Securities of some agencies and organizations are backed solely by the entity’s own resources or by the ability of the entity to borrow from the U.S. Treasury. Government securities also include certain mortgage-related securities that are sponsored by a U.S. government agency or organization and are not direct obligations of the U.S. government.
Performance: For the year ended March 31, 2020, the Fund’s Class A shares, excluding sales charges, provided a total return of 5.43%, compared to the Bloomberg Barclays GNMA Index (the “Index” or “Bloomberg Barclays GNMA”), which returned 6.83%, for the same period.
Portfolio Specifics: Although growth concerns prevailed throughout 2019 due to trade tensions between the U.S. and China, soft economic data and chaotic Brexit and parliamentary transitions in the UK, global assets delivered strong performance up to calendar year-end. Markets persevered through volatility as major central banks deployed monetary stimulus. The U.S. Federal Reserve (the “Fed”) cut interest rates three times during the time of peak uncertainty. As the calendar flipped to 2020, risk-assets maintained momentum, but interest rates continued to reach new lows on mounting fears of low growth.
Then came March 2020: risk assets fell sharply amid concerns about the spread of COVID-19 and the impact of containment measures on global growth. “Risk-off” sentiment pushed U.S. rates even lower, with ten-year yields ending March at 0.67%, down 1.74% from last year. Agency-backed and GNMA mortgages experienced sizeable volatility along with other risk assets. Mortgages had positive excess returns over U.S. Treasuries in 2019 but retraced all its performance in the first quarter of 2020. The Bloomberg Barclays GNMA benchmark finished the fiscal reporting period underperforming Treasuries by 0.28%.
Amid the chaos in March, the Fed launched several stimulus programs. In extraordinary fashion, it lowered the target overnight interest rate to near 0%. Next, the Fed reintroduced large-scale asset buying (also known as quantitative easing or “QE”). In the last two weeks of the period, the Fed purchased over $1 trillion of U.S. Treasuries and agency mortgage-backed securities (“MBS”). Finally, they introduced several lending facilities for a variety of assets to a variety of borrowers, to stabilize markets and avoid a “cash crunch.” In our view, these extraordinary measures quickly began to heal markets led by U.S. rates and agency MBS.
Underperformance of the Fund was largely driven by a strategic short duration position relative to the benchmark. (Duration is a gauge of a portfolio’s sensitivity to interest-rate risk.) An underweight to fixed MBS 30-year duration also detracted from results. Exposure to off-benchmark collateralized mortgage obligations (“CMOs”) contributed to relative results through most of the fiscal year, but market turmoil in the final months of the period we believe, reversed those gains. Prepayment speeds in the Fund remained below benchmark, which is notable considering the record low interest rates.
The Fund uses Treasury futures only to hedge exposure to interest-rate risk. The use of Treasury futures to mitigate duration and curve risks detracted from relative results for the fiscal reporting period.
Current Strategy & Outlook: Since the recent volatility, market dysfunction and liquidity crisis, we believe the Fed has been able to calm and support the mortgage market by initiating unprecedented amounts of MBS purchases. In our opinion, these purchases have reduced volatility, normalized trading volumes and lowered option costs for mortgage investors. The Fed intends to continue balance sheet expansion from mortgage and agency-debt pay-downs into agency MBS, providing a “technical tailwind” for the sector, especially for lower coupon securities. In our view, no disruptions will result from delinquencies and forbearance, as government sponsored enterprise and GNMA loans provide protection to mortgage investors by guaranteeing them timely payment of principal and interest. These guarantees provide fundamental support to mortgage cash flows and we believe potentially may reduce near-term refinancing activity due to COVID-19 containment measures.
We continue to see what we believe to be value in off-benchmark bonds including CMOs and non-deliverable MBS pools for extra spread/yield. With this in mind, we continue to manage the Fund seeking high current income investments while also taking advantage of tactical opportunities in the marketplace. The focus remains on specified Ginnie Mae pools and CMOs that provide, in our opinion, attractive current income while minimizing prepayment and extension risks.
*
Effective December 12, 2019, Peter Guan was removed as a portfolio manager to the Fund.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.
3
| Voya GNMA Income Fund | Portfolio Managers’ Report |
| | |
![[MISSING IMAGE: tm2016814d2-lc_gnmabw.jpg]](tm2016814d2-lc_gnmabw.jpg)
|
| |
| | |
Average Annual Total Returns for the Periods Ended March 31, 2020
|
| | ||||||||||||||||||
| | | | | |
1 Year
|
| |
5 Year
|
| |
10 Year
|
| | |||||||||
| | | Including Sales Charge: | | | | | ||||||||||||||||
| | |
Class A(1)
|
| | | | 2.85% | | | | | | 1.87% | | | | | | 2.79% | | | |
| | |
Class C(2)
|
| | | | 3.66% | | | | | | 1.61% | | | | | | 2.27% | | | |
| | |
Class I
|
| | | | 5.75% | | | | | | 2.69% | | | | | | 3.34% | | | |
| | |
Class W
|
| | | | 5.69% | | | | | | 2.64% | | | | | | 3.30% | | | |
| | | Excluding Sales Charge: | | | | | ||||||||||||||||
| | |
Class A
|
| | | | 5.43% | | | | | | 2.38% | | | | | | 3.04% | | | |
| | |
Class C
|
| | | | 4.66% | | | | | | 1.61% | | | | | | 2.27% | | | |
| | |
Class I
|
| | | | 5.75% | | | | | | 2.69% | | | | | | 3.34% | | | |
| | |
Class W
|
| | | | 5.69% | | | | | | 2.64% | | | | | | 3.30% | | | |
| | |
Bloomberg Barclays GNMA
|
| | | | 6.83% | | | | | | 2.78% | | | | | | 3.32% | | | |
| | | | | | ||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya GNMA Income Fund against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Fund’s performance is shown both with and without the imposition of sales charges.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Fund holdings are subject to change daily.
(1)
Reflects deduction of the maximum Class A sales charge of 2.50%.
(2)
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
4
| Portfolio Managers’ Report | Voya High Yield Bond Fund |
| |
Sector Diversification
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | Communications | | |
23.0%
|
|
| | Consumer, Non-cyclical | | |
19.9%
|
|
| | Consumer, Cyclical | | |
16.2%
|
|
| | Industrials | | |
12.0%
|
|
| | Financials | | |
5.4%
|
|
| | Technology | | |
5.2%
|
|
| | Basic Materials | | |
5.1%
|
|
| | Energy | | |
4.1%
|
|
| | Utilities | | |
2.3%
|
|
| | Electronics/Electrical | | |
0.3%
|
|
| | Consumer Staples | | |
0.2%
|
|
| | Containers & Glass Products | | |
0.2%
|
|
| | Health Care | | |
0.2%
|
|
| | Assets in Excess of Other Liabilities* | | |
5.9%
|
|
| | Net Assets | | |
100.0%
|
|
| |
*
Includes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Performance: For the year ended March 31, 2020, the Fund’s Class A shares, excluding sales charges, provided a total return of -5.76%, compared to the Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite Index (the “Index” or “Bloomberg Barclays High Yield Bond — 2% Issuer Constrained Composite”), which returned -6.94%, for the same period.
Portfolio Specifics: Despite providing a negative absolute total return, the Fund outperformed the Index for the reporting period. An underweight to energy-related sectors was the primary contributor to relative results, as those sectors faltered due to the huge drop in oil prices. The Fund remains underweighted in energy, and generally we take a bearish view of commodity prices, given abundant supply and declining global demand.
Within the retail sector, the Fund benefited from being over weighted in PetSmart, Inc., which was deemed an essential business and remained open, while other retailers had to close their doors due to COVID-19. PetSmart’s equity stake in online-based Chewy also benefited from an increase in deliveries under current market conditions. An overweight in the building materials sector contributed to results given the Fund’s high-quality positioning. We currently see an uptick in home improvement projects; from a housing market perspective, however, we expect a slowdown in the future.
Based on our views of consumer strength prior to the COVID-19 pandemic, the Fund held overweight positions in the leisure and gaming industries, which detracted from results. Closures of movie theatres, amusement parks and other such businesses in response to the viral outbreak impacted the leisure sector. Casinos also were shut down widely, hurting the gaming industry.
| |
Top Ten Holdings
as of March 31, 2020* (as a percentage of net assets) |
| |||
| | | | | | |
| | Sprint Corp., 7.125%, 06/15/24 | | |
1.1%
|
|
| | HCA, Inc., 5.375%, 02/01/25 | | |
0.9%
|
|
| | Kraft Heinz Foods Co., 5.000%, 07/15/35 | | |
0.9%
|
|
| |
Bausch Health Americas, Inc., 8.500%, 01/31/27
|
| |
0.8%
|
|
| | Post Holdings, Inc., 5.625%, 01/15/28 | | |
0.8%
|
|
| |
1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/25
|
| |
0.8%
|
|
| |
Dell International LLC / EMC Corp., 7.125%, 06/15/24
|
| |
0.7%
|
|
| | CSC Holdings LLC, 5.250%, 06/01/24 | | |
0.7%
|
|
| |
Standard Industries, Inc./NJ, 6.000%, 10/15/25
|
| |
0.7%
|
|
| |
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.250%, 05/15/26
|
| |
0.6%
|
|
| |
*
Excludes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Meanwhile, “fallen angels,” i.e., investment-grade credits that have dropped to high-yield status because of the economic downdraft, are, in our opinion, sure to be an overhang for the market. We believe that valuations look attractive as yield spreads stand at post-crisis wide levels despite a rebound late in March.
Moving forward, we are gradually upgrading the Fund’s credit quality by taking advantage of what we believe to be attractive opportunities in higher quality BB-rated and B-rated companies. This upgrade focuses on identifying survivors with ample liquidity and those only moderately impacted by the economic slowdown. We also see value in fallen angels such as Ford and Kraft Heinz; and larger energy issuers trading at a steep discount, whose fundamentals have enough cushion to weather the economic slowdown and have enough resources to survive the current energy fallout. Nonetheless, we intend to continue underweighting energy and CCC-rated issuers that we do not expect to survive the current downturn.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.
5
| Voya High Yield Bond Fund | Portfolio Managers’ Report |
| | |
![[MISSING IMAGE: tm2016814d2-lc_hybfbw.jpg]](tm2016814d2-lc_hybfbw.jpg)
|
| |
| | |
Average Annual Total Returns for the Periods Ended March 31, 2020
|
| | ||||||||||||||||||||||||||||||||||||
| | | | | |
1 Year
|
| |
5 Year
|
| |
10 Year
|
| |
Since Inception
of Class P June 14, 2013 |
| |
Since Inception
of Class R January 30, 2014 |
| |
Since Inception
of Class P3 June 1, 2018 |
| | ||||||||||||||||||
| | | Including Sales Charge: | | | | | | | | |||||||||||||||||||||||||||||||
| | |
Class A(1)
|
| | | | -8.10% | | | | | | 1.81% | | | | | | 5.11% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class C(2)
|
| | | | -7.37% | | | | | | 1.57% | | | | | | 4.59% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class I
|
| | | | -5.45% | | | | | | 2.67% | | | | | | 5.78% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class P
|
| | | | -4.92% | | | | | | 3.34% | | | | | | — | | | | | | 3.99% | | | | | | — | | | | | | | | | |
| | |
Class P3
|
| | | | -4.74% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.20% | | | |
| | |
Class R
|
| | | | -5.99% | | | | | | 2.09% | | | | | | — | | | | | | — | | | | | | 2.19% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | -5.49% | | | | | | 2.62% | | | | | | 5.52% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class W(3)
|
| | | | -5.51% | | | | | | 2.60% | | | | | | 5.75% | | | | | | — | | | | | | — | | | | | | — | | | |
| | | Excluding Sales Charge: | | | | | | | | |||||||||||||||||||||||||||||||
| | |
Class A
|
| | | | -5.76% | | | | | | 2.33% | | | | | | 5.37% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class C
|
| | | | -6.47% | | | | | | 1.57% | | | | | | 4.59% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class I
|
| | | | -5.45% | | | | | | 2.67% | | | | | | 5.78% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class P
|
| | | | -4.92% | | | | | | 3.34% | | | | | | — | | | | | | 3.99% | | | | | | — | | | | | | | | | |
| | |
Class P3
|
| | | | -4.74% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.20% | | | |
| | |
Class R
|
| | | | -5.99% | | | | | | 2.09% | | | | | | — | | | | | | — | | | | | | 2.19% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | -5.49% | | | | | | 2.62% | | | | | | 5.52% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class W(3)
|
| | | | -5.51% | | | | | | 2.60% | | | | | | 5.75% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Bloomberg Barclays High Yield Bond –
2% Issuer Constrained Composite |
| | | | -6.94% | | | | | | 2.78% | | | | | | 5.64% | | | | | | 3.45% | | | | | | 2.95% | | | | | | -1.16% | | | |
| | | | | | ||||||||||||||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya High Yield Bond Fund against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Fund’s performance is shown both with and without the imposition of sales charges.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an
investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Fund holdings are subject to change daily.
(1)
Reflects deduction of the maximum Class A sales charge of 2.50%.
(2)
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
(3)
Class W incepted on July 29, 2011 and Class R6 incepted on August 3, 2016. The Class W and Class R6 shares performance shown for the period prior to their inception date is the performance of Class A shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.
6
| Portfolio Managers’ Report | Voya Intermediate Bond Fund |
| |
Investment Type Allocation
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | Corporate Bonds/Notes | | |
32.5%
|
|
| | Collateralized Mortgage Obligations | | |
20.8%
|
|
| | U.S. Government Agency Obligations | | |
16.6%
|
|
| | Asset-Backed Securities | | |
10.0%
|
|
| | Commercial Mortgage-Backed Securities | | |
9.1%
|
|
| | U.S. Treasury Obligations | | |
7.0%
|
|
| | Sovereign Bonds | | |
2.6%
|
|
| | Purchased Options | | |
0.1%
|
|
| | Convertible Bonds/Notes | | |
0.0%
|
|
| | Assets in Excess of Other Liabilities* | | |
1.3%
|
|
| | Net Assets | | |
100.0%
|
|
| |
*
Includes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Performance: For the year ended March 31, 2020, the Fund’s Class A shares, excluding sales charges, provided a total return of 4.29% compared to the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index” or “Bloomberg Barclays U.S. Aggregate Bond”), which returned 8.93% for the same period.
Portfolio Specifics: A year ago, trade related tensions between the United States and China were the focus of markets. As the two countries levied consistently higher tariffs, business sentiment deteriorated, sparking a decline in ten-year U.S. Treasury yields, and the U.S. Federal Reserve (“Fed”) lowered official interest rates in July 2019. Nearing the end of the calendar year, as the Phase I trade deal emerged, interest rates stabilized, and the markets began to focus on the 2020 U.S. presidential election cycle. That focus was short lived, as markets were interrupted by the worldwide disruptions connected to COVID-19. As U.S. Treasuries rallied, the Fed cut short-term interest rates to zero, and yield spreads in corporate and securitized sectors widened at a pace not witnessed since the 2008 – 2009 financial crisis.
Sector allocation represented the largest source of underperformance for the period. An underweight to U.S. Treasuries (the world’s preferred “risk-free” asset) and an overweight to non-government sectors detracted from results. Security selection detracted from performance — especially among securitized sectors such as commercial mortgage-backed securities — as
uncertainty about the potential impact on residential and commercial real estate weighed heavily on markets. Security selection within asset-backed securities (“ABS”) also detracted, mostly due to investments in higher-yielding collateralized loan obligations. Exposure to corporate bonds, which was more modest, detracted to a lesser degree for the period. ABS allocations contributed to relative results, while agency mortgage-backed securities did not meaningfully impact performance. Security selection in the investment-grade corporate sector added to results. Meanwhile, duration positioning detracted from performance, while yield curve positioning modestly added.
| | Top Ten Holdings as of March 31, 2020 (as a percentage of net assets) | | |||
| | | | | | |
| | United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/30 | | | 2.3% | |
| | United States Treasury Bond, 3.500%, 02/15/39 | | | 1.2% | |
| | Uniform Mortgage-Backed Securities, 3.500%, 09/01/49 | | | 1.0% | |
| | United States Treasury Note, 0.500%, 03/15/23 | | | 0.8% | |
| | United States Treasury Note, 0.625%, 03/31/27 | | | 0.8% | |
| | Freddie Mac, 3.500%, 03/01/48 | | | 0.8% | |
| | United States Treasury Bond, 2.375%, 11/15/49 | | | 0.7% | |
| | United States Treasury Note, 0.375%, 03/31/22 | | | 0.7% | |
| | Uniform Mortgage-Backed Securities, 3.500%, 06/01/34 | | | 0.6% | |
| | Freddie Mac, 3.500%, 11/01/48 | | | 0.5% | |
| | Portfolio holdings are subject to change daily. | | |||
The Fund primarily used futures and swaps for cash management purposes. As a result, derivatives had a positive impact on performance during the reporting period.
Current Strategy & Outlook: Heading into this market shock, fundamentals were generally supportive across the consumer, housing and commercial real estate markets; we entered this recent period of volatility with a bias towards securitized credit because of the sector’s exposure to these strong fundamentals. We retain this bias in our portfolios, as our central case remains that meaningful and forceful monetary and fiscal stimulus will help the U.S. and the world recover from economic fallout.
Even after acknowledging the diminished economic growth prospects, in our view, none of the impacts to growth are likely to come close to the magnitude of the move we have endured in terms of securitized bond prices. We believe current valuations across the securitized markets reflect a substantial and sustained decline in home prices and relatively high and sustained unemployment. For example, spreads for AAA-rated credit card debt widened to levels that would suggest a prolonged period of 30% unemployment. Spreads in the residential mortgage-backed securities market imply a 20% sustained decline in home prices.
7
| Voya Intermediate Bond Fund | Portfolio Managers’ Report |
While in our view many very dark, “long-tail” scenarios can be feared, our central case as we emerge into the post COVID-19 world sees economic fundamentals defined by a sharp global recession, followed by a W-shaped recovery in the U.S., i.e., a quick rebound with some drawbacks on the road to a more sustainable recovery, punctuated with episodes of volatility along the way. We believe that the Fed has no intention of being a headwind to the recovery, and we expect to remain in a zero-interest rate policy (“ZIRP”) world for quite some time.
In our view, there is no need to be a hero in the current fixed income environment. We see bountiful opportunities to earn outsized yields through high-quality investments with high-conviction, low-risk outcomes. Downgrades within investment grade, as well as from investment grade to high yield (fallen angels) have begun and are expected to be large. We believe the bulk of the downgrades will be concentrated in energy, with the remaining downgrade risk in sectors most impacted by the virus-induced slowdown, such as airlines, autos, retail and other consumer related sectors. In our opinion, downgrade risk outside these sectors will be slower to emerge and will depend more on the length of the earnings correction than the depth of decline in the second quarter of 2020.
With downgrade risk priced into current spread levels, we think there is significant value and opportunity in the market — particularly among higher-quality issuers, whose balance sheets are durable enough to make it to the other side of the slowdown — leading us to an up-bias of credit quality in our portfolios. The lack of a “V” shaped recovery is likely, in our view, to result in the higher risk end of the corporate bond market (high yield corporates and senior bank loans) facing a persistent fundamental headwind moving forward. Also, we believe the degree of the increase of the size of these markets over the past seven years leaves the corporate space more exposed to the crowding-out effect to be caused by the massive increase in government borrowing globally that is about to ensue.
As this plays out, we expect the factors that drove the first quarter of 2020 market dislocation — fear-driven technical selling pressure, leveraged unwinds, U.S. dollar funding needs and portfolio rebalancing — to abate. As this happens in the ZIRP world that lies ahead, we believe less distressed and more rational markets will begin to value the yield and income opportunities currently available in highly rated fixed income instruments. In the securitized markets, it is our opinion that risk has started transferring to more appropriate holders and deleveraging is occurring where necessary. While monetary policy will need some time to take root, in our view, it will ultimately flow through to securitized markets; we believe meaningfully wider spreads in select areas of the securitized market represent extremely attractive starting points for asset allocators seeking exposure to capitalize on the rebound of U.S. consumers.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.
8
| Portfolio Managers’ Report | Voya Intermediate Bond Fund |
| | |
![[MISSING IMAGE: tm2016814d2-lc_ibfbw.jpg]](tm2016814d2-lc_ibfbw.jpg)
|
| |
| | |
Average Annual Total Returns for the Periods Ended March 31, 2020
|
| | ||||||||||||||||||||||||
| | | | | |
1 Year
|
| |
5 Year
|
| |
10 Year
|
| |
Since Inception
of Class P3 June 1, 2018 |
| | ||||||||||||
| | | Including Sales Charge: | | | | | | |||||||||||||||||||||
| | |
Class A(1)
|
| | | | 1.66% | | | | | | 2.21% | | | | | | 4.12% | | | | | | — | | | |
| | |
Class C(2)
|
| | | | 2.41% | | | | | | 1.95% | | | | | | 3.60% | | | | | | — | | | |
| | |
Class I
|
| | | | 4.53% | | | | | | 3.04% | | | | | | 4.72% | | | | | | — | | | |
| | |
Class P3
|
| | | | 4.99% | | | | | | — | | | | | | — | | | | | | 5.69% | | | |
| | |
Class R
|
| | | | 4.03% | | | | | | 2.47% | | | | | | 4.13% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | 4.67% | | | | | | 3.10% | | | | | | 4.74% | | | | | | — | | | |
| | |
Class W
|
| | | | 4.56% | | | | | | 2.98% | | | | | | 4.78% | | | | | | — | | | |
| | | Excluding Sales Charge: | | | | | | |||||||||||||||||||||
| | |
Class A
|
| | | | 4.29% | | | | | | 2.72% | | | | | | 4.39% | | | | | | — | | | |
| | |
Class C
|
| | | | 3.41% | | | | | | 1.95% | | | | | | 3.60% | | | | | | — | | | |
| | |
Class I
|
| | | | 4.53% | | | | | | 3.04% | | | | | | 4.72% | | | | | | — | | | |
| | |
Class P3
|
| | | | 4.99% | | | | | | — | | | | | | — | | | | | | 5.69% | | | |
| | |
Class R
|
| | | | 4.03% | | | | | | 2.47% | | | | | | 4.13% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | 4.67% | | | | | | 3.10% | | | | | | 4.74% | | | | | | — | | | |
| | |
Class W
|
| | | | 4.56% | | | | | | 2.98% | | | | | | 4.78% | | | | | | — | | | |
| | |
Bloomberg Barclays U.S. Aggregate Bond
|
| | | | 8.93% | | | | | | 3.36% | | | | | | 3.88% | | | | | | 7.56% | | | |
| | | | | | ||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Intermediate Bond Fund against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Fund’s performance is shown both with and without the imposition of sales charges.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an
investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Fund holdings are subject to change daily.
(1)
Reflects deduction of the maximum Class A sales charge of 2.50%.
(2)
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
(3)
Class R6 incepted on May 31, 2013. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.
9
| Voya Short Term Bond Fund | Portfolio Managers’ Report |
| |
Investment Type Allocation
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | Corporate Bonds/Notes | | |
46.3%
|
|
| | Commercial Mortgage-Backed Securities | | |
20.5%
|
|
| | Asset-Backed Securities | | |
19.5%
|
|
| | Collateralized Mortgage Obligations | | |
7.5%
|
|
| | U.S. Treasury Obligations | | |
4.4%
|
|
| | U.S. Government Agency Obligations | | |
0.4%
|
|
| | Supranational Bonds | | |
0.0%
|
|
| | Assets in Excess of Other Liabilities* | | |
1.4%
|
|
| | Net Assets | | |
100.0%
|
|
| |
*
Includes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Performance: For the year ended March 31, 2020, the Fund’s Class A shares provided a total return of -0.14% compared to the Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index (the “Index” or “Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond”), which returned 4.53%, for the same period.
Portfolio Specifics: A year ago, trade related tensions between the United States and China were the focus of markets. As the two countries levied consistently higher tariffs, business sentiment deteriorated, sparking a decline in ten-year U.S. Treasury yields, and the U.S. Federal Reserve (“Fed”) lowered official interest rates in July 2019. Nearing the end of the calendar year, as the Phase I trade deal emerged, interest rates stabilized, and the markets began to focus on the 2020 U.S. presidential election cycle. That focus was short lived, as markets were interrupted by the worldwide disruptions connected to COVID-19. As U.S. Treasuries rallied, the Fed cut short-term interest rates to zero, and yield spreads in corporate and securitized sectors widened at a pace not witnessed since the 2008 – 2009 financial crisis.
Sector allocation represented the largest source of the Fund’s underperformance for the reporting period. An underweight to U.S. Treasuries — the world’s preferred “risk-free” asset — and overweights to non-government and commercial mortgage-backed
securities sectors detracted from results. Our allocation to securitized credit remained up in credit quality, however, this underperformed as the end of the period saw a “dash for cash,” leading investors to sell what they could, not necessarily what they wanted to sell. Since higher rated/quality debt was easier to sell, this made the Fund’s AAA-rated holdings susceptible to technical price dislocations in the fixed income markets.
| | Top Ten Holdings as of March 31, 2020* (as a percentage of net assets) | | |||
| | | | | | |
| | United States Treasury Note, 0.375%, 03/31/22 | | | 2.8% | |
| | United States Treasury Note, 0.500%, 03/15/23 | | | 1.3% | |
| | Freddie Mac 3049 XF, 1.055%, 05/15/33 | | | 1.1% | |
| | Ginnie Mae Series 2016-H23 F, 2.412%, 10/20/66 | | | 0.8% | |
| | WFRBS Commercial Mortgage Trust 2011-C5 A4, 3.667%, 11/15/44 | | | 0.7% | |
| | Fannie Mae REMICS 2013-114 NA, 3.000%, 08/25/32 | | | 0.7% | |
| | DBRR 2011-LC2 A4B Trust, 4.537%, 07/12/44 | | | 0.7% | |
| | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.419%, 08/15/46 | | | 0.6% | |
| | Credit Suisse Mortgage Capital Certificates 2019-ICE4 B, 1.935%, 05/15/36 | | | 0.6% | |
| | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/45 | | | 0.6% | |
| | * Excludes short-term investments. | | |||
| | Portfolio holdings are subject to change daily. | | |||
Corporate allocations, which had more modest active exposures, detracted for the period. Higher quality agency mortgage-backed securities allocations did not meaningfully affect performance. Our more defensive security selection within the investment grade corporate sector added to performance for the period. Duration and yield curve positioning modestly added to performance. Defensive strategies implemented in the first quarter of 2020 added to performance as investors sought U.S. Treasuries and interest rates declined.
During the reporting period, the Fund used futures and swaps, primarily for cash management purposes. As a result, derivatives had a positive impact on performance.
Current Strategy & Outlook: Heading into this market shock, fundamentals were generally supportive across the consumer, housing and commercial real estate markets; we entered this recent period of volatility with a bias towards securitized credit because of the sector’s exposure to these strong fundamentals. We retain this bias in our portfolios, as our central case remains that meaningful and forceful monetary and fiscal stimulus will help the U.S. and the world recover from economic fallout.
Even after acknowledging the diminished economic growth prospects, in our view, none of the impacts to growth are likely to come close to the magnitude of the move we have endured in terms of securitized bond prices. We believe current valuations across the securitized markets reflect a substantial and sustained decline in home prices and relatively high and sustained unemployment. For example, spreads for AAA-rated credit card debt widened to levels that would suggest a prolonged period of 30% unemployment. Spreads in the residential mortgage-backed securities market imply a 20% sustained decline in home prices.
10
| Portfolio Managers’ Report | Voya Short Term Bond Fund |
While in our view many very dark, “long-tail” scenarios can be feared, our central case as we emerge into the post COVID-19 world sees economic fundamentals defined by a sharp global recession, followed by a W-shaped recovery in the U.S., i.e., a quick rebound with some drawbacks on the road to a more sustainable recovery, punctuated with episodes of volatility along the way. We believe that the Fed has no intention of being a headwind to the recovery, and we expect to remain in a zero-interest rate policy (“ZIRP”) world for quite some time.
In our view, there is no need to be a hero in the current fixed income environment. We see bountiful opportunities to earn outsized yields through high-quality investments with high-conviction, low-risk outcomes. With downgrade risk priced into current spread levels, we think there is significant value and opportunity in the market — particularly among higher-quality issuers, whose balance sheets are durable enough to make it to the other side of the slowdown — leading us to an up-bias of credit quality in our portfolios. We expect the factors that drove the first quarter of 2020 market dislocation — fear-driven technical selling pressure, leveraged unwinds, U.S. dollar funding needs and portfolio rebalancing — to abate.
As this happens in the zero interest rate policy world that lies ahead, we believe less distressed and more rational markets will begin to value the yield and income opportunities currently available in highly rated fixed income instruments. In the securitized markets, risk has started transferring to more appropriate holders and deleveraging is occurring where necessary. While monetary policy will need some time to take root, ultimately it will flow through to securitized markets; we believe meaningfully wider spreads in select areas of the securitized market represent extremely attractive starting points for asset allocators seeking exposure to capitalize on the rebound of U.S. consumers.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.
11
| Voya Short Term Bond Fund | Portfolio Managers’ Report |
| | |
![[MISSING IMAGE: tm2016814d2-lc_stbfbw.jpg]](tm2016814d2-lc_stbfbw.jpg)
|
| |
| | |
Average Annual Total Returns for the Periods Ended March 31, 2020
|
| | ||||||||||||||||||||||||||||||||||||
| | | | | |
1 Year
|
| |
5 Year
|
| |
Since Inception
of Classes A, C, I, and W December 19, 2012 |
| |
Since Inception
of Class R July 31, 2014 |
| |
Since Inception
of Class P3 June 1, 2018 |
| |
Since Inception
of Class P2 October 22, 2019 |
| | ||||||||||||||||||
| | | Including Sales Charge: | | | | | | | | |||||||||||||||||||||||||||||||
| | |
Class A(1)
|
| | | | -2.63% | | | | | | 0.46% | | | | | | 0.69% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class C(2)
|
| | | | -1.76% | | | | | | 0.20% | | | | | | 0.28% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class I
|
| | | | 0.16% | | | | | | 1.23% | | | | | | 1.32% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class P2
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | -2.16% | | | |
| | |
Class P3
|
| | | | 0.67% | | | | | | — | | | | | | — | | | | | | — | | | | | | 2.12% | | | | | | — | | | |
| | |
Class R
|
| | | | -0.18% | | | | | | 0.76% | | | | | | — | | | | | | 0.80% | | | | | | — | | | | | | | | | |
| | |
Class R6(3)
|
| | | | 0.29% | | | | | | 1.28% | | | | | | 1.36% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class W
|
| | | | 0.12% | | | | | | 1.24% | | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | — | | | |
| | | Excluding Sales Charge: | | | | | | | | |||||||||||||||||||||||||||||||
| | |
Class A
|
| | | | -0.14% | | | | | | 0.97% | | | | | | 1.05% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class C
|
| | | | -0.78% | | | | | | 0.20% | | | | | | 0.28% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class I
|
| | | | 0.16% | | | | | | 1.23% | | | | | | 1.32% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class P2
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | -2.16% | | | |
| | |
Class P3
|
| | | | 0.67% | | | | | | — | | | | | | — | | | | | | — | | | | | | 2.12% | | | | | | — | | | |
| | |
Class R
|
| | | | -0.18% | | | | | | 0.76% | | | | | | — | | | | | | 0.80% | | | | | | — | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | 0.29% | | | | | | 1.28% | | | | | | 1.36% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Class W
|
| | | | 0.12% | | | | | | 1.24% | | | | | | 1.30% | | | | | | — | | | | | | — | | | | | | — | | | |
| | |
Bloomberg Barclays U.S. 1-3 Year
Government/Credit Bond |
| | | | 4.53% | | | | | | 1.90% | | | | | | 1.58% | | | | | | 1.83% | | | | | | 4.04% | | | | | | 2.10% | | | |
| | | | | | ||||||||||||||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Short Term Bond Fund against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Fund’s performance is shown both with and without the imposition of sales charges.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an
investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Fund holdings are subject to change daily.
(1)
Reflects deduction of the maximum Class A sales charge of 2.50%.
(2)
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
(3)
Class R6 incepted on July 31, 2013. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.
12
| Portfolio Managers’ Report | Voya Strategic Income Opportunities Fund |
| |
Investment Type Allocation
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | Collateralized Mortgage Obligations | | |
29.2%
|
|
| | Commercial Mortgage-Backed Securities | | |
20.6%
|
|
| | Corporate Bonds/Notes | | |
15.3%
|
|
| | Bank Loans | | |
13.5%
|
|
| | Asset-Backed Securities | | |
12.0%
|
|
| | Sovereign Bonds | | |
3.2%
|
|
| | U.S. Treasury Obligations | | |
0.6%
|
|
| | Purchased Options | | |
0.2%
|
|
| | Convertible Bonds/Notes | | |
0.0%
|
|
| | U.S. Government Agency Obligations | | |
0.0%
|
|
| | Assets in Excess of Other Liabilities* | | |
5.4%
|
|
| | Net Assets | | |
100.0%
|
|
| |
*
Includes short-term investments.
|
| |||
| |
Portfolio holdings are subject to change daily.
|
| |||
Performance: For the year ended March 31, 2020, the Fund’s Class A shares, excluding sales charges, provided a total return of -6.48% compared to the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index (the “Index”) and the Bloomberg Barclays U.S. Universal Bond Index, which returned 2.38% and 7.15% respectively, for the same period.
Portfolio Specifics: For the fiscal year ended March 31, 2020, the Fund underperformed its benchmark, the Index. Underperformance was driven primarily by the Fund’s aggregate allocation to non-government sectors versus U.S. Treasuries. The Fund’s overweight in securitized credit was the largest drag on relative performance. Within securitized credit, the Fund’s exposures to non-agency residential mortgage-backed securities (“RMBS”) and credit risk transfer (“CRT”) securities were the most significant detractors. CRT yield spreads widened significantly versus comparable-maturity U.S. Treasury yields — and prices fell, since yields and prices move in opposite directions. As of period-end, nearly the entire CRT universe was trading at a discount. At the sector level, allocations to agency MBS and asset-backed securities (“ABS”) did not meaningfully impact performance. While the Fund’s allocations to investment grade and high yield corporate bonds were at the lower end of their historical ranges, corporate credit was still a drag on performance; corporate yield spreads widened the most since the 2008 crisis, pulling down prices.
Emerging market allocations also detracted from relative results.
| | Top Ten Holdings as of March 31, 2020* (as a percentage of net assets) | | |||
| | | | | | |
| | Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/50 | | | 0.6% | |
| | United States Treasury Inflation Indexed Bonds, 0.125%, 01/15/30 | | | 0.6% | |
| | Freddie Mac REMICS 4903 NS, 5.395%, 08/25/49 | | | 0.4% | |
| | Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 3.297%, 01/25/31 | | | 0.4% | |
| | Freddie Mac REMICS 4273 PS, 5.395%, 11/15/43 | | | 0.4% | |
| | GS Mortgage Securities Trust 2012-GCJ7 E, 5.000%, 05/10/45 | | | 0.4% | |
| | COMM 2014-LC15 D Mortgage Trust, 4.984%, 04/10/47 | | | 0.4% | |
| | Turkey Government International Bond, 4.875%, 10/09/26 | | | 0.4% | |
| | Prima Capital CRE Securitization 2019-RK1 DD Ltd., 3.500%, 04/15/38 | | | 0.4% | |
| | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-HQA2 M2, 2.997%, 04/25/49 | | | 0.3% | |
| | * Excludes short-term investments. | | |||
| | Portfolio holdings are subject to change daily. | | |||
With the exception of security section in high yield corporates, the Fund’s security selection detracted from performance. In the securitized sectors, exposure to more credit-sensitive non-agency commercial mortgage-backed securities was the largest detractor. Negative security selection within ABS was largely attributable to higher-yielding collateralized loan obligations, while investments in collateralized mortgage obligations also detracted. By contrast, de-emphasizing energy-related credits added to performance within the high yield bond sector. Duration and yield curve positioning added to performance as interest rates declined, but those contributions were unable to offset the detractions from yield spread widening.
U.S. Treasury futures, an offsetting hedge used to mitigate interest rate volatility, did not have a meaningful impact on performance. CDX, a credit default swap index used to hedge credit volatility, contributed modestly to results during the reporting period, as did foreign exchange positioning.
Current Strategy & Outlook: Heading into this market shock, fundamentals were generally supportive across the consumer, housing and commercial real estate markets; we entered this recent period of volatility with a bias towards securitized credit because of the sector’s exposure to these strong fundamentals. We retain this bias in our portfolios, as our central case remains that meaningful and forceful monetary and fiscal stimulus will help the U.S. and the world recover from economic fallout.
Even after acknowledging the diminished economic growth prospects, in our opinion, none of the impacts to growth are likely to come close to the magnitude of the move we have endured in terms of securitized bond prices. We believe current valuations across the securitized markets reflect a substantial and sustained decline in home prices and relatively high and sustained unemployment. For example, spreads for AAA-rated credit card debt widened to levels that would suggest a prolonged period of 30% unemployment. Spreads in the RMBS market imply a 20% sustained decline in home prices.
13
| Voya Strategic Income Opportunities Fund | Portfolio Managers’ Report |
While in our view many very dark, “long-tail” scenarios can be feared, our central case as we emerge into the post COVID-19 world sees economic fundamentals defined by a sharp global recession, by a swift bounce in economic activity followed by choppy global growth thereafter. We believe that the U.S. Federal Reserve has no intention of being a headwind to the recovery, and we expect to remain in a zero-interest rate policy (“ZIRP”) world for quite some time.
In our view, there is no need to be a hero in the current fixed income environment. We see bountiful opportunities to earn outsized yields through high-quality investments with high-conviction, low-risk outcomes. Downgrades within investment grade, as well as from investment grade to high yield (fallen angels) have begun and are expected to be large. We believe the bulk of the downgrades will be concentrated in energy, with the remaining downgrade risk in sectors most impacted by the virus-induced slowdown, such as airlines, autos, retail and other consumer related sectors. In our opinion, downgrade risk outside these sectors will be slower to emerge and will depend more on the length of the earnings correction than the depth of decline in the second quarter of 2020.
With downgrade risk priced into current spread levels, we think there is significant value and opportunity in the market — particularly among higher-quality AA-rated and A-rated issuers, whose balance sheets are durable enough to make it to the other side of the slowdown — leading us to an up-bias of credit quality in our portfolios. The lack of a “V” shaped recovery is likely, in our view, to result in the higher risk end of the corporate bond market (high yield corporates and senior bank loans) facing a persistent fundamental headwind moving forward. Also, we believe the degree of the increase of the size of these markets over the past seven years leaves the corporate space more exposed to the crowding-out effect to be caused by the massive increase in government borrowing globally that is about to ensue.
As this plays out, we expect the factors that drove the first quarter of 2020 market dislocation — fear-driven technical selling pressure, leveraged unwinds, U.S. dollar funding needs and portfolio rebalancing — to abate. As this happens in the ZIRP world that lies ahead, we believe less distressed and more rational markets will begin to value the yield and income opportunities currently available in highly rated fixed income instruments. In the securitized markets, it is our opinion that risk has started transferring to more appropriate holders and deleveraging is occurring where necessary. While monetary policy will need some time to take root, in our view, it will ultimately flow through to securitized markets; we believe meaningfully wider spreads in select areas of the securitized market represent extremely attractive starting points for asset allocators seeking exposure to capitalize on the rebound of U.S. consumers.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
14
| Portfolio Managers’ Report | Voya Strategic Income Opportunities Fund |
| | |
![[MISSING IMAGE: tm2016814d2-lc_siofbw.jpg]](tm2016814d2-lc_siofbw.jpg)
|
| |
| | |
Average Annual Total Returns for the Periods Ended March 31, 2020
|
| | ||||||||||||||||||||||||
| | | | | |
1 Year
|
| |
5 Years
|
| |
Since Inception
of Classes A, C, I, R, and W November 2, 2012 |
| |
Since Inception
of Class P3 August 1, 2019 |
| | ||||||||||||
| | | Including Sales Charge: | | | | | | |||||||||||||||||||||
| | |
Class A(1)
|
| | | | -8.82% | | | | | | 1.09% | | | | | | 1.86% | | | | | | — | | | |
| | |
Class C(2)
|
| | | | -8.14% | | | | | | 0.85% | | | | | | 1.42% | | | | | | — | | | |
| | |
Class I
|
| | | | -6.30% | | | | | | 2.05% | | | | | | 2.58% | | | | | | — | | | |
| | |
Class P(3)
|
| | | | -5.99% | | | | | | 2.15% | | | | | | 2.65% | | | | | | — | | | |
| | |
Class P3
|
| | | | — | | | | | | — | | | | | | — | | | | | | -8.83% | | | |
| | |
Class R
|
| | | | -6.80% | | | | | | 1.37% | | | | | | 1.92% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | -6.28% | | | | | | 2.01% | | | | | | 2.56% | | | | | | — | | | |
| | |
Class W
|
| | | | -6.48% | | | | | | 1.61% | | | | | | 2.22% | | | | | | — | | | |
| | | Excluding Sales Charge: | | | | | | |||||||||||||||||||||
| | |
Class A
|
| | | | -6.48% | | | | | | 1.61% | | | | | | 2.22% | | | | | | — | | | |
| | |
Class C
|
| | | | -7.24% | | | | | | 0.85% | | | | | | 1.42% | | | | | | — | | | |
| | |
Class I
|
| | | | -6.30% | | | | | | 2.05% | | | | | | 2.58% | | | | | | — | | | |
| | |
Class P(3)
|
| | | | -5.99% | | | | | | 2.15% | | | | | | 2.65% | | | | | | — | | | |
| | |
Class P3
|
| | | | — | | | | | | — | | | | | | — | | | | | | -8.83% | | | |
| | |
Class R
|
| | | | -6.80% | | | | | | 1.37% | | | | | | 1.92% | | | | | | — | | | |
| | |
Class R6(3)
|
| | | | -6.28% | | | | | | 2.01% | | | | | | 2.56% | | | | | | — | | | |
| | |
Class W
|
| | | | -6.37% | | | | | | 1.81% | | | | | | 2.34% | | | | | | — | | | |
| | |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity
|
| | | | 2.38% | | | | | | 1.42% | | | | | | 1.04% | | | | | | 1.44% | | | |
| | |
Bloomberg Barclays U.S. Universal Bond
|
| | | | 7.15% | | | | | | 3.35% | | | | | | 3.10% | | | | | | 3.02% | | | |
| | | | | | ||||||||||||||||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Strategic Income Opportunities Fund against the index indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
The Fund’s performance is shown both with and without the imposition of sales charges.
The performance graph and table do not reflect the deduction of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an
investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most recent month end.
Fund holdings are subject to change daily.
(1)
Reflects deduction of the maximum Class A sales charge of 2.50%.
(2)
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return.
(3)
Class R6 incepted on October 23, 2015 and Class P incepted on February 1, 2019. The Class R6 and Class P shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment for any differences in the expenses between the two classes. If adjusted for such differences, returns would be different.
15
shareholder expense examples (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2019 to March 31, 2020. The Funds’ expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | |
Actual Fund Return
|
| |
Hypothetical (5% return before expenses)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio |
| |
Expenses Paid
During the Period Ended March 31, 2020* |
| |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio |
| |
Expenses Paid
During the Period Ended March 31, 2020* |
| ||||||||||||||||||||||||
| Voya GNMA Income Fund | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 1,024.80 | | | | | | 0.92% | | | | | $ | 4.66 | | | | | $ | 1,000.00 | | | | | $ | 1,020.40 | | | | | | 0.92% | | | | | $ | 4.65 | | |
| Class C | | | | | 1,000.00 | | | | | | 1,019.80 | | | | | | 1.67 | | | | | | 8.43 | | | | | | 1,000.00 | | | | | | 1,016.65 | | | | | | 1.67 | | | | | | 8.42 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,025.10 | | | | | | 0.62 | | | | | | 3.14 | | | | | | 1,000.00 | | | | | | 1,021.90 | | | | | | 0.62 | | | | | | 3.13 | | |
| Class W | | | | | 1,000.00 | | | | | | 1,024.80 | | | | | | 0.67 | | | | | | 3.39 | | | | | | 1,000.00 | | | | | | 1,021.65 | | | | | | 0.67 | | | | | | 3.39 | | |
| Voya High Yield Bond Fund | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 905.20 | | | | | | 1.10% | | | | | $ | 5.24 | | | | | $ | 1,000.00 | | | | | $ | 1,019.50 | | | | | | 1.10% | | | | | $ | 5.55 | | |
| Class C | | | | | 1,000.00 | | | | | | 901.70 | | | | | | 1.85 | | | | | | 8.80 | | | | | | 1,000.00 | | | | | | 1,015.75 | | | | | | 1.85 | | | | | | 9.32 | | |
| Class I | | | | | 1,000.00 | | | | | | 906.60 | | | | | | 0.75 | | | | | | 3.57 | | | | | | 1,000.00 | | | | | | 1,021.25 | | | | | | 0.75 | | | | | | 3.79 | | |
| Class P | | | | | 1,000.00 | | | | | | 908.70 | | | | | | 0.08 | | | | | | 0.38 | | | | | | 1,000.00 | | | | | | 1,024.60 | | | | | | 0.08 | | | | | | 0.40 | | |
| Class P3 | | | | | 1,000.00 | | | | | | 909.00 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 1,000.00 | | | | | | 1,025.00 | | | | | | 0.00 | | | | | | 0.00 | | |
| Class R | | | | | 1,000.00 | | | | | | 904.20 | | | | | | 1.35 | | | | | | 6.43 | | | | | | 1,000.00 | | | | | | 1,018.25 | | | | | | 1.35 | | | | | | 6.81 | | |
| Class R6 | | | | | 1,000.00 | | | | | | 905.90 | | | | | | 0.69 | | | | | | 3.29 | | | | | | 1,000.00 | | | | | | 1,021.55 | | | | | | 0.69 | | | | | | 3.49 | | |
| Class W | | | | | 1,000.00 | | | | | | 905.40 | | | | | | 0.85 | | | | | | 4.05 | | | | | | 1,000.00 | | | | | | 1,020.75 | | | | | | 0.85 | | | | | | 4.29 | | |
16
shareholder expense examples (Unaudited) (continued)
| | | |
Actual Fund Return
|
| |
Hypothetical (5% return before expenses)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio |
| |
Expenses Paid
During the Period Ended March 31, 2020* |
| |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio |
| |
Expenses Paid
During the Period Ended March 31, 2020* |
| ||||||||||||||||||||||||
| Voya Intermediate Bond Fund | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 985.30 | | | | | | 0.69% | | | | | $ | 3.42 | | | | | $ | 1,000.00 | | | | | $ | 1,021.55 | | | | | | 0.69% | | | | | $ | 3.49 | | |
| Class C | | | | | 1,000.00 | | | | | | 980.60 | | | | | | 1.44 | | | | | | 7.13 | | | | | | 1,000.00 | | | | | | 1,017.80 | | | | | | 1.44 | | | | | | 7.26 | | |
| Class I | | | | | 1,000.00 | | | | | | 985.90 | | | | | | 0.36 | | | | | | 1.79 | | | | | | 1,000.00 | | | | | | 1,023.20 | | | | | | 0.36 | | | | | | 1.82 | | |
| Class P3 | | | | | 1,000.00 | | | | | | 988.60 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 1,000.00 | | | | | | 1,025.00 | | | | | | 0.00 | | | | | | 0.00 | | |
| Class R | | | | | 1,000.00 | | | | | | 983.20 | | | | | | 0.94 | | | | | | 4.66 | | | | | | 1,000.00 | | | | | | 1,020.30 | | | | | | 0.94 | | | | | | 4.75 | | |
| Class R6 | | | | | 1,000.00 | | | | | | 987.10 | | | | | | 0.30 | | | | | | 1.49 | | | | | | 1,000.00 | | | | | | 1,023.50 | | | | | | 0.30 | | | | | | 1.52 | | |
| Class W | | | | | 1,000.00 | | | | | | 985.60 | | | | | | 0.44 | | | | | | 2.18 | | | | | | 1,000.00 | | | | | | 1,022.80 | | | | | | 0.44 | | | | | | 2.23 | | |
| Voya Short Term Bond Fund | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 978.70 | | | | | | 0.65% | | | | | $ | 3.22 | | | | | $ | 1,000.00 | | | | | $ | 1,021.75 | | | | | | 0.65% | | | | | $ | 3.29 | | |
| Class C | | | | | 1,000.00 | | | | | | 975.00 | | | | | | 1.40 | | | | | | 6.91 | | | | | | 1,000.00 | | | | | | 1,018.00 | | | | | | 1.40 | | | | | | 7.06 | | |
| Class I | | | | | 1,000.00 | | | | | | 979.20 | | | | | | 0.40 | | | | | | 1.98 | | | | | | 1,000.00 | | | | | | 1,023.00 | | | | | | 0.40 | | | | | | 2.02 | | |
| Class P2(1) | | | | | 1,000.00 | | | | | | 978.40 | | | | | | 0.15 | | | | | | 0.74 | | | | | | 1,000.00 | | | | | | 1,024.25 | | | | | | 0.15 | | | | | | 0.76 | | |
| Class P3 | | | | | 1,000.00 | | | | | | 981.70 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 1,000.00 | | | | | | 1,025.00 | | | | | | 0.00 | | | | | | 0.00 | | |
| Class R | | | | | 1,000.00 | | | | | | 977.60 | | | | | | 0.90 | | | | | | 4.45 | | | | | | 1,000.00 | | | | | | 1,020.50 | | | | | | 0.90 | | | | | | 4.55 | | |
| Class R6 | | | | | 1,000.00 | | | | | | 980.30 | | | | | | 0.35 | | | | | | 1.73 | | | | | | 1,000.00 | | | | | | 1,023.25 | | | | | | 0.35 | | | | | | 1.77 | | |
| Class W | | | | | 1,000.00 | | | | | | 978.00 | | | | | | 0.40 | | | | | | 1.98 | | | | | | 1,000.00 | | | | | | 1,023.00 | | | | | | 0.40 | | | | | | 2.02 | | |
| Voya Strategic Income Opportunities Fund | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 902.60 | | | | | | 0.86% | | | | | $ | 4.09 | | | | | $ | 1,000.00 | | | | | $ | 1,020.70 | | | | | | 0.86% | | | | | $ | 4.34 | | |
| Class C | | | | | 1,000.00 | | | | | | 898.40 | | | | | | 1.61 | | | | | | 7.54 | | | | | | 1,000.00 | | | | | | 1,016.95 | | | | | | 1.61 | | | | | | 8.12 | | |
| Class I | | | | | 1,000.00 | | | | | | 902.80 | | | | | | 0.60 | | | | | | 2.85 | | | | | | 1,000.00 | | | | | | 1,022.00 | | | | | | 0.60 | | | | | | 3.03 | | |
| Class P | | | | | 1,000.00 | | | | | | 904.90 | | | | | | 0.05 | | | | | | 0.24 | | | | | | 1,000.00 | | | | | | 1,024.75 | | | | | | 0.05 | | | | | | 0.25 | | |
| Class P3 | | | | | 1,000.00 | | | | | | 906.60 | | | | | | 0.00 | | | | | | 0.00 | | | | | | 1,000.00 | | | | | | 1,025.00 | | | | | | 0.00 | | | | | | 0.00 | | |
| Class R | | | | | 1,000.00 | | | | | | 900.50 | | | | | | 1.11 | | | | | | 5.27 | | | | | | 1,000.00 | | | | | | 1,019.45 | | | | | | 1.11 | | | | | | 5.60 | | |
| Class R6 | | | | | 1,000.00 | | | | | | 902.70 | | | | | | 0.55 | | | | | | 2.62 | | | | | | 1,000.00 | | | | | | 1,022.25 | | | | | | 0.55 | | | | | | 2.78 | | |
| Class W | | | | | 1,000.00 | | | | | | 902.50 | | | | | | 0.61 | | | | | | 2.90 | | | | | | 1,000.00 | | | | | | 1,021.95 | | | | | | 0.61 | | | | | | 3.08 | | |
*
Expenses are equal to each Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year.
(1)
Commencement of operations was October 22, 2019. Expenses paid for the actual Fund’s return reflect the 161-day period ended March 31, 2020.
17
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 Term Bond 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 statement of assets and liabilities of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Term Bond Fund and Voya Strategic Income Opportunities Fund (the “Funds”) (five of the funds constituting Voya Funds Trust (the “Trust”)), including the summary portfolio of investments, as of March 31, 2020, and the related statements of operations and changes in net assets and the financial highlights for the year 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 Funds (five of the funds constituting Voya Funds Trust) at March 31, 2020, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
The statement of changes in net assets for the year ended March 31, 2019, and the financial highlights for each of the periods in the four-year period then ended, were audited by another independent registered public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on 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 audits 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, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. 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.
![[MISSING IMAGE: sg_ernst-young.jpg]](sg_ernst-young.jpg)
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
May 26, 2020
May 26, 2020
18
STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2020
| | | |
Voya GNMA
Income Fund |
| |
Voya High Yield
Bond Fund |
| |
Voya Intermediate
Bond Fund |
| |||||||||
| ASSETS: | | | | | | | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | | | $ | 1,625,762,446 | | | | | $ | 459,405,461 | | | | | $ | 8,122,735,917 | | |
| Short-term investments at fair value** | | | | | 64,299,519 | | | | | | 60,803,841 | | | | | | 180,256,376 | | |
| Cash | | | | | 2,830,884 | | | | | | 1,386,298 | | | | | | 4,135,862 | | |
| Cash collateral for futures | | | | | 6,370,790 | | | | | | — | | | | | | 25,069,247 | | |
| Cash pledged for centrally cleared swaps (Note 2) | | | | | — | | | | | | — | | | | | | 26,528,579 | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | — | | | | | | — | | | | | | 2,110,000 | | |
| Due from broker | | | | | 1,092,000 | | | | | | — | | | | | | — | | |
| Foreign currencies at value*** | | | | | — | | | | | | — | | | | | | 4,671,063 | | |
| Receivables: | | | | | | | | | | | | | | | | | | | |
|
Investment securities sold
|
| | | | 10,231,875 | | | | | | 7,406,735 | | | | | | 61,378,363 | | |
|
Investment securities sold on a delayed-delivery or when-issued basis
|
| | | | 302,320,131 | | | | | | — | | | | | | 173,809,857 | | |
|
Fund shares sold
|
| | | | 7,695,601 | | | | | | 312,523 | | | | | | 31,243,880 | | |
|
Dividends
|
| | | | — | | | | | | 3,706 | | | | | | 29,101 | | |
|
Interest
|
| | | | 3,936,090 | | | | | | 8,535,611 | | | | | | 47,626,579 | | |
|
Foreign tax reclaims
|
| | | | — | | | | | | — | | | | | | 90,917 | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | — | | | | | | — | | | | | | 15,088,865 | | |
| Variation margin receivable on centrally cleared swaps | | | | | — | | | | | | — | | | | | | 5,939,142 | | |
| Prepaid expenses | | | | | 46,268 | | | | | | 62,193 | | | | | | 223,946 | | |
| Reimbursement due from Investment Adviser | | | | | 55,727 | | | | | | 203 | | | | | | 5,554 | | |
| Other assets | | | | | 36,505 | | | | | | 15,067 | | | | | | 123,991 | | |
|
Total assets
|
| | | | 2,024,677,836 | | | | | | 537,931,638 | | | | | | 8,701,067,239 | | |
| LIABILITIES: | | | | | | | | | | | | | | | | | | | |
| Income distribution payable | | | | | 416,078 | | | | | | 58,416 | | | | | | 2,844,529 | | |
| Payable for investment securities purchased | | | | | 3,192,004 | | | | | | 7,672,971 | | | | | | 68,870,264 | | |
|
Payable for investment securities purchased on a delayed-delivery or when-issued basis
|
| | | | 701,186,947 | | | | | | — | | | | | | 171,924,100 | | |
| Payable for fund shares redeemed | | | | | 5,160,614 | | | | | | 431,394 | | | | | | 23,739,125 | | |
| Payable to broker | | | | | — | | | | | | — | | | | | | 3,551,794 | | |
| Payable upon receipt of securities loaned | | | | | — | | | | | | 40,976,455 | | | | | | 168,207,376 | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | | | — | | | | | | 345,538 | | |
| Cash received as collateral for OTC derivatives (Note 2) | | | | | — | | | | | | — | | | | | | 14,110,000 | | |
|
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)
|
| | | | 12,096,000 | | | | | | — | | | | | | 2,066,448 | | |
| Payable for investment management fees | | | | | 472,452 | | | | | | 183,682 | | | | | | 1,958,133 | | |
| Payable for distribution and shareholder service fees | | | | | 140,966 | | | | | | 20,162 | | | | | | 202,015 | | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | | | 36,505 | | | | | | 15,067 | | | | | | 123,991 | | |
| Payable for trustee fees | | | | | 5,347 | | | | | | 2,117 | | | | | | 38,001 | | |
| Other accrued expenses and liabilities | | | | | 547,880 | | | | | | 248,269 | | | | | | 1,991,980 | | |
| Written options, at fair value^ | | | | | — | | | | | | — | | | | | | 12,115,246 | | |
|
Total liabilities
|
| | | | 723,254,793 | | | | | | 49,608,533 | | | | | | 472,088,540 | | |
|
NET ASSETS
|
| | | $ | 1,301,423,043 | | | | | $ | 488,323,105 | | | | | $ | 8,228,978,699 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 1,297,181,191 | | | | | $ | 548,802,641 | | | | | $ | 8,247,769,609 | | |
| Total distributable earnings (loss) | | | | | 4,241,852 | | | | | | (60,479,536) | | | | | | (18,790,910) | | |
|
NET ASSETS
|
| | | $ | 1,301,423,043 | | | | | $ | 488,323,105 | | | | | $ | 8,228,978,699 | | |
|
+
Including securities loaned at value
|
| | | $ | — | | | | | $ | 39,954,468 | | | | | $ | 163,951,605 | | |
|
*
Cost of investments in securities
|
| | | $ | 1,571,401,349 | | | | | $ | 494,718,279 | | | | | $ | 8,296,114,079 | | |
|
**
Cost of short-term investments
|
| | | $ | 64,298,746 | | | | | $ | 60,805,220 | | | | | $ | 180,256,376 | | |
|
***
Cost of foreign currencies
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,241,990 | | |
|
^
Premiums received on written options
|
| | | $ | — | | | | | $ | — | | | | | $ | 990,880 | | |
See Accompanying Notes to Financial Statements
19
STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2020 (continued)
| | | |
Voya GNMA
Income Fund |
| |
Voya High Yield
Bond Fund |
| |
Voya Intermediate
Bond Fund |
| |||||||||
| Class A | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 493,736,685 | | | | | $ | 44,060,331 | | | | | $ | 451,337,661 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 57,555,140 | | | | | | 6,279,633 | | | | | | 44,654,478 | | |
|
Net asset value and redemption price per share†
|
| | | $ | 8.58 | | | | | $ | 7.02 | | | | | $ | 10.11 | | |
|
Maximum offering price per share (2.50%)(1)
|
| | | $ | 8.80 | | | | | $ | 7.20 | | | | | $ | 10.37 | | |
| Class C | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 47,577,041 | | | | | $ | 11,215,095 | | | | | $ | 25,555,556 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 5,574,473 | | | | | | 1,598,659 | | | | | | 2,532,049 | | |
|
Net asset value and redemption price per share†
|
| | | $ | 8.53 | | | | | $ | 7.02 | | | | | $ | 10.09 | | |
| Class I | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 604,194,413 | | | | | $ | 68,213,749 | | | | | $ | 4,988,317,288 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 70,305,877 | | | | | | 9,737,865 | | | | | | 493,730,090 | | |
|
Net asset value and redemption price per share
|
| | | $ | 8.59 | | | | | $ | 7.01 | | | | | $ | 10.10 | | |
| Class P | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | | n/a | | | | | $ | 99,000,100 | | | | | | n/a | | |
|
Shares authorized
|
| | | | n/a | | | | | | unlimited | | | | | | n/a | | |
|
Par value
|
| | | | n/a | | | | | $ | 0.001 | | | | | | n/a | | |
|
Shares outstanding
|
| | | | n/a | | | | | | 14,105,356 | | | | | | n/a | | |
|
Net asset value and redemption price per share
|
| | | | n/a | | | | | $ | 7.02 | | | | | | n/a | | |
| Class P3 | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | | n/a | | | | | $ | 1,143,385 | | | | | $ | 20,936,303 | | |
|
Shares authorized
|
| | | | n/a | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | | n/a | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | n/a | | | | | | 162,821 | | | | | | 2,071,172 | | |
|
Net asset value and redemption price per share
|
| | | | n/a | | | | | $ | 7.02 | | | | | $ | 10.11 | | |
| Class R | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | | n/a | | | | | $ | 684,165 | | | | | $ | 186,915,275 | | |
|
Shares authorized
|
| | | | n/a | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | | n/a | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | n/a | | | | | | 97,390 | | | | | | 18,468,929 | | |
|
Net asset value and redemption price per share
|
| | | | n/a | | | | | $ | 7.03 | | | | | $ | 10.12 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | | n/a | | | | | $ | 125,035,564 | | | | | $ | 2,306,856,993 | | |
|
Shares authorized
|
| | | | n/a | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | | n/a | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | n/a | | | | | | 17,804,672 | | | | | | 228,235,618 | | |
|
Net asset value and redemption price per share
|
| | | | n/a | | | | | $ | 7.02 | | | | | $ | 10.11 | | |
| Class W | | | | | | | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 155,914,904 | | | | | $ | 138,970,716 | | | | | $ | 249,059,623 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 18,119,961 | | | | | | 19,777,246 | | | | | | 24,657,634 | | |
|
Net asset value and redemption price per share
|
| | | $ | 8.60 | | | | | $ | 7.03 | | | | | $ | 10.10 | | |
(1)
Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.
†
Redemption price per share may be reduced for any applicable contingent deferred sales charges.
See Accompanying Notes to Financial Statements
20
STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2020
| | | |
Voya Short Term
Bond Fund |
| |
Voya Strategic
Income Opportunities Fund |
| ||||||
| ASSETS: | | | | | | | | | | | | | |
| Investments in securities at fair value+* | | | | $ | 169,782,749 | | | | | $ | 2,437,394,466 | | |
| Short-term investments at fair value** | | | | | 1,880,706 | | | | | | 76,426,525 | | |
| Cash | | | | | 19,306 | | | | | | 6,007,632 | | |
| Cash collateral for futures | | | | | 159,359 | | | | | | 65,663 | | |
| Cash pledged for centrally cleared swaps (Note 2) | | | | | 250,000 | | | | | | 17,036,846 | | |
| Cash pledged as collateral for OTC derivatives (Note 2) | | | | | — | | | | | | 110,000 | | |
| Due from broker | | | | | — | | | | | | 700,000 | | |
| Foreign currencies at value*** | | | | | 1,774 | | | | | | 632,576 | | |
| Receivables: | | | | | | | | | | | | | |
|
Investment securities sold
|
| | | | 450,977 | | | | | | 21,174,741 | | |
|
Investment securities sold on a delayed-delivery or when-issued basis
|
| | | | 2,271,533 | | | | | | 262,196,338 | | |
|
Fund shares sold
|
| | | | 149,677 | | | | | | 70,660,395 | | |
|
Dividends
|
| | | | 790 | | | | | | 141,390 | | |
|
Interest
|
| | | | 1,006,690 | | | | | | 15,765,452 | | |
| Unrealized appreciation on forward foreign currency contracts | | | | | — | | | | | | 19,836,927 | | |
| Variation margin receivable on centrally cleared swaps | | | | | — | | | | | | 3,494,956 | | |
| Prepaid expenses | | | | | 61,455 | | | | | | 203,728 | | |
| Reimbursement due from Investment Adviser | | | | | 30,999 | | | | | | 1,919 | | |
| Other assets | | | | | 3,552 | | | | | | 15,171 | | |
|
Total assets
|
| | | | 176,069,567 | | | | | | 2,931,864,725 | | |
| LIABILITIES: | | | | | | | | | | | | | |
| Income distribution payable | | | | | 1,653 | | | | | | 813,218 | | |
| Payable for investment securities purchased | | | | | 991,181 | | | | | | 17,319,060 | | |
| Payable for investment securities purchased on a delayed-delivery or when-issued basis | | | | | 2,284,497 | | | | | | 258,413,102 | | |
| Payable for fund shares redeemed | | | | | 242,721 | | | | | | 21,350,913 | | |
| Payable to broker | | | | | — | | | | | | 1,524,818 | | |
| Payable upon receipt of securities loaned | | | | | 239,706 | | | | | | 10,799,391 | | |
| Unrealized depreciation on forward foreign currency contracts | | | | | — | | | | | | 12,373,218 | | |
| Variation margin payable on centrally cleared swaps | | | | | 5,329 | | | | | | — | | |
| Cash received as collateral for OTC derivatives (Note 2) | | | | | — | | | | | | 24,090,000 | | |
| Cash received as collateral for delayed-delivery or when-issued securities (Note 2) | | | | | — | | | | | | 2,370,000 | | |
| Payable for investment management fees | | | | | 43,113 | | | | | | 1,205,407 | | |
| Payable for distribution and shareholder service fees | | | | | 1,799 | | | | | | 94,315 | | |
| Payable to trustees under the deferred compensation plan (Note 6) | | | | | 3,552 | | | | | | 15,171 | | |
| Payable for trustee fees | | | | | 956 | | | | | | 12,063 | | |
| Other accrued expenses and liabilities | | | | | 24,470 | | | | | | 239,711 | | |
| Written options, at fair value^ | | | | | — | | | | | | 4,349,549 | | |
|
Total liabilities
|
| | | | 3,838,977 | | | | | | 354,969,936 | | |
|
NET ASSETS
|
| | | $ | 172,230,590 | | | | | $ | 2,576,894,789 | | |
| NET ASSETS WERE COMPRISED OF: | | | | | | | | | | | | | |
| Paid-in capital | | | | $ | 181,029,653 | | | | | $ | 2,901,945,222 | | |
| Total distributable loss | | | | | (8,799,063) | | | | | | (325,050,433) | | |
|
NET ASSETS
|
| | | $ | 172,230,590 | | | | | $ | 2,576,894,789 | | |
|
+
Including securities loaned at value
|
| | | $ | 233,036 | | | | | $ | 10,530,906 | | |
|
*
Cost of investments in securities
|
| | | $ | 175,770,767 | | | | | $ | 2,715,232,287 | | |
|
**
Cost of short-term investments
|
| | | $ | 1,880,706 | | | | | $ | 76,426,525 | | |
|
***
Cost of foreign currencies
|
| | | $ | 7,147 | | | | | $ | 773,351 | | |
|
^
Premiums received on written options
|
| | | $ | — | | | | | $ | 355,740 | | |
See Accompanying Notes to Financial Statements
21
STATEMENTS OF ASSETS AND LIABILITIES as of March 31, 2020 (continued)
| | | |
Voya Short Term
Bond Fund |
| |
Voya Strategic
Income Opportunities Fund |
| ||||||
| Class A | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 6,906,886 | | | | | $ | 146,079,509 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 723,518 | | | | | | 16,019,989 | | |
|
Net asset value and redemption price per share†
|
| | | $ | 9.55 | | | | | $ | 9.12 | | |
|
Maximum offering price per share (2.50%)(1)
|
| | | $ | 9.79 | | | | | $ | 9.35 | | |
| Class C | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 335,407 | | | | | $ | 53,332,793 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 35,120 | | | | | | 5,937,215 | | |
|
Net asset value and redemption price per share†
|
| | | $ | 9.55 | | | | | $ | 8.98 | | |
| Class I | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 11,925,226 | | | | | $ | 2,046,289,285 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 1,249,747 | | | | | | 223,557,563 | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.54 | | | | | $ | 9.15 | | |
| Class P | | | | | | | | | | | | | |
|
Net assets
|
| | | | n/a | | | | | $ | 9,528,800 | | |
|
Shares authorized
|
| | | | n/a | | | | | | unlimited | | |
|
Par value
|
| | | | n/a | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | n/a | | | | | | 1,045,538 | | |
|
Net asset value and redemption price per share
|
| | | | n/a | | | | | $ | 9.11 | | |
| Class P2 | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 49,295,558 | | | | | | n/a | | |
|
Shares authorized
|
| | | | unlimited | | | | | | n/a | | |
|
Par value
|
| | | $ | 0.001 | | | | | | n/a | | |
|
Shares outstanding
|
| | | | 5,166,315 | | | | | | n/a | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.54 | | | | | | n/a | | |
| Class P3 | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 5,287,696 | | | | | $ | 3,769,580 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 554,385 | | | | | | 411,691 | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.54 | | | | | $ | 9.16 | | |
| Class R | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 3,135 | | | | | $ | 18,459,404 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 328 | | | | | | 2,041,099 | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.57 | | | | | $ | 9.04 | | |
| Class R6 | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 98,379,507 | | | | | $ | 229,913,335 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 10,306,594 | | | | | | 25,196,793 | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.55 | | | | | $ | 9.12 | | |
| Class W | | | | | | | | | | | | | |
|
Net assets
|
| | | $ | 97,175 | | | | | $ | 69,522,083 | | |
|
Shares authorized
|
| | | | unlimited | | | | | | unlimited | | |
|
Par value
|
| | | $ | 0.001 | | | | | $ | 0.001 | | |
|
Shares outstanding
|
| | | | 10,151 | | | | | | 7,644,551 | | |
|
Net asset value and redemption price per share
|
| | | $ | 9.57 | | | | | $ | 9.09 | | |
(1)
Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is reduced.
†
Redemption price per share may be reduced for any applicable contingent deferred sales charges.
See Accompanying Notes to Financial Statements
22
STATEMENTS OF OPERATIONS for the year ended March 31, 2020
| | | |
Voya GNMA
Income Fund |
| |
Voya High Yield
Bond Fund |
| |
Voya Intermediate
Bond Fund |
| |||||||||
| INVESTMENT INCOME: | | | | | | | | | | | | | | | | | | | |
| Dividends | | | | $ | — | | | | | $ | 41,583 | | | | | $ | 410,513 | | |
| Interest, net of foreign taxes withheld* | | | | | 32,609,335 | | | | | | 25,428,501 | | | | | | 264,362,177 | | |
| Securities lending income, net | | | | | — | | | | | | 347,938 | | | | | | 1,414,484 | | |
|
Total investment income
|
| | | | 32,609,335 | | | | | | 25,818,022 | | | | | | 266,187,174 | | |
| EXPENSES: | | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 5,704,814 | | | | | | 2,583,331 | | | | | | 20,525,473 | | |
| Distribution and shareholder service fees: | | | | | |||||||||||||||
|
Class A
|
| | | | 1,067,278 | | | | | | 131,465 | | | | | | 1,149,126 | | |
|
Class C
|
| | | | 561,298 | | | | | | 146,618 | | | | | | 286,633 | | |
|
Class O(1)
|
| | | | — | | | | | | — | | | | | | 4,452 | | |
|
Class R
|
| | | | — | | | | | | 6,634 | | | | | | 920,387 | | |
| Transfer agent fees: | | | | | | | | | | | | | | | | | | | |
|
Class A
|
| | | | 414,475 | | | | | | 85,282 | | | | | | 651,947 | | |
|
Class C
|
| | | | 53,019 | | | | | | 23,776 | | | | | | 40,456 | | |
|
Class I
|
| | | | 411,916 | | | | | | 52,033 | | | | | | 2,981,074 | | |
|
Class O(1)
|
| | | | — | | | | | | — | | | | | | 2,442 | | |
|
Class P
|
| | | | — | | | | | | 2,978 | | | | | | — | | |
|
Class P3
|
| | | | — | | | | | | 1 | | | | | | 409 | | |
|
Class R
|
| | | | — | | | | | | 2,153 | | | | | | 260,827 | | |
|
Class R6
|
| | | | — | | | | | | 1,447 | | | | | | 25,011 | | |
|
Class W
|
| | | | 108,694 | | | | | | 179,438 | | | | | | 295,095 | | |
| Shareholder reporting expense | | | | | 168,800 | | | | | | 49,776 | | | | | | 267,546 | | |
| Registration fees | | | | | 101,085 | | | | | | 129,189 | | | | | | 484,533 | | |
| Professional fees | | | | | 45,932 | | | | | | 38,796 | | | | | | 260,836 | | |
| Custody and accounting expense | | | | | 112,020 | | | | | | 66,360 | | | | | | 735,210 | | |
| Trustee fees | | | | | 42,775 | | | | | | 16,940 | | | | | | 304,011 | | |
| Miscellaneous expense | | | | | 41,499 | | | | | | 44,526 | | | | | | 278,355 | | |
| Interest expense | | | | | 49 | | | | | | 21 | | | | | | 2,055 | | |
|
Total expenses
|
| | | | 8,833,654 | | | | | | 3,560,764 | | | | | | 29,475,878 | | |
|
Waived and reimbursed fees
|
| | | | (266,718) | | | | | | (574,592) | | | | | | (117,672) | | |
|
Net expenses
|
| | | | 8,566,936 | | | | | | 2,986,172 | | | | | | 29,358,206 | | |
| Net investment income | | | | | 24,042,399 | | | | | | 22,831,850 | | | | | | 236,828,968 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | |
|
Investments
|
| | | | 13,887,823 | | | | | | (7,355,188) | | | | | | 193,420,495 | | |
|
Forward foreign currency contracts
|
| | | | — | | | | | | — | | | | | | 5,767,026 | | |
|
Foreign currency related transactions
|
| | | | — | | | | | | — | | | | | | 204,095 | | |
|
Futures
|
| | | | (22,163,857) | | | | | | — | | | | | | 57,394,212 | | |
|
Swaps
|
| | | | — | | | | | | — | | | | | | 7,929,669 | | |
|
Written options
|
| | | | — | | | | | | — | | | | | | (12,979,414) | | |
|
Net realized gain (loss)
|
| | | | (8,276,034) | | | | | | (7,355,188) | | | | | | 251,736,083 | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | |
|
Investments
|
| | | | 50,494,709 | | | | | | (36,492,863) | | | | | | (267,980,386) | | |
|
Forward foreign currency contracts
|
| | | | — | | | | | | — | | | | | | 14,632,990 | | |
|
Foreign currency related transactions
|
| | | | — | | | | | | — | | | | | | (518,530) | | |
|
Futures
|
| | | | (7,092,706) | | | | | | — | | | | | | 23,449,297 | | |
|
Swaps
|
| | | | — | | | | | | — | | | | | | 16,887,708 | | |
|
Written options
|
| | | | — | | | | | | — | | | | | | (897,396) | | |
|
Net change in unrealized appreciation (depreciation)
|
| | | | 43,402,003 | | | | | | (36,492,863) | | | | | | (214,426,317) | | |
| Net realized and unrealized gain (loss) | | | | | 35,125,969 | | | | | | (43,848,051) | | | | | | 37,309,766 | | |
|
Increase (decrease) in net assets resulting from operations
|
| | | $ | 59,168,368 | | | | | $ | (21,016,201) | | | | | $ | 274,138,734 | | |
|
*
Foreign taxes withheld
|
| | | $ | — | | | | | $ | — | | | | | $ | 78,055 | | |
(1)
Class O converted to Class A on November 22, 2019.
See Accompanying Notes to Financial Statements
23
STATEMENTS OF OPERATIONS for the year ended March 31, 2020
| | | |
Voya Short Term
Bond Fund |
| |
Voya Strategic
Income Opportunities Fund |
| ||||||
| INVESTMENT INCOME: | | | | | | | | | | | | | |
| Dividends | | | | $ | 53,036 | | | | | $ | 5,308,638 | | |
| Interest, net of foreign taxes withheld* | | | | | 5,358,464 | | | | | | 98,291,541 | | |
| Securities lending income, net | | | | | 4,385 | | | | | | 114,311 | | |
|
Total investment income
|
| | | | 5,415,885 | | | | | | 103,714,490 | | |
| EXPENSES: | | | | | | | | | | | | | |
| Investment management fees | | | | | 583,086 | | | | | | 12,055,079 | | |
| Distribution and shareholder service fees: | | | | ||||||||||
|
Class A
|
| | | | 19,414 | | | | | | 460,741 | | |
|
Class C
|
| | | | 6,391 | | | | | | 429,074 | | |
|
Class R
|
| | | | 14 | | | | | | 81,326 | | |
| Transfer agent fees: | | | | | | | | | | | | | |
|
Class A
|
| | | | 3,903 | | | | | | 109,142 | | |
|
Class C
|
| | | | 320 | | | | | | 24,732 | | |
|
Class I
|
| | | | 16,872 | | | | | | 1,045,691 | | |
|
Class P
|
| | | | — | | | | | | 59 | | |
|
Class P2
|
| | | | 705 | | | | | | — | | |
|
Class P3
|
| | | | 124 | | | | | | 63 | | |
|
Class R
|
| | | | 2 | | | | | | 9,558 | | |
|
Class R6
|
| | | | 895 | | | | | | 1,334 | | |
|
Class W
|
| | | | 240 | | | | | | 37,688 | | |
| Shareholder reporting expense | | | | | 3,087 | | | | | | 151,980 | | |
| Registration fees | | | | | 115,186 | | | | | | 474,095 | | |
| Professional fees | | | | | 29,799 | | | | | | 92,870 | | |
| Custody and accounting expense | | | | | 41,344 | | | | | | 265,120 | | |
| Trustee fees | | | | | 7,650 | | | | | | 96,508 | | |
| Miscellaneous expense | | | | | 10,387 | | | | | | 112,263 | | |
| Interest expense | | | | | 2,676 | | | | | | 2,686 | | |
|
Total expenses
|
| | | | 842,095 | | | | | | 15,450,009 | | |
|
Waived and reimbursed fees
|
| | | | (192,631) | | | | | | (88,402) | | |
|
Net expenses
|
| | | | 649,464 | | | | | | 15,361,607 | | |
| Net investment income | | | | | 4,766,421 | | | | | | 88,352,883 | | |
| REALIZED AND UNREALIZED GAIN (LOSS): | | | | | | | | | | | | | |
| Net realized gain (loss) on: | | | | | | | | | | | | | |
|
Investments (net of Indian and Chilean capital gains tax withheld^)
|
| | | | (497,212) | | | | | | 5,128,973 | | |
|
Forward foreign currency contracts
|
| | | | — | | | | | | (1,339,511) | | |
|
Foreign currency related transactions
|
| | | | (1,758) | | | | | | (63,939) | | |
|
Futures
|
| | | | 116,921 | | | | | | (51,395,850) | | |
|
Swaps
|
| | | | 311,884 | | | | | | 11,028,890 | | |
|
Written options
|
| | | | — | | | | | | (4,343,835) | | |
|
Net realized loss
|
| | | | (70,165) | | | | | | (40,985,272) | | |
| Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | |
|
Investments
|
| | | | (6,032,335) | | | | | | (297,708,867) | | |
|
Forward foreign currency contracts
|
| | | | — | | | | | | 7,013,752 | | |
|
Foreign currency related transactions
|
| | | | (5,373) | | | | | | (165,262) | | |
|
Futures
|
| | | | 243,609 | | | | | | 2,272,315 | | |
|
Swaps
|
| | | | 174,506 | | | | | | 12,070,011 | | |
|
Written options
|
| | | | — | | | | | | 161,851 | | |
|
Net change in unrealized appreciation (depreciation)
|
| | | | (5,619,593) | | | | | | (276,356,200) | | |
| Net realized and unrealized loss | | | | | (5,689,758) | | | | | | (317,341,472) | | |
|
Decrease in net assets resulting from operations
|
| | | $ | (923,337) | | | | | $ | (228,988,589) | | |
|
*
Foreign taxes withheld
|
| | | $ | — | | | | | $ | 35,363 | | |
|
^
Foreign taxes on sale of Indian and Chilean investments
|
| | | $ | — | | | | | $ | 22,739 | | |
See Accompanying Notes to Financial Statements
24
STATEMENTS OF CHANGES IN NET ASSETS
| | | |
Voya GNMA Income Fund
|
| |
Voya High Yield Bond Fund
|
| ||||||||||||||||||
| | | |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| ||||||||||||
| FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 24,042,399 | | | | | $ | 21,560,880 | | | | | $ | 22,831,850 | | | | | $ | 27,856,169 | | |
| Net realized gain (loss) | | | | | (8,276,034) | | | | | | 2,343,872 | | | | | | (7,355,188) | | | | | | (6,872,765) | | |
| Net change in unrealized appreciation (depreciation) | | | | | 43,402,003 | | | | | | 10,408,080 | | | | | | (36,492,863) | | | | | | 2,684,003 | | |
| Increase (decrease) in net assets resulting from operations | | | | | 59,168,368 | | | | | | 34,312,832 | | | | | | (21,016,201) | | | | | | 23,667,407 | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Class A
|
| | | | (11,550,826) | | | | | | (9,827,938) | | | | | | (2,809,390) | | | | | | (2,748,509) | | |
|
Class C
|
| | | | (1,094,068) | | | | | | (1,140,077) | | | | | | (672,337) | | | | | | (591,813) | | |
|
Class I
|
| | | | (14,382,786) | | | | | | (9,374,950) | | | | | | (4,782,685) | | | | | | (7,603,228) | | |
|
Class P
|
| | | | — | | | | | | — | | | | | | (5,968,215) | | | | | | (8,144,797) | | |
|
Class P3
|
| | | | — | | | | | | — | | | | | | (2,446) | | | | | | (7,000) | | |
|
Class R
|
| | | | — | | | | | | — | | | | | | (67,635) | | | | | | (56,295) | | |
|
Class R6
|
| | | | — | | | | | | — | | | | | | (3,873,671) | | | | | | (2,325,159) | | |
|
Class W
|
| | | | (3,203,430) | | | | | | (3,177,709) | | | | | | (6,214,047) | | | | | | (5,401,996) | | |
| Total distributions | | | | | (30,231,110) | | | | | | (23,520,674) | | | | | | (24,390,426) | | | | | | (26,878,797) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 674,186,979 | | | | | | 299,698,040 | | | | | | 304,226,953 | | | | | | 129,449,281 | | |
| Reinvestment of distributions | | | | | 26,105,948 | | | | | | 20,435,153 | | | | | | 23,799,386 | | | | | | 25,774,203 | | |
| | | | | | 700,292,927 | | | | | | 320,133,193 | | | | | | 328,026,339 | | | | | | 155,223,484 | | |
| Cost of shares redeemed | | | | | (364,328,264) | | | | | | (413,007,982) | | | | | | (181,600,825) | | | | | | (327,310,168) | | |
|
Net increase (decrease) in net assets resulting from capital share transactions
|
| | | | 335,964,663 | | | | | | (92,874,789) | | | | | | 146,425,514 | | | | | | (172,086,684) | | |
| Net increase (decrease) in net assets | | | | | 364,901,921 | | | | | | (82,082,631) | | | | | | 101,018,887 | | | | | | (175,298,074) | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 936,521,122 | | | | | | 1,018,603,753 | | | | | | 387,304,218 | | | | | | 562,602,292 | | |
| End of year or period | | | | $ | 1,301,423,043 | | | | | $ | 936,521,122 | | | | | $ | 488,323,105 | | | | | $ | 387,304,218 | | |
See Accompanying Notes to Financial Statements
25
STATEMENTS OF CHANGES IN NET ASSETS
| | | |
Voya Intermediate Bond Fund
|
| |
Voya Short Term Bond Fund
|
| ||||||||||||||||||
| | | |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| ||||||||||||
| FROM OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | | $ | 236,828,968 | | | | | $ | 199,690,220 | | | | | $ | 4,766,421 | | | | | $ | 2,589,034 | | |
| Net realized gain (loss) | | | | | 251,736,083 | | | | | | (33,160,230) | | | | | | (70,165) | | | | | | (428,122) | | |
| Net change in unrealized appreciation (depreciation) | | | | | (214,426,317) | | | | | | 116,988,400 | | | | | | (5,619,593) | | | | | | 1,215,787 | | |
| Increase (decrease) in net assets resulting from operations | | | | | 274,138,734 | | | | | | 283,518,390 | | | | | | (923,337) | | | | | | 3,376,699 | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Class A
|
| | | | (15,303,664) | | | | | | (12,785,646) | | | | | | (163,981) | | | | | | (178,112) | | |
|
Class C
|
| | | | (737,285) | | | | | | (657,047) | | | | | | (8,799) | | | | | | (12,147) | | |
|
Class I
|
| | | | (170,342,310) | | | | | | (112,219,555) | | | | | | (280,703) | | | | | | (252,369) | | |
|
Class O(1)
|
| | | | (51,556) | | | | | | (508,150) | | | | | | — | | | | | | — | | |
|
Class P2
|
| | | | — | | | | | | — | | | | | | (660,465) | | | | | | — | | |
|
Class P3
|
| | | | (785,587) | | | | | | (317,801) | | | | | | (168,320) | | | | | | (66,908) | | |
|
Class R
|
| | | | (5,667,590) | | | | | | (4,815,812) | | | | | | (61) | | | | | | (63) | | |
|
Class R6
|
| | | | (75,467,807) | | | | | | (55,243,059) | | | | | | (3,538,580) | | | | | | (2,325,122) | | |
|
Class W
|
| | | | (7,387,108) | | | | | | (8,458,842) | | | | | | (11,347) | | | | | | (8,782) | | |
| Total distributions | | | | | (275,742,907) | | | | | | (195,005,912) | | | | | | (4,832,256) | | | | | | (2,843,503) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 3,992,382,313 | | | | | | 3,279,968,665 | | | | | | 223,489,488 | | | | | | 60,247,012 | | |
| Reinvestment of distributions | | | | | 247,954,219 | | | | | | 176,965,795 | | | | | | 4,734,147 | | | | | | 2,819,886 | | |
| | | | | | 4,240,336,532 | | | | | | 3,456,934,460 | | | | | | 228,223,635 | | | | | | 63,066,898 | | |
| Cost of shares redeemed | | | | | (2,827,431,133) | | | | | | (2,206,938,732) | | | | | | (165,300,289) | | | | | | (54,637,735) | | |
|
Net increase in net assets resulting from capital share transactions
|
| | | | 1,412,905,399 | | | | | | 1,249,995,728 | | | | | | 62,923,346 | | | | | | 8,429,163 | | |
| Net increase in net assets | | | | | 1,411,301,226 | | | | | | 1,338,508,206 | | | | | | 57,167,753 | | | | | | 8,962,359 | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 6,817,677,473 | | | | | | 5,479,169,267 | | | | | | 115,062,837 | | | | | | 106,100,478 | | |
| End of year or period | | | | $ | 8,228,978,699 | | | | | $ | 6,817,677,473 | | | | | $ | 172,230,590 | | | | | $ | 115,062,837 | | |
(1)
Class O converted to Class A on November 22, 2019.
See Accompanying Notes to Financial Statements
26
STATEMENTS OF CHANGES IN NET ASSETS
| | | |
Voya Strategic Income Opportunities Fund
|
| |||||||||
| | | |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| ||||||
| FROM OPERATIONS: | | | | | | | | | | | | | |
| Net investment income | | | | $ | 88,352,883 | | | | | $ | 30,788,744 | | |
| Net realized loss | | | | | (40,985,272) | | | | | | (3,666,029) | | |
| Net change in unrealized appreciation (depreciation) | | | | | (276,356,200) | | | | | | 12,374,322 | | |
| Increase (decrease) in net assets resulting from operations | | | | | (228,988,589) | | | | | | 39,497,037 | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | |
|
Class A
|
| | | | (7,268,307) | | | | | | (3,146,921) | | |
|
Class C
|
| | | | (1,334,631) | | | | | | (551,876) | | |
|
Class I
|
| | | | (78,896,166) | | | | | | (26,121,006) | | |
|
Class P
|
| | | | (502,612) | | | | | | (25) | | |
|
Class P3
|
| | | | (139,449) | | | | | | — | | |
|
Class R
|
| | | | (599,354) | | | | | | (327,613) | | |
|
Class R6
|
| | | | (9,781,658) | | | | | | (3,187,145) | | |
|
Class W
|
| | | | (2,688,325) | | | | | | (2,041,599) | | |
| Total distributions | | | | | (101,210,502) | | | | | | (35,376,185) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 2,687,928,062 | | | | | | 1,467,080,904 | | |
| Reinvestment of distributions | | | | | 95,332,067 | | | | | | 32,263,680 | | |
| | | | | | 2,783,260,129 | | | | | | 1,499,344,584 | | |
| Cost of shares redeemed | | | | | (1,289,308,113) | | | | | | (468,204,434) | | |
| Net increase in net assets resulting from capital share transactions | | | | | 1,493,952,016 | | | | | | 1,031,140,150 | | |
| Net increase in net assets | | | | | 1,163,752,925 | | | | | | 1,035,261,002 | | |
| NET ASSETS: | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 1,413,141,864 | | | | | | 377,880,862 | | |
| End of year or period | | | | $ | 2,576,894,789 | | | | | $ | 1,413,141,864 | | |
See Accompanying Notes to Financial Statements
27
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya GNMA Income Fund
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 8.36 | | | | | | 0.18• | | | | | | 0.27 | | | | | | 0.45 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 8.58 | | | | |
|
5.43
|
| | | | | 0.93 | | | |
0.92
|
| |
0.92
|
| |
2.12
|
| | | | 493,737 | | | | | | 421 | | |
| 03-31-19 | | | | | 8.25 | | | | | | 0.18 | | | | | | 0.13 | | | | | | 0.31 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 8.36 | | | | |
|
3.85
|
| | | | | 0.97 | | | |
0.95
|
| |
0.95
|
| |
2.25
|
| | | | 394,763 | | | | | | 398 | | |
| 03-31-18 | | | | | 8.44 | | | | | | 0.14• | | | | | | (0.13) | | | | | | 0.01 | | | | | | 0.18 | | | | | | — | | | | | | 0.02 | | | | | | 0.20 | | | | | | — | | | | | | 8.25 | | | | |
|
0.08
|
| | | | | 0.95 | | | |
0.95
|
| |
0.95
|
| |
1.66
|
| | | | 435,118 | | | | | | 367 | | |
| 03-31-17 | | | | | 8.63 | | | | | | 0.08 | | | | | | (0.04) | | | | | | 0.04 | | | | | | 0.13 | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.23 | | | | | | — | | | | | | 8.44 | | | | |
|
0.44
|
| | | | | 0.93 | | | |
0.93
|
| |
0.93
|
| |
1.02
|
| | | | 513,223 | | | | | | 580 | | |
| 03-31-16 | | | | | 8.70 | | | | | | 0.13 | | | | | | 0.06 | | | | | | 0.19 | | | | | | 0.17 | | | | | | — | | | | | | 0.09 | | | | | | 0.26 | | | | | | — | | | | | | 8.63 | | | | |
|
2.21
|
| | | | | 0.93 | | | |
0.93
|
| |
0.93
|
| |
1.39
|
| | | | 630,448 | | | | | | 508 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 8.31 | | | | | | 0.12• | | | | | | 0.26 | | | | | | 0.38 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 8.53 | | | | |
|
4.66
|
| | | | | 1.68 | | | |
1.67
|
| |
1.67
|
| |
1.37
|
| | | | 47,577 | | | | | | 421 | | |
| 03-31-19 | | | | | 8.21 | | | | | | 0.12 | | | | | | 0.12 | | | | | | 0.24 | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 8.31 | | | | |
|
2.96
|
| | | | | 1.72 | | | |
1.70
|
| |
1.70
|
| |
1.49
|
| | | | 62,769 | | | | | | 398 | | |
| 03-31-18 | | | | | 8.39 | | | | | | 0.06 | | | | | | (0.10) | | | | | | (0.04) | | | | | | 0.12 | | | | | | — | | | | | | 0.02 | | | | | | 0.14 | | | | | | — | | | | | | 8.21 | | | | |
|
(0.56)
|
| | | | | 1.70 | | | |
1.70
|
| |
1.70
|
| |
0.90
|
| | | | 76,535 | | | | | | 367 | | |
| 03-31-17 | | | | | 8.58 | | | | | | 0.02 | | | | | | (0.05) | | | | | | (0.03) | | | | | | 0.06 | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.16 | | | | | | — | | | | | | 8.39 | | | | |
|
(0.37)
|
| | | | | 1.68 | | | |
1.68
|
| |
1.68
|
| |
0.27
|
| | | | 111,103 | | | | | | 580 | | |
| 03-31-16 | | | | | 8.65 | | | | | | 0.05• | | | | | | 0.07 | | | | | | 0.12 | | | | | | 0.10 | | | | | | — | | | | | | 0.09 | | | | | | 0.19 | | | | | | — | | | | | | 8.58 | | | | |
|
1.46
|
| | | | | 1.68 | | | |
1.68
|
| |
1.68
|
| |
0.64
|
| | | | 108,278 | | | | | | 508 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 8.37 | | | | | | 0.21• | | | | | | 0.26 | | | | | | 0.47 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 8.59 | | | | |
|
5.75
|
| | | | | 0.67 | | | |
0.62
|
| |
0.62
|
| |
2.42
|
| | | | 604,194 | | | | | | 421 | | |
| 03-31-19 | | | | | 8.26 | | | | | | 0.21 | | | | | | 0.13 | | | | | | 0.34 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 8.37 | | | | |
|
4.16
|
| | | | | 0.71 | | | |
0.65
|
| |
0.65
|
| |
2.55
|
| | | | 387,607 | | | | | | 398 | | |
| 03-31-18 | | | | | 8.45 | | | | | | 0.16• | | | | | | (0.13) | | | | | | 0.03 | | | | | | 0.20 | | | | | | — | | | | | | 0.02 | | | | | | 0.22 | | | | | | — | | | | | | 8.26 | | | | |
|
0.37
|
| | | | | 0.70 | | | |
0.65
|
| |
0.65
|
| |
1.95
|
| | | | 350,326 | | | | | | 367 | | |
| 03-31-17 | | | | | 8.64 | | | | | | 0.10 | | | | | | (0.03) | | | | | | 0.07 | | | | | | 0.16 | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.26 | | | | | | — | | | | | | 8.45 | | | | |
|
0.76
|
| | | | | 0.64 | | | |
0.64
|
| |
0.64
|
| |
1.29
|
| | | | 461,076 | | | | | | 580 | | |
| 03-31-16 | | | | | 8.71 | | | | | | 0.14• | | | | | | 0.07 | | | | | | 0.21 | | | | | | 0.19 | | | | | | — | | | | | | 0.09 | | | | | | 0.28 | | | | | | — | | | | | | 8.64 | | | | |
|
2.50
|
| | | | | 0.64 | | | |
0.64
|
| |
0.64
|
| |
1.65
|
| | | | 506,384 | | | | | | 508 | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 8.38 | | | | | | 0.20• | | | | | | 0.27 | | | | | | 0.47 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 8.60 | | | | |
|
5.69
|
| | | | | 0.68 | | | |
0.67
|
| |
0.67
|
| |
2.38
|
| | | | 155,915 | | | | | | 421 | | |
| 03-31-19 | | | | | 8.27 | | | | | | 0.20• | | | | | | 0.13 | | | | | | 0.33 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 8.38 | | | | |
|
4.11
|
| | | | | 0.72 | | | |
0.70
|
| |
0.70
|
| |
2.47
|
| | | | 91,383 | | | | | | 398 | | |
| 03-31-18 | | | | | 8.46 | | | | | | 0.16• | | | | | | (0.13) | | | | | | 0.03 | | | | | | 0.20 | | | | | | — | | | | | | 0.02 | | | | | | 0.22 | | | | | | — | | | | | | 8.27 | | | | |
|
0.33
|
| | | | | 0.70 | | | |
0.70
|
| |
0.70
|
| |
1.92
|
| | | | 156,625 | | | | | | 367 | | |
| 03-31-17 | | | | | 8.65 | | | | | | 0.12 | | | | | | (0.05) | | | | | | 0.07 | | | | | | 0.16 | | | | | | 0.01 | | | | | | 0.09 | | | | | | 0.26 | | | | | | — | | | | | | 8.46 | | | | |
|
0.72
|
| | | | | 0.68 | | | |
0.68
|
| |
0.68
|
| |
1.26
|
| | | | 141,853 | | | | | | 580 | | |
| 03-31-16 | | | | | 8.72 | | | | | | 0.14• | | | | | | 0.07 | | | | | | 0.21 | | | | | | 0.19 | | | | | | — | | | | | | 0.09 | | | | | | 0.28 | | | | | | — | | | | | | 8.65 | | | | |
|
2.46
|
| | | | | 0.68 | | | |
0.68
|
| |
0.68
|
| |
1.60
|
| | | | 118,638 | | | | | | 508 | | |
|
Voya High Yield Bond Fund
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.86 | | | | | | 0.39• | | | | | | (0.81) | | | | | | (0.42) | | | | | | 0.42 | | | | | | — | | | | | | — | | | | | | 0.42 | | | | | | — | | | | | | 7.02 | | | | |
|
(5.76)
|
| | | | | 1.10 | | | |
1.10
|
| |
1.10
|
| |
4.97
|
| | | | 44,060 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.89 | | | | | | 0.43 | | | | | | (0.05) | | | | | | 0.38 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 7.86 | | | | |
|
5.03
|
| | | | | 1.10 | | | |
1.10
|
| |
1.10
|
| |
5.49
|
| | | | 60,390 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.11 | | | | | | 0.43 | | | | | | (0.22) | | | | | | 0.21 | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 7.89 | | | | |
|
2.52
|
| | | | | 1.07 | | | |
1.07
|
| |
1.07
|
| |
5.27
|
| | | | 52,994 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.62 | | | | | | 0.41 | | | | | | 0.50 | | | | | | 0.91 | | | | | | 0.42 | | | | | | — | | | | | | — | | | | | | 0.42 | | | | | | — | | | | | | 8.11 | | | | |
|
12.13
|
| | | | | 1.06 | | | |
1.06
|
| |
1.06
|
| |
5.23
|
| | | | 60,927 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.14 | | | | | | 0.41 | | | | | | (0.52) | | | | | | (0.11) | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 7.62 | | | | |
|
(1.36)
|
| | | | | 1.07 | | | |
1.07
|
| |
1.07
|
| |
5.23
|
| | | | 78,352 | | | | | | 22 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.86 | | | | | | 0.34• | | | | | | (0.82) | | | | | | (0.48) | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 7.02 | | | | |
|
(6.47)
|
| | | | | 1.85 | | | |
1.85
|
| |
1.85
|
| |
4.23
|
| | | | 11,215 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.89 | | | | | | 0.37 | | | | | | (0.05) | | | | | | 0.32 | | | | | | 0.35 | | | | | | — | | | | | | — | | | | | | 0.35 | | | | | | — | | | | | | 7.86 | | | | |
|
4.24
|
| | | | | 1.85 | | | |
1.85
|
| |
1.85
|
| |
4.77
|
| | | | 15,945 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.11 | | | | | | 0.37 | | | | | | (0.23) | | | | | | 0.14 | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 7.89 | | | | |
|
1.75
|
| | | | | 1.82 | | | |
1.82
|
| |
1.82
|
| |
4.52
|
| | | | 10,513 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.61 | | | | | | 0.36 | | | | | | 0.50 | | | | | | 0.86 | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 8.11 | | | | |
|
11.45
|
| | | | | 1.81 | | | |
1.81
|
| |
1.81
|
| |
4.49
|
| | | | 13,113 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.14 | | | | | | 0.35 | | | | | | (0.53) | | | | | | (0.18) | | | | | | 0.35 | | | | | | — | | | | | | — | | | | | | 0.35 | | | | | | — | | | | | | 7.61 | | | | |
|
(2.24)
|
| | | | | 1.82 | | | |
1.82
|
| |
1.82
|
| |
4.48
|
| | | | 12,677 | | | | | | 22 | | |
See Accompanying Notes to Financial Statements
28
Financial Highlights (continued)
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya High Yield Bond Fund (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.85 | | | | | | 0.42• | | | | | | (0.81) | | | | | | (0.39) | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 7.01 | | | | |
|
(5.45)
|
| | | | | 0.75 | | | |
0.75
|
| |
0.75
|
| |
5.32
|
| | | | 68,214 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.88 | | | | | | 0.47 | | | | | | (0.06) | | | | | | 0.41 | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 7.85 | | | | |
|
5.39
|
| | | | | 0.75 | | | |
0.75
|
| |
0.75
|
| |
5.82
|
| | | | 81,121 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.10 | | | | | | 0.46 | | | | | | (0.23) | | | | | | 0.23 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 7.88 | | | | |
|
2.87
|
| | | | | 0.72 | | | |
0.72
|
| |
0.72
|
| |
5.62
|
| | | | 149,279 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.61 | | | | | | 0.44 | | | | | | 0.49 | | | | | | 0.93 | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 8.10 | | | | |
|
12.54
|
| | | | | 0.71 | | | |
0.71
|
| |
0.71
|
| |
5.56
|
| | | | 204,818 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.14 | | | | | | 0.44 | | | | | | (0.53) | | | | | | (0.09) | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 7.61 | | | | |
|
(1.12)
|
| | | | | 0.69 | | | |
0.69
|
| |
0.69
|
| |
5.63
|
| | | | 352,052 | | | | | | 22 | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.87 | | | | | | 0.47• | | | | | | (0.82) | | | | | | (0.35) | | | | | | 0.50 | | | | | | — | | | | | | — | | | | | | 0.50 | | | | | | — | | | | | | 7.02 | | | | |
|
(4.92)
|
| | | | | 0.69 | | | |
0.08
|
| |
0.08
|
| |
5.98
|
| | | | 99,000 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.90 | | | | | | 0.51 | | | | | | (0.05) | | | | | | 0.46 | | | | | | 0.49 | | | | | | — | | | | | | — | | | | | | 0.49 | | | | | | — | | | | | | 7.87 | | | | |
|
6.05
|
| | | | | 0.69 | | | |
0.08
|
| |
0.08
|
| |
6.51
|
| | | | 120,464 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.11 | | | | | | 0.51 | | | | | | (0.22) | | | | | | 0.29 | | | | | | 0.50 | | | | | | — | | | | | | — | | | | | | 0.50 | | | | | | — | | | | | | 7.90 | | | | |
|
3.63
|
| | | | | 0.66 | | | |
0.06
|
| |
0.06
|
| |
6.28
|
| | | | 132,713 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.61 | | | | | | 0.50 | | | | | | 0.49 | | | | | | 0.99 | | | | | | 0.49 | | | | | | — | | | | | | — | | | | | | 0.49 | | | | | | — | | | | | | 8.11 | | | | |
|
13.36
|
| | | | | 0.66 | | | |
0.07
|
| |
0.07
|
| |
6.25
|
| | | | 149,606 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.14 | | | | | | 0.49 | | | | | | (0.53) | | | | | | (0.04) | | | | | | 0.49 | | | | | | — | | | | | | — | | | | | | 0.49 | | | | | | — | | | | | | 7.61 | | | | |
|
(0.51)
|
| | | | | 0.67 | | | |
0.06
|
| |
0.06
|
| |
6.23
|
| | | | 104,009 | | | | | | 22 | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.86 | | | | | | 0.46• | | | | | | (0.79) | | | | | | (0.33) | | | | | | 0.51 | | | | | | — | | | | | | — | | | | | | 0.51 | | | | | | — | | | | | | 7.02 | | | | |
|
(4.74)
|
| | | | | 0.74 | | | |
0.00*
|
| |
0.00*
|
| |
7.32
|
| | | | 1,143 | | | | | | 57 | | |
| 06-01-18(4) - 03-31-19 |
| | | | 7.85 | | | | | | 0.41• | | | | | | 0.00* | | | | | | 0.41 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 7.86 | | | | |
|
5.36
|
| | | | | 0.69 | | | |
0.00*
|
| |
0.00*
|
| |
6.25
|
| | | | 3 | | | | | | 33 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.87 | | | | | | 0.37• | | | | | | (0.81) | | | | | | (0.44) | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 7.03 | | | | |
|
(5.99)
|
| | | | | 1.35 | | | |
1.35
|
| |
1.35
|
| |
4.72
|
| | | | 684 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.90 | | | | | | 0.41 | | | | | | (0.05) | | | | | | 0.36 | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 7.87 | | | | |
|
4.76
|
| | | | | 1.35 | | | |
1.35
|
| |
1.35
|
| |
5.25
|
| | | | 1,185 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.11 | | | | | | 0.41 | | | | | | (0.21) | | | | | | 0.20 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 7.90 | | | | |
|
2.39
|
| | | | | 1.32 | | | |
1.32
|
| |
1.32
|
| |
5.00
|
| | | | 791 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.62 | | | | | | 0.40 | | | | | | 0.49 | | | | | | 0.89 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 8.11 | | | | |
|
11.85
|
| | | | | 1.31 | | | |
1.31
|
| |
1.31
|
| |
4.99
|
| | | | 267 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.15 | | | | | | 0.39 | | | | | | (0.53) | | | | | | (0.14) | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 7.62 | | | | |
|
(1.71)
|
| | | | | 1.32 | | | |
1.32
|
| |
1.32
|
| |
5.00
|
| | | | 323 | | | | | | 22 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.87 | | | | | | 0.43• | | | | | | (0.82) | | | | | | (0.39) | | | | | | 0.46 | | | | | | — | | | | | | — | | | | | | 0.46 | | | | | | — | | | | | | 7.02 | | | | |
|
(5.49)
|
| | | | | 0.69 | | | |
0.69
|
| |
0.69
|
| |
5.44
|
| | | | 125,036 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.89 | | | | | | 0.45• | | | | | | (0.03) | | | | | | 0.42 | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 7.87 | | | | |
|
5.52
|
| | | | | 0.69 | | | |
0.69
|
| |
0.69
|
| |
5.72
|
| | | | 10,002 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.10 | | | | | | 0.46 | | | | | | (0.22) | | | | | | 0.24 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 7.89 | | | | |
|
2.97
|
| | | | | 0.66 | | | |
0.66
|
| |
0.66
|
| |
5.67
|
| | | | 117,343 | | | | | | 40 | | |
| 08-03-16(4) - 03-31-17 |
| | | | 7.89 | | | | | | 0.30• | | | | | | 0.20 | | | | | | 0.50 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 8.10 | | | | |
|
6.39
|
| | | | | 0.66 | | | |
0.66
|
| |
0.66
|
| |
5.74
|
| | | | 120,605 | | | | | | 41 | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 7.87 | | | | | | 0.41• | | | | | | (0.81) | | | | | | (0.40) | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 7.03 | | | | |
|
(5.51)
|
| | | | | 0.85 | | | |
0.85
|
| |
0.85
|
| |
5.22
|
| | | | 138,971 | | | | | | 57 | | |
| 03-31-19 | | | | | 7.90 | | | | | | 0.45 | | | | | | (0.05) | | | | | | 0.40 | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 7.87 | | | | |
|
5.29
|
| | | | | 0.85 | | | |
0.85
|
| |
0.85
|
| |
5.74
|
| | | | 98,192 | | | | | | 33 | | |
| 03-31-18 | | | | | 8.12 | | | | | | 0.45 | | | | | | (0.22) | | | | | | 0.23 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 7.90 | | | | |
|
2.78
|
| | | | | 0.82 | | | |
0.82
|
| |
0.82
|
| |
5.51
|
| | | | 98,970 | | | | | | 40 | | |
| 03-31-17 | | | | | 7.63 | | | | | | 0.44 | | | | | | 0.49 | | | | | | 0.93 | | | | | | 0.44 | | | | | | — | | | | | | — | | | | | | 0.44 | | | | | | — | | | | | | 8.12 | | | | |
|
12.40
|
| | | | | 0.81 | | | |
0.81
|
| |
0.81
|
| |
5.49
|
| | | | 90,878 | | | | | | 41 | | |
| 03-31-16 | | | | | 8.15 | | | | | | 0.43 | | | | | | (0.52) | | | | | | (0.09) | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 7.63 | | | | |
|
(1.08)
|
| | | | | 0.82 | | | |
0.82
|
| |
0.82
|
| |
5.51
|
| | | | 82,981 | | | | | | 22 | | |
|
Voya Intermediate Bond Fund
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.02 | | | | | | 0.30 | | | | | | 0.13 | | | | | | 0.43 | | | | | | 0.33 | | | | | | 0.01 | | | | | | — | | | | | | 0.34 | | | | | | — | | | | | | 10.11 | | | | |
|
4.29
|
| | | | | 0.69 | | | |
0.69
|
| |
0.69
|
| |
2.88
|
| | | | 451,338 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.90 | | | | | | 0.30 | | | | | | 0.11 | | | | | | 0.41 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 10.02 | | | | |
|
4.28
|
| | | | | 0.70 | | | |
0.70
|
| |
0.70
|
| |
3.06
|
| | | | 431,210 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.01 | | | | | | 0.27 | | | | | | (0.09) | | | | | | 0.18 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 9.90 | | | | |
|
1.75
|
| | | | | 0.67 | | | |
0.67
|
| |
0.67
|
| |
2.63
|
| | | | 444,865 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.09 | | | | | | 0.27 | | | | | | (0.05) | | | | | | 0.22 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 10.01 | | | | |
|
2.19
|
| | | | | 0.65 | | | |
0.65
|
| |
0.65
|
| |
2.65
|
| | | | 436,938 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.23 | | | | | | 0.26 | | | | | | (0.15) | | | | | | 0.11 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 10.09 | | | | |
|
1.12
|
| | | | | 0.65 | | | |
0.65
|
| |
0.65
|
| |
2.57
|
| | | | 490,902 | | | | | | 465†† | | |
See Accompanying Notes to Financial Statements
29
Financial Highlights (continued)
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya Intermediate Bond Fund (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.01 | | | | | | 0.21 | | | | | | 0.14 | | | | | | 0.35 | | | | | | 0.26 | | | | | | 0.01 | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 10.09 | | | | |
|
3.41
|
| | | | | 1.44 | | | |
1.44
|
| |
1.44
|
| |
2.06
|
| | | | 25,556 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.89 | | | | | | 0.23 | | | | | | 0.11 | | | | | | 0.34 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 10.01 | | | | |
|
3.51
|
| | | | | 1.45 | | | |
1.45
|
| |
1.45
|
| |
2.31
|
| | | | 28,657 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.00 | | | | | | 0.19 | | | | | | (0.09) | | | | | | 0.10 | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 9.89 | | | | |
|
0.99
|
| | | | | 1.42 | | | |
1.42
|
| |
1.42
|
| |
1.89
|
| | | | 30,922 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.07 | | | | | | 0.19 | | | | | | (0.04) | | | | | | 0.15 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 10.00 | | | | |
|
1.53
|
| | | | | 1.40 | | | |
1.40
|
| |
1.40
|
| |
1.91
|
| | | | 28,270 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.21 | | | | | | 0.18 | | | | | | (0.14) | | | | | | 0.04 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 10.07 | | | | |
|
0.37
|
| | | | | 1.40 | | | |
1.40
|
| |
1.40
|
| |
1.85
|
| | | | 31,945 | | | | | | 465†† | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.02 | | | | | | 0.32 | | | | | | 0.14 | | | | | | 0.46 | | | | | | 0.37 | | | | | | 0.01 | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 10.10 | | | | |
|
4.53
|
| | | | | 0.36 | | | |
0.36
|
| |
0.36
|
| |
3.13
|
| | | | 4,988,317 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.90 | | | | | | 0.33 | | | | | | 0.12 | | | | | | 0.45 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.02 | | | | |
|
4.63
|
| | | | | 0.36 | | | |
0.36
|
| |
0.36
|
| |
3.41
|
| | | | 4,142,382 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.01 | | | | | | 0.30 | | | | | | (0.09) | | | | | | 0.21 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 9.90 | | | | |
|
2.09
|
| | | | | 0.35 | | | |
0.35
|
| |
0.35
|
| |
2.96
|
| | | | 2,510,746 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.08 | | | | | | 0.30 | | | | | | (0.04) | | | | | | 0.26 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.01 | | | | |
|
2.63
|
| | | | | 0.33 | | | |
0.33
|
| |
0.33
|
| |
3.00
|
| | | | 1,578,844 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.23 | | | | | | 0.29 | | | | | | (0.16) | | | | | | 0.13 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.08 | | | | |
|
1.36
|
| | | | | 0.32 | | | |
0.32
|
| |
0.32
|
| |
2.93
|
| | | | 1,137,655 | | | | | | 465†† | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.02 | | | | | | 0.36 | | | | | | 0.14 | | | | | | 0.50 | | | | | | 0.40 | | | | | | 0.01 | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 10.11 | | | | |
|
4.99
|
| | | | | 0.30 | | | |
0.00*
|
| |
0.00*
|
| |
3.49
|
| | | | 20,936 | | | | | | 253†† | | |
| 06-01-18(4) - 03-31-19 |
| | | | 9.80 | | | | | | 0.31• | | | | | | 0.21 | | | | | | 0.52 | | | | | | 0.30 | | | | | | — | | | | | | — | | | | | | 0.30 | | | | | | — | | | | | | 10.02 | | | | |
|
5.40
|
| | | | | 0.31 | | | |
0.00*
|
| |
0.00*
|
| |
3.80
|
| | | | 16,286 | | | | | | 329†† | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.03 | | | | | | 0.26 | | | | | | 0.15 | | | | | | 0.41 | | | | | | 0.31 | | | | | | 0.01 | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 10.12 | | | | |
|
4.03
|
| | | | | 0.94 | | | |
0.94
|
| |
0.94
|
| |
2.56
|
| | | | 186,915 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.92 | | | | | | 0.28 | | | | | | 0.10 | | | | | | 0.38 | | | | | | 0.27 | | | | | | — | | | | | | — | | | | | | 0.27 | | | | | | — | | | | | | 10.03 | | | | |
|
3.92
|
| | | | | 0.95 | | | |
0.95
|
| |
0.95
|
| |
2.81
|
| | | | 170,236 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.02 | | | | | | 0.24 | | | | | | (0.08) | | | | | | 0.16 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 9.92 | | | | |
|
1.60
|
| | | | | 0.92 | | | |
0.92
|
| |
0.92
|
| |
2.38
|
| | | | 186,904 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.10 | | | | | | 0.24 | | | | | | (0.04) | | | | | | 0.20 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.02 | | | | |
|
1.93
|
| | | | | 0.90 | | | |
0.90
|
| |
0.90
|
| |
2.42
|
| | | | 166,268 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.24 | | | | | | 0.23 | | | | | | (0.14) | | | | | | 0.09 | | | | | | 0.23 | | | | | | — | | | | | | — | | | | | | 0.23 | | | | | | — | | | | | | 10.10 | | | | |
|
0.88
|
| | | | | 0.90 | | | |
0.90
|
| |
0.90
|
| |
2.36
|
| | | | 145,437 | | | | | | 465†† | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.02 | | | | | | 0.33 | | | | | | 0.14 | | | | | | 0.47 | | | | | | 0.37 | | | | | | 0.01 | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 10.11 | | | | |
|
4.67
|
| | | | | 0.30 | | | |
0.30
|
| |
0.30
|
| |
3.19
|
| | | | 2,306,857 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.90 | | | | | | 0.34 | | | | | | 0.11 | | | | | | 0.45 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.02 | | | | |
|
4.65
|
| | | | | 0.31 | | | |
0.31
|
| |
0.31
|
| |
3.46
|
| | | | 1,851,627 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.00 | | | | | | 0.31 | | | | | | (0.09) | | | | | | 0.22 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 9.90 | | | | |
|
2.20
|
| | | | | 0.31 | | | |
0.31
|
| |
0.31
|
| |
3.00
|
| | | | 1,514,795 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.08 | | | | | | 0.30 | | | | | | (0.04) | | | | | | 0.26 | | | | | | 0.34 | | | | | | — | | | | | | — | | | | | | 0.34 | | | | | | — | | | | | | 10.00 | | | | |
|
2.54
|
| | | | | 0.31 | | | |
0.31
|
| |
0.31
|
| |
3.01
|
| | | | 832,462 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.22 | | | | | | 0.29 | | | | | | (0.15) | | | | | | 0.14 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.08 | | | | |
|
1.47
|
| | | | | 0.31 | | | |
0.31
|
| |
0.31
|
| |
2.97
|
| | | | 605,884 | | | | | | 465†† | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.01 | | | | | | 0.32 | | | | | | 0.14 | | | | | | 0.46 | | | | | | 0.36 | | | | | | 0.01 | | | | | | — | | | | | | 0.37 | | | | | | — | | | | | | 10.10 | | | | |
|
4.56
|
| | | | | 0.44 | | | |
0.44
|
| |
0.44
|
| |
3.05
|
| | | | 249,060 | | | | | | 253†† | | |
| 03-31-19 | | | | | 9.89 | | | | | | 0.32• | | | | | | 0.12 | | | | | | 0.44 | | | | | | 0.32 | | | | | | — | | | | | | — | | | | | | 0.32 | | | | | | — | | | | | | 10.01 | | | | |
|
4.55
|
| | | | | 0.45 | | | |
0.45
|
| |
0.45
|
| |
3.25
|
| | | | 174,570 | | | | | | 329†† | | |
| 03-31-18 | | | | | 10.00 | | | | | | 0.29 | | | | | | (0.09) | | | | | | 0.20 | | | | | | 0.31 | | | | | | — | | | | | | — | | | | | | 0.31 | | | | | | — | | | | | | 9.89 | | | | |
|
2.00
|
| | | | | 0.42 | | | |
0.42
|
| |
0.42
|
| |
2.89
|
| | | | 760,186 | | | | | | 482†† | | |
| 03-31-17 | | | | | 10.07 | | | | | | 0.29 | | | | | | (0.03) | | | | | | 0.26 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.00 | | | | |
|
2.54
|
| | | | | 0.40 | | | |
0.40
|
| |
0.40
|
| |
2.92
|
| | | | 654,374 | | | | | | 403†† | | |
| 03-31-16 | | | | | 10.22 | | | | | | 0.28 | | | | | | (0.15) | | | | | | 0.13 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.07 | | | | |
|
1.28
|
| | | | | 0.40 | | | |
0.40
|
| |
0.40
|
| |
2.87
|
| | | | 588,181 | | | | | | 465†† | | |
See Accompanying Notes to Financial Statements
30
Financial Highlights (continued)
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya Short Term Bond Fund
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.77 | | | | | | 0.22• | | | | | | (0.23) | | | | | | (0.01) | | | | | | 0.21 | | | | | | — | | | | | | — | | | | | | 0.21 | | | | | | — | | | | | | 9.55 | | | | |
|
(0.14)
|
| | | | | 0.72 | | | |
0.65
|
| |
0.65
|
| |
2.19
|
| | | | 6,907 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.72 | | | | | | 0.21• | | | | | | 0.06 | | | | | | 0.27 | | | | | | 0.22 | | | | | | — | | | | | | — | | | | | | 0.22 | | | | | | — | | | | | | 9.77 | | | | |
|
2.85
|
| | | | | 0.93 | | | |
0.77
|
| |
0.77
|
| |
2.14
|
| | | | 14,247 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.84 | | | | | | 0.16 | | | | | | (0.12) | | | | | | 0.04 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 9.72 | | | | |
|
0.35
|
| | | | | 0.88 | | | |
0.77
|
| |
0.77
|
| |
1.55
|
| | | | 2,618 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.88 | | | | | | 0.12• | | | | | | (0.01) | | | | | | 0.11 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 9.84 | | | | |
|
1.16
|
| | | | | 0.85 | | | |
0.76
|
| |
0.76
|
| |
1.18
|
| | | | 4,894 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.97 | | | | | | 0.13• | | | | | | (0.06) | | | | | | 0.07 | | | | | | 0.16 | | | | | | — | | | | | | — | | | | | | 0.16 | | | | | | — | | | | | | 9.88 | | | | |
|
0.67
|
| | | | | 0.96 | | | |
0.80
|
| |
0.80
|
| |
1.28
|
| | | | 9,658 | | | | | | 109 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.76 | | | | | | 0.14• | | | | | | (0.21) | | | | | | (0.07) | | | | | | 0.14 | | | | | | — | | | | | | — | | | | | | 0.14 | | | | | | — | | | | | | 9.55 | | | | |
|
(0.78)
|
| | | | | 1.47 | | | |
1.40
|
| |
1.40
|
| |
1.41
|
| | | | 335 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.72 | | | | | | 0.12 | | | | | | 0.07 | | | | | | 0.19 | | | | | | 0.15 | | | | | | — | | | | | | — | | | | | | 0.15 | | | | | | — | | | | | | 9.76 | | | | |
|
1.97
|
| | | | | 1.68 | | | |
1.52
|
| |
1.52
|
| |
1.38
|
| | | | 1,038 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.84 | | | | | | 0.08 | | | | | | (0.12) | | | | | | (0.04) | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.72 | | | | |
|
(0.40)
|
| | | | | 1.63 | | | |
1.52
|
| |
1.52
|
| |
0.81
|
| | | | 728 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.88 | | | | | | 0.04 | | | | | | 0.00* | | | | | | 0.04 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.84 | | | | |
|
0.40
|
| | | | | 1.60 | | | |
1.51
|
| |
1.51
|
| |
0.45
|
| | | | 1,079 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.98 | | | | | | 0.06 | | | | | | (0.08) | | | | | | (0.02) | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.88 | | | | |
|
(0.19)
|
| | | | | 1.71 | | | |
1.55
|
| |
1.55
|
| |
0.51
|
| | | | 898 | | | | | | 109 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.76 | | | | | | 0.24• | | | | | | (0.22) | | | | | | 0.02 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 9.54 | | | | |
|
0.16
|
| | | | | 0.57 | | | |
0.40
|
| |
0.40
|
| |
2.43
|
| | | | 11,925 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.71 | | | | | | 0.23 | | | | | | 0.07 | | | | | | 0.30 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 9.76 | | | | |
|
3.15
|
| | | | | 0.78 | | | |
0.50
|
| |
0.50
|
| |
2.37
|
| | | | 9,283 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.84 | | | | | | 0.18 | | | | | | (0.13) | | | | | | 0.05 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.71 | | | | |
|
0.55
|
| | | | | 0.71 | | | |
0.51
|
| |
0.51
|
| |
1.84
|
| | | | 9,578 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.88 | | | | | | 0.15 | | | | | | (0.01) | | | | | | 0.14 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.84 | | | | |
|
1.46
|
| | | | | 0.67 | | | |
0.50
|
| |
0.50
|
| |
1.46
|
| | | | 12,921 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.98 | | | | | | 0.16 | | | | | | (0.08) | | | | | | 0.08 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.88 | | | | |
|
0.85
|
| | | | | 0.63 | | | |
0.50
|
| |
0.50
|
| |
1.53
|
| | | | 9,954 | | | | | | 109 | | |
| Class P2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 10-22-19(4) - 03-31-20 |
| | | | 9.88 | | | | | | 0.26• | | | | | | (0.47) | | | | | | (0.21) | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 9.54 | | | | |
|
(2.16)
|
| | | | | 0.36 | | | |
0.15
|
| |
0.15
|
| |
2.67
|
| | | | 49,296 | | | | | | 192 | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.76 | | | | | | 0.28• | | | | | | (0.21) | | | | | | 0.07 | | | | | | 0.29 | | | | | | — | | | | | | — | | | | | | 0.29 | | | | | | — | | | | | | 9.54 | | | | |
|
0.67
|
| | | | | 0.42 | | | |
0.00*
|
| |
0.00*
|
| |
2.83
|
| | | | 5,288 | | | | | | 192 | | |
| 06-01-18(4) - 03-31-19 |
| | | | 9.71 | | | | | | 0.23• | | | | | | 0.08 | | | | | | 0.31 | | | | | | 0.26 | | | | | | — | | | | | | — | | | | | | 0.26 | | | | | | — | | | | | | 9.76 | | | | |
|
3.22
|
| | | | | 0.63 | | | |
0.00*
|
| |
0.00*
|
| |
2.90
|
| | | | 3,341 | | | | | | 137 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.77 | | | | | | 0.19• | | | | | | (0.20) | | | | | | (0.01) | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 9.57 | | | | |
|
(0.18)
|
| | | | | 0.97 | | | |
0.90
|
| |
0.90
|
| |
1.93
|
| | | | 3 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.72 | | | | | | 0.18 | | | | | | 0.07 | | | | | | 0.25 | | | | | | 0.20 | | | | | | — | | | | | | — | | | | | | 0.20 | | | | | | — | | | | | | 9.77 | | | | |
|
2.60
|
| | | | | 1.18 | | | |
1.02
|
| |
1.02
|
| |
1.85
|
| | | | 3 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.84 | | | | | | 0.13 | | | | | | (0.12) | | | | | | 0.01 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 9.72 | | | | |
|
0.10
|
| | | | | 1.13 | | | |
1.02
|
| |
1.02
|
| |
1.33
|
| | | | 3 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.88 | | | | | | 0.09 | | | | | | 0.00* | | | | | | 0.09 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 9.84 | | | | |
|
0.89
|
| | | | | 1.10 | | | |
1.01
|
| |
1.01
|
| |
0.93
|
| | | | 3 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.97 | | | | | | 0.10 | | | | | | (0.06) | | | | | | 0.04 | | | | | | 0.13 | | | | | | — | | | | | | — | | | | | | 0.13 | | | | | | — | | | | | | 9.88 | | | | |
|
0.40
|
| | | | | 1.21 | | | |
1.05
|
| |
1.05
|
| |
0.97
|
| | | | 3 | | | | | | 109 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.76 | | | | | | 0.24• | | | | | | (0.21) | | | | | | 0.03 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 9.55 | | | | |
|
0.29
|
| | | | | 0.42 | | | |
0.35
|
| |
0.35
|
| |
2.47
|
| | | | 98,380 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.72 | | | | | | 0.23 | | | | | | 0.06 | | | | | | 0.29 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 9.76 | | | | |
|
3.08
|
| | | | | 0.63 | | | |
0.47
|
| |
0.47
|
| |
2.40
|
| | | | 86,628 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.84 | | | | | | 0.18 | | | | | | (0.11) | | | | | | 0.07 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 9.72 | | | | |
|
0.68
|
| | | | | 0.59 | | | |
0.48
|
| |
0.48
|
| |
1.85
|
| | | | 93,094 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.89 | | | | | | 0.14 | | | | | | 0.00* | | | | | | 0.14 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 9.84 | | | | |
|
1.39
|
| | | | | 0.56 | | | |
0.47
|
| |
0.47
|
| |
1.47
|
| | | | 73,871 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.98 | | | | | | 0.15 | | | | | | (0.05) | | | | | | 0.10 | | | | | | 0.19 | | | | | | — | | | | | | — | | | | | | 0.19 | | | | | | — | | | | | | 9.89 | | | | |
|
0.98
|
| | | | | 0.55 | | | |
0.47
|
| |
0.47
|
| |
1.55
|
| | | | 110,520 | | | | | | 109 | | |
See Accompanying Notes to Financial Statements
31
Financial Highlights (continued)
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya Short Term Bond Fund (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 9.79 | | | | | | 0.24• | | | | | | (0.22) | | | | | | 0.02 | | | | | | 0.24 | | | | | | — | | | | | | — | | | | | | 0.24 | | | | | | — | | | | | | 9.57 | | | | |
|
0.12
|
| | | | | 0.47 | | | |
0.40
|
| |
0.40
|
| |
2.41
|
| | | | 97 | | | | | | 192 | | |
| 03-31-19 | | | | | 9.72 | | | | | | 0.22 | | | | | | 0.10 | | | | | | 0.32 | | | | | | 0.25 | | | | | | — | | | | | | — | | | | | | 0.25 | | | | | | — | | | | | | 9.79 | | | | |
|
3.31
|
| | | | | 0.68 | | | |
0.52
|
| |
0.52
|
| |
2.38
|
| | | | 523 | | | | | | 137 | | |
| 03-31-18 | | | | | 9.85 | | | | | | 0.18• | | | | | | (0.13) | | | | | | 0.05 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.72 | | | | |
|
0.50
|
| | | | | 0.63 | | | |
0.52
|
| |
0.52
|
| |
1.83
|
| | | | 79 | | | | | | 165 | | |
| 03-31-17 | | | | | 9.89 | | | | | | 0.14• | | | | | | 0.00* | | | | | | 0.14 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.85 | | | | |
|
1.41
|
| | | | | 0.60 | | | |
0.51
|
| |
0.51
|
| |
1.42
|
| | | | 393 | | | | | | 227 | | |
| 03-31-16 | | | | | 9.98 | | | | | | 0.17 | | | | | | (0.08) | | | | | | 0.09 | | | | | | 0.18 | | | | | | — | | | | | | — | | | | | | 0.18 | | | | | | — | | | | | | 9.89 | | | | |
|
0.91
|
| | | | | 0.71 | | | |
0.55
|
| |
0.55
|
| |
1.61
|
| | | | 531 | | | | | | 109 | | |
|
Voya Strategic Income Opportunities Fund
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.15 | | | | | | 0.35• | | | | | | (0.97) | | | | | | (0.62) | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 9.12 | | | | |
|
(6.48)
|
| | | | | 0.86 | | | |
0.86
|
| |
0.86
|
| |
3.45
|
| | | | 146,080 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.16 | | | | | | 0.37 | | | | | | 0.03 | | | | | | 0.40 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 10.15 | | | | |
|
3.99
|
| | | | | 0.94 | | | |
0.94
|
| |
0.94
|
| |
3.63
|
| | | | 128,224 | | | | | | 155 | | |
| 03-31-18 | | | | | 10.12 | | | | | | 0.37 | | | | | | 0.03 | | | | | | 0.40 | | | | | | 0.36 | | | | | | — | | | | | | — | | | | | | 0.36 | | | | | | — | | | | | | 10.16 | | | | |
|
4.01
|
| | | | | 1.13 | | | |
1.05
|
| |
1.05
|
| |
3.52
|
| | | | 30,921 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.94 | | | | | | 0.42• | | | | | | 0.24 | | | | | | 0.66 | | | | | | 0.48 | | | | | | — | | | | | | — | | | | | | 0.48 | | | | | | — | | | | | | 10.12 | | | | |
|
6.82
|
| | | | | 1.22 | | | |
1.06
|
| |
1.06
|
| |
4.17
|
| | | | 11,255 | | | | | | 68 | | |
| 03-31-16 | | | | | 9.97 | | | | | | 0.30• | | | | | | (0.27) | | | | | | 0.03 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.94 | | | | |
|
0.25
|
| | | | | 1.25 | | | |
1.01
|
| |
1.01
|
| |
2.99
|
| | | | 1,492 | | | | | | 83 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.00 | | | | | | 0.27• | | | | | | (0.96) | | | | | | (0.69) | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 8.98 | | | | |
|
(7.24)
|
| | | | | 1.61 | | | |
1.61
|
| |
1.61
|
| |
2.68
|
| | | | 53,333 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.00 | | | | | | 0.29 | | | | | | 0.04 | | | | | | 0.33 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.00 | | | | |
|
3.32
|
| | | | | 1.69 | | | |
1.69
|
| |
1.69
|
| |
2.87
|
| | | | 25,999 | | | | | | 155 | | |
| 03-31-18 | | | | | 9.96 | | | | | | 0.29 | | | | | | 0.03 | | | | | | 0.32 | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 10.00 | | | | |
|
3.24
|
| | | | | 1.88 | | | |
1.80
|
| |
1.80
|
| |
2.79
|
| | | | 8,150 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.78 | | | | | | 0.33• | | | | | | 0.25 | | | | | | 0.58 | | | | | | 0.40 | | | | | | — | | | | | | — | | | | | | 0.40 | | | | | | — | | | | | | 9.96 | | | | |
|
6.05
|
| | | | | 1.97 | | | |
1.81
|
| |
1.81
|
| |
3.38
|
| | | | 1,893 | | | | | | 68 | | |
| 03-31-16 | | | | | 9.85 | | | | | | 0.22• | | | | | | (0.28) | | | | | | (0.06) | | | | | | 0.01 | | | | | | — | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 9.78 | | | | |
|
(0.57)
|
| | | | | 2.00 | | | |
1.76
|
| |
1.76
|
| |
2.25
|
| | | | 421 | | | | | | 83 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.20 | | | | | | 0.38• | | | | | | (0.98) | | | | | | (0.60) | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 9.15 | | | | |
|
(6.30)
|
| | | | | 0.60 | | | |
0.60
|
| |
0.60
|
| |
3.68
|
| | | | 2,046,289 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.21 | | | | | | 0.42 | | | | | | 0.02 | | | | | | 0.44 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 10.20 | | | | |
|
4.42
|
| | | | | 0.61 | | | |
0.61
|
| |
0.61
|
| |
3.99
|
| | | | 1,151,236 | | | | | | 155 | | |
| 03-31-18 | | | | | 10.18 | | | | | | 0.40• | | | | | | 0.04 | | | | | | 0.44 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 10.21 | | | | |
|
4.37
|
| | | | | 0.78 | | | |
0.70
|
| |
0.70
|
| |
3.87
|
| | | | 194,924 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.99 | | | | | | 0.45• | | | | | | 0.27 | | | | | | 0.72 | | | | | | 0.53 | | | | | | — | | | | | | — | | | | | | 0.53 | | | | | | — | | | | | | 10.18 | | | | |
|
7.38
|
| | | | | 0.85 | | | |
0.69
|
| |
0.69
|
| |
4.51
|
| | | | 27,339 | | | | | | 68 | | |
| 03-31-16 | | | | | 9.98 | | | | | | 0.38• | | | | | | (0.29) | | | | | | 0.09 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.99 | | | | |
|
0.91
|
| | | | | 0.87 | | | |
0.63
|
| |
0.63
|
| |
3.77
|
| | | | 6,046 | | | | | | 83 | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.18 | | | | | | 0.44• | | | | | | (1.01) | | | | | | (0.57) | | | | | | 0.50 | | | | | | — | | | | | | — | | | | | | 0.50 | | | | | | — | | | | | | 9.11 | | | | |
|
(5.99)
|
| | | | | 0.55 | | | |
0.05
|
| |
0.05
|
| |
4.26
|
| | | | 9,529 | | | | | | 167 | | |
| 02-01-19(4) - 03-31-19 |
| | | | 10.13 | | | | | | 0.05• | | | | | | 0.08 | | | | | | 0.13 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 10.18 | | | | |
|
1.33
|
| | | | | 0.58 | | | |
0.08
|
| |
0.08
|
| |
3.22
|
| | | | 3 | | | | | | 155 | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 08-01-19(4) - 03-31-20 |
| | | | 10.33 | | | | | | 0.29• | | | | | | (1.18) | | | | | | (0.89) | | | | | | 0.28 | | | | | | — | | | | | | — | | | | | | 0.28 | | | | | | — | | | | | | 9.16 | | | | |
|
(8.83)
|
| | | | | 0.55 | | | |
0.00*
|
| |
0.00*
|
| |
4.21
|
| | | | 3,770 | | | | | | 167 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.07 | | | | | | 0.32• | | | | | | (0.97) | | | | | | (0.65) | | | | | | 0.38 | | | | | | — | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 9.04 | | | | |
|
(6.80)
|
| | | | | 1.11 | | | |
1.11
|
| |
1.11
|
| |
3.20
|
| | | | 18,459 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.08 | | | | | | 0.34 | | | | | | 0.03 | | | | | | 0.37 | | | | | | 0.38 | | | | | | — | | | | | | — | | | | | | 0.38 | | | | | | — | | | | | | 10.07 | | | | |
|
3.73
|
| | | | | 1.19 | | | |
1.19
|
| |
1.19
|
| |
3.37
|
| | | | 12,425 | | | | | | 155 | | |
| 03-31-18 | | | | | 10.04 | | | | | | 0.33 | | | | | | 0.04 | | | | | | 0.37 | | | | | | 0.33 | | | | | | — | | | | | | — | | | | | | 0.33 | | | | | | — | | | | | | 10.08 | | | | |
|
3.76
|
| | | | | 1.38 | | | |
1.30
|
| |
1.30
|
| |
3.26
|
| | | | 5,168 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.86 | | | | | | 0.37 | | | | | | 0.26 | | | | | | 0.63 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 10.04 | | | | |
|
6.57
|
| | | | | 1.47 | | | |
1.31
|
| |
1.31
|
| |
3.82
|
| | | | 3,955 | | | | | | 68 | | |
| 03-31-16 | | | | | 9.90 | | | | | | 0.30• | | | | | | (0.28) | | | | | | 0.02 | | | | | | 0.06 | | | | | | — | | | | | | — | | | | | | 0.06 | | | | | | — | | | | | | 9.86 | | | | |
|
0.17
|
| | | | | 1.50 | | | |
1.26
|
| |
1.26
|
| |
3.05
|
| | | | 3,397 | | | | | | 83 | | |
See Accompanying Notes to Financial Statements
32
Financial Highlights (continued)
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From retun of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| ||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Voya Strategic Income Opportunities Fund (continued)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.17 | | | | | | 0.38• | | | | | | (0.98) | | | | | | (0.60) | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 9.12 | | | | |
|
(6.28)
|
| | | | | 0.55 | | | |
0.55
|
| |
0.55
|
| |
3.75
|
| | | | 229,913 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.19 | | | | | | 0.39 | | | | | | 0.04 | | | | | | 0.43 | | | | | | 0.45 | | | | | | — | | | | | | — | | | | | | 0.45 | | | | | | — | | | | | | 10.17 | | | | |
|
4.36
|
| | | | | 0.58 | | | |
0.58
|
| |
0.58
|
| |
3.82
|
| | | | 47,004 | | | | | | 155 | | |
| 03-31-18 | | | | | 10.16 | | | | | | 0.40 | | | | | | 0.04 | | | | | | 0.44 | | | | | | 0.41 | | | | | | — | | | | | | — | | | | | | 0.41 | | | | | | — | | | | | | 10.19 | | | | |
|
4.41
|
| | | | | 0.74 | | | |
0.66
|
| |
0.66
|
| |
3.88
|
| | | | 112,151 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.99 | | | | | | 0.45 | | | | | | 0.25 | | | | | | 0.70 | | | | | | 0.53 | | | | | | — | | | | | | — | | | | | | 0.53 | | | | | | — | | | | | | 10.16 | | | | |
|
7.21
|
| | | | | 0.83 | | | |
0.67
|
| |
0.67
|
| |
4.46
|
| | | | 111,530 | | | | | | 68 | | |
| 10-23-15(4) - 03-31-16 |
| | | | 10.05 | | | | | | 0.16• | | | | | | (0.14) | | | | | | 0.02 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.99 | | | | |
|
0.21
|
| | | | | 0.87 | | | |
0.63
|
| |
0.63
|
| |
3.70
|
| | | | 109,630 | | | | | | 83 | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | |
|
| | | | | | | | | | | | |
| 03-31-20 | | | | | 10.13 | | | | | | 0.38• | | | | | | (0.99) | | | | | | (0.61) | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 9.09 | | | | |
|
(6.37)
|
| | | | | 0.61 | | | |
0.61
|
| |
0.61
|
| |
3.69
|
| | | | 69,522 | | | | | | 167 | | |
| 03-31-19 | | | | | 10.13 | | | | | | 0.39 | | | | | | 0.04 | | | | | | 0.43 | | | | | | 0.43 | | | | | | — | | | | | | — | | | | | | 0.43 | | | | | | — | | | | | | 10.13 | | | | |
|
4.35
|
| | | | | 0.69 | | | |
0.69
|
| |
0.69
|
| |
3.75
|
| | | | 48,251 | | | | | | 155 | | |
| 03-31-18 | | | | | 10.09 | | | | | | 0.39 | | | | | | 0.04 | | | | | | 0.43 | | | | | | 0.39 | | | | | | — | | | | | | — | | | | | | 0.39 | | | | | | — | | | | | | 10.13 | | | | |
|
4.27
|
| | | | | 0.88 | | | |
0.80
|
| |
0.80
|
| |
3.77
|
| | | | 26,567 | | | | | | 103 | | |
| 03-31-17 | | | | | 9.90 | | | | | | 0.44• | | | | | | 0.26 | | | | | | 0.70 | | | | | | 0.51 | | | | | | — | | | | | | — | | | | | | 0.51 | | | | | | — | | | | | | 10.09 | | | | |
|
7.19
|
| | | | | 0.97 | | | |
0.81
|
| |
0.81
|
| |
4.38
|
| | | | 4,161 | | | | | | 68 | | |
| 03-31-16 | | | | | 9.96 | | | | | | 0.33• | | | | | | (0.31) | | | | | | 0.02 | | | | | | 0.08 | | | | | | — | | | | | | — | | | | | | 0.08 | | | | | | — | | | | | | 9.90 | | | | |
|
0.17
|
| | | | | 1.00 | | | |
0.76
|
| |
0.76
|
| |
3.33
|
| | | | 54 | | | | | | 83 | | |
(1)
Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.
(2)
Annualized for periods less than one year.
(3)
Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.
(4)
Commencement of operations.
•
Calculated using average number of shares outstanding throughout the year or period.
*
Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
††
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 40% for the year ended March 31, 2020 and 35%, 32%, 50%, and 33% for the fiscal years ended March 31, 2019, 2018, 2017, 2016, respectively. The Fund’s strategies involving treasury securities and TBA securities are employed to increase liquidity and to manage interest rate risk while not changing the economic exposure to treasury and mortgage backed securities. The Fund invests in treasury securities and may purchase and sell treasury securities to manage the duration of the Fund and for hedging purposes when selling or buying corporate bonds. In addition, the Fund commonly employs an investment strategy involving the purchase of the most recently issued treasury security with a particular time to maturity while selling its position in a previously issued treasury security with a substantially similar time to maturity. This strategy is employed in order for the Fund to own the most liquid treasury security available for a given time to maturity. The Fund also invests in TBA securities whereby the actual identity of the securities to be delivered at settlement is not specified, but rather the general characteristics of the securities are agreed to (i.e. issuer, mortgage type, maturity, coupon and month of settlement). The Fund may engage in rolling strategies with TBAs whereby the Fund seeks to extend the expiration or maturity of a TBA position by closing out the position before expiration and simultaneously opening a new position that has substantially similar terms except for a later expiration date. Such rolls enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset.
See Accompanying Notes to Financial Statements
33
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020
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 seven 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 Term Bond Fund (“Short Term Bond”) and Voya Strategic Income Opportunities Fund (“Strategic Income Opportunities”) (each, a “Fund” and collectively, the “Funds”). Each Fund is a diversified series of the Trust.
Each Fund offers at least four or more of the following classes of shares: Class A, Class C, Class I, Class P, Class P2, Class P3, Class R, Class R6 and Class W. At the close of business on November 22, 2019, all outstanding Class O shares of Intermediate Bond were converted to Class A shares of the Fund. The separate classes of shares differ principally in the applicable sales charges (if any), transfer agent fees, distribution fees and shareholder servicing fees. 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.
Beginning on January 2, 2020, Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares ten years after purchase.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Funds. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to the Funds. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Funds.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements. Each Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. Each Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of each Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of 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.
Assets for which market quotations are readily available are valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular trading session on the exchange where the security is principally traded.
34
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
When a market quotation is not readily available or is deemed unreliable, each Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Funds’ Board of Trustees (“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b) Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data; (c) Securities traded in the over-the-counter (“OTC”) market are valued based on prices provided by independent pricing services or market makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted model, such as Black-Scholes; (e) Centrally cleared swap agreements are valued using a price provided by the central counterparty clearinghouse; (f) OTC swap agreements are valued using a price provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and each Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by brokers.
The prospectuses of the open-end registered investment companies in which 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’ (including forward foreign currency exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of Market Close. Foreign securities’ prices meeting the approved
degree of certainty that the price is not reflective of current value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Funds’ valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Funds. Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine each Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders’ investments in each Fund.
Each 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
35
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
accounting rules. A table summarizing the Funds’ investments under these levels of classification is included within the Portfolios of Investments.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented only when a Fund has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Premium amortization and discount accretion are determined by the effective yield method.
C. Foreign Currency Translation. The books and records of the Funds are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
(1)
Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close.
(2)
Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.
Although the net assets and the market values are presented at the foreign exchange rates at Market Close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities that are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statements of Assets and Liabilities for the estimated tax withholding based on the securities’ current market values. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.
D. Risk Exposures and the Use of Derivative Instruments. The Funds’ investment objectives permit them to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. In doing so, the Funds will employ strategies in differing combinations to permit them to increase or decrease the level of risk, or change the level or types of exposure to risk factors. This may allow the Funds to pursue their objectives more quickly, and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market or credit factors.
In pursuit of their investment objectives, the Funds may seek to increase or decrease their exposure to the following market or credit risk factors:
Credit Risk. The price of a bond or other debt instrument is likely to fall if the issuer’s actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.
Equity Risk. Stock prices may be volatile or have reduced liquidity in response to real or perceived impacts of factors including, but not limited to, economic conditions, changes in market interest rates, and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in
36
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
these areas may adversely impact the investment techniques available to a manager, add to costs and impair the ability of a Fund to achieve its investment objectives.
Foreign Exchange Rate Risk. To the extent that a Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by a Fund through foreign currency exchange transactions.
Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the United States or abroad.
Interest Rate Risk. With bonds and other fixed rate debt instruments, a rise in market interest rates generally causes values to fall; conversely, values generally rise as market interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate paid by the securities is a floating rate, which generally will decrease when the market rate of interest to which the inverse security is indexed increases and will increase when the market rate of interest to which the inverse security is indexed decreases. As of the date of this report, the United States experiences a low interest rate environment, which may increase a Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For a fund that invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential changes in government policy may affect interest rates.
Risks of Investing in Derivatives. The Funds’ use of derivatives can result in losses due to unanticipated changes in the market or credit risk factors and the overall
market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market or credit risk factors for securities held by a Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.
Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in market interest rates and liquidity and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by a Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on a Fund and exaggerate any increase or decrease in the NAV. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. When used as an alternative or substitute for direct cash investments, the return provided by the derivative may not provide the same return as direct cash investment. In addition, given their complexity, derivatives expose a Fund to the risk of improper valuation.
Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset or assets. Derivatives include, among other things, swap agreements, options, forwards and futures. Investments in derivatives are generally negotiated OTC with a single counterparty and as a result are subject to credit risks related to the counterparty’s ability or willingness to perform its obligations; any deterioration in the counterparty’s creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying securities may experience periods of illiquidity which could cause a Fund to hold a security it might otherwise sell, or to sell a security it otherwise might hold at inopportune times or at an unanticipated price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market’s movements and may have unexpected or undesired results such as a loss or a reduction in gains.
Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The Funds’ derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Funds intend to enter into financial
37
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
transactions with counterparties that they believe to be creditworthy at the time of the transaction. To reduce this risk, the Funds generally enter into master netting arrangements, established within the Funds’ International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain OTC derivative and forward foreign currency contracts, entered into by the Funds and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.
The Funds may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to or from the Funds is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.
As of March 31, 2020, 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 $24,843,642 and $24,510,651, respectively, which represents the gross payments to be received by the Funds on OTC purchased options and open forward foreign currency contracts were they to be unwound as of March 31, 2020. To reduce the amount of potential loss to Intermediate Bond and Strategic Income Opportunities, the Funds received $14,110,000 and $24,090,000, respectively in cash collateral from certain counterparties at March 31, 2020. In addition, Strategic Income Opportunities received U.S. Treasury Bills with an original par value of $1,518,000 as collateral for open OTC derivatives at March 31, 2020.
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, 2020, Intermediate Bond and Strategic Income Opportunities had a liability position of $12,460,784, and $16,722,767, respectively, on open forward foreign currency contracts and OTC written options with credit related contingent features. If a contingent feature would have been triggered as of March 31, 2020, the Funds could have been required to pay this amount in cash to their counterparties. At March 31, 2020, Intermediate Bond and Strategic Income Opportunities had pledged $ 2,110,000 and $110,000, respectively, in cash collateral to certain counterparties for open OTC derivatives.
E. 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, 2020, 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, 2020, 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, 2020.
| | | |
Buy
|
| |
Sell
|
| ||||||
| Intermediate Bond | | | | $ | 16,986,825 | | | | | $ | 86,867,412 | | |
|
Strategic Income Opportunities
|
| | | | 493,897,360 | | | | | | 482,099,656 | | |
38
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
Certain Funds may enter into futures contracts involving foreign currency, interest rates, securities and securities indices. 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 such a contract, a Fund is required to deposit and maintain as collateral such initial margin as required by the exchange on which the contract is traded. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount equal to the daily fluctuations in the value of the contract. Such receipts or payments are known as variation margins and are recorded as unrealized gains or losses by the Fund. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are exposed to the market risk factor of the underlying financial instrument. During the year ended March 31, 2020, GNMA Income, Intermediate Bond, Short Term Bond and Strategic Income Opportunities have purchased and sold futures contracts on various bonds and notes to manage duration and yield curve exposure. 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, 2020, 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 for GNMA Income, Intermediate Bond and Short Term Bond at March 31, 2020. There were no open future contracts for Strategic Income Opportunities at March 31, 2020.
| | | |
Purchased
|
| |
Sold
|
| ||||||
| GNMA Income | | | | $ | 24,374,979 | | | | | $ | 263,903,039 | | |
| Intermediate Bond | | | | | 982,693,729 | | | | | | 629,043,298 | | |
| Short Term Bond | | | | | 55,537,333 | | | | | | 14,490,092 | | |
|
Strategic Income Opportunities
|
| | | | 130,951,786 | | | | | | 285,836,117 | | |
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.
39
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
J. Securities Lending. Each Fund has the option to temporarily loan up to 331∕3% of its total assets to brokers, dealers or other financial institutions in exchange for a negotiated lender’s fee. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Funds will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Funds will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Funds will lose money due to the failure of a borrower to return a borrowed security. Loans are subject to termination at the option of the borrower or the Funds. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the NAV, causing the Funds to be more volatile. The use of leverage may increase expenses and increase the impact of the Funds’ other risks.
K. Restricted Securities. Each Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
L. Delayed-Delivery or When-Issued Transactions. The Funds may purchase or sell securities on a when-issued or a delayed-delivery basis. Each Fund may enter into
forward commitments. The price of the underlying securities and date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The market value of such is identified in the Funds’ Portfolio of investments. Losses may arise due to changes in the market value of the securities or from the inability of counterparties to meet the terms of the contract. In connection with such purchases, the Funds are required to segregate liquid assets with the Funds’ custodian sufficient to cover the purchase price.
To mitigate counterparty risk, the Funds have entered into Master Securities Forward Transaction Agreements (“MSFTA”) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities).
At March 31, 2020, GMNA Income, Intermediate Bond, and Strategic Income Opportunities had received $12,096,000, $2,066,448 and $2,370,000 in cash collateral with certain counter parties for open delayed-delivery or when-issued transactions.
M. Mortgage Dollar Roll Transactions. Each Fund may engage in dollar roll transactions with respect to mortgage-backed securities issued or to be issued by Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corp. In a dollar roll transaction, a Fund sells a mortgage-backed security to a financial institution, such as a bank or broker/dealer, and simultaneously agrees to repurchase a substantially similar (i.e., same type, coupon, and maturity) security from the institution on a delayed delivery basis at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories. The Funds account for dollar roll transactions as purchases and sales.
N. Options Contracts. The Funds may write call and put options on futures, swap options (“swaptions”), securities, commodity or currencies they own or in which they may invest. Writing put options tends to increase the Funds exposure to the underlying instrument. Writing call options tends to decrease the Funds exposure to the underlying instrument. When a Fund writes a call or put option, an
40
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Certain options may be written with premiums to be determined on a future date. Forward premium swaptions include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. Each Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Funds may not be able to enter into a closing transaction because of an illiquid market.
The Funds may also purchase put and call options. Purchasing call options tends to increase the Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds’ exposure to the underlying instrument. The Funds pay a premium which is included on the Statements of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss.
During the year ended March 31, 2020, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had purchased forward premium swaptions to manage duration and yield curve exposures with an average notional value of $613,962,250, $7,462,250 and $302,982,250, respectively. There were no open purchased forward premium swaptions at March 31, 2020.
During the year ended March 31, 2020, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had purchased interest rate swaptions to manage duration and yield curve exposures with an average notional value of
$3,016,465,500, $36,592,000 and $1,109,449,903, respectively. There were no open purchased interest rate swaptions at March 31, 2020.
During the year ended March 31, 2020, Intermediate Bond and Strategic Income Opportunities had written interest rate swaptions to generate income with an average notional value of $1,005,800,000 and $231,380,857, respectively. There were no open written interest rate swaptions at March 31, 2020.
During the year ended March 31, 2020, Intermediate Bond and Strategic Income Opportunities had purchased foreign currency options to manage its foreign exchange exposure with an average notional value of $264,097,304 and $165,720,271, respectively. Please refer to the tables within the Portfolio of Investments for open purchased options on foreign currencies at March 31, 2020.
During the year ended March 31, 2020, Intermediate Bond and Strategic Income Opportunities had written foreign currency options to generate income with an average notional value of $131,557,282 and $39,593,666, respectively. Please refer to the tables within the Portfolio of Investments for open written options on foreign currencies at March 31, 2020.
O. Swap Agreements. Certain Funds may enter into swap agreements. A swap is an agreement between two parties pursuant to which each party agrees to make one or more payments to the other at specified future intervals based on the return of an asset (such as a stock, bond or currency) or non-asset reference (such as an interest rate or index). The swap agreement will specify the “notional” amount of the asset or non-asset reference to which the contract relates. Subsequent changes in fair value, if any, are calculated based upon changes in the performance of the asset or non-asset reference multiplied by the notional value of the contract. A Fund may enter into credit default, interest rate, total return and currency swaps to manage its exposure to credit, currency and interest rate risk. All outstanding swap agreements are reported within each Fund’s Portfolio of Investments.
Swaps are marked to market daily using quotations primarily from third party pricing services, counterparties or brokers. The fair value of the swap contract is recorded on each Fund’s Statement of Assets and Liabilities. During the term of the swap, changes in the fair value of the swap, if any, are recorded as unrealized gains or losses on the Statement of Operations. Upfront payments paid or received by a Fund when entering into the agreements are reported on the Statement of Assets and Liabilities and as a component of the changes in unrealized gains or losses on the Statement of Operations. These upfront payments represent the amounts paid or received when initially
41
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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.
Entering into swap agreements involves the risk that the maximum potential loss of an investment exceeds the current value of the investment as reported on each Fund’s Statement of Assets and Liabilities. Other risks involve the possibility that the counterparty to the agreements may default on its obligation to perform, that there will be no liquid market for these investments and that unfavorable changes in the market will have a negative impact on the value of the index or securities underlying the respective swap agreement.
Credit Default Swap Contracts. A credit default swap is a bilateral agreement between counterparties in which the buyer of the protection agrees to make a stream of periodic payments to the seller of protection in exchange for the right to receive a specified return in the event of a default or other credit event for a referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer a fixed payment stream based on the notional amount of the swap contract. This fixed payment stream will continue until the swap contract expires or a defined credit event occurs.
A Fund is subject to credit risk in the normal course of pursuing its investment objectives. As a seller of protection in a credit default swap, a Fund may execute these contracts to manage its exposure to the market or certain sectors of the market. A Fund may also enter into credit default swaps to speculate on changes in an issuer’s credit quality, to take advantage of perceived spread advantages, or to offset an existing short equivalent (i.e. buying protection on an equivalent reference entity).
Certain Funds may sell credit default swaps which expose these Funds to the risk of loss from credit risk- related events specified in the contract. Although contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default or repudiation/moratorium. If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the
referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on corporate issues or sovereign issues are disclosed in each Fund’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-backed securities or credit indices, the quoted market prices and resulting fair values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2020, 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
42
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
entering into the agreements, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
For the year ended March 31, 2020,Intermediate Bond, Short Term Bond and Strategic Income Opportunities had bought and sold credit protection on credit default swap indices (“CDX”). A CDX is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. The Funds entered into CDX swap contracts to gain additional exposure within various credit sectors and to hedge the credit risk associated within various sectors with the credit markets. In addition, for the year ended March 31, 2020, Intermediate Bond and Strategic Income Opportunities had bought and sold credit protection on single name issuers (Corporate or Sovereign) to gain additional exposure to the credit market. Please refer to the tables within the Portfolios of Investments for open credit default swaps to buy and sell protection at March 31, 2020. There were no open credit default swaps to sell protection for Intermediate Bond and Short Term Bond as of March 31, 2020
During the year ended March 31, 2020,Intermediate Bond, Short Term Bond and Strategic Income Opportunities had an average notional value on credit default swaps to buy and sell protection as disclosed below:
| | | |
Purchased
|
| |
Sold
|
| ||||||
| Intermediate Bond | | | | $ | 287,814,199 | | | | | $ | 89,857,403 | | |
| Short Tem Bond | | | | | 3,916,861 | | | | | | 3,706,225 | | |
|
Strategic Income Opportunities
|
| | | | 181,502,948 | | | | | | 67,872,380 | | |
Interest Rate Swap Contracts. An interest rate swap involves the agreement between counterparties to exchange periodic payments based on interest rates. One payment will be based on a floating rate of a specified interest rate while the other will be a fixed rate. Risks involve the future fluctuations of interest rates in which a Fund may make payments that are greater than what a Fund received from the counterparty. Other risks include credit, liquidity and market risk.
For the year ended March 31, 2020, Intermediate Bond and Strategic Income Opportunities had entered into interest rate swaps in which it pays a floating interest rate and receives a fixed interest rate (“Long interest rate swap”) in order to increase exposure to interest rate risk. Average notional amounts on long interest rate swaps were $749,018,500 and $199,143,537, respectively.
For the year ended March 31, 2020, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had entered into interest rate swaps in which it pays a fixed
interest rate and receives a floating interest rate (“Short interest rate swap”) in order to decrease exposure to interest rate risk. Average notional amounts on short interest rate swaps were $237,422,500, $2,584,500 and $68,796,313, respectively.
Please refer to the table within the Portfolios of Investments for Strategic Income Opportunities for open centrally cleared interest rate swaps at March 31, 2020. There were no open interest rate swap for Intermediate Bond and Short Term Bond as of March 31, 2020.
At March 31, 2020, Intermediate Bond, Short Term Bond and Strategic Income Opportunities had pledged $26,528,579, $250,000 and $17,036,846, respectively, as cash collateral for open centrally cleared swaps.
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, 2020, 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 | | | | $ | 11,139,965 | | | | | $ | 1,730,436 | | |
| High Yield Bond | | | | | 363,596,387 | | | | | | 233,581,722 | | |
| Intermediate Bond | | | | | 3,835,562,903 | | | | | | 2,219,294,856 | | |
| Short Term Bond | | | | | 155,820,782 | | | | | | 100,364,057 | | |
|
Strategic Income Opportunities
|
| | | | 1,938,307,985 | | | | | | 634,455,104 | | |
U.S. government securities not included above were as follows:
| | | |
Purchases
|
| |
Sales
|
| ||||||
| GNMA Income | | | | $ | 5,815,452,200 | | | | | $ | 5,436,045,846 | | |
| Intermediate Bond | | | | | 17,157,575,549 | | | | | | 17,522,223,077 | | |
| Short Term Bond | | | | | 263,077,934 | | | | | | 256,781,369 | | |
|
Strategic Income Opportunities
|
| | | | 3,208,833,445 | | | | | | 3,124,876,840 | | |
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,
43
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 4 — INVESTMENT MANAGEMENT FEES (continued)
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. The Investment Adviser is contractually obligated to waive the management fee for Class P shares of High Yield Bond and Strategic Income Opportunities. These waivers are not eligible for recoupment. Termination or modification of these obligations requires approval by the Board.
|
Fund
|
| |
Fee
|
|
| GNMA Income(1) | | | 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 Term Bond(2) | | | 0.25% on all assets | |
| Strategic Income Opportunities | | | 0.50% on all assets | |
(1)
Prior to January 1, 2020, the management fee was 0.57% on the first $1 billion, 0.50% on the next $500 million and 0.45% on assets thereafter.
(2)
Prior to July 31, 2019, the management fee was 0.45% on all assets.
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 the Funds’ assets in accordance with the Funds’ investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE FEES
Each share class of the Funds (except Class I, Class P, Class P2, Class P3, Class R6 and Class W) has a distribution and/or distribution and service 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 Plans, the Distributor is entitled to payment each month for expenses incurred in the distribution and promotion of certain of each Fund’s shares, including expenses incurred in printing prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related expenses, including any Distribution and/or Service Fees paid to securities dealers who have executed a distribution agreement with the Distributor. In addition, High Yield
Bond, Intermediate Bond, Short Term Bond and Strategic Income Opportunities have a shareholder service plan for Class A and Class C shares (together with Plan referenced above). 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:
|
Fund
|
| |
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 Term Bond | | | | | 0.25% | | | | | | 1.00% | | | | | | 0.50% | | |
| Strategic Income Opportunities | | | | | 0.25% | | | | | | 1.00% | | | | | | 0.50% | | |
The Distributor may also retain the proceeds of the initial sales charge paid by shareholders upon the purchase of Class A shares of the Funds and the contingent deferred sales charge paid by shareholders upon certain redemptions for Class A and Class C shares. For the year ended March 31, 2020, the Distributor retained the following amounts in sales charges:
| | | |
Class A
|
| |
Class C
|
| ||||||
| Initial Sales Charges: | | | | | | | | | | | | | |
| GNMA Income | | | | $ | 4,336 | | | | | $ | — | | |
| High Yield Bond | | | | | 5,954 | | | | | | — | | |
| Intermediate Bond | | | | | 17,753 | | | | | | — | | |
| Short Term Bond | | | | | 20 | | | | | | — | | |
| Strategic Income Opportunities | | | | | 55,435 | | | | | | — | | |
| Contingent Deferred Sales Charges: | | | | | | | | | | | | | |
| GNMA Income | | | | $ | 17,449 | | | | | $ | 1,196 | | |
| High Yield Bond | | | | | 6,750 | | | | | | 756 | | |
| Intermediate Bond | | | | | 86 | | | | | | 4,101 | | |
| Short Term Bond | | | | | — | | | | | | 746 | | |
| Strategic Income Opportunities | | | | | 47,056 | | | | | | 20,108 | | |
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
At March 31, 2020, the following direct or indirect, wholly-owned subsidiaries of Voya Financial, Inc. or affiliated investment companies owned more than 5% of the following Funds:
| Subsidiary/Affiliated Investment Company |
| |
Fund
|
| |
Percentage
|
| |||
| Voya Index Solution 2020 Portfolio | | |
Short Term Bond
|
| | | | 12.13% | | |
| Voya Index Solution Income Portfolio | | |
Short Term Bond
|
| | | | 16.58 | | |
| Voya Institutional Trust Company | | | GNMA Income | | | | | 18.49 | | |
| Voya Intermediate Bond Portfolio | | | High Yield Bond | | | | | 12.37 | | |
|
Voya Retirement Insurance and
Annuity Company |
| |
Intermediate Bond
|
| | | | 11.67 | | |
| Voya Solution 2025 Portfolio | | |
Short Term Bond
|
| | | | 10.08 | | |
| Voya Solution 2035 Portfolio | | |
Short Term Bond
|
| | | | 5.15 | | |
| Voya Solution Income Portfolio | | |
Short Term Bond
|
| | | | 21.96 | | |
44
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (continued)
Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.
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”). The Funds purchase shares of the Notional Funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, resulting in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying 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.
NOTE 7 — EXPENSE LIMITATION AGREEMENTS
Pursuant to a written expense limitation agreement (“Expense Limitation Agreement”) between the Investment Adviser and the Trust, on behalf of the Funds, the Investment Adviser has agreed to limit expenses of each Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and acquired fund fees and expenses, as applicable, to the levels listed below:
|
Fund
|
| |
Class
A |
| |
Class
C |
| |
Class
I |
| |
Class
P |
| |
Class
P2 |
| |
Class
P3 |
| |
Class
R |
| |
Class
R6 |
| |
Class
W |
| |||||||||||||||||||||||||||
|
GNMA Income(1)
|
| | | | 0.84% | | | | | | 1.59% | | | | | | 0.54% | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0.59% | | |
|
High Yield Bond
|
| | | | 1.10% | | | | | | 1.85% | | | | | | 0.85% | | | | | | 0.15% | | | | | | N/A | | | | | | 0.00% | | | | | | 1.35% | | | | | | 0.83% | | | | | | 0.85% | | |
|
Intermediate Bond
|
| | | | 0.75% | | | | | | 1.50% | | | | | | 0.50% | | | | | | N/A | | | | | | N/A | | | | | | 0.00% | | | | | | 1.00% | | | | | | 0.50% | | | | | | 0.50% | | |
|
Short Term Bond(2)
|
| | | | 0.65% | | | | | | 1.40% | | | | | | 0.35% | | | | | | N/A | | | | | | 0.15% | | | | | | 0.00% | | | | | | 0.90% | | | | | | 0.30% | | | | | | 0.40% | | |
|
Strategic Income
Opportunities |
| | | | 1.15% | | | | | | 1.90% | | | | | | 0.72% | | | | | | 0.15% | | | | | | N/A | | | | | | 0.00% | | | | | | 1.40% | | | | | | 0.60% | | | | | | 0.90% | | |
(1)
Prior to January 1, 2020, the expense limits for GNMA Income were 0.95%, 1.70%, 0.65%, 0.70% for Class A, Class C, Class I, and Class W, respectively.
(2)
Prior to July 31, 2019, the expense limits for Short Term Bond were 0.80%, 1.55%, 0.50%, 1.05%, 0.47%, and 0.55% for Class A, Class C, Class I, Class R, Class R6 and Class W, respectively.
With the exception of Strategic Income Opportunities and the non-recoupable Class P 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, 2020 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,
|
| | ||||||||||||||||||||
| | | |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| ||||||||||||
| GNMA Income | | | | $ | — | | | | | $ | 114,673 | | | | | $ | 78,050 | | | | | $ | 192,723 | | |
| High Yield Bond | | | | | — | | | | | | 11,464 | | | | | | 224 | | | | | | 11,688 | | |
|
Intermediate Bond
|
| | | | — | | | | | | 26,399 | | | | | | 58,675 | | | | | | 85,074 | | |
|
Short Term Bond
|
| | | | 112,174 | | | | | | 180,697 | | | | | | 178,941 | | | | | | 471,812 | | |
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, 2020, are as follows:
| | | |
March 31,
|
| | ||||||||||||||||||||
| | | |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| ||||||||||||
| GNMA Income | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Class I
|
| | | $ | 207,535 | | | | | $ | 145,938 | | | | | $ | 180,602 | | | | | $ | 534,075 | | |
|
Short Term Bond
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Class I
|
| | | | 7,319 | | | | | | 11,389 | | | | | | 12,071 | | | | | | 30,779 | | |
The Expense Limitation Agreement is contractual through August 1, 2020, (except for GNMA Income and Short Term Bond Class P2, which are through August 1, 2021) 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 May 17, 2019, each Fund, in addition to certain other funds managed by the Investment Adviser, has 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 May 15, 2020. 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 a Fund or certain other funds
45
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 8 — LINE OF CREDIT (continued)
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 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.
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, 2020:
|
Fund
|
| |
Days
Utilized |
| |
Approximate
Average Daily Balance For Days Utilized |
| |
Approximate
Weighted Average Interest Rate For Days Utilized |
| |||||||||
| GNMA Income | | | | | 1 | | | | | $ | 1,436,000 | | | | | | 1.25% | | |
| High Yield Bond | | | | | 1 | | | | | | 604,000 | | | | | | 1.25 | | |
| Intermediate Bond | | | | | 2 | | | | | | 1,910,000 | | | | | | 2.58 | | |
| Short Term Bond | | | | | 6 | | | | | | 11,405,667 | | | | | | 1.20 | | |
|
Strategic Income Opportunities
|
| | | | 4 | | | | | | 21,183,250 | | | | | | 1.16 | | |
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | |
Shares
sold |
| |
Shares
issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net increase
(decrease) in shares outstanding |
| |
Shares
sold |
| |
Proceeds
from shares issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net
increase (decrease) |
| ||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| ||||||||||||||||||||||||||||||||||||
| GNMA Income | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 20,741,177 | | | | | | — | | | | | | 1,241,380 | | | | | | (11,670,558) | | | | | | — | | | | | | 10,311,999 | | | | | | 175,424,054 | | | | | | — | | | | | | 10,520,814 | | | | | | (98,564,317) | | | | | | — | | | | | | 87,380,551 | | |
| 3/31/2019 | | | | | 7,735,666 | | | | | | — | | | | | | 1,096,143 | | | | | | (14,337,451) | | | | | | — | | | | | | (5,505,642) | | | | | | 63,545,335 | | | | | | — | | | | | | 9,010,912 | | | | | | (117,661,246) | | | | | | — | | | | | | (45,104,999) | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 715,957 | | | | | | — | | | | | | 113,821 | | | | | | (2,805,702) | | | | | | — | | | | | | (1,975,924) | | | | | | 6,017,633 | | | | | | — | | | | | | 958,864 | | | | | | (23,590,724) | | | | | | — | | | | | | (16,614,227) | | |
| 3/31/2019 | | | | | 824,466 | | | | | | — | | | | | | 120,688 | | | | | | (2,720,384) | | | | | | — | | | | | | (1,775,230) | | | | | | 6,764,856 | | | | | | — | | | | | | 986,923 | | | | | | (22,216,846) | | | | | | — | | | | | | (14,465,067) | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 47,467,729 | | | | | | — | | | | | | 1,345,831 | | | | | | (24,816,202) | | | | | | — | | | | | | 23,997,358 | | | | | | 402,637,399 | | | | | | — | | | | | | 11,427,997 | | | | | | (210,089,972) | | | | | | — | | | | | | 203,975,424 | | |
| 3/31/2019 | | | | | 22,696,308 | | | | | | — | | | | | | 909,825 | | | | | | (19,705,146) | | | | | | — | | | | | | 3,900,987 | | | | | | 186,475,611 | | | | | | — | | | | | | 7,493,420 | | | | | | (161,780,210) | | | | | | — | | | | | | 32,188,821 | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 10,623,196 | | | | | | — | | | | | | 376,031 | | | | | | (3,784,558) | | | | | | — | | | | | | 7,214,669 | | | | | | 90,107,893 | | | | | | — | | | | | | 3,198,273 | | | | | | (32,083,251) | | | | | | — | | | | | | 61,222,915 | | |
| 3/31/2019 | | | | | 5,217,008 | | | | | | — | | | | | | 357,374 | | | | | | (13,606,518) | | | | | | — | | | | | | (8,032,136) | | | | | | 42,912,238 | | | | | | — | | | | | | 2,943,898 | | | | | | (111,349,680) | | | | | | — | | | | | | (65,493,544) | | |
| High Yield Bond | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 2,165,022 | | | | | | — | | | | | | 314,805 | | | | | | (3,880,925) | | | | | | — | | | | | | (1,401,098) | | | | | | 17,163,512 | | | | | | — | | | | | | 2,475,988 | | | | | | (30,378,845) | | | | | | — | | | | | | (10,739,345) | | |
| 3/31/2019 | | | | | 2,263,969 | | | | | | — | | | | | | 306,868 | | | | | | (1,603,020) | | | | | | — | | | | | | 967,817 | | | | | | 17,482,991 | | | | | | — | | | | | | 2,389,976 | | | | | | (12,480,973) | | | | | | — | | | | | | 7,391,994 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 135,657 | | | | | | — | | | | | | 74,510 | | | | | | (640,022) | | | | | | — | | | | | | (429,855) | | | | | | 1,043,649 | | | | | | — | | | | | | 586,632 | | | | | | (5,074,288) | | | | | | — | | | | | | (3,444,007) | | |
| 3/31/2019 | | | | | 1,006,541 | | | | | | — | | | | | | 60,586 | | | | | | (370,750) | | | | | | — | | | | | | 696,377 | | | | | | 7,879,685 | | | | | | — | | | | | | 469,777 | | | | | | (2,864,421) | | | | | | — | | | | | | 5,485,041 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 5,514,232 | | | | | | — | | | | | | 588,273 | | | | | | (6,700,287) | | | | | | — | | | | | | (597,782) | | | | | | 43,825,729 | | | | | | — | | | | | | 4,624,462 | | | | | | (52,967,067) | | | | | | — | | | | | | (4,516,876) | | |
| 3/31/2019 | | | | | 5,168,890 | | | | | | — | | | | | | 934,446 | | | | | | (14,709,211) | | | | | | — | | | | | | (8,605,875) | | | | | | 40,387,598 | | | | | | — | | | | | | 7,268,448 | | | | | | (114,043,540) | | | | | | — | | | | | | (66,387,494) | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 4,444,532 | | | | | | — | | | | | | 758,284 | | | | | | (6,410,069) | | | | | | — | | | | | | (1,207,253) | | | | | | 31,961,979 | | | | | | — | | | | | | 5,961,665 | | | | | | (50,868,102) | | | | | | — | | | | | | (12,944,458) | | |
| 3/31/2019 | | | | | 3,130,598 | | | | | | — | | | | | | 1,041,632 | | | | | | (5,667,443) | | | | | | — | | | | | | (1,495,213) | | | | | | 24,209,497 | | | | | | — | | | | | | 8,111,823 | | | | | | (44,203,296) | | | | | | — | | | | | | (11,881,976) | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 163,946 | | | | | | — | | | | | | 345 | | | | | | (1,870) | | | | | | — | | | | | | 162,421 | | | | | | 1,079,822 | | | | | | — | | | | | | 2,446 | | | | | | (12,210) | | | | | | — | | | | | | 1,070,058 | | |
| 6/1/2018(1) - 3/31/2019 | | | | | 148,707 | | | | | | — | | | | | | 626 | | | | | | (148,934) | | | | | | — | | | | | | 399 | | | | | | 1,168,681 | | | | | | — | | | | | | 4,906 | | | | | | (1,169,417) | | | | | | — | | | | | | 4,170 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 86,955 | | | | | | — | | | | | | 8,075 | | | | | | (148,314) | | | | | | — | | | | | | (53,284) | | | | | | 685,862 | | | | | | — | | | | | | 63,829 | | | | | | (1,092,964) | | | | | | — | | | | | | (343,273) | | |
| 3/31/2019 | | | | | 49,306 | | | | | | — | | | | | | 7,220 | | | | | | (6,007) | | | | | | — | | | | | | 50,519 | | | | | | 388,518 | | | | | | — | | | | | | 56,247 | | | | | | (46,782) | | | | | | — | | | | | | 397,983 | | |
46
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | |
Shares
sold |
| |
Shares
issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net increase
(decrease) in shares outstanding |
| |
Shares
sold |
| |
Proceeds
from shares issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net
increase (decrease) |
| ||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| ||||||||||||||||||||||||||||||||||||
| High Yield Bond (continued) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 18,190,543 | | | | | | — | | | | | | 494,422 | | | | | | (2,151,871) | | | | | | — | | | | | | 16,533,094 | | | | | | 132,931,513 | | | | | | — | | | | | | 3,873,560 | | | | | | (16,605,178) | | | | | | — | | | | | | 120,199,895 | | |
| 3/31/2019 | | | | | 2,066,814 | | | | | | — | | | | | | 268,645 | | | | | | (15,930,702) | | | | | | — | | | | | | (13,595,243) | | | | | | 16,264,665 | | | | | | — | | | | | | 2,105,742 | | | | | | (125,115,579) | | | | | | — | | | | | | (106,745,172) | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 9,673,020 | | | | | | — | | | | | | 791,877 | | | | | | (3,159,631) | | | | | | — | | | | | | 7,305,266 | | | | | | 75,534,887 | | | | | | — | | | | | | 6,210,804 | | | | | | (24,602,171) | | | | | | — | | | | | | 57,143,520 | | |
| 3/31/2019 | | | | | 2,777,224 | | | | | | — | | | | | | 688,469 | | | | | | (3,514,401) | | | | | | — | | | | | | (48,708) | | | | | | 21,667,646 | | | | | | — | | | | | | 5,367,284 | | | | | | (27,386,160) | | | | | | — | | | | | | (351,230) | | |
| Intermediate Bond | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 16,071,031 | | | | | | — | | | | | | 1,099,851 | | | | | | (15,811,149) | | | | | | 267,957 | | | | | | 1,627,690 | | | | | | 166,370,297 | | | | | | — | | | | | | 11,386,329 | | | | | | (162,385,511) | | | | | | 2,789,429 | | | | | | 18,160,544 | | |
| 3/31/2019 | | | | | 13,578,312 | | | | | | — | | | | | | 978,213 | | | | | | (16,453,328) | | | | | | — | | | | | | (1,896,803) | | | | | | 132,667,248 | | | | | | — | | | | | | 9,590,616 | | | | | | (161,014,270) | | | | | | — | | | | | | (18,756,406) | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 1,055,682 | | | | | | — | | | | | | 48,840 | | | | | | (1,436,355) | | | | | | — | | | | | | (331,833) | | | | | | 10,927,142 | | | | | | — | | | | | | 504,562 | | | | | | (14,810,623) | | | | | | — | | | | | | (3,378,919) | | |
| 3/31/2019 | | | | | 968,636 | | | | | | — | | | | | | 50,845 | | | | | | (1,282,819) | | | | | | — | | | | | | (263,338) | | | | | | 9,479,971 | | | | | | — | | | | | | 497,473 | | | | | | (12,526,022) | | | | | | — | | | | | | (2,548,578) | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 250,260,793 | | | | | | — | | | | | | 14,521,492 | | | | | | (184,603,928) | | | | | | — | | | | | | 80,178,357 | | | | | | 2,588,026,639 | | | | | | — | | | | | | 150,301,009 | | | | | | (1,891,112,199) | | | | | | — | | | | | | 847,215,449 | | |
| 3/31/2019 | | | | | 244,423,316 | | | | | | — | | | | | | 10,253,180 | | | | | | (94,826,592) | | | | | | — | | | | | | 159,849,904 | | | | | | 2,389,561,300 | | | | | | — | | | | | | 100,461,880 | | | | | | (924,841,424) | | | | | | — | | | | | | 1,565,181,756 | | |
| Class O(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 764 | | | | | | — | | | | | | 4,926 | | | | | | (8,086) | | | | | | (267,957) | | | | | | (270,353) | | | | | | 7,896 | | | | | | — | | | | | | 50,749 | | | | | | (82,889) | | | | | | (2,789,429) | | | | | | (2,813,673) | | |
| 3/31/2019 | | | | | 83,469 | | | | | | — | | | | | | 8,035 | | | | | | (2,926,665) | | | | | | — | | | | | | (2,835,161) | | | | | | 819,111 | | | | | | — | | | | | | 78,777 | | | | | | (28,342,558) | | | | | | — | | | | | | (27,444,670) | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 2,525,823 | | | | | | — | | | | | | 75,862 | | | | | | (2,155,864) | | | | | | — | | | | | | 445,821 | | | | | | 26,002,901 | | | | | | — | | | | | | 785,587 | | | | | | (22,158,664) | | | | | | — | | | | | | 4,629,824 | | |
| 6/1/2018(1) - 3/31/2019 | | | | | 2,276,168 | | | | | | — | | | | | | 32,378 | | | | | | (683,195) | | | | | | — | | | | | | 1,625,351 | | | | | | 22,324,061 | | | | | | — | | | | | | 317,800 | | | | | | (6,690,353) | | | | | | — | | | | | | 15,951,508 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 5,658,896 | | | | | | — | | | | | | 514,077 | | | | | | (4,668,322) | | | | | | — | | | | | | 1,504,651 | | | | | | 58,523,196 | | | | | | — | | | | | | 5,328,302 | | | | | | (48,214,716) | | | | | | — | | | | | | 15,636,782 | | |
| 3/31/2019 | | | | | 2,461,071 | | | | | | — | | | | | | 469,450 | | | | | | (4,816,056) | | | | | | — | | | | | | (1,885,535) | | | | | | 24,152,217 | | | | | | — | | | | | | 4,607,177 | | | | | | (47,237,348) | | | | | | — | | | | | | (18,477,954) | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 98,347,226 | | | | | | — | | | | | | 7,012,519 | | | | | | (61,939,704) | | | | | | — | | | | | | 43,420,041 | | | | | | 1,021,901,643 | | | | | | — | | | | | | 72,601,626 | | | | | | (636,316,473) | | | | | | — | | | | | | 458,186,796 | | |
| 3/31/2019 | | | | | 60,855,232 | | | | | | — | | | | | | 5,465,280 | | | | | | (34,587,228) | | | | | | — | | | | | | 31,733,284 | | | | | | 597,376,305 | | | | | | — | | | | | | 53,547,787 | | | | | | (337,832,058) | | | | | | — | | | | | | 313,092,034 | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 11,653,738 | | | | | | — | | | | | | 675,903 | | | | | | (5,103,415) | | | | | | — | | | | | | 7,226,226 | | | | | | 120,622,599 | | | | | | — | | | | | | 6,996,055 | | | | | | (52,350,058) | | | | | | — | | | | | | 75,268,596 | | |
| 3/31/2019 | | | | | 10,595,457 | | | | | | — | | | | | | 802,768 | | | | | | (70,834,512) | | | | | | — | | | | | | (59,436,287) | | | | | | 103,588,452 | | | | | | — | | | | | | 7,864,285 | | | | | | (688,454,699) | | | | | | — | | | | | | (577,001,962) | | |
| Short Term Bond | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 1,018,684 | | | | | | — | | | | | | 16,685 | | | | | | (1,770,466) | | | | | | — | | | | | | (735,097) | | | | | | 10,049,550 | | | | | | — | | | | | | 163,960 | | | | | | (17,465,867) | | | | | | — | | | | | | (7,252,357) | | |
| 3/31/2019 | | | | | 2,030,833 | | | | | | — | | | | | | 18,358 | | | | | | (859,952) | | | | | | — | | | | | | 1,189,239 | | | | | | 19,682,733 | | | | | | — | | | | | | 178,029 | | | | | | (8,335,252) | | | | | | — | | | | | | 11,525,510 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 67,423 | | | | | | — | | | | | | 890 | | | | | | (139,551) | | | | | | — | | | | | | (71,238) | | | | | | 666,843 | | | | | | — | | | | | | 8,753 | | | | | | (1,370,500) | | | | | | — | | | | | | (694,904) | | |
| 3/31/2019 | | | | | 81,133 | | | | | | — | | | | | | 1,223 | | | | | | (50,953) | | | | | | — | | | | | | 31,403 | | | | | | 783,345 | | | | | | — | | | | | | 11,853 | | | | | | (495,052) | | | | | | — | | | | | | 300,146 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 585,982 | | | | | | — | | | | | | 27,123 | | | | | | (314,732) | | | | | | — | | | | | | 298,373 | | | | | | 5,768,478 | | | | | | — | | | | | | 266,726 | | | | | | (3,090,252) | | | | | | — | | | | | | 2,944,952 | | |
| 3/31/2019 | | | | | 539,107 | | | | | | — | | | | | | 25,042 | | | | | | (598,797) | | | | | | — | | | | | | (34,648) | | | | | | 5,229,570 | | | | | | — | | | | | | 242,582 | | | | | | (5,807,807) | | | | | | — | | | | | | (335,655) | | |
| Class P2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10/22/2019(1) - 3/31/2020 |
| | | | 6,211,230 | | | | | | — | | | | | | 67,215 | | | | | | (1,112,130) | | | | | | — | | | | | | 5,166,315 | | | | | | 61,353,506 | | | | | | — | | | | | | 660,465 | | | | | | (10,775,852) | | | | | | — | | | | | | 51,238,119 | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 670,165 | | | | | | — | | | | | | 17,116 | | | | | | (475,172) | | | | | | — | | | | | | 212,109 | | | | | | 6,579,444 | | | | | | — | | | | | | 168,320 | | | | | | (4,594,498) | | | | | | — | | | | | | 2,153,266 | | |
| 6/1/2018(1) - 3/31/2019 | | | | | 501,406 | | | | | | — | | | | | | 6,902 | | | | | | (166,032) | | | | | | — | | | | | | 342,276 | | | | | | 4,863,867 | | | | | | — | | | | | | 66,908 | | | | | | (1,611,735) | | | | | | — | | | | | | 3,319,040 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | 60 | | | | | | — | | | | | | — | | | | | | 60 | | |
| 3/31/2019 | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 63 | | | | | | — | | | | | | — | | | | | | 63 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 14,157,093 | | | | | | — | | | | | | 350,993 | | | | | | (13,078,412) | | | | | | — | | | | | | 1,429,674 | | | | | | 138,912,667 | | | | | | — | | | | | | 3,454,516 | | | | | | (127,422,594) | | | | | | — | | | | | | 14,944,589 | | |
| 3/31/2019 | | | | | 2,961,631 | | | | | | — | | | | | | 238,612 | | | | | | (3,905,672) | | | | | | — | | | | | | (705,429) | | | | | | 28,712,200 | | | | | | — | | | | | | 2,311,673 | | | | | | (37,842,340) | | | | | | — | | | | | | (6,818,467) | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 16,095 | | | | | | — | | | | | | 1,149 | | | | | | (60,465) | | | | | | — | | | | | | (43,221) | | | | | | 159,000 | | | | | | — | | | | | | 11,347 | | | | | | (580,726) | | | | | | — | | | | | | (410,379) | | |
| 3/31/2019 | | | | | 100,566 | | | | | | — | | | | | | 903 | | | | | | (56,255) | | | | | | — | | | | | | 45,214 | | | | | | 975,297 | | | | | | — | | | | | | 8,778 | | | | | | (545,549) | | | | | | — | | | | | | 438,526 | | |
47
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 9 — CAPITAL SHARES (continued)
| | | |
Shares
sold |
| |
Shares
issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net increase
(decrease) in shares outstanding |
| |
Shares
sold |
| |
Proceeds
from shares issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net
increase (decrease) |
| ||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| ||||||||||||||||||||||||||||||||||||
| Strategic Income Opportunities | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 23,902,684 | | | | | | — | | | | | | 695,363 | | | | | | (21,206,575) | | | | | | — | | | | | | 3,391,472 | | | | | | 244,819,457 | | | | | | — | | | | | | 7,089,898 | | | | | | (214,573,951) | | | | | | — | | | | | | 37,335,404 | | |
| 3/31/2019 | | | | | 15,498,082 | | | | | | — | | | | | | 306,369 | | | | | | (6,220,083) | | | | | | — | | | | | | 9,584,368 | | | | | | 156,920,387 | | | | | | — | | | | | | 3,097,438 | | | | | | (62,727,853) | | | | | | — | | | | | | 97,289,972 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 4,396,854 | | | | | | — | | | | | | 126,789 | | | | | | (1,186,101) | | | | | | — | | | | | | 3,337,542 | | | | | | 44,456,409 | | | | | | — | | | | | | 1,269,302 | | | | | | (11,772,089) | | | | | | — | | | | | | 33,953,622 | | |
| 3/31/2019 | | | | | 2,179,226 | | | | | | — | | | | | | 53,923 | | | | | | (448,113) | | | | | | — | | | | | | 1,785,036 | | | | | | 21,701,940 | | | | | | — | | | | | | 536,759 | | | | | | (4,443,411) | | | | | | — | | | | | | 17,795,288 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 195,469,467 | | | | | | — | | | | | | 7,191,414 | | | | | | (91,955,251) | | | | | | — | | | | | | 110,705,630 | | | | | | 2,000,948,486 | | | | | | — | | | | | | 73,423,768 | | | | | | (914,265,041) | | | | | | — | | | | | | 1,160,107,213 | | |
| 3/31/2019 | | | | | 108,847,527 | | | | | | — | | | | | | 2,517,849 | | | | | | (17,602,887) | | | | | | — | | | | | | 93,762,489 | | | | | | 1,105,256,775 | | | | | | — | | | | | | 25,563,862 | | | | | | (178,482,653) | | | | | | — | | | | | | 952,337,984 | | |
| Class P | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 1,163,131 | | | | | | — | | | | | | 49,314 | | | | | | (167,206) | | | | | | — | | | | | | 1,045,239 | | | | | | 11,845,242 | | | | | | — | | | | | | 502,612 | | | | | | (1,717,991) | | | | | | — | | | | | | 10,629,863 | | |
| 2/1/2019(1) - 3/31/2019 | | | | | 296 | | | | | | — | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 299 | | | | | | 3,000 | | | | | | — | | | | | | 25 | | | | | | — | | | | | | — | | | | | | 3,025 | | |
| Class P3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8/1/2019(1) - 3/31/2020 | | | | | 763,159 | | | | | | — | | | | | | 13,658 | | | | | | (365,126) | | | | | | — | | | | | | 411,691 | | | | | | 7,839,386 | | | | | | — | | | | | | 139,321 | | | | | | (3,751,777) | | | | | | — | | | | | | 4,226,930 | | |
| Class R | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 988,581 | | | | | | — | | | | | | 59,448 | | | | | | (240,623) | | | | | | — | | | | | | 807,406 | | | | | | 10,052,447 | | | | | | — | | | | | | 599,353 | | | | | | (2,353,160) | | | | | | — | | | | | | 8,298,640 | | |
| 3/31/2019 | | | | | 804,836 | | | | | | — | | | | | | 32,679 | | | | | | (116,704) | | | | | | — | | | | | | 720,811 | | | | | | 8,071,920 | | | | | | — | | | | | | 327,613 | | | | | | (1,167,318) | | | | | | — | | | | | | 7,232,215 | | |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 30,312,878 | | | | | | — | | | | | | 957,844 | | | | | | (10,693,475) | | | | | | — | | | | | | 20,577,247 | | | | | | 308,585,262 | | | | | | — | | | | | | 9,766,425 | | | | | | (109,376,847) | | | | | | — | | | | | | 208,974,840 | | |
| 3/31/2019 | | | | | 4,694,239 | | | | | | — | | | | | | 87,497 | | | | | | (11,169,402) | | | | | | — | | | | | | (6,387,666) | | | | | | 47,523,600 | | | | | | — | | | | | | 884,913 | | | | | | (113,497,012) | | | | | | — | | | | | | (65,088,499) | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 5,835,417 | | | | | | — | | | | | | 250,569 | | | | | | (3,206,738) | | | | | | — | | | | | | 2,879,248 | | | | | | 59,381,373 | | | | | | — | | | | | | 2,541,388 | | | | | | (31,497,257) | | | | | | — | | | | | | 30,425,504 | | |
| 3/31/2019 | | | | | 12,643,921 | | | | | | — | | | | | | 183,528 | | | | | | (10,685,218) | | | | | | — | | | | | | 2,142,231 | | | | | | 127,603,282 | | | | | | — | | | | | | 1,853,070 | | | | | | (107,886,187) | | | | | | — | | | | | | 21,570,165 | | |
(1)
Commencement of operations.
NOTE 10 — SECURITIES LENDING
Under a Master Securities Lending Agreement (the “Agreement”) with BNY, the Funds can lend their securities to approved brokers, dealers and other financial institutions. Loans are collateralized by cash and U.S. government securities. The collateral is equal to at least 105% of the market value of non-U.S. securities loaned and 102% of the market value of U.S. securities loaned. The market value of the loaned securities is determined at the Market Close of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional collateral is delivered to the Funds on the next business day. The cash collateral received is invested in approved investments as defined in the Securities Lending Agreement with BNY (the “Agreement”). The Funds bear the risk of loss with respect to the investment of collateral with the following exception: BNY provides the Funds indemnification from loss with respect to the investment of collateral to the extent the cash collateral is invested in overnight repurchase agreements.
Cash collateral received in connection with securities lending is invested in cash equivalents, money market
funds, repurchase agreements with maturities of not more than 99 days that are collateralized with U.S. Government securities, or certain short-term investments that have a remaining maturity of 190 days or less (“Permitted Investments”). Short-term investments include: securities, units, shares or other participations in short-term investment funds, pools or trusts; commercial paper, notes, bonds or other debt obligations, certificates of deposit, time deposits and other bank obligations and asset-backed commercial paper backed by diversified receivables and repurchase-backed programs. Permitted Investments are subject to certain guidelines established by the Adviser regarding liquidity, diversification, credit quality and average credit life/duration requirements. The securities purchased with cash collateral received are reflected in the Portfolio of Investments under Short-Term Investments.
Generally, in the event of counterparty default, the Funds have the right to use the collateral to offset losses incurred. The Agreement contains certain guarantees by BNY in the event of counterparty default and/or a borrower’s failure to return a loaned security; however, there would be a potential loss to the Funds in the event the Funds are delayed or prevented from exercising its right to dispose of
48
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 10 — SECURITIES LENDING (continued)
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.
High Yield Bond
|
Counterparty
|
| |
Securities
Loaned at Value |
| |
Cash
Collateral Received(1) |
| |
Net
Amount |
| |||||||||
| Barclays Capital Inc. | | | | $ | 2,179,209 | | | | | $ | (2,179,209) | | | | | $ | — | | |
| BNP Paribas | | | | | 2,233,333 | | | | | | (2,233,333) | | | | | | — | | |
|
BNP Paribas Prime Brokerage Intl Ltd
|
| | | | 930,864 | | | | | | (930,864) | | | | | | — | | |
| Citadel Clearing LLC | | | | | 2,317,434 | | | | | | (2,317,434) | | | | | | — | | |
| Citigroup Global Markets Inc. | | | | | 1,132,283 | | | | | | (1,132,283) | | | | | | — | | |
| Cowen Execution Services LLC | | | | | 1,402,327 | | | | | | (1,402,327) | | | | | | — | | |
| Credit Suisse Securities (USA) LLC | | | | | 167,928 | | | | | | (167,928) | | | | | | — | | |
| Deutsche Bank Securities Inc. | | | | | 546,269 | | | | | | (546,269) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 6,140,837 | | | | | | (6,140,837) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 14,343,376 | | | | | | (14,343,376) | | | | | | — | | |
| Mizuho Securities USA LLC | | | | | 229,404 | | | | | | (229,404) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 1,601,632 | | | | | | (1,601,632) | | | | | | — | | |
| Scotia Capital (USA) Inc. | | | | | 3,090,289 | | | | | | (3,090,289) | | | | | | — | | |
| TD Prime Services LLC | | | | | 293,969 | | | | | | (293,969) | | | | | | — | | |
| TD Securities Inc. | | | | | 934,001 | | | | | | (934,001) | | | | | | — | | |
| UBS AG | | | | | 494,470 | | | | | | (494,470) | | | | | | — | | |
| Wells Fargo Clearing Services, LLC | | | | | 490,318 | | | | | | (490,318) | | | | | | — | | |
| Wells Fargo Securities LLC | | | | | 1,426,525 | | | | | | (1,426,525) | | | | | | — | | |
| | | | | $ | 39,954,468 | | | | | $ | (39,954,468) | | | | | $ | — | | |
(1)
Collateral with a fair value of $40,976,455 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Intermediate Bond
|
Counterparty
|
| |
Securities
Loaned at Value |
| |
Cash
Collateral Received(1) |
| |
Net
Amount |
| |||||||||
| Barclays Bank PLC | | | | $ | 6,185,174 | | | | | $ | (6,185,174) | | | | | $ | — | | |
| Barclays Capital Inc. | | | | | 397,633 | | | | | | (397,633) | | | | | | — | | |
| BMO Capital Markets Corp | | | | | 961,199 | | | | | | (961,199) | | | | | | — | | |
| BNP Paribas | | | | | 14,408,034 | | | | | | (14,408,034) | | | | | | — | | |
|
BNP Paribas Prime Brokerage Intl
Ltd |
| | | | 3,940,510 | | | | | | (3,940,510) | | | | | | — | | |
| BNP Paribas Securities Corp. | | | | | 2,011,892 | | | | | | (2,011,892) | | | | | | — | | |
| BofA Securities Inc. | | | | | 4,582,581 | | | | | | (4,582,581) | | | | | | — | | |
| Citadel Clearing LLC | | | | | 5,745,601 | | | | | | (5,745,601) | | | | | | — | | |
| Citigroup Global Markets Inc. | | | | | 11,093,542 | | | | | | (11,093,542) | | | | | | — | | |
| Cowen Execution Services LLC | | | | | 661,526 | | | | | | (661,526) | | | | | | — | | |
|
Credit Suisse Securities (USA) LLC
|
| | | | 1,581,800 | | | | | | (1,581,800) | | | | | | — | | |
|
Daiwa Capital Markets America Inc.
|
| | | | 1,687,801 | | | | | | (1,687,801) | | | | | | — | | |
| Deutsche Bank Securities Inc. | | | | | 3,519,008 | | | | | | (3,519,008) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 55,843 | | | | | | (55,843) | | | | | | — | | |
| HSBC Securities (USA) Inc. | | | | | 3,940,910 | | | | | | (3,940,910) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 18,495,065 | | | | | | (18,495,065) | | | | | | — | | |
| Jefferies LLC | | | | | 430,428 | | | | | | (430,428) | | | | | | — | | |
| Merrill Lynch International | | | | | 3,463,490 | | | | | | (3,463,490) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 4,093,362 | | | | | | (4,093,362) | | | | | | — | | |
|
Counterparty
|
| |
Securities
Loaned at Value |
| |
Cash
Collateral Received(1) |
| |
Net
Amount |
| |||||||||
| MUFG Securities Americas Inc. | | | | | 13,481,180 | | | | | | (13,481,180) | | | | | | — | | |
| National Financial Bank Inc. | | | | | 100,619 | | | | | | (100,619) | | | | | | — | | |
|
Nomura Securities International, Inc.
|
| | | | 1,994,668 | | | | | | (1,994,668) | | | | | | — | | |
| RBC Capital Markets, LLC | | | | | 901,297 | | | | | | (901,297) | | | | | | — | | |
| RBC Dominion Securities Inc. | | | | | 1,889,117 | | | | | | (1,889,117) | | | | | | — | | |
| Scotia Capital (USA) Inc. | | | | | 4,131,293 | | | | | | (4,131,293) | | | | | | — | | |
|
State Street Bank and Trust Company
|
| | | | 1,150,073 | | | | | | (1,150,073) | | | | | | — | | |
|
SunTrust Robinson Humphrey,Inc.
|
| | | | 4,034,971 | | | | | | (4,034,971) | | | | | | — | | |
| UBS AG | | | | | 4,016,458 | | | | | | (4,016,458) | | | | | | — | | |
| Wells Fargo Securities LLC | | | | | 44,996,530 | | | | | | (44,996,530) | | | | | | — | | |
| | | | | $ | 163,951,605 | | | | | $ | (163,951,605) | | | | | $ | — | | |
| | |||||||||||||||||||
(1)
Collateral with a fair value of $168,207,376 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Short Term Bond
|
Counterparty
|
| |
Securities
Loaned at Value |
| |
Cash
Collateral Received(1) |
| |
Net
Amount |
| |||||||||
| Citadel Clearing LLC | | | | $ | 153,237 | | | | | $ | (153,237) | | | | | $ | — | | |
| Citigroup Global Markets Inc. | | | | | 19,543 | | | | | | (19,543) | | | | | | — | | |
| RBC Capital Markets, LLC | | | | | 60,256 | | | | | | (60,256) | | | | | | — | | |
| | | | | $ | 233,036 | | | | | $ | (233,036) | | | | | $ | — | | |
(1)
Collateral with a fair value of $239,706 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
Strategic Income Opportunities
|
Counterparty
|
| |
Securities
Loaned at Value |
| |
Cash
Collateral Received(1) |
| |
Net
Amount |
| |||||||||
| Barclays Capital Inc. | | | | $ | 940,350 | | | | | $ | (940,350) | | | | | $ | — | | |
| BofA Securities Inc. | | | | | 366,839 | | | | | | (366,839) | | | | | | — | | |
| Citigroup Global Markets Inc. | | | | | 1,648,378 | | | | | | (1,648,378) | | | | | | — | | |
| Cowen Execution Services LLC | | | | | 78,124 | | | | | | (78,124) | | | | | | — | | |
| Credit Suisse Securities (USA) LLC | | | | | 390,231 | | | | | | (390,231) | | | | | | — | | |
| Deutsche Bank Securities Inc. | | | | | 697,107 | | | | | | (697,107) | | | | | | — | | |
| Goldman Sachs & Co. LLC | | | | | 674,742 | | | | | | (674,742) | | | | | | — | | |
| J.P. Morgan Securities LLC | | | | | 692,543 | | | | | | (692,543) | | | | | | — | | |
| Jefferies LLC | | | | | 77,130 | | | | | | (77,130) | | | | | | — | | |
| Morgan Stanley & Co. LLC | | | | | 2,145,769 | | | | | | (2,145,769) | | | | | | — | | |
|
Nomura Securities International, Inc.
|
| | | | 521,247 | | | | | | (521,247) | | | | | | — | | |
| RBC Capital Markets, LLC | | | | | 295,008 | | | | | | (295,008) | | | | | | — | | |
| RBC Dominion Securities Inc. | | | | | 1,325,000 | | | | | | (1,325,000) | | | | | | — | | |
| SunTrust Robinson Humphrey,Inc. | | | | | 38,899 | | | | | | (38,899) | | | | | | — | | |
| UBS AG | | | | | 639,539 | | | | | | (639,539) | | | | | | — | | |
| Total | | | | $ | 10,530,906 | | | | | $ | (10,530,906) | | | | | $ | — | | |
(1)
Collateral with a fair value of $10,799,391 has been received in connection with the above securities lending transactions. Excess collateral received from the individual counterparty is not shown for financial reporting purposes.
49
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 11 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of foreign currency transactions, futures contracts, paydowns, swaps, capital loss carryforwards, wash sale deferrals and de minimis distributions in excess of net investment income.
The following permanent tax differences have been reclassified as of March 31, 2020:
| | | |
Paid-in
Capital |
| |
Distributable
Earnings |
| ||||||
| High Yield Bond | | | | $ | (106,631) | | | | | $ | 106,631 | | |
Dividends paid by the Funds from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| | | |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| ||||||
| | | |
Ordinary
Income |
| |
Ordinary
Income |
| ||||||
| GNMA Income | | | | $ | 30,231,110 | | | | | $ | 23,520,674 | | |
| High Yield Bond | | | | | 24,390,426 | | | | | | 26,878,797 | | |
| Intermediate Bond | | | | | 275,742,907 | | | | | | 195,005,912 | | |
| Short Term Bond | | | | | 4,832,256 | | | | | | 2,843,503 | | |
| Strategic Income Opportunities | | | | | 101,210,502 | | | | | | 35,376,185 | | |
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, 2020 were:
| | | |
Undistributed
Ordinary Income |
| |
Undistributed
Long-term Capital Gains |
| |
Unrealized
Appreciation/ (Depreciation) |
| |
Capital Loss Carryforwards
|
| ||||||||||||||||||||||||
| | | |
Amount
|
| |
Character
|
| |
Expiration
|
| |||||||||||||||||||||||||||
| GNMA Income | | | | $ | 426,852 | | | | | $ | — | | | | | $ | 52,502,339 | | | | | $ | (21,981,363) | | | | | | Short-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | (26,259,304) | | | | | | Long-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (48,240,667) | | | | | | | | | | | | | | |
| High Yield Bond | | | | | — | | | | | | — | | | | | | (35,540,695) | | | | | | (1,269,613) | | | | | | Short-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | (23,599,479) | | | | | | Long-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (24,869,092) | | | | | | | | | | | | | | |
| Intermediate Bond | | | | | 146,781,086 | | | | | | 26,007,065 | | | | | | (186,852,493) | | | | | | — | | | | | | — | | | | | | — | | |
| Short Term Bond | | | | | 237,023 | | | | | | — | | | | | | (5,993,397) | | | | | | (1,143,123) | | | | | | Short-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | (1,895,273) | | | | | | Long-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (3,038,396) | | | | | | | | | | | | | | |
| Strategic Income Opportunities | | | | | 1,587,263 | | | | | | — | | | | | | (282,167,307) | | | | | | (5,275,074) | | | | | | Short-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | | (38,368,607) | | | | | | Long-term | | | | | | None | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | (43,643,681) | | | | | | | | | | | | | | |
The Funds’ major tax jurisdictions are U.S. federal and Arizona state.
As of March 31, 2020, 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 earliest tax year that remains subject to examination by these jurisdictions is 2015.
50
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 12 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.
Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on a Fund’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms adjusted to the disadvantage of a Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on a Fund.
NOTE 13 — LIQUIDITY
Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Funds have established a liquidity risk management program to govern their approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Funds’ Adviser, Voya Investments, LLC, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, each Fund’s liquidity risk.
The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of a Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect
the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding a Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether a Fund will be able to meet its redemption obligations in a timely manner.
During the period covered by the report, December 1, 2018 through December 31, 2019, the Program supported the Funds’ ability to honor redemption requests timely and the Program Administrator’s management of each Fund’s liquidity risk, including during any periods of market volatility and net redemptions.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to each Fund’s prospectus for more information regarding each Fund’s exposure to liquidity risk and other risks.
NOTE 14 — MARKET DISRUPTION
A Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Funds. Any of these occurrences could disrupt the operations of a Fund and of the Funds’ service providers.
NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS
The Funds have made a change in accounting principle and adopted the provisions of Financial Accounting
51
NOTES TO FINANCIAL STATEMENTS as of March 31, 2020 (continued)
NOTE 15 — OTHER ACCOUNTING PRONOUNCEMENTS (continued)
Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Funds have concluded that the adoption of the new accounting principle does not materially impact the financial statement amounts.
Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the Funds have elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Funds’ financial statements. The Funds plan to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Funds are currently evaluating the impact of these changes on the financial statements.
NOTE 16 — SUBSEQUENT EVENTS
Dividends. Subsequent to March 31, 2020, the Funds declared dividends from net investment income of:
| | | |
Per Share
Amount |
| |
Payable
Date |
| |
Record
Date |
| ||||||
| GNMA Income | | | | | | | | | | | | | | | | |
|
Class A
|
| | | $ | 0.0180 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class C
|
| | | $ | 0.0126 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class I
|
| | | $ | 0.0201 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class W
|
| | | $ | 0.0198 | | | |
May 1, 2020
|
| | | | Daily | | |
| | | |
Per Share
Amount |
| |
Payable
Date |
| |
Record
Date |
| ||||||
| High Yield Bond | | | | | | | | | | | | | | | | |
|
Class A
|
| | | $ | 0.0308 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class C
|
| | | $ | 0.0264 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class I
|
| | | $ | 0.0327 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P
|
| | | $ | 0.0366 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P3
|
| | | $ | 0.0369 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R
|
| | | $ | 0.0293 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R6
|
| | | $ | 0.0331 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class W
|
| | | $ | 0.0323 | | | |
May 1, 2020
|
| | | | Daily | | |
| Intermediate Bond | | | | | | | | | | | | | | | | |
|
Class A
|
| | | $ | 0.0273 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class C
|
| | | $ | 0.0210 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class I
|
| | | $ | 0.0299 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P3
|
| | | $ | 0.0328 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R
|
| | | $ | 0.0252 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R6
|
| | | $ | 0.0302 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class W
|
| | | $ | 0.0293 | | | |
May 1, 2020
|
| | | | Daily | | |
| Short Term Bond | | | | | | | | | | | | | | | | |
|
Class A
|
| | | $ | 0.0160 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class C
|
| | | $ | 0.0101 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class I
|
| | | $ | 0.0184 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P2
|
| | | $ | 0.0212 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P3
|
| | | $ | 0.0224 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R
|
| | | $ | 0.0140 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R6
|
| | | $ | 0.0186 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class W
|
| | | $ | 0.0180 | | | |
May 1, 2020
|
| | | | Daily | | |
| Strategic Income Opportunities | | | | | | | | | | | | | | | | |
|
Class A
|
| | | $ | 0.0247 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class C
|
| | | $ | 0.0188 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class I
|
| | | $ | 0.0274 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P
|
| | | $ | 0.0316 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class P3
|
| | | $ | 0.0279 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R
|
| | | $ | 0.0226 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class R6
|
| | | $ | 0.0278 | | | |
May 1, 2020
|
| | | | Daily | | |
|
Class W
|
| | | $ | 0.0265 | | | |
May 1, 2020
|
| | | | Daily | | |
Line of Credit renewal: Effective May 15, 2020, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. The Board approved this renewal on May 14, 2020.
The Funds have evaluated events occurring after the Statements of Assets and Liabilities date through the date that the financial statements were issued (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.
52
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: 49.3% | | |||||||||||||||
| 1,654,011 | | | Fannie Mae 2004-28 PZ, 6.000%, 05/25/2034 |
| | | $ | 2,278,290 | | | | | | 0.2 | | |
| 2,622,179 | | | Fannie Mae 2004-88 ZC, 6.500%, 12/25/2034 |
| | | | 3,314,216 | | | | | | 0.3 | | |
| 7,989,880 | | | Fannie Mae 2005-17 B, 6.500%, (US0001M + 6.500%), 03/25/2035 |
| | | | 10,239,309 | | | | | | 0.8 | | |
| 2,459,331 | | | Fannie Mae 2005-43 PZ, 6.000%, 05/25/2035 |
| | | | 2,943,807 | | | | | | 0.2 | | |
| 1,223,456 | | | Fannie Mae 2007-60 ZB, 4.750%, 05/25/2037 |
| | | | 1,358,718 | | | | | | 0.1 | | |
| 5,418,252 (1) | | | Fannie Mae 2010-150 PS, 5.653%, (-1.000*US0001M + 6.600%), 12/25/2039 |
| | | | 409,869 | | | | | | 0.0 | | |
| 6,122,620 (1) | | | Fannie Mae 2010-95 SB, 5.653%, (-1.000*US0001M + 6.600%), 09/25/2040 |
| | | | 1,131,992 | | | | | | 0.1 | | |
| 4,923,517 | | | Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041 |
| | | | 5,772,563 | | | | | | 0.5 | | |
| 8,719,456 (1) | | |
Fannie Mae 2012-148 HI,
3.500%, 05/25/2042 |
| | | | 960,198 | | | | | | 0.1 | | |
| 26,956,665 (1) | | | Fannie Mae 2012-148 IM, 3.000%, 01/25/2028 |
| | | | 1,827,309 | | | | | | 0.1 | | |
| 260,156 (2) | | | Fannie Mae REMIC Trust 2002-W1 3A, 4.033%, 04/25/2042 |
| | | | 273,686 | | | | | | 0.0 | | |
| 1,177,788 (2) | | | Fannie Mae REMIC Trust 2002-W6 3A, 4.428%, 01/25/2042 |
| | | | 1,245,398 | | | | | | 0.1 | | |
| 1,360,969 | | | Fannie Mae REMIC Trust 2003-16 CX, 6.500%, 03/25/2033 |
| | | | 1,612,199 | | | | | | 0.1 | | |
| 3,113,787 | | | Fannie Mae REMIC Trust 2003-34 LN, 5.000%, 05/25/2033 |
| | | | 3,554,344 | | | | | | 0.3 | | |
| 123,814 | | | Fannie Mae REMIC Trust 2004-61 SH, 20.203%, (-3.998*US0001M + 23.988%), 11/25/2032 |
| | | | 198,475 | | | | | | 0.0 | | |
| 3,613,358 (2) | | | Fannie Mae REMIC Trust 2004-W11 2A, 4.194%, 03/25/2043 |
| | | | 3,676,037 | | | | | | 0.3 | | |
| 3,233,541 | | | Fannie Mae REMIC Trust 2004-W3 A8, 5.500%, 05/25/2034 |
| | | | 3,707,161 | | | | | | 0.3 | | |
| 813,063 (1) | | | Fannie Mae REMIC Trust 2005-17 ES, 5.803%, (-1.000*US0001M + 6.750%), 03/25/2035 |
| | | | 113,927 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 730,227 | | | Fannie Mae REMIC Trust 2005-59 NQ, 14.508%, (-2.500*US0001M + 16.875%), 05/25/2035 |
| | | $ | 937,070 | | | | | | 0.1 | | |
| 768,484 | | | Fannie Mae REMIC Trust 2005-88 ZC, 5.000%, 10/25/2035 |
| | | | 877,499 | | | | | | 0.1 | | |
| 200,467 | | | Fannie Mae REMIC Trust 2006-115 ES, 22.774%, (-4.000*US0001M + 26.560%), 12/25/2036 |
| | | | 328,954 | | | | | | 0.0 | | |
| 1,446,301 (1) | | | Fannie Mae REMIC Trust 2006-36 SP, 5.753%, (-1.000*US0001M + 6.700%), 05/25/2036 |
| | | | 265,117 | | | | | | 0.0 | | |
| 4,087,781 (1) | | | Fannie Mae REMIC Trust 2006-79 SH, 5.503%, (-1.000*US0001M + 6.450%), 08/25/2036 |
| | | | 1,036,546 | | | | | | 0.1 | | |
| 324,954 (2) | | | Fannie Mae REMIC Trust 2009-12 LK, 10.079%, 03/25/2039 |
| | | | 387,128 | | | | | | 0.0 | | |
| 1,861,549 | | | Fannie Mae REMIC Trust 2009-66 XA, 5.500%, 12/25/2035 |
| | | | 2,399,083 | | | | | | 0.2 | | |
| 5,069,928 | | | Fannie Mae REMIC Trust 2010-155 JC, 4.000%, 12/25/2039 |
| | | | 5,423,393 | | | | | | 0.4 | | |
| 5,084,839 | | | Fannie Mae REMIC Trust 2010-2 LC, 5.000%, 02/25/2040 |
| | | | 6,076,082 | | | | | | 0.5 | | |
| 1,767,407 | | | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 |
| | | | 1,991,714 | | | | | | 0.2 | | |
| 7,287,686 (1) | | | Fannie Mae REMIC Trust 2012-128 VS, 5.303%, (-1.000*US0001M + 6.250%), 06/25/2042 |
| | | | 1,156,662 | | | | | | 0.1 | | |
| 5,564,506 (1) | | | Fannie Mae REMIC Trust 2012-142 BI, 3.000%, 11/25/2027 |
| | | | 310,763 | | | | | | 0.0 | | |
| 3,472,323 (1) | | | Fannie Mae REMIC Trust 2012-154 PI, 4.000%, 05/25/2042 |
| | | | 407,081 | | | | | | 0.0 | | |
| 2,674,096 (1) | | | Fannie Mae REMIC Trust 2012-68 SD, 5.753%, (-1.000*US0001M + 6.700%), 06/25/2032 |
| | | | 518,157 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
53
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 3,457,000 | | | Fannie Mae REMIC Trust 2012-97 PC, 3.500%, 09/25/2042 |
| | | $ | 4,113,366 | | | | | | 0.3 | | |
| 1,077,355 (1) | | | Fannie Mae REMIC Trust 2013-13 PI, 3.500%, 04/25/2042 |
| | | | 113,728 | | | | | | 0.0 | | |
| 3,214,111 (1) | | | Fannie Mae REMIC Trust 2013-54 ID, 3.000%, 01/25/2033 |
| | | | 192,856 | | | | | | 0.0 | | |
| 372,631 | | | Fannie Mae REMICS 2004-89 ES, 11.476%, (-1.850*US0001M + 13.228%), 08/25/2034 |
| | | | 386,445 | | | | | | 0.0 | | |
| 5,113 (3) | | | Fannie Mae REMICS 2006-44 P, 0.000%, 12/25/2033 |
| | | | 4,816 | | | | | | 0.0 | | |
| 1,000,000 | | | Fannie Mae REMICS 2010-87 PL, 4.000%, 06/25/2040 |
| | | | 1,152,151 | | | | | | 0.1 | | |
| 2,358,961 | | | Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041 |
| | | | 2,730,907 | | | | | | 0.2 | | |
| 5,228,832 (1) | | | Fannie Mae REMICS 2012-137 EI, 3.000%, 12/25/2027 |
| | | | 329,695 | | | | | | 0.0 | | |
| 10,081,177 | | | Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042 |
| | | | 11,281,635 | | | | | | 0.9 | | |
| 2,500,000 | | | Fannie Mae REMICS 2012-40 MY, 3.500%, 04/25/2042 |
| | | | 2,870,206 | | | | | | 0.2 | | |
| 3,239,952 (3) | | | Fannie Mae REMICS 2013-135 PO, 0.000%, 01/25/2044 |
| | | | 2,997,651 | | | | | | 0.2 | | |
| 1,227,211 | | | Fannie Mae REMICS 2013-55 VZ, 3.000%, 06/25/2043 |
| | | | 1,279,060 | | | | | | 0.1 | | |
| 18,038,564 (1) | | | Fannie Mae REMICS 2019-49 IG, 3.000%, 03/25/2033 |
| | | | 1,333,080 | | | | | | 0.1 | | |
| 5,699,532 | | | Fannie Mae Series 2016-51 S, 4.973%, (-1.000*US0001M + 5.920%), 10/25/2043 |
| | | | 6,282,559 | | | | | | 0.5 | | |
| 2,571,308 (2) | | | Fannie Mae Trust 2004-W2 3A, 4.165%, 02/25/2044 |
| | | | 2,700,134 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,488,326 (2) | | | Fannie Mae Trust 2004-W2 4A, 4.139%, 02/25/2044 |
| | | $ | 2,606,967 | | | | | | 0.2 | | |
| 1,857,332 | | | Fannie Mae REMICS 2010-26 F, 1.717%, (US0001M + 0.770%), 11/25/2036 |
| | | | 1,869,014 | | | | | | 0.2 | | |
| 1,994,338 | | | Fannie Mae REMICS 2010-39 FN, 1.777%, (US0001M + 0.830%), 05/25/2040 |
| | | | 2,009,486 | | | | | | 0.2 | | |
| 4,845,867 | | | Fannie Mae REMICS 2017-22 DZ, 4.000%, 04/25/2047 |
| | | | 5,712,027 | | | | | | 0.4 | | |
| 969,345 | | | Freddie Mac REMICS 3658 CZ, 5.000%, 04/15/2040 |
| | | | 1,210,786 | | | | | | 0.1 | | |
| 4,369,480 | | | Freddie Mac REMICS 4249 CS, 3.633%, (-0.750*US0001M + 4.650%), 09/15/2043 |
| | | | 4,352,639 | | | | | | 0.3 | | |
| 6,648,772 | | | Freddie Mac REMICS 4480 ZX, 4.000%, 11/15/2044 |
| | | | 7,419,886 | | | | | | 0.6 | | |
| 9,318,150 | | | Freddie Mac REMICS 4764 CJ, 4.000%, 06/15/2045 |
| | | | 9,810,699 | | | | | | 0.8 | | |
| 6,473,979 | | |
Freddie Mac REMICS 4764
DA, 4.000%, 07/15/2045 |
| | | | 6,806,902 | | | | | | 0.5 | | |
| 3,268,659 | | | Ginnie Mae Series 2009-118 XZ, 5.000%, 12/20/2039 |
| | | | 3,749,328 | | | | | | 0.3 | | |
| 6,832,572 | | | Ginnie Mae Series 2010-117 ZQ, 4.500%, 09/20/2040 |
| | | | 8,189,625 | | | | | | 0.6 | | |
| 7,529,368 | | | Ginnie Mae Series 2011-69 HW, 4.000%, 04/20/2040 |
| | | | 8,035,011 | | | | | | 0.6 | | |
| 3,023,308 | | | Ginnie Mae Series 2011-H03 FA, 2.162%, (US0001M + 0.500%), 01/20/2061 |
| | | | 2,991,144 | | | | | | 0.2 | | |
| 1,410,091 (1) | | | Ginnie Mae Series 2012-93 NS, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2042 |
| | | | 278,014 | | | | | | 0.0 | | |
| 4,909,512 | | | Ginnie Mae Series 2012-H08 FB, 2.262%, (US0001M + 0.600%), 03/20/2062 |
| | | | 4,878,931 | | | | | | 0.4 | | |
| 2,436,106 | | | Ginnie Mae Series 2013-119 TZ, 3.000%, 08/20/2043 |
| | | | 2,632,828 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
54
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,552,863 (1) | | | Ginnie Mae Series 2013-88 AI, 4.269%, (-1.000*US0001M + 5.850%), 06/20/2043 |
| | | $ | 297,021 | | | | | | 0.0 | | |
| 2,129,273 (1) | | | Ginnie Mae Series 2013-99 SK, 4.319%, (-1.000*US0001M + 5.900%), 07/20/2043 |
| | | | 387,695 | | | | | | 0.0 | | |
| 2,443,578 | | | Ginnie Mae Series 2013-H02 FD, 2.002%, (US0001M + 0.340%), 12/20/2062 |
| | | | 2,414,511 | | | | | | 0.2 | | |
| 2,773,275 (1) | | | Ginnie Mae Series 2014-129 WS, 4.319%, (-1.000*US0001M + 5.900%), 09/20/2044 |
| | | | 509,433 | | | | | | 0.0 | | |
| 2,589,548 (1) | | | Ginnie Mae Series 2014-161 WS, 4.319%, (-1.000*US0001M + 5.900%), 11/20/2044 |
| | | | 456,388 | | | | | | 0.0 | | |
| 1,566,095 | | | Ginnie Mae Series 2014-H21 FA, 2.312%, (US0001M + 0.650%), 10/20/2064 |
| | | | 1,544,047 | | | | | | 0.1 | | |
| 3,789,570 | | | Ginnie Mae Series 2015-165 ZA, 3.500%, 07/20/2045 |
| | | | 4,283,073 | | | | | | 0.3 | | |
| 1,382,892 | | | Ginnie Mae Series 2015-H26 FA, 2.182%, (US0001M + 0.520%), 10/20/2065 |
| | | | 1,360,452 | | | | | | 0.1 | | |
| 10,442,727 (1) | | | Ginnie Mae Series 2016-20 BS, 5.327%, (-1.000*US0001M + 6.100%), 02/20/2046 |
| | | | 2,056,838 | | | | | | 0.2 | | |
| 1,392,724 | | | Ginnie Mae Series 2016-H11 FE, 2.512%, (US0001M + 0.850%), 04/20/2066 |
| | | | 1,382,641 | | | | | | 0.1 | | |
| 583,499 | | | Ginnie Mae Series 2016-H20 FG, 2.362%, (US0001M + 0.700%), 08/20/2066 |
| | | | 580,378 | | | | | | 0.1 | | |
| 3,032,447 | | | Ginnie Mae Series 2017-56 HM, 3.000%, 12/20/2046 |
| | | | 3,218,456 | | | | | | 0.3 | | |
| 5,590,494 | | | Ginnie Mae Series 2019-1 Z, 4.000%, 01/20/2049 |
| | | | 6,148,877 | | | | | | 0.5 | | |
| 5,723,936 | | | Ginnie Mae Series 2019-H05 FL, 2.142%, (US0001M + 0.480%), 03/20/2069 |
| | | | 5,732,639 | | | | | | 0.4 | | |
| 2,649,939 | | | Freddie Mac 3770 GA, 4.500%, 10/15/2040 |
| | | | 3,163,990 | | | | | | 0.3 | | |
| 2,850,574 | | | Freddie Mac REMIC Trust 2005-S001 2A2, 1.777%, (US0001M + 0.150%), 09/25/2045 |
| | | | 2,818,009 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 524,640 | | | Freddie Mac REMIC Trust 2653 SC, 6.122%, (-0.500*US0001M + 6.800%), 07/15/2033 |
| | | $ | 599,379 | | | | | | 0.1 | | |
| 1,390,511 | | | Freddie Mac REMIC Trust 2767 ZW, 6.000%, 03/15/2034 |
| | | | 1,691,948 | | | | | | 0.1 | | |
| 166,937 | | | Freddie Mac REMIC Trust 3012 ST, 19.423%, (-3.600*US0001M + 21.960%), 04/15/2035 |
| | | | 242,621 | | | | | | 0.0 | | |
| 359,887 | | | Freddie Mac REMIC Trust 3065 DC, 17.746%, (-3.000*US0001M + 19.860%), 03/15/2035 |
| | | | 513,036 | | | | | | 0.0 | | |
| 671,028 | | | Freddie Mac REMIC Trust 3158 NE, 5.500%, 05/15/2036 |
| | | | 784,087 | | | | | | 0.1 | | |
| 4,592,523 (1) | | | Freddie Mac REMIC Trust 3181 TA, 0.500%, (-0.794*US0001M + 5.635%), 07/15/2036 |
| | | | 95,701 | | | | | | 0.0 | | |
| 377,804 (1) | | | Freddie Mac REMIC Trust 3507 IA, 5.500%, 09/15/2035 |
| | | | 70,182 | | | | | | 0.0 | | |
| 35,913 (1) | | | Freddie Mac REMIC Trust 3753 PS, 5.395%, (-1.000*US0001M + 6.100%), 06/15/2040 |
| | | | 520 | | | | | | 0.0 | | |
| 493,624 | | | Freddie Mac REMIC Trust 3864 NT, 5.500%, (-9.167*US0001M + 60.500%), 03/15/2039 |
| | | | 534,263 | | | | | | 0.1 | | |
| 2,980,256 | | | Freddie Mac REMIC Trust 3888 ZG, 4.000%, 07/15/2041 |
| | | | 3,325,011 | | | | | | 0.3 | | |
| 1,153,151 (1) | | | Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040 |
| | | | 63,211 | | | | | | 0.0 | | |
| 3,135,844 | | |
Freddie Mac REMICS 3196
ZK, 6.500%, 04/15/2032 |
| | | | 4,368,634 | | | | | | 0.3 | | |
| 1,303,471 | | | Freddie Mac REMICS 4097 ZA, 3.500%, 08/15/2042 |
| | | | 1,412,009 | | | | | | 0.1 | | |
| 6,573,000 | | | Freddie Mac REMICS 4136 LU, 3.000%, 07/15/2032 |
| | | | 6,921,408 | | | | | | 0.5 | | |
| 1,252,765 | | | Freddie Mac Series 4040 UZ, 5.000%, 05/15/2042 |
| | | | 1,684,660 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
55
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,689,170 (2) | | | Freddie Mac Structured Pass-Through Certificates T-54 2A, 4.062%, 07/25/ 2033 |
| | | $ | 1,769,914 | | | | | | 0.1 | | |
| 1,101,151 (2) | | | Freddie Mac Structured Pass-Through Certificates T-54 4A, 4.122%, 02/25/ 2043 |
| | | | 1,172,477 | | | | | | 0.1 | | |
| 134,807 (1) | | | Freddie Mac-Ginnie Mae Series 21 SA, 7.053%, (-1.000*US0001M + 8.000%), 10/25/2023 |
| | | | 13,929 | | | | | | 0.0 | | |
| 1,301,531 | | | Ginnie Mae 2004-65 ZG, 5.500%, 07/20/2034 |
| | | | 1,504,681 | | | | | | 0.1 | | |
| 5,342,518 | | | Ginnie Mae 2009-110 ZA, 5.500%, 11/16/2039 |
| | | | 6,877,507 | | | | | | 0.5 | | |
| 742,950 | | |
Ginnie Mae 2009-32 QZ,
5.500%, 05/16/2039 |
| | | | 960,098 | | | | | | 0.1 | | |
| 575,105 | | | Ginnie Mae 2009-32 YZ, 7.000%, 05/16/2039 |
| | | | 821,417 | | | | | | 0.1 | | |
| 3,261,044 | | | Ginnie Mae 2009-50 MZ, 6.000%, 07/16/2039 |
| | | | 4,036,642 | | | | | | 0.3 | | |
| 725,715 | | | Ginnie Mae 2009-54 HZ, 5.000%, 07/20/2039 |
| | | | 835,985 | | | | | | 0.1 | | |
| 1,893,215 | | | Ginnie Mae 2009-H01 FA, 1.923%, (US0001M + 1.150%), 11/20/2059 |
| | | | 1,910,773 | | | | | | 0.2 | | |
| 2,000,000 | | | Ginnie Mae 2010-116 PB, 5.000%, 06/16/2040 |
| | | | 2,439,678 | | | | | | 0.2 | | |
| 3,984,213 | | | Ginnie Mae 2010-125 BZ, 4.500%, 09/16/2040 |
| | | | 4,405,375 | | | | | | 0.3 | | |
| 5,054,853 (3) | | |
Ginnie Mae 2011-70 PO,
0.000%, 05/16/2041 |
| | | | 4,713,795 | | | | | | 0.4 | | |
| 3,938,954 (1) | | | Ginnie Mae 2014-107 XS, 4.895%, (-1.000*US0001M + 5.600%), 07/16/2044 |
| | | | 718,510 | | | | | | 0.1 | | |
| 1,925,909 (1) | | | Ginnie Mae 2014-96 SQ, 4.895%, (-1.000*US0001M + 5.600%), 07/16/2044 |
| | | | 338,237 | | | | | | 0.0 | | |
| 3,385,962 | | | Ginnie Mae 2015-H13 FG, 2.062%, (US0001M + 0.400%), 04/20/2065 |
| | | | 3,345,010 | | | | | | 0.3 | | |
| 22,052,580 (1) | | | Ginnie Mae 2016-120 IM, 3.500%, 07/20/2046 |
| | | | 2,657,111 | | | | | | 0.2 | | |
| 2,185,344 (1) | | | Ginnie Mae 2016-84 IO, 5.000%, 12/20/2040 |
| | | | 138,999 | | | | | | 0.0 | | |
| 19,988,807 | | | Ginnie Mae 2016-H20 FB, 2.212%, (US0001M + 0.550%), 09/20/2066 |
| | | | 19,758,764 | | | | | | 1.5 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,890,000 | | | Ginnie Mae 2017-162 PL, 3.000%, 10/20/2047 |
| | | $ | 3,103,138 | | | | | | 0.2 | | |
| 1,567,532 (1) | | | Ginnie Mae 2018-78 IC, 4.000%, 02/20/2047 |
| | | | 200,263 | | | | | | 0.0 | | |
| 3,566,566 | | |
Ginnie Mae Series 2003-86
ZC, 4.500%, 10/20/2033 |
| | | | 3,957,979 | | | | | | 0.3 | | |
| 131,889 | | | Ginnie Mae Series 2004-16 AE, 5.500%, 02/20/2034 |
| | | | 151,160 | | | | | | 0.0 | | |
| 1,248,305 | | | Ginnie Mae Series 2004-17 MZ, 5.500%, 03/16/2034 |
| | | | 1,417,421 | | | | | | 0.1 | | |
| 840,362 | | | Ginnie Mae Series 2004-28 CZ, 5.500%, 04/20/2034 |
| | | | 975,285 | | | | | | 0.1 | | |
| 409,090 (3) | | |
Ginnie Mae Series 2004-37
OA, 0.000%, 04/17/2034 |
| | | | 386,502 | | | | | | 0.0 | | |
| 3,164,192 | | | Ginnie Mae Series 2004-4 MG, 5.000%, 01/16/2034 |
| | | | 3,569,644 | | | | | | 0.3 | | |
| 3,298,420 | | | Ginnie Mae Series 2004-81 Z, 5.000%, 10/20/2034 |
| | | | 3,720,057 | | | | | | 0.3 | | |
| 1,276,279 (1) | | | Ginnie Mae Series 2004-98 SA, 5.927%, (-1.000*US0001M + 6.700%), 11/20/2034 |
| | | | 323,818 | | | | | | 0.0 | | |
| 1,110,414 | | | Ginnie Mae Series 2005-21 Z, 5.000%, 03/20/2035 |
| | | | 1,269,878 | | | | | | 0.1 | | |
| 322,400 (1) | | | Ginnie Mae Series 2005-25 SI, 6.000%, (-6.000*US0001M + 43.200%), 01/20/2034 |
| | | | 50,046 | | | | | | 0.0 | | |
| 842,624 (1) | | | Ginnie Mae Series 2005-7 AH, 6.065%, (-1.000*US0001M + 6.770%), 02/16/2035 |
| | | | 178,772 | | | | | | 0.0 | | |
| 1,002,557 (1) | | |
Ginnie Mae Series 2005-73
IM, 5.500%, 09/20/2035 |
| | | | 186,087 | | | | | | 0.0 | | |
| 578,838 | | | Ginnie Mae Series 2005-80 Z, 5.000%, 10/20/2035 |
| | | | 657,323 | | | | | | 0.1 | | |
| 281,749 | | | Ginnie Mae Series 2005-91 UP, 12.891%, (-2.000*US0001M + 14.300%), 09/16/2031 |
| | | | 356,566 | | | | | | 0.0 | | |
| 8,203,598 | | |
Ginnie Mae Series 2006-10
ZT, 6.000%, 03/20/2036 |
| | | | 9,596,221 | | | | | | 0.7 | | |
| 1,756,969 | | | Ginnie Mae Series 2006-17 TW, 6.000%, 04/20/2036 |
| | | | 2,052,975 | | | | | | 0.2 | | |
| 9,140,135 (1) | | | Ginnie Mae Series 2006-26 TB, 0.250%, (-1.000*US0001M + 6.500%), 06/20/2036 |
| | | | 87,411 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
56
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,882,752 | | | Ginnie Mae Series 2006-7 ZA, 5.500%, 02/20/2036 |
| | | $ | 3,342,063 | | | | | | 0.3 | | |
| 1,959,919 (1) | | | Ginnie Mae Series 2007-17 CI, 7.500%, 04/16/2037 |
| | | | 512,551 | | | | | | 0.0 | | |
| 36,601 | | | Ginnie Mae Series 2007-37 S, 22.716%, (-3.667*US0001M + 25.300%), 04/16/2037 |
| | | | 39,735 | | | | | | 0.0 | | |
| 2,047,956 (3) | | | Ginnie Mae Series 2007-41 OL, 0.000%, 07/20/2037 |
| | | | 1,865,095 | | | | | | 0.2 | | |
| 120,449 | | |
Ginnie Mae Series 2007-45
PE, 5.500%, 07/16/2037 |
| | | | 138,685 | | | | | | 0.0 | | |
| 368,869 | | | Ginnie Mae Series 2007-48 SY, 18.136%, (-3.000*US0001M + 20.250%), 08/16/2037 |
| | | | 544,333 | | | | | | 0.0 | | |
| 2,208,882 (1) | | | Ginnie Mae Series 2007-53 SC, 5.727%, (-1.000*US0001M + 6.500%), 09/20/2037 |
| | | | 545,244 | | | | | | 0.0 | | |
| 65,210 | | | Ginnie Mae Series 2007-53 SW, 17.886%, (-3.000*US0001M + 20.205%), 09/20/2037 |
| | | | 97,558 | | | | | | 0.0 | | |
| 1,222,671 | | | Ginnie Mae Series 2007-60 YZ, 5.500%, 10/20/2037 |
| | | | 1,381,648 | | | | | | 0.1 | | |
| 2,932,573 | | | Ginnie Mae Series 2008-20 PZ, 6.000%, 03/20/2038 |
| | | | 3,556,196 | | | | | | 0.3 | | |
| 648,609 (1) | | | Ginnie Mae Series 2008-3 SA, 5.777%, (-1.000*US0001M + 6.550%), 01/20/2038 |
| | | | 157,367 | | | | | | 0.0 | | |
| 1,284,493 (1) | | | Ginnie Mae Series 2008-40 PS, 5.795%, (-1.000*US0001M + 6.500%), 05/16/2038 |
| | | | 267,694 | | | | | | 0.0 | | |
| 2,891,421 (1) | | | Ginnie Mae Series 2008-82 SA, 5.227%, (-1.000*US0001M + 6.000%), 09/20/2038 |
| | | | 629,297 | | | | | | 0.1 | | |
| 5,627,237 (1) | | | Ginnie Mae Series 2009-110 SA, 5.645%, (-1.000*US0001M + 6.350%), 04/16/2039 |
| | | | 656,802 | | | | | | 0.1 | | |
| 795,315 | | | Ginnie Mae Series 2009-110 ZC, 4.500%, 11/16/2039 |
| | | | 956,691 | | | | | | 0.1 | | |
| 1,697,272 | | | Ginnie Mae Series 2009-121 ZQ, 5.500%, 09/20/2039 |
| | | | 1,957,927 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,029,000 | | | Ginnie Mae Series 2009-31 BP, 5.000%, 05/20/2039 |
| | | $ | 1,250,281 | | | | | | 0.1 | | |
| 3,043,493 | | | Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039 |
| | | | 3,492,192 | | | | | | 0.3 | | |
| 2,864,828 | | |
Ginnie Mae Series 2009-34
Z, 4.500%, 05/16/2039 |
| | | | 3,213,897 | | | | | | 0.3 | | |
| 3,090,732 | | | Ginnie Mae Series 2009-53 ZB, 6.000%, 07/16/2039 |
| | | | 3,622,957 | | | | | | 0.3 | | |
| 303,845 (1) | | | Ginnie Mae Series 2009-55 BI, 1.000%, (-25.000*US0001M + 162.500%), 06/16/2037 |
| | | | 11,943 | | | | | | 0.0 | | |
| 1,918,733 | | | Ginnie Mae Series 2009-61 EZ, 7.500%, 08/20/2039 |
| | | | 2,625,574 | | | | | | 0.2 | | |
| 5,712,159 | | | Ginnie Mae Series 2009-61 PZ, 7.500%, 08/20/2039 |
| | | | 8,443,051 | | | | | | 0.7 | | |
| 3,304,781 | | | Ginnie Mae Series 2009-61 ZQ, 6.000%, 08/16/2039 |
| | | | 4,390,383 | | | | | | 0.3 | | |
| 1,921,601 (1) | | | Ginnie Mae Series 2009-66 QS, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2039 |
| | | | 256,522 | | | | | | 0.0 | | |
| 1,016,935 (1) | | | Ginnie Mae Series 2009-77 SA, 5.445%, (-1.000*US0001M + 6.150%), 09/16/2039 |
| | | | 217,893 | | | | | | 0.0 | | |
| 3,558,459 | | | Ginnie Mae Series 2009-77 ZB, 5.500%, 09/16/2039 |
| | | | 4,255,724 | | | | | | 0.3 | | |
| 1,002,849 | | | Ginnie Mae Series 2009-87 WZ, 6.000%, 10/20/2039 |
| | | | 1,382,828 | | | | | | 0.1 | | |
| 606,810 | | | Ginnie Mae Series 2009-92 DZ, 4.500%, 10/16/2039 |
| | | | 726,312 | | | | | | 0.1 | | |
| 1,429,368 | | |
Ginnie Mae Series 2009-98
MZ, 5.000%, 10/16/2039 |
| | | | 1,787,507 | | | | | | 0.1 | | |
| 2,249,719 (1) | | | Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040 |
| | | | 273,505 | | | | | | 0.0 | | |
| 10,371,000 | | | Ginnie Mae Series 2010-113 BE, 4.500%, 09/20/2040 |
| | | | 12,155,233 | | | | | | 0.9 | | |
| 1,846,270 (1) | | | Ginnie Mae Series 2010-116 NS, 5.945%, (-1.000*US0001M + 6.650%), 09/16/2040 |
| | | | 381,346 | | | | | | 0.0 | | |
| 187,225 (1) | | | Ginnie Mae Series 2010-130 KI, 5.500%, 09/16/2040 |
| | | | 15,944 | | | | | | 0.0 | | |
| 1,500,000 | | | Ginnie Mae Series 2010-14 B, 4.500%, 02/16/2040 |
| | | | 1,740,476 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
57
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 3,483,005 | | | Ginnie Mae Series 2010-146 NL, 4.000%, 10/16/2039 |
| | | $ | 3,748,985 | | | | | | 0.3 | | |
| 1,475,393 (1) | | | Ginnie Mae Series 2010-158 SA, 5.277%, (-1.000*US0001M + 6.050%), 12/20/2040 |
| | | | 274,904 | | | | | | 0.0 | | |
| 20,065,715 (1) | | | Ginnie Mae Series 2010-166 GS, 5.227%, (-1.000*US0001M + 6.000%), 12/20/2040 |
| | | | 3,602,998 | | | | | | 0.3 | | |
| 1,862,755 (1) | | | Ginnie Mae Series 2010-166 NI, 4.500%, 04/20/2039 |
| | | | 138,932 | | | | | | 0.0 | | |
| 2,298,391 | | | Ginnie Mae Series 2010-169 AW, 4.500%, 12/20/2040 |
| | | | 2,541,525 | | | | | | 0.2 | | |
| 3,776,934 | | | Ginnie Mae Series 2010-169 JZ, 4.000%, 12/20/2040 |
| | | | 4,118,489 | | | | | | 0.3 | | |
| 512,740 (1) | | | Ginnie Mae Series 2010-19 LI, 5.000%, 07/16/2039 |
| | | | 51,061 | | | | | | 0.0 | | |
| 2,138,000 | | |
Ginnie Mae Series 2010-31
BP, 5.000%, 03/20/2040 |
| | | | 2,445,509 | | | | | | 0.2 | | |
| 2,123,551 (1) | | | Ginnie Mae Series 2010-4 WI, 6.000%, 01/16/2040 |
| | | | 367,379 | | | | | | 0.0 | | |
| 5,392,928 | | | Ginnie Mae Series 2010-42 VZ, 5.500%, 10/20/2039 |
| | | | 6,582,190 | | | | | | 0.5 | | |
| 1,727,658 | | | Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040 |
| | | | 1,951,516 | | | | | | 0.2 | | |
| 200,363 (1) | | | Ginnie Mae Series 2010-9 SB, 5.727%, (-1.000*US0001M + 6.500%), 09/20/2038 |
| | | | 1,972 | | | | | | 0.0 | | |
| 4,804,941 | | | Ginnie Mae Series 2010-H01 FA, 2.433%, (US0001M + 0.820%), 01/20/2060 |
| | | | 4,794,949 | | | | | | 0.4 | | |
| 10,754,397 | | | Ginnie Mae Series 2010-H10 FB, 2.613%, (US0001M + 1.000%), 05/20/2060 |
| | | | 10,774,606 | | | | | | 0.8 | | |
| 6,819,211 | | | Ginnie Mae Series 2010-H10 FC, 2.613%, (US0001M + 1.000%), 05/20/2060 |
| | | | 6,830,569 | | | | | | 0.5 | | |
| 398,556 (1) | | |
Ginnie Mae Series 2011-123
QI, 5.000%, 05/20/2041 |
| | | | 54,202 | | | | | | 0.0 | | |
| 4,408,987 (1) | | | Ginnie Mae Series 2011-141 PS, 5.995%, (-1.000*US0001M + 6.700%), 06/16/2041 |
| | | | 891,743 | | | | | | 0.1 | | |
| 125,009 | | |
Ginnie Mae Series 2011-169
BC, 7.000%, 05/16/2032 |
| | | | 141,933 | | | | | | 0.0 | | |
| 292,444 (2) | | | Ginnie Mae Series 2011-169 BG, 5.435%, 04/16/2039 |
| | | | 335,002 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 7,181,984 | | | Ginnie Mae Series 2011-25 Z, 4.000%, 02/20/2041 |
| | | $ | 7,995,395 | | | | | | 0.6 | | |
| 1,863,394 | | | Ginnie Mae Series 2011-59 QC, 4.000%, 12/20/2040 |
| | | | 2,059,933 | | | | | | 0.2 | | |
| 4,983,013 (1) | | | Ginnie Mae Series 2011-73 LS, 5.917%, (-1.000*US0001M + 6.690%), 08/20/2039 |
| | | | 413,007 | | | | | | 0.0 | | |
| 4,575,893 | | | Ginnie Mae Series 2011-89 Z, 3.500%, 06/20/2041 |
| | | | 5,000,394 | | | | | | 0.4 | | |
| 1,224,221 | | | Ginnie Mae Series 2011-H07 FA, 2.162%, (US0001M + 0.500%), 02/20/2061 |
| | | | 1,216,012 | | | | | | 0.1 | | |
| 1,928,572 (1) | | | Ginnie Mae Series 2012-102 TI, 4.000%, 08/20/2039 |
| | | | 64,641 | | | | | | 0.0 | | |
| 2,610,529 (1) | | | Ginnie Mae Series 2012-103 IC, 3.500%, 08/16/2040 |
| | | | 188,692 | | | | | | 0.0 | | |
| 654,835 (1) | | | Ginnie Mae Series 2012-124 MI, 4.000%, 03/20/2042 |
| | | | 47,722 | | | | | | 0.0 | | |
| 7,530,599 (1) | | |
Ginnie Mae Series 2012-146
AI, 3.000%, 10/20/2037 |
| | | | 416,067 | | | | | | 0.0 | | |
| 582,331 (1) | | | Ginnie Mae Series 2012-34 MS, 5.995%, (-1.000*US0001M + 6.700%), 04/16/2041 |
| | | | 89,066 | | | | | | 0.0 | | |
| 90,793 | | |
Ginnie Mae Series 2012-43
MA, 4.000%, 10/20/2041 |
| | | | 93,068 | | | | | | 0.0 | | |
| 4,775,200 (1) | | | Ginnie Mae Series 2012-48 SA, 5.945%, (-1.000*US0001M + 6.650%), 04/16/2042 |
| | | | 1,199,661 | | | | | | 0.1 | | |
| 6,808,873 (1) | | | Ginnie Mae Series 2012-60 SG, 5.395%, (-1.000*US0001M + 6.100%), 05/16/2042 |
| | | | 1,584,288 | | | | | | 0.1 | | |
| 1,630,280 (1) | | | Ginnie Mae Series 2012-98 EI, 4.000%, 04/20/2041 |
| | | | 188,673 | | | | | | 0.0 | | |
| 2,045,229 | | | Ginnie Mae Series 2012-H11 VA, 2.312%, (US0001M + 0.650%), 05/20/2062 |
| | | | 2,026,367 | | | | | | 0.2 | | |
| 21,029,088 | | | Ginnie Mae Series 2012-H12 FB, 2.712%, (US0001M + 1.050%), 02/20/2062 |
| | | | 21,086,828 | | | | | | 1.6 | | |
| 3,000,025 | | | Ginnie Mae Series 2012-H20 BA, 2.222%, (US0001M + 0.560%), 09/20/2062 |
| | | | 2,979,919 | | | | | | 0.2 | | |
| 7,000,000 | | | Ginnie Mae Series 2013-147 BE, 4.000%, 12/20/2039 |
| | | | 8,201,185 | | | | | | 0.6 | | |
See Accompanying Notes to Financial Statements
58
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,369,425 | | | Ginnie Mae Series 2013-167 Z, 3.000%, 10/16/2043 |
| | | $ | 1,480,838 | | | | | | 0.1 | | |
| 1,900,000 (1) | | | Ginnie Mae Series 2013-186 UI, 2.500%, 11/20/2043 |
| | | | 406,904 | | | | | | 0.0 | | |
| 1,295,321 (1) | | |
Ginnie Mae Series 2013-186
VI, 4.000%, 12/20/2042 |
| | | | 139,451 | | | | | | 0.0 | | |
| 6,375,186 (1) | | | Ginnie Mae Series 2013-20 LI, 4.500%, 12/16/2042 |
| | | | 938,713 | | | | | | 0.1 | | |
| 2,828,123 (1) | | | Ginnie Mae Series 2013-41 PI, 3.500%, 04/20/2040 |
| | | | 131,891 | | | | | | 0.0 | | |
| 2,641,648 | | | Ginnie Mae Series 2013-H08 BF, 2.062%, (US0001M + 0.400%), 03/20/2063 |
| | | | 2,610,412 | | | | | | 0.2 | | |
| 3,569,215 | | | Ginnie Mae Series 2013-H10 FT, 1.950%, (H15T1Y + 0.450%), 04/20/2063 |
| | | | 3,545,614 | | | | | | 0.3 | | |
| 5,299,933 | | | Ginnie Mae Series 2013-H14 FC, 2.132%, (US0001M + 0.470%), 06/20/2063 |
| | | | 5,251,972 | | | | | | 0.4 | | |
| 952,018 | | | Ginnie Mae Series 2013-H18 BA, 2.262%, (US0001M + 0.600%), 07/20/2063 |
| | | | 945,184 | | | | | | 0.1 | | |
| 3,170,800 | | | Ginnie Mae Series 2013-H19 DF, 2.312%, (US0001M + 0.650%), 05/20/2063 |
| | | | 3,148,134 | | | | | | 0.3 | | |
| 2,953,654 | | | Ginnie Mae Series 2013-H20 FB, 2.662%, (US0001M + 1.000%), 08/20/2063 |
| | | | 2,958,172 | | | | | | 0.2 | | |
| 3,843,874 | | | Ginnie Mae Series 2013-H23 FA, 2.962%, (US0001M + 1.300%), 09/20/2063 |
| | | | 3,871,836 | | | | | | 0.3 | | |
| 530,485 | | | Ginnie Mae Series 2013-H24 FB, 2.392%, (US0001M + 0.730%), 09/20/2063 |
| | | | 528,774 | | | | | | 0.0 | | |
| 2,793,200 | | | Ginnie Mae Series 2014-115 EM, 4.000%, 08/20/2044 |
| | | | 3,307,464 | | | | | | 0.3 | | |
| 12,628,860 | | | Ginnie Mae Series 2014-118 ZP, 4.000%, 08/20/2044 |
| | | | 13,697,720 | | | | | | 1.1 | | |
| 2,007,547 (1) | | | Ginnie Mae Series 2014-183 IM, 5.000%, 06/20/2035 |
| | | | 349,097 | | | | | | 0.0 | | |
| 3,251,655 (1) | | | Ginnie Mae Series 2014-30 ES, 4.227%, (-1.000*US0001M + 5.000%), 03/20/2040 |
| | | | 490,591 | | | | | | 0.0 | | |
| 10,371,041 (2) | | | Ginnie Mae Series 2015-10 Q, 2.315%, 10/20/2044 |
| | | | 10,840,532 | | | | | | 0.8 | | |
| 2,364,266 (1) | | | Ginnie Mae Series 2015-141 IX, 1.013%, (-0.714*US0001M + 2.142%), 06/20/2045 |
| | | | 225,978 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 12,125,000 | | | Ginnie Mae Series 2015-143 B, 3.500%, 04/20/2045 |
| | | $ | 13,598,923 | | | | | | 1.1 | | |
| 3,023,928 (1) | | | Ginnie Mae Series 2015-157 PI, 4.000%, 03/20/2044 |
| | | | 332,039 | | | | | | 0.0 | | |
| 8,914,528 | | |
Ginnie Mae Series 2015-27
PB, 3.000%, 08/20/2044 |
| | | | 9,502,306 | | | | | | 0.7 | | |
| 3,974,858 | | | Ginnie Mae Series 2015-H31 FT, 2.312%, (US0001M + 0.650%), 11/20/2065 |
| | | | 3,995,295 | | | | | | 0.3 | | |
| 13,346,878 (1) | | | Ginnie Mae Series 2016-145 IU, 3.500%, 10/20/2046 |
| | | | 1,504,077 | | | | | | 0.1 | | |
| 6,000,070 (2) | | |
Ginnie Mae Series 2016-5
AB, 4.678%, 01/20/2046 |
| | | | 6,813,728 | | | | | | 0.5 | | |
| 8,841,663 | | | Ginnie Mae Series 2016-H08 FT, 1.619%, (US0001M + 0.720%), 02/20/2066 |
| | | | 8,795,458 | | | | | | 0.7 | | |
| 38,872,544 | | | Ginnie Mae Series 2017-H23 FC, 2.112%, (US0001M + 0.450%), 11/20/2067 |
| | | | 38,408,235 | | | | | | 3.0 | | |
| 3,406,378 | | |
Ginnie Mae Series 2018-112
AL, 3.500%, 08/20/2048 |
| | | | 3,614,004 | | | | | | 0.3 | | |
| 2,025,085 | | | Ginnie Mae Series 2019-29 AI, 5.000%, 07/20/2048 |
| | | | 329,581 | | | | | | 0.0 | | |
| 1,690,028 | | | Vendee Mortgage Trust 2011-2 DZ, 3.750%, 10/15/2041 |
| | | | 1,844,232 | | | | | | 0.2 | | |
| | | |
Total Collateralized
Mortgage Obligations (Cost $613,163,710) |
| | |
|
641,373,880
|
| | | |
|
49.3
|
| |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 75.2% | | |||||||||||||||
| | | | Federal Home Loan Mortgage Corporation: 2.6%(4) | | ||||||||||||
| 6,752,747 | | | 3.500%, 03/01/2048 | | | | | 7,257,024 | | | | | | 0.6 | | |
| 7,784,230 | | | 3.500%,11/01/2048 | | | | | 8,365,424 | | | | | | 0.6 | | |
| 17,281,254 | | | 3.500%-8.000%, 01/01/2030-12/01/2047 |
| | | | 18,659,182 | | | | | | 1.4 | | |
| | | | | | | | | 34,281,630 | | | | | | 2.6 | | |
| | | |
Federal National Mortgage Association: 1.0%(4)
|
| ||||||||||||
| 8,326,245 | | | 4.000%, 07/01/2056 | | | | | 9,277,488 | | | | | | 0.7 | | |
| 4,132,849 | | | 5.290%-6.600%, 07/01/2027-05/01/2048 |
| | | | 4,464,762 | | | | | | 0.3 | | |
| | | | | | | | | 13,742,250 | | | | | | 1.0 | | |
| | | | Government National Mortgage Association: 65.0% | | ||||||||||||
| 160,796,000 (5) | | | 3.000%, 05/01/2043 | | | | | 169,884,060 | | | | | | 13.1 | | |
| 8,619,840 | | | 3.500%, 04/20/2046 | | | | | 9,195,551 | | | | | | 0.7 | | |
| 9,768,654 | | | 3.500%, 03/20/2047 | | | | | 10,456,007 | | | | | | 0.8 | | |
See Accompanying Notes to Financial Statements
59
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | |||||||||||||||
| | | | Government National Mortgage Association (continued) |
| ||||||||||||
| 54,438,715 | | | 3.500%,12/20/2047 | | | | $ | 58,383,664 | | | | | | 4.5 | | |
| 16,729,559 | | | 3.500%, 01/20/2048 | | | | | 17,923,250 | | | | | | 1.4 | | |
| 11,742,654 | | | 3.500%, 02/20/2048 | | | | | 12,568,980 | | | | | | 1.0 | | |
| 6,511,395 | | | 3.500%, 02/20/2048 | | | | | 7,035,811 | | | | | | 0.5 | | |
| 23,362,155 | | | 3.500%, 03/20/2048 | | | | | 25,128,567 | | | | | | 1.9 | | |
| 13,918,958 | | | 3.500%, 01/20/2050 | | | | | 14,740,197 | | | | | | 1.1 | | |
| 10,318,141 | | | 4.000%, 08/20/2042 | | | | | 11,266,593 | | | | | | 0.9 | | |
| 9,400,019 | | | 4.000%, 09/20/2047 | | | | | 10,043,782 | | | | | | 0.8 | | |
| 26,206,658 | | | 4.000%, 04/20/2048 | | | | | 28,226,191 | | | | | | 2.2 | | |
| 21,505,884 | | | 4.000%, 11/20/2049 | | | | | 22,905,393 | | | | | | 1.8 | | |
| 27,330,842 | | | 4.000%, 12/20/2049 | | | | | 29,307,714 | | | | | | 2.2 | | |
| 25,819,882 | | | 4.500%, 11/20/2049 | | | | | 27,698,804 | | | | | | 2.1 | | |
| 32,819,105 | | | 4.500%, 12/20/2049 | | | | | 35,100,889 | | | | | | 2.7 | | |
| 107,131,214 | | | 3.000%-7.500%, 01/15/2024-02/20/2050 |
| | | | 116,053,704 | | | | | | 8.9 | | |
| 229,500,000 (5) | | | 2.500%,05/01/2050 | | | | | 239,450,978 | | | | | | 18.4 | | |
| | | | | | | | | 845,370,135 | | | | | | 65.0 | | |
| | | | Uniform Mortgage-Backed Securities: 6.6% | | ||||||||||||
| 20,433,246 | | | 3.000%, 10/01/2049 | | | | | 21,465,058 | | | | | | 1.7 | | |
| 9,411,067 | | | 3.500%, 12/01/2047 | | | | | 10,001,412 | | | | | | 0.8 | | |
| 8,548,233 | | | 3.500%, 05/01/2048 | | | | | 9,081,498 | | | | | | 0.7 | | |
| 11,190,884 | | | 4.000%, 05/01/2042 | | | | | 12,200,919 | | | | | | 0.9 | | |
| 8,698,282 | | | 4.000%, 03/01/2049 | | | | | 9,285,687 | | | | | | 0.7 | | |
| 22,205,967 | | |
2.500%-7.500%,
05/01/2028-04/01/2050 |
| | | | 23,694,910 | | | | | | 1.8 | | |
| | | | | | | | | 85,729,484 | | | | | | 6.6 | | |
| | | |
Total U.S. Government
Agency Obligations (Cost $952,752,838) |
| | |
|
979,123,499
|
| | | |
|
75.2
|
| |
| ASSET-BACKED SECURITIES: 0.2% | | |||||||||||||||
| | | | Other Asset-Backed Securities: 0.2% | | ||||||||||||
| 256,646 (2) | | | Fannie Mae Grantor Trust 2003-T4 2A6, 4.625%, 07/26/2033 |
| | | | 281,002 | | | | | | 0.0 | | |
| 97,628 (2) | | | Fannie Mae REMIC Trust 2001-W4 AF6, 5.610%, 01/25/2032 |
| | | | 105,578 | | | | | | 0.0 | | |
| 46,522 (2) | | | Fannie Mae REMIC Trust 2002-W12 AF6, 5.066%, 02/25/2033 |
| | | | 48,232 | | | | | | 0.0 | | |
| 59,160 (2) | | | Fannie Mae REMIC Trust 2002-W2 AF6, 6.483%, 05/25/2032 |
| | | | 63,354 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| 2,150,205 | | | Fannie Mae Grantor Trust 2001-T9 A1, 1.167%, (US0001M + 0.220%), 09/25/2031 |
| | | $ | 2,116,968 | | | | | | 0.2 | | |
| | | |
Total Asset-Backed
Securities (Cost $2,590,858) |
| | |
|
2,615,134
|
| | | |
|
0.2
|
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 0.2% | | |||||||||||||||
| 456,250 (2) | | | Ginnie Mae 2004-23 Z, 5.547%, 03/16/2044 |
| | | | 501,503 | | | | | | 0.0 | | |
| 6,103,899 (1)(2) | | |
Ginnie Mae 2006-67 IO,
0.533%, 11/16/2046 |
| | | | 20,030 | | | | | | 0.0 | | |
| 622,506 (2) | | | Ginnie Mae 2007-52 Z, 4.350%, 01/16/2048 |
| | | | 675,499 | | | | | | 0.1 | | |
| 652,613 | | | Ginnie Mae 2008-39 Z, 4.500%, 02/16/2048 |
| | | | 693,691 | | | | | | 0.1 | | |
| 236,711 (1)(2) | | | Ginnie Mae 2008-45 IO, 0.852%, 02/16/2048 |
| | | | 451 | | | | | | 0.0 | | |
| 436,729 (2) | | | Ginnie Mae 2009-115 D, 4.593%, 01/16/2050 |
| | | | 457,014 | | | | | | 0.0 | | |
| 2,341,969 (1)(2) | | |
Ginnie Mae 2010-122 IO,
0.297%, 02/16/2044 |
| | | | 9,531 | | | | | | 0.0 | | |
| 63,497 (1)(2) | | | Ginnie Mae 2010-123 IA, 2.050%, 10/16/2052 |
| | | | 859 | | | | | | 0.0 | | |
| 20,811,598 (1)(2) | | | Ginnie Mae 2011-47 IO, 0.081%, 01/16/2051 |
| | | | 52,857 | | | | | | 0.0 | | |
| 232,222 (2) | | | Ginnie Mae 2011-53 B, 3.924%, 05/16/2051 |
| | | | 238,498 | | | | | | 0.0 | | |
| | | |
Total Commercial
Mortgage-Backed Securities (Cost $2,893,943) |
| | |
|
2,649,933
|
| | | |
|
0.2
|
| |
| | | |
Total Long-Term
Investments (Cost $1,571,401,349) |
| | |
|
1,625,762,446
|
| | | |
|
124.9
|
| |
| SHORT-TERM INVESTMENTS: 5.0% | | |||||||||||||||
| | | | U.S. Treasury Bills: 5.0% | | ||||||||||||
| 58,000,000 (6) | | | United States Treasury Bill, 0.030%, 04/28/2020 |
| | | | 57,998,586 | | | | | | 4.5 | | |
| 6,301,000 (6) | | | United States Treasury Bill, 0.060%, 04/07/2020 |
| | | | 6,300,933 | | | | | | 0.5 | | |
| | | | Total U.S. Treasury Bills | | | | | | | | | | | | | |
| | | |
Total Short-Term
Investments (Cost $64,298,746) |
| | |
|
64,299,519
|
| | | |
|
5.0
|
| |
| | ||||||||||||||||
See Accompanying Notes to Financial Statements
60
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| | | | Total Investments in Securities | | ||||||||||||
| | | | (Cost $1,635,700,095) | | | | $ | 1,690,061,965 | | | | | | 129.9 | | |
| | | |
Liabilities in Excess of
Other Assets |
| | | | (388,638,922) | | | | | | (29.9) | | |
| | | | Net Assets | | | | $ | 1,301,423,043 | | | | | | 100.0 | | |
| | ||||||||||||||||
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of March 31, 2020.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
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.
(2)
Variable rate security. Rate shown is the rate in effect as of March 31, 2020.
(3)
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.
(4)
The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(5)
Settlement is on a when-issued or delayed-delivery basis.
(6)
Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2020.
Reference Rate Abbreviations:
| | H15T1Y | | | U.S. Treasury 1-Year Constant Maturity | |
| | US0001M | | | 1-month LIBOR | |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Collateralized Mortgage Obligations | | | | $ | — | | | | | $ | 641,373,880 | | | | | $ | — | | | | | $ | 641,373,880 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 979,123,499 | | | | | | — | | | | | | 979,123,499 | | |
| Asset-Backed Securities | | | | | — | | | | | | 2,615,134 | | | | | | — | | | | | | 2,615,134 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 2,649,933 | | | | | | — | | | | | | 2,649,933 | | |
| Short-Term Investments | | | | | — | | | | | | 64,299,519 | | | | | | — | | | | | | 64,299,519 | | |
| Total Investments, at fair value | | | | $ | — | | | | | $ | 1,690,061,965 | | | | | $ | — | | | | | $ | 1,690,061,965 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures | | | | | 731,587 | | | | | | — | | | | | | — | | | | | | 731,587 | | |
| Total Assets | | | | $ | 731,587 | | | | | $ | 1,690,061,965 | | | | | $ | — | | | | | $ | 1,690,793,552 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures | | | | $ | (11,063,481) | | | | | $ | — | | | | | $ | — | | | | | $ | (11,063,481) | | |
| Total Liabilities | | | | $ | (11,063,481) | | | | | $ | — | | | | | $ | — | | | | | $ | (11,063,481) | | |
^
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.
See Accompanying Notes to Financial Statements
61
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya GNMA Income Fund | as of March 31, 2020 (continued) |
5At March 31, 2020, the following futures contracts were outstanding for Voya GNMA Income Fund:
|
Description
|
| |
Number
of Contracts |
| |
Expiration
Date |
| |
Notional
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||
| Long Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Ultra 10-Year Note | | | | | 158 | | | | | | 06/19/20 | | | | | $ | 24,652,938 | | | | | $ | 731,587 | | |
| | | | | | | | | | | | | | | | | $ | 24,652,938 | | | | | $ | 731,587 | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Note | | | | | (1,303) | | | | | | 06/19/20 | | | | | | (180,709,813) | | | | | | (5,946,561) | | |
| U.S. Treasury 2-Year Note | | | | | (202) | | | | | | 06/30/20 | | | | | | (44,517,328) | | | | | | (1,956) | | |
| U.S. Treasury 5-Year Note | | | | | (643) | | | | | | 06/30/20 | | | | | | (80,606,078) | | | | | | (949,063) | | |
| U.S. Treasury Long Bond | | | | | (248) | | | | | | 06/19/20 | | | | | | (44,407,500) | | | | | | (3,307,826) | | |
| U.S. Treasury Ultra Long Bond | | | | | (50) | | | | | | 06/19/20 | | | | | | (11,093,750) | | | | | | (858,075) | | |
| | | | | | | | | | | | | | | | | $ | (361,334,469) | | | | | $ | (11,063,481) | | |
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, 2020 was as follows:
|
Derivatives not accounted for as hedging instruments
|
| |
Location on Statement
of Assets and Liabilities |
| |
Fair Value
|
| |||
| Asset Derivatives | | | | | | | | | | |
| Interest rate contracts | | |
Net Assets — Unrealized appreciation*
|
| | | $ | 731,587 | | |
|
Total Asset Derivatives
|
| | | | | | $ | 731,587 | | |
| Liability Derivatives | | | | | | | | | | |
| Interest rate contracts | | |
Net Assets — Unrealized depreciation*
|
| | | $ | 11,063,481 | | |
| Total Liability Derivatives | | | | | | | $ | 11,063,481 | | |
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.
The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2020 was as follows:
| | | |
Amount of Realized Gain or (Loss) on
Derivatives Recognized in Income |
| |||
|
Derivatives not accounted for as hedging instruments
|
| |
Futures
|
| |||
| Interest rate contracts | | | | $ | (22,163,857) | | |
| Total | | | | $ | (22,163,857) | | |
| | |||||||
| | | |
Change in Unrealized Appreciation or (Depreciation)
on Derivatives Recognized in Income |
| |||
|
Derivatives not accounted for as hedging instruments
|
| |
Futures
|
| |||
| Interest rate contracts | | | | $ | (7,092,706) | | |
| Total | | | | $ | (7,092,706) | | |
At March 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
| |
Cost for federal income tax purposes was $1,627,227,732.
|
| | |||||
| | Net unrealized appreciation consisted of: | | | |||||
| |
Gross Unrealized Appreciation
|
| | | $ | 57,375,618 | | |
| |
Gross Unrealized Depreciation
|
| | | | (4,873,279) | | |
| |
Net Unrealized Appreciation
|
| | | $ | 52,502,339 | | |
See Accompanying Notes to Financial Statements
62
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: 92.8% | | |||||||||||||||
| | | | Basic Materials: 5.1% | | ||||||||||||
| 1,510,000 (1) | | | Aruba Investments, Inc., 8.750%, 02/15/2023 |
| | | $ | 1,477,905 | | | | | | 0.3 | | |
| 1,760,000 (1) | | | Cleveland-Cliffs, Inc., 6.750%, 03/15/2026 |
| | | | 1,565,300 | | | | | | 0.3 | | |
| 1,175,000 (1) | | | Compass Minerals International, Inc., 6.750%, 12/01/2027 |
| | | | 1,067,252 | | | | | | 0.2 | | |
| 1,200,000 (1) | | | Constellium SE, 5.750%, 05/15/2024 |
| | | | 1,081,614 | | | | | | 0.2 | | |
| 500,000 (1)(2) | | | Constellium SE, 5.875%, 02/15/2026 |
| | | | 438,788 | | | | | | 0.1 | | |
| 750,000 (1) | | | Constellium SE, 6.625%, 03/01/2025 |
| | | | 680,602 | | | | | | 0.2 | | |
| 1,185,000 (1) | | | First Quantum Minerals Ltd., 6.500%, 03/01/2024 |
| | | | 990,962 | | | | | | 0.2 | | |
| 2,600,000 | | | Freeport-McMoRan, Inc., 4.125%, 03/01/2028 |
| | | | 2,285,764 | | | | | | 0.5 | | |
| 350,000 | | | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 |
| | | | 305,393 | | | | | | 0.0 | | |
| 2,225,000 (1) | | | Novelis Corp., 5.875%, 09/30/2026 |
| | | | 2,199,040 | | | | | | 0.5 | | |
| 1,250,000 (1) | | | OCI NV, 5.250%, 11/01/2024 |
| | | | 1,093,750 | | | | | | 0.2 | | |
| 2,100,000 (1) | | | OCI NV, 6.625%, 04/15/2023 |
| | | | 1,932,000 | | | | | | 0.4 | | |
| 1,950,000 (1) | | | Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026 |
| | | | 1,956,908 | | | | | | 0.4 | | |
| 1,135,000 (1) | | | SPCM SA, 4.875%, 09/15/2025 |
| | | | 1,081,053 | | | | | | 0.2 | | |
| 1,875,000 (1)(2) | | | Tronox, Inc., 6.500%, 04/15/2026 |
| | | | 1,701,703 | | | | | | 0.3 | | |
| 5,790,000 (3) | | | Other Securities | | | | | 5,305,393 | | | | | | 1.1 | | |
| | | | | | | | | 25,163,427 | | | | | | 5.1 | | |
| | | | Communications: 22.9% | | ||||||||||||
| 1,400,000 (1) | | | Altice France SA/France, 8.125%, 02/01/2027 |
| | | | 1,467,270 | | | | | | 0.3 | | |
| 1,375,000 (1)(2) | | | Altice Finco SA, 7.625%, 02/15/2025 |
| | | | 1,318,274 | | | | | | 0.3 | | |
| 1,625,000 | | | AMC Networks, Inc., 4.750%, 08/01/2025 |
| | | | 1,590,477 | | | | | | 0.3 | | |
| 1,600,000 (1) | | | Block Communications, Inc., 4.875%, 03/01/2028 |
| | | | 1,497,000 | | | | | | 0.3 | | |
| 2,275,000 (1) | | | C&W Senior Financing DAC, 7.500%, 10/15/2026 |
| | | | 2,099,899 | | | | | | 0.4 | | |
| 2,725,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 |
| | | | 2,757,754 | | | | | | 0.6 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 1,250,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 |
| | | $ | 1,261,950 | | | | | | 0.2 | | |
| 1,600,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 |
| | | | 1,631,308 | | | | | | 0.3 | | |
| 2,700,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026 |
| | | | 2,743,065 | | | | | | 0.6 | | |
| 355,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 |
| | | | 348,193 | | | | | | 0.1 | | |
| 750,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 03/01/2030 |
| | | | 752,287 | | | | | | 0.1 | | |
| 2,475,000 | | | CenturyLink, Inc., 5.625%-5.800%, 04/01/2020-04/01/2025 |
| | | | 2,492,486 | | | | | | 0.5 | | |
| 1,600,000 (1) | | | Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024 |
| | | | 1,386,008 | | | | | | 0.3 | | |
| 2,675,000 (1) | | | CommScope Tech Finance LLC, 6.000%, 06/15/2025 |
| | | | 2,468,222 | | | | | | 0.5 | | |
| 300,000 (1) | | | CommScope Technologies LLC, 5.000%, 03/15/2027 |
| | | | 262,523 | | | | | | 0.1 | | |
| 2,075,000 (1) | | | Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026 |
| | | | 1,722,250 | | | | | | 0.4 | | |
| 3,275,000 (2) | | | CSC Holdings LLC, 5.250%, 06/01/2024 |
| | | | 3,303,640 | | | | | | 0.7 | | |
| 2,245,000 (1) | | | CSC Holdings LLC, 5.500%, 05/15/2026 |
| | | | 2,337,758 | | | | | | 0.5 | | |
| 1,195,000 (1) | | | CSC Holdings LLC, 5.750%, 01/15/2030 |
| | | | 1,209,591 | | | | | | 0.2 | | |
| 825,000 (1) | | | CSC Holdings LLC, 7.500%, 04/01/2028 |
| | | | 884,719 | | | | | | 0.2 | | |
| 1,675,000 (1) | | | Cumulus Media New Holdings, Inc., 6.750%, 07/01/2026 |
| | | | 1,508,542 | | | | | | 0.3 | | |
| 900,000 (1) | | | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026 |
| | | | 736,328 | | | | | | 0.1 | | |
| 2,075,000 (1)(2) | | | Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 08/15/2027 |
| | | | 1,399,172 | | | | | | 0.3 | | |
| 4,100,000 | | | DISH DBS Corp., 5.000%-5.875%, 07/15/2022-11/15/2024 |
| | | | 4,009,038 | | | | | | 0.8 | | |
See Accompanying Notes to Financial Statements
63
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 1,325,000 (1)(2) | | | Entercom Media Corp., 7.250%, 11/01/2024 |
| | | $ | 1,117,962 | | | | | | 0.2 | | |
| 2,810,000 (1) | | | Front Range BidCo, Inc., 6.125%, 03/01/2028 |
| | | | 2,685,306 | | | | | | 0.6 | | |
| 925,000 (1) | | | Frontier Communications Corp., 8.000%, 04/01/2027 |
| | | | 917,443 | | | | | | 0.2 | | |
| 1,900,000 (1)(2) | | | Gray Television, Inc., 5.125%, 10/15/2024 |
| | | | 1,847,759 | | | | | | 0.4 | | |
| 1,200,000 (1) | | | Gray Television, Inc., 7.000%, 05/15/2027 |
| | | | 1,200,660 | | | | | | 0.2 | | |
| 1,050,000 (1) | | | GTT Communications, Inc., 7.875%, 12/31/2024 |
| | | | 685,125 | | | | | | 0.1 | | |
| 525,000 (1) | | | iHeartCommunications, Inc., 5.250%, 08/15/2027 |
| | | | 460,399 | | | | | | 0.1 | | |
| 1,915,000 (1)(2) | | | Intelsat Jackson Holdings SA, 8.500%, 10/15/2024 |
| | | | 1,217,854 | | | | | | 0.3 | | |
| 935,000 (1) | | | Lamar Media Corp., 3.750%, 02/15/2028 |
| | | | 883,463 | | | | | | 0.2 | | |
| 370,000 (1) | | | Lamar Media Corp., 4.000%, 02/15/2030 |
| | | | 346,875 | | | | | | 0.1 | | |
| 2,025,000 (1) | | | LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027 |
| | | | 2,005,864 | | | | | | 0.4 | | |
| 755,000 (1) | | | Match Group, Inc., 4.125%, 08/01/2030 |
| | | | 679,028 | | | | | | 0.1 | | |
| 1,600,000 (1) | | | MDC Partners, Inc., 6.500%, 05/01/2024 |
| | | | 1,212,000 | | | | | | 0.3 | | |
| 1,225,000 (1) | | | Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 08/15/2027 |
| | | | 1,196,528 | | | | | | 0.2 | | |
| 375,000 (1)(2) | | | Netflix, Inc., 4.875%, 06/15/2030 |
| | | | 382,763 | | | | | | 0.1 | | |
| 2,375,000 | | | Netflix, Inc., 5.875%, 11/15/2028 |
| | | | 2,554,431 | | | | | | 0.5 | | |
| 1,475,000 (1) | | | Nexstar Broadcasting, Inc., 5.625%, 08/01/2024 |
| | | | 1,397,555 | | | | | | 0.3 | | |
| 1,675,000 (1) | | | Nexstar Broadcasting, Inc., 5.625%, 07/15/2027 |
| | | | 1,646,609 | | | | | | 0.3 | | |
| 1,650,000 (1) | | | Altice France SA/France, 7.375%, 05/01/2026 |
| | | | 1,675,657 | | | | | | 0.3 | | |
| 405,000 (1)(2) | | | Sinclair Television Group, Inc., 5.125%, 02/15/2027 |
| | | | 345,685 | | | | | | 0.1 | | |
| 975,000 (1) | | | Sirius XM Radio, Inc., 4.625%, 07/15/2024 |
| | | | 995,655 | | | | | | 0.2 | | |
| 2,550,000 (1) | | | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |
| | | | 2,602,148 | | | | | | 0.5 | | |
| 1,050,000 (1)(2) | | | Sprint Corp., 7.250%, 02/01/2028 |
| | | | 1,059,188 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 2,375,000 | | | Sprint Communications, Inc., 6.000%, 11/15/2022 |
| | | $ | 2,484,108 | | | | | | 0.5 | | |
| 5,025,000 | | | Sprint Corp., 7.125%, 06/15/2024 |
| | | | 5,552,550 | | | | | | 1.1 | | |
| 2,075,000 | | | Sprint Corp., 7.625%, 03/01/2026 |
| | | | 2,360,001 | | | | | | 0.5 | | |
| 750,000 | | | Sprint Nextel Corp., 6.875%, 11/15/2028 |
| | | | 860,812 | | | | | | 0.2 | | |
| 355,000 (1) | | | TEGNA, Inc., 4.625%, 03/15/2028 |
| | | | 313,953 | | | | | | 0.1 | | |
| 1,575,000 (1) | | | TEGNA, Inc., 5.000%, 09/15/2029 |
| | | | 1,423,406 | | | | | | 0.3 | | |
| 2,250,000 | | | Telecom Italia Capital SA, 6.000%-6.375%, 11/15/2033-09/30/2034 |
| | | | 2,272,065 | | | | | | 0.5 | | |
| 1,475,000 (1) | | | Telesat Canada / Telesat LLC, 6.500%, 10/15/2027 |
| | | | 1,424,186 | | | | | | 0.3 | | |
| 2,075,000 (1) | | | Terrier Media Buyer, Inc., 8.875%, 12/15/2027 |
| | | | 1,758,563 | | | | | | 0.4 | | |
| 2,200,000 | | | T-Mobile USA, Inc., 5.125%, 04/15/2025 |
| | | | 2,265,868 | | | | | | 0.5 | | |
| 2,650,000 | | | T-Mobile USA, Inc., 5.375%, 04/15/2027 |
| | | | 2,747,964 | | | | | | 0.5 | | |
| 1,525,000 (1)(2) | | | Townsquare Media, Inc., 6.500%, 04/01/2023 |
| | | | 1,477,336 | | | | | | 0.3 | | |
| 1,675,000 (1) | | | ViaSat, Inc., 5.625%, 09/15/2025 |
| | | | 1,576,435 | | | | | | 0.3 | | |
| 400,000 (1)(2) | | | ViaSat, Inc., 5.625%, 04/15/2027 |
| | | | 397,220 | | | | | | 0.1 | | |
| 1,350,000 (1) | | | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 |
| | | | 1,357,493 | | | | | | 0.3 | | |
| 950,000 (1)(2) | | | Ziggo Bond Co. BV, 5.125%, 02/28/2030 |
| | | | 936,344 | | | | | | 0.2 | | |
| 475,000 (1)(2) | | | Ziggo BV, 4.875%, 01/15/2030 |
| | | | 465,929 | | | | | | 0.1 | | |
| 13,750,000 (3) | | | Other Securities | | | | | 11,670,675 | | | | | | 2.4 | | |
| | | | | | | | | 111,648,619 | | | | | | 22.9 | | |
| | | | Consumer, Cyclical: 16.2% | | ||||||||||||
| 3,900,000 (1) | | | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 |
| | | | 3,748,856 | | | | | | 0.8 | | |
| 1,080,000 (1) | | | Adams Homes, Inc., 7.500%, 02/15/2025 |
| | | | 1,039,500 | | | | | | 0.2 | | |
| 1,475,000 (1) | | | Adient Global Holdings Ltd., 4.875%, 08/15/2026 |
| | | | 1,021,327 | | | | | | 0.2 | | |
| 1,505,000 (1) | | | Allison Transmission, Inc., 5.875%, 06/01/2029 |
| | | | 1,485,386 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
64
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 2,745,000 | | | AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026 |
| | | $ | 1,158,301 | | | | | | 0.2 | | |
| 1,450,000 (1) | | | American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/2028 |
| | | | 1,327,547 | | | | | | 0.3 | | |
| 900,000 (1) | | | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 |
| | | | 771,750 | | | | | | 0.2 | | |
| 1,120,000 (1) | | | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 |
| | | | 960,400 | | | | | | 0.2 | | |
| 375,000 (1) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 01/15/2028 |
| | | | 299,062 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.750%, 08/01/2025 |
| | | | 808,745 | | | | | | 0.2 | | |
| 2,025,000 (1) | | | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 |
| | | | 1,477,642 | | | | | | 0.3 | | |
| 1,215,000 (1) | | | CCM Merger, Inc., 6.000%, 03/15/2022 |
| | | | 1,005,412 | | | | | | 0.2 | | |
| 1,405,000 (1)(2) | | | Cedar Fair L.P., 5.250%, 07/15/2029 |
| | | | 1,195,023 | | | | | | 0.2 | | |
| 350,000 (1)(4) | | | Core & Main Holdings L.P., 8.625% (PIK Rate 9.375%, Cash Rate 8.625%), 09/15/2024 |
| | | | 323,311 | | | | | | 0.1 | | |
| 1,575,000 (1) | | | Core & Main L.P., 6.125%, 08/15/2025 |
| | | | 1,476,515 | | | | | | 0.3 | | |
| 2,500,000 | | | Dana, Inc., 5.500%, 12/15/2024 |
| | | | 2,203,137 | | | | | | 0.5 | | |
| 1,215,000 (1) | | | Golden Entertainment, Inc., 7.625%, 04/15/2026 |
| | | | 810,548 | | | | | | 0.2 | | |
| 2,275,000 (1) | | | Golden Nugget, Inc., 6.750%, 10/15/2024 |
| | | | 1,449,994 | | | | | | 0.3 | | |
| 2,600,000 | | | H&E Equipment Services, Inc., 5.625%, 09/01/2025 |
| | | | 2,427,763 | | | | | | 0.5 | | |
| 1,125,000 (1) | | | IAA, Inc., 5.500%, 06/15/2027 |
| | | | 1,094,681 | | | | | | 0.2 | | |
| 1,500,000 (1) | | | Installed Building Products, Inc., 5.750%, 02/01/2028 |
| | | | 1,441,564 | | | | | | 0.3 | | |
| 900,000 (1) | | | International Game Technology PLC, 6.250%, 02/15/2022 |
| | | | 832,365 | | | | | | 0.2 | | |
| 1,465,000 (1)(2) | | | International Game Technology PLC, 6.500%, 02/15/2025 |
| | | | 1,307,307 | | | | | | 0.2 | | |
| 2,850,000 | | | L Brands, Inc., 6.750%, 07/01/2036 |
| | | | 2,074,230 | | | | | | 0.4 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 2,465,000 | | | Lennar Corp., 5.250%-5.375%, 10/01/2022-06/01/2026 |
| | | $ | 2,486,597 | | | | | | 0.5 | | |
| 1,475,000 (1) | | | Lions Gate Capital Holdings LLC, 5.875%, 11/01/2024 |
| | | | 1,269,319 | | | | | | 0.3 | | |
| 1,350,000 (1) | | | M/I Homes, Inc., 4.950%, 02/01/2028 |
| | | | 1,155,937 | | | | | | 0.2 | | |
| 250,000 | | | Mattel, Inc., 5.450%, 11/01/2041 |
| | | | 200,076 | | | | | | 0.1 | | |
| 2,025,000 (1)(2) | | | Mattel, Inc., 5.875%, 12/15/2027 |
| | | | 2,076,739 | | | | | | 0.4 | | |
| 2,450,000 | | | Meritage Homes Corp., 5.125%-7.000%, 04/01/2022-06/06/2027 |
| | | | 2,400,293 | | | | | | 0.5 | | |
| 1,350,000 (1)(2) | | | Michaels Stores, Inc., 8.000%, 07/15/2027 |
| | | | 1,006,492 | | | | | | 0.2 | | |
| 1,300,000 (1)(2) | | | Motion Bondco DAC, 6.625%, 11/15/2027 |
| | | | 942,500 | | | | | | 0.2 | | |
| 1,800,000 | | | Murphy Oil USA, Inc., 4.750%-5.625%, 05/01/2027-09/15/2029 |
| | | | 1,717,872 | | | | | | 0.4 | | |
| 1,450,000 (1) | | | Navistar International Corp., 6.625%, 11/01/2025 |
| | | | 1,216,195 | | | | | | 0.3 | | |
| 1,475,000 (1)(2) | | | Penn National Gaming, Inc., 5.625%, 01/15/2027 |
| | | | 1,106,858 | | | | | | 0.2 | | |
| 1,300,000 (1) | | | Performance Food Group, Inc., 5.500%, 10/15/2027 |
| | | | 1,215,598 | | | | | | 0.2 | | |
| 1,075,000 (1) | | | PetSmart, Inc., 5.875%, 06/01/2025 |
| | | | 1,066,938 | | | | | | 0.2 | | |
| 2,825,000 (1) | | | PetSmart, Inc., 7.125%, 03/15/2023 |
| | | | 2,682,337 | | | | | | 0.6 | | |
| 1,150,000 (1)(2) | | | Scientific Games International, Inc., 5.000%, 10/15/2025 |
| | | | 1,009,125 | | | | | | 0.2 | | |
| 750,000 (1) | | | Scientific Games International, Inc., 7.000%, 05/15/2028 |
| | | | 465,412 | | | | | | 0.1 | | |
| 800,000 (1) | | | Scientific Games International, Inc., 8.250%, 03/15/2026 |
| | | | 516,586 | | | | | | 0.1 | | |
| 800,000 | | | Scientific Games International, Inc., 6.625%, 05/15/2021 |
| | | | 645,040 | | | | | | 0.1 | | |
| 965,000 (1) | | | Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/01/2027 |
| | | | 875,738 | | | | | | 0.2 | | |
| 675,000 (1) | | | Station Casinos LLC, 4.500%, 02/15/2028 |
| | | | 551,812 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
65
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 1,825,000 (1)(2) | | | Station Casinos LLC, 5.000%, 10/01/2025 |
| | | $ | 1,533,566 | | | | | | 0.3 | | |
| 1,175,000 (1) | | | Taylor Morrison Communities, Inc., 5.750%, 01/15/2028 |
| | | | 1,059,213 | | | | | | 0.2 | | |
| 1,200,000 (1) | | | Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027 |
| | | | 1,098,660 | | | | | | 0.2 | | |
| 1,950,000 (1) | | | Viking Cruises Ltd., 5.875%, 09/15/2027 |
| | | | 1,151,787 | | | | | | 0.2 | | |
| 450,000 (1) | | | VOC Escrow Ltd., 5.000%, 02/15/2028 |
| | | | 331,515 | | | | | | 0.1 | | |
| 1,400,000 (1) | | | William Carter Co/The, 5.625%, 03/15/2027 |
| | | | 1,351,746 | | | | | | 0.3 | | |
| 500,000 (1) | | | WMG Acquisition Corp., 5.000%, 08/01/2023 |
| | | | 500,623 | | | | | | 0.1 | | |
| 1,575,000 (1) | | | Wolverine World Wide, Inc., 5.000%, 09/01/2026 |
| | | | 1,514,363 | | | | | | 0.3 | | |
| 16,259,000 (3) | | | Other Securities | | | | | 14,352,870 | | | | | | 2.9 | | |
| | | | | | | | | 79,242,173 | | | | | | 16.2 | | |
| | | | Consumer, Non-cyclical: 19.6% | | ||||||||||||
| 725,000 (1) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030 |
| | | | 723,188 | | | | | | 0.1 | | |
| 1,625,000 (1) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 |
| | | | 1,662,944 | | | | | | 0.3 | | |
| 2,150,000 | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.625%, 06/15/2024 |
| | | | 2,198,310 | | | | | | 0.5 | | |
| 1,050,000 (1) | | | Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026 |
| | | | 1,033,597 | | | | | | 0.2 | | |
| 1,900,000 (1) | | | Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027 |
| | | | 1,803,798 | | | | | | 0.4 | | |
| 1,400,000 (1) | | | AMN Healthcare, Inc., 4.625%, 10/01/2027 |
| | | | 1,338,399 | | | | | | 0.3 | | |
| 3,800,000 (1) | | | Bausch Health Americas, Inc., 8.500%, 01/31/2027 |
| | | | 3,992,090 | | | | | | 0.8 | | |
| 1,475,000 (1) | | | Bausch Health Cos, Inc., 5.250%, 01/30/2030 |
| | | | 1,390,188 | | | | | | 0.3 | | |
| 375,000 (1) | | | Bausch Health Cos, Inc., 5.500%, 11/01/2025 |
| | | | 381,208 | | | | | | 0.1 | | |
| 1,025,000 (1) | | | Bausch Health Cos, Inc., 6.125%, 04/15/2025 |
| | | | 1,016,036 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 1,100,000 (1) | | | Bausch Health Cos, Inc., 7.000%, 01/15/2028 |
| | | $ | 1,146,805 | | | | | | 0.2 | | |
| 1,375,000 (1) | | | Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, 05/01/2025 |
| | | | 1,318,274 | | | | | | 0.3 | | |
| 1,425,000 (1) | | | Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027 |
| | | | 1,390,159 | | | | | | 0.3 | | |
| 350,000 (1) | | | Centene Corp., 3.375%, 02/15/2030 |
| | | | 326,813 | | | | | | 0.1 | | |
| 2,400,000 (1) | | | Centene Corp., 4.625%, 12/15/2029 |
| | | | 2,425,320 | | | | | | 0.5 | | |
| 925,000 (1) | | | Centene Corp., 4.750%, 01/15/2025 |
| | | | 942,348 | | | | | | 0.2 | | |
| 700,000 (1) | | | Centene Corp., 5.375%, 06/01/2026 |
| | | | 724,962 | | | | | | 0.1 | | |
| 1,100,000 | | | Centene Corp., 4.750%, 01/15/2025 |
| | | | 1,120,630 | | | | | | 0.2 | | |
| 730,000 (1) | | | Chobani LLC / Chobani Finance Corp., Inc., 7.500%, 04/15/2025 |
| | | | 669,753 | | | | | | 0.1 | | |
| 1,900,000 (1) | | | CHS/Community Health Systems, Inc., 6.625%, 02/15/2025 |
| | | | 1,771,750 | | | | | | 0.4 | | |
| 1,575,000 (1)(2) | | | Cott Holdings, Inc., 5.500%, 04/01/2025 |
| | | | 1,537,602 | | | | | | 0.3 | | |
| 1,300,000 (1) | | | Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025 |
| | | | 894,959 | | | | | | 0.2 | | |
| 2,850,000 (1) | | | Garda World Security Corp., 8.750%, 05/15/2025 |
| | | | 2,643,290 | | | | | | 0.5 | | |
| 1,910,000 (1) | | | Graham Holdings Co., 5.750%, 06/01/2026 |
| | | | 1,888,116 | | | | | | 0.4 | | |
| 4,500,000 | | | HCA, Inc., 5.375%, 02/01/2025 |
| | | | 4,606,852 | | | | | | 0.9 | | |
| 1,825,000 | | | HCA, Inc., 3.500%-5.625%, 09/01/2028-09/01/2030 |
| | | | 1,779,478 | | | | | | 0.4 | | |
| 760,000 (1) | | | Hertz Corp./The, 6.000%, 01/15/2028 |
| | | | 403,218 | | | | | | 0.1 | | |
| 800,000 (1) | | | Hertz Corp./The, 7.125%, 08/01/2026 |
| | | | 423,340 | | | | | | 0.1 | | |
| 112,000 (1) | | | Hertz Corp./The, 7.625%, 06/01/2022 |
| | | | 91,560 | | | | | | 0.0 | | |
| 1,275,000 (1) | | | Hertz Corp., 5.500%, 10/15/2024 |
| | | | 724,895 | | | | | | 0.1 | | |
| 1,250,000 (1) | | | Hill-Rom Holdings, Inc., 4.375%, 09/15/2027 |
| | | | 1,241,928 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
66
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 2,125,000 (1) | | | Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 6.375%, 08/01/2023 |
| | | $ | 2,178,061 | | | | | | 0.4 | | |
| 1,675,000 (1) | | | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 |
| | | | 1,702,219 | | | | | | 0.3 | | |
| 1,200,000 (1)(2) | | | JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028 |
| | | | 1,287,660 | | | | | | 0.3 | | |
| 1,250,000 (1) | | | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.500%, 01/15/2030 |
| | | | 1,297,562 | | | | | | 0.3 | | |
| 1,510,000 (1) | | | KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026 |
| | | | 1,526,044 | | | | | | 0.3 | | |
| 4,275,000 | | | Kraft Heinz Foods Co., 5.000%, 07/15/2035 |
| | | | 4,278,857 | | | | | | 0.9 | | |
| 3,525,000 | | | Kraft Heinz Foods Co., 4.375%-5.000%, 06/04/2042-06/01/2046 |
| | | | 3,265,365 | | | | | | 0.6 | | |
| 1,825,000 (1) | | | LifePoint Health, Inc., 4.375%, 02/15/2027 |
| | | | 1,732,838 | | | | | | 0.4 | | |
| 2,600,000 (1) | | | MPH Acquisition Holdings LLC, 7.125%, 06/01/2024 |
| | | | 2,281,578 | | | | | | 0.5 | | |
| 1,250,000 (1) | | | Par Pharmaceutical, Inc., 7.500%, 04/01/2027 |
| | | | 1,253,219 | | | | | | 0.3 | | |
| 1,075,000 (1) | | | Pilgrim’s Pride Corp., 5.750%, 03/15/2025 |
| | | | 1,087,099 | | | | | | 0.2 | | |
| 1,100,000 (1) | | | Pilgrim’s Pride Corp., 5.875%, 09/30/2027 |
| | | | 1,102,145 | | | | | | 0.2 | | |
|
650,000 (1)(2)(4)
|
| | Polaris Intermediate Corp., 8.500% (PIK Rate 9.250%, Cash Rate 8.500%), 12/01/2022 |
| | | | 508,612 | | | | | | 0.1 | | |
| 3,675,000 (1) | | | Post Holdings, Inc., 5.625%, 01/15/2028 |
| | | | 3,759,709 | | | | | | 0.8 | | |
| 2,200,000 (1) | | | Select Medical Corp., 6.250%, 08/15/2026 |
| | | | 2,212,111 | | | | | | 0.4 | | |
| 2,700,000 | | | Tenet Healthcare Corp., 6.750%, 06/15/2023 |
| | | | 2,507,638 | | | | | | 0.5 | | |
| 1,875,000 | | | Tenet Healthcare Corp., 5.125%-8.125%, 04/01/2022-05/01/2025 |
| | | | 1,784,696 | | | | | | 0.4 | | |
| 4,710,000 | | | United Rentals North America, Inc., 4.875%-6.500%, 07/15/2025-01/15/2030 |
| | | | 4,685,368 | | | | | | 1.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 1,325,000 (1) | | | Vizient, Inc., 6.250%, 05/15/2027 |
| | | $ | 1,333,556 | | | | | | 0.3 | | |
| 1,600,000 (1) | | | West Street Merger Sub, Inc., 6.375%, 09/01/2025 |
| | | | 1,406,672 | | | | | | 0.3 | | |
| 11,145,000 (3) | | | Other Securities | | | | | 10,821,181 | | | | | | 2.2 | | |
| | | | | | | | | 95,624,000 | | | | | | 19.6 | | |
| | | | Energy: 4.1% | | ||||||||||||
| 725,000 (1) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 |
| | | | 505,688 | | | | | | 0.1 | | |
| 450,000 (1)(2) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 |
| | | | 322,680 | | | | | | 0.1 | | |
| 1,145,000 (1) | | | Baytex Energy Corp., 8.750%, 04/01/2027 |
| | | | 445,405 | | | | | | 0.1 | | |
| 330,550 (1) | | | Calfrac Holdings L.P., 10.875%, 03/15/2026 |
| | | | 99,165 | | | | | | 0.0 | | |
| 2,200,000 | | | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025 |
| | | | 2,158,761 | | | | | | 0.4 | | |
| 2,125,000 (1) | | | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026 |
| | | | 2,087,812 | | | | | | 0.4 | | |
| 700,000 (1) | | | Hess Midstream Operations L.P., 5.125%, 06/15/2028 |
| | | | 494,585 | | | | | | 0.1 | | |
| 1,153,000 (1) | | | Hess Midstream Operations L.P., 5.625%, 02/15/2026 |
| | | | 822,126 | | | | | | 0.2 | | |
| 1,355,000 (1) | | | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026 |
| | | | 846,875 | | | | | | 0.2 | | |
| 1,405,000 (1) | | | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 |
| | | | 419,452 | | | | | | 0.1 | | |
| 1,050,000 | | | Murphy Oil Corp., 5.750%, 08/15/2025 |
| | | | 568,423 | | | | | | 0.1 | | |
| 525,000 (1) | | | Noble Holding International Ltd., 7.875%, 02/01/2026 |
| | | | 130,485 | | | | | | 0.0 | | |
| 500,000 (1) | | | Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027 |
| | | | 355,275 | | | | | | 0.1 | | |
| 1,550,000 (1) | | | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028 |
| | | | 816,800 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
67
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Energy (continued) | | ||||||||||||
| 340,000 (1) | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.500%, 03/01/2030 |
| | | $ | 265,625 | | | | | | 0.0 | | |
| 1,150,000 (1) | | | Viper Energy Partners L.P., 5.375%, 11/01/2027 |
| | | | 972,383 | | | | | | 0.2 | | |
| 16,679,000 (3) | | | Other Securities | | | | | 8,802,021 | | | | | | 1.8 | | |
| | | | | | | | | 20,113,561 | | | | | | 4.1 | | |
| | | | Financial: 5.4% | | ||||||||||||
| 255,000 (1) | | | AG Issuer LLC, 6.250%, 03/01/2028 |
| | | | 216,112 | | | | | | 0.1 | | |
| 1,225,000 (1) | | | Altice France Holding SA, 6.000%, 02/15/2028 |
| | | | 1,086,796 | | | | | | 0.2 | | |
| 2,375,000 (1) | | | Altice France Holding SA, 10.500%, 05/15/2027 |
| | | | 2,517,500 | | | | | | 0.5 | | |
| 1,850,000 (1) | | | ESH Hospitality, Inc., 5.250%, 05/01/2025 |
| | | | 1,565,572 | | | | | | 0.3 | | |
| 1,005,000 (1) | | | Freedom Mortgage Corp., 8.250%, 04/15/2025 |
| | | | 796,432 | | | | | | 0.2 | | |
| 2,975,000 | | | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.250%, 05/15/2026 |
| | | | 2,828,100 | | | | | | 0.6 | | |
| 1,250,000 (1) | | | LPL Holdings, Inc., 4.625%, 11/15/2027 |
| | | | 1,152,650 | | | | | | 0.2 | | |
| 2,750,000 | | | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%-5.500%, 05/01/2024-08/01/2029 |
| | | | 2,652,669 | | | | | | 0.6 | | |
| 1,875,000 (1) | | | Quicken Loans, Inc., 5.250%, 01/15/2028 |
| | | | 1,846,439 | | | | | | 0.4 | | |
| 1,200,000 (1) | | | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 |
| | | | 1,124,100 | | | | | | 0.2 | | |
| 1,575,000 (1)(2) | | | SBA Communications Corp., 3.875%, 02/15/2027 |
| | | | 1,590,750 | | | | | | 0.3 | | |
| 9,285,000 (3) | | | Other Securities | | | | | 8,825,883 | | | | | | 1.8 | | |
| | | | | | | | | 26,203,003 | | | | | | 5.4 | | |
| | | | Industrial: 12.0% | | ||||||||||||
| 2,030,000 (1) | | | Advanced Disposal Services, Inc., 5.625%, 11/15/2024 |
| | | | 2,073,127 | | | | | | 0.4 | | |
| 2,275,000 | | |
AECOM, 5.875%, 10/15/2024
|
| | | | 2,238,043 | | | | | | 0.5 | | |
| 1,125,000 (1) | | | Amsted Industries, Inc., 5.625%, 07/01/2027 |
| | | | 1,104,140 | | | | | | 0.2 | | |
| 2,500,000 (1)(4) | | | ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027 |
| | | | 2,161,125 | | | | | | 0.4 | | |
| 2,225,000 (1)(2) | | | Berry Global, Inc., 5.625%, 07/15/2027 |
| | | | 2,315,546 | | | | | | 0.5 | | |
| 1,950,000 (1) | | | Builders FirstSource, Inc., 5.000%, 03/01/2030 |
| | | | 1,765,969 | | | | | | 0.4 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Industrial (continued) | | ||||||||||||
| 1,250,000 (1) | | | Cargo Aircraft Management, Inc., 4.750%, 02/01/2028 |
| | | $ | 1,168,750 | | | | | | 0.2 | | |
| 2,000,000 (1) | | | Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028 |
| | | | 1,925,000 | | | | | | 0.4 | | |
| 825,000 (1) | | | GFL Environmental, Inc., 7.000%, 06/01/2026 |
| | | | 805,577 | | | | | | 0.2 | | |
| 875,000 (1) | | | Granite US Holdings Corp., 11.000%, 10/01/2027 |
| | | | 758,150 | | | | | | 0.2 | | |
| 1,800,000 (1)(2) | | | Norbord, Inc., 5.750%, 07/15/2027 |
| | | | 1,658,624 | | | | | | 0.3 | | |
| 1,000,000 (1) | | | Sealed Air Corp., 4.000%, 12/01/2027 |
| | | | 937,600 | | | | | | 0.2 | | |
| 1,300,000 (1) | | | Silgan Holdings, Inc., 4.125%, 02/01/2028 |
| | | | 1,209,000 | | | | | | 0.3 | | |
| 1,625,000 (1) | | | SSL Robotics LLC, 9.750%, 12/31/2023 |
| | | | 1,685,938 | | | | | | 0.3 | | |
| 1,215,000 (1) | | | TransDigm, Inc., 5.500%, 11/15/2027 |
| | | | 1,097,206 | | | | | | 0.2 | | |
| 1,750,000 (1) | | | ATS Automation Tooling Systems, Inc., 6.500%, 06/15/2023 |
| | | | 1,717,179 | | | | | | 0.4 | | |
| 2,075,000 (1) | | | BMC East LLC, 5.500%, 10/01/2024 |
| | | | 2,020,521 | | | | | | 0.4 | | |
| 650,000 (1)(2) | | | Bombardier, Inc., 6.000%, 10/15/2022 |
| | | | 492,375 | | | | | | 0.1 | | |
| 1,650,000 (1) | | | Bombardier, Inc., 7.875%, 04/15/2027 |
| | | | 1,150,999 | | | | | | 0.2 | | |
| 1,675,000 (1) | | | Bombardier, Inc., 8.750%, 12/01/2021 |
| | | | 1,401,556 | | | | | | 0.3 | | |
| 1,350,000 (1) | | | Builders FirstSource, Inc., 6.750%, 06/01/2027 |
| | | | 1,334,532 | | | | | | 0.3 | | |
| 1,025,000 (1) | | | Clean Harbors, Inc., 4.875%, 07/15/2027 |
| | | | 1,009,061 | | | | | | 0.2 | | |
| 475,000 (1) | | | Clean Harbors, Inc., 5.125%, 07/15/2029 |
| | | | 445,808 | | | | | | 0.1 | | |
| 930,000 (1) | | | FXI Holdings, Inc., 7.875%, 11/01/2024 |
| | | | 635,023 | | | | | | 0.1 | | |
| 810,000 (1) | | | GFL Environmental, Inc., 8.500%, 05/01/2027 |
| | | | 818,302 | | | | | | 0.2 | | |
| 2,250,000 (1) | | | Itron, Inc., 5.000%, 01/15/2026 |
| | | | 2,156,721 | | | | | | 0.4 | | |
| 2,050,000 (1) | | | James Hardie International Finance DAC, 4.750%, 01/15/2025 |
| | | | 1,950,073 | | | | | | 0.4 | | |
| 1,875,000 (1)(2) | | | Koppers, Inc., 6.000%, 02/15/2025 |
| | | | 1,514,006 | | | | | | 0.3 | | |
| 1,050,000 (1) | | | Masonite International Corp., 5.375%, 02/01/2028 |
| | | | 1,037,768 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
68
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Industrial (continued) | | ||||||||||||
| 1,025,000 (1) | | | Masonite International Corp., 5.750%, 09/15/2026 |
| | | $ | 1,013,256 | | | | | | 0.2 | | |
| 930,000 (1)(2) | | | Mauser Packaging Solutions Holding Co., 7.250%, 04/15/2025 |
| | | | 711,478 | | | | | | 0.1 | | |
| 525,000 (1)(2) | | | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 |
| | | | 517,784 | | | | | | 0.1 | | |
| 1,450,000 (1)(2) | | | Owens-Brockway Glass Container, Inc., 6.375%, 08/15/2025 |
| | | | 1,388,375 | | | | | | 0.3 | | |
| 1,850,000 (1) | | | PGT Innovations, Inc., 6.750%, 08/01/2026 |
| | | | 1,760,196 | | | | | | 0.4 | | |
| 1,600,000 (1) | | | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 07/15/2023 |
| | | | 1,597,992 | | | | | | 0.3 | | |
| 725,000 (1) | | | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024 |
| | | | 740,859 | | | | | | 0.2 | | |
| 1,125,000 (1) | | | Sealed Air Corp., 5.500%, 09/15/2025 |
| | | | 1,148,912 | | | | | | 0.2 | | |
| 3,225,000 (1) | | | Standard Industries, Inc./NJ, 6.000%, 10/15/2025 |
| | | | 3,193,621 | | | | | | 0.7 | | |
| 1,590,000 (1)(2) | | | Stevens Holding Co., Inc., 6.125%, 10/01/2026 |
| | | | 1,584,367 | | | | | | 0.3 | | |
| 600,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 |
| | | | 563,247 | | | | | | 0.1 | | |
| 1,175,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027 |
| | | | 1,120,412 | | | | | | 0.2 | | |
| 2,450,000 | | | TransDigm, Inc., 6.375%-6.500%, 05/15/2025-06/15/2026 |
| | | | 2,352,338 | | | | | | 0.5 | | |
| 422,000 (1) | | | Zekelman Industries, Inc., 9.875%, 06/15/2023 |
| | | | 410,131 | | | | | | 0.1 | | |
| | | | | | | | | 58,690,687 | | | | | | 12.0 | | |
| | | | Technology: 5.2% | | ||||||||||||
| 2,350,000 (1) | | | Ascend Learning LLC, 6.875%, 08/01/2025 |
| | | | 2,300,051 | | | | | | 0.5 | | |
| 1,100,000 (1) | | | Castle US Holding Corp., 9.500%, 02/15/2028 |
| | | | 1,051,187 | | | | | | 0.2 | | |
| 2,625,000(2) | | | CDW LLC / CDW Finance Corp., 5.000%-5.500%, 12/01/2024-09/01/2025 |
| | | | 2,741,040 | | | | | | 0.6 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Technology (continued) | | ||||||||||||
| 2,725,000 (1) | | | Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/2025 |
| | | $ | 2,540,981 | | | | | | 0.5 | | |
| 315,000 (1) | | | Dell International LLC / EMC Corp., 5.875%, 06/15/2021 |
| | | | 315,000 | | | | | | 0.1 | | |
| 3,575,000 (1)(2) | | | Dell International LLC / EMC Corp., 7.125%, 06/15/2024 |
| | | | 3,704,594 | | | | | | 0.7 | | |
| 900,000 (1) | | | MSCI, Inc., 4.000%, 11/15/2029 |
| | | | 899,037 | | | | | | 0.2 | | |
| 380,000 (1) | | | MSCI, Inc., 5.750%, 08/15/2025 |
| | | | 395,135 | | | | | | 0.1 | | |
| 1,075,000 (1) | | | MTS Systems Corp., 5.750%, 08/15/2027 |
| | | | 1,006,246 | | | | | | 0.2 | | |
| 375,000 (1) | | | Open Text Corp., 3.875%, 02/15/2028 |
| | | | 354,258 | | | | | | 0.1 | | |
| 650,000 (1) | | | Open Text Corp., 5.875%, 06/01/2026 |
| | | | 685,392 | | | | | | 0.1 | | |
| 700,000 (1) | | | Open Text Holdings, Inc., 4.125%, 02/15/2030 |
| | | | 662,113 | | | | | | 0.1 | | |
| 1,575,000 (1) | | | RP Crown Parent LLC, 7.375%, 10/15/2024 |
| | | | 1,514,433 | | | | | | 0.3 | | |
| 1,405,000 (1) | | | Science Applications International Corp., 4.875%, 04/01/2028 |
| | | | 1,356,703 | | | | | | 0.3 | | |
| 2,450,000 (1) | | | Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.750%, 06/01/2025 |
| | | | 2,260,199 | | | | | | 0.5 | | |
| 2,475,000 (1)(2) | | | Veritas US, Inc. / Veritas Bermuda Ltd.., 10.500%, 02/01/2024 |
| | | | 2,106,831 | | | | | | 0.4 | | |
| 1,525,000 (3) | | | Other Securities | | | | | 1,446,836 | | | | | | 0.3 | | |
| | | | | | | | | 25,340,036 | | | | | | 5.2 | | |
| | | | Utilities: 2.3% | | ||||||||||||
| 2,225,000 | | | Calpine Corp., 5.750%, 01/15/2025 |
| | | | 2,074,813 | | | | | | 0.4 | | |
| 1,100,000 (1) | | | Clearway Energy Operating LLC, 4.750%, 03/15/2028 |
| | | | 1,024,375 | | | | | | 0.2 | | |
| 2,025,000 (1) | | | Drax Finco PLC, 6.625%, 11/01/2025 |
| | | | 2,042,729 | | | | | | 0.4 | | |
| 1,850,000 (1) | | | LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/2023 |
| | | | 1,750,553 | | | | | | 0.4 | | |
| 2,200,000 (2) | | | NRG Energy, Inc., 5.750%-6.625%, 01/15/2027-01/15/2028 |
| | | | 2,281,210 | | | | | | 0.5 | | |
See Accompanying Notes to Financial Statements
69
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Utilities (continued) | | ||||||||||||
| 725,000 (1) | | | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |
| | | $ | 751,801 | | | | | | 0.1 | | |
| 1,200,000 (1) | | | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |
| | | | 1,244,160 | | | | | | 0.3 | | |
| | | | | | | | | 11,169,641 | | | | | | 2.3 | | |
| | | | Total Corporate Bonds/Notes |
| | | | | | | | | | | | |
| | | | (Cost $488,004,605) | | | |
|
453,195,147
|
| | | |
|
92.8
|
| |
| BANK LOANS: 1.0% | | |||||||||||||||
| | | | Consumer, Non-cyclical: 0.3% | | ||||||||||||
| 1,012,188 | | | Bellring Brands LLC – TL B 1L, 6.000%, (US0001M + 5.000%), 10/10/2024 |
| | | | 956,517 | | | | | | 0.2 | | |
| 945,214 | | | Envision Healthcare Corporation 2018 1st Lien Term Loan, 4.739%, (US0003M + 3.750%), 09/28/2025 |
| | | | 506,635 | | | | | | 0.1 | | |
| | | | | | | | | 1,463,152 | | | | | | 0.3 | | |
| | | | Containers & Glass Products: 0.2% | | ||||||||||||
| 852,896 | | | Reynolds Group Holdings Inc. USD 2017 Term Loan, 3.739%, (US0001M + 2.750%), 02/05/2023 |
| | |
|
813,450
|
| | | |
|
0.2
|
| |
| | | | Electronics/Electrical: 0.3% | | ||||||||||||
| 1,922,123 | | | Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 4.762%, (US0003M + 3.000%), 11/03/2023 |
| | |
|
1,725,105
|
| | | |
|
0.3
|
| |
| | | | Health Care: 0.2% | | ||||||||||||
| 845,625 | | | Bausch Health Companies, Inc. 2018 Term Loan B, 3.612%, (US0001M + 3.000%), 06/02/2025 |
| | |
|
810,390
|
| | | |
|
0.2
|
| |
| | | | Total Bank Loans | | | | | | | | | | | | | |
| | | | (Cost $5,245,790) | | | |
|
4,812,097
|
| | | |
|
1.0
|
| |
| CONVERTIBLE BONDS/NOTES: 0.1% | | |||||||||||||||
| | | | Communications: 0.1% | | ||||||||||||
| 625,000 | | | Other Securities | | | |
|
508,969
|
| | | |
|
0.1
|
| |
| | | | Total Convertible Bonds/Notes (Cost $619,800) |
| | |
|
508,969
|
| | | |
|
0.1
|
| |
| | ||||||||||||||||
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMON STOCK: 0.2% | | |||||||||||||||
| | | | Consumer Staples: 0.2% | | ||||||||||||
| 27,789 (5)(6) | | | Other Securities | | | |
$
|
889,248
|
| | | |
|
0.2
|
| |
| | | | Total Common Stock (Cost $848,084) |
| | |
|
889,248
|
| | | |
|
0.2
|
| |
| | | | Total Long-Term Investments (Cost $494,718,279) |
| | |
|
459,405,461
|
| | | |
|
94.1
|
| |
| | ||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: 12.4% | | |||||||||||||||
| | | | Commercial Paper: 1.4% | | ||||||||||||
| 1,500,000 | | | American Electric Power Co., Inc., 3.190%, 04/13/2020 |
| | | | 1,498,300 | | | | | | 0.2 | | |
| 2,000,000 | | | Dominion Resources, Inc., 2.790%, 04/06/2020 |
| | | | 1,999,086 | | | | | | 0.4 | | |
| 950,000 (7) | | | Exxon Mobil Corp., 1.600%, 06/03/2020 |
| | | | 946,424 | | | | | | 0.2 | | |
| 950,000 (7) | | | Federal Republic of Germany, 1.620%, 05/21/2020 |
| | | | 948,654 | | | | | | 0.2 | | |
| 950,000 (7) | | | LMA Americas LLC, 1.660%, 04/07/2020 |
| | | | 949,797 | | | | | | 0.2 | | |
| 950,000 (7) | | | Pfizer Inc., 1.630%, 06/15/2020 |
| | | | 946,410 | | | | | | 0.2 | | |
| | | | Total Commercial Paper | | | | | | | | | | | | | |
| | | | (Cost $7,290,050) | | | |
|
7,288,671
|
| | | |
|
1.4
|
| |
| | | | Floating Rate Notes: 3.6% | | ||||||||||||
| 825,000 (7) | | | Australia & New Zealand Banking Group Ltd., 1.220%, 04/09/2020 |
| | | | 825,129 | | | | | | 0.2 | | |
| 250,000 (7) | | | Bank of America Corp., 1.200%, 05/07/2020 |
| | | | 249,845 | | | | | | 0.0 | | |
| 525,000 (7) | | | Bank of Montreal, 0.210%, 07/13/2020 |
| | | | 523,328 | | | | | | 0.1 | | |
| 275,000 (7) | | | Bank of Montreal, 0.980%, 08/26/2020 |
| | | | 275,003 | | | | | | 0.1 | | |
| 900,000 (7) | | | Bank of Nova Scotia, 1.240%, 05/08/2020 |
| | | | 900,311 | | | | | | 0.2 | | |
| 950,000 (7) | | | Canadian Imperial Bank of Commerce, 0.240%, 08/28/2020 |
| | | | 945,010 | | | | | | 0.2 | | |
| 700,000 (7) | | | Commonwealth Bank of Australia, 0.950%, 06/10/2020 |
| | | | 699,396 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
70
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Floating Rate Notes (continued) | | ||||||||||||
| 250,000 (7) | | | Commonwealth Bank of Australia, 1.200%, 07/06/2020 |
| | | $ | 249,830 | | | | | | 0.1 | | |
| 700,000 (7) | | | Coöperatieve Rabobank U.A., 0.990%, 04/20/2020 |
| | | | 700,176 | | | | | | 0.1 | | |
| 625,000 (7) | | | Crédit Industriel et Commercial, 1.140%, 04/24/2020 |
| | | | 625,175 | | | | | | 0.1 | | |
| 775,000 (7) | | | Credit Suisse Group AG, 0.360%, 04/17/2020 |
| | | | 774,972 | | | | | | 0.1 | | |
| 700,000 (7) | | | HSBC Bank PLC, 1.520%, 06/03/2020 |
| | | | 699,468 | | | | | | 0.1 | | |
| 325,000 (7) | | | J.P. Morgan Securities LLC, 1.190%, 07/08/2020 |
| | | | 324,834 | | | | | | 0.1 | | |
| 950,000 (7) | | | Lloyds Bank PLC, 1.080%, 07/31/2020 |
| | | | 949,454 | | | | | | 0.2 | | |
| 700,000 (7) | | | Mizuho Financial Group Inc., 1.140%, 05/22/2020 |
| | | | 700,216 | | | | | | 0.1 | | |
| 250,000 (7) | | | Mizuho Financial Group Inc., 1.640%, 05/05/2020 |
| | | | 250,118 | | | | | | 0.1 | | |
| 700,000 (7) | | | National Bank of Canada, 1.840%, 05/01/2020 |
| | | | 699,761 | | | | | | 0.1 | | |
| 950,000 (7) | | | Oversea-Chinese Banking Corp., Ltd., 0.820%, 07/15/2020 |
| | | | 949,286 | | | | | | 0.2 | | |
| 800,000 (7) | | | Royal Bank of Canada, 0.960%, 07/17/2020 |
| | | | 799,316 | | | | | | 0.2 | | |
| 975,000 (7) | | | Skandinaviska Enskilda Banken AB, 1.780%, 05/11/2020 |
| | | | 974,532 | | | | | | 0.2 | | |
| 950,000 (7) | | | Societe Generale, 0.290%, 09/04/2020 |
| | | | 946,093 | | | | | | 0.2 | | |
| 300,000 (7) | | | Sumitomo Mitsui Trust Holdings, Inc., 1.190%, 04/24/2020 |
| | | | 300,092 | | | | | | 0.1 | | |
| 950,000 (7) | | | Svenska Handelsbanken AB, 1.160%, 07/07/2020 |
| | | | 949,597 | | | | | | 0.2 | | |
| 800,000 (7) | | | The Norinchukin Bank, 1.200%, 04/24/2020 |
| | | | 800,091 | | | | | | 0.2 | | |
| 475,000 (7) | | | The Sumitomo Mitsui Financial Group, 1.020%, 08/25/2020 |
| | | | 474,476 | | | | | | 0.1 | | |
| 450,000 (7) | | | The Sumitomo Mitsui Financial Group, 1.040%, 05/12/2020 |
| | | | 450,247 | | | | | | 0.1 | | |
| 400,000 (7) | | | Westpac Banking Corp, 1.520%, 06/03/2020 |
| | | | 399,696 | | | | | | 0.1 | | |
| | | | Total Floating Rate Notes | | | | | | | | | | | | | |
| | | | (Cost $17,435,452) | | | |
|
17,435,452
|
| | | |
|
3.6
|
| |
| | ||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements: 3.3% | | ||||||||||||
| 3,797,254 (7) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $3,797,256, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,873,199, due 05/01/20-02/20/70) |
| | | $ | 3,797,254 | | | | | | 0.8 | | |
| 1,635,005 (7) | | | CF Secured LLC, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,635,006, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,667,707, due 12/15/21-11/20/66) |
| | | | 1,635,005 | | | | | | 0.3 | | |
| 1,250,790 (7) | | | Citadel Securities LLC, Repurchase Agreement dated 03/31/20, 0.09%, due 04/01/20 (Repurchase Amount $1,250,793, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $1,275,809, due 04/07/20-02/15/50) |
| | | | 1,250,790 | | | | | | 0.3 | | |
| 1,362,412 (7) | | | Industrial & Comm. Bank of China, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,362,413, collateralized by various U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,389,660, due 04/02/20-03/01/50) |
| | | | 1,362,412 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
71
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements (continued) | | ||||||||||||
| 8,075,752 (7) | | | Royal Bank of Canada (NY), Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $8,075,754, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $8,237,267, due 08/01/23-06/01/51) |
| | | $ | 8,075,752 | | | | | | 1.6 | | |
| | | | Total Repurchase Agreements |
| | | | | | | | | | | | |
| | | | (Cost $16,121,213) | | | |
|
16,121,213
|
| | | |
|
3.3
|
| |
| | | | | | ||||||||||||
| | | | Certificates of Deposit: 0.2% | | ||||||||||||
| 550,000 (7) | | | Landesbank Baden-Wurttemberg, 1.630%, 04/24/2020 |
| | | | 550,294 | | | | | | 0.1 | | |
| 400,000 (7) | | | Landesbank Baden-Wurttemberg, 1.640%, 04/21/2020 |
| | | | 400,211 | | | | | | 0.1 | | |
| | | |
Total Certificates of Deposit
|
| | | | | | | | | | | | |
| | | | (Cost $950,505) | | | |
|
950,505
|
| | | |
|
0.2
|
| |
| | | | | | | | | | | | | | | | | |
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| | | | Mutual Funds: 3.9% | | ||||||||||||
| 940,000 (7) | | | Fidelity Investments Money Market Government Portfolio – Institutional Class, 0.380% |
| | | | 940,000 | | | | | | 0.2 | | |
| 16,330,000(8) | | | Goldman Sachs Financial Square Government Fund – Institutional Shares, 0.340% |
| | | | 16,330,000 | | | | | | 3.3 | | |
| 970,000 (7)(8) | | | Invesco Short-Term Investments Trust Government & Agency Portfolio – Institutional Class, 0.490% |
| | | | 970,000 | | | | | | 0.2 | | |
| 768,000(7)(8) | | | Morgan Stanley Institutional Liquidity Funds – Government Portfolio (Institutional Share Class), 0.250% |
| | | | 768,000 | | | | | | 0.2 | | |
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Mutual Funds (continued) | | ||||||||||||
| | | | Total Mutual Funds | | | | | | | | | | | | | |
| | | |
(Cost $19,008,000)
|
| | | $ | 19,008,000 | | | | | | 3.9 | | |
| | | | Total Short-Term Investments |
| | | | | | | | | | | | |
| | | | (Cost $60,805,220) | | | |
|
60,803,841
|
| | | |
|
12.4
|
| |
| | | | Total Investments in Securities |
| ||||||||||||
| | | | (Cost $555,523,499) | | | | $ | 520,209,302 | | | | | | 106.5 | | |
| | | | Liabilities in Excess of Other Assets |
| | | | (31,886,197) | | | | | | (6.5) | | |
| | | | Net Assets | | | | $ | 488,323,105 | | | | | | 100.0 | | |
| | ||||||||||||||||
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of March 31, 2020.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)
Security, or a portion of the security, is on loan.
(3)
The grouping contains securities on loan.
(4)
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.
(5)
The grouping contains non-income producing securities.
(6)
The grouping contains Level 3 securities.
(7)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(8)
Rate shown is the 7-day yield as of March 31, 2020.
Reference Rate Abbreviations:
US0001M 1-month LIBOR
US0003M 3-month LIBOR
See Accompanying Notes to Financial Statements
72
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya High Yield Bond Fund | as of March 31, 2020 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Consumer Staples
|
| | | $ | — | | | | | $ | — | | | | | $ | 889,248 | | | | | $ | 889,248 | | |
| Total Common Stock | | | | | — | | | | | | — | | | | | | 889,248 | | | | | | 889,248 | | |
| Corporate Bonds/Notes | | | | | — | | | | | | 453,195,147 | | | | | | — | | | | | | 453,195,147 | | |
| Bank Loans | | | | | — | | | | | | 4,812,097 | | | | | | — | | | | | | 4,812,097 | | |
| Convertible Bonds/Notes | | | | | — | | | | | | 508,969 | | | | | | — | | | | | | 508,969 | | |
| Short-Term Investments | | | | | 16,330,000 | | | | | | 44,473,841 | | | | | | — | | | | | | 60,803,841 | | |
| Total Investments, at fair value | | | | $ | 16,330,000 | | | | | $ | 502,990,054 | | | | | $ | 889,248 | | | | | $ | 520,209,302 | | |
^
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.
At March 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
| | Cost for federal income tax purposes was $555,749,997. | | | |||||
| | Net unrealized depreciation consisted of: | | | |||||
| |
Gross Unrealized Appreciation
|
| | | $ | 5,936,677 | | |
| |
Gross Unrealized Depreciation
|
| | | | (41,477,372) | | |
| |
Net Unrealized Depreciation
|
| | | $ | (35,540,695) | | |
See Accompanying Notes to Financial Statements
73
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: 32.5% | | |||||||||||||||
| | | | Basic Materials: 1.0% | | ||||||||||||
| 1,377,000 (1) | | | Anglo American Capital PLC, 3.625%, 09/11/2024 |
| | | $ | 1,298,205 | | | | | | 0.0 | | |
| 2,746,000 (1) | | | Anglo American Capital PLC, 4.875%, 05/14/2025 |
| | | | 2,669,217 | | | | | | 0.1 | | |
| 1,846,000 (1) | | | Anglo American Capital PLC, 5.625%, 04/01/2030 |
| | | | 1,877,489 | | | | | | 0.0 | | |
| 750,000 (1) | | | Braskem Netherlands Finance BV, 4.500%, 01/31/2030 |
| | | | 586,500 | | | | | | 0.0 | | |
| 3,410,000 (1) | | | Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028 |
| | | | 3,463,457 | | | | | | 0.0 | | |
| 1,960,000 (1) | | | Georgia-Pacific LLC, 3.163%, 11/15/2021 |
| | | | 1,987,912 | | | | | | 0.0 | | |
| 7,120,000 (1) | | | Newcrest Finance Pty Ltd., 4.450%, 11/15/2021 |
| | | | 7,305,384 | | | | | | 0.1 | | |
| 4,300,000 (1) | | | Novelis Corp., 4.750%, 01/30/2030 |
| | | | 3,851,187 | | | | | | 0.0 | | |
| 7,180,000 (1)(2) | | | Valvoline, Inc., 4.250%, 02/15/2030 |
| | | | 6,717,788 | | | | | | 0.1 | | |
| 56,397,000 | | | Other Securities | | | | | 54,442,415 | | | | | | 0.7 | | |
| | | | | | | | | 84,199,554 | | | | | | 1.0 | | |
| | | | Communications: 2.8% | | ||||||||||||
| 27,879,000 (2) | | | AT&T, Inc., 2.950%- 5.150%, 07/15/2026- 02/15/2050 |
| | | | 30,914,884 | | | | | | 0.4 | | |
| 26,839,000 (2) | | | Comcast Corp., 2.650%- 4.600%, 10/15/2025- 11/01/2049 |
| | | | 30,393,428 | | | | | | 0.4 | | |
| 9,425,000 (1)(2) | | | CommScope Technologies LLC, 5.000%, 03/15/2027 |
| | | | 8,247,582 | | | | | | 0.1 | | |
| 8,250,000 (1) | | | CSC Holdings LLC, 5.750%, 01/15/2030 |
| | | | 8,350,732 | | | | | | 0.1 | | |
| 1,875,000 (1)(2) | | | Deutsche Telekom AG, 3.625%, 01/21/2050 |
| | | | 1,874,551 | | | | | | 0.0 | | |
| 9,075,000 (1) | | | Front Range BidCo, Inc., 4.000%, 03/01/2027 |
| | | | 8,734,688 | | | | | | 0.1 | | |
| 8,075,000 (1) | | | Gray Television, Inc., 7.000%, 05/15/2027 |
| | | | 8,079,441 | | | | | | 0.1 | | |
| 4,425,000 (1) | | | Match Group, Inc., 4.125%, 08/01/2030 |
| | | | 3,979,734 | | | | | | 0.0 | | |
| 9,365,000 (1) | | | NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199 |
| | | | 9,366,264 | | | | | | 0.1 | | |
| 3,835,000 (1)(2) | | | Sinclair Television Group, Inc., 5.125%, 02/15/2027 |
| | | | 3,273,335 | | | | | | 0.0 | | |
| 3,990,000 (1) | | | Sirius XM Radio, Inc., 5.500%, 07/01/2029 |
| | | | 4,091,944 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 3,420,000 (1) | | | Tencent Holdings Ltd., 2.985%, 01/19/2023 |
| | | $ | 3,491,800 | | | | | | 0.0 | | |
| 20,200,000 (2) | | | Verizon Communications, Inc., 3.850%-4.812%, 12/03/2029-03/22/2050 |
| | | | 23,579,447 | | | | | | 0.3 | | |
| 5,195,000 (1)(2) | | | ViaSat, Inc., 5.625%, 04/15/2027 |
| | | | 5,158,895 | | | | | | 0.1 | | |
| 77,671,000 (3) | | | Other Securities | | | | | 80,701,901 | | | | | | 1.0 | | |
| | | | | | | | | 230,238,626 | | | | | | 2.8 | | |
| | | | Consumer, Cyclical: 1.9% | | ||||||||||||
| 6,225,000 (1) | | | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 |
| | | | 5,983,750 | | | | | | 0.1 | | |
| 5,115,000 (1)(2) | | | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 |
| | | | 4,386,112 | | | | | | 0.1 | | |
| 4,205,000 (1) | | | BMW US Capital LLC, 3.400%, 08/13/2021 |
| | | | 4,200,632 | | | | | | 0.0 | | |
| 4,340,000 (1) | | | BMW US Capital LLC, 3.450%, 04/12/2023 |
| | | | 4,316,651 | | | | | | 0.1 | | |
| 5,195,000 (1)(2) | | | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 |
| | | | 3,790,792 | | | | | | 0.0 | | |
| 4,640,000 (1) | | | Daimler Finance North America LLC, 2.125%, 03/10/2025 |
| | | | 4,279,127 | | | | | | 0.0 | | |
| 5,659,000 (1) | | | Daimler Finance North America LLC, 2.300%, 02/12/2021 |
| | | | 5,517,694 | | | | | | 0.1 | | |
| 6,383,000 (1) | | | Daimler Finance North America LLC, 2.550%, 08/15/2022 |
| | | | 6,128,016 | | | | | | 0.1 | | |
| 3,060,000 (1) | | | Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026 |
| | | | 2,719,422 | | | | | | 0.0 | | |
| 6,440,000 (1)(2) | | | PetSmart, Inc., 5.875%, 06/01/2025 |
| | | | 6,391,700 | | | | | | 0.1 | | |
| 3,080,000 (1)(2) | | | Six Flags Entertainment Corp., 5.500%, 04/15/2027 |
| | | | 2,611,994 | | | | | | 0.0 | | |
| 114,921,444 (3) | | | Other Securities | | | | | 107,659,980 | | | | | | 1.3 | | |
| | | | | | | | | 157,985,870 | | | | | | 1.9 | | |
| | | | Consumer, Non-cyclical: 5.6% | | ||||||||||||
| 2,740,000 (1) | | | AbbVie, Inc., 2.300%, 11/21/2022 |
| | | | 2,741,312 | | | | | | 0.0 | | |
| 5,636,000 (1) | | | AbbVie, Inc., 2.600%, 11/21/2024 |
| | | | 5,737,335 | | | | | | 0.1 | | |
| 3,188,000 (1) | | | AbbVie, Inc., 2.950%, 11/21/2026 |
| | | | 3,255,748 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
74
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 2,763,000 (1) | | | AbbVie, Inc., 3.200%, 11/21/2029 |
| | | $ | 2,835,875 | | | | | | 0.0 | | |
| 3,172,000 (1) | | | AbbVie, Inc., 4.050%, 11/21/2039 |
| | | | 3,342,194 | | | | | | 0.1 | | |
| 12,150,000 | | | AbbVie, Inc., 2.900%-4.500%, 11/14/2021-05/14/2046 |
| | | | 13,057,583 | | | | | | 0.2 | | |
| 3,975,000 (1) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 |
| | | | 3,977,186 | | | | | | 0.0 | | |
| 4,145,000 (1)(2) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 |
| | | | 4,241,786 | | | | | | 0.1 | | |
| 3,440,000 (1) | | | Alcon Finance Corp., 3.800%, 09/23/2049 |
| | | | 3,464,262 | | | | | | 0.0 | | |
| 16,550,000 | | | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%-4.900%, 02/01/2036-02/01/2046 |
| | | | 17,965,141 | | | | | | 0.2 | | |
| 4,130,000 | | | Anheuser-Busch InBev Worldwide, Inc., 4.439%-5.450%, 01/23/2039-10/06/2048 |
| | | | 4,545,697 | | | | | | 0.1 | | |
| 4,970,000 (1) | | | Bausch Health Cos, Inc., 5.250%, 01/30/2030 |
| | | | 4,684,225 | | | | | | 0.1 | | |
| 3,275,000 (1)(2) | | | Bausch Health Cos, Inc., 6.125%, 04/15/2025 |
| | | | 3,246,360 | | | | | | 0.0 | | |
| 4,662,000 (1) | | | Bristol-Myers Squibb Co., 3.875%, 08/15/2025 |
| | | | 5,067,617 | | | | | | 0.1 | | |
| 2,250,000 (1) | | | Bristol-Myers Squibb Co., 2.550%, 05/14/2021 |
| | | | 2,277,044 | | | | | | 0.0 | | |
| 3,421,000 (1) | | | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 |
| | | | 4,144,794 | | | | | | 0.1 | | |
| 5,406,000 (1) | | | Bristol-Myers Squibb Co., 4.550%, 02/20/2048 |
| | | | 6,881,975 | | | | | | 0.1 | | |
| 5,377,000 (1) | | | Cargill, Inc., 3.875%, 05/23/2049 |
| | | | 6,534,099 | | | | | | 0.1 | | |
| 4,450,000 (1) | | | Centene Corp., 3.375%, 02/15/2030 |
| | | | 4,155,187 | | | | | | 0.0 | | |
| 6,698,000 (1) | | | Cigna Corp., 3.050%, 11/30/2022 |
| | | | 6,875,548 | | | | | | 0.1 | | |
| 3,471,000 (1) | | | Cigna Corp., 3.250%, 04/15/2025 |
| | | | 3,549,189 | | | | | | 0.1 | | |
| 25,562,000 | | | Cigna Corp., 3.200%-4.900%, 09/17/2020-03/15/2050 |
| | | | 26,653,956 | | | | | | 0.3 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 19,437,000 (2) | | | CVS Health Corp., 3.700%-5.050%, 03/09/2023-03/25/2048 |
| | | $ | 21,284,247 | | | | | | 0.3 | | |
| 7,379,000 (1) | | | Danone SA, 2.947%, 11/02/2026 |
| | | | 7,386,050 | | | | | | 0.1 | | |
| 2,290,000 (1) | | | Imperial Brands Finance PLC, 3.750%, 07/21/2022 |
| | | | 2,292,034 | | | | | | 0.0 | | |
| 3,849,000 (1) | | | Kraft Heinz Foods Co., 4.875%, 02/15/2025 |
| | | | 3,858,139 | | | | | | 0.0 | | |
| 992,000 (1) | | | Mars, Inc., 3.200%, 04/01/2030 |
| | | | 1,038,814 | | | | | | 0.0 | | |
| 1,321,000 (1) | | | Mars, Inc., 3.875%, 04/01/2039 |
| | | | 1,410,594 | | | | | | 0.0 | | |
| 3,336,000 (1) | | | Mars, Inc., 4.125%, 04/01/2054 |
| | | | 3,794,840 | | | | | | 0.1 | | |
| 6,665,000 (1)(2) | | | Pilgrim’s Pride Corp., 5.875%, 09/30/2027 |
| | | | 6,677,997 | | | | | | 0.1 | | |
| 8,405,000 (1) | | | Post Holdings, Inc., 5.500%, 12/15/2029 |
| | | | 8,765,154 | | | | | | 0.1 | | |
| 2,250,000 (1) | | | SC Johnson & Son, Inc., 4.750%, 10/15/2046 |
| | | | 2,680,041 | | | | | | 0.0 | | |
| 8,680,000 (1) | | | Tenet Healthcare Corp., 5.125%, 11/01/2027 |
| | | | 8,321,950 | | | | | | 0.1 | | |
| 19,549,000 | | | Unilever Capital Corp., 3.000%-3.250%, 03/07/2022-03/07/2024 |
| | | | 20,457,699 | | | | | | 0.2 | | |
| 222,814,000 (3) | | | Other Securities | | | | | 230,531,963 | | | | | | 2.8 | | |
| | | | | | | | | 457,733,635 | | | | | | 5.6 | | |
| | | | Energy: 3.3% | | ||||||||||||
| 4,095,000 (1) | | | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 |
| | | | 3,079,943 | | | | | | 0.0 | | |
| 5,525,000 (1) | | | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027 |
| | | | 3,079,000 | | | | | | 0.0 | | |
| 400,000 (1) | | | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 |
| | | | 375,726 | | | | | | 0.0 | | |
| 1,575,000 (1) | | | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 |
| | | | 1,557,675 | | | | | | 0.0 | | |
| 1,020,000 (1) | | | MPLX L.P., 5.250%, 01/15/2025 |
| | | | 899,462 | | | | | | 0.0 | | |
| 10,650,000 (1)(2) | | | Pertamina Persero PT, 3.100%, 01/21/2030 |
| | | | 9,477,806 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Petroleos del Peru SA, 4.750%, 06/19/2032 |
| | | | 3,674,210 | | | | | | 0.1 | | |
| 12,600,000 (1) | | | Petroleos Mexicanos, 5.950%, 01/28/2031 |
| | | | 8,726,760 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
75
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Energy (continued) | | ||||||||||||
| 5,190,000 (1) | | | Schlumberger Investment SA, 2.400%, 08/01/2022 |
| | | $ | 5,093,153 | | | | | | 0.1 | | |
| 1,656,000 (1) | | | Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021 |
| | | | 1,677,750 | | | | | | 0.0 | | |
| 282,899,000 (3) | | | Other Securities | | | | | 234,770,057 | | | | | | 2.9 | | |
| | | | | | | | | 272,411,542 | | | | | | 3.3 | | |
| | | | Financial: 10.3% | | ||||||||||||
| 9,100,000 (1) | | | ABN AMRO Bank NV, 4.750%, 07/28/2025 |
| | | | 9,175,892 | | | | | | 0.1 | | |
| 2,465,000 (1)(2) | | | ANZ New Zealand Int’l Ltd./London, 2.550%, 02/13/2030 |
| | | | 2,407,055 | | | | | | 0.0 | | |
| 3,420,000 (1) | | | ANZ New Zealand Int’l Ltd./London, 3.400%, 03/19/2024 |
| | | | 3,546,776 | | | | | | 0.1 | | |
| 4,600,000 (1)(2) | | | Banco Bradesco SA/ Cayman Islands, 3.200%, 01/27/2025 |
| | | | 4,214,796 | | | | | | 0.1 | | |
| 50,645,000 (2)(4) | | | Bank of America Corp., 2.496%-5.125%, 05/17/2022-12/31/2199 |
| | | | 52,860,949 | | | | | | 0.6 | | |
| 3,395,000 (1) | | | Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024 |
| | | | 3,330,849 | | | | | | 0.0 | | |
| 2,980,000 (1) | | | Barclays Bank PLC, 10.179%, 06/12/2021 |
| | | | 3,168,065 | | | | | | 0.0 | | |
| 9,060,000 (1)(4) | | | BNP Paribas SA, 2.819%, 11/19/2025 |
| | | | 8,966,122 | | | | | | 0.1 | | |
| 2,000,000 (1)(4) | | | BNP Paribas SA, 3.052%, 01/13/2031 |
| | | | 1,902,302 | | | | | | 0.0 | | |
| 4,499,000 (1) | | | BNP Paribas SA, 3.375%, 01/09/2025 |
| | | | 4,477,820 | | | | | | 0.1 | | |
| 8,130,000 (1)(2) | | | BPCE SA, 2.700%, 10/01/2029 |
| | | | 7,732,702 | | | | | | 0.1 | | |
| 2,094,000 (1) | | | BPCE SA, 5.150%, 07/21/2024 |
| | | | 2,211,627 | | | | | | 0.0 | | |
| 7,020,000 (1) | | | BPCE SA, 5.700%, 10/22/2023 |
| | | | 7,225,545 | | | | | | 0.1 | | |
| 25,155,000 (2)(4) | | | Canadian Imperial Bank of Commerce, 2.250%-3.100%, 07/22/2023-01/28/2025 |
| | | | 25,252,234 | | | | | | 0.3 | | |
| 5,310,000 | | | Citibank NA, 3.400%, 07/23/2021 |
| | | | 5,394,995 | | | | | | 0.1 | | |
| 8,085,000 (4) | | | Citigroup, Inc., 2.876%-5.500%, 07/24/2023-09/13/2025 |
| | | | 8,669,397 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Financial (continued) | | ||||||||||||
| 1,147,000 (1)(2) | | | Citizens Financial Group, Inc., 4.150%, 09/28/2022 |
| | | $ | 1,175,788 | | | | | | 0.0 | | |
| 1,520,000 (1) | | | Commonwealth Bank of Australia, 3.743%, 09/12/2039 |
| | | | 1,289,144 | | | | | | 0.0 | | |
| 4,330,000 (1) | | | Credit Agricole SA/ London, 2.375%, 07/01/2021 |
| | | | 4,261,594 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Credit Agricole SA/ London, 2.375%, 01/22/2025 |
| | | | 3,922,556 | | | | | | 0.1 | | |
| 4,068,000 (1) | | | Credit Suisse AG, 6.500%, 08/08/2023 |
| | | | 4,158,741 | | | | | | 0.0 | | |
| 6,870,000 (1)(4) | | | Credit Suisse Group AG, 2.997%, 12/14/2023 |
| | | | 6,697,187 | | | | | | 0.1 | | |
| 1,170,000 (1)(4) | | | Credit Suisse Group AG, 3.869%, 01/12/2029 |
| | | | 1,186,702 | | | | | | 0.0 | | |
| 3,166,000 (1)(4) | | | Credit Suisse Group AG, 4.194%, 04/01/2031 |
| | | | 3,249,807 | | | | | | 0.1 | | |
| 1,441,000 (1) | | | Credit Suisse Group AG, 4.282%, 01/09/2028 |
| | | | 1,478,702 | | | | | | 0.0 | | |
| 5,660,000 | | | Credit Suisse Group Funding Guernsey Ltd., 3.450%-3.800%, 04/16/2021-09/15/2022 |
| | | | 5,733,776 | | | | | | 0.1 | | |
| 8,650,000 (1) | | | Danske Bank A/S, 2.800%, 03/10/2021 |
| | | | 8,641,725 | | | | | | 0.1 | | |
| 2,005,000 (1) | | | Danske Bank A/S, 5.000%, 01/12/2022 |
| | | | 2,054,423 | | | | | | 0.0 | | |
| 8,775,000 (1)(2) | | | ESH Hospitality, Inc., 4.625%, 10/01/2027 |
| | | | 6,893,201 | | | | | | 0.1 | | |
| 2,931,000 (1)(2) | | | Fairfax US, Inc., 4.875%, 08/13/2024 |
| | | | 3,090,588 | | | | | | 0.0 | | |
| 4,670,000 (1) | | | Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025 |
| | | | 4,529,095 | | | | | | 0.0 | | |
| 13,105,000 (1)(2) | | | Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020 |
| | | | 12,987,563 | | | | | | 0.2 | | |
| 3,135,000 (1)(4) | | | Harborwalk Funding Trust, 5.077%, 02/15/2069 |
| | | | 3,709,803 | | | | | | 0.0 | | |
| 4,791,000 (1) | | | HSBC Bank PLC, 4.125%, 08/12/2020 |
| | | | 4,805,219 | | | | | | 0.1 | | |
| 24,316,000 (4) | | | HSBC Holdings PLC, 2.633%-6.000%, 05/18/2024-12/31/2199 |
| | | | 24,719,210 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
76
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Financial (continued) | | ||||||||||||
| 2,500,000 (1)(2) | | | Itau Unibanco Holding SA/Cayman Island, 3.250%, 01/24/2025 |
| | | $ | 2,343,000 | | | | | | 0.0 | | |
| 49,599,000 (2)(4) | | | JPMorgan Chase & Co., 2.301%-5.000%, 10/29/2020-12/31/2199 |
| | | | 51,577,433 | | | | | | 0.6 | | |
| 2,838,000 (1) | | | KKR Group Finance Co. VII LLC, 3.625%, 02/25/2050 |
| | | | 2,354,924 | | | | | | 0.0 | | |
| 6,322,000 (1) | | | Liberty Mutual Group, Inc., 3.951%, 10/15/2050 |
| | | | 5,894,021 | | | | | | 0.1 | | |
| 3,080,000 (1) | | | Mizuho Financial Group, Inc., 2.632%, 04/12/2021 |
| | | | 3,081,448 | | | | | | 0.1 | | |
| 660,000 (1)(2) | | | Mizuho Financial Group, Inc., 3.477%, 04/12/2026 |
| | | | 652,438 | | | | | | 0.0 | | |
| 26,071,000 (4) | | | Morgan Stanley, 2.750%-5.597%, 07/28/2021-03/24/2051 |
| | | | 28,122,421 | | | | | | 0.3 | | |
| 2,990,000 (1)(4) | | | National Australia Bank Ltd., 3.933%, 08/02/2034 |
| | | | 2,950,206 | | | | | | 0.0 | | |
| 5,105,000 (1) | | | Nationwide Building Society, 2.000%, 01/27/2023 |
| | | | 5,003,589 | | | | | | 0.1 | | |
| 1,000,000 (1)(2)(4) | | | NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199 |
| | | | 945,000 | | | | | | 0.0 | | |
| 3,915,000 (1)(2) | | | New York Life Global Funding, 2.875%, 04/10/2024 |
| | | | 4,026,762 | | | | | | 0.1 | | |
| 1,345,000 (1)(2)(4) | | | Nordea Bank ABP, 6.125%, 12/31/2199 |
| | | | 1,197,312 | | | | | | 0.0 | | |
| 4,068,000 (1) | | | Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059 |
| | | | 3,591,846 | | | | | | 0.0 | | |
| 4,200,000 (1) | | | Quicken Loans, Inc., 5.250%, 01/15/2028 |
| | | | 4,136,024 | | | | | | 0.1 | | |
| 4,410,000 | | | Royal Bank of Canada, 2.560%, (US0003M + 0.660%), 10/05/2023 |
| | | | 4,371,906 | | | | | | 0.1 | | |
| 5,930,000 (1) | | | Societe Generale SA, 3.000%, 01/22/2030 |
| | | | 5,457,357 | | | | | | 0.1 | | |
| 24,960,000 (2) | | | Toronto-Dominion Bank/The, 2.650%- 3.500%, 09/17/2020- 06/12/2024 |
| | | | 25,719,351 | | | | | | 0.3 | | |
| 4,125,000 (1) | | | Turkiye Vakiflar Bankasi TAO, 5.250%, 02/05/2025 |
| | | | 3,476,550 | | | | | | 0.0 | | |
| 7,760,000 (1) | | | UBS AG/London, 2.450%, 12/01/2020 |
| | | | 7,741,229 | | | | | | 0.1 | | |
| 7,779,000 (1)(4) | | | UBS Group AG, 2.859%, 08/15/2023 |
| | | | 7,722,130 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Financial (continued) | | ||||||||||||
| 2,565,000 (1)(4) | | | UBS Group AG, 3.126%, 08/13/2030 |
| | | $ | 2,507,577 | | | | | | 0.0 | | |
| 33,459,000 (4) | | | Wells Fargo & Co., 2.406%-4.750%, 08/15/2023-12/07/2046 |
| | | | 34,254,157 | | | | | | 0.4 | | |
| 381,454,006 (3)(5) | | | Other Securities | | | | | 382,457,558 | | | | | | 4.7 | | |
| | | | | | | | | 844,706,189 | | | | | | 10.3 | | |
| | | | Industrial: 2.0% | | ||||||||||||
| 8,620,000 (1) | | | Airbus Finance BV, 2.700%, 04/17/2023 |
| | | | 8,446,989 | | | | | | 0.1 | | |
| 8,465,000 (1) | | | Builders FirstSource, Inc., 5.000%, 03/01/2030 |
| | | | 7,666,116 | | | | | | 0.1 | | |
| 2,350,000 (1) | | | Carrier Global Corp., 2.242%, 02/15/2025 |
| | | | 2,302,830 | | | | | | 0.0 | | |
| 3,290,000 (1) | | | Carrier Global Corp., 2.493%, 02/15/2027 |
| | | | 3,155,593 | | | | | | 0.1 | | |
| 2,965,000 (1) | | | Carrier Global Corp., 2.722%, 02/15/2030 |
| | | | 2,745,536 | | | | | | 0.0 | | |
| 3,085,000 (1) | | | Carrier Global Corp., 3.577%, 04/05/2050 |
| | | | 2,786,900 | | | | | | 0.0 | | |
| 1,475,000 (1) | | | FXI Holdings, Inc., 7.875%, 11/01/2024 |
| | | | 1,007,159 | | | | | | 0.0 | | |
| 3,975,000 (1)(2) | | | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 |
| | | | 3,920,364 | | | | | | 0.1 | | |
| 5,565,000 (1)(2) | | | Sealed Air Corp., 4.000%, 12/01/2027 |
| | | | 5,217,744 | | | | | | 0.1 | | |
| 2,570,000 (1) | | | SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021 |
| | | | 2,549,307 | | | | | | 0.0 | | |
| 2,540,000 (1)(2) | | | SMBC Aviation Capital Finance DAC, 3.550%, 04/15/2024 |
| | | | 2,715,990 | | | | | | 0.1 | | |
| 1,125,000 (1) | | | Standard Industries, Inc./NJ, 4.750%, 01/15/2028 |
| | | | 1,043,907 | | | | | | 0.0 | | |
| 2,885,000 (1)(2) | | | Standard Industries, Inc./NJ, 5.000%, 02/15/2027 |
| | | | 2,645,451 | | | | | | 0.0 | | |
| 4,150,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 |
| | | | 3,895,792 | | | | | | 0.0 | | |
| 5,745,000 (1) | | | TTX Co., 3.600%, 01/15/2025 |
| | | | 6,071,147 | | | | | | 0.1 | | |
| 2,209,000 (1) | | | Vinci SA, 3.750%, 04/10/2029 |
| | | | 2,390,498 | | | | | | 0.0 | | |
| 103,823,000 (3) | | | Other Securities | | | | | 107,878,238 | | | | | | 1.3 | | |
| | | | | | | | | 166,439,561 | | | | | | 2.0 | | |
See Accompanying Notes to Financial Statements
77
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Technology: 1.6% | | ||||||||||||
| 23,353,000 | | | Apple, Inc., 2.400%- 4.450%, 01/13/2023- 11/13/2047 |
| | | $ | 26,765,716 | | | | | | 0.3 | | |
| 2,143,000 (1) | | | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 |
| | | | 2,284,810 | | | | | | 0.1 | | |
| 22,380,000 | | | Microsoft Corp., 2.400%- 4.450%, 08/08/2026- 08/08/2046 |
| | | | 26,556,084 | | | | | | 0.3 | | |
| 70,601,000 (3) | | | Other Securities | | | | | 74,659,664 | | | | | | 0.9 | | |
| | | | | | | | | 130,266,274 | | | | | | 1.6 | | |
| | | | Utilities: 4.0% | | ||||||||||||
| 7,500,000 (1) | | | American Transmission Systems, Inc., 5.000%, 09/01/2044 |
| | | | 8,533,098 | | | | | | 0.1 | | |
| 5,385,000 (1) | | | American Transmission Systems, Inc., 5.250%, 01/15/2022 |
| | | | 5,731,769 | | | | | | 0.1 | | |
| 6,300,000 (1)(2) | | | Centrais Eletricas Brasileiras SA, 3.625%, 02/04/2025 |
| | | | 5,610,213 | | | | | | 0.1 | | |
| 2,166,000 (1) | | | Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028 |
| | | | 2,052,052 | | | | | | 0.0 | | |
| 2,155,000 (4) | | | Duke Energy Corp., 4.875%, 12/31/2199 |
| | | | 1,811,698 | | | | | | 0.0 | | |
| 3,030,000 | | | Duke Energy Florida LLC, 4.200%, 07/15/2048 |
| | | | 3,469,396 | | | | | | 0.0 | | |
| 3,500,000 | | | Duke Energy Indiana LLC, 3.250%, 10/01/2049 |
| | | | 3,553,768 | | | | | | 0.1 | | |
| 10,454,000 (2) | | | Duke Energy Carolinas LLC, 2.950%-4.000%, 12/01/2026-08/15/2049 |
| | | | 11,125,416 | | | | | | 0.1 | | |
| 7,400,000 | | | Duke Energy Progress LLC, 3.700%-4.200%, 08/15/2045-10/15/2046 |
| | | | 8,259,613 | | | | | | 0.1 | | |
| 3,199,000 (1) | | | Jersey Central Power & Light Co., 4.300%, 01/15/2026 |
| | | | 3,426,674 | | | | | | 0.0 | | |
| 3,950,000 (1) | | | Kallpa Generacion SA, 4.125%, 08/16/2027 |
| | | | 3,582,857 | | | | | | 0.1 | | |
| 1,950,000 (1) | | | Metropolitan Edison Co., 3.500%, 03/15/2023 |
| | | | 2,032,264 | | | | | | 0.0 | | |
| 750,000 (1) | | | Perusahaan Listrik Negara PT, 5.375%, 01/25/2029 |
| | | | 786,407 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Utilities (continued) | | ||||||||||||
| 4,500,000 (1) | | | Perusahaan Listrik Negara PT, 5.450%, 05/21/2028 |
| | | $ | 4,722,142 | | | | | | 0.1 | | |
| 259,684,000 (3) | | | Other Securities | | | | | 263,974,575 | | | | | | 3.2 | | |
| | | | | | | | | 328,671,942 | | | | | | 4.0 | | |
| | | | Total Corporate Bonds/Notes (Cost $2,735,430,477) |
| | |
|
2,672,653,193
|
| | | |
|
32.5
|
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 20.8% | | |||||||||||||||
| 1,009,817 (1)(4) | | | Agate Bay Mortgage Trust 2014-2 B4, 3.880%, 09/25/2044 |
| | | | 952,106 | | | | | | 0.0 | | |
| 2,808,625 | | | Alternative Loan Trust 2004-J7 MI, 1.967%, (US0001M + 1.020%), 10/25/2034 |
| | | | 2,572,445 | | | | | | 0.1 | | |
| 2,774,073 | | | Alternative Loan Trust 2005-10CB 1A1, 1.447%, (US0001M + 0.500%), 05/25/2035 |
| | | | 2,100,714 | | | | | | 0.1 | | |
| 2,309,395 | | | Alternative Loan Trust 2005-51 3A2A, 3.256%, (12MTA + 1.290%), 11/20/2035 |
| | | | 1,913,236 | | | | | | 0.0 | | |
| 1,659,243 | | | Alternative Loan Trust 2005-J2 1A12, 1.347%, (US0001M + 0.400%), 04/25/2035 |
| | | | 1,290,796 | | | | | | 0.0 | | |
| 176,465 | | | Alternative Loan Trust 2006-18CB A10, 1.347%, (US0001M + 0.400%), 07/25/2036 |
| | | | 81,358 | | | | | | 0.0 | | |
| 1,058,299 | | | Alternative Loan Trust 2006-19CB A28, 1.547%, (US0001M + 0.600%), 08/25/2036 |
| | | | 577,435 | | | | | | 0.0 | | |
| 937,939 | | | Alternative Loan Trust 2006-HY11 A1, 1.067%, (US0001M + 0.120%), 06/25/2036 |
| | | | 799,309 | | | | | | 0.0 | | |
| 1,142,482 | | | Alternative Loan Trust 2007-23CB A3, 1.447%, (US0001M + 0.500%), 09/25/2037 |
| | | | 452,191 | | | | | | 0.0 | | |
| 2,925,053 | | | Alternative Loan Trust 2007-2CB 2A1, 1.547%, (US0001M + 0.600%), 03/25/2037 |
| | | | 1,443,026 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
78
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,084,858 | | | Alternative Loan Trust 2007-8CB A3, 1.447%, (US0001M + 0.500%), 05/25/2037 |
| | | $ | 531,262 | | | | | | 0.0 | | |
| 1,955,652 | | | American Home Mortgage Assets Trust 2007-4 A4, 1.237%, (US0001M + 0.290%), 08/25/2037 |
| | | | 1,515,851 | | | | | | 0.0 | | |
| 2,473,473 (1)(4) | | | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 |
| | | | 2,361,507 | | | | | | 0.0 | | |
| 1,011,229 | | | Banc of America Funding 2007-2 1A16 Trust, 1.547%, (US0001M + 0.600%), 03/25/2037 |
| | | | 722,249 | | | | | | 0.0 | | |
| 1,038,114 (6) | | | Banc of America Mortgage 2007-2 A8 Trust, 6.000%, 05/25/2037 |
| | | | 224,577 | | | | | | 0.0 | | |
| 4,530,504 | | | Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.137%, (US0001M + 0.190%), 01/25/2037 |
| | | | 3,801,036 | | | | | | 0.1 | | |
| 1,905,745 (1)(4) | | | Chase Mortgage Finance Corp. 2019-1 B2, 3.967%, 03/25/2050 |
| | | | 1,543,022 | | | | | | 0.0 | | |
| 2,226,180 (1)(4) | | | Chase Mortgage Finance Corp. 2019-1 B3, 3.967%, 03/25/2050 |
| | | | 2,153,804 | | | | | | 0.1 | | |
| 1,369,284 (1)(4) | | | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 |
| | | | 1,363,594 | | | | | | 0.0 | | |
| 1,302,190 (1)(4) | | | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 |
| | | | 1,329,424 | | | | | | 0.0 | | |
| 6,446,246 (1)(4) | | | CIM Trust 2019-J1 1A2, 3.500%, 08/25/2049 |
| | | | 6,495,930 | | | | | | 0.1 | | |
| 2,973,518 (1)(4) | | | CIM Trust 2019-J2 B2, 3.856%, 10/25/2049 |
| | | | 2,417,323 | | | | | | 0.1 | | |
| 991,173 (1)(4) | | | CIM Trust 2019-J2 B3, 3.856%, 10/25/2049 |
| | | | 768,378 | | | | | | 0.0 | | |
| 2,600,000 (1)(4) | | | CIM Trust 2019-R5 M2, 3.250%, 09/25/2059 |
| | | | 2,333,228 | | | | | | 0.0 | | |
| 1,329,532 | | | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 |
| | | | 1,275,699 | | | | | | 0.0 | | |
| 1,535,698 (4) | | | Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.344%, 11/25/2036 |
| | | | 1,162,947 | | | | | | 0.0 | | |
| 627,015 (4) | | | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.128%, 09/25/2037 |
| | | | 553,392 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,575,907 (1)(4) | | | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 |
| | | $ | 1,507,829 | | | | | | 0.1 | | |
| 1,680,000 (1)(4) | | | COLT 2018-2 M1 Mortgage Loan Trust, 4.189%, 07/27/2048 |
| | | | 1,621,315 | | | | | | 0.0 | | |
| 1,550,000 (1)(4) | | | COLT 2018-3 M1 Mortgage Loan Trust, 4.283%, 10/26/2048 |
| | | | 1,501,774 | | | | | | 0.0 | | |
| 2,000,000 (1)(4) | | | COLT 2019-1 M1 Mortgage Loan Trust, 4.518%, 03/25/2049 |
| | | | 1,850,676 | | | | | | 0.0 | | |
| 1,887,464 (1)(4) | | | COLT 2019-4 A3 Mortgage Loan Trust, 2.988%, 11/25/2049 |
| | | | 1,852,027 | | | | | | 0.1 | | |
| 7,550,000 (1) | | | Connecticut Avenue Securities Trust 2020-R02 2M2, 2.947%, (US0001M + 2.000%), 01/25/2040 |
| | | | 5,002,444 | | | | | | 0.1 | | |
| 543,897 | | | Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.447%, (US0001M + 0.500%), 11/25/2035 |
| | | | 242,990 | | | | | | 0.0 | | |
| 5,912,165 | | | Countrywide Asset-Backed Certificates 2005-IM1 M1, 1.667%, (US0001M + 0.720%), 11/25/2035 |
| | | | 5,550,257 | | | | | | 0.1 | | |
| 1,814,939 (1) | | | CSMC Series 2008-2R 1A1, 6.000%, 07/25/2037 |
| | | | 1,607,394 | | | | | | 0.0 | | |
| 1,616,914 (1)(4) | | | CSMC Trust 2015-2 B3, 3.922%, 02/25/2045 |
| | | | 1,600,823 | | | | | | 0.0 | | |
| 1,800,000 (1)(4) | | | Deephave Residential Mortgage Trust 2019-2A M1, 3.921%, 04/25/2059 |
| | | | 1,698,039 | | | | | | 0.0 | | |
| 1,360,000 (1)(4) | | | Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057 |
| | | | 1,321,474 | | | | | | 0.0 | | |
| 1,000,000 (1)(4) | | | Deephaven Residential Mortgage Trust 2018-2A M1, 4.375%, 04/25/2058 |
| | | | 965,474 | | | | | | 0.0 | | |
| 2,300,000 (1)(4) | | | Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058 |
| | | | 2,188,068 | | | | | | 0.1 | | |
| 1,000,000 (1)(4) | | | Deephaven Residential Mortgage Trust 2019-4 M1, 3.484%, 10/25/2059 |
| | | | 859,780 | | | | | | 0.0 | | |
| 3,000,000 (1)(4) | | | Deephaven Residential Mortgage Trust 2020-1 M1, 3.010%, 01/25/2060 |
| | | | 2,454,763 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
79
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 90,711,977 (4)(6) | | | Deutsche ALT-A Securities, Inc. ALT 07-AB1 X, 0.845%, 04/25/2037 |
| | | $ | 4,253,566 | | | | | | 0.1 | | |
| 3,251,458 (1)(4) | | | Ellington Financial Mortgage Trust 2019-2 A3, 3.046%, 11/25/2059 |
| | | | 3,151,980 | | | | | | 0.0 | | |
| 4,535,593 (6) | | | Fannie Mae 2008-12 SC, 5.403%, (-1.000*US0001M + 6.350%), 03/25/2038 |
| | | | 965,944 | | | | | | 0.0 | | |
| 8,358,699 | | | Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041 |
| | | | 9,800,132 | | | | | | 0.1 | | |
| 866,058 | | | Fannie Mae 2012-110 CA, 3.000%, 10/25/2042 |
| | | | 922,331 | | | | | | 0.0 | | |
| 5,919,751 | | | Fannie Mae 2012-66 EP, 4.000%, 06/25/2042 |
| | | | 7,136,981 | | | | | | 0.1 | | |
| 5,237,793 | | | Fannie Mae 2013-116 UB, 4.000%, 11/25/2043 |
| | | | 5,757,126 | | | | | | 0.1 | | |
| 4,084,276 | | | Fannie Mae 2013-20 DL, 4.000%, 03/25/2033 |
| | | | 4,600,030 | | | | | | 0.1 | | |
| 27,023,469 (6) | | | Fannie Mae 2016-82 SD, 5.103%, (-1.000*US0001M + 6.050%), 11/25/2046 |
| | | | 6,067,028 | | | | | | 0.1 | | |
| 5,704,946 | | | Fannie Mae 2016-88 EA, 3.500%, 01/25/2045 |
| | | | 6,161,501 | | | | | | 0.1 | | |
| 16,055,858 (6) | | | Fannie Mae 2018-86 US, 5.643%, (-1.000*US0001M + 6.590%), 09/25/2040 |
| | | | 3,932,667 | | | | | | 0.1 | | |
| 21,016,364 | | | Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 5.197%, (US0001M + 4.250%), 04/25/2029 |
| | | | 20,455,553 | | | | | | 0.3 | | |
| 7,008,840 | | | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.947%, (US0001M + 4.000%), 05/25/2025 |
| | | | 6,584,888 | | | | | | 0.1 | | |
| 200,324 | | | Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.947%, (US0001M + 4.000%), 05/25/2025 |
| | | | 190,908 | | | | | | 0.0 | | |
| 1,388,668 | | | Fannie Mae Connecticut Avenue Securities 2015-C03 2M2, 5.947%, (US0001M + 5.000%), 07/25/2025 |
| | | | 1,352,312 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 10,078,792 | | | Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 6.497%, (US0001M + 5.550%), 04/25/2028 |
| | | $ | 9,435,315 | | | | | | 0.1 | | |
| 3,317,584 | | | Fannie Mae Connecticut Avenue Securities 2015-CO1 1M2, 5.247%, (US0001M + 4.300%), 02/25/2025 |
| | | | 3,158,764 | | | | | | 0.0 | | |
| 626,661 | | | Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 7.897%, (US0001M + 6.950%), 08/25/2028 |
| | | | 632,370 | | | | | | 0.0 | | |
| 15,039,496 | | | Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 5.197%, (US0001M + 4.250%), 01/25/2029 |
| | | | 14,300,971 | | | | | | 0.2 | | |
| 18,690,686 | | | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 |
| | | | 18,037,927 | | | | | | 0.2 | | |
| 11,342,749 | | | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 |
| | | | 10,941,318 | | | | | | 0.1 | | |
| 3,577,926 | | | Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 4.497%, (US0001M + 3.550%), 07/25/2029 |
| | | | 3,312,547 | | | | | | 0.1 | | |
| 16,484,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 4.597%, (US0001M + 3.650%), 09/25/2029 |
| | | | 12,032,354 | | | | | | 0.2 | | |
| 4,750,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 |
| | | | 4,269,044 | | | | | | 0.1 | | |
| 10,900,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 3.797%, (US0001M + 2.850%), 11/25/2029 |
| | | | 9,646,761 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
80
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 13,762,512 | | | Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.147%, (US0001M + 2.200%), 01/25/2030 |
| | | $ | 12,311,610 | | | | | | 0.2 | | |
| 1,430,351 | | | Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 3.597%, (US0001M + 2.650%), 02/25/2030 |
| | | | 1,274,661 | | | | | | 0.0 | | |
| 13,855,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 |
| | | | 12,496,027 | | | | | | 0.2 | | |
| 8,568,497 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 3.447%, (US0001M + 2.500%), 05/25/2030 |
| | | | 7,497,457 | | | | | | 0.1 | | |
| 10,865,013 | | | Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 3.747%, (US0001M + 2.800%), 02/25/2030 |
| | | | 9,183,639 | | | | | | 0.1 | | |
| 13,769,786 | | | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 |
| | | | 11,531,033 | | | | | | 0.1 | | |
| 5,550,000 | | | Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.097%, (US0001M + 2.150%), 10/25/2030 |
| | | | 4,679,096 | | | | | | 0.1 | | |
| 11,529,897 | | | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 |
| | | | 9,577,636 | | | | | | 0.1 | | |
| 19,615,000 | | | Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 3.297%, (US0001M + 2.350%), 01/25/2031 |
| | | | 16,709,008 | | | | | | 0.2 | | |
| 13,861,818 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.947%, (US0001M + 2.000%), 03/25/2031 |
| | | | 12,346,103 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 12,658,696 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 |
| | | $ | 10,768,844 | | | | | | 0.1 | | |
| 20,015,652 | | | Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 3.197%, (US0001M + 2.250%), 07/25/2030 |
| | | | 17,539,434 | | | | | | 0.2 | | |
| 5,297,283 (1) | | | Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.247%, (US0001M + 2.300%), 08/25/2031 |
| | | | 4,439,046 | | | | | | 0.1 | | |
| 4,050,000 (1) | | | Fannie Mae Connecticut Avenue Securities 2019-R04 2M2, 3.047%, (US0001M + 2.100%), 06/25/2039 |
| | | | 3,340,676 | | | | | | 0.1 | | |
| 11,372,170 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 3.347%, (US0001M + 2.400%), 04/25/2031 |
| | | | 9,846,772 | | | | | | 0.1 | | |
| 3,300,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.997%, (US0001M + 2.050%), 01/25/2040 |
| | | | 2,008,500 | | | | | | 0.0 | | |
| 7,402,991 | | | Fannie Mae Connecticut Avenue Securities, 6.647%, (US0001M + 5.700%), 04/25/2028 |
| | | | 7,412,703 | | | | | | 0.1 | | |
| 16,519 | | | Fannie Mae Grantor Trust 1998-T2 A6, 0.108%, (US0001M + 0.550%), 01/25/2032 |
| | | | 17,019 | | | | | | 0.0 | | |
| 14,107 (6) | | | Fannie Mae Interest Strip Series 104 2, 9.500%, 10/25/2021 |
| | | | 726 | | | | | | 0.0 | | |
| 458,540 (6) | | | Fannie Mae Interest Strip Series 418 20, 3.000%, 05/25/2043 |
| | | | 35,314 | | | | | | 0.0 | | |
| 1,306,108 (6) | | | Fannie Mae Interest Strip Series 418 59, 3.000%, 08/25/2028 |
| | | | 83,616 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
81
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 484 (6) | | | Fannie Mae Interest Strip Series 83 2, 9.500%, 09/25/2020 |
| | | $ | 6 | | | | | | 0.0 | | |
| 147,686 | | | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 |
| | | | 166,265 | | | | | | 0.0 | | |
| 153,831 (6) | | | Fannie Mae REMIC Trust 1999-6 SE, 6.885%, (-1.000*US0001M + 7.685%), 02/17/2029 |
| | | | 12,975 | | | | | | 0.0 | | |
| 1,202,523 | | | Fannie Mae REMIC Trust 2003-105 AZ, 5.500%, 10/25/2033 |
| | | | 1,396,448 | | | | | | 0.0 | | |
| 424,091 | | | Fannie Mae REMIC Trust 2003-45 FJ, 3.081%, (US0001M + 1.500%), 06/25/2033 |
| | | | 436,757 | | | | | | 0.0 | | |
| 1,591,075 (6) | | | Fannie Mae REMIC Trust 2003-66 SA, 6.703%, (-1.000*US0001M + 7.650%), 07/25/2033 |
| | | | 397,889 | | | | | | 0.0 | | |
| 287,847 (6) | | | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 |
| | | | 61,554 | | | | | | 0.0 | | |
| 784,421 | | | Fannie Mae REMIC Trust 2003-84 PZ, 5.000%, 09/25/2033 |
| | | | 899,317 | | | | | | 0.0 | | |
| 1,139,787 | | | Fannie Mae REMIC Trust 2004-50 VZ, 5.500%, 07/25/2034 |
| | | | 1,300,499 | | | | | | 0.0 | | |
| 23,647 | | | Fannie Mae REMIC Trust 2004-56 FE, 1.397%, (US0001M + 0.450%), 10/25/2033 |
| | | | 23,530 | | | | | | 0.0 | | |
| 599,202 | | | Fannie Mae REMIC Trust 2004-7 Z, 5.500%, 02/25/2034 |
| | | | 670,675 | | | | | | 0.0 | | |
| 1,222,242 | | | Fannie Mae REMIC Trust 2004-75 ZG, 4.500%, 10/25/2034 |
| | | | 1,343,843 | | | | | | 0.0 | | |
| 3,059,543 | | | Fannie Mae REMIC Trust 2005-25 Z, 5.000%, 04/25/2035 |
| | | | 3,484,611 | | | | | | 0.1 | | |
| 153,901 | | | Fannie Mae REMIC Trust 2006-104 ES, 28.717%, (-5.000*US0001M + 33.450%), 11/25/2036 |
| | | | 296,276 | | | | | | 0.0 | | |
| 2,703,758 (6) | | | Fannie Mae REMIC Trust 2006-12 SD, 5.803%, (-1.000*US0001M + 6.750%), 10/25/2035 |
| | | | 556,883 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 833,604 (6) | | | Fannie Mae REMIC Trust 2006-123 UI, 5.793%, (-1.000*US0001M + 6.740%), 01/25/2037 |
| | | $ | 212,296 | | | | | | 0.0 | | |
| 209,699 (6) | | | Fannie Mae REMIC Trust 2006-72 HS, 5.753%, (-1.000*US0001M + 6.700%), 08/25/2026 |
| | | | 29,063 | | | | | | 0.0 | | |
| 30,943 | | | Fannie Mae REMIC Trust 2007-10 Z, 6.000%, 02/25/2037 |
| | | | 35,762 | | | | | | 0.0 | | |
| 4,439,512 (6) | | | Fannie Mae REMIC Trust 2007-91 AS, 5.453%, (-1.000*US0001M + 6.400%), 10/25/2037 |
| | | | 1,152,793 | | | | | | 0.0 | | |
| 1,906,726 | | | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 |
| | | | 2,147,125 | | | | | | 0.0 | | |
| 9,174,214 (4) | | | Fannie Mae REMIC Trust 2009-50 HZ, 5.544%, 02/25/2049 |
| | | | 10,416,910 | | | | | | 0.1 | | |
| 2,146,141 (6) | | | Fannie Mae REMIC Trust 2009-90 TS, 5.203%, (-1.000*US0001M + 6.150%), 11/25/2039 |
| | | | 444,965 | | | | | | 0.0 | | |
| 2,561,459 (6) | | | Fannie Mae REMIC Trust 2010-118 GS, 5.003%, (-1.000*US0001M + 5.950%), 10/25/2039 |
| | | | 196,925 | | | | | | 0.0 | | |
| 5,790,269 (6) | | | Fannie Mae REMIC Trust 2010-123 SL, 5.123%, (-1.000*US0001M + 6.070%), 11/25/2040 |
| | | | 1,103,674 | | | | | | 0.0 | | |
| 6,445,773 (6) | | | Fannie Mae REMIC Trust 2010-41 SB, 5.453%, (-1.000*US0001M + 6.400%), 05/25/2040 |
| | | | 1,348,539 | | | | | | 0.0 | | |
| 1,861,021 (6) | | | Fannie Mae REMIC Trust 2010-43 VS, 5.503%, (-1.000*US0001M + 6.450%), 05/25/2040 |
| | | | 377,580 | | | | | | 0.0 | | |
| 11,049,000 | | | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 |
| | | | 12,763,336 | | | | | | 0.2 | | |
| 2,023,823 (6) | | | Fannie Mae REMIC Trust 2011-102 SA, 5.653%, (-1.000*US0001M + 6.600%), 10/25/2041 |
| | | | 377,060 | | | | | | 0.0 | | |
| 3,181,332 | | | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 |
| | | | 3,585,085 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
82
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,894,212 (6) | | | Fannie Mae REMIC Trust 2011-93 GS, 5.603%, (-1.000*US0001M + 6.550%), 04/25/2039 |
| | | $ | 742,691 | | | | | | 0.0 | | |
| 985,556 (6) | | | Fannie Mae REMIC Trust 2012-103 IT, 4.000%, 04/25/2041 |
| | | | 27,466 | | | | | | 0.0 | | |
| 7,695,842 (6) | | | Fannie Mae REMIC Trust 2012-122 SB, 5.203%, (-1.000*US0001M + 6.150%), 11/25/2042 |
| | | | 1,406,162 | | | | | | 0.0 | | |
| 3,968,536 (6) | | | Fannie Mae REMIC Trust 2012-128 LI, 3.500%, 06/25/2042 |
| | | | 351,242 | | | | | | 0.0 | | |
| 7,329,592 (6) | | | Fannie Mae REMIC Trust 2012-133 AS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2042 |
| | | | 1,470,530 | | | | | | 0.0 | | |
| 1,132,719 (6) | | | Fannie Mae REMIC Trust 2012-149 GI, 3.500%, 06/25/2042 |
| | | | 126,109 | | | | | | 0.0 | | |
| 4,798,222 (6) | | | Fannie Mae REMIC Trust 2012-15 SP, 5.673%, (-1.000*US0001M + 6.620%), 06/25/2040 |
| | | | 402,110 | | | | | | 0.0 | | |
| 2,584,843 (6) | | | Fannie Mae REMIC Trust 2012-24 HS, 5.603%, (-1.000*US0001M + 6.550%), 09/25/2040 |
| | | | 321,433 | | | | | | 0.0 | | |
| 6,152,487 (6) | | | Fannie Mae REMIC Trust 2012-30 QS, 5.653%, (-1.000*US0001M + 6.600%), 04/25/2031 |
| | | | 518,468 | | | | | | 0.0 | | |
| 1,663,732 (6) | | | Fannie Mae REMIC Trust 2012-68 YS, 5.753%, (-1.000*US0001M + 6.700%), 07/25/2042 |
| | | | 286,605 | | | | | | 0.0 | | |
| 2,707,490 (6) | | | Fannie Mae REMIC Trust 2013-26 JS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2032 |
| | | | 291,684 | | | | | | 0.0 | | |
| 9,495,243 (6) | | | Fannie Mae REMIC Trust 2013-60 DS, 5.253%, (-1.000*US0001M + 6.200%), 06/25/2033 |
| | | | 1,392,651 | | | | | | 0.0 | | |
| 8,123,643 (6) | | | Fannie Mae REMIC Trust 2013-9 SM, 5.303%, (-1.000*US0001M + 6.250%), 02/25/2033 |
| | | | 1,483,766 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 5,645,367 (6) | | | Fannie Mae REMIC Trust 2014-17 DS, 5.253%, (-1.000*US0001M + 6.200%), 02/25/2043 |
| | | $ | 626,138 | | | | | | 0.0 | | |
| 2,845,877 (6) | | | Fannie Mae REMIC Trust 2014-28 BS, 5.253%, (-1.000*US0001M + 6.200%), 08/25/2043 |
| | | | 439,503 | | | | | | 0.0 | | |
| 3,019,000 | | | Fannie Mae REMIC Trust 2015-17 MK, 2.500%, 12/25/2041 |
| | | | 3,303,815 | | | | | | 0.0 | | |
| 53,796,685 (6) | | | Fannie Mae REMIC Trust 2015-79 SA, 5.303%, (-1.000*US0001M + 6.250%), 11/25/2045 |
| | | | 11,744,204 | | | | | | 0.2 | | |
| 21,970,122 (6) | | | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 |
| | | | 4,556,184 | | | | | | 0.1 | | |
| 37,766,350 (6) | | | Fannie Mae REMICS 16-60 SB, 5.153%, (-1.000*US0001M + 6.100%), 09/25/2046 |
| | | | 7,886,600 | | | | | | 0.1 | | |
| 4 | | | Fannie Mae REMICS 1990-59 K, 1184.190%, 06/25/2020 |
| | | | 6 | | | | | | 0.0 | | |
| 147,729 (6) | | | Fannie Mae REMICS 1997-18 SG, 7.300%, (-1.000*US0001M + 8.100%), 03/17/2027 |
| | | | 19,788 | | | | | | 0.0 | | |
| 96,610 (6) | | | Fannie Mae REMICS 1997-91 FC, 0.000%, (US0001M + (8.500)%), 11/25/2023 |
| | | | — | | | | | | — | | |
| 10,424 (6) | | | Fannie Mae REMICS 1999-57 SC, 8.950%, (-1.000*US0001M + 9.750%), 11/17/2029 |
| | | | 274 | | | | | | 0.0 | | |
| 5,199 (6) | | | Fannie Mae REMICS 2000-38 SK, 8.400%, (-1.000*US0001M + 9.200%), 10/17/2030 |
| | | | 68 | | | | | | 0.0 | | |
| 323,758 (6) | | | Fannie Mae REMICS 2001-72 SC, 1.000%, (-1.000*US0001M + 8.500%), 12/25/2031 |
| | | | 12,002 | | | | | | 0.0 | | |
| 108,840 (6) | | | Fannie Mae REMICS 2001-8 SK, 8.138%, (-1.000*US0001M + 8.750%), 03/18/2031 |
| | | | 17,140 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
83
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 78 (6) | | | Fannie Mae REMICS 2001-8 SO, 9.027%, (-1.000*US0001M + 9.800%), 02/20/2031 |
| | | $ | 2 | | | | | | 0.0 | | |
| 690,504 (6) | | | Fannie Mae REMICS 2003-49 SW, 6.053%, (-1.000*US0001M + 7.000%), 01/25/2033 |
| | | | 141,901 | | | | | | 0.0 | | |
| 5,600,642 (6) | | | Fannie Mae REMICS 2004-54 SN, 6.103%, (-1.000*US0001M + 7.050%), 07/25/2034 |
| | | | 1,270,540 | | | | | | 0.0 | | |
| 297,538 (6) | | | Fannie Mae REMICS 2004-88 JH, 5.653%, (-1.000*US0001M + 6.600%), 06/25/2033 |
| | | | 4,688 | | | | | | 0.0 | | |
| 1,458,912 (6) | | | Fannie Mae REMICS 2005-75 SP, 5.803%, (-1.000*US0001M + 6.750%), 08/25/2035 |
| | | | 266,508 | | | | | | 0.0 | | |
| 2,909,309 (6) | | | Fannie Mae REMICS 2006-56 SM, 5.803%, (-1.000*US0001M + 6.750%), 07/25/2036 |
| | | | 601,254 | | | | | | 0.0 | | |
| 542,718 (6) | | | Fannie Mae REMICS 2007-21 SB, 5.453%, (-1.000*US0001M + 6.400%), 03/25/2037 |
| | | | 68,464 | | | | | | 0.0 | | |
| 1,447,827 (6) | | | Fannie Mae REMICS 2007-52 NS, 5.503%, (-1.000*US0001M + 6.450%), 06/25/2037 |
| | | | 305,229 | | | | | | 0.0 | | |
| 1,771,840 (6) | | | Fannie Mae REMICS 2007-85 SM, 5.513%, (-1.000*US0001M + 6.460%), 09/25/2037 |
| | | | 365,697 | | | | | | 0.0 | | |
| 517,529 | | | Fannie Mae REMICS 2008-16 Z, 5.500%, 03/25/2038 |
| | | | 600,632 | | | | | | 0.0 | | |
| 640 (6) | | | Fannie Mae REMICS 2010-112 SG, 5.413%, (-1.000*US0001M + 6.360%), 06/25/2021 |
| | | | 9 | | | | | | 0.0 | | |
| 9,068,550 (6) | | | Fannie Mae REMICS 2010-150 SJ, 5.533%, (-1.000*US0001M + 6.480%), 01/25/2041 |
| | | | 2,239,721 | | | | | | 0.0 | | |
| 1,498,014 (6) | | | Fannie Mae REMICS 2010-35 CS, 5.503%, (-1.000*US0001M + 6.450%), 04/25/2050 |
| | | | 284,839 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,132,138 | | | Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041 |
| | | $ | 2,468,320 | | | | | | 0.0 | | |
| 6,166,562 | | | Fannie Mae REMICS 2011-101 DB, 4.000%, 10/25/2041 |
| | | | 7,241,911 | | | | | | 0.1 | | |
| 670,996 | | | Fannie Mae REMICS 2011-116 ZA, 3.500%, 11/25/2041 |
| | | | 744,392 | | | | | | 0.0 | | |
| 132,000 | | | Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041 |
| | | | 146,314 | | | | | | 0.0 | | |
| 12,049,455 (6) | | | Fannie Mae REMICS 2011-47 GS, 4.983%, (-1.000*US0001M + 5.930%), 06/25/2041 |
| | | | 2,267,241 | | | | | | 0.0 | | |
| 3,266,386 | | | Fannie Mae REMICS 2011-8 ZA, 4.000%, 02/25/2041 |
| | | | 3,613,507 | | | | | | 0.1 | | |
| 7,722,506 (6) | | | Fannie Mae REMICS 2012-111 SL, 5.153%, (-1.000*US0001M + 6.100%), 05/25/2041 |
| | | | 933,862 | | | | | | 0.0 | | |
| 5,900,546 | | | Fannie Mae REMICS 2012-111 ZK, 3.500%, 10/25/2042 |
| | | | 6,602,808 | | | | | | 0.1 | | |
| 10,370,725 (6) | | | Fannie Mae REMICS 2012-120 WI, 3.000%, 11/25/2027 |
| | | | 632,658 | | | | | | 0.0 | | |
| 3,000,000 | | | Fannie Mae REMICS 2012-134 KV, 3.000%, 07/25/2031 |
| | | | 3,153,658 | | | | | | 0.0 | | |
| 10,219,555 | | | Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042 |
| | | | 11,436,492 | | | | | | 0.1 | | |
| 5,815,272 | | | Fannie Mae REMICS 2012-2 HE, 4.000%, 02/25/2042 |
| | | | 6,740,752 | | | | | | 0.1 | | |
| 1,896,253 | | | Fannie Mae REMICS 2012-30 AB, 4.000%, 04/25/2042 |
| | | | 2,111,866 | | | | | | 0.0 | | |
| 2,649,113 | | | Fannie Mae REMICS 2012-33 BW, 4.000%, 04/25/2042 |
| | | | 3,045,204 | | | | | | 0.0 | | |
| 1,058,948 | | | Fannie Mae REMICS 2012-44 KW, 3.500%, 05/25/2032 |
| | | | 1,123,323 | | | | | | 0.0 | | |
| 5,897,347 | | | Fannie Mae REMICS 2012-55 PC, 3.500%, 05/25/2042 |
| | | | 6,394,503 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
84
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 500,000 | | | Fannie Mae REMICS 2012-80 MY, 3.250%, 08/25/2042 |
| | | $ | 570,405 | | | | | | 0.0 | | |
| 2,700,000 | | | Fannie Mae REMICS 2013-111 BA, 3.000%, 11/25/2033 |
| | | | 3,000,704 | | | | | | 0.0 | | |
| 1,403,000 | | | Fannie Mae REMICS 2013-13 BE, 4.000%, 03/25/2043 |
| | | | 1,779,264 | | | | | | 0.0 | | |
| 1,187,997 | | | Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033 |
| | | | 1,243,518 | | | | | | 0.0 | | |
| 10,534,357 (6) | | | Fannie Mae REMICS 2013-40 LS, 5.203%, (-1.000*US0001M + 6.150%), 05/25/2043 |
| | | | 1,845,118 | | | | | | 0.0 | | |
| 10,978,302 (6) | | | Fannie Mae REMICS 2013-70 BI, 3.000%, 07/25/2033 |
| | | | 852,492 | | | | | | 0.0 | | |
| 12,269,147 (6) | | | Fannie Mae REMICS 2014-15 SB, 5.703%, (-1.000*US0001M + 6.650%), 04/25/2044 |
| | | | 3,145,973 | | | | | | 0.0 | | |
| 8,456,293 (6) | | | Fannie Mae REMICS 2014-20 HI, 4.000%, 01/25/2040 |
| | | | 209,665 | | | | | | 0.0 | | |
| 970,000 | | | Fannie Mae REMICS 2014-61 PY, 3.500%, 10/25/2044 |
| | | | 1,163,166 | | | | | | 0.0 | | |
| 16,528,536 | | | Fannie Mae REMICS 2015-20 EZ, 3.500%, 04/25/2045 |
| | | | 19,402,590 | | | | | | 0.2 | | |
| 1,160,327 | | | Fannie Mae REMICS 2015-45 EY, 2.500%, 12/25/2040 |
| | | | 1,186,726 | | | | | | 0.0 | | |
| 9,245,261 (6) | | | Fannie Mae REMICS 2015-56 IC, 6.000%, 08/25/2045 |
| | | | 1,732,765 | | | | | | 0.0 | | |
| 2,000,000 | | | Fannie Mae REMICS 2015-67 AV, 3.500%, 01/25/2036 |
| | | | 2,296,192 | | | | | | 0.0 | | |
| 5,000,000 | | | Fannie Mae REMICS 2015-67 QV, 3.000%, 12/25/2040 |
| | | | 5,361,299 | | | | | | 0.1 | | |
| 3,928,140 (6) | | | Fannie Mae REMICS 2015-76 PI, 6.000%, 09/25/2045 |
| | | | 625,268 | | | | | | 0.0 | | |
| 9,275,791 (6) | | | Fannie Mae REMICS 2016-52 MI, 4.000%, 12/25/2045 |
| | | | 1,388,018 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 848,247 | | | Fannie Mae REMICS 2016-9 D, 3.000%, 03/25/2046 |
| | | $ | 906,783 | | | | | | 0.0 | | |
| 8,946,855 | | | Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047 |
| | | | 9,501,424 | | | | | | 0.1 | | |
| 52,833,422 (6) | | | Fannie Mae REMICS 2018-15 SC, 5.353%, (-1.000*US0001M + 6.300%), 03/25/2048 |
| | | | 11,531,037 | | | | | | 0.1 | | |
| 5,200,952 | | | Fannie Mae REMICS 2018-38 LA, 3.000%, 06/25/2048 |
| | | | 5,438,134 | | | | | | 0.1 | | |
| 27,423,526 | | | Fannie Mae REMICS 2018-73 AB, 3.000%, 10/25/2048 |
| | | | 29,486,622 | | | | | | 0.4 | | |
| 4,953,640 | | | Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047 |
| | | | 5,314,158 | | | | | | 0.1 | | |
| 68,106,715 (6) | | | Fannie Mae REMICS 2018-82 SA, 5.253%, (-1.000*US0001M + 6.200%), 11/25/2048 |
| | | | 14,152,126 | | | | | | 0.2 | | |
| 65,902,916 (6) | | | Fannie Mae REMICS 2018-86 SM, 5.253%, (-1.000*US0001M + 6.200%), 12/25/2048 |
| | | | 13,595,917 | | | | | | 0.2 | | |
| 57,357,290 (6) | | | Fannie Mae REMICS 2018-91 SB, 5.153%, (-1.000*US0001M + 6.100%), 12/25/2058 |
| | | | 9,984,218 | | | | | | 0.1 | | |
| 18,846,832 (6) | | | Fannie Mae REMICS 2019-21 AI, 5.000%, 05/25/2059 |
| | | | 3,511,287 | | | | | | 0.1 | | |
| 21,589,297 (6) | | | Fannie Mae REMICS 2019-30 SB, 5.153%, (-1.000*US0001M + 6.100%), 07/25/2049 |
| | | | 4,035,672 | | | | | | 0.1 | | |
| 17,274,340 | | | Fannie Mae REMICS 2019-37 CA, 3.000%, 10/25/2047 |
| | | | 18,201,913 | | | | | | 0.2 | | |
| 19,930,710 (6) | | | Fannie Mae REMICS 2019-39 SA, 5.153%, (-1.000*US0001M + 6.100%), 08/25/2049 |
| | | | 3,397,730 | | | | | | 0.1 | | |
| 104,782,552 (6) | | | Fannie Mae REMICS 2019-41 S, 5.053%, (-1.000*US0001M + 6.000%), 08/25/2059 |
| | | | 17,484,247 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
85
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 12,803,541 (6) | | | Fannie Mae REMICS 2019-47 SB, 5.153%, (-1.000*US0001M + 6.100%), 05/25/2040 |
| | | $ | 2,221,236 | | | | | | 0.0 | | |
| 17 | | | Fannie Mae REMICS G-9 G, 509.000%, 04/25/2021 |
| | | | 37 | | | | | | 0.0 | | |
| 6,060 | | | Fannie Mae REMICS G93-35 ZQ, 6.500%, 11/25/2023 |
| | | | 6,463 | | | | | | 0.0 | | |
| 4,046,342 | | | Fannie Mae REMICS Trust 2010-53 JZ, 5.000%, 07/25/2040 |
| | | | 4,593,036 | | | | | | 0.1 | | |
| 37,175,034 (6) | | | Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033 |
| | | | 3,024,576 | | | | | | 0.0 | | |
| 1,974,286 (6) | | | Fannie Mae Series 2013-72 YS, 5.203%, (-1.000*US0001M + 6.150%), 07/25/2033 |
| | | | 290,803 | | | | | | 0.0 | | |
| 800,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 4.513%, (US0001M + 3.650%), 02/25/2040 |
| | | | 547,451 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 5.047%, (US0001M + 4.100%), 07/25/2039 |
| | | | 545,150 | | | | | | 0.0 | | |
| 3,550,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2019-R06 2M2, 3.047%, (US0001M + 2.100%), 09/25/2039 |
| | | | 2,791,410 | | | | | | 0.0 | | |
| 500,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 4.513%, (US0001M + 3.650%), 02/25/2040 |
| | | | 342,157 | | | | | | 0.0 | | |
| 203,265 (6) | | | FHLMC-GNMA 20 S, 7.953%, (-1.000*US0001M + 8.900%), 10/25/2023 |
| | | | 22,043 | | | | | | 0.0 | | |
| 1,909,490 (1)(4) | | | Flagstar Mortgage Trust 2018-1 B1, 4.026%, 03/25/2048 |
| | | | 1,888,309 | | | | | | 0.0 | | |
| 2,238,878 (1)(4) | | | Flagstar Mortgage Trust 2018-1 B2, 4.026%, 03/25/2048 |
| | | | 2,127,954 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,489,976 (1)(4) | | | Flagstar Mortgage Trust 2018-1 B3, 4.026%, 03/25/2048 |
| | | $ | 2,289,698 | | | | | | 0.1 | | |
| 1,271,152 (1)(4) | | | Flagstar Mortgage Trust 2018-2 B2, 4.042%, 04/25/2048 |
| | | | 1,205,711 | | | | | | 0.0 | | |
| 3,649,614 (1)(4) | | | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 |
| | | | 3,711,488 | | | | | | 0.1 | | |
| 1,823,764 (1)(4) | | | Flagstar Mortgage Trust 2018-5 B3, 4.536%, 09/25/2048 |
| | | | 1,674,115 | | | | | | 0.0 | | |
| 1,513,448 (1)(4) | | | Flagstar Mortgage Trust 2019-2 B1, 4.184%, 12/25/2049 |
| | | | 1,337,842 | | | | | | 0.0 | | |
| 1,467,736 (1)(4) | | | Flagstar Mortgage Trust 2019-2 B2, 4.184%, 12/25/2049 |
| | | | 1,210,459 | | | | | | 0.0 | | |
| 965,172 (1)(4) | | | Flagstar Mortgage Trust 2018-4 B3, 4.322%, 07/25/2048 |
| | | | 889,607 | | | | | | 0.0 | | |
| 2,050,213 (1)(4) | | | Flagstar Mortgage Trust 2020-1NV B1A, 4.356%, 03/25/2050 |
| | | | 1,792,295 | | | | | | 0.0 | | |
| 2,481,626 (1)(4) | | | Flagstar Mortgage Trust 2020-1NV B2A, 4.356%, 03/25/2050 |
| | | | 2,146,360 | | | | | | 0.0 | | |
| 26,818,050 | | | Freddie Mac 326 350, 3.500%, 03/15/2044 |
| | | | 29,627,832 | | | | | | 0.4 | | |
| 10,544,351 (6) | | | Freddie Mac 3510 AS, 5.705%, (-1.000*US0001M + 6.410%), 04/15/2037 |
| | | | 2,488,475 | | | | | | 0.0 | | |
| 8,241,370 (6) | | | Freddie Mac 4191 SA, 5.495%, (-1.000*US0001M + 6.200%), 03/15/2043 |
| | | | 1,473,390 | | | | | | 0.0 | | |
| 4,248,688 | | | Freddie Mac 4316 XZ, 4.500%, 03/15/2044 |
| | | | 5,214,487 | | | | | | 0.1 | | |
| 5,000,000 | | | Freddie Mac 4800 KG, 3.500%, 11/15/2045 |
| | | | 5,232,776 | | | | | | 0.1 | | |
| 816,786 | | | Freddie Mac Reference Series R007 ZA, 6.000%, 05/15/2036 |
| | | | 972,755 | | | | | | 0.0 | | |
| 395,554 | | | Freddie Mac Reference Series R008 ZA, 6.000%, 07/15/2036 |
| | | | 457,409 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
86
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 114,292 | | | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 |
| | | $ | 129,843 | | | | | | 0.0 | | |
| 105,616 | | | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 |
| | | | 116,955 | | | | | | 0.0 | | |
| 718,032 | | | Freddie Mac REMIC Trust 2143 ZB, 6.000%, 04/15/2029 |
| | | | 812,402 | | | | | | 0.0 | | |
| 122,188 | | | Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022 |
| | | | 127,008 | | | | | | 0.0 | | |
| 299,190 | | | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 |
| | | | 346,275 | | | | | | 0.0 | | |
| 114,334 (6) | | | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 |
| | | | 24,157 | | | | | | 0.0 | | |
| 777,775 | | | Freddie Mac REMIC Trust 2845 QH, 5.000%, 08/15/2034 |
| | | | 888,210 | | | | | | 0.0 | | |
| 155,584 | | | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 |
| | | | 183,727 | | | | | | 0.0 | | |
| 583,523 (6) | | | Freddie Mac REMIC Trust 2866 GS, 5.895%, (-1.000*US0001M + 6.600%), 09/15/2034 |
| | | | 17,725 | | | | | | 0.0 | | |
| 253,798 (6) | | | Freddie Mac REMIC Trust 2883 SD, 5.995%, (-1.000*US0001M + 6.700%), 10/15/2034 |
| | | | 10,517 | | | | | | 0.0 | | |
| 225,653 | | | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 |
| | | | 257,601 | | | | | | 0.0 | | |
| 315,412 | | | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 |
| | | | 360,376 | | | | | | 0.0 | | |
| 6,522,054 (6) | | | Freddie Mac REMIC Trust 3045 DI, 6.025%, (-1.000*US0001M + 6.730%), 10/15/2035 |
| | | | 1,465,529 | | | | | | 0.0 | | |
| 1,167,835 | | | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 |
| | | | 1,335,139 | | | | | | 0.0 | | |
| 33,656 (7) | | | Freddie Mac REMIC Trust 3139 PO, 0.000%, 01/15/2036 |
| | | | 33,612 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,383,444 (6) | | | Freddie Mac REMIC Trust 3171 PS, 5.780%, (-1.000*US0001M + 6.485%), 06/15/2036 |
| | | $ | 285,621 | | | | | | 0.0 | | |
| 6,826,290 (6) | | | Freddie Mac REMIC Trust 3199 S, 5.745%, (-1.000*US0001M + 6.450%), 08/15/2036 |
| | | | 1,607,468 | | | | | | 0.0 | | |
| 593,752 | | | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 |
| | | | 694,045 | | | | | | 0.0 | | |
| 193,439 | | | Freddie Mac REMIC Trust 3394 ZY, 6.000%, 11/15/2037 |
| | | | 221,627 | | | | | | 0.0 | | |
| 316,516 (4)(6) | | | Freddie Mac REMIC Trust 3524 LA, 5.085%, 03/15/2033 |
| | | | 359,687 | | | | | | 0.0 | | |
| 32,247 | | | Freddie Mac REMIC Trust 3556 NT, 3.805%, (US0001M + 3.100%), 03/15/2038 |
| | | | 32,887 | | | | | | 0.0 | | |
| 6,346,979 | | | Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034 |
| | | | 7,393,481 | | | | | | 0.1 | | |
| 571,641 | | | Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036 |
| | | | 670,896 | | | | | | 0.0 | | |
| 329,512 (6) | | | Freddie Mac REMIC Trust 3710 SL, 5.295%, (-1.000*US0001M + 6.000%), 05/15/2036 |
| | | | 2,925 | | | | | | 0.0 | | |
| 435,429 | | | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 |
| | | | 510,323 | | | | | | 0.0 | | |
| 3,124,734 | | | Freddie Mac REMIC Trust 3747 HW, 4.500%, 05/15/2038 |
| | | | 3,132,613 | | | | | | 0.0 | | |
| 997,649 | | | Freddie Mac REMIC Trust 3753 DC, 3.500%, 09/15/2039 |
| | | | 1,047,804 | | | | | | 0.0 | | |
| 1,618,055 (6) | | | Freddie Mac REMIC Trust 3856 KS, 5.845%, (-1.000*US0001M + 6.550%), 05/15/2041 |
| | | | 303,315 | | | | | | 0.0 | | |
| 1,235,818 (6) | | | Freddie Mac REMIC Trust 3925 SD, 5.345%, (-1.000*US0001M + 6.050%), 07/15/2040 |
| | | | 133,109 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
87
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 7,732,379 (6) | | | Freddie Mac REMIC Trust 3925 SL, 5.345%, (-1.000*US0001M + 6.050%), 01/15/2041 |
| | | $ | 760,312 | | | | | | 0.0 | | |
| 367,535 | | | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 |
| | | | 414,569 | | | | | | 0.0 | | |
| 1,729,727 (6) | | | Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040 |
| | | | 94,817 | | | | | | 0.0 | | |
| 2,089,851 (6) | | | Freddie Mac REMIC Trust 4088 CS, 5.295%, (-1.000*US0001M + 6.000%), 08/15/2042 |
| | | | 369,467 | | | | | | 0.0 | | |
| 7,495,836 (6) | | | Freddie Mac REMIC Trust 4161 WI, 3.000%, 02/15/2033 |
| | | | 698,270 | | | | | | 0.0 | | |
| 3,943,196 (6) | | | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 |
| | | | 553,246 | | | | | | 0.0 | | |
| 4,017,818 | | | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 |
| | | | 4,325,934 | | | | | | 0.1 | | |
| 1,339,040 | | | Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041 |
| | | | 1,574,548 | | | | | | 0.0 | | |
| 1,938,333 (6) | | | Freddie Mac REMIC Trust 4293 KI, 4.500%, 08/15/2043 |
| | | | 211,137 | | | | | | 0.0 | | |
| 4,961,702 | | | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 |
| | | | 5,842,754 | | | | | | 0.1 | | |
| 6,660,118 | | | Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044 |
| | | | 7,890,665 | | | | | | 0.1 | | |
| 1,916,000 | | | Freddie Mac REMIC Trust 4370 AD, 3.000%, 08/15/2040 |
| | | | 2,004,385 | | | | | | 0.0 | | |
| 6,638,211 (6) | | | Freddie Mac REMIC Trust 4386 LS, 5.395%, (-1.000*US0001M + 6.100%), 09/15/2044 |
| | | | 1,136,810 | | | | | | 0.0 | | |
| 4 | | | Freddie Mac REMICS 1006 I, 860.000%, 10/15/2020 |
| | | | 7 | | | | | | 0.0 | | |
| 19 | | | Freddie Mac REMICS 1023 C, 508.500%, 12/15/2020 |
| | | | 36 | | | | | | 0.0 | | |
| 42 | | | Freddie Mac REMICS 1094 L, 1141.844%, 06/15/2021 |
| | | | 227 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 18 | | | Freddie Mac REMICS 1159 D, 1029.473%, 11/15/2021 |
| | | $ | 87 | | | | | | 0.0 | | |
| 10 | | | Freddie Mac REMICS 1278 L, 1127.368%, 05/15/2022 |
| | | | 53 | | | | | | 0.0 | | |
| 1,120 (6) | | | Freddie Mac REMICS 1368 S, 8.795%, (-1.000*US0001M + 9.500%), 08/15/2022 |
| | | | 29 | | | | | | 0.0 | | |
| 63,126 (6) | | | Freddie Mac REMICS 2074 S, 7.900%, (-1.000*US0001M + 8.700%), 07/17/2028 |
| | | | 6,504 | | | | | | 0.0 | | |
| 59,687 (6) | | | Freddie Mac REMICS 2232 SA, 7.800%, (-1.000*US0001M + 8.600%), 05/17/2030 |
| | | | 4,137 | | | | | | 0.0 | | |
| 22,442 (6) | | | Freddie Mac REMICS 2301 SP, 8.545%, (-1.000*US0001M + 9.250%), 04/15/2031 |
| | | | 3,061 | | | | | | 0.0 | | |
| 1,683,221 (6) | | | Freddie Mac REMICS 2953 LS, 5.995%, (-1.000*US0001M + 6.700%), 12/15/2034 |
| | | | 109,368 | | | | | | 0.0 | | |
| 1,774,818 (6) | | | Freddie Mac REMICS 2993 GS, 5.445%, (-1.000*US0001M + 6.150%), 06/15/2025 |
| | | | 155,493 | | | | | | 0.0 | | |
| 924,637 (6) | | | Freddie Mac REMICS 3006 SI, 6.035%, (-1.000*US0001M + 6.740%), 07/15/2035 |
| | | | 189,874 | | | | | | 0.0 | | |
| 1,066,993 (6) | | | Freddie Mac REMICS 3006 YI, 6.035%, (-1.000*US0001M + 6.740%), 07/15/2035 |
| | | | 233,300 | | | | | | 0.0 | | |
| 6,321,494 (6) | | | Freddie Mac REMICS 3213 JS, 6.495%, (-1.000*US0001M + 7.200%), 09/15/2036 |
| | | | 1,688,974 | | | | | | 0.0 | | |
| 1,404,517 (6) | | | Freddie Mac REMICS 3375 QI, 0.600%, (-10.000*US0001M + 64.600%), 10/15/2037 |
| | | | 36,525 | | | | | | 0.0 | | |
| 4,369,517 | | | Freddie Mac REMICS 3736 ZP, 4.000%, 10/15/2040 |
| | | | 4,924,926 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
88
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 4,662,551 | | | Freddie Mac REMICS 3740 KE, 4.000%, 10/15/2040 |
| | | $ | 5,177,679 | | | | | | 0.1 | | |
| 21,290,731 | | | Freddie Mac REMICS 3753 KZ, 4.500%, 11/15/2040 |
| | | | 25,012,542 | | | | | | 0.3 | | |
| 6,372,812 | | | Freddie Mac REMICS 3775 GZ, 4.500%, 12/15/2040 |
| | | | 7,244,894 | | | | | | 0.1 | | |
| 1,900,000 | | | Freddie Mac REMICS 3820 NC, 4.500%, 03/15/2041 |
| | | | 2,264,959 | | | | | | 0.0 | | |
| 708,418 | | | Freddie Mac REMICS 3843 JZ, 5.100%, 04/15/2041 |
| | | | 925,122 | | | | | | 0.0 | | |
| 500,000 | | | Freddie Mac REMICS 3848 WX, 5.000%, 04/15/2041 |
| | | | 588,626 | | | | | | 0.0 | | |
| 2,650,000 | | | Freddie Mac REMICS 3890 ME, 5.000%, 07/15/2041 |
| | | | 3,223,594 | | | | | | 0.0 | | |
| 5,000,000 | | | Freddie Mac REMICS 3893 PU, 4.000%, 07/15/2041 |
| | | | 5,658,683 | | | | | | 0.1 | | |
| 7,000,000 | | | Freddie Mac REMICS 3919 BY, 4.000%, 09/15/2041 |
| | | | 7,878,620 | | | | | | 0.1 | | |
| 9,344,112 | | | Freddie Mac REMICS 3919 ZB, 4.000%, 09/15/2041 |
| | | | 10,725,366 | | | | | | 0.1 | | |
| 3,790,000 | | | Freddie Mac REMICS 3923 GY, 4.000%, 09/15/2041 |
| | | | 4,516,472 | | | | | | 0.1 | | |
| 3,000,000 | | | Freddie Mac REMICS 3934 CB, 4.000%, 10/15/2041 |
| | | | 3,362,285 | | | | | | 0.0 | | |
| 420,000 | | | Freddie Mac REMICS 3934 KB, 5.000%, 10/15/2041 |
| | | | 495,360 | | | | | | 0.0 | | |
| 1,500,000 | | | Freddie Mac REMICS 3997 PB, 4.000%, 02/15/2042 |
| | | | 1,708,922 | | | | | | 0.0 | | |
| 2,756,359 | | | Freddie Mac REMICS 4000 ZT, 3.500%, 01/15/2042 |
| | | | 3,212,023 | | | | | | 0.0 | | |
| 9,108,799 (6) | | | Freddie Mac REMICS 4057 SN, 5.945%, (-1.000*US0001M + 6.650%), 12/15/2041 |
| | | | 1,299,270 | | | | | | 0.0 | | |
| 3,146,604 | | | Freddie Mac REMICS 4057 ZB, 3.500%, 06/15/2042 |
| | | | 3,405,636 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 14,804,327 | | | Freddie Mac REMICS 4084 TZ, 4.000%, 07/15/2042 |
| | | $ | 16,657,818 | | | | | | 0.2 | | |
| 2,930,546 (6) | | | Freddie Mac REMICS 4090 SN, 5.995%, (-1.000*US0001M + 6.700%), 08/15/2032 |
| | | | 513,605 | | | | | | 0.0 | | |
| 1,620,994 | | | Freddie Mac REMICS 4100 JA, 3.500%, 10/15/2041 |
| | | | 1,738,864 | | | | | | 0.0 | | |
| 2,128,000 | | | Freddie Mac REMICS 4193 BP, 4.000%, 04/15/2043 |
| | | | 2,692,548 | | | | | | 0.0 | | |
| 10,325,701 | | | Freddie Mac REMICS 4199 BZ, 3.500%, 05/15/2043 |
| | | | 11,178,300 | | | | | | 0.1 | | |
| 310,000 | | | Freddie Mac REMICS 4235 QD, 3.000%, 08/15/2033 |
| | | | 345,500 | | | | | | 0.0 | | |
| 47,135,510 (6) | | | Freddie Mac REMICS 4301 SD, 5.395%, (-1.000*US0001M + 6.100%), 07/15/2037 |
| | | | 9,490,231 | | | | | | 0.1 | | |
| 6,247,838 | | | Freddie Mac REMICS 4310 BZ, 4.000%, 02/15/2044 |
| | | | 7,119,283 | | | | | | 0.1 | | |
| 3,102,000 | | | Freddie Mac REMICS 4401 BL, 3.500%, 10/15/2034 |
| | | | 3,628,022 | | | | | | 0.1 | | |
| 25,552,588 (6) | | | Freddie Mac REMICS 4461 AS, 4.895%, (-1.000*US0001M + 5.600%), 04/15/2045 |
| | | | 5,003,473 | | | | | | 0.1 | | |
| 3,124,000 | | | Freddie Mac REMICS 4492 VB, 3.500%, 05/15/2035 |
| | | | 3,603,912 | | | | | | 0.1 | | |
| 946,247 | | | Freddie Mac REMICS 4500 HC, 3.000%, 11/15/2042 |
| | | | 995,408 | | | | | | 0.0 | | |
| 2,913,000 | | | Freddie Mac REMICS 4505 PB, 3.000%, 08/15/2045 |
| | | | 3,243,296 | | | | | | 0.0 | | |
| 29,277,089 (6) | | | Freddie Mac REMICS 4574 ST, 5.295%, (-1.000*US0001M + 6.000%), 04/15/2046 |
| | | | 4,956,008 | | | | | | 0.1 | | |
| 7,313,376 | | | Freddie Mac REMICS 4608 JV, 3.500%, 01/15/2055 |
| | | | 7,748,812 | | | | | | 0.1 | | |
| 719,506 | | | Freddie Mac REMICS 4673 WA, 3.500%, 09/15/2043 |
| | | | 755,004 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
89
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 32,265,802 | | | Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048 |
| | | $ | 37,006,274 | | | | | | 0.5 | | |
| 2,457,000 | | | Freddie Mac REMICS 4772 VG, 4.500%, 08/15/2036 |
| | | | 2,820,871 | | | | | | 0.0 | | |
| 1,350,000 | | | Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048 |
| | | | 1,475,507 | | | | | | 0.0 | | |
| 13,474,764 | | | Freddie Mac REMICS 4795 D, 5.000%, 05/15/2048 |
| | | | 16,234,006 | | | | | | 0.2 | | |
| 1,632,872 | | | Freddie Mac REMICS 4904 HB, 3.000%, 08/25/2049 |
| | | | 1,751,224 | | | | | | 0.0 | | |
| 606,535 | | | Freddie Mac REMICS 4914 DB, 3.000%, 09/25/2049 |
| | | | 676,009 | | | | | | 0.0 | | |
| 11,606,176 | | | Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044 |
| | | | 13,665,211 | | | | | | 0.2 | | |
| 9,500,000 (1) | | | Freddie Mac STACR Trust 2018-DNA2 M2, 3.097%, (US0001M + 2.150%), 12/25/2030 |
| | | | 7,846,813 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Freddie Mac STACR Trust 2018-DNA3 M2, 3.047%, (US0001M + 2.100%), 09/25/2048 |
| | | | 3,341,904 | | | | | | 0.0 | | |
| 6,000,000 (1) | | | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 |
| | | | 4,972,423 | | | | | | 0.1 | | |
| 6,892,611 | | | Freddie Mac Strips 277 30, 3.000%, 09/15/2042 |
| | | | 7,271,368 | | | | | | 0.1 | | |
| 6,892,641 (6) | | | Freddie Mac Strips 303 C17, 3.500%, 01/15/2043 |
| | | | 904,164 | | | | | | 0.0 | | |
| 4,940,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.847%, (US0001M + 3.900%), 12/25/2027 |
| | | | 4,872,321 | | | | | | 0.1 | | |
| 5,750,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.647%, (US0001M + 4.700%), 04/25/2028 |
| | | | 5,349,821 | | | | | | 0.1 | | |
| 2,872,721 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 4.747%, (US0001M + 3.800%), 03/25/2025 |
| | | | 2,759,543 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 14,050,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 6.497%, (US0001M + 5.550%), 07/25/2028 |
| | | $ | 13,696,249 | | | | | | 0.2 | | |
| 7,300,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3, 6.097%, (US0001M + 5.150%), 11/25/2028 |
| | | | 7,006,361 | | | | | | 0.1 | | |
| 750,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 4.797%, (US0001M + 3.850%), 03/25/2029 |
| | | | 677,869 | | | | | | 0.0 | | |
| 5,600,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 4.397%, (US0001M + 3.450%), 10/25/2029 |
| | | | 5,064,665 | | | | | | 0.1 | | |
| 8,200,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 3.447%, (US0001M + 2.500%), 03/25/2030 |
| | | | 7,170,831 | | | | | | 0.1 | | |
| 6,800,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 4.497%, (US0001M + 3.550%), 08/25/2029 |
| | | | 5,406,174 | | | | | | 0.1 | | |
| 12,300,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.597%, (US0001M + 2.650%), 12/25/2029 |
| | | | 10,800,875 | | | | | | 0.1 | | |
| 11,058,277 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 3.297%, (US0001M + 2.350%), 04/25/2030 |
| | | | 9,626,686 | | | | | | 0.1 | | |
| 9,200,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 2.747%, (US0001M + 1.800%), 07/25/2030 |
| | | | 7,656,906 | | | | | | 0.1 | | |
| 1,787,558 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.247%, (US0001M + 2.300%), 09/25/2030 |
| | | | 1,526,155 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
90
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 6,550,000 (1) | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA1 M2, 3.597%, (US0001M + 2.650%), 01/25/2049 |
| | | $ | 5,849,109 | | | | | | 0.1 | | |
| 8,169,000 (1) | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-HQA2 M2, 2.997%, (US0001M + 2.050%), 04/25/2049 |
| | | | 6,859,734 | | | | | | 0.1 | | |
| 1,057,887 (4) | | | Freddie Mac Structured Pass Through Certificates T-48 1A, 4.879%, 07/25/2033 |
| | | | 1,180,269 | | | | | | 0.0 | | |
| 60,017,189 (6) | | | Freddie Mac REMICS 4585 AS, 5.395%, (-1.000*US0001M + 6.100%), 05/15/2046 |
| | | | 12,227,362 | | | | | | 0.2 | | |
| 21,662,859 | | | Freddie Mac REMICS 4776 AZ, 4.000%, 07/15/2047 |
| | | | 24,078,047 | | | | | | 0.3 | | |
| 68,863,637 (6) | | | Freddie Mac REMICS 4879 DS, 5.395%, (-1.000*US0001M + 6.100%), 08/15/2034 |
| | | | 13,559,794 | | | | | | 0.2 | | |
| 4,500,000 (1) | | | Freddie Mac STACR Remic Trust 2020-DNA2 M2, 2.797%, (US0001M + 1.850%), 02/25/2050 |
| | | | 2,927,503 | | | | | | 0.0 | | |
| 6,900,000 (1) | | | Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 2.847%, (US0001M + 1.900%), 01/25/2050 |
| | | | 4,408,700 | | | | | | 0.1 | | |
| 1,700,000 (1) | | | Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.911%, (US0001M + 3.100%), 03/25/2050 |
| | | | 1,116,794 | | | | | | 0.0 | | |
| 988,522 (1)(4) | | | Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/2059 |
| | | | 972,170 | | | | | | 0.0 | | |
| 3,594,582 (1)(4) | | | Galton Funding Mortgage Trust 2018-1 B1, 3.800%, 11/25/2057 |
| | | | 3,380,109 | | | | | | 0.0 | | |
| 3,924,585 (1)(4) | | | Galton Funding Mortgage Trust 2018-2 B2, 4.750%, 10/25/2058 |
| | | | 3,770,008 | | | | | | 0.1 | | |
| 2,500,000 (1)(4) | | | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 |
| | | | 2,471,137 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,975,586 (6) | | | Ginnie Mae 2005-37 SI, 5.377%, (-1.000*US0001M + 6.150%), 05/20/2035 |
| | | $ | 362,535 | | | | | | 0.0 | | |
| 2,007,194 (6) | | | Ginnie Mae 2007-23 ST, 5.427%, (-1.000*US0001M + 6.200%), 04/20/2037 |
| | | | 330,357 | | | | | | 0.0 | | |
| 2,284,589 (6) | | | Ginnie Mae 2007-40 SE, 5.977%, (-1.000*US0001M + 6.750%), 07/20/2037 |
| | | | 530,804 | | | | | | 0.0 | | |
| 1,616,560 (6) | | | Ginnie Mae 2007-7 EI, 5.427%, (-1.000*US0001M + 6.200%), 02/20/2037 |
| | | | 342,503 | | | | | | 0.0 | | |
| 5,445,509 (6) | | | Ginnie Mae 2010-11 SA, 5.715%, (-1.000*US0001M + 6.420%), 01/16/2040 |
| | | | 1,245,958 | | | | | | 0.0 | | |
| 2,319,094 (6) | | | Ginnie Mae 2010-14 SB, 6.027%, (-1.000*US0001M + 6.800%), 11/20/2035 |
| | | | 522,338 | | | | | | 0.0 | | |
| 1,907,535 (6) | | | Ginnie Mae 2010-99 IT, 5.000%, 08/16/2040 |
| | | | 333,599 | | | | | | 0.0 | | |
| 913,473 | | | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 |
| | | | 899,828 | | | | | | 0.0 | | |
| 2,218,616 | | | Ginnie Mae 2015-3 ZD, 4.000%, 01/20/2045 |
| | | | 2,560,955 | | | | | | 0.1 | | |
| 57,445,031 (6) | | | Ginnie Mae 2018-167 CS, 5.327%, (-1.000*US0001M + 6.100%), 12/20/2048 |
| | | | 7,931,837 | | | | | | 0.1 | | |
| 630,874 (6) | | | Ginnie Mae Series 2005-7 AH, 6.065%, (-1.000*US0001M + 6.770%), 02/16/2035 |
| | | | 133,847 | | | | | | 0.0 | | |
| 12,287,739 (6) | | | Ginnie Mae Series 2007-41 SL, 5.927%, (-1.000*US0001M + 6.700%), 07/20/2037 |
| | | | 3,046,102 | | | | | | 0.1 | | |
| 1,312,813 (6) | | | Ginnie Mae Series 2008-2 SW, 5.777%, (-1.000*US0001M + 6.550%), 01/20/2038 |
| | | | 343,023 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
91
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 777,168 (6) | | | Ginnie Mae Series 2008-35 SN, 5.627%, (-1.000*US0001M + 6.400%), 04/20/2038 |
| | | $ | 133,626 | | | | | | 0.0 | | |
| 443,694 (6) | | | Ginnie Mae Series 2008-40 PS, 5.795%, (-1.000*US0001M + 6.500%), 05/16/2038 |
| | | | 92,468 | | | | | | 0.0 | | |
| 1,096,036 (6) | | | Ginnie Mae Series 2009-25 KS, 5.427%, (-1.000*US0001M + 6.200%), 04/20/2039 |
| | | | 241,144 | | | | | | 0.0 | | |
| 865,603 | | | Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039 |
| | | | 984,590 | | | | | | 0.0 | | |
| 929,956 | | | Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039 |
| | | | 1,067,059 | | | | | | 0.0 | | |
| 1,439,104 (6) | | | Ginnie Mae Series 2009-33 SN, 5.527%, (-1.000*US0001M + 6.300%), 05/20/2039 |
| | | | 51,207 | | | | | | 0.0 | | |
| 12,083,146 | | | Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039 |
| | | | 13,809,624 | | | | | | 0.2 | | |
| 1,909,885 | | | Ginnie Mae Series 2009-34 Z, 4.500%, 05/16/2039 |
| | | | 2,142,598 | | | | | | 0.0 | | |
| 192,878 (6) | | | Ginnie Mae Series 2009-43 HS, 5.427%, (-1.000*US0001M + 6.200%), 06/20/2038 |
| | | | 5,868 | | | | | | 0.0 | | |
| 2,600,663 | | | Ginnie Mae Series 2009-98 DA, 3.250%, 07/16/2039 |
| | | | 2,777,505 | | | | | | 0.1 | | |
| 5,155,446 | | | Ginnie Mae Series 2010-108 WL, 4.000%, 04/16/2040 |
| | | | 5,681,101 | | | | | | 0.1 | | |
| 2,087,088 (6) | | | Ginnie Mae Series 2010-116 NS, 5.945%, (-1.000*US0001M + 6.650%), 09/16/2040 |
| | | | 431,087 | | | | | | 0.0 | | |
| 5,946,065 (6) | | | Ginnie Mae Series 2010-116 SK, 5.847%, (-1.000*US0001M + 6.620%), 08/20/2040 |
| | | | 1,389,573 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 8,824,633 (6) | | | Ginnie Mae Series 2010-149 HS, 5.395%, (-1.000*US0001M + 6.100%), 05/16/2040 |
| | | $ | 1,108,158 | | | | | | 0.0 | | |
| 480,000 | | | Ginnie Mae Series 2010-164 MD, 4.000%, 12/20/2040 |
| | | | 554,511 | | | | | | 0.0 | | |
| 1,781,055 (6) | | | Ginnie Mae Series 2010-168 BI, 5.000%, 04/20/2040 |
| | | | 421,687 | | | | | | 0.0 | | |
| 1,711,158 (6) | | | Ginnie Mae Series 2010-68 MS, 5.077%, (-1.000*US0001M + 5.850%), 06/20/2040 |
| | | | 325,765 | | | | | | 0.0 | | |
| 3,893,620 | | | Ginnie Mae Series 2011-52 PA, 4.250%, 02/16/2041 |
| | | | 4,276,402 | | | | | | 0.1 | | |
| 4,656,439 (6) | | | Ginnie Mae Series 2011-72 SA, 4.645%, (-1.000*US0001M + 5.350%), 05/16/2041 |
| | | | 779,364 | | | | | | 0.0 | | |
| 4,983,013 (6) | | | Ginnie Mae Series 2011-73 LS, 5.917%, (-1.000*US0001M + 6.690%), 08/20/2039 |
| | | | 413,007 | | | | | | 0.0 | | |
| 73,151 | | | Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041 |
| | | | 74,984 | | | | | | 0.0 | | |
| 1,189,731 (6) | | | Ginnie Mae Series 2012-91 QI, 4.500%, 09/20/2041 |
| | | | 93,850 | | | | | | 0.0 | | |
| 1,388,000 | | | Ginnie Mae Series 2013-116 KB, 3.500%, 12/20/2042 |
| | | | 1,514,685 | | | | | | 0.0 | | |
| 8,505,246 (6) | | | Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043 |
| | | | 1,545,852 | | | | | | 0.0 | | |
| 666,693 | | | Ginnie Mae Series 2013-27 KA, 2.250%, 02/20/2043 |
| | | | 691,320 | | | | | | 0.0 | | |
| 1,866,766 (6) | | | Ginnie Mae Series 2014-10 GI, 4.500%, 01/16/2029 |
| | | | 142,130 | | | | | | 0.0 | | |
| 5,316,013 (6) | | | Ginnie Mae Series 2014-185 SB, 4.827%, (-1.000*US0001M + 5.600%), 12/20/2044 |
| | | | 1,032,051 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
92
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 5,121,927 (6) | | | Ginnie Mae Series 2014-3 QS, 5.377%, (-1.000*US0001M + 6.150%), 03/20/2043 |
| | | $ | 707,594 | | | | | | 0.0 | | |
| 8,930,697 (6) | | | Ginnie Mae Series 2014-3 SU, 5.277%, (-1.000*US0001M + 6.050%), 07/20/2039 |
| | | | 1,913,379 | | | | | | 0.0 | | |
| 7,429,758 (6) | | | Ginnie Mae Series 2014-56 SP, 5.495%, (-1.000*US0001M + 6.200%), 12/16/2039 |
| | | | 1,099,495 | | | | | | 0.0 | | |
| 12,037,543 (6) | | | Ginnie Mae Series 2014-58 SG, 4.895%, (-1.000*US0001M + 5.600%), 04/16/2044 |
| | | | 1,791,634 | | | | | | 0.0 | | |
| 41,411,717 (6) | | | Ginnie Mae Series 2015-110 MS, 4.937%, (-1.000*US0001M + 5.710%), 08/20/2045 |
| | | | 6,604,279 | | | | | | 0.1 | | |
| 2,198,621 | | | Ginnie Mae Series 2015-27 PB, 3.000%, 08/20/2044 |
| | | | 2,343,587 | | | | | | 0.0 | | |
| 28,739,960 (6) | | | Ginnie Mae Series 2016-160 GS, 5.327%, (-1.000*US0001M + 6.100%), 11/20/2046 |
| | | | 5,784,538 | | | | | | 0.1 | | |
| 2,235,042 | | | Ginnie Mae Series 2016-44 JA, 3.500%, 03/20/2046 |
| | | | 2,409,913 | | | | | | 0.0 | | |
| 299,760 | | | Ginnie Mae Series 2018-104 HZ, 3.500%, 08/20/2048 |
| | | | 331,263 | | | | | | 0.0 | | |
| 6,495,085 | | | Ginnie Mae Series 2018-120 DE, 3.500%, 09/20/2048 |
| | | | 6,929,504 | | | | | | 0.1 | | |
| 179,366 | | | Ginnie Mae Series 2018-122 GZ, 3.500%, 09/20/2048 |
| | | | 205,555 | | | | | | 0.0 | | |
| 4,977,225 | | | Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048 |
| | | | 5,311,148 | | | | | | 0.1 | | |
| 178,056 | | | Ginnie Mae Series 2018-147 KZ, 3.750%, 10/20/2048 |
| | | | 207,915 | | | | | | 0.0 | | |
| 176,532 | | | Ginnie Mae Series 2019-100 JB, 3.000%, 08/20/2049 |
| | | | 187,140 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 532,322 | | | Ginnie Mae Series 2019-100 KB, 3.000%, 08/20/2049 |
| | | $ | 564,008 | | | | | | 0.0 | | |
| 1,349,931 | | | Ginnie Mae Series 2019-100 MC, 3.000%, 08/20/2049 |
| | | | 1,424,070 | | | | | | 0.0 | | |
| 1,081,376 | | | Ginnie Mae Series 2019-23 NG, 3.500%, 02/20/2049 |
| | | | 1,210,605 | | | | | | 0.0 | | |
| 71,326 | | | Ginnie Mae Series 2019-54 AB, 3.000%, 04/20/2049 |
| | | | 76,610 | | | | | | 0.0 | | |
| 798,785 | | | Ginnie Mae Series 2019-78 MB, 3.000%, 06/20/2049 |
| | | | 846,754 | | | | | | 0.0 | | |
| 416,445 | | | Ginnie Mae Series 2019-89 KB, 3.000%, 07/20/2049 |
| | | | 438,244 | | | | | | 0.0 | | |
| 299,424 | | | Ginnie Mae Series 2019-89 WB, 3.000%, 07/20/2049 |
| | | | 314,827 | | | | | | 0.0 | | |
| 2,059,629 (1)(4) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/01/2050 |
| | | | 2,095,530 | | | | | | 0.0 | | |
| 3,303,252 (1)(4) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/01/2050 |
| | | | 3,346,014 | | | | | | 0.0 | | |
| 2,100,000 (1)(4) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/01/2050 |
| | | | 1,997,213 | | | | | | 0.0 | | |
| 5,990,521 (1)(4) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 |
| | | | 6,081,056 | | | | | | 0.1 | | |
| 2,963,200 (1)(4) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.496%, 11/25/2049 |
| | | | 2,734,940 | | | | | | 0.0 | | |
| 1,190,135 (1)(4) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 4.095%, 03/25/2050 |
| | | | 1,176,568 | | | | | | 0.0 | | |
| 7,253,939 (1)(4) | | | GS Mortgage-Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050 |
| | | | 7,276,202 | | | | | | 0.1 | | |
| 3,253 | | | GSR Mortgage Loan Trust 2005-5F 8A1, 1.447%, (US0001M + 0.500%), 06/25/2035 |
| | | | 2,959 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
93
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,662,384 | | | HarborView Mortgage Loan Trust 2007-5 A1A, 0.940%, (US0001M + 0.190%), 09/19/2037 |
| | | $ | 2,180,367 | | | | | | 0.0 | | |
| 146,863 | | | HomeBanc Mortgage Trust 2004-1 2A, 1.807%, (US0001M + 0.860%), 08/25/2029 |
| | | | 131,884 | | | | | | 0.0 | | |
| 2,000,000 | | | HomeBanc Mortgage Trust 2005-4 M1, 1.417%, (US0001M + 0.470%), 10/25/2035 |
| | | | 1,772,422 | | | | | | 0.0 | | |
| 1,940,951 (1)(4) | | | Homeward Opportunities Fund I Trust 2019-2 A3, 3.007%, 09/25/2059 |
| | | | 1,878,866 | | | | | | 0.0 | | |
| 1,157,501 | | | Impac CMB Trust Series 2005-1 M1, 1.637%, (US0001M + 0.690%), 04/25/2035 |
| | | | 990,969 | | | | | | 0.0 | | |
| 1,705,471 | | | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.157%, (US0001M + 0.210%), 04/25/2046 |
| | | | 1,379,438 | | | | | | 0.0 | | |
| 2,498,453 | | | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 1.157%, (US0001M + 0.210%), 02/25/2046 |
| | | | 1,838,327 | | | | | | 0.0 | | |
| 2,802,412 (1)(4) | | | JP Morgan Mortgage Trust 2019-6 B1, 4.250%, 12/25/2049 |
| | | | 2,567,440 | | | | | | 0.0 | | |
| 5,181,558 (1)(4) | | | JP Morgan Mortgage Trust 2020-1 A15, 3.500%, 06/25/2050 |
| | | | 5,240,713 | | | | | | 0.1 | | |
| 2,300,000 (1)(4) | | | JP Morgan Mortgage Trust 2020-1 A7, 3.500%, 06/25/2050 |
| | | | 2,219,049 | | | | | | 0.0 | | |
| 6,000,000 (1)(4) | | | JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050 |
| | | | 5,864,080 | | | | | | 0.1 | | |
| 965,335 (1)(4) | | | J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049 |
| | | | 986,627 | | | | | | 0.0 | | |
| 380,969 | | | JP Morgan Alternative Loan Trust 2005-S1 1A1, 5.500%, 12/25/2035 |
| | | | 255,096 | | | | | | 0.0 | | |
| 2,519,201 (4) | | | JP Morgan Mortgage Trust 2005-A4 B1, 4.301%, 07/25/2035 |
| | | | 2,173,672 | | | | | | 0.0 | | |
| 4,320,587 (1)(4) | | | JP Morgan Mortgage Trust 2016-1 B3, 3.868%, 05/25/2046 |
| | | | 4,125,964 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,104,794 (1)(4) | | | JP Morgan Mortgage Trust 2017-1 B4, 3.529%, 01/25/2047 |
| | | $ | 1,004,419 | | | | | | 0.0 | | |
| 5,736,713 (1)(4) | | | JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047 |
| | | | 5,653,415 | | | | | | 0.1 | | |
| 3,479,878 (1)(4) | | | JP Morgan Mortgage Trust 2017-3 B1, 3.834%, 08/25/2047 |
| | | | 3,295,047 | | | | | | 0.1 | | |
| 1,988,368 (1)(4) | | | JP Morgan Mortgage Trust 2017-3 B2, 3.834%, 08/25/2047 |
| | | | 1,856,115 | | | | | | 0.0 | | |
| 1,431,875 (1)(4) | | | JP Morgan Mortgage Trust 2017-6 B3, 3.818%, 12/25/2048 |
| | | | 1,341,620 | | | | | | 0.0 | | |
| 954,583 (1)(4) | | | JP Morgan Mortgage Trust 2017-6 B4, 3.818%, 12/25/2048 |
| | | | 864,384 | | | | | | 0.0 | | |
| 2,066,124 (1)(4) | | | JP Morgan Mortgage Trust 2018-1 B1, 3.738%, 06/25/2048 |
| | | | 2,038,541 | | | | | | 0.0 | | |
| 1,988,823 (1)(4) | | | JP Morgan Mortgage Trust 2018-1 B2, 3.738%, 06/25/2048 |
| | | | 1,856,407 | | | | | | 0.0 | | |
| 2,625,361 (1)(4) | | | JP Morgan Mortgage Trust 2018-1 B3, 3.738%, 06/25/2048 |
| | | | 2,370,393 | | | | | | 0.0 | | |
| 2,539,243 (1)(4) | | | JP Morgan Mortgage Trust 2018-3 B1, 3.763%, 09/25/2048 |
| | | | 2,343,901 | | | | | | 0.0 | | |
| 2,187,402 (1)(4) | | | JP Morgan Mortgage Trust 2018-4 B2, 3.773%, 10/25/2048 |
| | | | 1,983,674 | | | | | | 0.0 | | |
| 1,744,795 (1)(4) | | | JP Morgan Mortgage Trust 2018-6C B2, 3.950%, 12/25/2048 |
| | | | 1,602,981 | | | | | | 0.0 | | |
| 2,936,710 (1)(4) | | | JP Morgan Mortgage Trust 2018-9 B3, 4.462%, 02/25/2049 |
| | | | 2,777,096 | | | | | | 0.0 | | |
| 2,270,756 (1)(4) | | | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 |
| | | | 2,315,175 | | | | | | 0.0 | | |
| 3,199,066 (1)(4) | | | JP Morgan Mortgage Trust 2019-1 B1, 4.515%, 05/25/2049 |
| | | | 3,045,527 | | | | | | 0.0 | | |
| 3,111,748 (1)(4) | | | JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049 |
| | | | 3,172,715 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
94
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 4,230,821 (1)(4) | | | JP Morgan Mortgage Trust 2019-6 B2, 4.250%, 12/25/2049 |
| | | $ | 4,050,566 | | | | | | 0.1 | | |
| 2,615,236 (1)(4) | | | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 |
| | | | 2,630,443 | | | | | | 0.0 | | |
| 4,509,714 (1)(4) | | | JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049 |
| | | | 4,652,986 | | | | | | 0.1 | | |
| 3,604,602 (1)(4) | | | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.824%, 12/25/2049 |
| | | | 3,127,237 | | | | | | 0.1 | | |
| 7,617,817,917 (1)(6) | | | L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048 |
| | | | 7,825,023 | | | | | | 0.1 | | |
| 15,717,603 (6) | | | Lehman Mortgage Trust 2006-7 2A4, 5.603%, (-1.000*US0001M + 6.550%), 11/25/2036 |
| | | | 4,888,713 | | | | | | 0.1 | | |
| 11,017,563 (6) | | | Lehman Mortgage Trust 2006-9 2A5, 5.673%, (-1.000*US0001M + 6.620%), 01/25/2037 |
| | | | 1,008,787 | | | | | | 0.0 | | |
| 1,506,045 | | | Lehman XS Trust Series 2005-5N 1A2, 1.307%, (US0001M + 0.360%), 11/25/2035 |
| | | | 1,099,711 | | | | | | 0.0 | | |
| 4,695,654 | | | Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037 |
| | | | 3,313,939 | | | | | | 0.0 | | |
| 2,712,237 (1)(4) | | | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 |
| | | | 2,655,282 | | | | | | 0.0 | | |
| 2,130,209 (1)(4) | | | OBX 2019-EXP1 1A3 Trust, 4.000%, 01/25/2059 |
| | | | 2,128,736 | | | | | | 0.0 | | |
| 1,920,898 (1)(4) | | | OBX 2019-EXP2 1A3 Trust, 4.000%, 07/25/2059 |
| | | | 1,936,909 | | | | | | 0.0 | | |
| 2,425,078 (1)(4) | | | OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049 |
| | | | 2,486,065 | | | | | | 0.1 | | |
| 9,826,000 | | | Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates 2005-4 M2, 1.447%, (US0001M + 0.500%), 11/25/2035 |
| | | | 8,008,829 | | | | | | 0.1 | | |
| 985,853 (1)(4) | | | PSMC 2020-1 A1 Trust, 3.500%, 01/25/2050 |
| | | | 1,000,758 | | | | | | 0.0 | | |
| 5,539,108 (1)(4) | | | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 |
| | | | 5,619,489 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,000,000 (1)(4) | | | RCKT Mortgage Trust 2020-1 A13, 3.000%, 02/25/2050 |
| | | $ | 1,979,054 | | | | | | 0.0 | | |
| 1,724,448 (1)(4) | | | Sequoia Mortgage Trust 2014-3 B3, 3.938%, 10/25/2044 |
| | | | 1,652,780 | | | | | | 0.0 | | |
| 1,756,845 (1)(4) | | | Sequoia Mortgage Trust 2014-4 B3, 3.865%, 11/25/2044 |
| | | | 1,680,817 | | | | | | 0.0 | | |
| 1,817,161 (1)(4) | | | Sequoia Mortgage Trust 2015-2 B3, 3.736%, 05/25/2045 |
| | | | 1,712,270 | | | | | | 0.0 | | |
| 1,582,122 (1)(4) | | | Sequoia Mortgage Trust 2015-3 B3, 3.703%, 07/25/2045 |
| | | | 1,414,194 | | | | | | 0.0 | | |
| 3,300,000 (1)(4) | | | Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047 |
| | | | 3,268,778 | | | | | | 0.1 | | |
| 1,578,584 (1)(4) | | | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048 |
| | | | 1,581,194 | | | | | | 0.0 | | |
| 2,601,425 (1)(4) | | | Sequoia Mortgage Trust 2018-CH1 B2B, 4.477%, 02/25/2048 |
| | | | 2,475,823 | | | | | | 0.0 | | |
| 1,534,356 (1)(4) | | | Sequoia Mortgage Trust 2019-1 A1, 4.000%, 02/25/2049 |
| | | | 1,518,357 | | | | | | 0.0 | | |
| 3,799,750 (1)(4) | | | Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049 |
| | | | 3,842,919 | | | | | | 0.1 | | |
| 3,765,863 (1)(4) | | | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 |
| | | | 3,809,886 | | | | | | 0.1 | | |
| 1,437,709 (1)(4) | | | Sequoia Mortgage Trust 2019-5 A19, 3.500%, 12/25/2049 |
| | | | 1,465,397 | | | | | | 0.0 | | |
| 1,409,971 (1)(4) | | | Sequoia Mortgage Trust 2019-CH1 A1, 4.500%, 03/25/2049 |
| | | | 1,409,081 | | | | | | 0.0 | | |
| 4,496,197 (1)(4) | | | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 |
| | | | 4,503,227 | | | | | | 0.1 | | |
| 5,278,376 (1)(4) | | | Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050 |
| | | | 5,391,809 | | | | | | 0.1 | | |
| 5,200,000 (1)(4) | | | Sequoia Mortgage Trust 2020-1 A7, 3.500%, 02/25/2050 |
| | | | 4,987,198 | | | | | | 0.1 | | |
| 4,373,811 (1)(4) | | | Sequoia Mortgage Trust 2020-2 A19, 3.500%, 03/25/2050 |
| | | | 4,407,575 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
95
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,996,698 (1)(4) | | | Sequoia Mortgage Trust 2020-2 B2, 3.675%, 03/25/2050 |
| | | $ | 1,594,768 | | | | | | 0.0 | | |
| 2,690,000 (1)(4) | | | Sequoia Mortgage Trust 2020-3 B2, 3.442%, 04/25/2050 |
| | | | 2,110,337 | | | | | | 0.0 | | |
| 1,893,046 (1)(4) | | | Shellpoint Co-Originator Trust 2017-2 B2, 3.714%, 10/25/2047 |
| | | | 1,844,002 | | | | | | 0.0 | | |
| 2,457,097 (1)(4) | | | Starwood Mortgage Residential Trust 2019-1 A3, 3.299%, 06/25/2049 |
| | | | 2,455,712 | | | | | | 0.0 | | |
| 1,360,000 (1) | | | Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047 |
| | | | 1,246,702 | | | | | | 0.0 | | |
| 1,773,000 (1)(4) | | | Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058 |
| | | | 1,613,305 | | | | | | 0.0 | | |
| 1,231,000 (1)(4) | | | Verus Securitization Trust 2018-2 B1, 4.426%, 06/01/2058 |
| | | | 1,114,605 | | | | | | 0.0 | | |
| 2,460,159 (1)(8) | | | Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 07/25/2023), 07/25/2059 |
| | | | 2,366,210 | | | | | | 0.0 | | |
| 925,174 (1)(8) | | | Verus Securitization Trust 2019-4 A3, 3.000% (Step Rate @ 4.000% on 10/25/2023), 11/25/2059 |
| | | | 938,558 | | | | | | 0.0 | | |
| 2,617,962 (1)(4) | | | Verus Securitization Trust 2019-INV2 A2, 3.117%, 07/25/2059 |
| | | | 2,589,761 | | | | | | 0.1 | | |
| 382,152 (4) | | | WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.206%, 10/25/2036 |
| | | | 310,910 | | | | | | 0.0 | | |
| 4,632,449 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 4.464%, 06/25/2034 |
| | | | 4,132,635 | | | | | | 0.1 | | |
| 2,630,823 | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 1.457%, (US0001M + 0.510%), 08/25/2045 |
| | | | 2,459,192 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 81,296,415 (4)(6) | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.263%, 08/25/2045 |
| | | $ | 4,140,134 | | | | | | 0.1 | | |
| 2,061,973 | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.437%, (US0001M + 0.490%), 10/25/2045 |
| | | | 1,815,167 | | | | | | 0.0 | | |
| 395,614 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.694%, 10/25/2036 |
| | | | 348,912 | | | | | | 0.0 | | |
| 878,506 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.270%, 11/25/2036 |
| | | | 739,554 | | | | | | 0.0 | | |
| 1,098,075 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.333%, 12/25/2036 |
| | | | 920,326 | | | | | | 0.0 | | |
| 2,538,631 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A3, 3.333%, 12/25/2036 |
| | | | 2,127,695 | | | | | | 0.0 | | |
| 1,682,927 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.523%, 12/25/2036 |
| | | | 1,399,177 | | | | | | 0.0 | | |
| 1,363,647 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.890%, 08/25/2046 |
| | | | 1,219,116 | | | | | | 0.0 | | |
| 1,977,200 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.740%, 12/25/2036 |
| | | | 1,711,462 | | | | | | 0.0 | | |
| 505,534 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.237%, 03/25/2037 |
| | | | 408,898 | | | | | | 0.0 | | |
| 1,274,709 (4) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.428%, 04/25/2037 |
| | | | 1,021,122 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
96
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,691,206 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 1.847%, (US0001M + 0.900%), 11/25/2035 |
| | | $ | 1,287,968 | | | | | | 0.0 | | |
| 1,074,804 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035 |
| | | | 981,317 | | | | | | 0.0 | | |
| 467,226 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035 |
| | | | 432,061 | | | | | | 0.0 | | |
| 4,497,180 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.926%, (12MTA + 0.960%), 08/25/2046 |
| | | | 2,864,881 | | | | | | 0.1 | | |
| 747,143 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A3, 1.177%, (US0001M + 0.230%), 01/25/2047 |
| | | | 610,334 | | | | | | 0.0 | | |
| 1,547,855 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A4, 1.267%, (US0001M + 0.320%), 01/25/2047 |
| | | | 1,264,721 | | | | | | 0.0 | | |
| 1,005,212 | | | Wells Fargo Alternative Loan 2007-PA2 2A1, 1.377%, (US0001M + 0.430%), 06/25/2037 |
| | | | 757,207 | | | | | | 0.0 | | |
| 1,151,359 | | | Wells Fargo Alternative Loan 2007-PA3 3A1, 6.250%, 07/25/2037 |
| | | | 1,064,771 | | | | | | 0.0 | | |
| 359,210 (4) | | | Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.093%, 04/25/2036 |
| | | | 346,081 | | | | | | 0.0 | | |
| 2,025,285 (1)(4) | | | Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.596%, 09/25/2049 |
| | | | 1,614,417 | | | | | | 0.1 | | |
| 3,488,320 (1)(4) | | | Wells Fargo Mortgage Backed Securities 2020-1 A17 Trust, 3.000%, 12/25/2049 |
| | | | 3,470,845 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,800,800 (1)(4) | | | WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045 |
| | | $ | 1,685,805 | | | | | | 0.0 | | |
| 50,451,167 | | | Other Securities | | | | | 52,169,158 | | | | | | 0.6 | | |
| | | | Total Collateralized Mortgage Obligations |
| | | | | | | | | | | | |
| | | | (Cost $1,711,193,594) | | | |
|
1,708,802,457
|
| | | |
|
20.8
|
| |
| U.S. TREASURY OBLIGATIONS: 7.0% | | |||||||||||||||
| | | | Treasury Inflation Indexed Protected Securities: 2.3% | | ||||||||||||
| 181,844,231 | | | 0.125%,01/15/2030 | | | |
|
187,624,176
|
| | | |
|
2.3
|
| |
| | | | | | ||||||||||||
| | | | U.S. Treasury Bonds: 1.9% | | ||||||||||||
| 46,424,000 | | | 2.375%,11/15/2049 | | | | | 57,981,037 | | | | | | 0.7 | | |
| 67,450,000 | | | 3.500%,02/15/2039 | | | | | 96,047,746 | | | | | | 1.2 | | |
| | | | | | | | | 154,028,783 | | | | | | 1.9 | | |
| | | | U.S. Treasury Notes: 2.8% | | ||||||||||||
| 54,483,000 | | | 0.375%,03/31/2022 | | | | | 54,633,041 | | | | | | 0.7 | | |
| 68,697,000 | | | 0.500%,03/15/2023 | | | | | 69,134,407 | | | | | | 0.8 | | |
| 40,651,000 | | | 0.500%,03/31/2025 | | | | | 40,912,215 | | | | | | 0.5 | | |
| 67,576,000 | | | 0.625%,03/31/2027 | | | | | 67,960,074 | | | | | | 0.8 | | |
| 2,502,000 | | | Other Securities | | | | | 2,697,615 | | | | | | 0.0 | | |
| | | | | | | | | 235,337,352 | | | | | | 2.8 | | |
| | | | Total U.S. Treasury Obligations (Cost $576,279,030) |
| | |
|
576,990,311
|
| | | |
|
7.0
|
| |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.6% | | |||||||||||||||
| | | | Federal Home Loan Mortgage Corporation: 5.2%(9) | | ||||||||||||
| 20,772,321 | | | 3.000%,10/01/2046 | | | | | 21,964,489 | | | | | | 0.3 | | |
| 26,317,160 | | | 3.000%,08/01/2048 | | | | | 27,742,162 | | | | | | 0.3 | | |
| 22,322,925 | | | 3.500%,12/01/2046 | | | | | 23,835,582 | | | | | | 0.3 | | |
| 35,056,116 | | | 3.500%,01/01/2048 | | | | | 37,288,819 | | | | | | 0.4 | | |
| 59,045,357 | | | 3.500%,03/01/2048 | | | | | 63,454,712 | | | | | | 0.8 | | |
| 39,786,063 | | | 3.500%,11/01/2048 | | | | | 42,756,608 | | | | | | 0.5 | | |
| 28,670,679 | | | 4.000%,11/01/2045 | | | | | 31,076,670 | | | | | | 0.4 | | |
| 17,000,504 | | | 4.000%,11/01/2047 | | | | | 18,251,401 | | | | | | 0.2 | | |
| 3,436 | | | 4.670%, (US0012M + 1.773%),05/01/2037 |
| | | | 3,469 | | | | | | 0.0 | | |
| 149,012,191 | | | 2.500%-7.000%, 01/01/ 2024-06/01/2048 |
| | | | 159,871,674 | | | | | | 2.0 | | |
| | | | | | | | | 426,245,586 | | | | | | 5.2 | | |
| | | | Federal National Mortgage Association: 0.4%(9) |
| ||||||||||||
| 84,046 | | | 4.029%, (US0012M + 1.486%),07/01/2035 |
| | | | 85,223 | | | | | | 0.0 | | |
| 15,589,687 | | | 5.000%,08/01/2056 | | | | | 17,948,476 | | | | | | 0.2 | | |
| 14,478,637 | | | 3.500%-6.000%, 05/01/ 2038-12/01/2046 |
| | | | 15,763,697 | | | | | | 0.2 | | |
| | | | | | | | | 33,797,396 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
97
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued) | | |||||||||||||||
| | | | Government National Mortgage Association: 2.4% | | ||||||||||||
| 32,707,017 | | | 3.500%, 03/20/2048 | | | | $ | 35,179,994 | | | | | | 0.4 | | |
| 34,016,976 | | | 4.000%, 09/20/2047 | | | | | 36,725,158 | | | | | | 0.4 | | |
| 19,621,334 | | | 4.000%, 11/20/2049 | | | | | 20,898,205 | | | | | | 0.3 | | |
| 101,431,695 (4) | | | 3.000%-5.500%, 10/15/2039-10/20/2060 |
| | | | 109,078,611 | | | | | | 1.3 | | |
| | | | | | | | | 201,881,968 | | | | | | 2.4 | | |
| | | | Uniform Mortgage-Backed Securities: 8.6% |
| ||||||||||||
| 29,275,429 | | | 3.500%, 11/01/2047 | | | | | 31,501,603 | | | | | | 0.4 | | |
| 26,055,601 | | | 3.500%, 09/01/2049 | | | | | 27,676,666 | | | | | | 0.3 | | |
| 34,393,913 | | | 4.000%, 04/01/2049 | | | | | 37,094,010 | | | | | | 0.5 | | |
| 32,344,419 | | | 3.000%-4.000%, 11/01/2045-01/01/2050 |
| | | | 34,379,437 | | | | | | 0.4 | | |
| 16,785,094 | | | 2.500%, 04/01/2037 | | | | | 17,570,730 | | | | | | 0.2 | | |
| 34,559,682 | | | 3.000%, 01/01/2047 | | | | | 36,488,289 | | | | | | 0.4 | | |
| 32,080,928 | | | 3.000%, 12/01/2049 | | | | | 33,685,605 | | | | | | 0.4 | | |
| 44,310,259 | | | 3.500%, 06/01/2034 | | | | | 47,024,836 | | | | | | 0.6 | | |
| 24,750,188 | | | 3.500%, 08/01/2046 | | | | | 26,595,685 | | | | | | 0.3 | | |
| 17,745,864 | | | 3.500%, 07/01/2048 | | | | | 19,066,095 | | | | | | 0.2 | | |
| 76,337,605 | | | 3.500%, 09/01/2049 | | | | | 80,825,151 | | | | | | 1.0 | | |
| 34,543,325 | | | 3.500%, 02/01/2050 | | | | | 36,569,089 | | | | | | 0.5 | | |
| 15,956,069 | | | 4.000%, 01/01/2045 | | | | | 17,653,144 | | | | | | 0.2 | | |
| 241,792,157 | | | 2.500%-7.500%, 12/01/2027-09/01/2048 |
| | | | 259,619,001 | | | | | | 3.2 | | |
| | | | | | | | | 705,749,341 | | | | | | 8.6 | | |
| | | | Total U.S. Government Agency Obligations (Cost $1,303,264,501) |
| | |
|
1,367,674,291
|
| | | |
|
16.6
|
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1% | | |||||||||||||||
| 10,647,000 (1)(4) | | | BAMLL Re-REMIC Trust 2016-FRR16 B, 0.998%, 05/27/2021 |
| | | | 9,954,666 | | | | | | 0.1 | | |
| 4,390,000 (1) | | | Bancorp Commercial Mortgage 2018 CRE4 D Trust, 2.805%, (US0001M + 2.100%), 09/15/2035 |
| | | | 3,387,229 | | | | | | 0.0 | | |
| 24,811,172 (4)(6) | | | BANK 2017-BNK4 XA, 1.421%, 05/15/2050 |
| | | | 1,724,109 | | | | | | 0.0 | | |
| 167,655,000 (4)(6) | | | BANK 2017-BNK8 XB, 0.175%, 11/15/2050 |
| | | | 2,053,204 | | | | | | 0.0 | | |
| 204,729,308 (4)(6) | | | BANK 2018-BNK14 XA, 0.521%, 09/15/2060 |
| | | | 6,543,783 | | | | | | 0.1 | | |
|
19,110,000 (1)(4)(6)
|
| | BANK 2018-BNK14 XD, 1.602%, 09/15/2060 |
| | | | 2,082,143 | | | | | | 0.0 | | |
| 24,696,456 (4)(6) | | | BANK 2019-BNK16 XA, 0.966%, 02/15/2052 |
| | | | 1,579,879 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 5,210,000 (1) | | | BANK 2019-BNK18 D, 3.000%, 05/15/2062 |
| | | $ | 3,269,321 | | | | | | 0.1 | | |
| 6,580,000 (4) | | | Bank 2019-BNK19 C, 4.035%, 08/15/2061 |
| | | | 5,519,716 | | | | | | 0.1 | | |
| 100,701,485 (4)(6) | | | Bank 2019-BNK19 XA, 0.964%, 08/15/2061 |
| | | | 6,987,535 | | | | | | 0.1 | | |
|
92,840,000 (1)(4)(6)
|
| | BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033 |
| | | | 2,740,089 | | | | | | 0.0 | | |
| 2,400,000 (1) | | | BDS 2018-FL2 D, 3.350%, (US0001M + 2.550%), 08/15/2035 |
| | | | 2,048,221 | | | | | | 0.0 | | |
| 2,620,000 (1)(4) | | | BENCHMARK 2018-B3 D Mortgage Trust, 3.057%, 04/10/2051 |
| | | | 1,755,712 | | | | | | 0.0 | | |
| 54,451,680 (4)(6) | | | Benchmark 2019-B12 XA Mortgage Trust, 1.068%, 08/15/2052 |
| | | | 3,692,259 | | | | | | 0.0 | | |
| 7,470,000 (1) | | | Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052 |
| | | | 4,760,381 | | | | | | 0.1 | | |
| 36,649,740 (4)(6) | | | Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052 |
| | | | 2,644,737 | | | | | | 0.0 | | |
| 6,420,000 (1) | | | Benchmark 2020-B17 D Mortgage Trust, 2.250%, 03/15/2053 |
| | | | 4,079,667 | | | | | | 0.0 | | |
| 92,730,000 (4)(6) | | | Benchmark 2020-B17 XA Mortgage Trust, 1.542%, 03/15/2053 |
| | | | 8,709,100 | | | | | | 0.1 | | |
| 7,540,000 (1) | | | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 |
| | | | 6,324,507 | | | | | | 0.1 | | |
| 7,570,000 (1) | | | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 |
| | | | 6,145,317 | | | | | | 0.1 | | |
| 8,025,365 (1) | | | BX Commercial Mortgage Trust 2019-XL A, 1.625%, (US0001M + 0.920%), 10/15/2036 |
| | | | 7,749,129 | | | | | | 0.1 | | |
| 24,572,902 (1) | | | BX Commercial Mortgage Trust 2019-XL G, 3.005%, (US0001M + 2.300%), 10/15/2036 |
| | | | 21,250,768 | | | | | | 0.3 | | |
| 24,572,902 (1) | | | BX Commercial Mortgage Trust 2019-XL J, 3.355%, (US0001M + 2.650%), 10/15/2036 |
| | | | 21,280,185 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
98
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 21,390,000 (1) | | | BX Commercial Mortgage Trust 2020-BXLP G, 3.205%, (US0001M + 2.500%), 12/15/2029 |
| | | $ | 18,239,364 | | | | | | 0.2 | | |
| 5,150,000 (1) | | | BX Trust 2019-MMP E, 2.605%, (US0001M + 1.900%), 08/15/2036 |
| | | | 4,986,387 | | | | | | 0.0 | | |
| 6,000,000 (1) | | | BX Trust 2019-OC11 A, 3.202%, 12/09/2041 |
| | | | 5,565,600 | | | | | | 0.1 | | |
| 10,660,000 (1)(4) | | | BX Trust 2019-OC11 E, 4.076%, 12/09/2041 |
| | | | 8,201,742 | | | | | | 0.1 | | |
| 93,522,520 (4)(6) | | | CCUBS Commercial Mortgage Trust 2017-C1 XA, 1.012%, 11/15/2050 |
| | | | 4,751,720 | | | | | | 0.1 | | |
| 24,835,436 (4)(6) | | | CD 2016-CD1 Mortgage Trust XA, 1.404%, 08/10/2049 |
| | | | 1,582,425 | | | | | | 0.0 | | |
| 45,113,000 (1)(4)(6) | | | CD 2016-CD1 Mortgage Trust XB, 0.678%, 08/10/2049 |
| | | | 1,755,608 | | | | | | 0.0 | | |
| 33,730,709 (4)(6) | | | CD 2017-CD4 Mortgage Trust XA, 1.306%, 05/10/2050 |
| | | | 2,114,558 | | | | | | 0.1 | | |
| 7,453,264 (1)(4) | | | CFCRE Commercial Mortgage Trust 2011-C1 E, 6.089%, 04/15/2044 |
| | | | 7,047,710 | | | | | | 0.1 | | |
| 4,139,000 (4) | | | Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046 |
| | | | 3,889,314 | | | | | | 0.1 | | |
| 3,910,000 (1)(4) | | | Citigroup Commercial Mortgage Trust 2014-GC19, 5.092%, 03/10/2047 |
| | | | 3,479,049 | | | | | | 0.0 | | |
| 7,745,000 (1) | | | Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049 |
| | | | 5,025,195 | | | | | | 0.1 | | |
| 40,776,675 (4)(6) | | | Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.975%, 07/10/2049 |
| | | | 3,460,965 | | | | | | 0.0 | | |
| 82,540,015 (4)(6) | | | Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.106%, 10/12/2050 |
| | | | 4,510,556 | | | | | | 0.1 | | |
| 3,940,000 (4) | | | Citigroup Commercial Mortgage Trust 2017-P8 C, 4.269%, 09/15/2050 |
| | | | 3,219,294 | | | | | | 0.0 | | |
| 40,211,727 (4)(6) | | | Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.914%, 09/15/2050 |
| | | | 2,072,195 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 88,795,092 (4)(6) | | | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.599%, 06/10/2051 |
| | | $ | 3,788,363 | | | | | | 0.1 | | |
| 9,645,000 (1)(4) | | | COMM 2013-CR10 F Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 7,818,257 | | | | | | 0.1 | | |
| 28,378,644 (4)(6) | | | COMM 2012-CR2 XA, 1.633%, 08/15/2045 |
| | | | 826,593 | | | | | | 0.0 | | |
| 31,075,230 (4)(6) | | | COMM 2012-CR4 XA, 1.697%, 10/15/2045 |
| | | | 1,004,398 | | | | | | 0.0 | | |
| 27,260,000 (1)(4)(6) | | | COMM 2012-CR4 XB, 0.614%, 10/15/2045 |
| | | | 415,388 | | | | | | 0.0 | | |
| 48,200,568 (1)(4)(6) | | | COMM 2012-LC4 XA, 2.101%, 12/10/2044 |
| | | | 1,390,625 | | | | | | 0.0 | | |
| 4,640,000 (1)(4) | | | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 3,938,649 | | | | | | 0.1 | | |
| 129,372,029 (1)(4)(6) | | | COMM 2015-PC1 XA, 0.660%, 07/10/2050 |
| | | | 3,004,886 | | | | | | 0.1 | | |
| 68,703,910 (4)(6) | | | COMM 2016-CR28 XA, 0.693%, 02/10/2049 |
| | | | 1,934,269 | | | | | | 0.0 | | |
| 36,126,734 (4)(6) | | | COMM 2017-COR2 XA, 1.171%, 09/10/2050 |
| | | | 2,399,032 | | | | | | 0.0 | | |
| 12,420,000 | | | COMM 2018-COR3 A3 Mortgage Trust, 4.228%, 05/10/2051 |
| | | | 13,758,439 | | | | | | 0.2 | | |
| 14,010,000 (1)(4) | | | COMM 2020-CBM F Mortgage Trust, 3.633%, 11/13/2039 |
| | | | 8,719,148 | | | | | | 0.1 | | |
| 15,420,000 (1) | | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 3.355%, (US0001M + 2.650%), 05/15/2036 |
| | | | 11,954,087 | | | | | | 0.1 | | |
| 6,670,000 (4) | | | Csail 2015-C2 C Commercial Mortgage Trust, 4.192%, 06/15/2057 |
| | | | 5,804,497 | | | | | | 0.1 | | |
| 4,340,000 (1)(4) | | | CSAIL 2017-CX10 D Commercial Mortgage Trust, 4.111%, 11/15/2050 |
| | | | 3,216,942 | | | | | | 0.0 | | |
| 19,066,000 (4) | | | CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051 |
| | | | 20,760,659 | | | | | | 0.3 | | |
| 6,407,012 (1) | | | CSWF 2018-TOP E, 2.955%, (US0001M + 2.250%), 08/15/2035 |
| | | | 5,286,074 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
99
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 6,056,423 (1) | | | CSWF 2018-TOP F, 3.455%, (US0001M + 2.750%), 08/15/2035 |
| | | $ | 4,802,439 | | | | | | 0.0 | | |
| 4,460,000 (1)(4) | | | DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049 |
| | | | 3,318,826 | | | | | | 0.0 | | |
| 5,000,000 (1)(4) | | | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 |
| | | | 4,814,766 | | | | | | 0.1 | | |
| 12,519,000 (1) | | | DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044 |
| | | | 11,950,517 | | | | | | 0.1 | | |
| 4,480,000 (1) | | | Exantas Capital Corp. 2019-RSO7 C Ltd., 2.850%, (US0001M + 2.050%), 04/15/2036 |
| | | | 3,315,178 | | | | | | 0.0 | | |
| 10,520,000 (1) | | | Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036 |
| | | | 7,007,305 | | | | | | 0.1 | | |
| 16,840,000 (4)(6) | | | Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.298%, 08/25/2020 |
| | | | 162,769 | | | | | | 0.0 | | |
| 77,599,012 (4)(6) | | | Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.815%, 01/25/2043 |
| | | | 1,241,491 | | | | | | 0.0 | | |
| 42,047,111 (4)(6) | | | Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.872%, 05/25/2040 |
| | | | 1,526,398 | | | | | | 0.0 | | |
| 31,879,545 (4)(6) | | | Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.592%, 05/25/2041 |
| | | | 1,388,692 | | | | | | 0.0 | | |
| 187,773,113 (1)(6) | | | FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044 |
| | | | 237,308 | | | | | | 0.0 | | |
| 223,355,545 (4)(6) | | | Freddie Mac Multifamily Structured Pass Through Certificates KHG2 X, 0.406%, 02/25/2030 |
| | | | 5,671,690 | | | | | | 0.1 | | |
| 4,580,000 (1) | | | GS Mortgage Securities Corp. II 2018-RIVR E, 2.255%, (US0001M + 1.550%), 07/15/2035 |
| | | | 4,358,764 | | | | | | 0.1 | | |
| 4,400,000 (1) | | | GS Mortgage Securities Corp. II 2018-RIVR F, 2.805%, (US0001M + 2.100%), 07/15/2035 |
| | | | 4,294,441 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 12,770,000 (1) | | | GS Mortgage Securities Corp. Trust 2019-70P E, 2.905%, (US0001M + 2.200%), 10/15/2036 |
| | | $ | 10,084,754 | | | | | | 0.1 | | |
| 5,110,000 (1) | | | GS Mortgage Securities Corp. Trust 2019-70P F, 3.355%, (US0001M + 2.650%), 10/15/2036 |
| | | | 4,002,374 | | | | | | 0.0 | | |
| 3,400,000 (1)(4) | | | GS Mortgage Securities Trust 2010-C2 D, 5.180%, 12/10/2043 |
| | | | 3,332,968 | | | | | | 0.0 | | |
| 8,190,000 (1)(4) | | | GS Mortgage Securities Trust 2010-C2 E, 4.548%, 12/10/2043 |
| | | | 7,839,314 | | | | | | 0.1 | | |
| 3,710,000 (1)(4) | | | GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043 |
| | | | 3,510,603 | | | | | | 0.0 | | |
| 5,340,000 (1)(4) | | | GS Mortgage Securities Trust 2010-C2 G, 4.548%, 12/10/2043 |
| | | | 5,097,608 | | | | | | 0.1 | | |
| 6,140,000 (1) | | | GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046 |
| | | | 4,689,591 | | | | | | 0.1 | | |
| 46,973,078 (4)(6) | | | GS Mortgage Securities Trust 2013-GC16 XA, 1.032%, 11/10/2046 |
| | | | 1,440,331 | | | | | | 0.0 | | |
| 65,288,551 (4)(6) | | | GS Mortgage Securities Trust 2014-GC22 XA, 0.985%, 06/10/2047 |
| | | | 1,727,065 | | | | | | 0.0 | | |
| 81,824,745 (4)(6) | | | GS Mortgage Securities Trust 2016-GS4 XA, 0.567%, 11/10/2049 |
| | | | 1,987,229 | | | | | | 0.0 | | |
| 69,921,372 (4)(6) | | | GS Mortgage Securities Trust 2017-GS6 XA, 1.041%, 05/10/2050 |
| | | | 4,118,949 | | | | | | 0.0 | | |
| 6,310,000 | | | GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052 |
| | | | 6,969,425 | | | | | | 0.1 | | |
| 78,390,308 (4)(6) | | | GS Mortgage Securities Trust 2019-GC38 XA, 0.963%, 02/10/2052 |
| | | | 5,004,296 | | | | | | 0.1 | | |
| 13,220,000 (1)(4) | | | GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052 |
| | | | 12,393,312 | | | | | | 0.2 | | |
| 10,120,000 (1)(4) | | | GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052 |
| | | | 9,281,040 | | | | | | 0.1 | | |
| 11,820,000 | | | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 |
| | | | 12,156,606 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
100
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 7,690,000 (1)(4) | | | Hudson Yards 2019-55HY F Mortgage Trust, 2.943%, 12/10/2041 |
| | | $ | 6,574,129 | | | | | | 0.1 | | |
| 14,030,000 (1)(4) | | | Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039 |
| | | | 8,138,326 | | | | | | 0.1 | | |
| 2,400,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 E, 5.541%, 07/15/2046 |
| | | | 2,330,803 | | | | | | 0.0 | | |
| 4,500,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046 |
| | | | 4,248,637 | | | | | | 0.0 | | |
| 73,538,575 (4)(6) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.476%, 06/15/2045 |
| | | | 1,382,466 | | | | | | 0.0 | | |
| 5,550,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 |
| | | | 4,662,278 | | | | | | 0.1 | | |
| 93,754,062 (4)(6) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.729%, 12/15/2049 |
| | | | 2,719,046 | | | | | | 0.0 | | |
| 10,720,000 (1) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038 |
| | | | 8,453,547 | | | | | | 0.1 | | |
| 6,363,797 (1)(4) | | | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 |
| | | | 5,738,397 | | | | | | 0.1 | | |
| 7,840,000 (1)(4) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.892%, 01/15/2047 |
| | | | 6,942,750 | | | | | | 0.1 | | |
| 6,470,000 (1)(4) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047 |
| | | | 4,698,517 | | | | | | 0.1 | | |
| 10,865,151 (4)(6) | | | JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.750%, 04/15/2047 |
| | | | 207,913 | | | | | | 0.0 | | |
| 3,080,000 (1)(4) | | | JPMBB Commercial Mortgage Securities Trust 2014-C26 D, 3.882%, 01/15/2048 |
| | | | 2,522,325 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 1,416,065 (4)(6) | | | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.057%, 10/15/2048 |
| | | $ | 47,765 | | | | | | 0.0 | | |
| 12,440,000 | | | JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052 |
| | | | 14,040,603 | | | | | | 0.2 | | |
| 5,000,000 | | | JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052 |
| | | | 5,311,050 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | KNDL 2019-KNSQ F Mortgage Trust, 2.705%, (US0001M + 2.000%), 05/15/2036 |
| | | | 1,502,436 | | | | | | 0.0 | | |
| 4,110,201 (1)(4)(6) | | | LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.600%, 11/15/2038 |
| | | | 13,510 | | | | | | 0.0 | | |
| 46,415,798 (1)(4)(6) | | | LSTAR Commercial Mortgage Trust 2017-5 X, 1.000%, 03/10/2050 |
| | | | 1,672,584 | | | | | | 0.0 | | |
| 4,340,000 (1)(4) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 D, 4.909%, 11/15/2046 |
| | | | 3,859,498 | | | | | | 0.1 | | |
| 74,669,036 (4)(6) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047 |
| | | | 2,633,473 | | | | | | 0.0 | | |
| 3,970,000 (1)(4) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.909%, 04/15/2047 |
| | | | 3,485,626 | | | | | | 0.1 | | |
| 10,600,000 (1) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048 |
| | | | 7,973,994 | | | | | | 0.1 | | |
| 3,090,000 (1)(4) | | | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 |
| | | | 2,686,978 | | | | | | 0.0 | | |
| 14,914,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 J, 4.193%, 09/15/2047 |
| | | | 14,522,618 | | | | | | 0.2 | | |
| 7,864,000 (1)(4) | | | Morgan Stanley Capital I Trust 2016-BNK2 E, 3.905%, 11/15/2049 |
| | | | 4,838,181 | | | | | | 0.1 | | |
| 7,455,000 | | | Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052 |
| | | | 8,057,042 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
101
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 490,000 (1) | | | Morgan Stanley Capital I Trust 2019-H7 D, 3.000%, 07/15/2052 |
| | | $ | 305,152 | | | | | | 0.0 | | |
| 2,500,000 (1) | | | Morgan Stanley Capital I Trust 2019-PLND E, 2.855%, (US0001M + 2.150%), 05/15/2036 |
| | | | 2,008,679 | | | | | | 0.0 | | |
| 4,670,000 | | | Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050 |
| | | | 3,065,878 | | | | | | 0.0 | | |
| 46,534,350 (4)(6) | | | Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.793%, 12/15/2050 |
| | | | 2,151,064 | | | | | | 0.0 | | |
| 6,820,000 (1) | | | MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036 |
| | | | 6,207,103 | | | | | | 0.1 | | |
| 12,790,000 (1) | | | MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036 |
| | | | 11,166,882 | | | | | | 0.1 | | |
| 14,680,000 (1) | | | One Bryant Park Trust 2019-OBP A, 2.516%, 09/13/2049 |
| | | | 14,990,388 | | | | | | 0.2 | | |
| 8,262,000 (1) | | | Shelter Growth CRE 2018-FL1 D Issuer Ltd., 3.705%, (US0001M + 3.000%), 01/15/2035 |
| | | | 7,451,512 | | | | | | 0.1 | | |
| 5,280,000 (1)(4) | | | UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.476%, 12/10/2045 |
| | | | 4,818,310 | | | | | | 0.1 | | |
| 9,020,000 (1)(4) | | | UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.476%, 12/10/2045 |
| | | | 7,501,973 | | | | | | 0.1 | | |
| 6,239,500 (1) | | | Wells Fargo Commercial Mortgage Trust 2010-C1 E, 4.000%, 11/15/2043 |
| | | | 6,037,211 | | | | | | 0.1 | | |
| 8,780,000 (1) | | | Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043 |
| | | | 8,435,388 | | | | | | 0.1 | | |
| 4,830,000 (4) | | | Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.330%, 10/15/2050 |
| | | | 3,957,373 | | | | | | 0.1 | | |
| 8,660,000 | | | Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051 |
| | | | 9,808,202 | | | | | | 0.1 | | |
| 1,264,000 (1) | | | Wells Fargo Commercial Mortgage Trust 2019-C49 D, 3.000%, 03/15/2052 |
| | | | 802,379 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 6,000,000 (1)(7) | | | Wells Fargo Re-REMIC Trust 2013-FRR1 BK26, 0.000%, 01/27/2045 |
| | | $ | 4,950,924 | | | | | | 0.1 | | |
| 3,270,000 (1)(4) | | | WFRBS Commercial Mortgage Trust 2011-C5 E, 5.661%, 11/15/2044 |
| | | | 3,119,093 | | | | | | 0.0 | | |
| 13,339,543 (1)(4)(6) | | | WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.807%, 08/15/2045 |
| | | | 418,089 | | | | | | 0.0 | | |
| 9,610,970 (1)(4)(6) | | | WFRBS Commercial Mortgage Trust 2012-C9 XA, 1.892%, 11/15/2045 |
| | | | 371,962 | | | | | | 0.0 | | |
| 3,920,000 (1) | | | WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046 |
| | | | 2,985,465 | | | | | | 0.0 | | |
| 81,728,062 (4)(6) | | | WFRBS Commercial Mortgage Trust 2014-C25 XA, 0.816%, 11/15/2047 |
| | | | 2,487,295 | | | | | | 0.0 | | |
| 12,946,000 (1)(4) | | | WFRBS Commercial Mortgage Trust 2013-C11 F, 4.258%, 03/15/2045 |
| | | | 9,150,070 | | | | | | 0.1 | | |
| 50,973,845 | | | Other Securities | | | | | 48,747,355 | | | | | | 0.6 | | |
| | | | Total Commercial Mortgage-Backed Securities (Cost $833,271,252) |
| | |
|
750,131,933
|
| | | |
|
9.1
|
| |
| SOVEREIGN BONDS: 2.6% | | |||||||||||||||
|
BRL 95,000,000
|
| | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 |
| | | | 21,176,094 | | | | | | 0.3 | | |
|
BRL 52,000,000
|
| | Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/2023 |
| | | | 11,363,897 | | | | | | 0.1 | | |
| 7,900,000 (1)(2) | | | Dominican Republic International Bond, 4.500%, 01/30/2030 |
| | | | 6,908,550 | | | | | | 0.1 | | |
| 300,000 (1) | | | Dominican Republic International Bond, 5.500%, 01/27/2025 |
| | | | 290,624 | | | | | | 0.0 | | |
| 300,000 (1)(2) | | | Dominican Republic International Bond, 6.600%, 01/28/2024 |
| | | | 296,626 | | | | | | 0.0 | | |
| 250,000 (1)(2) | | | Egypt Government International Bond, 5.875%, 06/11/2025 |
| | | | 225,679 | | | | | | 0.0 | | |
| 1,240,000 (1)(2) | | | Gabon Government International Bond, 6.625%, 02/06/2031 |
| | | | 767,356 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
102
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SOVEREIGN BONDS: (continued) | | |||||||||||||||
| 12,725,000 (1) | | | Ghana Government International Bond, 6.375%, 02/11/2027 |
| | | $ | 9,384,688 | | | | | | 0.1 | | |
| 1,200,000 (1) | | | Kenya Government International Bond, 7.000%, 05/22/2027 |
| | | | 1,113,000 | | | | | | 0.0 | | |
| 600,000 (1) | | | Morocco Government International Bond, 4.250%, 12/11/2022 |
| | | | 597,311 | | | | | | 0.0 | | |
| 600,000 (1)(2) | | | Paraguay Government International Bond, 4.625%, 01/25/2023 |
| | | | 609,006 | | | | | | 0.0 | | |
|
PEN 14,129,000 (1)
|
| | Peru Government Bond, 6.150%, 08/12/2032 |
| | | | 4,430,843 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Perusahaan Penerbit SBSN Indonesia III, 4.400%, 03/01/2028 |
| | | | 4,052,280 | | | | | | 0.1 | | |
| 2,925,000 (1) | | | Saudi Government International Bond, 4.500%, 04/17/2030 |
| | | | 3,159,796 | | | | | | 0.0 | | |
| 22,225,000 | | | Turkey Government International Bond, 4.875%, 10/09/2026 |
| | | | 18,850,134 | | | | | | 0.2 | | |
| 6,908,000 | | | Turkey Government International Bond, 5.125%-7.375%, 09/26/2022-10/24/2028 |
| | | | 6,546,381 | | | | | | 0.1 | | |
|
RUB133,625,063,330 (3)
|
| | Other Securities | | | | | 125,299,503 | | | | | | 1.5 | | |
| | | | Total Sovereign Bonds | | | | | | | | | | | | | |
| | | | (Cost $256,902,262) | | | |
|
215,071,768
|
| | | |
|
2.6
|
| |
| ASSET-BACKED SECURITIES: 10.0% | | |||||||||||||||
| | | | Automobile Asset-Backed Securities: 0.9% |
| ||||||||||||
| 5,950,000 | | | Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024 |
| | | | 4,858,471 | | | | | | 0.1 | | |
| 8,440,000 | | | Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025 |
| | | | 8,449,728 | | | | | | 0.1 | | |
| 5,750,000 | | | AmeriCredit Automobile Receivables Trust 2019-3 C, 2.320%, 07/18/2025 |
| | | | 5,680,906 | | | | | | 0.1 | | |
| 5,050,000 | | | AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025 |
| | | | 4,790,729 | | | | | | 0.0 | | |
| 6,150,000 (1) | | | Oscar US Funding XI LLC 2019-2A A4, 2.680%, 09/10/2026 |
| | | | 6,355,623 | | | | | | 0.1 | | |
| 500,000 | | | Santander Drive Auto Receivables Trust 2018-1 D, 3.320%, 03/15/2024 |
| | | | 485,312 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Automobile Asset-Backed Securities (continued) |
| ||||||||||||
| 9,100,000 | | | Santander Drive Auto Receivables Trust 2018-4 D, 3.980%, 12/15/2025 |
| | | $ | 9,127,893 | | | | | | 0.1 | | |
| 2,850,000 | | | Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025 |
| | | | 2,761,467 | | | | | | 0.1 | | |
| 7,550,000 | | | Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025 |
| | | | 7,217,589 | | | | | | 0.1 | | |
| 9,850,000 (1) | | | Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023 |
| | | | 9,702,709 | | | | | | 0.1 | | |
| 164,798 (1) | | | Tesla Auto Lease Trust 2018-A D, 3.300%, 05/20/2020 |
| | | | 164,155 | | | | | | 0.0 | | |
| 4,150,000 (1) | | | Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021 |
| | | | 4,075,418 | | | | | | 0.0 | | |
| 11,150,000 | | | Other Securities | | | | | 10,522,538 | | | | | | 0.1 | | |
| | | | | | | | | 74,192,538 | | | | | | 0.9 | | |
| | | | Credit Card Asset-Backed Securities: 0.0% |
| ||||||||||||
| 600,000 | | | Other Securities | | | |
|
606,763
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Home Equity Asset-Backed Securities: 0.3% |
| ||||||||||||
| 3,449,486 (1)(4) | | | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |
| | | | 3,123,558 | | | | | | 0.1 | | |
| 6,826,145 | | | Freddie Mac Structured Pass Through Certificates T-31 A7, 1.072%, (US0001M + 0.250%), 05/25/2031 |
| | | | 6,791,067 | | | | | | 0.1 | | |
| 881,685 | | | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A3, 1.267%, (US0001M + 0.160%), 02/25/2037 |
| | | | 694,953 | | | | | | 0.0 | | |
| 1,073,159 | | | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 1.407%, (US0001M + 0.230%), 02/25/2037 |
| | | | 855,073 | | | | | | 0.0 | | |
| 12,820,346 | | | Other Securities | | | | | 9,413,402 | | | | | | 0.1 | | |
| | | | | | | | | 20,878,053 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
103
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities: 8.2% | | ||||||||||||
| 2,862,787 (1) | | | Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058 |
| | | $ | 2,712,487 | | | | | | 0.0 | | |
| 10,000,000 (1) | | | Allegany Park CLO Ltd. 2019-1A A, 3.164%, (US0003M + 1.330%), 01/20/2033 |
| | | | 9,362,560 | | | | | | 0.1 | | |
|
1,073,505 (1)(4)(6)(10)
|
| | American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052 |
| | | | — | | | | | | — | | |
| 10,000,000 (1) | | | AMMC CLO 15 Ltd. 2014-15A ARR, 3.091%, (US0003M + 1.260%), 01/15/2032 |
| | | | 9,331,510 | | | | | | 0.1 | | |
| 3,900,000 (1) | | | Apidos CLO XII 2013-12A AR, 2.911%, (US0003M + 1.080%), 04/15/2031 |
| | | | 3,668,566 | | | | | | 0.1 | | |
| 500,000 (1) | | | Apidos CLO XII 2013-12A CR, 3.631%, (US0003M + 1.800%), 04/15/2031 |
| | | | 422,382 | | | | | | 0.0 | | |
| 20,000,000 (1) | | | Apidos CLO XXXII 2019-32A A1, 3.003%, (US0003M + 1.320%), 01/20/2033 |
| | | | 18,770,320 | | | | | | 0.2 | | |
| 4,450,000 (1) | | | Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/07/2049 |
| | | | 4,052,837 | | | | | | 0.1 | | |
| 2,050,000 (1) | | | Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/07/2049 |
| | | | 1,773,086 | | | | | | 0.0 | | |
| 4,659,403 (1) | | | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 |
| | | | 4,646,346 | | | | | | 0.1 | | |
| 10,000,000 (1) | | | ARES XLVI CLO Ltd. 2017-46A A2, 3.061%, (US0003M + 1.230%), 01/15/2030 |
| | | | 9,145,380 | | | | | | 0.1 | | |
| 3,890,000 (1) | | | Babson CLO Ltd. 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/18/2029 |
| | | | 3,623,270 | | | | | | 0.0 | | |
| 6,361,000 (1) | | | Babson CLO Ltd. 2018-3A A2, 3.119%, (US0003M + 1.300%), 07/20/2029 |
| | | | 5,893,575 | | | | | | 0.1 | | |
| 1,650,000 (1) | | | Bain Capital Credit CLO 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/20/2030 |
| | | | 1,538,665 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 3,750,000 (1) | | | Barings Clo Ltd. 2019-4A C, 4.703%, (US0003M + 2.800%), 01/15/2033 |
| | | $ | 3,156,870 | | | | | | 0.0 | | |
| 7,500,000 (1) | | | Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033 |
| | | | 7,009,320 | | | | | | 0.1 | | |
| 8,770,000 (1) | | | Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.081%, (US0003M + 1.250%), 07/15/2029 |
| | | | 8,405,107 | | | | | | 0.1 | | |
| 7,500,000 (1) | | | Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.019%, (US0003M + 1.200%), 01/20/2031 |
| | | | 6,655,642 | | | | | | 0.1 | | |
| 5,000,000 (1) | | | Benefit Street Partners CLO XIV Ltd. 2018-14A A2, 2.969%, (US0003M + 1.150%), 04/20/2031 |
| | | | 4,522,170 | | | | | | 0.0 | | |
| 17,350,000 (1) | | | Benefit Street Partners CLO XIX Ltd. 2019-19A A, 3.228%, (US0003M + 1.350%), 01/15/2033 |
| | | | 16,073,474 | | | | | | 0.2 | | |
| 4,070,000 (1) | | | BlueMountain CLO 2015-1A BR, 4.348%, (US0003M + 2.500%), 04/13/2027 |
| | | | 3,895,849 | | | | | | 0.0 | | |
| 10,000,000 (1) | | | Carbone CLO Ltd. 2017-1A A1, 2.967%, (US0003M + 1.140%), 01/20/2031 |
| | | | 9,404,320 | | | | | | 0.1 | | |
| 700,000 (1) | | | Carlyle Global Market Strategies CLO 2014-2RA A1 Ltd., 2.742%, (US0003M + 1.050%), 05/15/2031 |
| | | | 658,896 | | | | | | 0.0 | | |
| 3,250,000 (1) | | | Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 2.966%, (US0003M + 1.130%), 04/17/2031 |
| | | | 2,935,839 | | | | | | 0.0 | | |
| 3,530,000 (1) | | | Cedar Funding VIII Clo Ltd. 2017-8A A1, 3.086%, (US0003M + 1.250%), 10/17/2030 |
| | | | 3,314,885 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
104
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 37,149 | | | Chase Funding Trust Series 2003-5 2A2, 1.547%, (US0001M + 0.600%), 07/25/2033 |
| | | $ | 32,866 | | | | | | 0.0 | | |
| 4,050,000 (1) | | | CIFC Funding 2013-2A A1LR, 3.037%, (US0003M + 1.210%), 10/18/2030 |
| | | | 3,864,429 | | | | | | 0.1 | | |
| 2,150,000 (1) | | | CIFC Funding 2017-2A C, 4.169%, (US0003M + 2.350%), 04/20/2030 |
| | | | 1,884,914 | | | | | | 0.0 | | |
| 7,400,000 (1) | | | CIFC Funding 2017-4 A1, 3.051%, (US0003M + 1.250%), 10/24/2030 |
| | | | 7,009,524 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | CIFC Funding 2017-5A A1, 3.016%, (US0003M + 1.180%), 11/16/2030 |
| | | | 2,840,202 | | | | | | 0.1 | | |
| 11,380,000 (1) | | | CIFC Funding 2019-6A A1 Ltd., 3.237%, (US0003M + 1.330%), 01/16/2033 |
| | | | 10,691,635 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | CIFC Funding 2019-6A A2 Ltd., 3.657%, (US0003M + 1.750%), 01/16/2033 |
| | | | 2,789,127 | | | | | | 0.0 | | |
| 4,675,000 (1) | | | Cole Park CLO Ltd. 2015-1A CR, 3.819%, (US0003M + 2.000%), 10/20/2028 |
| | | | 4,219,061 | | | | | | 0.0 | | |
| 7,425,000 | | | Countrywide Asset-Backed Certificates 2005-AB2 M1, 1.652%, (US0001M + 0.705%), 09/25/2035 |
| | | | 6,548,324 | | | | | | 0.1 | | |
| 9,874,233 | | | Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 1.097%, (US0001M + 0.150%), 10/25/2036 |
| | | | 7,984,201 | | | | | | 0.1 | | |
| 4,714,375 (1) | | | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 |
| | | | 4,546,904 | | | | | | 0.1 | | |
| 2,431,625 (1) | | | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 |
| | | | 2,365,181 | | | | | | 0.0 | | |
| 4,200,000 (1) | | | Deer Creek Clo Ltd. 2017-1A A, 2.999%, (US0003M + 1.180%), 10/20/2030 |
| | | | 3,972,469 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 7,000,000 (1) | | | Dewolf Park Clo Ltd. 2017-1A A, 3.041%, (US0003M + 1.210%), 10/15/2030 |
| | | $ | 6,634,845 | | | | | | 0.1 | | |
| 635,375 (1) | | | Domino’s Pizza Master Issuer LLC 2017-1A A2II, 3.082%, 07/25/2047 |
| | | | 622,033 | | | | | | 0.0 | | |
| 6,832,875 (1) | | | Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 |
| | | | 6,102,235 | | | | | | 0.1 | | |
| 2,610,250 (1) | | | Domino’s Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048 |
| | | | 2,501,443 | | | | | | 0.0 | | |
| 5,791,500 (1) | | | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 |
| | | | 5,547,736 | | | | | | 0.1 | | |
| 2,308,875 (1) | | | Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048 |
| | | | 2,261,487 | | | | | | 0.0 | | |
| 6,660,000 (1) | | | Dryden Senior Loan Fund 2017-47A A2, 3.181%, (US0003M + 1.350%), 04/15/2028 |
| | | | 6,115,372 | | | | | | 0.1 | | |
| 5,565,000 (1) | | | Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 2.892%, (US0003M + 1.200%), 08/15/2030 |
| | | | 5,335,649 | | | | | | 0.0 | | |
| 7,000,000 (1) | | | Dryden 78 CLO Ltd. 2020-78A A, 2.447%, (US0003M + 1.180%), 04/17/2033 |
| | | | 6,510,000 | | | | | | 0.1 | | |
| 8,000,000 (1) | | | Eaton Vance Clo 2015-1A A2R Ltd., 3.069%, (US0003M + 1.250%), 01/20/2030 |
| | | | 7,223,776 | | | | | | 0.1 | | |
| 4,228,050 (1) | | | Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047 |
| | | | 4,452,695 | | | | | | 0.1 | | |
| 4,250,000 (1) | | | Galaxy XIX CLO Ltd. 2015-19A A1R, 3.021%, (US0003M + 1.220%), 07/24/2030 |
| | | | 4,040,671 | | | | | | 0.1 | | |
| 2,500,000 (1) | | | Galaxy XV CLO Ltd. 2013-15A AR, 3.031%, (US0003M + 1.200%), 10/15/2030 |
| | | | 2,361,297 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
105
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 11,150,000 (1) | | | Galaxy XXI CLO Ltd. 2015-21A AR, 2.839%, (US0003M + 1.020%), 04/20/2031 |
| | | $ | 10,411,926 | | | | | | 0.1 | | |
| 2,300,000 (1) | | | Gilbert Park CLO Ltd. 2017-1A A, 3.021%, (US0003M + 1.190%), 10/15/2030 |
| | | | 2,179,326 | | | | | | 0.0 | | |
| 7,000,000 (1) | | | Goldentree Loan Management US Clo 2 Ltd. 2017-2A A, 2.969%, (US0003M + 1.150%), 11/28/2030 |
| | | | 6,610,996 | | | | | | 0.1 | | |
| 4,727,499 (1) | | | Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048 |
| | | | 4,289,837 | | | | | | 0.1 | | |
| 1,281,642 (1) | | | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 |
| | | | 1,343,903 | | | | | | 0.0 | | |
| 1,219,708 (1) | | | HERO Funding Trust 2016-2A A, 3.750%, 09/20/2041 |
| | | | 1,255,546 | | | | | | 0.0 | | |
| 3,020,285 (1) | | | HERO Funding Trust 2016-4A A2, 4.290%, 09/20/2047 |
| | | | 3,211,499 | | | | | | 0.1 | | |
| 1,250,000 (1) | | | Home Partners of America 2018-1 E Trust, 2.650%, (US0001M + 1.850%), 07/17/2037 |
| | | | 1,102,254 | | | | | | 0.0 | | |
| 7,750,000 (1) | | | Jay Park CLO Ltd. 2016-1A BR, 3.819%, (US0003M + 2.000%), 10/20/2027 |
| | | | 6,867,817 | | | | | | 0.1 | | |
| 7,300,000 (1) | | | Jersey Mike’s Funding 2019-1A A2, 4.433%, 02/15/2050 |
| | | | 6,477,290 | | | | | | 0.1 | | |
| 4,328,213 (1) | | | JG Wentworth XLII LLC 2018-2A A, 3.960%, 10/15/2075 |
| | | | 4,436,656 | | | | | | 0.1 | | |
| 3,111,030 (1) | | | JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077 |
| | | | 3,095,083 | | | | | | 0.0 | | |
| 10,050,000 (1) | | | Kayne CLO 6 Ltd. 2019-6A A1, 3.131%, (US0003M + 1.380%), 01/20/2033 |
| | | | 9,380,167 | | | | | | 0.1 | | |
| 6,000,000 (1) | | | Kayne CLO 6 Ltd. 2019-6A A2, 3.601%, (US0003M + 1.850%), 01/20/2033 |
| | | | 5,560,572 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 4,250,000 (1) | | | Kayne CLO 7 Ltd. 2020-7A A1, 2.651%, (US0003M + 1.200%), 04/17/2033 |
| | | $ | 3,591,250 | | | | | | 0.0 | | |
| 6,000,000 (1)(11) | | | KKR CLO 21 A Ltd., 2.831%, (US0003M + 1.000%), 04/15/2031 |
| | | | 5,580,216 | | | | | | 0.1 | | |
| 6,000,000 (1) | | | LCM 26A A2 Ltd., 3.069%, (US0003M + 1.250%), 01/20/2031 |
| | | | 5,480,364 | | | | | | 0.1 | | |
| 1,867,000 (1) | | | LCM XIV L.P. 14A AR, 2.867%, (US0003M + 1.040%), 07/20/2031 |
| | | | 1,741,060 | | | | | | 0.0 | | |
| 5,000,000 (1) | | | LCM XVIII L.P. 18A A2R, 3.039%, (US0003M + 1.220%), 04/20/2031 |
| | | | 4,537,885 | | | | | | 0.0 | | |
| 5,400,000 (1) | | | Madison Park Funding XV Ltd. 2014-15A B1R, 3.994%, (US0003M + 2.200%), 01/27/2026 |
| | | | 5,123,417 | | | | | | 0.1 | | |
| 3,600,000 (1) | | | Madison Park Funding XXI Ltd. 2016-21A BR, 4.681%, (US0003M + 2.850%), 10/15/2032 |
| | | | 2,972,927 | | | | | | 0.0 | | |
| 1,400,000 (1) | | | Madison Park Funding XXVII Ltd. 2018-27A B, 3.619%, (US0003M + 1.800%), 04/20/2030 |
| | | | 1,176,028 | | | | | | 0.0 | | |
| 13,150,000 (1) | | | Magnetite XXII Ltd. 2019-22A A2, 3.481%, (US0003M + 1.650%), 04/15/2031 |
| | | | 12,219,204 | | | | | | 0.1 | | |
| 3,400,000 (1) | | | Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028 |
| | | | 3,344,691 | | | | | | 0.1 | | |
| 3,488,000 (1) | | | Marlette Funding Trust 2018-4A C, 4.910%, 12/15/2028 |
| | | | 3,245,711 | | | | | | 0.0 | | |
| 500,000 (1) | | | Marlette Funding Trust 2019-2 A2A, 3.530%, 07/16/2029 |
| | | | 407,377 | | | | | | 0.0 | | |
| 4,200,000 (1) | | | Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029 |
| | | | 3,135,780 | | | | | | 0.0 | | |
| 1,100,000 (1)(4) | | | Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058 |
| | | | 1,079,441 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
106
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 3,200,000 (1)(4) | | | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 |
| | | $ | 3,022,023 | | | | | | 0.1 | | |
| 2,482,000 (1)(4) | | | Mill City Mortgage Trust 2015-2 B2, 3.820%, 09/25/2057 |
| | | | 2,065,753 | | | | | | 0.0 | | |
| 1,241,902 (1) | | | Mill City Solar Loan 2019-1A A Ltd., 4.340%, 03/20/2043 |
| | | | 1,211,826 | | | | | | 0.0 | | |
| 6,361,877 (1) | | | Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043 |
| | | | 6,023,798 | | | | | | 0.1 | | |
| 4,819,560 (1) | | | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 |
| | | | 4,633,576 | | | | | | 0.1 | | |
| 7,924,800 (1) | | | Mosaic Solar Loan Trust 2018-2-GS A, 4.200%, 02/22/2044 |
| | | | 8,001,984 | | | | | | 0.1 | | |
| 2,024,885 (1) | | | Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044 |
| | | | 1,856,797 | | | | | | 0.0 | | |
| 7,028,345 (1) | | | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 |
| | | | 6,784,575 | | | | | | 0.1 | | |
| 2,993,822 (1) | | | Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043 |
| | | | 2,995,769 | | | | | | 0.0 | | |
| 3,250,000 (1) | | | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 4.590%, (US0003M + 2.450%), 10/16/2032 |
| | | | 2,691,253 | | | | | | 0.0 | | |
| 12,250,000 (1) | | | Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 3.243%, (US0003M + 1.340%), 01/19/2033 |
| | | | 11,599,892 | | | | | | 0.1 | | |
| 2,500,000 (1) | | | OCP CLO 2015-8 Ltd. 2015-8A BR, 3.686%, (US0003M + 1.850%), 04/17/2027 |
| | | | 2,315,722 | | | | | | 0.0 | | |
| 9,470,000 (1) | | | Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.139%, (US0003M + 1.320%), 03/17/2030 |
| | | | 8,991,869 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Octagon Investment Partners Ltd. 2017-1A A2, 3.181%, (US0003M + 1.350%), 07/15/2029 |
| | | | 2,784,759 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 5,520,000 (1) | | | Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.206%, (US0003M + 1.375%), 07/15/2029 |
| | | $ | 4,975,088 | | | | | | 0.1 | | |
| 4,060,000 (1) | | | Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.169%, (US0003M + 1.350%), 07/19/2030 |
| | | | 3,759,150 | | | | | | 0.1 | | |
| 20,000,000 (1) | | | Octagon Loan Funding Ltd. 2014-1A ARR, 2.872%, (US0003M + 1.180%), 11/18/2031 |
| | | | 18,709,280 | | | | | | 0.2 | | |
| 17,700,000 (1) | | | OHA Loan Funding 2015-1A A1R2 Ltd., 3.032%, (US0003M + 1.340%), 11/15/2032 |
| | | | 16,602,494 | | | | | | 0.2 | | |
| 3,550,000 (1) | | | Palmer Square CLO 2014-1A A1R2 Ltd., 2.966%, (US0003M + 1.130%), 01/17/2031 |
| | | | 3,383,381 | | | | | | 0.1 | | |
| 10,000,000 (1) | | | Palmer Square CLO 2018-1A A1 Ltd., 2.849%, (US0003M + 1.030%), 04/18/2031 |
| | | | 9,427,440 | | | | | | 0.1 | | |
| 6,700,000 (1) | | | Palmer Square Loan Funding 2018-1A B Ltd., 3.231%, (US0003M + 1.400%), 04/15/2026 |
| | | | 5,833,127 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | Palmer Square Loan Funding 2018-1A C Ltd., 3.681%, (US0003M + 1.850%), 04/15/2026 |
| | | | 3,160,048 | | | | | | 0.0 | | |
| 1,000,000 (1)(11) | | | Palmer Square Loan Funding 2018-2A C Ltd., 3.781%, (US0003M + 1.950%), 07/15/2026 |
| | | | 772,683 | | | | | | 0.0 | | |
| 6,600,000 (1) | | | Palmer Square CLO 2015-2A A1R2 Ltd., 2.919%, (US0003M + 1.100%), 07/20/2030 |
| | | | 6,256,430 | | | | | | 0.1 | | |
| 6,107,000 (1) | | | Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048 |
| | | | 5,829,928 | | | | | | 0.1 | | |
| 5,037,375 (1) | | | Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 |
| | | | 4,651,572 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
107
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 2,000,000 (1)(4) | | | Sofi Consumer Loan Program 2016-4 C LLC, 5.920%, 11/25/2025 |
| | | $ | 1,898,317 | | | | | | 0.0 | | |
| 5,101,000 (1) | | | SoFi Consumer Loan Program 2017-3 B, 3.850%, 05/25/2026 |
| | | | 4,588,756 | | | | | | 0.1 | | |
| 1,585,000 (1) | | | Sofi Consumer Loan Program 2017-6 B LLC, 3.520%, 11/25/2026 |
| | | | 1,485,066 | | | | | | 0.0 | | |
| 7,000,000 (1) | | | Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027 |
| | | | 5,772,003 | | | | | | 0.1 | | |
| 7,190,000 (1) | | | Sofi Consumer Loan Program 2018-2 B Trust, 3.790%, 04/26/2027 |
| | | | 6,871,592 | | | | | | 0.1 | | |
| 3,700,000 (1) | | | Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027 |
| | | | 3,456,547 | | | | | | 0.1 | | |
| 9,950,000 (1) | | | Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027 |
| | | | 8,823,264 | | | | | | 0.1 | | |
| 3,450,000 (1) | | | SoFi Consumer Loan Program 2018-4 B Trust, 3.960%, 11/26/2027 |
| | | | 3,238,545 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | SoFi Consumer Loan Program 2019-2 C Trust, 3.460%, 04/25/2028 |
| | | | 1,544,610 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028 |
| | | | 1,403,413 | | | | | | 0.0 | | |
| 4,100,000 (1) | | | SoFi Consumer Loan Program 2019-4 C Trust, 2.840%, 08/25/2028 |
| | | | 3,353,076 | | | | | | 0.0 | | |
| 1,300,000 (1) | | | SoFi Consumer Loan Program 2019-4 D Trust, 3.480%, 08/25/2028 |
| | | | 1,054,221 | | | | | | 0.0 | | |
| 345,333 (1) | | | Sonic Capital LLC 2018-1A A2, 4.026%, 02/20/2048 |
| | | | 349,715 | | | | | | 0.0 | | |
| 7,293,917 (1) | | | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 |
| | | | 7,098,033 | | | | | | 0.1 | | |
| 22,060,000 (1) | | | Sound Point CLO XXV Ltd. 2019-4A A1A, 3.231%, (US0003M + 1.400%), 01/15/2033 |
| | | | 20,042,503 | | | | | | 0.2 | | |
| 4,819,982 (1) | | | Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049 |
| | | | 4,311,191 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 4,729,670 (1) | | | Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054 |
| | | $ | 3,646,766 | | | | | | 0.0 | | |
| 6,073,125 (1) | | | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 |
| | | | 5,983,382 | | | | | | 0.1 | | |
| 7,200,000 (1) | | | TES LLC 2017-1A B, 7.740%, 10/20/2047 |
| | | | 6,152,972 | | | | | | 0.1 | | |
| 7,000,000 (1) | | | THL Credit Wind River 2013-2A AR CLO Ltd., 3.049%, (US0003M + 1.230%), 10/18/2030 |
| | | | 6,582,380 | | | | | | 0.1 | | |
| 12,250,000 (1) | | | THL Credit Wind River 2016-2A A1R CLO Ltd., 2.953%, (US0003M + 1.190%), 11/01/2031 |
| | | | 11,448,348 | | | | | | 0.1 | | |
| 7,080,000 (1) | | | THL Credit Wind River 2017-2A A CLO Ltd., 3.049%, (US0003M + 1.230%), 07/20/2030 |
| | | | 6,714,735 | | | | | | 0.1 | | |
| 7,500,000 (1) | | | Tiaa Clo III Ltd. 2017-2A A, 2.993%, (US0003M + 1.150%), 01/16/2031 |
| | | | 6,935,325 | | | | | | 0.1 | | |
| 1,400,000 (1)(4) | | | Towd Point Mortgage Trust 2015-2 1B1, 3.757%, 11/25/2060 |
| | | | 1,282,058 | | | | | | 0.0 | | |
| 2,640,000 (1)(4) | | | Towd Point Mortgage Trust 2015-2 2B2, 4.449%, 11/25/2057 |
| | | | 2,537,215 | | | | | | 0.0 | | |
| 4,346,000 (1)(4) | | | Towd Point Mortgage Trust 2016-2 M1, 3.000%, 08/25/2055 |
| | | | 4,055,934 | | | | | | 0.1 | | |
| 3,200,000 (1)(4) | | | Towd Point Mortgage Trust 2017-1 M1, 3.750%, 10/25/2056 |
| | | | 3,047,983 | | | | | | 0.1 | | |
| 2,200,000 (1)(4) | | | Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057 |
| | | | 1,983,729 | | | | | | 0.0 | | |
| 3,000,000 (1) | | | Trafigura Securitisation Finance PLC 2018-1A B, 4.290%, 03/15/2022 |
| | | | 3,020,350 | | | | | | 0.0 | | |
| 7,250,000 (1) | | | Venture XX CLO Ltd. 2015-20A CR, 3.731%, (US0003M + 1.900%), 04/15/2027 |
| | | | 6,234,855 | | | | | | 0.1 | | |
| 1,955,000 (1) | | | Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048 |
| | | | 1,786,655 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
108
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 3,606,975 (1) | | | Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 |
| | | $ | 3,269,795 | | | | | | 0.1 | | |
| 572,544 | | | Other Securities | | | | | 558,385 | | | | | | 0.0 | | |
| | | | | | | | | 678,161,591 | | | | | | 8.2 | | |
| | | | Student Loan Asset-Backed Securities: 0.6% |
| ||||||||||||
| 831,351 (1) | | | Commonbond Student Loan Trust 2016-B, 4.000%, 10/25/2040 |
| | | | 856,751 | | | | | | 0.0 | | |
| 2,300,000 (1) | | | Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042 |
| | | | 2,360,574 | | | | | | 0.0 | | |
| 240,353 (1) | | | Commonbond Student Loan Trust 2018-A-GS C, 3.820%, 02/25/2044 |
| | | | 246,828 | | | | | | 0.0 | | |
| 255,319 (1) | | | Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039 |
| | | | 252,132 | | | | | | 0.0 | | |
| 327,188 (1)(4) | | | Earnest Student Loan Program, LLC 2016-B B, 4.810%, 09/25/2036 |
| | | | 338,549 | | | | | | 0.0 | | |
| 252,967 (1) | | | Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037 |
| | | | 256,917 | | | | | | 0.0 | | |
| 504,691 (1) | | | Laurel Road Prime Student Loan Trust 2017-B A4, 3.020%, 08/25/2042 |
| | | | 492,754 | | | | | | 0.0 | | |
| 2,700,000 (1) | | | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |
| | | | 2,642,843 | | | | | | 0.1 | | |
| 1,450,000 (1) | | | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 |
| | | | 1,505,786 | | | | | | 0.0 | | |
| 4,100,000 (1)(4) | | | SoFi Professional Loan Program 2016-E C, 4.430%, 10/25/2041 |
| | | | 4,341,007 | | | | | | 0.1 | | |
| 3,000,000 (1)(4) | | | SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040 |
| | | | 3,060,552 | | | | | | 0.0 | | |
| 3,900,000 (1) | | | SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041 |
| | | | 3,883,325 | | | | | | 0.1 | | |
| 3,250,000 (1) | | | Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042 |
| | | | 3,159,921 | | | | | | 0.0 | | |
| 8,000,000 (1) | | | Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047 |
| | | | 7,503,729 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Student Loan Asset-Backed Securities (continued) |
| ||||||||||||
| 5,800,000 (1) | | | Sofi Professional Loan Program 2018-C BFX Trust, 4.130%, 01/25/2048 |
| | | $ | 5,897,000 | | | | | | 0.1 | | |
| 6,000,000 (1) | | | Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048 |
| | | | 6,192,755 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048 |
| | | | 3,133,155 | | | | | | 0.0 | | |
| | | | | | | | | 46,124,578 | | | | | | 0.6 | | |
| | | | Total Asset-Backed Securities |
| | | | | | | | | | | | |
| | | | (Cost $877,196,585) | | | |
|
819,963,523
|
| | | |
|
10.0
|
| |
| CONVERTIBLE BONDS/NOTES: 0.0% | | |||||||||||||||
| | | | Financial: 0.0% | | ||||||||||||
| 1,690,000 | | | Other Securities | | | |
|
1,693,664
|
| | | |
|
0.0
|
| |
| | | | Total Convertible Bonds/Notes |
| | | | | | | | | | | | |
| | | |
(Cost $1,679,961)
|
| | | | 1,693,664 | | | | | | 0.0 | | |
| | ||||||||||||||||
| | | | | | | |
Value
|
| |
Percentage
of Net Assets |
| ||||||
| | PURCHASED OPTIONS(12): 0.1% | | |||||||||||||||
| | | | | Total Purchased Options | | | | | | | | | | | | | |
| | | | | (Cost $896,417) | | | |
|
9,754,777
|
| | | |
|
0.1
|
| |
| | | | | Total Long-Term Investments |
| | | | | | | | | | | | |
| | | | |
(Cost $8,296,114,079)
|
| | | | 8,122,735,917 | | | | | | 98.7 | | |
| | |||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: 2.2% | | |||||||||||||||
| | | | Commercial Paper: 0.2% | | ||||||||||||
| 1,825,000 (13) | | | DBS Bank Ltd., 1.700%, 04/03/2020 |
| | | | 1,824,954 | | | | | | 0.0 | | |
| 4,670,000 (13) | | | Exxon Mobil Corp., 1.600%, 06/03/2020 |
| | | | 4,652,422 | | | | | | 0.1 | | |
| 4,775,000 (13) | | | Federal Republic of Germany, 1.620%, 05/21/2020 |
| | | | 4,768,234 | | | | | | 0.1 | | |
| 950,000 (13) | | | Matchpoint Finance PLC, 1.680%, 05/11/2020 |
| | | | 948,280 | | | | | | 0.0 | | |
| 4,625,000 (13) | | | Pfizer Inc., 1.630%, 06/15/2020 |
| | | | 4,607,522 | | | | | | 0.0 | | |
| | | | Total Commercial Paper | | | | | | | | | | | | | |
| | | | (Cost $16,801,412) | | | |
|
16,801,412
|
| | | |
|
0.2
|
| |
| | ||||||||||||||||
See Accompanying Notes to Financial Statements
109
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Floating Rate Notes: 1.2% | | ||||||||||||
| 4,600,000 (13) | | | Australia & New Zealand Banking Group Ltd., 0.950%, 05/20/2020 |
| | | $ | 4,600,847 | | | | | | 0.1 | | |
| 3,250,000 (13) | | | Australia & New Zealand Banking Group Ltd., 1.220%, 04/09/2020 |
| | | | 3,250,510 | | | | | | 0.0 | | |
| 2,900,000 (13) | | | Bank of America Corp., 1.200%, 05/07/2020 |
| | | | 2,898,198 | | | | | | 0.0 | | |
| 2,100,000 (13) | | | Bank of Montreal, 0.210%, 07/13/2020 |
| | | | 2,093,311 | | | | | | 0.1 | | |
| 1,250,000 (13) | | | Bank of Montreal, 0.980%, 08/26/2020 |
| | | | 1,250,012 | | | | | | 0.0 | | |
| 2,100,000 (13) | | | Bank of Nova Scotia, 0.830%, 08/20/2020 |
| | | | 2,098,726 | | | | | | 0.0 | | |
| 2,425,000 (13) | | | Bank of Nova Scotia, 1.240%, 05/08/2020 |
| | | | 2,425,837 | | | | | | 0.1 | | |
| 2,200,000 (13) | | | Canadian Imperial Bank of Commerce, 0.240%, 08/28/2020 |
| | | | 2,188,445 | | | | | | 0.0 | | |
| 3,200,000 (13) | | | Citibank N.A., 1.810%, 05/01/2020 |
| | | | 3,198,058 | | | | | | 0.1 | | |
| 2,250,000 (13) | | | Commonwealth Bank of Australia, 0.950%, 06/10/2020 |
| | | | 2,248,059 | | | | | | 0.0 | | |
| 3,000,000 (13) | | | Coöperatieve Rabobank U.A., 0.990%, 04/20/2020 |
| | | | 3,000,752 | | | | | | 0.0 | | |
| 2,100,000 (13) | | | Crédit Agricole Group, 0.190%, 06/12/2020 |
| | | | 2,095,374 | | | | | | 0.0 | | |
| 1,600,000 (13) | | | Crédit Industriel et Commercial, 1.140%, 04/24/2020 |
| | | | 1,600,449 | | | | | | 0.0 | | |
| 3,375,000 (13) | | | Credit Suisse Group AG, 0.150%, 08/14/2020 |
| | | | 3,360,584 | | | | | | 0.0 | | |
| 3,450,000 (13) | | | Credit Suisse Group AG, 0.360%, 04/17/2020 |
| | | | 3,449,874 | | | | | | 0.1 | | |
| 2,925,000 (13) | | | HSBC Bank PLC, 1.520%, 06/03/2020 |
| | | | 2,922,779 | | | | | | 0.0 | | |
| 2,925,000 (13) | | | JPMorgan Chase & Co., 1.740%, 08/07/2020 |
| | | | 2,920,047 | | | | | | 0.0 | | |
| 450,000 (13) | | | Lloyds Bank PLC, 0.110%, 08/24/2020 |
| | | | 448,734 | | | | | | 0.0 | | |
| 875,000 (13) | | | Lloyds Bank PLC, 0.110%, 08/25/2020 |
| | | | 872,518 | | | | | | 0.0 | | |
| 925,000 (13) | | | Lloyds Bank PLC, 0.220%, 09/08/2020 |
| | | | 922,536 | | | | | | 0.0 | | |
| 950,000 (13) | | | Lloyds Bank PLC, 1.100%, 08/07/2020 |
| | | | 949,207 | | | | | | 0.0 | | |
| 1,125,000 (13) | | | Mizuho Financial Group Inc., 0.870%, 08/13/2020 |
| | | | 1,124,072 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Floating Rate Notes (continued) | | ||||||||||||
| 1,800,000 (13) | | | Mizuho Financial Group Inc., 1.140%, 05/22/2020 |
| | | $ | 1,800,554 | | | | | | 0.0 | | |
| 3,900,000 (13) | | | Mizuho Financial Group Inc., 1.140%, 05/26/2020 |
| | | | 3,901,124 | | | | | | 0.1 | | |
| 2,750,000 (13) | | | National Bank of Canada, 1.840%, 05/01/2020 |
| | | | 2,749,060 | | | | | | 0.1 | | |
| 2,700,000 (13) | | | National Bank of Canada, 1.840%, 07/16/2020 |
| | | | 2,695,730 | | | | | | 0.0 | | |
| 2,600,000 (13) | | | Royal Bank of Canada, 0.960%, 07/17/2020 |
| | | | 2,597,778 | | | | | | 0.0 | | |
| 4,175,000 (13) | | | Skandinaviska Enskilda Banken AB, 1.150%, 05/26/2020 |
| | | | 4,176,150 | | | | | | 0.0 | | |
| 4,325,000 (13) | | | Skandinaviska Enskilda Banken AB, 1.780%, 05/11/2020 |
| | | | 4,322,924 | | | | | | 0.1 | | |
| 2,325,000 (13) | | | Societe Generale, 0.290%, 09/04/2020 |
| | | | 2,315,439 | | | | | | 0.0 | | |
| 825,000 (13) | | | Sumitomo Mitsui Trust Holdings, Inc., 0.760%, 06/15/2020 |
| | | | 824,530 | | | | | | 0.0 | | |
| 2,750,000 (13) | | | Sumitomo Mitsui Trust Holdings, Inc., 0.870%, 05/11/2020 |
| | | | 2,750,616 | | | | | | 0.1 | | |
| 2,550,000 (13) | | | Sumitomo Mitsui Trust Holdings, Inc., 1.280%, 05/07/2020 |
| | | | 2,551,113 | | | | | | 0.0 | | |
| 2,900,000 (13) | | | Svenska Handelsbanken AB, 0.970%, 05/20/2020 |
| | | | 2,900,615 | | | | | | 0.0 | | |
| 3,000,000 (13) | | | Svenska Handelsbanken AB, 1.160%, 07/07/2020 |
| | | | 2,998,726 | | | | | | 0.1 | | |
| 3,175,000 (13) | | | The Norinchukin Bank, 1.200%, 04/24/2020 |
| | | | 3,175,362 | | | | | | 0.0 | | |
| 2,250,000 (13) | | | The Sumitomo Mitsui Financial Group, 1.020%, 08/25/2020 |
| | | | 2,247,518 | | | | | | 0.1 | | |
| 2,075,000 (13) | | | The Sumitomo Mitsui Financial Group, 1.040%, 05/12/2020 |
| | | | 2,076,140 | | | | | | 0.0 | | |
| 350,000 (13) | | | The Sumitomo Mitsui Financial Group, 1.270%, 05/06/2020 |
| | | | 350,145 | | | | | | 0.0 | | |
| 3,200,000 (13) | | | Toronto-Dominion Bank, 1.140%, 04/30/2020 |
| | | | 3,200,740 | | | | | | 0.1 | | |
| 1,450,000 (13) | | | Toyota Motor Corp., 1.680%, 04/17/2020 |
| | | | 1,449,374 | | | | | | 0.0 | | |
| | | |
Total Floating Rate Notes
|
| | | | | | | | | | | | |
| | | | (Cost $99,002,567) | | | |
|
99,002,567
|
| | | |
|
1.2
|
| |
| | ||||||||||||||||
See Accompanying Notes to Financial Statements
110
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements: 0.5% | | ||||||||||||
| 3,428,319 (13) | | | BNP Paribas S.A., Repurchase Agreement dated 03/31/20, 0.33%, due 04/01/20 (Repurchase Amount $3,428,350, collateralized by various U.S. Government Securities, 2.125%-6.875%, Market Value plus accrued interest $3,599,743, due 06/15/20-03/15/39) |
| | | $ | 3,428,319 | | | | | | 0.0 | | |
| 3,907,311 (13) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $3,907,313, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,985,457, due 05/01/20-02/20/70) |
| | | | 3,907,311 | | | | | | 0.1 | | |
| 1,682,394 (13) | | | CF Secured LLC, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,682,395, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,716,044, due 12/15/21-11/20/66) |
| | | | 1,682,394 | | | | | | 0.0 | | |
| 1,203,929 (13) | | | Citadel Securities LLC, Repurchase Agreement dated 03/31/20, 0.09%, due 04/01/20 (Repurchase Amount $1,203,932, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $1,228,011, due 04/07/20-02/15/50) |
| | | | 1,203,929 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements (continued) | | ||||||||||||
| 8,309,810 (13) | | | Citigroup, Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $8,309,812, collateralized by various U.S. Government Agency Obligations, 0.150%-8.500%, Market Value plus accrued interest $8,476,006, due 04/15/21-09/20/69) |
| | | $ | 8,309,810 | | | | | | 0.1 | | |
| 1,401,898 (13) | | | Industrial & Comm. Bank of China, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,401,899, collateralized by various U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,429,936, due 04/02/20-03/01/50) |
| | | | 1,401,898 | | | | | | 0.0 | | |
| 12,200,000 (13) | | | MUFG Securities America Inc., Repurchase Agreement dated 03/03/20, 0.35%, due 05/05/20 (Repurchase Amount $12,207,370, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $12,809,993, due 10/15/20-09/09/49) |
| | | | 12,200,000 | | | | | | 0.2 | | |
| 1,511,908 (13) | | | Royal Bank of Canada, Repurchase Agreement dated 03/31/20, 0.38%, due 04/01/20 (Repurchase Amount $1,511,924, collateralized by various U.S. Government Securities, 1.493%-10.200%, Market Value plus accrued interest $1,577,735, due 04/17/20-03/15/40) |
| | | | 1,511,908 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
111
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements (continued) | | ||||||||||||
| 8,176,813 (13) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/20, 0.16%, due 04/01/20 (Repurchase Amount $8,176,849, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,360,308, due 04/01/20-09/09/49) |
| | | $ | 8,176,813 | | | | | | 0.1 | | |
| | | | Total Repurchase Agreements |
| | | | | | | | | | | | |
| | | | (Cost $41,822,382) | | | |
|
41,822,382
|
| | | |
|
0.5
|
| |
| | | | Certificates of Deposit: 0.1% | | ||||||||||||
| 350,000 (13) | | | Dz Bank Ag Deutsche Zentral-Genossenschaftsbank, 1.640%, 05/12/2020 |
| | | | 350,174 | | | | | | 0.0 | | |
| 2,950,000 (13) | | | Group BPCE, 1.790%, 04/13/2020 |
| | | | 2,950,646 | | | | | | 0.0 | | |
| 2,525,000 (13) | | | Landesbank Baden-Wurttemberg, 1.630%, 04/24/2020 |
| | | | 2,526,351 | | | | | | 0.1 | | |
| 1,900,000 (13) | | | Landesbank Baden-Wurttemberg, 1.640%, 04/21/2020 |
| | | | 1,901,003 | | | | | | 0.0 | | |
| 2,850,000 (13) | | | The Norinchukin Bank, 1.650%, 06/18/2020 |
| | | | 2,852,841 | | | | | | 0.0 | | |
| | | | Total Certificates of Deposit |
| | | | | | | | | | | | |
| | | |
(Cost $10,581,015)
|
| | | | 10,581,015 | | | | | | 0.1 | | |
| | ||||||||||||||||
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| | | | Mutual Funds: 0.2% | | ||||||||||||
| 12,049,000 (14) | | | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.340% |
| | | | | | | | | | | | |
| | | | (Cost $12,049,000) | | | |
|
12,049,000
|
| | | |
|
0.2
|
| |
| | | | Total Short-Term Investments |
| | | | | | | | | | | | |
| | | | (Cost $180,256,376) | | | |
|
180,256,376
|
| | | |
|
2.2
|
| |
| | | | Total Investments in Securities | | ||||||||||||
| | | | (Cost $8,476,370,455) | | | | $ | 8,302,992,293 | | | | | | 100.9 | | |
| | | | Liabilities in Excess of Other Assets |
| | | | (74,013,594) | | | | | | (0.9) | | |
| | | | Net Assets | | | | $ | 8,228,978,699 | | | | | | 100.0 | | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of March 31, 2020.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)
Security, or a portion of the security, is on loan.
(3)
The grouping contains securities on loan.
(4)
Variable rate security. Rate shown is the rate in effect as of March 31, 2020.
(5)
The grouping contains Level 3 securities.
(6)
Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security.
(7)
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.
(8)
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, 2020.
(9)
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.
(10)
For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs.
(11)
Settlement is on a when-issued or delayed-delivery basis.
(12)
The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(13)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(14)
Rate shown is the 7-day yield as of March 31, 2020.
Currency Abbreviations:
BRL
Brazilian Real
DKK
Danish Krone
IDR
Indonesian Rupiah
MXN
Mexican Peso
PEN
Peruvian Nuevo Sol
RUB
Russian Ruble
Reference Rate Abbreviations:
12MTA
12-month Treasury Average
US0001M
1-month LIBOR
US0003M
3-month LIBOR
US0012M
12-month LIBOR
See Accompanying Notes to Financial Statements
112
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Purchased Options | | | | $ | — | | | | | $ | 9,754,777 | | | | | $ | — | | | | | $ | 9,754,777 | | |
| Corporate Bonds/Notes | | | | | — | | | | | | 2,672,653,193 | | | | | | — | | | | | | 2,672,653,193 | | |
| Collateralized Mortgage Obligations | | | | | — | | | | | | 1,708,802,457 | | | | | | — | | | | | | 1,708,802,457 | | |
| Asset-Backed Securities | | | | | — | | | | | | 819,963,523 | | | | | | — | | | | | | 819,963,523 | | |
| Sovereign Bonds | | | | | — | | | | | | 215,071,768 | | | | | | — | | | | | | 215,071,768 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 750,131,933 | | | | | | — | | | | | | 750,131,933 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 1,367,674,291 | | | | | | — | | | | | | 1,367,674,291 | | |
| Convertible Bonds/Notes | | | | | — | | | | | | 1,693,664 | | | | | | — | | | | | | 1,693,664 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 576,990,311 | | | | | | — | | | | | | 576,990,311 | | |
| Short-Term Investments | | | | | 12,049,000 | | | | | | 168,207,376 | | | | | | — | | | | | | 180,256,376 | | |
| Total Investments, at fair value | | | | $ | 12,049,000 | | | | | $ | 8,290,943,293 | | | | | $ | — | | | | | $ | 8,302,992,293 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | | — | | | | | | 15,901,067 | | | | | | — | | | | | | 15,901,067 | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 15,088,865 | | | | | | — | | | | | | 15,088,865 | | |
| Futures | | | | | 48,508,193 | | | | | | — | | | | | | — | | | | | | 48,508,193 | | |
| Total Assets | | | | $ | 60,557,193 | | | | | $ | 8,321,933,225 | | | | | $ | — | | | | | $ | 8,382,490,418 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | | $ | — | | | | | $ | (345,538) | | | | | $ | — | | | | | $ | (345,538) | | |
| Futures | | | | | (19,697,055) | | | | | | — | | | | | | — | | | | | | (19,697,055) | | |
| Written Options | | | | | — | | | | | | (12,115,246) | | | | | | — | | | | | | (12,115,246) | | |
| Total Liabilities | | | | $ | (19,697,055) | | | | | $ | (12,460,784) | | | | | $ | — | | | | | $ | (32,157,839) | | |
^
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, 2020, the following forward foreign currency contracts were outstanding for Voya Intermediate Bond Fund:
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement
Date |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||
| ZAR 16,118 | | | USD 1,088 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | $ | (193) | | |
| USD 215 | | | HUF 65,821 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 14 | | |
| IDR 18,513,638,400 | | | USD 1,128,000 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 517 | | |
| ILS 198,126 | | | USD 57,591 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (1,545) | | |
| USD 126,000 | | | RUB 8,051,942 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 23,517 | | |
| USD 9,406 | | | MYR 38,391 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 507 | | |
| USD 282 | | | CZK 6,471 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 22 | | |
| USD 14,313,353 | | | RUB 906,212,723 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 2,779,330 | | |
| USD 1,000 | | | PHP 50,987 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 8 | | |
| USD 40,573,223 | | | BRL 171,400,546 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 7,684,197 | | |
| PLN 386,881 | | | USD 99,669 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | (6,173) | | |
| PHP 56,064 | | | USD 1,098 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | (7) | | |
| USD 400,000 | | | MXN 7,591,126 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 82,081 | | |
| USD 90,000 | | | PLN 381,252 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | (2,136) | | |
| USD 709,000 | | | IDR 9,798,089,310 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 111,748 | | |
| USD 1,000 | | | ZAR 14,930 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 171 | | |
See Accompanying Notes to Financial Statements
113
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement
Date |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||
| USD 255 | | | TRY 1,549 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 23 | | |
| USD 10,105,443 | | | PEN 33,888,603 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 249,641 | | |
| USD 212,000 | | | RON 951,414 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (4,324) | | |
| RUB 88,953,437 | | | USD 1,126,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 6,175 | | |
| RON 962,505 | | | USD 220,862 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (2,017) | | |
| PEN 3,686,313 | | | USD 1,046,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 26,088 | | |
| MXN 29,483,791 | | | USD 1,200,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 34,792 | | |
| COP 591,511 | | | USD 173 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (28) | | |
| CLP 840,590 | | | USD 1,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (17) | | |
| USD 9,681,938 | | | MXN 184,309,481 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 1,962,988 | | |
| USD 680,000 | | | BRL 2,898,364 | | |
Credit Suisse International
|
| | | | 05/15/20 | | | | | | 123,850 | | |
| USD 4,679,950 | | | CLP 3,684,697,887 | | |
HSBC Bank USA N.A.
|
| | | | 05/15/20 | | | | | | 369,697 | | |
| USD 10,145,853 | | |
IDR 139,647,523,914
|
| |
HSBC Bank USA N.A.
|
| | | | 05/15/20 | | | | | | 1,633,499 | | |
| BRL 14,688,456 | | | USD 2,889,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 05/15/20 | | | | | | (70,520) | | |
| USD 15,797,000 | | | EUR 14,521,273 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (258,578) | | |
| | | | | | | | | | | | | | | | | $ | 14,743,327 | | |
| | |||||||||||||||||||
At March 31, 2020, the following futures contracts were outstanding for Voya Intermediate Bond Fund:
|
Description
|
| |
Number
of Contracts |
| |
Expiration
Date |
| |
Notional
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||
| Long Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Note | | | | | 4,438 | | | | | | 06/19/20 | | | | | $ | 615,495,125 | | | | | $ | 1,670,540 | | |
| U.S. Treasury 2-Year Note | | | | | 1,735 | | | | | | 06/30/20 | | | | | | 382,364,179 | | | | | | 976,966 | | |
| U.S. Treasury 5-Year Note | | | | | 3,345 | | | | | | 06/30/20 | | | | | | 419,327,109 | | | | | | 9,900,099 | | |
| U.S. Treasury Long Bond | | | | | 1,268 | | | | | | 06/19/20 | | | | | | 227,051,250 | | | | | | 9,576,192 | | |
| U.S. Treasury Ultra Long Bond | | | | | 1,893 | | | | | | 06/19/20 | | | | | | 420,009,375 | | | | | | 26,384,396 | | |
| | | | | | | | | | | | | | | | | $ | 2,064,247,038 | | | | | $ | 48,508,193 | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Ultra 10-Year Note | | | | | (5,695) | | | | | | 06/19/20 | | | | | | (888,597,969) | | | | | | (19,697,055) | | |
| | | | | | | | | | | | | | | | | $ | (888,597,969) | | | | | $ | (19,697,055) | | |
At March 31, 2020, the following centrally cleared credit default swaps were outstanding for Voya Intermediate Bond Fund:
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
|
Reference Entity/Obligation
|
| |
Buy/Sell
Protection |
| |
(Pay)/
Receive Financing Rate (%)(2) |
| |
Termination
Date |
| |
Notional
Amount(3) |
| |
Fair
Value(4) |
| |
Unrealized
Appreciation/ (Depreciation) |
| |||||||||||||||
| CDX North American High Yield Index, Series 34, Version 1 | | |
Buy
|
| | | | (5.000) | | | | | | 06/20/25 | | | | | | USD399,755,000 | | | | | $ | 25,664,271 | | | | | $ | 8,248,763 | | |
| iTraxx Cross-over Index, Series 32, Version 1 | | |
Buy
|
| | | | (5.000) | | | | | | 12/20/24 | | | | | | EUR43,939,000 | | | | | | 993,049 | | | | | | 7,652,304 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | $ | 26,657,320 | | | | | $ | 15,901,067 | | |
(1)
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)
Payments made quarterly.
(3)
The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(4)
The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.
See Accompanying Notes to Financial Statements
114
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
At March 31, 2020, the following over-the-counter purchased foreign currency options were outstanding for Voya Intermediate Bond Fund:
|
Description
|
| |
Counterparty
|
| |
Expiration
Date |
| |
Exercise
Price |
| |
Notional
Amount |
| |
Cost
|
| |
Fair Value
|
| |||||||||
| Call EUR vs. Put NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
10.500
|
| |
EUR60,048,000
|
| | | $ | 180,316 | | | | | $ | 5,916,676 | | |
| Call USD vs. Put AUD | | |
Morgan Stanley Capital Services LLC
|
| | | | 05/11/20 | | | |
0.650
|
| |
USD 63,878,100
|
| | | | 244,604 | | | | | | 3,755,216 | | |
| Put EUR vs. Call NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
9.900
|
| |
EUR 60,048,000
|
| | | | 213,429 | | | | | | 41,777 | | |
| Put USD vs. Call AUD | | |
Morgan Stanley Capital Services LLC
|
| | | | 05/11/20 | | | |
0.690
|
| |
USD 67,809,060
|
| | | | 258,068 | | | | | | 41,108 | | |
| | | | | | | | | | | | | | | | | | | | $ | 896,417 | | | | | $ | 9,754,777 | | |
At March 31, 2020, the following OTC written foreign currency options were outstanding for Voya Intermediate Bond Fund:
|
Description
|
| |
Counterparty
|
| |
Expiration
Date |
| |
Exercise
Price |
| |
Notional
Amount |
| |
Premiums
Received |
| |
Fair Value
|
| |||||||||
| Call EUR vs. Put NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
10.300
|
| |
EUR 60,048,000
|
| | | $ | 419,318 | | | | | $ | (7,016,283) | | |
| Call USD vs. Put AUD | | |
Morgan Stanley Capital Services LLC
|
| | | | 05/11/20 | | | |
0.665
|
| |
USD 65,352,210
|
| | | | 571,562 | | | | | | (5,098,963) | | |
| | | | | | | | | | | | | | | | | | | | $ | 990,880 | | | | | $ | (12,115,246) | | |
Currency Abbreviations
BRL – Brazilian Real
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
EUR – EU Euro
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
MXN – Mexican Peso
MYR – Malaysian Ringgit
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
RUB – Russian Ruble
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, 2020 was as follows:
|
Derivatives not accounted for as hedging instruments
|
| |
Location on Statement
of Assets and Liabilities |
| |
Fair Value
|
| |||
| Asset Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | |
Investments in securities at value*
|
| | | $ | 9,754,777 | | |
| Foreign exchange contracts | | |
Unrealized appreciation on forward foreign currency contracts
|
| | | | 15,088,865 | | |
| Interest rate contracts | | |
Net Assets — Unrealized appreciation**
|
| | | | 48,508,193 | | |
| Credit contracts | | |
Net Assets — Unrealized appreciation***
|
| | | | 15,901,067 | | |
|
Total Asset Derivatives
|
| | | | | | $ | 89,252,902 | | |
| Liability Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | |
Unrealized depreciation on forward foreign currency contracts
|
| | | $ | 345,538 | | |
| Interest rate contracts | | |
Net Assets — Unrealized depreciation**
|
| | | | 19,697,055 | | |
| Foreign exchange contracts | | |
Written options, at fair value
|
| | | | 12,115,246 | | |
|
Total Liability Derivatives
|
| | | | | | $ | 32,157,839 | | |
*
Includes purchased options.
**
Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.
***
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
See Accompanying Notes to Financial Statements
115
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Intermediate Bond Fund | as of March 31, 2020 (continued) |
The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2020 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments |
| |
Investments*
|
| |
Forward foreign
currency contracts |
| |
Futures
|
| |
Swaps
|
| |
Written
options |
| |
Total
|
| ||||||||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 16,060,931 | | | | | $ | — | | | | | $ | 16,060,931 | | |
| Equity contracts | | | | | — | | | | | | — | | | | | | (442,043) | | | | | | — | | | | | | — | | | | | | (442,043) | | |
| Foreign exchange contracts | | | | | — | | | | | | 5,767,026 | | | | | | — | | | | | | (1,306,572) | | | | | | — | | | | | | 4,460,454 | | |
| Interest rate contracts | | | | | 558,890 | | | | | | — | | | | | | 57,836,255 | | | | | | (6,824,690) | | | | | | (12,979,414) | | | | | | 38,591,041 | | |
|
Total
|
| | | $ | 558,890 | | | | | $ | 5,767,026 | | | | | $ | 57,394,212 | | | | | $ | 7,929,669 | | | | | $ | (12,979,414) | | | | | $ | 58,670,383 | | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
| Derivatives not accounted for as hedging instruments |
| |
Investments*
|
| |
Forward foreign
currency contracts |
| |
Futures
|
| |
Swaps
|
| |
Written
options |
| |
Total
|
| ||||||||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 15,899,784 | | | | | $ | — | | | | | $ | 15,899,784 | | |
| Foreign exchange contracts | | | | | 8,858,360 | | | | | | 14,632,990 | | | | | | — | | | | | | — | | | | | | (11,124,366) | | | | | | 12,366,984 | | |
| Interest rate contracts | | | | | 2,782,589 | | | | | | — | | | | | | 23,449,297 | | | | | | 987,924 | | | | | | 10,226,970 | | | | | | 37,446,780 | | |
|
Total
|
| | | $ | 11,640,949 | | | | | $ | 14,632,990 | | | | | $ | 23,449,297 | | | | | $ | 16,887,708 | | | | | $ | (897,396) | | | | | $ | 65,713,548 | | |
*
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, 2020:
| | | |
Bank of
America N.A. |
| |
Barclays
Bank PLC |
| |
BNP
Paribas |
| |
Citibank
N.A. |
| |
Credit
Suisse International |
| |
HSBC
Bank USA N.A. |
| |
JPMorgan
Chase Bank N.A. |
| |
Morgan
Stanley Capital Services LLC |
| |
Totals
|
| |||||||||||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Purchased options | | | | $ | 5,958,453 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 3,796,324 | | | | | $ | 9,754,777 | | |
|
Forward foreign currency contracts
|
| | | | — | | | | | | 2,803,915 | | | | | | 7,878,026 | | | | | | 2,279,878 | | | | | | 123,850 | | | | | | 2,003,196 | | | | | | — | | | | | | — | | | | | | 15,088,865 | | |
|
Total Assets
|
| | | $ | 5,958,453 | | | | | $ | 2,803,915 | | | | | $ | 7,878,026 | | | | | $ | 2,279,878 | | | | | $ | 123,850 | | | | | $ | 2,003,196 | | | | | $ | — | | | | | $ | 3,796,324 | | | | | $ | 24,843,642 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Forward foreign currency contracts
|
| | | $ | — | | | | | $ | 1,738 | | | | | $ | 8,316 | | | | | $ | 6,386 | | | | | $ | — | | | | | $ | — | | | | | $ | 329,098 | | | | | $ | — | | | | | $ | 345,538 | | |
| Written options | | | | | 7,016,283 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,098,963 | | | | | | 12,115,246 | | |
|
Total Liabilities
|
| | | $ | 7,016,283 | | | | | $ | 1,738 | | | | | $ | 8,316 | | | | | $ | 6,386 | | | | | $ | — | | | | | $ | — | | | | | $ | 329,098 | | | | | $ | 5,098,963 | | | | | $ | 12,460,784 | | |
|
Net OTC derivative instruments by counterparty, at fair value
|
| | | $ | (1,057,830) | | | | | $ | 2,802,177 | | | | | $ | 7,869,710 | | | | | $ | 2,273,492 | | | | | $ | 123,850 | | | | | $ | 2,003,196 | | | | | $ | (329,098) | | | | | $ | (1,302,639) | | | | | $ | 12,382,858 | | |
|
Total collateral pledged by
the Fund/(Received from counterparty) |
| | | $ | 920,000 | | | | | $ | (2,720,000) | | | | | $ | (7,540,000) | | | | | $ | (2,100,000) | | | | | | — | | | | | $ | (1,750,000) | | | | | | — | | | | | $ | 1,190,000 | | | | | $ | (12,000,000) | | |
|
Net Exposure(1)
|
| | | $ | (137,830) | | | | | $ | 82,177 | | | | | $ | 329,710 | | | | | $ | 173,492 | | | | | $ | 123,850 | | | | | $ | 253,196 | | | | | $ | (329,098) | | | | | $ | (112,639) | | | | | $ | 382,858 | | |
(1)
Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.
At March 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
| |
Cost for federal income tax purposes was $8,552,678,437.
|
| | |||||
| | Net unrealized depreciation consisted of: | | | |||||
| |
Gross Unrealized Appreciation
|
| | | $ | 281,537,083 | | |
| |
Gross Unrealized Depreciation
|
| | | | (468,389,576) | | |
| |
Net Unrealized Depreciation
|
| | | $ | (186,852,493) | | |
See Accompanying Notes to Financial Statements
116
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: 46.3% | | |||||||||||||||
| | | | Basic Materials: 1.8% | | ||||||||||||
| 613,000 (1) | | | Anglo American Capital PLC, 4.125%, 04/15/2021 |
| | | $ | 604,241 | | | | | | 0.3 | | |
| 293,000 (1) | | | Cleveland-Cliffs, Inc., 4.875%, 01/15/2024 |
| | | | 270,657 | | | | | | 0.2 | | |
| 231,000 (1) | | | Georgia-Pacific LLC, 5.400%, 11/01/2020 |
| | | | 233,230 | | | | | | 0.1 | | |
| 300,000 (1) | | | OCI NV, 6.625%, 04/15/2023 |
| | | | 276,000 | | | | | | 0.2 | | |
| 300,000 (1) | | | WR Grace & Co-Conn, 5.125%, 10/01/2021 |
| | | | 305,790 | | | | | | 0.2 | | |
| 1,395,000 | | | Other Securities | | | | | 1,383,826 | | | | | | 0.8 | | |
| | | | | | | | | 3,073,744 | | | | | | 1.8 | | |
| | | | Communications: 3.4% | | ||||||||||||
| 22,000 (1) | | | CommScope, Inc., 5.000%, 06/15/2021 |
| | | | 21,971 | | | | | | 0.0 | | |
| 200,000 (1) | | | CSC Holdings LLC, 5.375%, 07/15/2023 |
| | | | 203,251 | | | | | | 0.1 | | |
| 188,000 (1) | | | Fox Corp., 4.030%, 01/25/2024 |
| | | | 195,695 | | | | | | 0.1 | | |
| 250,000 (1) | | | Plantronics, Inc., 5.500%, 05/31/2023 |
| | | | 183,743 | | | | | | 0.1 | | |
| 250,000 (1) | | | Sirius XM Radio, Inc., 3.875%, 08/01/2022 |
| | | | 250,932 | | | | | | 0.1 | | |
| 802,000 | | | Verizon Communications, Inc., 3.125%, 03/16/2022 |
| | | | 825,483 | | | | | | 0.5 | | |
| 4,159,000 | | | Other Securities | | | | | 4,222,049 | | | | | | 2.5 | | |
| | | | | | | | | 5,903,124 | | | | | | 3.4 | | |
| | | | Consumer, Cyclical: 4.8% | | ||||||||||||
| 250,000 (1) | | | 1011778 BC ULC / New Red Finance, Inc., 4.250%, 05/15/2024 |
| | | | 250,936 | | | | | | 0.1 | | |
| 350,000 (1) | | | Allison Transmission, Inc., 5.000%, 10/01/2024 |
| | | | 342,115 | | | | | | 0.2 | | |
| 313,000 (1) | | | BMW US Capital LLC, 3.400%, 08/13/2021 |
| | | | 312,675 | | | | | | 0.2 | | |
| 514,000 (1) | | | Daimler Finance North America LLC, 3.400%, 02/22/2022 |
| | | | 499,925 | | | | | | 0.3 | | |
| 796,000 | | | Ford Motor Credit Co. LLC, 3.157%, 08/04/2020 |
| | | | 780,199 | | | | | | 0.5 | | |
| 250,000 (1) | | | Lions Gate Capital Holdings LLC, 6.375%, 02/01/2024 |
| | | | 221,868 | | | | | | 0.1 | | |
| 306,000 (1) | | | Nissan Motor Acceptance Corp., 2.150%, 09/28/2020 |
| | | | 300,539 | | | | | | 0.2 | | |
| 285,000 (1) | | | Panasonic Corp., 2.536%, 07/19/2022 |
| | | | 280,965 | | | | | | 0.2 | | |
| 250,000 (1) | | | Six Flags Entertainment Corp., 4.875%, 07/31/2024 |
| | | | 213,439 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 250,000 (1) | | | Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024 |
| | | $ | 237,186 | | | | | | 0.1 | | |
| 200,000 (1) | | | Toyota Industries Corp., 3.110%, 03/12/2022 |
| | | | 202,363 | | | | | | 0.1 | | |
| 110,000 | | | Toyota Motor Credit Corp., 2.950%, 04/13/2021 |
| | | | 110,450 | | | | | | 0.1 | | |
| 510,000 | | | Toyota Motor Credit Corp., 1.832%, (US0003M + 0.125%), 08/13/2021 |
| | | | 487,851 | | | | | | 0.3 | | |
| 250,000 (1) | | | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.250%, 05/30/2023 |
| | | | 234,368 | | | | | | 0.1 | | |
| 3,921,307 | | | Other Securities | | | | | 3,746,504 | | | | | | 2.2 | | |
| | | | | | | | | 8,221,383 | | | | | | 4.8 | | |
| | | | Consumer, Non-cyclical: 7.3% | | ||||||||||||
| 490,000 (1) | | | AbbVie, Inc., 2.150%, 11/19/2021 |
| | | | 488,390 | | | | | | 0.3 | | |
| 245,000 (1) | | | AbbVie, Inc., 2.300%, 11/21/2022 |
| | | | 245,117 | | | | | | 0.1 | | |
| 503,000 | | | AbbVie, Inc., 2.500%-3.375%, 05/14/2020-11/06/2022 |
| | | | 508,104 | | | | | | 0.3 | | |
| 635,000 | | | CVS Health Corp., 3.700%, 03/09/2023 |
| | | | 661,833 | | | | | | 0.4 | | |
| 712,000 | | | General Mills, Inc., 3.150%, 12/15/2021 |
| | | | 721,607 | | | | | | 0.4 | | |
| 100,000 (1)(2) | | | Hertz Corp., 5.500%, 10/15/2024 |
| | | | 56,855 | | | | | | 0.0 | | |
| 210,000 (1) | | | Imperial Brands Finance PLC, 2.950%, 07/21/2020 |
| | | | 209,611 | | | | | | 0.1 | | |
| 200,000 (1) | | | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 |
| | | | 203,250 | | | | | | 0.1 | | |
| 890,000 | | | Keurig Dr Pepper, Inc., 3.551%-4.057%, 05/25/2021-05/25/2023 |
| | | | 918,854 | | | | | | 0.5 | | |
| 300,000 (1) | | | Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/2022 |
| | | | 278,148 | | | | | | 0.2 | | |
| 300,000 (1) | | | Prestige Brands, Inc., 6.375%, 03/01/2024 |
| | | | 309,377 | | | | | | 0.2 | | |
| 507,000 (1) | | | Seven & i Holdings Co. Ltd., 3.350%, 09/17/2021 |
| | | | 514,952 | | | | | | 0.3 | | |
| 824,000 | | | Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021 |
| | | | 821,566 | | | | | | 0.5 | | |
See Accompanying Notes to Financial Statements
117
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 252,000 (1) | | | Takeda Pharmaceutical Co. Ltd., 2.450%, 01/18/2022 |
| | | $ | 256,450 | | | | | | 0.2 | | |
| 250,000 (1) | | | TreeHouse Foods, Inc., 6.000%, 02/15/2024 |
| | | | 249,686 | | | | | | 0.1 | | |
| 6,151,000 | | | Other Securities | | | | | 6,203,369 | | | | | | 3.6 | | |
| | | | | | | | | 12,647,169 | | | | | | 7.3 | | |
| | | | Energy: 3.9% | | ||||||||||||
| 125,000 (1) | | | MPLX L.P., 3.500%, 12/01/2022 |
| | | | 119,808 | | | | | | 0.1 | | |
| 498,000 (1) | | | NGPL PipeCo LLC, 4.375%, 08/15/2022 |
| | | | 475,734 | | | | | | 0.3 | | |
| 170,000 (1) | | | Schlumberger Finance Canada Ltd., 2.200%, 11/20/2020 |
| | | | 167,806 | | | | | | 0.1 | | |
| 936,000 | | | Shell International Finance BV, 1.750%, 09/12/2021 |
| | | | 932,127 | | | | | | 0.5 | | |
| 355,000 | | | Total Capital International SA, 2.218%, 07/12/2021 |
| | | | 356,120 | | | | | | 0.2 | | |
| 5,344,000 (3) | | | Other Securities | | | | | 4,709,576 | | | | | | 2.7 | | |
| | | | | | | | | 6,761,171 | | | | | | 3.9 | | |
| | | | Financial: 16.1% | | ||||||||||||
| 400,000 (1) | | | ABN AMRO Bank NV, 3.400%, 08/27/2021 |
| | | | 400,752 | | | | | | 0.2 | | |
| 860,000 | | | American Express Co., 3.375%-3.700%, 05/17/2021-08/03/2023 |
| | | | 880,329 | | | | | | 0.5 | | |
| 285,000 (1) | | | Athene Global Funding, 2.750%, 04/20/2020 |
| | | | 284,382 | | | | | | 0.2 | | |
| 682,000 (4) | | | Bank of America Corp., 3.004%, 12/20/2023 |
| | | | 695,740 | | | | | | 0.4 | | |
| 260,000 (1) | | | Banque Federative du Credit Mutuel SA, 2.125%, 11/21/2022 |
| | | | 241,766 | | | | | | 0.2 | | |
| 200,000 (1) | | | Banque Federative du Credit Mutuel SA, 2.200%, 07/20/2020 |
| | | | 199,653 | | | | | | 0.1 | | |
| 800,000 (1) | | | BPCE SA, 2.750%, 01/11/2023 |
| | | | 789,846 | | | | | | 0.5 | | |
| 878,000 | | | Citigroup, Inc., 2.900%, 12/08/2021 |
| | | | 886,668 | | | | | | 0.5 | | |
| 220,000 (1) | | | Danske Bank A/S, 2.000%, 09/08/2021 |
| | | | 215,770 | | | | | | 0.1 | | |
| 200,000 (1) | | | Danske Bank A/S, 2.800%, 03/10/2021 |
| | | | 199,809 | | | | | | 0.1 | | |
| 305,000 (1)(4) | | | Danske Bank A/S, 3.001%, 09/20/2022 |
| | | | 302,189 | | | | | | 0.2 | | |
| 260,000 (1) | | | DNB Bank ASA, 2.150%, 12/02/2022 |
| | | | 257,075 | | | | | | 0.2 | | |
| 230,000 (1) | | | Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025 |
| | | | 223,060 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Financial (continued) | | ||||||||||||
| 698,000 | | | JPMorgan Chase & Co., 3.200%, 01/25/2023 |
| | | $ | 719,049 | | | | | | 0.4 | | |
| 670,000 (4) | | | JPMorgan Chase & Co., 2.776%-4.500%, 01/24/2022-04/25/2023 |
| | | | 689,031 | | | | | | 0.4 | | |
| 281,000 (1) | | | Lloyds Bank PLC, 6.500%, 09/14/2020 |
| | | | 284,689 | | | | | | 0.2 | | |
| 408,000 (1) | | | Metropolitan Life Global Funding I, 3.375%, 01/11/2022 |
| | | | 414,542 | | | | | | 0.2 | | |
| 515,000 | | | Mizuho Financial Group, Inc., 2.309%, (US0003M + 0.630%), 05/25/2024 |
| | | | 468,102 | | | | | | 0.3 | | |
| 641,000 (1) | | | Mizuho Financial Group, Inc., 2.632%, 04/12/2021 |
| | | | 641,301 | | | | | | 0.4 | | |
| 1,156,000 | | | Morgan Stanley, 3.750%-5.500%, 07/28/2021-02/25/2023 |
| | | | 1,203,719 | | | | | | 0.7 | | |
| 217,000 (1) | | | Nationwide Financial Services, Inc., 5.375%, 03/25/2021 |
| | | | 222,264 | | | | | | 0.1 | | |
| 130,000 (1) | | | New York Life Global Funding, 2.950%, 01/28/2021 |
| | | | 132,595 | | | | | | 0.1 | | |
| 200,000 (1) | | | Nordea Bank ABP, 4.875%, 05/13/2021 |
| | | | 203,723 | | | | | | 0.1 | | |
| 346,000 (1) | | | Protective Life Global Funding, 2.161%, 09/25/2020 |
| | | | 343,763 | | | | | | 0.2 | | |
| 175,000 (1) | | | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 |
| | | | 163,931 | | | | | | 0.1 | | |
| 210,000 | | | Royal Bank of Canada, 2.560%, (US0003M + 0.660%), 10/05/2023 |
| | | | 208,186 | | | | | | 0.1 | | |
| 459,000 | | | Royal Bank of Canada, 1.950%-3.700%, 01/17/2023-10/05/2023 |
| | | | 467,265 | | | | | | 0.3 | | |
| 560,000 (1) | | | Standard Chartered PLC, 2.250%, 04/17/2020 |
| | | | 559,000 | | | | | | 0.3 | | |
| 200,000 (1) | | | UBS AG/London, 2.200%, 06/08/2020 |
| | | | 199,852 | | | | | | 0.1 | | |
| 355,000 (1)(4) | | | UBS Group AG, 2.859%, 08/15/2023 |
| | | | 352,405 | | | | | | 0.2 | | |
| 236,000 (4) | | | Wells Fargo & Co., 2.406%-4.125%, 08/15/2023-10/30/2025 |
| | | | 237,119 | | | | | | 0.1 | | |
| 14,528,000 | | | Other Securities | | | | | 14,612,128 | | | | | | 8.5 | | |
| | | | | | | | | 27,699,703 | | | | | | 16.1 | | |
See Accompanying Notes to Financial Statements
118
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Industrial: 3.5% | | ||||||||||||
| 300,000 (1) | | | BMC East LLC, 5.500%, 10/01/2024 |
| | | $ | 292,123 | | | | | | 0.2 | | |
| 250,000 (1) | | | Colfax Corp., 6.000%, 02/15/2024 |
| | | | 250,314 | | | | | | 0.1 | | |
| 300,000 (1) | | | Owens-Brockway Glass Container, Inc., 5.000%, 01/15/2022 |
| | | | 304,647 | | | | | | 0.2 | | |
| 200,000 (1) | | | Rolls-Royce PLC, 2.375%, 10/14/2020 |
| | | | 188,490 | | | | | | 0.1 | | |
| 300,000 (1) | | | Sealed Air Corp., 5.250%, 04/01/2023 |
| | | | 310,607 | | | | | | 0.2 | | |
| 484,000 (1) | | | SMBC Aviation Capital Finance DAC, 4.125%, 07/15/2023 |
| | | | 523,039 | | | | | | 0.3 | | |
| 72,000 (1) | | | Standard Industries, Inc./NJ, 5.500%, 02/15/2023 |
| | | | 70,018 | | | | | | 0.0 | | |
| 4,050,000 | | | Other Securities | | | | | 4,086,059 | | | | | | 2.4 | | |
| | | | | | | | | 6,025,297 | | | | | | 3.5 | | |
| | | | Technology: 1.4% | | ||||||||||||
| 225,000 (1) | | | Dell International LLC / EMC Corp., 4.420%, 06/15/2021 |
| | | | 227,489 | | | | | | 0.2 | | |
| 2,077,000 | | | Other Securities | | | | | 2,093,768 | | | | | | 1.2 | | |
| | | | | | | | | 2,321,257 | | | | | | 1.4 | | |
| | | | Utilities: 4.1% | | ||||||||||||
| 300,000 (4)(5) | | | Dominion Energy, Inc., 2.715%, 08/15/2021 |
| | | | 296,170 | | | | | | 0.2 | | |
| 449,000 | | | Dominion Energy, Inc., 2.579%, 07/01/2020 |
| | | | 448,485 | | | | | | 0.2 | | |
| 120,000 | | | Duke Energy Progress LLC, 3.375%, 09/01/2023 |
| | | | 125,064 | | | | | | 0.1 | | |
| 814,000 | | | Duke Energy Corp., 1.800%-2.400%, 09/01/2021-08/15/2022 |
| | | | 810,658 | | | | | | 0.5 | | |
| 687,000 | | | National Rural Utilities Cooperative Finance Corp., 2.300%-2.350%, 06/15/2020-09/15/2022 |
| | | | 684,030 | | | | | | 0.4 | | |
| 220,000 (1) | | | Niagara Mohawk Power Corp., 2.721%, 11/28/2022 |
| | | | 224,446 | | | | | | 0.1 | | |
| 4,525,000 (3) | | | Other Securities | | | | | 4,534,460 | | | | | | 2.6 | | |
| | | | | | | | | 7,123,313 | | | | | | 4.1 | | |
| | | | Total Corporate Bonds/Notes (Cost $81,464,296) |
| | |
|
79,776,161
|
| | | |
|
46.3
|
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 7.5% | | |||||||||||||||
| 380,882 | | | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 |
| | | | 367,580 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 461,164 | | | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 |
| | | $ | 444,843 | | | | | | 0.3 | | |
| 600,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 |
| | | | 539,248 | | | | | | 0.3 | | |
| 600,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 |
| | | | 541,149 | | | | | | 0.3 | | |
| 599,373 | | | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 |
| | | | 501,924 | | | | | | 0.3 | | |
| 880,705 | | | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 |
| | | | 731,583 | | | | | | 0.4 | | |
| 292,846 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 |
| | | | 249,126 | | | | | | 0.1 | | |
| 190,297 | | | Fannie Mae Interest Strip Series 404 8, 3.000%, 05/25/2040 |
| | | | 194,980 | | | | | | 0.1 | | |
| 2,370 | | | Fannie Mae REMIC Trust 2009-49 KB, 5.000%, 07/25/2024 |
| | | | 2,378 | | | | | | 0.0 | | |
| 88,739 | | | Fannie Mae REMIC Trust 2010-137 XP, 4.500%, 10/25/2040 |
| | | | 96,688 | | | | | | 0.1 | | |
| 22,431 | | | Fannie Mae REMIC Trust 2010-19 PB, 3.000%, 12/25/2039 |
| | | | 22,598 | | | | | | 0.0 | | |
| 155,999 | | | Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040 |
| | | | 162,141 | | | | | | 0.1 | | |
| 1,087,215 | | | Fannie Mae REMICS 2013-114 NA, 3.000%, 08/25/2032 |
| | | | 1,145,333 | | | | | | 0.7 | | |
| 1,897,783 | | | Freddie Mac 3049 XF, 1.055%, (US0001M + 0.350%), 05/15/2033 |
| | | | 1,876,302 | | | | | | 1.1 | | |
| 340,400 | | | Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028 |
| | | | 391,235 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
119
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 807,351 | | | Freddie Mac REMICS 3255 FA, 0.985%, (US0001M + 0.280%), 12/15/2036 |
| | | $ | 795,280 | | | | | | 0.5 | | |
| 105,232 | | | Freddie Mac REMICS 3747 FA, 1.205%, (US0001M + 0.500%), 10/15/2040 |
| | | | 104,174 | | | | | | 0.0 | | |
| 683,786 | | | Freddie Mac REMICS 3878 FA, 1.055%, (US0001M + 0.350%), 04/15/2041 |
| | | | 682,347 | | | | | | 0.4 | | |
| 100,000 (1) | | | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 |
| | | | 82,874 | | | | | | 0.0 | | |
| 300,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA4 M3, 4.747%, (US0001M + 3.800%), 03/25/2029 |
| | | | 282,195 | | | | | | 0.2 | | |
| 147,246 | | | Ginnie Mae Series 2012-52 PV, 2.500%, 12/20/2039 |
| | | | 150,624 | | | | | | 0.1 | | |
| 826,732 | | | Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043 |
| | | | 874,024 | | | | | | 0.5 | | |
| 465,110 (4) | | | Ginnie Mae Series 2014-53 JM, 7.110%, 04/20/2039 |
| | | | 551,498 | | | | | | 0.3 | | |
| 1,314,079 | | | Ginnie Mae Series 2016-H23 F, 2.412%, (US0001M + 0.750%), 10/20/2066 |
| | | | 1,299,407 | | | | | | 0.8 | | |
| 900,968 | | | Ginnie Mae Series 2017-H19 FA, 2.112%, (US0001M + 0.450%), 08/20/2067 |
| | | | 892,892 | | | | | | 0.5 | | |
| | | | Total Collateralized Mortgage Obligations (Cost $13,482,674) |
| | |
|
12,982,423
|
| | | |
|
7.5
|
| |
| U.S. TREASURY OBLIGATIONS: 4.4% | | |||||||||||||||
| | | | U.S. Treasury Notes: 4.4% | | ||||||||||||
| 4,868,000 | | | 0.375%,03/31/2022 | | | | | 4,881,406 | | | | | | 2.8 | | |
| 2,176,000 | | | 0.500%,03/15/2023 | | | | | 2,189,855 | | | | | | 1.3 | | |
| 404,000 | | | 0.500%,03/31/2025 | | | | | 406,596 | | | | | | 0.3 | | |
| | | | Total U.S. Treasury Obligations (Cost $7,456,706) |
| | |
|
7,477,857
|
| | | |
|
4.4
|
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 20.5% | | |||||||||||||||
| 270,000 (1) | | | Austin Fairmont Hotel Trust 2019-FAIR C, 2.155%, (US0001M + 1.450%), 09/15/2032 |
| | | | 220,946 | | | | | | 0.1 | | |
| 560,000 (1) | | | BFLD 2019-DPLO A, 1.795%, (US0001M + 1.090%), 10/15/2034 |
| | | | 475,101 | | | | | | 0.3 | | |
| 670,000 (1) | | | BHP Trust 2019-BXHP A, 1.680%, (US0001M + 0.975%), 08/15/2036 |
| | | | 572,761 | | | | | | 0.3 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 220,000 (1) | | | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 |
| | | $ | 184,535 | | | | | | 0.1 | | |
| 220,000 (1) | | | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 |
| | | | 178,596 | | | | | | 0.1 | | |
| 360,000 (1) | | | CGDB Commercial Mortgage Trust 2019-MOB F, 3.255%, (US0001M + 2.550%), 11/15/2036 |
| | | | 274,671 | | | | | | 0.2 | | |
| 90,000 (4) | | | Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046 |
| | | | 84,571 | | | | | | 0.0 | | |
| 260,525 | | | Citigroup Commercial Mortgage Trust 2015-GC27 AAB, 2.944%, 02/10/2048 |
| | | | 266,869 | | | | | | 0.2 | | |
| 293,077 | | | Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD3 AM, 5.648%, 10/15/2048 |
| | | | 300,899 | | | | | | 0.2 | | |
| 530,000 (1) | | | CLNY Trust 2019-IKPR A, 1.834%, (US0001M + 1.227%), 11/15/2038 |
| | | | 485,305 | | | | | | 0.3 | | |
| 990,000 (1)(4) | | | COMM 2013-CR10 D Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 887,332 | | | | | | 0.5 | | |
| 178,111 | | | COMM 2012-CCRE1 A3 Mortgage Trust, 3.391%, 05/15/2045 |
| | | | 180,962 | | | | | | 0.1 | | |
| 120,000 (1)(4) | | | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 101,862 | | | | | | 0.1 | | |
| 680,000 (1)(4) | | | COMM 2013-SFS A2 Mortgage Trust, 2.987%, 04/12/2035 |
| | | | 683,377 | | | | | | 0.4 | | |
| 1,100,000 (1) | | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 B, 1.935%, (US0001M + 1.230%), 05/15/2036 |
| | | | 1,039,315 | | | | | | 0.6 | | |
| 210,353 (1) | | | CSWF 2018-TOP C, 2.155%, (US0001M + 1.450%), 08/15/2035 |
| | | | 175,014 | | | | | | 0.1 | | |
| 1,120,000 (1)(4) | | | DBRR 2011-LC2 A4B Trust, 4.537%, 07/12/2044 |
| | | | 1,131,241 | | | | | | 0.7 | | |
| 793,000 (1)(4) | | | DBUBS 2011-LC1A E, 5.689%, 11/10/2046 |
| | | | 763,243 | | | | | | 0.4 | | |
| 530,000 (1)(4) | | | DBUBS 2011-LC2A D, 5.530%, 07/10/2044 |
| | | | 516,494 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
120
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 1,000,000 (1)(4) | | | DBUBS 2017-BRBK E Mortgage Trust, 3.530%, 10/10/2034 |
| | | $ | 796,527 | | | | | | 0.5 | | |
| 1,000,000 (1)(4) | | | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 |
| | | | 962,953 | | | | | | 0.6 | | |
| 51,089 (4) | | | Ginnie Mae 2011-53 B, 3.924%, 05/16/2051 |
| | | | 52,470 | | | | | | 0.0 | | |
| 219,858 | | | Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056 |
| | | | 223,822 | | | | | | 0.1 | | |
| 51,011 (4) | | | Ginnie Mae 2015-21 AF, 2.078%, 07/16/2048 |
| | | | 51,382 | | | | | | 0.0 | | |
| 174,998 | | | Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049 |
| | | | 176,660 | | | | | | 0.1 | | |
| 74,986 | | | Ginnie Mae 2016-86 AB, 2.500%, 09/16/2056 |
| | | | 76,094 | | | | | | 0.1 | | |
| 376,451 | | | Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052 |
| | | | 380,796 | | | | | | 0.2 | | |
| 183,891 | | | Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057 |
| | | | 186,150 | | | | | | 0.1 | | |
| 78,626 | | | Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053 |
| | | | 79,635 | | | | | | 0.1 | | |
| 140,545 | | | Ginnie Mae 2017-70 A, 2.500%, 10/16/2057 |
| | | | 142,744 | | | | | | 0.1 | | |
| 502,504 | | | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 |
| | | | 509,111 | | | | | | 0.3 | | |
| 331,760 | | | Ginnie Mae 2017-89 A, 2.500%, 08/16/2057 |
| | | | 337,091 | | | | | | 0.2 | | |
| 142,457 | | | Ginnie Mae 2018-41 A, 2.400%, 09/16/2058 |
| | | | 144,385 | | | | | | 0.1 | | |
| 250,000 (1)(4) | | | GRACE 2014-GRCE F Mortgage Trust, 3.590%, 06/10/2028 |
| | | | 247,938 | | | | | | 0.1 | | |
| 800,000 (1) | | | Great Wolf Trust 2019-WOLF A, 1.739%, (US0001M + 1.034%), 12/15/2029 |
| | | | 738,974 | | | | | | 0.4 | | |
| 330,000 (1) | | | GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034 |
| | | | 313,593 | | | | | | 0.2 | | |
| 1,039,000 (1)(4) | | | GS Mortgage Securities Corp. Trust 2017-SLP E, 4.591%, 10/10/2032 |
| | | | 905,486 | | | | | | 0.5 | | |
| 1,070,000 (1) | | | GS Mortgage Securities Corp. Trust 2019-70P C, 2.205%, (US0001M + 1.500%), 10/15/2036 |
| | | | 952,111 | | | | | | 0.5 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 870,000 (1)(4) | | | GS Mortgage Securities Trust 2011-GC3 D, 5.637%, 03/10/2044 |
| | | $ | 861,529 | | | | | | 0.5 | | |
| 290,000 (1)(4) | | | GS Mortgage Securities Trust 2012-GC6 C, 5.651%, 01/10/2045 |
| | | | 285,916 | | | | | | 0.2 | | |
| 320,000 (1) | | | GS Mortgage Securities Trust 2018-HART A, 1.795%, (US0001M + 1.090%), 10/15/2031 |
| | | | 310,460 | | | | | | 0.2 | | |
| 1,030,000 (1) | | | Hawaii Hotel Trust 2019-MAUI E, 2.864%, (US0001M + 2.350%), 05/15/2038 |
| | | | 762,073 | | | | | | 0.4 | | |
| 330,000 (1) | | | Houston Galleria Mall Trust 2015-HGLR A1A2, 3.087%, 03/05/2037 |
| | | | 325,662 | | | | | | 0.2 | | |
| 700,000 (1)(4) | | | Irvine Core Office Trust 2013-IRV A2, 3.173%, 05/15/2048 |
| | | | 710,417 | | | | | | 0.4 | | |
| 280,906 (1) | | | JP Morgan Chase Commercial Mortgage Securities Corp. 2012-HSBC A, 3.093%, 07/05/2032 |
| | | | 282,322 | | | | | | 0.2 | | |
| 730,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 C, 5.636%, 11/15/2043 |
| | | | 643,585 | | | | | | 0.4 | | |
| 1,040,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.419%, 08/15/2046 |
| | | | 1,062,002 | | | | | | 0.6 | | |
| 500,000 (4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B, 3.674%, 12/15/2047 |
| | | | 498,658 | | | | | | 0.3 | | |
| 210,000 (4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 C, 4.113%, 12/15/2047 |
| | | | 195,022 | | | | | | 0.1 | | |
| 900,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 |
| | | | 756,045 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
121
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 300,000 (1)(4) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES D, 3.621%, 09/05/2032 |
| | | $ | 295,530 | | | | | | 0.2 | | |
| 1,539 | | | JPMBB Commercial Mortgage Securities Trust 2 2014-C19 A2, 3.046%, 04/15/2047 |
| | | | 1,550 | | | | | | 0.0 | | |
| 1,100,000 (1)(4) | | | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 |
| | | | 991,898 | | | | | | 0.6 | | |
| 820,000 (4) | | | JPMBB Commercial Mortgage Securities Trust 2014-C19 C, 4.679%, 04/15/2047 |
| | | | 750,706 | | | | | | 0.4 | | |
| 226,104 | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 ASB, 2.699%, 12/15/2048 |
| | | | 227,677 | | | | | | 0.1 | | |
| 97,238 | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 A3, 3.669%, 02/15/2047 |
| | | | 97,908 | | | | | | 0.1 | | |
| 330,000 (4) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 C, 4.909%, 04/15/2047 |
| | | | 305,289 | | | | | | 0.2 | | |
| 164,598 | | | Morgan Stanley Capital I 2011-C3 A4, 4.118%, 07/15/2049 |
| | | | 167,574 | | | | | | 0.1 | | |
| 600,000 (1)(4) | | | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 |
| | | | 521,743 | | | | | | 0.3 | | |
| 290,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 J, 4.193%, 09/15/2047 |
| | | | 282,390 | | | | | | 0.2 | | |
| 910,000 | | | Morgan Stanley Capital I Trust 2019-H6 A2, 3.228%, 06/15/2052 |
| | | | 951,744 | | | | | | 0.5 | | |
| 720,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4, 2.918%, 02/15/2046 |
| | | | 729,233 | | | | | | 0.4 | | |
| 550,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 G, 4.193%, 09/15/2047 |
| | | | 444,632 | | | | | | 0.3 | | |
| 340,000 (1)(4) | | | Wells Fargo Commercial Mortgage Trust 2010-C1 B, 5.276%, 11/15/2043 |
| | | | 341,243 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 224,000 | | | Wells Fargo Commercial Mortgage Trust 2017-RC1 A2, 3.118%, 01/15/2060 |
| | | $ | 228,393 | | | | | | 0.1 | | |
| 1,198,986 | | | WFRBS Commercial Mortgage Trust 2011-C5 A4, 3.667%, 11/15/2044 |
| | | | 1,222,156 | | | | | | 0.7 | | |
| 567,391 (1) | | | West Town Mall Trust 2017-KNOX A, 3.823%, 07/05/2030 |
| | | | 572,771 | | | | | | 0.3 | | |
| 465,000 (1)(4) | | | WFRBS Commercial Mortgage Trust 2012-C6 D, 5.579%, 04/15/2045 |
| | | | 445,711 | | | | | | 0.3 | | |
| 4,095,440 | | | Other Securities | | | | | 4,174,193 | | | | | | 2.4 | | |
| | | | Total Commercial Mortgage- Backed Securities (Cost $37,876,500) |
| | |
|
35,247,048
|
| | | |
|
20.5
|
| |
| ASSET-BACKED SECURITIES: 19.5% | | |||||||||||||||
| | | | Automobile Asset-Backed Securities: 7.6% | | ||||||||||||
| 700,000 | | | AmeriCredit Automobile Receivables Trust 2020-1 A3, 1.110%, 08/19/2024 |
| | | | 686,638 | | | | | | 0.4 | | |
| 450,000 | | | CarMax Auto Owner Trust 2017-3 A4, 2.220%, 11/15/2022 |
| | | | 450,320 | | | | | | 0.3 | | |
| 100,000 | | | Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024 |
| | | | 100,575 | | | | | | 0.0 | | |
| 500,000 | | | Carmax Auto Owner Trust 2019-3 A4, 2.300%, 04/15/2025 |
| | | | 497,175 | | | | | | 0.3 | | |
| 550,000 | | | Carmax Auto Owner Trust 2019-4 A4, 2.130%, 07/15/2025 |
| | | | 538,673 | | | | | | 0.3 | | |
| 500,000 | | | GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021 |
| | | | 500,211 | | | | | | 0.3 | | |
| 850,000 | | | GM Financial Automobile Leasing Trust 2019-2 A4, 2.720%, 03/20/2023 |
| | | | 852,492 | | | | | | 0.5 | | |
| 300,000 | | | GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025 |
| | | | 296,370 | | | | | | 0.1 | | |
| 300,000 | | | GM Financial Consumer Automobile Receivables Trust 2019-3 A3, 2.180%, 04/16/2024 |
| | | | 302,293 | | | | | | 0.2 | | |
| 350,000 (1) | | | Hyundai Auto Lease Securitization Trust 2019-B A4, 2.030%, 06/15/2023 |
| | | | 348,926 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
122
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Automobile Asset-Backed Securities (continued) |
| ||||||||||||
| 266,655 (1) | | | OSCAR US Funding Trust VII LLC 2017-2A A3, 2.450%, 12/10/2021 |
| | | $ | 267,098 | | | | | | 0.2 | | |
| 400,000 | | | Santander Drive Auto Receivables Trust 2019-1 B, 3.210%, 09/15/2023 |
| | | | 399,666 | | | | | | 0.2 | | |
| 550,000 | | | Santander Drive Auto Receivables Trust 2019-2 B, 2.790%, 01/16/2024 |
| | | | 545,239 | | | | | | 0.3 | | |
| 150,000 (1) | | | Santander Retail Auto Lease Trust 2017-A A4, 2.370%, 01/20/2022 |
| | | | 149,913 | | | | | | 0.1 | | |
| 78,140 (1) | | | Santander Retail Auto Lease Trust 2019-A A2, 2.720%, 01/20/2022 |
| | | | 78,204 | | | | | | 0.0 | | |
| 300,000 (1) | | | Santander Retail Auto Lease Trust 2019-B A3, 2.300%, 01/20/2023 |
| | | | 297,788 | | | | | | 0.2 | | |
| 300,000 (1) | | | Santander Retail Auto Lease Trust 2019-B A4, 2.380%, 08/21/2023 |
| | | | 266,534 | | | | | | 0.2 | | |
| 900,000 (1) | | | Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023 |
| | | | 886,542 | | | | | | 0.5 | | |
| 165,200 (1) | | | Tesla Auto Lease Trust 2018-B A, 3.710%, 08/20/2021 |
| | | | 166,179 | | | | | | 0.1 | | |
| 800,000 | | | Toyota Auto Receivables 2019-B A4 Owner Trust, 2.600%, 11/15/2024 |
| | | | 805,853 | | | | | | 0.5 | | |
| 350,000 | | | Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024 |
| | | | 347,743 | | | | | | 0.2 | | |
| 4,343,920 | | | Other Securities | | | | | 4,360,741 | | | | | | 2.5 | | |
| | | | | | | | | 13,145,173 | | | | | | 7.6 | | |
| | | | Credit Card Asset-Backed Securities: 1.5% | | ||||||||||||
| 700,000 | | | BA Credit Card Trust 2019-A1 A1, 1.740%, 01/15/2025 |
| | | | 710,397 | | | | | | 0.4 | | |
| 800,000 | | | Capital One Multi-Asset Execution Trust 2019-A2 A2, 1.720%, 08/15/2024 |
| | | | 811,508 | | | | | | 0.5 | | |
| 600,000 (1) | | | Evergreen Credit Card Trust Series 2018-1 A, 2.950%, 03/15/2023 |
| | | | 603,082 | | | | | | 0.3 | | |
| 450,000 | | | Other Securities | | | | | 459,266 | | | | | | 0.3 | | |
| | | | | | | | | 2,584,253 | | | | | | 1.5 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Home Equity Asset-Backed Securities: 0.0% |
| ||||||||||||
|
4,729
|
| |
Other Securities
|
| | | $ | 4,740 | | | | | | 0.0 | | |
| | | | | | ||||||||||||
| | | | Other Asset-Backed Securities: 9.6% | | ||||||||||||
| 600,000 (1) | | | Allegany Park CLO Ltd. 2019-1A A, 3.164%, (US0003M + 1.330%), 01/20/2033 |
| | | | 561,754 | | | | | | 0.3 | | |
| 700,000 (1) | | | Apidos CLO XXXII 2019-32A A1, 3.003%, (US0003M + 1.320%), 01/20/2033 |
| | | | 656,961 | | | | | | 0.4 | | |
| 400,000 (1) | | | Arbor Realty Commercial Real Estate Notes 2019-FL2 A Ltd., 1.905%, (US0001M + 1.200%), 06/15/2034 |
| | | | 381,349 | | | | | | 0.2 | | |
| 400,000 (1) | | | ARES XLVI CLO Ltd. 2017-46A A2, 3.061%, (US0003M + 1.230%), 01/15/2030 |
| | | | 365,815 | | | | | | 0.2 | | |
| 250,000 (1) | | | Babson CLO Ltd. 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/18/2029 |
| | | | 232,858 | | | | | | 0.1 | | |
| 500,000 (1) | | | Barings Clo Ltd. 2019-4A A1, 3.233%, (US0003M + 1.330%), 01/15/2033 |
| | | | 466,644 | | | | | | 0.3 | | |
| 600,000 (1) | | | Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033 |
| | | | 560,746 | | | | | | 0.3 | | |
| 250,000 (1) | | | Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.019%, (US0003M + 1.200%), 01/20/2031 |
| | | | 221,855 | | | | | | 0.1 | | |
| 250,000 (1) | | | Cedar Funding VIII Clo Ltd. 2017-8A A1, 3.086%, (US0003M + 1.250%), 10/17/2030 |
| | | | 234,765 | | | | | | 0.1 | | |
| 250,000 (1) | | | CIFC Funding 2013-2A A1LR, 3.037%, (US0003M + 1.210%), 10/18/2030 |
| | | | 238,545 | | | | | | 0.2 | | |
| 250,000 (1) | | | CIFC Funding 2015-IA ARR Ltd., 2.912%, (US0003M + 1.110%), 01/22/2031 |
| | | | 235,674 | | | | | | 0.2 | | |
| 600,000 (1) | | | CIFC Funding 2019-6A A1 Ltd., 3.237%, (US0003M + 1.330%), 01/16/2033 |
| | | | 563,707 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
123
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| 250,000 (1) | | | CIFC Funding 2019-6A A2 Ltd., 3.657%, (US0003M + 1.750%), 01/16/2033 |
| | | $ | 232,427 | | | | | | 0.1 | | |
| 250,000 (1) | | | Deer Creek Clo Ltd. 2017-1A A, 2.999%, (US0003M + 1.180%), 10/20/2030 |
| | | | 236,457 | | | | | | 0.1 | | |
| 300,000 (1) | | | Dryden 68 CLO Ltd. 2019-68A A, 3.141%, (US0003M + 1.310%), 07/15/2032 |
| | | | 279,017 | | | | | | 0.2 | | |
| 250,000 (1) | | | Dryden Senior Loan Fund 2017-47A A2, 3.181%, (US0003M + 1.350%), 04/15/2028 |
| | | | 229,556 | | | | | | 0.1 | | |
| 360,000 (1) | | | Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 2.892%, (US0003M + 1.200%), 08/15/2030 |
| | | | 345,163 | | | | | | 0.2 | | |
| 250,000 (1) | | | Eaton Vance Clo 2015-1A A2R Ltd., 3.069%, (US0003M + 1.250%), 01/20/2030 |
| | | | 225,743 | | | | | | 0.1 | | |
| 250,000 (1) | | | Galaxy XIX CLO Ltd. 2015-19A A1R, 3.021%, (US0003M + 1.220%), 07/24/2030 |
| | | | 237,687 | | | | | | 0.2 | | |
| 500,000 (1) | | | Kayne CLO 6 Ltd. 2019-6A A1, 3.131%, (US0003M + 1.380%), 01/20/2033 |
| | | | 466,675 | | | | | | 0.3 | | |
| 500,000 (1) | | | Kayne CLO 7 Ltd. 2020-7A A1, 2.651%, (US0003M + 1.200%), 04/17/2033 |
| | | | 422,500 | | | | | | 0.3 | | |
| 310,000 (1) | | | LoanCore 2019-CRE2 A Issuer Ltd., 1.835%, (US0001M + 1.130%), 05/09/2036 |
| | | | 290,193 | | | | | | 0.2 | | |
| 600,000 (1) | | | Madison Park Funding XXXVII Ltd. 2019-37A A1, 3.131%, (US0003M + 1.300%), 07/15/2032 |
| | | | 563,890 | | | | | | 0.3 | | |
| 250,000 (1) | | | Magnetite XII Ltd. 2015-12A ARR, 2.931%, (US0003M + 1.100%), 10/15/2031 |
| | | | 234,467 | | | | | | 0.1 | | |
| 850,000 (1) | | | Marlette Funding Trust 2020-1A B, 2.380%, 03/15/2030 |
| | | | 711,229 | | | | | | 0.4 | | |
| 340,000 (1) | | | Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 3.243%, (US0003M + 1.340%), 01/19/2033 |
| | | | 321,956 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| 700,000 (1) | | | Niagara Park Clo Ltd. 2019-B A4, 3.136%, (US0003M + 1.300%), 07/17/2032 |
| | | $ | 654,740 | | | | | | 0.4 | | |
| 250,000 (1) | | | OCP Clo 2019-17A C1 Ltd., 3.577%, (US0003M + 1.750%), 07/20/2032 |
| | | | 226,667 | | | | | | 0.1 | | |
| 250,000 (1) | | | Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.139%, (US0003M + 1.320%), 03/17/2030 |
| | | | 237,378 | | | | | | 0.2 | | |
| 250,000 (1) | | | Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.206%, (US0003M + 1.375%), 07/15/2029 |
| | | | 225,321 | | | | | | 0.1 | | |
| 250,000 (1) | | | Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.169%, (US0003M + 1.350%), 07/19/2030 |
| | | | 231,475 | | | | | | 0.1 | | |
| 600,000 (1) | | | Octagon Loan Funding Ltd. 2014-1A ARR, 2.872%, (US0003M + 1.180%), 11/18/2031 |
| | | | 561,278 | | | | | | 0.3 | | |
| 500,000 (1) | | | OHA Credit Funding 3 Ltd. 2019-3A A1, 3.139%, (US0003M + 1.320%), 07/20/2032 |
| | | | 472,475 | | | | | | 0.3 | | |
| 500,000 (1) | | | OHA Loan Funding 2015-1A A1R2 Ltd., 3.032%, (US0003M + 1.340%), 11/15/2032 |
| | | | 468,997 | | | | | | 0.3 | | |
| 250,000 (1) | | | Palmer Square CLO 2013-2A AARR Ltd., 3.036%, (US0003M + 1.200%), 10/17/2031 |
| | | | 233,935 | | | | | | 0.1 | | |
| 500,000 (1) | | | Palmer Square CLO 2015-2A A1R2 Ltd., 2.919%, (US0003M + 1.100%), 07/20/2030 |
| | | | 473,972 | | | | | | 0.3 | | |
| 191,289 (1) | | | SoFi Consumer Loan Program 2019-2 A Trust, 3.010%, 04/25/2028 |
| | | | 185,794 | | | | | | 0.1 | | |
| 211,466 (1) | | | SoFi Consumer Loan Program 2019-3 A Trust, 2.900%, 05/25/2028 |
| | | | 205,279 | | | | | | 0.1 | | |
| 476,304 (1) | | | SoFi Consumer Loan Program 2020-1 A Trust, 2.020%, 01/25/2029 |
| | | | 475,503 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
124
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) | | ||||||||||||
| 590,000 (1) | | | Sound Point CLO XXV Ltd. 2019-4A A1A, 3.231%, (US0003M + 1.400%), 01/15/2033 |
| | | $ | 536,042 | | | | | | 0.3 | | |
| 400,000 (1) | | | Symphony CLO XXI Ltd. 2019-21A A, 3.742%, (US0003M + 1.380%), 07/15/2032 |
| | | | 375,454 | | | | | | 0.2 | | |
| 250,000 (1) | | | THL Credit Wind River 2017-2A A CLO Ltd., 3.049%, (US0003M + 1.230%), 07/20/2030 |
| | | | 237,102 | | | | | | 0.2 | | |
| 400,000 (1) | | | THL Credit Wind River 2019-2A A2 Clo Ltd., 3.501%, (US0003M + 1.650%), 01/15/2033 |
| | | | 369,950 | | | | | | 0.2 | | |
| 300,000 (1) | | | Trafigura Securitisation Finance PLC 2018-1A A2, 3.730%, 03/15/2022 |
| | | | 302,597 | | | | | | 0.2 | | |
| 100,000 (1) | | | Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021 |
| | | | 99,661 | | | | | | 0.1 | | |
| 350,000 | | | Other Securities | | | | | 355,201 | | | | | | 0.2 | | |
| | | | | | | | | 16,446,454 | | | | | | 9.6 | | |
| | | | Student Loan Asset-Backed Securities: 0.8% | | ||||||||||||
| 167,817 (1) | | | DRB Prime Student Loan Trust 2017-A A2B, 2.850%, 05/27/2042 |
| | | | 171,898 | | | | | | 0.1 | | |
| 384,805 (1) | | | Laurel Road Prime Student Loan Trust 2018-B A2FX, 3.540%, 05/26/2043 |
| | | | 378,543 | | | | | | 0.2 | | |
| 300,000 (1) | | | Navient Private Education Loan Trust 2014-AA A3, 2.305%, (US0001M + 1.600%), 10/15/2031 |
| | | | 288,503 | | | | | | 0.2 | | |
| 500,000 (1) | | | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 |
| | | | 505,997 | | | | | | 0.3 | | |
| | | | | | | | | 1,344,941 | | | | | | 0.8 | | |
| | | | Total Asset-Backed Securities (Cost $34,741,917) |
| | |
|
33,525,561
|
| | | |
|
19.5
|
| |
| U.S. GOVERNMENT AGENCY OBLIGATIONS(6): 0.4% | | |||||||||||||||
| | | | Federal Home Loan Mortgage Corporation: 0.3%(6) |
| ||||||||||||
| 416,450 | | | 5.500%, 01/01/2037- 02/01/2039 |
| | |
|
465,959
|
| | | |
|
0.3
|
| |
| | | | | | ||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. GOVERNMENT AGENCY OBLIGATIONS(6): (continued) | | |||||||||||||||
| | | | Uniform Mortgage-Backed Securities: 0.1% | | ||||||||||||
|
229,898
|
| |
Other Securities
|
| | | $ | 249,667 | | | | | | 0.1 | | |
| | | | Total U.S. Government Agency Obligations (Cost $690,845) |
| | |
|
715,626
|
| | | |
|
0.4
|
| |
| SUPRANATIONAL BONDS: 0.0% | | |||||||||||||||
| 58,000 | | | Other Securities | | | |
|
58,073
|
| | | |
|
0.0
|
| |
| | | | Total Supranational Bonds (Cost $57,829) |
| | |
|
58,073
|
| | | |
|
0.0
|
| |
| | | | Total Long-Term Investments (Cost $175,770,767) |
| | |
|
169,782,749
|
| | | |
|
98.6
|
| |
| SHORT-TERM INVESTMENTS: 1.1% | | |||||||||||||||
| | | | Repurchase Agreements: 0.1% | | ||||||||||||
| 239,706 (7) | | | Citigroup, Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $239,706, collateralized by various U.S. Government Agency Obligations, 0.150%-8.500%, Market Value plus accrued interest $244,500, due 04/15/21-09/20/69) (Cost $239,706) |
| | |
|
239,706
|
| | | |
|
0.1
|
| |
| |
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| ||||||||||||
| | | | | | | | Mutual Funds: 1.0% | | ||||||||||||
| | | | 1,641,000 (8 | ) | | Goldman Sachs Financial Square Government Fund Institutional Shares, 0.340% (Cost $1,641,000) |
| | |
|
1,641,000
|
| | | |
|
1.0
|
| | |
| | | | | | | | Total Short-Term Investments (Cost $1,880,706) |
| | |
|
1,880,706
|
| | | |
|
1.1
|
| |
| | | | | | | | Total Investments in Securities |
| ||||||||||||
| | | | | | | | (Cost $177,651,473) | | | | $ | 171,663,455 | | | | | | 99.7 | | |
| | | | | | | | Assets in Excess of Other Liabilities |
| | | | 567,135 | | | | | | 0.3 | | |
| | | | | | | | Net Assets | | | | $ | 172,230,590 | | | | | | 100.0 | | |
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate respectively as of March 31, 2020.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
See Accompanying Notes to Financial Statements
125
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
(1)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)
Security, or a portion of the security, is on loan.
(3)
The grouping contains securities on loan.
(4)
Variable rate security. Rate shown is the rate in effect as of March 31, 2020.
(5)
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, 2020.
(6)
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.
(7)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(8)
Rate shown is the 7-day yield as of March 31, 2020.
Reference Rate Abbreviations:
US0001M
1-month LIBOR
US0003M
3-month LIBOR
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate Bonds/Notes | | | | $ | — | | | | | $ | 79,776,161 | | | | | $ | — | | | | | $ | 79,776,161 | | |
| Collateralized Mortgage Obligations | | | | | — | | | | | | 12,982,423 | | | | | | — | | | | | | 12,982,423 | | |
| Asset-Backed Securities | | | | | — | | | | | | 33,525,561 | | | | | | — | | | | | | 33,525,561 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 35,247,048 | | | | | | — | | | | | | 35,247,048 | | |
| Supranational Bonds | | | | | — | | | | | | 58,073 | | | | | | — | | | | | | 58,073 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 715,626 | | | | | | — | | | | | | 715,626 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 7,477,857 | | | | | | — | | | | | | 7,477,857 | | |
| Short-Term Investments | | | | | 1,641,000 | | | | | | 239,706 | | | | | | — | | | | | | 1,880,706 | | |
| Total Investments, at fair value | | | | $ | 1,641,000 | | | | | $ | 170,022,455 | | | | | $ | — | | | | | $ | 171,663,455 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | | — | | | | | | 174,506 | | | | | | — | | | | | | 174,506 | | |
| Futures | | | | | 822,137 | | | | | | — | | | | | | — | | | | | | 822,137 | | |
| Total Assets | | | | $ | 2,463,137 | | | | | $ | 170,196,961 | | | | | $ | — | | | | | $ | 172,660,098 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Futures | | | | $ | (556,663) | | | | | $ | — | | | | | $ | — | | | | | $ | (556,663) | | |
| Total Liabilities | | | | $ | (556,663) | | | | | $ | — | | | | | $ | — | | | | | $ | (556,663) | | |
^
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.
See Accompanying Notes to Financial Statements
126
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
At March 31, 2020, the following futures contracts were outstanding for Voya Short Term Bond Fund:
|
Description
|
| |
Number of
Contracts |
| |
Expiration
Date |
| |
Notional
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||
| Long Contracts: | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 2-Year Note | | |
244
|
| |
06/30/20
|
| | | $ | 53,773,406 | | | | | $ | 822,137 | | |
| | | | | | | | | | | $ | 53,773,406 | | | | | $ | 822,137 | | |
| Short Contracts: | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury 10-Year Note | | |
(52)
|
| |
06/19/20
|
| | | | (7,211,750) | | | | | | (150,975) | | |
| U.S. Treasury 5-Year Note | | |
(122)
|
| |
06/30/20
|
| | | | (15,293,844) | | | | | | (405,688) | | |
| | | | | | | | | | | $ | (22,505,594) | | | | | $ | (556,663) | | |
At March 31, 2020, the following centrally cleared credit default swaps were outstanding for Voya Short Term Bond Fund:
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
|
Reference Entity/Obligation
|
| |
Buy/Sell
Protection |
| |
(Pay)/
Receive Financing Rate (%)(2) |
| |
Termination
Date |
| |
Notional
Amount(3) |
| |
Fair
Value(4) |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||
| iTraxx Cross-over Index, Series 32, Version 1 | | |
Buy
|
| | | | (5.000) | | | | | | 12/20/24 | | | |
EUR1,002,000
|
| | | $ | 22,646 | | | | | $ | 174,506 | | |
| | | | | | | | | | | | | | | | | | | | | | | $ | 22,646 | | | | | $ | 174,506 | | |
(1)
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)
Payments made quarterly.
(3)
The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(4)
The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.
Currency Abbreviations
EUR – EU Euro
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, 2020 was as follows:
|
Derivatives not accounted for as hedging instruments
|
| |
Location on Statement
of Assets and Liabilities |
| |
Fair Value
|
| |||
| Asset Derivatives | | | | | | | | | | |
| Interest rate contracts | | |
Net Assets — Unrealized appreciation*
|
| | | $ | 822,137 | | |
| Credit contracts | | |
Net Assets — Unrealized appreciation**
|
| | | | 174,506 | | |
|
Total Asset Derivatives
|
| | | | | | $ | 996,643 | | |
| Liability Derivatives | | | | | | | | | | |
| Interest rate contracts | | |
Net Assets — Unrealized depreciation*
|
| | | $ | 556,663 | | |
|
Total Liability Derivatives
|
| | | | | | $ | 556,663 | | |
*
Includes cumulative appreciation/depreciation of futures contracts as reported in the table within the Portfolio of Investments.
**
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
See Accompanying Notes to Financial Statements
127
SUMMARY PORTFOLIO OF INVESTMENTS
| Voya Short Term Bond Fund | as of March 31, 2020 (continued) |
The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2020 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
Derivatives not accounted for as hedging instruments
|
| |
Investments*
|
| |
Futures
|
| |
Swaps
|
| |
Total
|
| ||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | 347,874 | | | | | $ | 347,874 | | |
| Equity contracts | | | | | — | | | | | | (5,922) | | | | | | — | | | | | | (5,922) | | |
| Interest rate contracts | | | | | 4,551 | | | | | | 122,843 | | | | | | (35,990) | | | | | | 91,404 | | |
|
Total
|
| | | $ | 4,551 | | | | | $ | 116,921 | | | | | $ | 311,884 | | | | | $ | 433,356 | | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
|
Derivatives not accounted for as hedging instruments
|
| |
Investments*
|
| |
Futures
|
| |
Swaps
|
| |
Total
|
| ||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | 174,506 | | | | | $ | 174,506 | | |
| Interest rate contracts | | | | | 7,807 | | | | | | 243,609 | | | | | | — | | | | | | 251,416 | | |
|
Total
|
| | | $ | 7,807 | | | | | $ | 243,609 | | | | | $ | 174,506 | | | | | $ | 425,922 | | |
*
Amounts recognized for purchased options are included in net realized gain (loss) on investments and net change in unrealized appreciation or depreciation on investments.
At March 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
| | Cost for federal income tax purposes was $177,951,491. | | | | | | | |
| | Net unrealized depreciation consisted of: | | | | | | | |
| |
Gross Unrealized Appreciation
|
| | | $ | 1,388,425 | | |
| |
Gross Unrealized Depreciation
|
| | | | (7,381,822) | | |
| |
Net Unrealized Depreciation
|
| | | $ | (5,993,397) | | |
See Accompanying Notes to Financial Statements
128
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: 15.3% | | |||||||||||||||
| | | | Basic Materials: 1.2% | | ||||||||||||
| 1,250,000 (1) | | | Alpek SAB de CV, 4.250%, 09/18/2029 |
| | | $ | 1,025,962 | | | | | | 0.0 | | |
| 1,925,000 (1) | | | Anglo American Capital PLC, 3.625%, 09/11/2024 |
| | | | 1,814,848 | | | | | | 0.1 | | |
| 800,000 (1) | | | Aruba Investments, Inc., 8.750%, 02/15/2023 |
| | | | 782,996 | | | | | | 0.0 | | |
| 250,000 (1) | | | Braskem Netherlands Finance BV, 4.500%, 01/31/2030 |
| | | | 195,500 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029 |
| | | | 1,276,564 | | | | | | 0.1 | | |
| 260,000 (1) | | | Cleveland-Cliffs, Inc., 6.750%, 03/15/2026 |
| | | | 231,238 | | | | | | 0.0 | | |
| 675,000 (1) | | | Compass Minerals International, Inc., 6.750%, 12/01/2027 |
| | | | 613,103 | | | | | | 0.0 | | |
| 250,000 (1) | | | Constellium SE, 5.750%, 05/15/2024 |
| | | | 225,336 | | | | | | 0.0 | | |
| 550,000 (1) | | | Constellium SE, 6.625%, 03/01/2025 |
| | | | 499,109 | | | | | | 0.0 | | |
| 1,250,000 (1) | | | Evraz PLC, 5.250%, 04/02/2024 |
| | | | 1,270,619 | | | | | | 0.1 | | |
| 800,000 (1) | | | First Quantum Minerals Ltd., 6.500%, 03/01/2024 |
| | | | 669,004 | | | | | | 0.0 | | |
| 750,000 (1) | | | Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024 |
| | | | 711,559 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | Inversiones CMPC SA, 3.850%, 01/13/2030 |
| | | | 1,810,500 | | | | | | 0.1 | | |
| 1,800,000 (1) | | | MMK International Capital DAC, 4.375%, 06/13/2024 |
| | | | 1,787,990 | | | | | | 0.1 | | |
| 1,075,000 (1) | | | Novelis Corp., 5.875%, 09/30/2026 |
| | | | 1,062,457 | | | | | | 0.0 | | |
| 700,000 (1) | | | OCI NV, 5.250%, 11/01/2024 |
| | | | 612,500 | | | | | | 0.0 | | |
| 1,050,000 (1) | | | OCI NV, 6.625%, 04/15/2023 |
| | | | 966,000 | | | | | | 0.1 | | |
| 950,000 (1) | | | Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026 |
| | | | 953,365 | | | | | | 0.0 | | |
| 2,500,000 (1) | | | Severstal OAO Via Steel Capital SA, 3.150%, 09/16/2024 |
| | | | 2,407,015 | | | | | | 0.1 | | |
| 620,000 (1) | | | SPCM SA, 4.875%, 09/15/2025 |
| | | | 590,531 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Basic Materials (continued) | | ||||||||||||
| 600,000 (1)(2) | | | Tronox, Inc., 6.500%, 04/15/2026 |
| | | $ | 544,545 | | | | | | 0.0 | | |
| 12,615,000 (3) | | | Other Securities | | | | | 11,827,004 | | | | | | 0.5 | | |
| | | | | | | | | 31,877,745 | | | | | | 1.2 | | |
| | | | Communications: 2.3% | | ||||||||||||
| 450,000 (1) | | | Altice France SA/France, 8.125%, 02/01/2027 |
| | | | 471,622 | | | | | | 0.0 | | |
| 550,000 (1) | | | Altice Finco SA, 7.625%, 02/15/2025 |
| | | | 527,310 | | | | | | 0.0 | | |
| 775,000 (1) | | | Block Communications, Inc., 4.875%, 03/01/2028 |
| | | | 725,109 | | | | | | 0.0 | | |
| 1,100,000 (1) | | | C&W Senior Financing DAC, 7.500%, 10/15/2026 |
| | | | 1,015,336 | | | | | | 0.1 | | |
| 1,300,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 |
| | | | 1,315,626 | | | | | | 0.1 | | |
| 600,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 |
| | | | 605,736 | | | | | | 0.0 | | |
| 750,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 |
| | | | 764,676 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026 |
| | | | 1,523,925 | | | | | | 0.1 | | |
| 180,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 |
| | | | 176,548 | | | | | | 0.0 | | |
| 420,000 (1) | | | CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 03/01/2030 |
| | | | 421,281 | | | | | | 0.0 | | |
| 950,000 (1) | | | Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024 |
| | | | 822,942 | | | | | | 0.0 | | |
| 1,250,000 (1) | | | CommScope Tech Finance LLC, 6.000%, 06/15/2025 |
| | | | 1,153,375 | | | | | | 0.1 | | |
| 500,000 (1) | | | CommScope Technologies LLC, 5.000%, 03/15/2027 |
| | | | 437,537 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
129
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 1,025,000 (1) | | | Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026 |
| | | $ | 850,750 | | | | | | 0.0 | | |
| 1,175,000 (1) | | | CSC Holdings LLC, 5.500%, 05/15/2026 |
| | | | 1,223,548 | | | | | | 0.1 | | |
| 600,000 (1) | | | CSC Holdings LLC, 5.750%, 01/15/2030 |
| | | | 607,326 | | | | | | 0.0 | | |
| 400,000 (1) | | | CSC Holdings LLC, 7.500%, 04/01/2028 |
| | | | 428,955 | | | | | | 0.0 | | |
| 825,000 (1) | | | Cumulus Media New Holdings, Inc., 6.750%, 07/01/2026 |
| | | | 743,013 | | | | | | 0.0 | | |
| 550,000 (1) | | | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026 |
| | | | 449,978 | | | | | | 0.0 | | |
| 1,225,000 (1)(2) | | | Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 08/15/2027 |
| | | | 826,018 | | | | | | 0.1 | | |
| 750,000 (1)(2) | | | Entercom Media Corp., 7.250%, 11/01/2024 |
| | | | 632,809 | | | | | | 0.0 | | |
| 375,000 (1) | | | Frontier Communications Corp., 8.000%, 04/01/2027 |
| | | | 371,936 | | | | | | 0.0 | | |
| 900,000 (1) | | | Gray Television, Inc., 5.125%, 10/15/2024 |
| | | | 875,255 | | | | | | 0.1 | | |
| 575,000 (1) | | | Gray Television, Inc., 7.000%, 05/15/2027 |
| | | | 575,316 | | | | | | 0.0 | | |
| 645,000 (1) | | | GTT Communications, Inc., 7.875%, 12/31/2024 |
| | | | 420,862 | | | | | | 0.0 | | |
| 325,000 (1) | | | iHeartCommunications, Inc., 5.250%, 08/15/2027 |
| | | | 285,009 | | | | | | 0.0 | | |
| 775,000 (1) | | | Intelsat Jackson Holdings SA, 8.500%, 10/15/2024 |
| | | | 492,865 | | | | | | 0.0 | | |
| 500,000 (1) | | | Lamar Media Corp., 3.750%, 02/15/2028 |
| | | | 472,440 | | | | | | 0.0 | | |
| 175,000 (1) | | | Lamar Media Corp., 4.000%, 02/15/2030 |
| | | | 164,062 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027 |
| | | | 990,550 | | | | | | 0.1 | | |
| 425,000 (1) | | | Match Group, Inc., 4.125%, 08/01/2030 |
| | | | 382,234 | | | | | | 0.0 | | |
| 950,000 (1) | | | MDC Partners, Inc., 6.500%, 05/01/2024 |
| | | | 719,625 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Communications (continued) | | ||||||||||||
| 475,000 (1) | | | Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 08/15/2027 |
| | | $ | 463,960 | | | | | | 0.0 | | |
| 225,000 (1) | | | Netflix, Inc., 4.875%, 06/15/2030 |
| | | | 229,657 | | | | | | 0.0 | | |
| 875,000 (1) | | | Nexstar Broadcasting, Inc., 5.625%, 08/01/2024 |
| | | | 829,058 | | | | | | 0.1 | | |
| 825,000 (1) | | | Nexstar Broadcasting, Inc., 5.625%, 07/15/2027 |
| | | | 811,016 | | | | | | 0.0 | | |
| 450,000 (1) | | | Altice France SA/France, 7.375%, 05/01/2026 |
| | | | 456,998 | | | | | | 0.0 | | |
| 245,000 (1) | | | Sinclair Television Group, Inc., 5.125%, 02/15/2027 |
| | | | 209,118 | | | | | | 0.0 | | |
| 475,000 (1) | | | Sirius XM Radio, Inc., 4.625%, 07/15/2024 |
| | | | 485,063 | | | | | | 0.0 | | |
| 1,225,000 (1) | | | Sirius XM Radio, Inc., 5.000%, 08/01/2027 |
| | | | 1,250,051 | | | | | | 0.1 | | |
| 385,000 (1) | | | Sprint Corp., 7.250%, 02/01/2028 |
| | | | 388,369 | | | | | | 0.0 | | |
| 210,000 (1) | | | TEGNA, Inc., 4.625%, 03/15/2028 |
| | | | 185,719 | | | | | | 0.0 | | |
| 775,000 (1) | | | TEGNA, Inc., 5.000%, 09/15/2029 |
| | | | 700,406 | | | | | | 0.1 | | |
| 700,000 (1) | | | Telesat Canada / Telesat LLC, 6.500%, 10/15/2027 |
| | | | 675,885 | | | | | | 0.0 | | |
| 1,025,000 (1) | | | Terrier Media Buyer, Inc., 8.875%, 12/15/2027 |
| | | | 868,688 | | | | | | 0.1 | | |
| 750,000 (1) | | | Townsquare Media, Inc., 6.500%, 04/01/2023 |
| | | | 726,559 | | | | | | 0.0 | | |
| 725,000 (1) | | | ViaSat, Inc., 5.625%, 09/15/2025 |
| | | | 682,338 | | | | | | 0.1 | | |
| 265,000 (1) | | | ViaSat, Inc., 5.625%, 04/15/2027 |
| | | | 263,158 | | | | | | 0.0 | | |
| 600,000 (1) | | | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 |
| | | | 603,330 | | | | | | 0.0 | | |
| 350,000 (1) | | | Ziggo Bond Co. BV, 5.125%, 02/28/2030 |
| | | | 344,969 | | | | | | 0.0 | | |
| 200,000 (1) | | | Ziggo BV, 4.875%, 01/15/2030 |
| | | | 196,181 | | | | | | 0.0 | | |
| 25,788,000 (3) | | | Other Securities | | | | | 26,626,260 | | | | | | 1.0 | | |
| | | | | | | | | 58,470,357 | | | | | | 2.3 | | |
See Accompanying Notes to Financial Statements
130
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical: 1.7% | | ||||||||||||
| 1,750,000 (1) | | | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 |
| | | $ | 1,682,179 | | | | | | 0.1 | | |
| 625,000 (1) | | | Adams Homes, Inc., 7.500%, 02/15/2025 |
| | | | 601,562 | | | | | | 0.0 | | |
| 700,000 (1) | | | Adient Global Holdings Ltd., 4.875%, 08/15/2026 |
| | | | 484,697 | | | | | | 0.0 | | |
| 725,000 (1) | | | Allison Transmission, Inc., 5.875%, 06/01/2029 |
| | | | 715,551 | | | | | | 0.0 | | |
| 450,000 (1) | | | American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/2028 |
| | | | 411,997 | | | | | | 0.0 | | |
| 525,000 (1) | | | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 |
| | | | 450,187 | | | | | | 0.0 | | |
| 470,000 (1) | | | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 |
| | | | 403,025 | | | | | | 0.0 | | |
| 200,000 (1) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 01/15/2028 |
| | | | 159,500 | | | | | | 0.0 | | |
| 600,000 (1) | | | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.750%, 08/01/2025 |
| | | | 485,247 | | | | | | 0.0 | | |
| 1,220,000 (1) | | | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 |
| | | | 890,234 | | | | | | 0.1 | | |
| 475,000 (1) | | | CCM Merger, Inc., 6.000%, 03/15/2022 |
| | | | 393,062 | | | | | | 0.0 | | |
| 850,000 (1) | | | Cedar Fair L.P., 5.250%, 07/15/2029 |
| | | | 722,968 | | | | | | 0.0 | | |
| 225,000 (1)(4) | | | Core & Main Holdings L.P., 8.625% (PIK Rate 9.375%, Cash Rate 8.625%), 09/15/2024 |
| | | | 207,843 | | | | | | 0.0 | | |
| 925,000 (1) | | | Core & Main L.P., 6.125%, 08/15/2025 |
| | | | 867,160 | | | | | | 0.1 | | |
| 735,000 (1) | | | Golden Entertainment, Inc., 7.625%, 04/15/2026 |
| | | | 490,331 | | | | | | 0.0 | | |
| 1,375,000 (1) | | | Golden Nugget, Inc., 6.750%, 10/15/2024 |
| | | | 876,370 | | | | | | 0.1 | | |
| 675,000 (1) | | | IAA, Inc., 5.500%, 06/15/2027 |
| | | | 656,809 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 725,000 (1) | | | Installed Building Products, Inc., 5.750%, 02/01/2028 |
| | | $ | 696,756 | | | | | | 0.0 | | |
| 600,000 (1) | | | International Game Technology PLC, 6.250%, 02/15/2022 |
| | | | 554,910 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | International Game Technology PLC, 6.500%, 02/15/2025 |
| | | | 892,360 | | | | | | 0.1 | | |
| 875,000 (1) | | | Lions Gate Capital Holdings LLC, 5.875%, 11/01/2024 |
| | | | 752,986 | | | | | | 0.0 | | |
| 625,000 (1) | | | M/I Homes, Inc., 4.950%, 02/01/2028 |
| | | | 535,156 | | | | | | 0.0 | | |
| 1,225,000 (1) | | | Mattel, Inc., 5.875%, 12/15/2027 |
| | | | 1,256,299 | | | | | | 0.1 | | |
| 800,000 (1)(2) | | | Michaels Stores, Inc., 8.000%, 07/15/2027 |
| | | | 596,440 | | | | | | 0.0 | | |
| 650,000 (1) | | | Motion Bondco DAC, 6.625%, 11/15/2027 |
| | | | 471,250 | | | | | | 0.0 | | |
| 750,000 (1) | | | Navistar International Corp., 6.625%, 11/01/2025 |
| | | | 629,066 | | | | | | 0.0 | | |
| 880,000 (1) | | | Penn National Gaming, Inc., 5.625%, 01/15/2027 |
| | | | 660,363 | | | | | | 0.0 | | |
| 675,000 (1) | | | Performance Food Group, Inc., 5.500%, 10/15/2027 |
| | | | 631,176 | | | | | | 0.0 | | |
| 495,000 (1) | | | PetSmart, Inc., 5.875%, 06/01/2025 |
| | | | 491,287 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | PetSmart, Inc., 7.125%, 03/15/2023 |
| | | | 949,500 | | | | | | 0.1 | | |
| 685,000 (1) | | | Scientific Games International, Inc., 5.000%, 10/15/2025 |
| | | | 601,088 | | | | | | 0.1 | | |
| 475,000 (1) | | | Scientific Games International, Inc., 7.000%, 05/15/2028 |
| | | | 294,761 | | | | | | 0.0 | | |
| 825,000 (1) | | | Scientific Games International, Inc., 8.250%, 03/15/2026 |
| | | | 532,729 | | | | | | 0.0 | | |
| 475,000 (1) | | | Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/01/2027 |
| | | | 431,063 | | | | | | 0.0 | | |
| 415,000 (1) | | | Station Casinos LLC, 4.500%, 02/15/2028 |
| | | | 339,263 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
131
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Cyclical (continued) | | ||||||||||||
| 1,085,000 (1) | | | Station Casinos LLC, 5.000%, 10/01/2025 |
| | | $ | 911,736 | | | | | | 0.1 | | |
| 575,000 (1) | | | Taylor Morrison Communities, Inc., 5.750%, 01/15/2028 |
| | | | 518,338 | | | | | | 0.0 | | |
| 725,000 (1) | | | Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027 |
| | | | 663,774 | | | | | | 0.0 | | |
| 975,000 (1) | | | Viking Cruises Ltd., 5.875%, 09/15/2027 |
| | | | 575,894 | | | | | | 0.0 | | |
| 675,000 (1) | | | William Carter Co/The, 5.625%, 03/15/2027 |
| | | | 651,734 | | | | | | 0.0 | | |
| 250,000 (1) | | | WMG Acquisition Corp., 5.000%, 08/01/2023 |
| | | | 250,311 | | | | | | 0.0 | | |
| 950,000 (1) | | | Wolverine World Wide, Inc., 5.000%, 09/01/2026 |
| | | | 913,425 | | | | | | 0.1 | | |
| 18,848,000 (3) | | | Other Securities | | | | | 16,605,676 | | | | | | 0.7 | | |
| | | | | | | | | 42,906,063 | | | | | | 1.7 | | |
| | | | Consumer, Non-cyclical: 2.2% | | ||||||||||||
| 875,000 (1) | | | Adani Ports & Special Economic Zone Ltd., 4.375%, 07/03/2029 |
| | | | 757,026 | | | | | | 0.0 | | |
| 425,000 (1) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030 |
| | | | 423,937 | | | | | | 0.0 | | |
| 725,000 (1) | | | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 |
| | | | 741,929 | | | | | | 0.0 | | |
| 525,000 (1) | | | Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026 |
| | | | 516,799 | | | | | | 0.0 | | |
| 700,000 (1) | | | Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027 |
| | | | 664,557 | | | | | | 0.1 | | |
| 675,000 (1) | | | AMN Healthcare, Inc., 4.625%, 10/01/2027 |
| | | | 645,300 | | | | | | 0.0 | | |
| 1,850,000 (1) | | | Bausch Health Americas, Inc., 8.500%, 01/31/2027 |
| | | | 1,943,517 | | | | | | 0.1 | | |
| 530,000 (1) | | | Bausch Health Cos, Inc., 5.250%, 01/30/2030 |
| | | | 499,525 | | | | | | 0.0 | | |
| 675,000 (1) | | | Bausch Health Cos, Inc., 5.500%, 11/01/2025 |
| | | | 686,175 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 475,000 (1) | | | Bausch Health Cos, Inc., 6.125%, 04/15/2025 |
| | | $ | 470,846 | | | | | | 0.0 | | |
| 525,000 (1) | | | Bausch Health Cos, Inc., 7.000%, 01/15/2028 |
| | | | 547,339 | | | | | | 0.0 | | |
| 1,200,000 (1) | | | Bristol-Myers Squibb Co., 4.550%, 02/20/2048 |
| | | | 1,527,630 | | | | | | 0.1 | | |
| 750,000 (1) | | | Cardtronics, Inc./ Cardtronics USA, Inc., 5.500%, 05/01/2025 |
| | | | 719,059 | | | | | | 0.0 | | |
| 415,000 (1) | | | Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027 |
| | | | 404,853 | | | | | | 0.0 | | |
| 200,000 (1) | | | Centene Corp., 3.375%, 02/15/2030 |
| | | | 186,750 | | | | | | 0.0 | | |
| 625,000 (1) | | | Centene Corp., 4.625%, 12/15/2029 |
| | | | 631,594 | | | | | | 0.1 | | |
| 295,000 (1) | | | Centene Corp., 4.750%, 01/15/2025 |
| | | | 300,533 | | | | | | 0.0 | | |
| 425,000 (1) | | | Centene Corp., 5.375%, 06/01/2026 |
| | | | 440,155 | | | | | | 0.0 | | |
| 950,000 (1) | | | CHS/Community Health Systems, Inc., 6.625%, 02/15/2025 |
| | | | 885,875 | | | | | | 0.0 | | |
| 925,000 (1) | | | Cott Holdings, Inc., 5.500%, 04/01/2025 |
| | | | 903,036 | | | | | | 0.0 | | |
| 1,325,000 (1) | | | DP World Crescent Ltd., 3.750%, 01/30/2030 |
| | | | 1,105,050 | | | | | | 0.1 | | |
| 625,000 (1) | | | Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025 |
| | | | 430,269 | | | | | | 0.0 | | |
| 1,250,000 (1) | | | Garda World Security Corp., 8.750%, 05/15/2025 |
| | | | 1,159,338 | | | | | | 0.1 | | |
| 1,075,000 (1) | | | Graham Holdings Co., 5.750%, 06/01/2026 |
| | | | 1,062,683 | | | | | | 0.0 | | |
| 475,000 (1) | | | Hertz Corp./The, 6.000%, 01/15/2028 |
| | | | 252,011 | | | | | | 0.0 | | |
| 475,000 (1) | | | Hertz Corp./The, 7.125%, 08/01/2026 |
| | | | 251,358 | | | | | | 0.0 | | |
| 775,000 (1) | | | Hertz Corp., 5.500%, 10/15/2024 |
| | | | 440,623 | | | | | | 0.0 | | |
| 445,000 (1) | | | Hill-Rom Holdings, Inc., 4.375%, 09/15/2027 |
| | | | 442,126 | | | | | | 0.0 | | |
| 800,000 (1) | | | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 |
| | | | 813,000 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
132
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Consumer, Non-cyclical (continued) | | ||||||||||||
| 725,000 (1) | | | JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028 |
| | | $ | 777,961 | | | | | | 0.0 | | |
| 750,000 (1) | | | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.500%, 01/15/2030 |
| | | | 778,538 | | | | | | 0.0 | | |
| 500,000 (1) | | | KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026 |
| | | | 505,313 | | | | | | 0.0 | | |
| 520,000 (1) | | | LifePoint Health, Inc., 4.375%, 02/15/2027 |
| | | | 493,740 | | | | | | 0.0 | | |
| 1,025,000 (1) | | | MPH Acquisition Holdings LLC, 7.125%, 06/01/2024 |
| | | | 899,468 | | | | | | 0.0 | | |
| 750,000 (1) | | | Par Pharmaceutical, Inc., 7.500%, 04/01/2027 |
| | | | 751,931 | | | | | | 0.0 | | |
| 525,000 (1) | | | Pilgrim’s Pride Corp., 5.750%, 03/15/2025 |
| | | | 530,909 | | | | | | 0.0 | | |
| 550,000 (1) | | | Pilgrim’s Pride Corp., 5.875%, 09/30/2027 |
| | | | 551,072 | | | | | | 0.1 | | |
| 380,000 (1)(4) | | | Polaris Intermediate Corp., 8.500% (PIK Rate 9.250%, Cash Rate 8.500%), 12/01/2022 |
| | | | 297,343 | | | | | | 0.0 | | |
| 1,375,000 (1) | | | Post Holdings, Inc., 5.625%, 01/15/2028 |
| | | | 1,406,694 | | | | | | 0.1 | | |
| 1,070,000 (1) | | | Select Medical Corp., 6.250%, 08/15/2026 |
| | | | 1,075,890 | | | | | | 0.1 | | |
| 95,000 (1) | | | Tenet Healthcare Corp., 5.125%, 11/01/2027 |
| | | | 91,081 | | | | | | 0.0 | | |
| 475,000 (1) | | | Vizient, Inc., 6.250%, 05/15/2027 |
| | | | 478,067 | | | | | | 0.0 | | |
| 770,000 (1) | | | West Street Merger Sub, Inc., 6.375%, 09/01/2025 |
| | | | 676,961 | | | | | | 0.0 | | |
| 28,417,000 | | | Other Securities | | | | | 28,540,554 | | | | | | 1.1 | | |
| | | | | | | | | 57,708,415 | | | | | | 2.2 | | |
| | | | Energy: 2.5% | | ||||||||||||
| 425,000 (1) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 |
| | | | 296,437 | | | | | | 0.0 | | |
| 275,000 (1) | | | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 |
| | | | 197,194 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Energy (continued) | | ||||||||||||
| 605,000 (1) | | | Baytex Energy Corp., 8.750%, 04/01/2027 |
| | | $ | 235,345 | | | | | | 0.0 | | |
| 161,700 (1) | | | Calfrac Holdings L.P., 10.875%, 03/15/2026 |
| | | | 48,510 | | | | | | 0.0 | | |
| 340,000 (1) | | | Empresa Nacional del Petroleo, 5.250%, 11/06/2029 |
| | | | 337,400 | | | | | | 0.0 | | |
| 1,025,000 (1) | | | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026 |
| | | | 1,007,063 | | | | | | 0.1 | | |
| 400,000 (1) | | | Hess Midstream Operations L.P., 5.125%, 06/15/2028 |
| | | | 282,620 | | | | | | 0.0 | | |
| 700,000 (1) | | | Hess Midstream Operations L.P., 5.625%, 02/15/2026 |
| | | | 499,123 | | | | | | 0.1 | | |
| 300,000 (1) | | | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 |
| | | | 296,700 | | | | | | 0.0 | | |
| 595,000 (1) | | | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026 |
| | | | 371,875 | | | | | | 0.0 | | |
| 700,000 (1) | | | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 |
| | | | 208,980 | | | | | | 0.0 | | |
| 270,000 (1) | | | Noble Holding International Ltd., 7.875%, 02/01/2026 |
| | | | 67,106 | | | | | | 0.0 | | |
| 50,000 (1) | | | Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027 |
| | | | 35,528 | | | | | | 0.0 | | |
| 3,375,000 (1) | | | Pertamina Persero PT, 3.100%, 01/21/2030 |
| | | | 3,003,530 | | | | | | 0.1 | | |
| 750,000 (1)(2) | | | Pertamina Persero PT, 3.100%, 08/25/2030 |
| | | | 668,425 | | | | | | 0.1 | | |
| 7,350,000 | | | Petrobras Global Finance BV, 5.750%, 02/01/2029 |
| | | | 6,971,842 | | | | | | 0.3 | | |
| 775,000 | | | Petrobras Global Finance BV, 7.375%, 01/17/2027 |
| | | | 796,739 | | | | | | 0.0 | | |
| 7,450,000 (1) | | | Petroleos Mexicanos, 5.950%, 01/28/2031 |
| | | | 5,159,870 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
133
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Energy (continued) | | ||||||||||||
| 925,000 (1) | | | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028 |
| | | $ | 487,445 | | | | | | 0.0 | | |
| 200,000 (1) | | | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.500%, 03/01/2030 |
| | | | 156,250 | | | | | | 0.0 | | |
| 700,000 (1) | | | Viper Energy Partners L.P., 5.375%, 11/01/2027 |
| | | | 591,885 | | | | | | 0.0 | | |
| 51,949,000 (3) | | | Other Securities | | | | | 41,901,783 | | | | | | 1.6 | | |
| | | | | | | | | 63,621,650 | | | | | | 2.5 | | |
| | | | Financial: 1.9% | | ||||||||||||
| 115,000 (1) | | | AG Issuer LLC, 6.250%, 03/01/2028 |
| | | | 97,462 | | | | | | 0.0 | | |
| 600,000 (1) | | | Altice France Holding SA, 6.000%, 02/15/2028 |
| | | | 532,308 | | | | | | 0.0 | | |
| 1,200,000 (1) | | | Altice France Holding SA, 10.500%, 05/15/2027 |
| | | | 1,272,000 | | | | | | 0.1 | | |
| 1,600,000 (1) | | | Banco Bradesco SA/Cayman Islands, 3.200%, 01/27/2025 |
| | | | 1,466,016 | | | | | | 0.1 | | |
| 1,550,000 (1) | | | Banco Internacional del Peru SAA Interbank, 3.250%, 10/04/2026 |
| | | | 1,375,048 | | | | | | 0.1 | | |
| 1,200,000 (1) | | | Banco Votorantim SA, 4.500%, 09/24/2024 |
| | | | 1,083,612 | | | | | | 0.1 | | |
| 327,000 | | | Bank of America Corp., 2.625%, 10/19/2020 |
| | | | 327,540 | | | | | | 0.0 | | |
| 409,000 (1) | | | BPCE SA, 4.500%, 03/15/2025 |
| | | | 406,640 | | | | | | 0.0 | | |
| 1,000,000 | | | Citigroup, Inc., 4.750%, 05/18/2046 |
| | | | 1,150,471 | | | | | | 0.1 | | |
| 1,125,000 (1) | | | ESH Hospitality, Inc., 5.250%, 05/01/2025 |
| | | | 952,037 | | | | | | 0.0 | | |
| 550,000 (1) | | | Freedom Mortgage Corp., 8.250%, 04/15/2025 |
| | | | 435,858 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Itau Unibanco Holding SA/Cayman Island, 3.250%, 01/24/2025 |
| | | | 1,405,800 | | | | | | 0.1 | | |
| 277,000 | | | JPMorgan Chase & Co., 4.250%, 10/01/2027 |
| | | | 305,728 | | | | | | 0.0 | | |
| 6,800,000 (5) | | | JPMorgan Chase & Co., 4.600%, 12/31/2199 |
| | | | 5,959,860 | | | | | | 0.2 | | |
| 1,050,000 (1)(5) | | | Kookmin Bank, 4.350%, 12/31/2199 |
| | | | 1,010,107 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Financial (continued) | | ||||||||||||
| 740,000 (1) | | | LPL Holdings, Inc., 4.625%, 11/15/2027 |
| | | $ | 682,369 | | | | | | 0.0 | | |
| 268,000 | | | Morgan Stanley, 4.000%, 07/23/2025 |
| | | | 287,375 | | | | | | 0.0 | | |
| 1,100,000 (1)(5) | | | NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199 |
| | | | 1,039,500 | | | | | | 0.0 | | |
| 950,000 (1) | | | QNB Finansbank AS, 6.875%, 09/07/2024 |
| | | | 881,305 | | | | | | 0.0 | | |
| 900,000 (1) | | | Quicken Loans, Inc., 5.250%, 01/15/2028 |
| | | | 886,291 | | | | | | 0.0 | | |
| 725,000 (1) | | | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 |
| | | | 679,144 | | | | | | 0.0 | | |
| 725,000 (1) | | | SBA Communications Corp., 3.875%, 02/15/2027 |
| | | | 732,250 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | Turkiye Vakiflar Bankasi TAO, 5.250%, 02/05/2025 |
| | | | 1,685,600 | | | | | | 0.1 | | |
| 550,000 (1) | | | Turkiye Vakiflar Bankasi TAO, 8.125%, 03/28/2024 |
| | | | 526,807 | | | | | | 0.0 | | |
| 200,000 (1) | | | UBS Group AG, 2.950%, 09/24/2020 |
| | | | 200,353 | | | | | | 0.0 | | |
| 2,019,000 | | | Wells Fargo & Co., 4.300%-4.750%, 07/22/2027-12/07/2046 |
| | | | 2,318,371 | | | | | | 0.1 | | |
| 23,084,000 | | | Other Securities | | | | | 22,410,952 | | | | | | 0.9 | | |
| | | | | | | | | 50,110,804 | | | | | | 1.9 | | |
| | | | Industrial: 1.4% | | ||||||||||||
| 520,000 (1) | | | Advanced Disposal Services, Inc., 5.625%, 11/15/2024 |
| | | | 531,047 | | | | | | 0.0 | | |
| 650,000 (1) | | | Amsted Industries, Inc., 5.625%, 07/01/2027 |
| | | | 637,947 | | | | | | 0.0 | | |
| 1,225,000 (1)(4) | | | ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027 |
| | | | 1,058,951 | | | | | | 0.1 | | |
| 410,000 (1) | | | ATS Automation Tooling Systems, Inc., 6.500%, 06/15/2023 |
| | | | 402,311 | | | | | | 0.0 | | |
| 665,000 (1) | | | Berry Global, Inc., 5.625%, 07/15/2027 |
| | | | 692,062 | | | | | | 0.0 | | |
| 700,000 (1) | | | BMC East LLC, 5.500%, 10/01/2024 |
| | | | 681,622 | | | | | | 0.0 | | |
| 500,000 (1) | | | Bombardier, Inc., 6.000%, 10/15/2022 |
| | | | 378,750 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
134
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Industrial (continued) | | ||||||||||||
| 275,000 (1) | | | Bombardier, Inc., 7.875%, 04/15/2027 |
| | | $ | 191,833 | | | | | | 0.0 | | |
| 900,000 (1) | | | Bombardier, Inc., 8.750%, 12/01/2021 |
| | | | 753,075 | | | | | | 0.1 | | |
| 607,000 (1) | | | Builders FirstSource, Inc., 6.750%, 06/01/2027 |
| | | | 600,045 | | | | | | 0.0 | | |
| 745,000 (1) | | | Builders FirstSource, Inc., 5.000%, 03/01/2030 |
| | | | 674,691 | | | | | | 0.0 | | |
| 725,000 (1) | | | Cargo Aircraft Management, Inc., 4.750%, 02/01/2028 |
| | | | 677,875 | | | | | | 0.0 | | |
| 675,000 (1) | | | Cascades, Inc./ Cascades USA, Inc., 5.375%, 01/15/2028 |
| | | | 649,688 | | | | | | 0.0 | | |
| 575,000 (1) | | | Clean Harbors, Inc., 4.875%, 07/15/2027 |
| | | | 566,059 | | | | | | 0.0 | | |
| 350,000 (1) | | | Clean Harbors, Inc., 5.125%, 07/15/2029 |
| | | | 328,490 | | | | | | 0.0 | | |
| 420,000 (1) | | | FXI Holdings, Inc., 7.875%, 11/01/2024 |
| | | | 286,784 | | | | | | 0.0 | | |
| 420,000 (1) | | | GFL Environmental, Inc., 8.500%, 05/01/2027 |
| | | | 424,305 | | | | | | 0.0 | | |
| 116,000 (1) | | | GFL Environmental, Inc., 7.000%, 06/01/2026 |
| | | | 113,269 | | | | | | 0.0 | | |
| 525,000 (1) | | | Granite US Holdings Corp., 11.000%, 10/01/2027 |
| | | | 454,890 | | | | | | 0.0 | | |
| 2,775,000 (1) | | | Indian Railway Finance Corp. Ltd., 3.249%, 02/13/2030 |
| | | | 2,471,595 | | | | | | 0.1 | | |
| 1,100,000 (1) | | | Itron, Inc., 5.000%, 01/15/2026 |
| | | | 1,054,397 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | James Hardie International Finance DAC, 4.750%, 01/15/2025 |
| | | | 951,255 | | | | | | 0.1 | | |
| 1,550,000 (1)(2) | | | Klabin Austria GmbH, 5.750%, 04/03/2029 |
| | | | 1,414,468 | | | | | | 0.1 | | |
| 900,000 (1) | | | Koppers, Inc., 6.000%, 02/15/2025 |
| | | | 726,723 | | | | | | 0.0 | | |
| 520,000 (1) | | | Masonite International Corp., 5.375%, 02/01/2028 |
| | | | 513,942 | | | | | | 0.1 | | |
| 500,000 (1) | | | Masonite International Corp., 5.750%, 09/15/2026 |
| | | | 494,271 | | | | | | 0.0 | | |
| 545,000 (1) | | | Mauser Packaging Solutions Holding Co., 7.250%, 04/15/2025 |
| | | | 416,941 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Industrial (continued) | | ||||||||||||
| 725,000 (1) | | | Norbord, Inc., 5.750%, 07/15/2027 |
| | | $ | 668,057 | | | | | | 0.0 | | |
| 650,000 (1) | | | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 |
| | | | 641,066 | | | | | | 0.1 | | |
| 325,000 (1) | | | Owens-Brockway Glass Container, Inc., 6.375%, 08/15/2025 |
| | | | 311,187 | | | | | | 0.0 | | |
| 885,000 (1) | | | PGT Innovations, Inc., 6.750%, 08/01/2026 |
| | | | 842,040 | | | | | | 0.0 | | |
| 725,000 (1) | | | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 07/15/2023 |
| | | | 724,090 | | | | | | 0.0 | | |
| 200,000 (1) | | | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024 |
| | | | 204,375 | | | | | | 0.0 | | |
| 650,000 (1) | | | Sealed Air Corp., 5.500%, 09/15/2025 |
| | | | 663,816 | | | | | | 0.0 | | |
| 390,000 (1) | | | Silgan Holdings, Inc., 4.125%, 02/01/2028 |
| | | | 362,700 | | | | | | 0.0 | | |
| 725,000 (1) | | | SSL Robotics LLC, 9.750%, 12/31/2023 |
| | | | 752,188 | | | | | | 0.0 | | |
| 600,000 (1) | | | Standard Industries, Inc./NJ, 5.000%, 02/15/2027 |
| | | | 550,181 | | | | | | 0.0 | | |
| 975,000 (1) | | | Standard Industries, Inc./NJ, 6.000%, 10/15/2025 |
| | | | 965,513 | | | | | | 0.1 | | |
| 750,000 (1) | | | Stevens Holding Co., Inc., 6.125%, 10/01/2026 |
| | | | 747,343 | | | | | | 0.0 | | |
| 400,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 |
| | | | 375,498 | | | | | | 0.0 | | |
| 690,000 (1) | | | Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027 |
| | | | 657,944 | | | | | | 0.1 | | |
| 750,000 (1) | | | TransDigm, Inc., 5.500%, 11/15/2027 |
| | | | 677,288 | | | | | | 0.0 | | |
| 181,000 (1) | | | Zekelman Industries, Inc., 9.875%, 06/15/2023 |
| | | | 175,909 | | | | | | 0.0 | | |
| 9,334,000 | | | Other Securities | | | | | 9,382,886 | | | | | | 0.4 | | |
| | | | | | | | | 36,849,367 | | | | | | 1.4 | | |
See Accompanying Notes to Financial Statements
135
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Technology: 0.5% | | ||||||||||||
| 950,000 (1) | | | Ascend Learning LLC, 6.875%, 08/01/2025 |
| | | $ | 929,808 | | | | | | 0.0 | | |
| 650,000 (1) | | | Castle US Holding Corp., 9.500%, 02/15/2028 |
| | | | 621,156 | | | | | | 0.0 | | |
| 1,300,000 (1) | | | Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/2025 |
| | | | 1,212,211 | | | | | | 0.1 | | |
| 345,000 (1) | | | Dell International LLC / EMC Corp., 7.125%, 06/15/2024 |
| | | | 357,506 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 |
| | | | 1,179,118 | | | | | | 0.1 | | |
| 450,000 (1) | | | MSCI, Inc., 5.750%, 08/15/2025 |
| | | | 467,923 | | | | | | 0.0 | | |
| 650,000 (1) | | | MTS Systems Corp., 5.750%, 08/15/2027 |
| | | | 608,428 | | | | | | 0.0 | | |
| 250,000 (1) | | | Open Text Corp., 3.875%, 02/15/2028 |
| | | | 236,172 | | | | | | 0.0 | | |
| 350,000 (1) | | | Open Text Corp., 5.875%, 06/01/2026 |
| | | | 369,057 | | | | | | 0.0 | | |
| 425,000 (1) | | | Open Text Holdings, Inc., 4.125%, 02/15/2030 |
| | | | 401,997 | | | | | | 0.0 | | |
| 550,000 (1) | | | RP Crown Parent LLC, 7.375%, 10/15/2024 |
| | | | 528,850 | | | | | | 0.0 | | |
| 430,000 (1) | | | Science Applications International Corp., 4.875%, 04/01/2028 |
| | | | 415,219 | | | | | | 0.0 | | |
| 1,175,000 (1) | | | Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.750%, 06/01/2025 |
| | | | 1,083,973 | | | | | | 0.1 | | |
| 1,150,000 (1)(2) | | | Veritas US, Inc. / Veritas Bermuda Ltd.., 10.500%, 02/01/2024 |
| | | | 978,932 | | | | | | 0.1 | | |
| 3,080,000 | | | Other Securities | | | | | 3,211,129 | | | | | | 0.1 | | |
| | | | | | | | | 12,601,479 | | | | | | 0.5 | | |
| | | | Utilities: 1.6% | | ||||||||||||
| 2,275,000 (1) | | | Centrais Eletricas Brasileiras SA, 3.625%, 02/04/2025 |
| | | | 2,025,910 | | | | | | 0.1 | | |
| 550,000 (1) | | | Clearway Energy Operating LLC, 4.750%, 03/15/2028 |
| | | | 512,187 | | | | | | 0.0 | | |
| 1,850,000 (1) | | | Colbun SA, 3.150%, 03/06/2030 |
| | | | 1,623,375 | | | | | | 0.1 | | |
| 1,050,000 (1) | | | Drax Finco PLC, 6.625%, 11/01/2025 |
| | | | 1,059,193 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| CORPORATE BONDS/NOTES: (continued) | | |||||||||||||||
| | | | Utilities (continued) | | ||||||||||||
| 500,000 (1) | | | Israel Electric Corp. Ltd., 4.250%, 08/14/2028 |
| | | $ | 512,308 | | | | | | 0.0 | | |
| 575,000 (1) | | | Kallpa Generacion SA, 4.125%, 08/16/2027 |
| | | | 521,555 | | | | | | 0.0 | | |
| 650,000 (1) | | | LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/2023 |
| | | | 615,059 | | | | | | 0.0 | | |
| 2,325,000 (1) | | | Perusahaan Listrik Negara PT, 3.875%, 07/17/2029 |
| | | | 2,182,112 | | | | | | 0.1 | | |
| 3,950,000 | | | Perusahaan Listrik Negara PT, 4.125%-5.450%, 05/15/2027-05/21/2028 |
| | | | 4,067,784 | | | | | | 0.2 | | |
| 425,000 (1) | | | Vistra Operations Co. LLC, 5.500%, 09/01/2026 |
| | | | 440,711 | | | | | | 0.0 | | |
| 575,000 (1) | | | Vistra Operations Co. LLC, 5.625%, 02/15/2027 |
| | | | 596,160 | | | | | | 0.0 | | |
| 28,398,000 | | | Other Securities | | | | | 26,185,859 | | | | | | 1.0 | | |
| | | | | | | | | 40,342,213 | | | | | | 1.6 | | |
| | | | Total Corporate Bonds/Notes (Cost $437,559,837) |
| | |
|
394,488,093
|
| | | | | 15.3 | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS: 29.2% | | |||||||||||||||
| 192,890 | | | Adjustable Rate Mortgage Trust 2005-7 7A21, 1.447%, (US0001M + 0.500%), 10/25/2035 |
| | | | 190,857 | | | | | | 0.0 | | |
| 1,235,488 (1)(5) | | | Agate Bay Mortgage Trust 2014-1 B4, 3.868%, 07/25/2044 |
| | | | 1,183,462 | | | | | | 0.1 | | |
| 4,593,424 (1)(5) | | | Agate Bay Mortgage Trust 2014-2 B2, 3.880%, 09/25/2044 |
| | | | 4,407,763 | | | | | | 0.2 | | |
| 1,884,306 (1)(5) | | | Agate Bay Mortgage Trust 2014-2 B4, 3.880%, 09/25/2044 |
| | | | 1,776,618 | | | | | | 0.1 | | |
| 2,705,769 (1)(5) | | | Agate Bay Mortgage Trust 2015-2 B3, 3.723%, 03/25/2045 |
| | | | 2,578,668 | | | | | | 0.1 | | |
| 1,218,542 (1)(5) | | | Agate Bay Mortgage Trust 2015-4 B3, 3.573%, 06/25/2045 |
| | | | 1,117,776 | | | | | | 0.0 | | |
| 2,597,597 (1)(5) | | | Agate Bay Mortgage Trust 2016-1 B3, 3.772%, 12/25/2045 |
| | | | 2,423,532 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
136
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,000,000 (1)(5) | | | Agate Bay Mortgage Trust 2016-1 B4, 3.772%, 12/25/2045 |
| | | $ | 761,337 | | | | | | 0.0 | | |
| 1,137,085 (1)(5) | | | Agate Bay Mortgage Trust 2016-2 B4, 3.795%, 03/25/2046 |
| | | | 849,839 | | | | | | 0.0 | | |
| 724,807 | | | Alternative Loan Trust 2004-J7 MI, 1.967%, (US0001M + 1.020%), 10/25/2034 |
| | | | 663,857 | | | | | | 0.0 | | |
| 135,461 | | | Alternative Loan Trust 2005-10CB 1A1, 1.447%, (US0001M + 0.500%), 05/25/2035 |
| | | | 102,581 | | | | | | 0.0 | | |
| 540,404 | | | Alternative Loan Trust 2005-10CB 1A2, 1.397%, (US0001M + 0.450%), 05/25/2035 |
| | | | 408,295 | | | | | | 0.0 | | |
| 568,540 | | | Alternative Loan Trust 2005-23CB A15, 5.500%, 07/25/2035 |
| | | | 517,217 | | | | | | 0.0 | | |
| 191,658 | | | Alternative Loan Trust 2005-51 3A2A, 3.256%, (12MTA + 1.290%), 11/20/2035 |
| | | | 158,780 | | | | | | 0.0 | | |
| 61,790 | | | Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035 |
| | | | 56,442 | | | | | | 0.0 | | |
| 289,669 | | | Alternative Loan Trust 2005-J2 1A12, 1.347%, (US0001M + 0.400%), 04/25/2035 |
| | | | 225,346 | | | | | | 0.0 | | |
| 38,209 | | | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 |
| | | | 26,498 | | | | | | 0.0 | | |
| 705,858 | | | Alternative Loan Trust 2006-18CB A10, 1.347%, (US0001M + 0.400%), 07/25/2036 |
| | | | 325,430 | | | | | | 0.0 | | |
| 168,133 | | | Alternative Loan Trust 2006-19CB A12, 1.347%, (US0001M + 0.400%), 08/25/2036 |
| | | | 89,537 | | | | | | 0.0 | | |
| 712,005 | | | Alternative Loan Trust 2006-19CB A28, 1.547%, (US0001M + 0.600%), 08/25/2036 |
| | | | 388,488 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,194,923 | | | Alternative Loan Trust 2006-27CB A5, 6.000%, 11/25/2036 |
| | | $ | 948,335 | | | | | | 0.1 | | |
| 450,985 | | | Alternative Loan Trust 2006-HY11 A1, 1.067%, (US0001M + 0.120%), 06/25/2036 |
| | | | 384,328 | | | | | | 0.0 | | |
| 1,250,225 | | | Alternative Loan Trust 2007-15CB A5, 5.750%, 07/25/2037 |
| | | | 991,237 | | | | | | 0.1 | | |
| 182,915 | | | Alternative Loan Trust 2007-2CB 2A1, 1.547%, (US0001M + 0.600%), 03/25/2037 |
| | | | 90,238 | | | | | | 0.0 | | |
| 321,734 | | | Alternative Loan Trust 2007-HY8C A1, 1.107%, (US0001M + 0.160%), 09/25/2047 |
| | | | 269,609 | | | | | | 0.0 | | |
| 908,176 | | | Alternative Loan Trust 2007-OA4 A1, 1.117%, (US0001M + 0.170%), 05/25/2047 |
| | | | 750,272 | | | | | | 0.1 | | |
| 1,648,982 (1)(5) | | | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 |
| | | | 1,574,338 | | | | | | 0.1 | | |
| 536,518 | | | Banc of America Funding 2007-2 1A16 Trust, 1.547%, (US0001M + 0.600%), 03/25/2037 |
| | | | 383,197 | | | | | | 0.0 | | |
| 2,559,545 | | | Banc of America Funding 2007-C 7A1 Trust, 0.983%, (US0001M + 0.210%), 05/20/2047 |
| | | | 2,314,979 | | | | | | 0.1 | | |
| 2,500,000 (1)(5) | | | Chase Home Lending Mortgage Trust 2019-ATR1 A5, 4.000%, 04/25/2049 |
| | | | 2,420,553 | | | | | | 0.1 | | |
| 992,059 (1)(5) | | | Chase Mortgage Finance Corp. 2019-1 B2, 3.967%, 03/25/2050 |
| | | | 803,239 | | | | | | 0.0 | | |
| 1,289,677 (1)(5) | | | Chase Mortgage Finance Corp. 2019-1 B3, 3.967%, 03/25/2050 |
| | | | 1,247,748 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
137
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 686,896 (1)(5) | | | Chase Home Lending Mortgage Trust 2019-ATR2 A3, 3.500%, 07/25/2049 |
| | | $ | 696,715 | | | | | | 0.0 | | |
| 565,325 | | | CHL Mortgage Pass-Through Trust 2005-HYB9 2A1, 3.939%, (US0012M + 1.750%), 02/20/2036 |
| | | | 493,467 | | | | | | 0.0 | | |
| 1,867,206 (1)(5) | | | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 |
| | | | 1,859,445 | | | | | | 0.1 | | |
| 1,382,433 (1)(5) | | | CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049 |
| | | | 1,384,781 | | | | | | 0.1 | | |
| 868,126 (1)(5) | | | CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049 |
| | | | 840,676 | | | | | | 0.0 | | |
| 1,302,190 (1)(5) | | | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 |
| | | | 1,329,424 | | | | | | 0.0 | | |
| 2,593,318 (1)(5) | | | CIM Trust 2019-J1 1A2, 3.500%, 08/25/2049 |
| | | | 2,613,305 | | | | | | 0.1 | | |
| 3,223,294 (1)(5) | | | CIM Trust 2019-J2 B2, 3.856%, 10/25/2049 |
| | | | 2,620,378 | | | | | | 0.1 | | |
| 2,023,975 (1)(5) | | | CIM Trust 2019-J2 B3, 3.856%, 10/25/2049 |
| | | | 1,569,029 | | | | | | 0.1 | | |
| 1,799,180 (1)(5) | | | CIM Trust 2019-J1 B3, 4.010%, 08/25/2049 |
| | | | 1,436,395 | | | | | | 0.1 | | |
| 710,239 | | | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 |
| | | | 681,481 | | | | | | 0.1 | | |
| 114,378 (5) | | | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 3.982%, 03/25/2036 |
| | | | 93,976 | | | | | | 0.0 | | |
| 78,633 (5) | | | Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.344%, 11/25/2036 |
| | | | 59,547 | | | | | | 0.0 | | |
| 350,202 (1)(5) | | | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 |
| | | | 335,073 | | | | | | 0.0 | | |
| 235,154 (5) | | | Citigroup Mortgage Loan Trust, Inc. 2005-4 A, 4.592%, 08/25/2035 |
| | | | 219,107 | | | | | | 0.0 | | |
| 644,209 | | | Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035 |
| | | | 620,207 | | | | | | 0.0 | | |
| 1,000,000 (1)(5) | | | COLT 2019-1 M1 Mortgage Loan Trust, 4.518%, 03/25/2049 |
| | | | 925,338 | | | | | | 0.0 | | |
| 4,057,318 (1)(5) | | | COLT 2019-4 A3 Mortgage Loan Trust, 2.988%, 11/25/2049 |
| | | | 3,981,142 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 6,000,000 (1) | | | Connecticut Avenue Securities Trust 2019-R07 1M2, 3.047%, (US0001M + 2.100%), 10/25/2039 |
| | | $ | 4,933,070 | | | | | | 0.2 | | |
| 3,000,000 (1) | | | Connecticut Avenue Securities Trust 2020-R02 2M2, 2.947%, (US0001M + 2.000%), 01/25/2040 |
| | | | 1,987,726 | | | | | | 0.1 | | |
| 26,377 | | | Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.447%, (US0001M + 0.500%), 11/25/2035 |
| | | | 11,784 | | | | | | 0.0 | | |
| 915,432 | | | Countrywide Asset-Backed Certificates 2005-IM1 M1, 1.667%, (US0001M + 0.720%), 11/25/2035 |
| | | | 859,395 | | | | | | 0.0 | | |
| 4,022,249 (1)(6) | | | CSMC 2019-AFC1 A3 Trust, 2.877% (Step Rate @ 3.877% on 0), 07/25/2049 |
| | | | 3,886,352 | | | | | | 0.2 | | |
| 800,000 (1)(5) | | | CSMC 2017-HL1 A12 Trust, 3.500%, 06/25/2047 |
| | | | 763,827 | | | | | | 0.0 | | |
| 1,670,168 (1)(5) | | | CSMC Trust 2013-7 A11, 3.500%, 08/25/2043 |
| | | | 1,720,328 | | | | | | 0.1 | | |
| 1,500,000 (1)(5) | | | Deephave Residential Mortgage Trust 2019-2A M1, 3.921%, 04/25/2059 |
| | | | 1,415,032 | | | | | | 0.0 | | |
| 1,400,000 (1)(5) | | | Deephaven Residential Mortgage Trust 2018-2A M1, 4.375%, 04/25/2058 |
| | | | 1,351,664 | | | | | | 0.0 | | |
| 2,126,000 (1)(5) | | | Deephaven Residential Mortgage Trust 2018-3 M1, 4.357%, 08/25/2058 |
| | | | 2,063,740 | | | | | | 0.1 | | |
| 2,000,000 (1)(5) | | | Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058 |
| | | | 1,902,668 | | | | | | 0.1 | | |
| 2,000,000 (1)(5) | | | Deephaven Residential Mortgage Trust 2019-4 M1, 3.484%, 10/25/2059 |
| | | | 1,719,559 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
138
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,000,000 (1)(5) | | | Deephaven Residential Mortgage Trust 2020-1 M1, 3.010%, 01/25/2060 |
| | | $ | 1,636,509 | | | | | | 0.1 | | |
| 648,499 | | | Deutsche ALT-A Securities, Inc. ALT 2007-AB1 A1, 1.247%, (US0001M + 0.300%), 04/25/2037 |
| | | | 397,689 | | | | | | 0.0 | | |
| 144,326 (1)(5) | | | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 3.802%, 06/27/2037 |
| | | | 127,882 | | | | | | 0.0 | | |
| 2,289,759 (1)(5) | | | Ellington Financial Mortgage Trust 2019-2 A3, 3.046%, 11/25/2059 |
| | | | 2,219,705 | | | | | | 0.1 | | |
| 753,365 (7) | | | Fannie Mae 2007-18 BS, 5.653%, (-1.000*US0001M + 6.600%), 06/25/2035 |
| | | | 148,370 | | | | | | 0.0 | | |
| 2,193,589 (7) | | | Fannie Mae 2008-94 SI, 4.553%, (-1.000*US0001M + 5.500%), 04/25/2036 |
| | | | 564,922 | | | | | | 0.0 | | |
| 723,095 (7) | | | Fannie Mae 2009-95 HI, 6.000%, 12/25/2038 |
| | | | 17,946 | | | | | | 0.0 | | |
| 301,270 | | | Fannie Mae 2010-15 FD, 1.687%, (US0001M + 0.740%), 03/25/2040 |
| | | | 302,749 | | | | | | 0.0 | | |
| 804,663 | | | Fannie Mae 2011-47 GF, 1.517%, (US0001M + 0.570%), 06/25/2041 |
| | | | 802,704 | | | | | | 0.0 | | |
| 225,037 | | | Fannie Mae 2012-10 UF, 1.497%, (US0001M + 0.550%), 02/25/2042 |
| | | | 225,219 | | | | | | 0.0 | | |
| 300,951 (7) | | | Fannie Mae 2012-84 KI, 6.000%, (US0001M + 6.000%), 08/25/2042 |
| | | | 60,307 | | | | | | 0.0 | | |
| 1,096,703 (7) | | | Fannie Mae 2012-93 IL, 3.000%, 09/25/2027 |
| | | | 67,216 | | | | | | 0.0 | | |
| 6,570,135 (7) | | | Fannie Mae 2013-67 AI, 3.000%, 07/25/2028 |
| | | | 419,705 | | | | | | 0.0 | | |
| 1,698,350 (7) | | | Fannie Mae 2015-56 DI, 3.000%, 12/25/2032 |
| | | | 40,838 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 36,711,724 (7) | | | Fannie Mae 2018-86 US, 5.253%, (-1.000*US0001M + 6.200%), 12/25/2048 |
| | | $ | 7,365,598 | | | | | | 0.3 | | |
| 3,050,000 | | | Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 5.197%, (US0001M + 4.250%), 04/25/2029 |
| | | | 2,968,612 | | | | | | 0.1 | | |
| 121,246 | | | Fannie Mae Connecticut Avenue Securities 2014-CO4 1M2, 5.847%, (US0001M + 4.900%), 11/25/2024 |
| | | | 116,788 | | | | | | 0.0 | | |
| 2,024,945 | | | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.947%, (US0001M + 4.000%), 05/25/2025 |
| | | | 1,902,459 | | | | | | 0.1 | | |
| 1,542,709 | | | Fannie Mae Connecticut Avenue Securities 2015-C03 2M2, 5.947%, (US0001M + 5.000%), 07/25/2025 |
| | | | 1,502,320 | | | | | | 0.1 | | |
| 2,074,450 | | | Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 6.497%, (US0001M + 5.550%), 04/25/2028 |
| | | | 1,942,007 | | | | | | 0.1 | | |
| 4,739,406 | | | Fannie Mae Connecticut Avenue Securities 2015-CO1 1M2, 5.247%, (US0001M + 4.300%), 02/25/2025 |
| | | | 4,512,521 | | | | | | 0.2 | | |
| 1,566,653 | | | Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 7.897%, (US0001M + 6.950%), 08/25/2028 |
| | | | 1,580,925 | | | | | | 0.1 | | |
| 4,824,509 | | | Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 5.197%, (US0001M + 4.250%), 01/25/2029 |
| | | | 4,587,598 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
139
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 6,056,023 | | | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 |
| | | $ | 5,844,521 | | | | | | 0.2 | | |
| 8,147,224 | | | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 |
| | | | 7,858,885 | | | | | | 0.3 | | |
| 2,484,671 | | | Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 4.497%, (US0001M + 3.550%), 07/25/2029 |
| | | | 2,300,380 | | | | | | 0.1 | | |
| 4,900,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 4.597%, (US0001M + 3.650%), 09/25/2029 |
| | | | 3,576,713 | | | | | | 0.1 | | |
| 8,500,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 |
| | | | 7,639,342 | | | | | | 0.3 | | |
| 1,400,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 3.797%, (US0001M + 2.850%), 11/25/2029 |
| | | | 1,239,033 | | | | | | 0.1 | | |
| 6,210,682 | | | Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.147%, (US0001M + 2.200%), 01/25/2030 |
| | | | 5,555,926 | | | | | | 0.2 | | |
| 4,927,295 | | | Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 3.597%, (US0001M + 2.650%), 02/25/2030 |
| | | | 4,390,972 | | | | | | 0.2 | | |
| 4,450,000 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 |
| | | | 4,013,520 | | | | | | 0.2 | | |
| 5,762,875 | | | Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 3.447%, (US0001M + 2.500%), 05/25/2030 |
| | | | 5,042,531 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 5,133,077 | | | Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 3.747%, (US0001M + 2.800%), 02/25/2030 |
| | | $ | 4,338,727 | | | | | | 0.2 | | |
| 4,010,839 | | | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 |
| | | | 3,358,739 | | | | | | 0.1 | | |
| 3,200,000 | | | Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.097%, (US0001M + 2.150%), 10/25/2030 |
| | | | 2,697,857 | | | | | | 0.1 | | |
| 7,632,777 | | | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 |
| | | | 6,340,383 | | | | | | 0.2 | | |
| 12,200,000 | | | Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 3.297%, (US0001M + 2.350%), 01/25/2031 |
| | | | 10,392,552 | | | | | | 0.4 | | |
| 6,403,855 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.947%, (US0001M + 2.000%), 03/25/2031 |
| | | | 5,703,628 | | | | | | 0.2 | | |
| 4,295,076 | | | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 |
| | | | 3,653,852 | | | | | | 0.1 | | |
| 8,540,000 | | | Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 3.197%, (US0001M + 2.250%), 07/25/2030 |
| | | | 7,483,482 | | | | | | 0.3 | | |
| 6,971,255 (1) | | | Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.247%, (US0001M + 2.300%), 08/25/2031 |
| | | | 5,841,811 | | | | | | 0.2 | | |
| 3,000,000 (1) | | | Fannie Mae Connecticut Avenue Securities 2019-R04 2M2, 3.047%, (US0001M + 2.100%), 06/25/2039 |
| | | | 2,474,575 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
140
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,454,425 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 3.347%, (US0001M + 2.400%), 04/25/2031 |
| | | $ | 2,125,203 | | | | | | 0.1 | | |
| 5,894,116 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 3.397%, (US0001M + 2.450%), 07/25/2031 |
| | | | 4,947,212 | | | | | | 0.2 | | |
| 1,500,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.997%, (US0001M + 2.050%), 01/25/2040 |
| | | | 912,955 | | | | | | 0.0 | | |
| 5,255,571 | | | Fannie Mae Connecticut Avenue Securities, 6.647%, (US0001M + 5.700%), 04/25/2028 |
| | | | 5,262,467 | | | | | | 0.2 | | |
| 4,371,194 | | | Fannie Mae Connecticut Avenue Securities, 6.847%, (US0001M + 5.900%), 10/25/2028 |
| | | | 4,308,995 | | | | | | 0.2 | | |
| 173,855 (7) | | | Fannie Mae REMIC Trust 2000-26 SP, 7.553%, (-1.000*US0001M + 8.500%), 08/25/2030 |
| | | | 42,851 | | | | | | 0.0 | | |
| 219,633 (7) | | | Fannie Mae REMIC Trust 2002-13 SR, 5.653%, (-1.000*US0001M + 6.600%), 03/25/2032 |
| | | | 39,026 | | | | | | 0.0 | | |
| 120,533 (7) | | | Fannie Mae REMIC Trust 2004-64 SW, 6.103%, (-1.000*US0001M + 7.050%), 08/25/2034 |
| | | | 26,039 | | | | | | 0.0 | | |
| 85,308 (7) | | | Fannie Mae REMIC Trust 2004-66 SE, 5.553%, (-1.000*US0001M + 6.500%), 09/25/2034 |
| | | | 16,765 | | | | | | 0.0 | | |
| 432,621 (7) | | | Fannie Mae REMIC Trust 2009-25 SN, 5.603%, (-1.000*US0001M + 6.550%), 04/25/2039 |
| | | | 110,375 | | | | | | 0.0 | | |
| 179,209 (7) | | | Fannie Mae REMIC Trust 2012-146 LI, 4.500%, 10/25/2041 |
| | | | 7,484 | | | | | | 0.0 | | |
| 19,508,490 (7) | | | Fannie Mae REMIC Trust 2012-66 IB, 0.050%, (-1.000*US0001M + 6.050%), 06/25/2042 |
| | | | 33,112 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 921,145 (7) | | | Fannie Mae REMIC Trust 2013-116 SC, 5.253%, (-1.000*US0001M + 6.200%), 04/25/2033 |
| | | $ | 68,902 | | | | | | 0.0 | | |
| 1,972,566 (7) | | | Fannie Mae REMICS 2004-53 UC, 6.603%, (-1.000*US0001M + 7.550%), 07/25/2034 |
| | | | 482,912 | | | | | | 0.0 | | |
| 2,150,893 (7) | | | Fannie Mae REMICS 2005-59 NS, 5.803%, (-1.000*US0001M + 6.750%), 05/25/2035 |
| | | | 282,502 | | | | | | 0.0 | | |
| 6,931,902 (7) | | | Fannie Mae REMICS 2007-22 SD, 5.453%, (-1.000*US0001M + 6.400%), 03/25/2037 |
| | | | 1,591,252 | | | | | | 0.1 | | |
| 5,233,818 (7) | | | Fannie Mae REMICS 2007-30 IE, 5.793%, (-1.000*US0001M + 6.740%), 04/25/2037 |
| | | | 1,448,803 | | | | | | 0.1 | | |
| 3,606,912 (7) | | | Fannie Mae REMICS 2007-55 S, 5.813%, (-1.000*US0001M + 6.760%), 06/25/2037 |
| | | | 810,124 | | | | | | 0.0 | | |
| 7,733,501 (7) | | | Fannie Mae REMICS 2011-123 SD, 5.653%, (-1.000*US0001M + 6.600%), 08/25/2039 |
| | | | 666,782 | | | | | | 0.0 | | |
| 24,947,450 (7) | | | Fannie Mae REMICS 2012-111 UI, 3.000%, 10/25/2027 |
| | | | 1,608,327 | | | | | | 0.1 | | |
| 20,285,178 (7) | | | Fannie Mae REMICS 2012-128 KI, 3.000%, 11/25/2027 |
| | | | 1,352,804 | | | | | | 0.1 | | |
| 6,941,173 (7) | | | Fannie Mae REMICS 2012-150 PS, 5.203%, (-1.000*US0001M + 6.150%), 01/25/2043 |
| | | | 1,336,209 | | | | | | 0.1 | | |
| 20,653,008 (7) | | | Fannie Mae REMICS 2013-1 LI, 2.500%, 02/25/2028 |
| | | | 1,199,894 | | | | | | 0.1 | | |
| 7,931,512 (7) | | | Fannie Mae REMICS 2013-21 KI, 3.000%, 03/25/2028 |
| | | | 500,502 | | | | | | 0.0 | | |
| 8,890,495 (7) | | | Fannie Mae REMICS 2013-32 EI, 2.500%, 04/25/2033 |
| | | | 648,387 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
141
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 6,013,955 (7) | | | Fannie Mae REMICS 2013-97 JS, 5.203%, (-1.000*US0001M + 6.150%), 04/25/2038 |
| | | $ | 1,108,851 | | | | | | 0.0 | | |
| 13,714,612 (7) | | | Fannie Mae REMICS 2019-15 AI, 4.000%, 04/25/2059 |
| | | | 2,081,028 | | | | | | 0.1 | | |
| 29,726,133 (7) | | | Fannie Mae REMICS 2019-17 SA, 5.153%, (-1.000*US0001M + 6.100%), 04/25/2049 |
| | | | 6,058,364 | | | | | | 0.2 | | |
| 28,913,769 (7) | | | Fannie Mae REMICS 2019-8 SB, 5.153%, (-1.000*US0001M + 6.100%), 03/25/2049 |
| | | | 5,664,150 | | | | | | 0.2 | | |
| 609,562 | | | Fannie Mae Series 2006-11 FA, 1.247%, (US0001M + 0.300%), 03/25/2036 |
| | | | 602,178 | | | | | | 0.0 | | |
| 1,700,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 4.513%, (US0001M + 3.650%), 02/25/2040 |
| | | | 1,163,334 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 5.047%, (US0001M + 4.100%), 07/25/2039 |
| | | | 545,151 | | | | | | 0.0 | | |
| 1,800,000 (1) | | | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 4.513%, (US0001M + 3.650%), 02/25/2040 |
| | | | 1,231,765 | | | | | | 0.1 | | |
| 915,578 (7) | | | Fannie Mae Interest Strip Series 346 6, 5.000%, 10/25/2033 |
| | | | 146,883 | | | | | | 0.0 | | |
| 183,586 | | | Fannie Mae REMICS 2006-46 SP, 20.729%, (-3.667*US0001M + 24.200%), 06/25/2036 |
| | | | 276,552 | | | | | | 0.0 | | |
| 615,582 (7) | | | Fannie Mae REMICS 2010-102 DI, 4.000%, 06/25/2029 |
| | | | 13,809 | | | | | | 0.0 | | |
| 577,888 (7) | | | Fannie Mae REMICS 2011-48 HI, 4.000%, 10/25/2038 |
| | | | 20,638 | | | | | | 0.0 | | |
| 2,045,697 (7) | | | Fannie Mae REMICS 2012-121 DI, 2.500%, 11/25/2027 |
| | | | 101,219 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 5,174,247 (7) | | | Fannie Mae REMICS 2012-148 IB, 3.500%, 01/25/2028 |
| | | $ | 393,575 | | | | | | 0.0 | | |
| 2,723,443 (7) | | | Fannie Mae REMICS 2013-137 PI, 5.000%, 10/25/2041 |
| | | | 383,792 | | | | | | 0.0 | | |
| 20,308,686 (7) | | | Fannie Mae REMICS 2013-19 JS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2041 |
| | | | 2,593,500 | | | | | | 0.1 | | |
| 2,311,886 (7) | | | Fannie Mae REMICS 2013-2 NI, 4.000%, 02/25/2043 |
| | | | 325,689 | | | | | | 0.0 | | |
| 2,902,176 (7) | | | Fannie Mae REMICS 2013-41 BI, 3.000%, 05/25/2028 |
| | | | 170,116 | | | | | | 0.0 | | |
| 2,684,107 (7) | | | Fannie Mae REMICS 2013-69 PI, 3.000%, 04/25/2033 |
| | | | 214,658 | | | | | | 0.0 | | |
| 12,765,220 (7) | | | Fannie Mae REMICS 2016-19 SB, 5.153%, (-1.000*US0001M + 6.100%), 04/25/2046 |
| | | | 2,508,405 | | | | | | 0.1 | | |
| 3,641,274 (7) | | | Fannie Mae REMICS 2016-4 BI, 4.000%, 02/25/2046 |
| | | | 589,410 | | | | | | 0.0 | | |
| 2,480,974 (7) | | | Fannie Mae REMICS 2016-61 PI, 4.500%, 01/25/2046 |
| | | | 405,437 | | | | | | 0.0 | | |
| 800,000 (1)(5) | | | Flagstar Mortgage Trust 2017-2 A7, 3.500%, 10/25/2047 |
| | | | 766,695 | | | | | | 0.0 | | |
| 668,322 (1)(5) | | | Flagstar Mortgage Trust 2018-1 B3, 4.026%, 03/25/2048 |
| | | | 614,566 | | | | | | 0.0 | | |
| 4,807,685 (1)(5) | | | Flagstar Mortgage Trust 2018-2 B2, 4.042%, 04/25/2048 |
| | | | 4,560,178 | | | | | | 0.2 | | |
| 3,721,058 (1)(5) | | | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 |
| | | | 3,784,143 | | | | | | 0.2 | | |
| 971,120 (1)(5) | | | Flagstar Mortgage Trust 2018-5 B3, 4.536%, 09/25/2048 |
| | | | 891,435 | | | | | | 0.0 | | |
| 675,000 (1)(5) | | | Flagstar Mortgage Trust 2018-6RR 1A7, 4.000%, 10/25/2048 |
| | | | 690,640 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
142
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 3,674,581 (1)(5) | | | Flagstar Mortgage Trust 2018-6RR B1, 5.004%, 10/25/2048 |
| | | $ | 3,254,344 | | | | | | 0.1 | | |
| 1,490,592 (1)(5) | | | Flagstar Mortgage Trust 2019-2 B1, 4.184%, 12/25/2049 |
| | | | 1,317,639 | | | | | | 0.1 | | |
| 2,086,829 (1)(5) | | | Flagstar Mortgage Trust 2019-2 B2, 4.184%, 12/25/2049 |
| | | | 1,721,032 | | | | | | 0.1 | | |
| 3,860,690 (1)(5) | | | Flagstar Mortgage Trust 2018-4 B3, 4.322%, 07/25/2048 |
| | | | 3,558,428 | | | | | | 0.1 | | |
| 3,495,248 (1)(5) | | | Flagstar Mortgage Trust 2020-1NV B2A, 4.356%, 03/25/2050 |
| | | | 3,023,043 | | | | | | 0.1 | | |
| 3,000,000 (1)(5) | | | Flagstar Mortgage Trust 2020-1NV B3, 4.356%, 03/25/2050 |
| | | | 2,567,231 | | | | | | 0.1 | | |
| 1,645,076 (7) | | | Freddie Mac 2009-70 PS, 5.803%, (-1.000*US0001M + 6.750%), 01/25/2037 |
| | | | 416,504 | | | | | | 0.0 | | |
| 260,941 (7) | | | Freddie Mac 2524 SH, 6.795%, (-1.000*US0001M + 7.500%), 11/15/2032 |
| | | | 27,537 | | | | | | 0.0 | | |
| 442,042 (7) | | | Freddie Mac 2525 SM, 7.295%, (-1.000*US0001M + 8.000%), 02/15/2032 |
| | | | 108,403 | | | | | | 0.0 | | |
| 425,625 (7) | | | Freddie Mac 2981 CS, 6.015%, (-1.000*US0001M + 6.720%), 05/15/2035 |
| | | | 82,847 | | | | | | 0.0 | | |
| 236,955 (7) | | | Freddie Mac 2989 HS, 6.445%, (-1.000*US0001M + 7.150%), 08/15/2034 |
| | | | 112,562 | | | | | | 0.0 | | |
| 230,684 (7) | | | Freddie Mac 3018 SM, 6.495%, (-1.000*US0001M + 7.200%), 08/15/2035 |
| | | | 55,349 | | | | | | 0.0 | | |
| 2,251,728 (7) | | | Freddie Mac 3222 SN, 5.895%, (-1.000*US0001M + 6.600%), 09/15/2036 |
| | | | 477,869 | | | | | | 0.0 | | |
| 410,018 (5)(7) | | | Freddie Mac 324 144, 6.000%, 06/15/2039 |
| | | | 80,087 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 828,028 (7) | | | Freddie Mac 3523 SA, 5.295%, (-1.000*US0001M + 6.000%), 09/15/2036 |
| | | $ | 171,718 | | | | | | 0.0 | | |
| 707,221 (7) | | | Freddie Mac 3582 MS, 5.445%, (-1.000*US0001M + 6.150%), 10/15/2039 |
| | | | 155,342 | | | | | | 0.0 | | |
| 1,108,650 (7) | | | Freddie Mac 3688 BI, 5.000%, 07/15/2040 |
| | | | 185,137 | | | | | | 0.0 | | |
| 4,593,134 (7) | | | Freddie Mac 4186 IA, 3.000%, 03/15/2033 |
| | | | 356,638 | | | | | | 0.0 | | |
| 171,995 (7) | | | Freddie Mac 4333 AI, 5.500%, 02/15/2044 |
| | | | 27,934 | | | | | | 0.0 | | |
| 8,274,433 (7) | | | Freddie Mac 4813 IO, 5.500%, 08/15/2048 |
| | | | 1,660,869 | | | | | | 0.1 | | |
| 124,584 (7) | | | Freddie Mac REMIC Trust 2266 S, 7.845%, (-1.000*US0001M + 8.550%), 11/15/2030 |
| | | | 24,774 | | | | | | 0.0 | | |
| 205,291 (7) | | | Freddie Mac REMIC Trust 2374 S, 7.395%, (-1.000*US0001M + 8.100%), 06/15/2031 |
| | | | 50,819 | | | | | | 0.0 | | |
| 114,261 (7) | | | Freddie Mac REMIC Trust 2417 SY, 7.695%, (-1.000*US0001M + 8.400%), 12/15/2031 |
| | | | 30,249 | | | | | | 0.0 | | |
| 227,979 (7) | | | Freddie Mac REMIC Trust 2577 SA, 6.745%, (-1.000*US0001M + 7.450%), 02/15/2033 |
| | | | 55,621 | | | | | | 0.0 | | |
| 1,631 | | | Freddie Mac REMIC Trust 2973 SB, 15.750%, (-3.667*US0001M + 18.333%), 05/15/2035 |
| | | | 1,642 | | | | | | 0.0 | | |
| 109,965 (7) | | | Freddie Mac REMIC Trust 2981 SU, 7.095%, (-1.000*US0001M + 7.800%), 05/15/2030 |
| | | | 25,662 | | | | | | 0.0 | | |
| 167,386 | | | Freddie Mac REMIC Trust 3031 BP, 8.000%, (-6.723*US0001M + 44.975%), 08/15/2035 |
| | | | 190,893 | | | | | | 0.0 | | |
| 753,101 (7) | | | Freddie Mac REMIC Trust 3049 PI, 5.945%, (-1.000*US0001M + 6.650%), 10/15/2035 |
| | | | 169,564 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
143
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 61,296 | | | Freddie Mac REMIC Trust 3085 SK, 57.544%, (-12.000*US0001M + 66.000%), 12/15/2035 |
| | | $ | 200,340 | | | | | | 0.0 | | |
| 84,019 (8) | | | Freddie Mac REMIC Trust 3151 PO, 0.000%, 05/15/2036 |
| | | | 78,941 | | | | | | 0.0 | | |
| 115,017 (7) | | | Freddie Mac REMIC Trust 3590 PI, 6.000%, 07/15/2039 |
| | | | 3,345 | | | | | | 0.0 | | |
| 211,787 (7) | | | Freddie Mac REMIC Trust 3624 TS, 4.095%, (-1.000*US0001M + 4.800%), 01/15/2040 |
| | | | 32,561 | | | | | | 0.0 | | |
| 332,480 (7) | | | Freddie Mac REMIC Trust 4261 ID, 6.500%, 06/15/2032 |
| | | | 46,303 | | | | | | 0.0 | | |
| 1,155,590 (7) | | | Freddie Mac REMIC Trust 4287 CI, 4.500%, 07/15/2041 |
| | | | 128,703 | | | | | | 0.0 | | |
| 2,025,894 (7) | | | Freddie Mac REMICS 2781 SB, 6.445%, (-1.000*US0001M + 7.150%), 04/15/2034 |
| | | | 456,394 | | | | | | 0.0 | | |
| 658,409 | | | Freddie Mac REMICS 2921 PF, 1.055%, (US0001M + 0.350%), 01/15/2035 |
| | | | 650,654 | | | | | | 0.0 | | |
| 4,924,872 (7) | | | Freddie Mac REMICS 3128 JI, 5.925%, (-1.000*US0001M + 6.630%), 03/15/2036 |
| | | | 1,210,899 | | | | | | 0.1 | | |
| 20,481,376 (7) | | | Freddie Mac REMICS 4120 TI, 2.500%, 10/15/2027 |
| | | | 1,095,100 | | | | | | 0.1 | | |
| 10,035,967 (7) | | | Freddie Mac REMICS 4182 IL, 3.000%, 03/15/2028 |
| | | | 668,795 | | | | | | 0.0 | | |
| 47,452,501 (7) | | | Freddie Mac REMICS 4273 PS, 5.395%, (-1.000*US0001M + 6.100%), 11/15/2043 |
| | | | 9,975,669 | | | | | | 0.4 | | |
| 3,954,947 (7) | | | Freddie Mac REMICS 4290 EI, 5.000%, 12/15/2043 |
| | | | 566,289 | | | | | | 0.0 | | |
| 1,260,530 | | | Freddie Mac REMICS Trust 3740 FB, 1.205%, (US0001M + 0.500%), 10/15/2040 |
| | | | 1,248,827 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 3,300,000 (1) | | | Freddie Mac STACR Trust 2018-DNA2 M2, 3.097%, (US0001M + 2.150%), 12/25/2030 |
| | | $ | 2,725,735 | | | | | | 0.1 | | |
| 2,200,000 (1) | | | Freddie Mac STACR Trust 2018-DNA3 M2, 3.047%, (US0001M + 2.100%), 09/25/2048 |
| | | | 1,838,047 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 |
| | | | 1,657,474 | | | | | | 0.1 | | |
| 1,502,435 (7) | | | Freddie Mac Strips Series 224 IO, 6.000%, 03/01/2033 |
| | | | 321,606 | | | | | | 0.0 | | |
| 767,141 (7) | | | Freddie Mac Strips Series 237 S23, 6.395%, (-1.000*US0001M + 7.100%), 05/15/2036 |
| | | | 177,737 | | | | | | 0.0 | | |
| 1,126,716 (7) | | | Freddie Mac Strips Series 260 33, 4.000%, 05/15/2039 |
| | | | 126,980 | | | | | | 0.0 | | |
| 1,092,445 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.947%, (US0001M + 4.000%), 08/25/2024 |
| | | | 1,048,626 | | | | | | 0.0 | | |
| 1,200,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.647%, (US0001M + 4.700%), 04/25/2028 |
| | | | 1,116,484 | | | | | | 0.1 | | |
| 487,675 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA1 M3, 5.647%, (US0001M + 4.700%), 03/25/2028 |
| | | | 466,961 | | | | | | 0.0 | | |
| 6,200,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 6.497%, (US0001M + 5.550%), 07/25/2028 |
| | | | 6,043,896 | | | | | | 0.2 | | |
| 4,665,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3, 6.097%, (US0001M + 5.150%), 11/25/2028 |
| | | | 4,477,353 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
144
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 500,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 4.797%, (US0001M + 3.850%), 03/25/2029 |
| | | $ | 451,913 | | | | | | 0.0 | | |
| 7,910,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 4.397%, (US0001M + 3.450%), 10/25/2029 |
| | | | 7,153,839 | | | | | | 0.3 | | |
| 2,750,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 3.447%, (US0001M + 2.500%), 03/25/2030 |
| | | | 2,404,852 | | | | | | 0.1 | | |
| 8,800,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 4.497%, (US0001M + 3.550%), 08/25/2029 |
| | | | 6,996,225 | | | | | | 0.3 | | |
| 5,550,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.597%, (US0001M + 2.650%), 12/25/2029 |
| | | | 4,873,565 | | | | | | 0.2 | | |
| 3,592,626 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 3.297%, (US0001M + 2.350%), 04/25/2030 |
| | | | 3,127,529 | | | | | | 0.1 | | |
| 1,000,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 2.747%, (US0001M + 1.800%), 07/25/2030 |
| | | | 832,272 | | | | | | 0.0 | | |
| 3,277,189 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.247%, (US0001M + 2.300%), 09/25/2030 |
| | | | 2,797,950 | | | | | | 0.1 | | |
| 5,600,000 (1) | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA1 M2, 3.597%, (US0001M + 2.650%), 01/25/2049 |
| | | | 5,000,765 | | | | | | 0.2 | | |
| 10,100,000 (1) | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-HQA2 M2, 2.997%, (US0001M + 2.050%), 04/25/2049 |
| | | | 8,481,248 | | | | | | 0.3 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,346,192 (7) | | | Freddie Mac REMICS 3298 S, 5.405%, (-1.000*US0001M + 6.110%), 04/15/2037 |
| | | $ | 501,270 | | | | | | 0.0 | | |
| 95,162 (7) | | | Freddie Mac REMICS 3759 DI, 4.000%, 10/15/2029 |
| | | | 1,006 | | | | | | 0.0 | | |
| 268,933 (7) | | | Freddie Mac REMICS 3763 AI, 3.500%, 06/15/2025 |
| | | | 6,445 | | | | | | 0.0 | | |
| 2,392,428 (7) | | | Freddie Mac REMICS 3851 PI, 4.000%, 08/15/2038 |
| | | | 50,476 | | | | | | 0.0 | | |
| 6,204,047 (7) | | | Freddie Mac REMICS 4097 IC, 2.500%, 08/15/2027 |
| | | | 305,636 | | | | | | 0.0 | | |
| 1,558,271 (7) | | | Freddie Mac REMICS 4116 IL, 4.500%, 05/15/2042 |
| | | | 245,563 | | | | | | 0.0 | | |
| 2,978,103 (7) | | | Freddie Mac REMICS 4136 QI, 3.000%, 11/15/2032 |
| | | | 218,526 | | | | | | 0.0 | | |
| 2,224,229 (7) | | | Freddie Mac REMICS 4143 IK, 4.000%, 10/15/2041 |
| | | | 167,111 | | | | | | 0.0 | | |
| 2,225,854 (7) | | | Freddie Mac REMICS 4153 YI, 3.000%, 09/15/2042 |
| | | | 110,229 | | | | | | 0.0 | | |
| 3,785,716 (7) | | | Freddie Mac REMICS 4157 IH, 3.500%, 01/15/2043 |
| | | | 442,536 | | | | | | 0.0 | | |
| 2,562,484 (7) | | | Freddie Mac REMICS 4162 DI, 2.000%, 02/15/2028 |
| | | | 108,876 | | | | | | 0.0 | | |
| 2,009,868 (7) | | | Freddie Mac REMICS 4266 LI, 3.500%, 06/15/2028 |
| | | | 103,987 | | | | | | 0.0 | | |
| 1,046,048 | | | Freddie Mac REMICS 4385 LS, 6.170%, (-2.333*US0001M + 9.333%), 07/15/2037 |
| | | | 1,435,918 | | | | | | 0.1 | | |
| 4,155,622 (7) | | | Freddie Mac REMICS 4494 LI, 5.000%, 12/15/2043 |
| | | | 517,328 | | | | | | 0.0 | | |
| 11,458,428 (7) | | | Freddie Mac REMICS 4618 SA, 5.295%, (-1.000*US0001M + 6.000%), 09/15/2046 |
| | | | 2,280,237 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
145
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 4,070,428 (7) | | | Freddie Mac REMICS 4708 KI, 4.500%, 11/15/2046 |
| | | $ | 561,471 | | | | | | 0.0 | | |
| 54,616,638 (7) | | | Freddie Mac REMICS 4903 NS, 5.395%, (-1.000*US0001M + 6.100%), 08/25/2049 |
| | | | 10,518,449 | | | | | | 0.4 | | |
| 26,985,830 (7) | | | Freddie Mac REMICS 4909 SJ, 5.345%, (-1.000*US0001M + 6.050%), 09/25/2049 |
| | | | 4,634,268 | | | | | | 0.2 | | |
| 8,859,663 (7) | | | Freddie Mac REMICS 4910 SD, 5.345%, (-1.000*US0001M + 6.050%), 06/15/2049 |
| | | | 1,682,004 | | | | | | 0.1 | | |
| 25,939,171 (7) | | | Freddie Mac REMICS 4910 SH, 5.345%, (-1.000*US0001M + 6.050%), 09/25/2049 |
| | | | 5,122,203 | | | | | | 0.2 | | |
| 36,329,521 (7) | | | Freddie Mac REMICS 4924 SY, 5.345%, (-1.000*US0001M + 6.050%), 10/25/2049 |
| | | | 6,219,937 | | | | | | 0.2 | | |
| 2,000,000 (1) | | | Freddie Mac STACR Remic Trust 2020-DNA2 M2, 2.797%, (US0001M + 1.850%), 02/25/2050 |
| | | | 1,301,113 | | | | | | 0.1 | | |
| 6,000,000 (1) | | | Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 2.847%, (US0001M + 1.900%), 01/25/2050 |
| | | | 3,833,652 | | | | | | 0.2 | | |
| 3,069,110 (7) | | | Freddie Mac Strips 287 IO, 3.000%, 10/15/2027 |
| | | | 192,848 | | | | | | 0.0 | | |
| 2,840,000 | | | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA1 M2, 4.197%, (US0001M + 3.250%), 07/25/2029 |
| | | | 2,536,921 | | | | | | 0.1 | | |
| 2,465,199 (1)(5) | | | Galton Funding Mortgage Trust 2019-1 B1, 4.250%, 02/25/2059 |
| | | | 2,235,603 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,972,159 (1)(5) | | | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 |
| | | $ | 1,853,971 | | | | | | 0.1 | | |
| 659,015 (1)(5) | | | Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/2059 |
| | | | 648,113 | | | | | | 0.0 | | |
| 1,644,892 (1)(5) | | | Galton Funding Mortgage Trust 2018-2 B2, 4.750%, 10/25/2058 |
| | | | 1,580,105 | | | | | | 0.1 | | |
| 6,100,682 (7) | | | Ginnie Mae 2007-59 SC, 5.727%, (-1.000*US0001M + 6.500%), 07/20/2037 |
| | | | 1,369,462 | | | | | | 0.1 | | |
| 230,824 (7) | | | Ginnie Mae 2011-101 EI, 6.000%, (-19.355*US0001M + 109.161%), 10/16/2039 |
| | | | 57,434 | | | | | | 0.0 | | |
| 37,691,753 (7) | | | Ginnie Mae 2013-130 SB, 3.469%, (-1.000*US0001M + 5.050%), 09/16/2043 |
| | | | 6,184,101 | | | | | | 0.2 | | |
| 541,603 (7) | | | Ginnie Mae Series 2008-40 SA, 5.695%, (-1.000*US0001M + 6.400%), 05/16/2038 |
| | | | 118,000 | | | | | | 0.0 | | |
| 952,224 (7) | | | Ginnie Mae Series 2009-116 SJ, 5.775%, (-1.000*US0001M + 6.480%), 12/16/2039 |
| | | | 231,484 | | | | | | 0.0 | | |
| 932,887 (7) | | | Ginnie Mae Series 2010-4 SL, 5.695%, (-1.000*US0001M + 6.400%), 01/16/2040 |
| | | | 205,901 | | | | | | 0.0 | | |
| 248,626 (7) | | | Ginnie Mae Series 2010-98 QS, 5.827%, (-1.000*US0001M + 6.600%), 01/20/2040 |
| | | | 23,471 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
146
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,519,968 (7) | | | Ginnie Mae Series 2011-101 BI, 0.650%, (-1.000*US0001M + 6.650%), 11/20/2037 |
| | | $ | 57,668 | | | | | | 0.0 | | |
| 7,687,663 (7) | | | Ginnie Mae Series 2011-25 AS, 5.287%, (-1.000*US0001M + 6.060%), 02/20/2041 |
| | | | 1,573,150 | | | | | | 0.1 | | |
| 48,391 (7) | | | Ginnie Mae Series 2012-149 BI, 3.500%, 10/20/2041 |
| | | | 3,258 | | | | | | 0.0 | | |
| 3,780,021 (7) | | | Ginnie Mae Series 2013-103 DS, 5.377%, (-1.000*US0001M + 6.150%), 07/20/2043 |
| | | | 715,801 | | | | | | 0.0 | | |
| 154,502 (7) | | | Ginnie Mae Series 2013-134 DS, 5.327%, (-1.000*US0001M + 6.100%), 09/20/2043 |
| | | | 29,133 | | | | | | 0.0 | | |
| 349,939 (7) | | | Ginnie Mae Series 2013-44 LI, 4.500%, 01/16/2043 |
| | | | 54,815 | | | | | | 0.0 | | |
| 31,511,530 (7) | | | Ginnie Mae Series 2015-144 SA, 5.427%, (-1.000*US0001M + 6.200%), 10/20/2045 |
| | | | 6,933,898 | | | | | | 0.3 | | |
| 5,661,837 (7) | | | Ginnie Mae Series 2015-69 IL, 0.200%, (-1.000*US0001M + 6.700%), 07/20/2034 |
| | | | 41,260 | | | | | | 0.0 | | |
| 311,282 (7) | | | Ginnie Mae Series 2015-98 IU, 4.000%, 08/20/2044 |
| | | | 45,638 | | | | | | 0.0 | | |
| 948,371 (7) | | | Ginnie Mae Series 2016-8 PI, 4.000%, 10/20/2044 |
| | | | 105,754 | | | | | | 0.0 | | |
| 11,683,186 (7) | | | Ginnie Mae Series 2018-153 SQ, 5.427%, (-1.000*US0001M + 6.200%), 11/20/2048 |
| | | | 2,477,154 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,567,310 (7) | | | Ginnie Mae Series 2010-143 JI, 4.000%, 08/16/2039 |
| | | $ | 128,212 | | | | | | 0.0 | | |
| 2,025,211 (7) | | | Ginnie Mae Series 2010-143 PI, 4.000%, 11/16/2037 |
| | | | 40,859 | | | | | | 0.0 | | |
| 2,466,538 (7) | | | Ginnie Mae Series 2010-4 IP, 5.000%, 01/16/2039 |
| | | | 279,100 | | | | | | 0.0 | | |
| 2,750,000 (7) | | | Ginnie Mae Series 2011-124 KI, 4.000%, 08/20/2039 |
| | | | 311,184 | | | | | | 0.0 | | |
| 4,216,521 (7) | | | Ginnie Mae Series 2012-148 IP, 3.500%, 04/20/2041 |
| | | | 324,597 | | | | | | 0.0 | | |
| 3,802,598 (7) | | | Ginnie Mae Series 2012-39 PI, 4.000%, 03/16/2042 |
| | | | 508,499 | | | | | | 0.0 | | |
| 1,931,579 (7) | | | Ginnie Mae Series 2013-81 IO, 4.500%, 01/16/2040 |
| | | | 182,267 | | | | | | 0.0 | | |
| 4,851,119 (7) | | | Ginnie Mae Series 2014-84 PI, 4.500%, 04/20/2043 |
| | | | 500,032 | | | | | | 0.0 | | |
| 4,863,304 (7) | | | Ginnie Mae Series 2015-132 BI, 4.000%, 11/20/2044 |
| | | | 551,544 | | | | | | 0.0 | | |
| 34,439,345 (7) | | | Ginnie Mae Series 2018-93 SJ, 5.427%, (-1.000*US0001M + 6.200%), 07/20/2048 |
| | | | 5,376,367 | | | | | | 0.2 | | |
| 896,870 (7) | | | Ginnie Mae Series 2019-111 TI, 5.000%, 09/20/2049 |
| | | | 105,257 | | | | | | 0.0 | | |
| 194,549 (7) | | | Ginnie Mae Series 2019-86 GI, 6.500%, 07/20/2049 |
| | | | 35,994 | | | | | | 0.0 | | |
| 1,365,719 (7) | | | Ginnie Mae Series 2019-86 HI, 5.500%, 07/20/2049 |
| | | | 185,029 | | | | | | 0.0 | | |
| 22,660,142 (7) | | | Ginnie Mae Series 2019-89 SC, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2049 |
| | | | 4,768,394 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
147
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,667,319 (1)(5) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/01/2050 |
| | | $ | 1,696,381 | | | | | | 0.1 | | |
| 2,648,094 (1)(5) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/01/2050 |
| | | | 2,682,374 | | | | | | 0.1 | | |
| 1,700,000 (1)(5) | | | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/01/2050 |
| | | | 1,616,791 | | | | | | 0.1 | | |
| 3,770,367 (1)(5) | | | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.694%, 05/01/2050 |
| | | | 2,716,577 | | | | | | 0.1 | | |
| 804,775 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 A1, 4.000%, 08/25/2049 |
| | | | 815,328 | | | | | | 0.0 | | |
| 1,803,937 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.333%, 08/25/2049 |
| | | | 1,753,488 | | | | | | 0.1 | | |
| 1,198,104 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 |
| | | | 1,216,211 | | | | | | 0.1 | | |
| 3,971,676 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.496%, 11/25/2049 |
| | | | 3,843,416 | | | | | | 0.2 | | |
| 3,950,934 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.496%, 11/25/2049 |
| | | | 3,646,586 | | | | | | 0.1 | | |
| 495,890 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 4.095%, 03/25/2050 |
| | | | 490,237 | | | | | | 0.0 | | |
| 495,890 (1)(5) | | | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 4.095%, 03/25/2050 |
| | | | 464,934 | | | | | | 0.0 | | |
| 504,270 | | | HarborView Mortgage Loan Trust 2006-14 2A1A, 0.900%, (US0001M + 0.150%), 01/25/2047 |
| | | | 399,544 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 591,641 | | | HarborView Mortgage Loan Trust 2007-5 A1A, 0.940%, (US0001M + 0.190%), 09/19/2037 |
| | | $ | 484,526 | | | | | | 0.0 | | |
| 2,734 | | | HomeBanc Mortgage Trust 2004-1 2A, 1.807%, (US0001M + 0.860%), 08/25/2029 |
| | | | 2,455 | | | | | | 0.0 | | |
| 20,236 | | | HomeBanc Mortgage Trust 2005-3 A2, 1.257%, (US0001M + 0.310%), 07/25/2035 |
| | | | 19,895 | | | | | | 0.0 | | |
| 1,785,675 (1)(5) | | | Homeward Opportunities Fund I Trust 2019-2 A3, 3.007%, 09/25/2059 |
| | | | 1,728,557 | | | | | | 0.1 | | |
| 83,952 | | | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.157%, (US0001M + 0.210%), 04/25/2046 |
| | | | 67,903 | | | | | | 0.0 | | |
| 882,517 (1)(5) | | | JP Morgan Mortgage Trust 2014-5 B3, 2.959%, 10/25/2029 |
| | | | 740,403 | | | | | | 0.0 | | |
| 2,967,609 (1)(5) | | | JP Morgan Mortgage Trust 2019-6 B1, 4.250%, 12/25/2049 |
| | | | 2,718,786 | | | | | | 0.1 | | |
| 1,781,169 (1)(5) | | | JP Morgan Mortgage Trust 2019-7 B2A, 3.220%, 02/25/2050 |
| | | | 1,536,142 | | | | | | 0.1 | | |
| 992,061 (1)(5) | | | JP Morgan Mortgage Trust 2019-8 B3A, 3.476%, 03/25/2050 |
| | | | 743,425 | | | | | | 0.0 | | |
| 4,188,838 (1)(5) | | | JP Morgan Mortgage Trust 2019-INV3 B3, 4.556%, 05/25/2050 |
| | | | 3,508,182 | | | | | | 0.1 | | |
| 3,703,320 (1)(5) | | | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 |
| | | | 3,760,360 | | | | | | 0.2 | | |
| 4,900,000 (1)(5) | | | JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050 |
| | | | 4,788,999 | | | | | | 0.2 | | |
| 1,181,834 (1)(5) | | | JP Morgan Trust 2015-3 B3, 3.664%, 05/25/2045 |
| | | | 1,111,775 | | | | | | 0.0 | | |
| 1,316,365 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049 |
| | | | 1,345,401 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
148
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,114,105 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-2 B1, 4.651%, 08/25/2049 |
| | | $ | 1,139,207 | | | | | | 0.0 | | |
| 2,699,374 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-2 B2, 4.651%, 08/25/2049 |
| | | | 2,517,042 | | | | | | 0.1 | | |
| 3,210,261 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-LTV1 A3, 4.000%, 06/25/2049 |
| | | | 3,289,706 | | | | | | 0.1 | | |
| 2,356,330 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-LTV1 B1, 4.900%, 06/25/2049 |
| | | | 2,382,587 | | | | | | 0.1 | | |
| 1,865,428 (1)(5) | | | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.900%, 06/25/2049 |
| | | | 1,768,881 | | | | | | 0.1 | | |
| 2,130,740 (5) | | | JP Morgan Mortgage Trust 2005-A4 B1, 4.301%, 07/25/2035 |
| | | | 1,838,492 | | | | | | 0.1 | | |
| 90,967 | | | JP Morgan Mortgage Trust 2005-S3 1A10, 6.000%, 01/25/2036 |
| | | | 63,454 | | | | | | 0.0 | | |
| 218,048 | | | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 |
| | | | 163,923 | | | | | | 0.0 | | |
| 529,187 | | | JP Morgan Mortgage Trust 2006-S3 1A30, 6.500%, 08/25/2036 |
| | | | 328,810 | | | | | | 0.0 | | |
| 631,401 (1)(5) | | | JP Morgan Mortgage Trust 2016-1 B3, 3.868%, 05/25/2046 |
| | | | 602,959 | | | | | | 0.0 | | |
| 2,095,000 (1)(5) | | | JP Morgan Mortgage Trust 2016-1 B4, 3.868%, 05/25/2046 |
| | | | 1,604,730 | | | | | | 0.1 | | |
| 1,916,223 (1)(5) | | | JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046 |
| | | | 1,887,707 | | | | | | 0.1 | | |
| 930,744 (1)(5) | | | JP Morgan Mortgage Trust 2017-1 B4, 3.529%, 01/25/2047 |
| | | | 846,182 | | | | | | 0.0 | | |
| 3,468,417 (1)(5) | | | JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047 |
| | | | 3,418,054 | | | | | | 0.1 | | |
| 1,515,838 (1)(5) | | | JP Morgan Mortgage Trust 2017-3 B1, 3.834%, 08/25/2047 |
| | | | 1,435,326 | | | | | | 0.1 | | |
| 1,122,843 (1)(5) | | | JP Morgan Mortgage Trust 2017-3 B2, 3.834%, 08/25/2047 |
| | | | 1,048,159 | | | | | | 0.0 | | |
| 500,000 (1)(5) | | | JP Morgan Mortgage Trust 2017-4 A7, 3.500%, 11/25/2048 |
| | | | 474,208 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,944,686 (1)(5) | | | JP Morgan Mortgage Trust 2017-5 B1, 3.147%, 10/26/2048 |
| | | $ | 1,692,979 | | | | | | 0.1 | | |
| 572,750 (1)(5) | | | JP Morgan Mortgage Trust 2017-6 B3, 3.818%, 12/25/2048 |
| | | | 536,648 | | | | | | 0.0 | | |
| 1,610,382 (1)(5) | | | JP Morgan Mortgage Trust 2017-6 B4, 3.818%, 12/25/2048 |
| | | | 1,458,217 | | | | | | 0.1 | | |
| 2,354,332 (1)(5) | | | JP Morgan Mortgage Trust 2018-1 B2, 3.738%, 06/25/2048 |
| | | | 2,197,579 | | | | | | 0.1 | | |
| 3,832,820 (1)(5) | | | JP Morgan Mortgage Trust 2018-3 B1, 3.763%, 09/25/2048 |
| | | | 3,537,964 | | | | | | 0.1 | | |
| 2,395,513 (1)(5) | | | JP Morgan Mortgage Trust 2018-3 B3, 3.763%, 09/25/2048 |
| | | | 2,160,588 | | | | | | 0.1 | | |
| 480,537 (1)(5) | | | JP Morgan Mortgage Trust 2018-4 B1, 3.773%, 10/25/2048 |
| | | | 440,898 | | | | | | 0.0 | | |
| 480,537 (1)(5) | | | JP Morgan Mortgage Trust 2018-4 B2, 3.773%, 10/25/2048 |
| | | | 435,781 | | | | | | 0.0 | | |
| 1,932,725 (1)(5) | | | JP MORGAN MORTGAGE TRUST 2018-5 A13, 3.500%, 10/25/2048 |
| | | | 1,896,089 | | | | | | 0.1 | | |
| 907,975 (1)(5) | | | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 |
| | | | 921,977 | | | | | | 0.0 | | |
| 1,920,523 (1)(5) | | | JP Morgan Mortgage Trust 2018-6C B2, 3.950%, 12/25/2048 |
| | | | 1,764,426 | | | | | | 0.1 | | |
| 2,431,895 (1)(5) | | | JP Morgan Mortgage Trust 2018-8 A3, 4.000%, 01/25/2049 |
| | | | 2,494,740 | | | | | | 0.1 | | |
| 8,330,041 (1)(5) | | | JP Morgan Mortgage Trust 2018-8 B1, 4.202%, 01/25/2049 |
| | | | 7,824,601 | | | | | | 0.3 | | |
| 3,882,111 (1)(5) | | | JP Morgan Mortgage Trust 2018-8 B2, 4.202%, 01/25/2049 |
| | | | 3,604,569 | | | | | | 0.1 | | |
| 984,730 (1)(5) | | | JP Morgan Mortgage Trust 2018-9 B2, 4.462%, 02/25/2049 |
| | | | 947,915 | | | | | | 0.0 | | |
| 1,942,269 (1)(5) | | | JP Morgan Mortgage Trust 2018-9 B3, 4.462%, 02/25/2049 |
| | | | 1,836,704 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
149
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,527,316 (1)(5) | | | JP Morgan Mortgage Trust 2018-LTV1 B1, 4.773%, 04/25/2049 |
| | | $ | 1,533,835 | | | | | | 0.1 | | |
| 2,468,213 (1)(5) | | | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 |
| | | | 2,516,494 | | | | | | 0.1 | | |
| 1,780,171 (1)(5) | | | JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049 |
| | | | 1,809,702 | | | | | | 0.1 | | |
| 6,027,764 (1)(5) | | | JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049 |
| | | | 6,185,856 | | | | | | 0.2 | | |
| 2,958,407 (1)(5) | | | JP Morgan Mortgage Trust 2019-5 B1, 4.466%, 11/25/2049 |
| | | | 2,981,520 | | | | | | 0.1 | | |
| 4,930,678 (1)(5) | | | JP Morgan Mortgage Trust 2019-5 B2, 4.466%, 11/25/2049 |
| | | | 4,688,149 | | | | | | 0.2 | | |
| 1,447,325 (1)(5) | | | JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049 |
| | | | 1,475,681 | | | | | | 0.1 | | |
| 6,429,818 (1)(5) | | | JP Morgan Mortgage Trust 2019-6 B2, 4.250%, 12/25/2049 |
| | | | 6,155,875 | | | | | | 0.2 | | |
| 989,538 (1)(5) | | | JP Morgan Mortgage Trust 2019-7 B3A, 3.470%, 12/31/2049 |
| | | | 853,012 | | | | | | 0.0 | | |
| 4,068,146 (1)(5) | | | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 |
| | | | 4,091,801 | | | | | | 0.2 | | |
| 3,946,704 (1)(5) | | | JP Morgan Mortgage Trust 2019-INV1 B2, 5.130%, 10/25/2049 |
| | | | 3,725,490 | | | | | | 0.1 | | |
| 1,634,963 (1)(5) | | | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 |
| | | | 1,619,177 | | | | | | 0.1 | | |
| 5,035,848 (1)(5) | | | JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049 |
| | | | 5,195,835 | | | | | | 0.2 | | |
| 1,950,063 (1)(5) | | | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.824%, 12/25/2049 |
| | | | 1,839,226 | | | | | | 0.1 | | |
| 1,976,749 (1)(5) | | | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.824%, 12/25/2049 |
| | | | 1,714,964 | | | | | | 0.1 | | |
| 2,773,744 (1)(5) | | | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.571%, 12/31/2049 |
| | | | 2,639,122 | | | | | | 0.1 | | |
| 6,456,342 (1)(5) | | | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.571%, 12/31/2049 |
| | | | 5,987,955 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,076,342 (1)(5) | | | JP Morgan Trust 2015-3 B4, 3.664%, 05/25/2045 |
| | | $ | 1,860,613 | | | | | | 0.1 | | |
| 5,503,234,817 (1)(7) | | | L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048 |
| | | | 5,652,923 | | | | | | 0.2 | | |
| 74,310 | | | Lehman XS Trust Series 2005-5N 1A2, 1.307%, (US0001M + 0.360%), 11/25/2035 |
| | | | 54,261 | | | | | | 0.0 | | |
| 706,648 (1)(5) | | | Mello Mortgage Capital Acceptance 2018-MTG2 A1, 4.481%, 10/25/2048 |
| | | | 729,500 | | | | | | 0.0 | | |
| 1,091,757 (1)(5) | | | Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.481%, 10/25/2048 |
| | | | 1,108,040 | | | | | | 0.0 | | |
| 655,000 | | | Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 2.747%, (US0001M + 1.800%), 09/25/2035 |
| | | | 566,265 | | | | | | 0.0 | | |
| 1,264,598 | | | Morgan Stanley Mortgage Loan Trust 2006-9AR A2, 1.097%, (US0001M + 0.150%), 08/25/2036 |
| | | | 508,890 | | | | | | 0.0 | | |
| 423,787 (1)(5) | | | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 |
| | | | 414,888 | | | | | | 0.0 | | |
| 1,400,000 (1)(5) | | | New Residential Mortgage Loan Trust 2019-NQM2 M1, 4.267%, 04/25/2049 |
| | | | 1,317,733 | | | | | | 0.1 | | |
| 922,196 (1)(5) | | | New Residential Mortgage Loan Trust 2019-NQM3 A3, 3.086%, 07/25/2049 |
| | | | 906,506 | | | | | | 0.0 | | |
| 1,863,933 (1)(5) | | | OBX 2019-EXP1 1A3 Trust, 4.000%, 01/25/2059 |
| | | | 1,862,644 | | | | | | 0.1 | | |
| 768,359 (1)(5) | | | OBX 2019-EXP2 1A3 Trust, 4.000%, 07/25/2059 |
| | | | 774,764 | | | | | | 0.0 | | |
| 1,255,832 (1)(5) | | | OBX 2019-EXP3 1A9 Trust, 3.500%, 10/25/2059 |
| | | | 1,243,081 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
150
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,771,518 (1)(5) | | | OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049 |
| | | $ | 2,841,217 | | | | | | 0.1 | | |
| 1,460,400 (1)(5) | | | OBX 2020-INV1 A21 Trust, 3.500%, 05/25/2049 |
| | | | 1,488,012 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | PSMC 2019-3 A12 Trust, 3.500%, 11/25/2049 |
| | | | 944,655 | | | | | | 0.0 | | |
| 3,817,424 (1)(5) | | | RCKT Mortgage Trust 2019-1 B1A, 3.929%, 09/25/2049 |
| | | | 3,217,797 | | | | | | 0.1 | | |
| 2,478,551 (1)(5) | | | RCKT Mortgage Trust 2019-1 B2A, 3.929%, 09/25/2049 |
| | | | 2,034,061 | | | | | | 0.1 | | |
| 3,500,000 (1)(5) | | | RCKT Mortgage Trust 2020-1 A13, 3.000%, 02/25/2050 |
| | | | 3,463,345 | | | | | | 0.1 | | |
| 1,648,000 (1)(5) | | | RCKT Mortgage Trust 2020-1 B2A, 3.538%, 02/25/2050 |
| | | | 1,292,038 | | | | | | 0.1 | | |
| 2,487,587 (5) | | | Sequoia Mortgage Trust 2013-3 B3, 3.513%, 03/25/2043 |
| | | | 2,378,073 | | | | | | 0.1 | | |
| 470,475 (1) | | | Sequoia Mortgage Trust 2013-9 B1, 3.500%, 07/25/2043 |
| | | | 452,884 | | | | | | 0.0 | | |
| 2,716,710 (1) | | | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 |
| | | | 2,604,507 | | | | | | 0.1 | | |
| 1,550,157 (1)(5) | | | Sequoia Mortgage Trust 2015-1 B1, 3.875%, 01/25/2045 |
| | | | 1,510,540 | | | | | | 0.1 | | |
| 1,202,404 (1)(5) | | | Sequoia Mortgage Trust 2018-6 B1, 4.199%, 07/25/2048 |
| | | | 1,148,192 | | | | | | 0.0 | | |
| 767,948 (1)(5) | | | Sequoia Mortgage Trust 2018-CH1 B1B, 4.477%, 02/25/2048 |
| | | | 741,600 | | | | | | 0.0 | | |
| 575,961 (1)(5) | | | Sequoia Mortgage Trust 2018-CH1 B2B, 4.477%, 02/25/2048 |
| | | | 548,153 | | | | | | 0.0 | | |
| 3,400,000 (1)(5) | | | Sequoia Mortgage Trust 2018-CH4 A13, 4.500%, 10/25/2048 |
| | | | 3,341,271 | | | | | | 0.1 | | |
| 1,438,458 (1)(5) | | | Sequoia Mortgage Trust 2019-1 A1, 4.000%, 02/25/2049 |
| | | | 1,423,459 | | | | | | 0.0 | | |
| 1,772,197 (1)(5) | | | Sequoia Mortgage Trust 2019-2 B2, 4.246%, 06/25/2049 |
| | | | 1,621,940 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 1,673,307 (1)(5) | | | Sequoia Mortgage Trust 2019-2 B3, 4.246%, 06/25/2049 |
| | | $ | 1,470,253 | | | | | | 0.1 | | |
| 4,711,690 (1)(5) | | | Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049 |
| | | | 4,765,219 | | | | | | 0.2 | | |
| 5,648,795 (1)(5) | | | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 |
| | | | 5,714,830 | | | | | | 0.2 | | |
| 1,916,945 (1)(5) | | | Sequoia Mortgage Trust 2019-5 A19, 3.500%, 12/25/2049 |
| | | | 1,953,863 | | | | | | 0.1 | | |
| 2,160,100 (1)(5) | | | Sequoia Mortgage Trust 2019-5 B2, 3.776%, 12/25/2049 |
| | | | 1,766,415 | | | | | | 0.1 | | |
| 2,161,093 (1)(5) | | | Sequoia Mortgage Trust 2019-5 B3, 3.776%, 12/25/2049 |
| | | | 1,687,069 | | | | | | 0.1 | | |
| 2,654,037 (1)(5) | | | Sequoia Mortgage Trust 2019-CH1 B1B, 5.052%, 03/25/2049 |
| | | | 2,522,900 | | | | | | 0.1 | | |
| 981,886 (1)(5) | | | Sequoia Mortgage Trust 2019-CH1 B2B, 5.052%, 03/25/2049 |
| | | | 997,097 | | | | | | 0.0 | | |
| 3,166,336 (1)(5) | | | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 |
| | | | 3,171,287 | | | | | | 0.1 | | |
| 600,000 (1)(5) | | | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 |
| | | | 599,688 | | | | | | 0.0 | | |
| 1,982,564 (1)(5) | | | Sequoia Mortgage Trust 2019-CH3 B1B, 4.534%, 09/25/2049 |
| | | | 1,937,732 | | | | | | 0.1 | | |
| 1,598,273 (1)(5) | | | Sequoia Mortgage Trust 2017-1 B2, 3.622%, 02/25/2047 |
| | | | 1,507,489 | | | | | | 0.1 | | |
| 959,705 (1)(5) | | | Sequoia Mortgage Trust 2020-1 A1, 3.500%, 02/25/2050 |
| | | | 984,412 | | | | | | 0.0 | | |
| 4,318,671 (1)(5) | | | Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050 |
| | | | 4,411,480 | | | | | | 0.2 | | |
| 1,988,096 (1)(5) | | | Sequoia Mortgage Trust 2020-2 A19, 3.500%, 03/25/2050 |
| | | | 2,003,443 | | | | | | 0.1 | | |
| 1,497,524 (1)(5) | | | Sequoia Mortgage Trust 2020-2 B3, 3.675%, 03/25/2050 |
| | | | 1,138,003 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
151
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 2,391,864 (1)(5) | | | Shellpoint Co-Originator Trust 2017-2 B2, 3.714%, 10/25/2047 |
| | | $ | 2,329,897 | | | | | | 0.1 | | |
| 3,170,852 (1)(5) | | | Shellpoint Co-Originator Trust 2017-2 B3, 3.714%, 10/25/2047 |
| | | | 2,921,975 | | | | | | 0.1 | | |
| 3,042,837 (1)(5) | | | Starwood Mortgage Residential Trust 2019-1 A3, 3.299%, 06/25/2049 |
| | | | 3,041,122 | | | | | | 0.1 | | |
| 600,000 (1) | | | Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047 |
| | | | 550,016 | | | | | | 0.0 | | |
| 4,000,000 (1)(5) | | | Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058 |
| | | | 3,639,718 | | | | | | 0.2 | | |
| 2,100,000 (1)(5) | | | Verus Securitization Trust 2018-2 B1, 4.426%, 06/01/2058 |
| | | | 1,901,439 | | | | | | 0.1 | | |
| 3,000,000 (1)(5) | | | Verus Securitization Trust 2018-3 M1, 4.595%, 10/25/2058 |
| | | | 2,909,971 | | | | | | 0.1 | | |
| 2,489,136 (1)(5) | | | Verus Securitization Trust 2019-1 A2, 3.938%, 02/25/2059 |
| | | | 2,418,222 | | | | | | 0.1 | | |
| 3,127,983 (1)(6) | | | Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 0), 07/25/2059 |
| | | | 3,008,531 | | | | | | 0.1 | | |
| 3,410,331 (1)(5) | | | Verus Securitization Trust 2019-INV2 A2, 3.117%, 07/25/2059 |
| | | | 3,373,595 | | | | | | 0.1 | | |
| 127,745 (5) | | | WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.206%, 10/25/2036 |
| | | | 103,930 | | | | | | 0.0 | | |
| 261,318 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 4.464%, 06/25/2034 |
| | | | 233,123 | | | | | | 0.0 | | |
| 1,652,232 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 4.534%, 07/25/2034 |
| | | | 1,547,833 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 132,866,546 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR1 X Trust, 1.416%, 01/25/2045 |
| | | $ | 4,177,032 | | | | | | 0.2 | | |
| 285,396 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR10 1A3, 4.121%, 09/25/2035 |
| | | | 272,517 | | | | | | 0.0 | | |
| 43,113,306 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2005-AR2 X Trust, 1.394%, 01/25/2045 |
| | | | 2,529,807 | | | | | | 0.1 | | |
| 19,502 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.694%, 10/25/2036 |
| | | | 17,200 | | | | | | 0.0 | | |
| 130,360 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A3, 3.270%, 11/25/2036 |
| | | | 109,741 | | | | | | 0.0 | | |
| 500,986 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.270%, 11/25/2036 |
| | | | 421,746 | | | | | | 0.0 | | |
| 74,838 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.523%, 12/25/2036 |
| | | | 62,220 | | | | | | 0.0 | | |
| 67,677 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.890%, 08/25/2046 |
| | | | 60,504 | | | | | | 0.0 | | |
| 121,588 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.740%, 12/25/2036 |
| | | | 105,246 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
152
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 582,939 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.237%, 03/25/2037 |
| | | $ | 471,507 | | | | | | 0.0 | | |
| 12,470 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.428%, 04/25/2037 |
| | | | 9,989 | | | | | | 0.0 | | |
| 69,346 (5) | | | WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.612%, 07/25/2037 |
| | | | 54,610 | | | | | | 0.0 | | |
| 730,293 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 1.847%, (US0001M + 0.900%), 11/25/2035 |
| | | | 556,168 | | | | | | 0.0 | | |
| 774,485 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A9, 6.000%, 11/25/2035 |
| | | | 687,466 | | | | | | 0.0 | | |
| 946,742 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035 |
| | | | 864,394 | | | | | | 0.1 | | |
| 180,288 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035 |
| | | | 166,719 | | | | | | 0.0 | | |
| 868,868 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 2CB2, 1.547%, (US0001M + 0.600%), 07/25/2036 |
| | | | 437,047 | | | | | | 0.0 | | |
| 2,220,678 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR5 3A Trust, 2.906%, (12MTA + 0.940%), 07/25/2046 |
| | | | 1,380,368 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS: (continued) | | |||||||||||||||
| 958,352 | | | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.926%, (12MTA + 0.960%), 08/25/2046 |
| | | $ | 610,508 | | | | | | 0.0 | | |
| 49,640 | | | Wells Fargo Alternative Loan 2007-PA2 2A1, 1.377%, (US0001M + 0.430%), 06/25/2037 |
| | | | 37,393 | | | | | | 0.0 | | |
| 1,168,677 (5) | | | Wells Fargo Mortgage Backed Securities 2006-AR12 1A1, 4.715%, 09/25/2036 |
| | | | 1,052,965 | | | | | | 0.0 | | |
| 201,494 (5) | | | Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.353%, 12/28/2037 |
| | | | 184,874 | | | | | | 0.0 | | |
| 3,256,169 (1)(5) | | | Wells Fargo Mortgage Backed Securities 2018-1 B1, 3.691%, 07/25/2047 |
| | | | 3,039,202 | | | | | | 0.1 | | |
| 1,444,404 (1)(5) | | | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.691%, 07/25/2047 |
| | | | 1,299,787 | | | | | | 0.1 | | |
| 1,588,459 (1)(5) | | | Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.596%, 09/25/2049 |
| | | | 1,266,209 | | | | | | 0.1 | | |
| 1,996,520 (1)(5) | | | Wells Fargo Mortgage Backed Securities 2020-1 B3 Trust, 3.474%, 12/25/2049 |
| | | | 1,734,388 | | | | | | 0.1 | | |
| 720,320 (1)(5) | | | WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045 |
| | | | 674,322 | | | | | | 0.0 | | |
| 11,013,500 | | | Other Securities | | | | | 4,090,769 | | | | | | 0.2 | | |
| | | | Total Collateralized Mortgage Obligations (Cost $806,207,910) |
| | |
|
753,643,797
|
| | | |
|
29.2
|
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 20.6% | | |||||||||||||||
| 5,000,000 (1) | | | Atrium Hotel Portfolio Trust 2018-ATRM C, 2.355%, (US0001M + 1.650%), 06/15/2035 |
| | | | 3,650,435 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
153
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 5,000,000 (1) | | | Austin Fairmont Hotel Trust 2019-FAIR E, 2.955%, (US0001M + 2.250%), 09/15/2032 |
| | | $ | 4,040,421 | | | | | | 0.2 | | |
| 3,670,000 (1)(5) | | | BAMLL Re-REMIC Trust 2016-FRR16 B, 0.998%, 05/27/2021 |
| | | | 3,431,354 | | | | | | 0.1 | | |
| 6,700,000 (1) | | | BANK 2017-BNK4 E, 3.357%, 05/15/2050 |
| | | | 3,628,092 | | | | | | 0.1 | | |
| 5,320,000 (1)(5)(7) | | | BANK 2017-BNK4 XE, 1.468%, 05/15/2050 |
| | | | 464,616 | | | | | | 0.0 | | |
| 1,500,000 (1)(5) | | | BANK 2017-BNK5 D, 3.078%, 06/15/2060 |
| | | | 1,037,916 | | | | | | 0.0 | | |
| 1,600,000 (1)(5) | | | BANK 2017-BNK6 E, 2.649%, 07/15/2060 |
| | | | 869,806 | | | | | | 0.0 | | |
| 16,600,000 (1)(5)(7) | | | BANK 2017-BNK6 XE, 1.500%, 07/15/2060 |
| | | | 1,369,307 | | | | | | 0.1 | | |
| 4,500,000 (1) | | | BANK 2018-BNK14 D, 3.000%, 09/15/2060 |
| | | | 2,913,016 | | | | | | 0.1 | | |
| 51,159,818 (5)(7) | | | BANK 2019-BN17 XA, 1.036%, 04/15/2052 |
| | | | 3,733,475 | | | | | | 0.2 | | |
| 10,280,248 (5)(7) | | | BANK 2019-BNK16 XA, 0.966%, 02/15/2052 |
| | | | 657,647 | | | | | | 0.0 | | |
| 29,395,695 (5)(7) | | | Bank 2019-BNK19 XA, 0.964%, 08/15/2061 |
| | | | 2,039,726 | | | | | | 0.1 | | |
| 4,380,000 (1) | | | BANK 2017-BNK6 D, 3.100%, 07/15/2060 |
| | | | 3,023,418 | | | | | | 0.1 | | |
| 58,714,626 (5)(7) | | | BANK 2019-BNK22 XA, 0.604%, 11/15/2062 |
| | | | 2,687,198 | | | | | | 0.1 | | |
| 4,590,000 (1) | | | BANK 2020-BNK25 D, 2.500%, 01/15/2063 |
| | | | 3,086,099 | | | | | | 0.1 | | |
| 3,799,000 (1)(5) | | | BAMLL Commercial Mortgage Securities Trust 2016-FR14 C, 1.321%, 02/27/2048 |
| | | | 3,578,047 | | | | | | 0.2 | | |
| 1,000,000 (1)(5) | | | BAMLL RE-Remic Trust 2014-FRR8 A, 2.150%, 11/26/2047 |
| | | | 803,296 | | | | | | 0.0 | | |
| 104,415,810 (5)(7) | | | Benchmark 2018-B7 XA Mortgage Trust, 0.445%, 05/15/2053 |
| | | | 3,002,967 | | | | | | 0.1 | | |
| 53,257,680 (5)(7) | | | BENCHMARK 2019-B10 XA Mortgage Trust, 1.231%, 03/15/2062 |
| | | | 4,330,238 | | | | | | 0.2 | | |
| 42,285,000 (1)(5)(7) | | | BENCHMARK 2019-B10 XB Mortgage Trust, 0.900%, 03/15/2062 |
| | | | 2,969,523 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 43,898,797 (5)(7) | | | Benchmark 2019-B12 XA Mortgage Trust, 1.068%, 08/15/2052 |
| | | $ | 2,976,690 | | | | | | 0.1 | | |
| 3,090,000 (1) | | | Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052 |
| | | | 1,969,154 | | | | | | 0.1 | | |
| 7,330,000 (1)(5)(7) | | | Benchmark 2019-B9 XD Mortgage Trust, 2.002%, 03/15/2052 |
| | | | 1,020,768 | | | | | | 0.0 | | |
| 77,310,347 (5)(7) | | | BMARK 2018-B4 XA, 0.538%, 07/15/2051 |
| | | | 2,424,708 | | | | | | 0.1 | | |
| 3,020,000 (1) | | | Benchmark 2019-B14 D Mortgage Trust, 2.500%, 12/15/2061 |
| | | | 1,758,381 | | | | | | 0.1 | | |
| 2,420,000 (1) | | | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 |
| | | | 2,029,882 | | | | | | 0.1 | | |
| 6,190,000 (1) | | | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 |
| | | | 5,025,035 | | | | | | 0.2 | | |
| 8,235,553 (1) | | | BX Commercial Mortgage Trust 2019-XL G, 3.005%, (US0001M + 2.300%), 10/15/2036 |
| | | | 7,122,147 | | | | | | 0.3 | | |
| 8,235,553 (1) | | | BX Commercial Mortgage Trust 2019-XL J, 3.355%, (US0001M + 2.650%), 10/15/2036 |
| | | | 7,132,006 | | | | | | 0.3 | | |
| 7,680,000 (1) | | | BX Commercial Mortgage Trust 2020-BXLP G, 3.205%, (US0001M + 2.500%), 12/15/2029 |
| | | | 6,548,776 | | | | | | 0.3 | | |
| 1,650,000 (1) | | | BX Trust 2019-MMP E, 2.605%, (US0001M + 1.900%), 08/15/2036 |
| | | | 1,597,580 | | | | | | 0.1 | | |
| 3,710,000 (1)(5) | | | BX Trust 2019-OC11 E, 4.076%, 12/09/2041 |
| | | | 2,854,453 | | | | | | 0.1 | | |
| 4,990,000 (1)(5) | | | CALI Mortgage Trust 2019-101C E, 4.324%, 03/10/2039 |
| | | | 5,047,568 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
154
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 92,346,523 (5)(7) | | | Cantor Commercial Real Estate Lending 2019-CF1 XA, 1.144%, 05/15/2052 |
| | | $ | 6,708,024 | | | | | | 0.3 | | |
| 40,648,290 (5)(7) | | | Cantor Commercial Real Estate Lending 2019-CF2 XA, 1.376%, 11/15/2052 |
| | | | 3,244,262 | | | | | | 0.1 | | |
| 8,122,160 (5)(7) | | | CD 2016-CD1 Mortgage Trust XA, 1.404%, 08/10/2049 |
| | | | 517,515 | | | | | | 0.0 | | |
| 14,660,000 (1)(5)(7) | | | CD 2016-CD1 Mortgage Trust XB, 0.678%, 08/10/2049 |
| | | | 570,505 | | | | | | 0.0 | | |
| 2,140,256 (1)(5) | | | CFCRE Commercial Mortgage Trust 2011-C1 E, 6.089%, 04/15/2044 |
| | | | 2,023,798 | | | | | | 0.1 | | |
| 5,060,000 (1) | | | CGDB Commercial Mortgage Trust 2019-MOB E, 2.705%, (US0001M + 2.000%), 11/15/2036 |
| | | | 3,850,762 | | | | | | 0.1 | | |
| 4,640,000 (1) | | | CGDB Commercial Mortgage Trust 2019-MOB F, 3.255%, (US0001M + 2.550%), 11/15/2036 |
| | | | 3,540,202 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | Citigroup Commercial Mortgage Trust 2013-GC17 D, 5.110%, 11/10/2046 |
| | | | 897,504 | | | | | | 0.0 | | |
| 4,826,000 (1)(5) | | | Citigroup Commercial Mortgage Trust 2014-GC19 E, 4.592%, 03/10/2047 |
| | | | 3,895,151 | | | | | | 0.1 | | |
| 6,030,000 (1)(5) | | | Citigroup Commercial Mortgage Trust 2014-GC19 F, 3.665%, 03/10/2047 |
| | | | 4,494,990 | | | | | | 0.2 | | |
| 2,130,000 (1) | | | Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049 |
| | | | 1,382,010 | | | | | | 0.0 | | |
| 3,080,000 (1) | | | Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049 |
| | | | 2,194,643 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 27,584,598 (5)(7) | | | Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.106%, 10/12/2050 |
| | | $ | 1,507,413 | | | | | | 0.1 | | |
| 34,050,379 (5)(7) | | | Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.881%, 12/15/2072 |
| | | | 2,105,985 | | | | | | 0.1 | | |
| 12,040,000 (1)(5) | | | Citigroup Commercial Mortgage Trust 2016-P4 E, 4.723%, 07/10/2049 |
| | | | 8,403,798 | | | | | | 0.3 | | |
| 5,790,000 (1)(5) | | | Citigroup Commercial Mortgage Trust 2016-P4 F, 4.723%, 07/10/2049 |
| | | | 3,669,542 | | | | | | 0.1 | | |
| 40,945,117 (5)(7) | | | Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.190%, 08/10/2056 |
| | | | 2,819,059 | | | | | | 0.1 | | |
| 3,460,000 (1)(5) | | | COMM 2013-CR10 F Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 2,804,683 | | | | | | 0.1 | | |
| 8,380,000 (1)(5) | | | COMM 2013-GAM F, 3.418%, 02/10/2028 |
| | | | 7,999,964 | | | | | | 0.3 | | |
| 3,000,000 (5) | | | COMM 2012-CCRE2 C Mortgage Trust, 4.831%, 08/15/2045 |
| | | | 2,883,625 | | | | | | 0.1 | | |
| 10,974,289 (5)(7) | | | COMM 2012-CR3 XA, 1.857%, 10/15/2045 |
| | | | 381,628 | | | | | | 0.0 | | |
| 863,403 (5)(7) | | | COMM 2012-CR4 XA, 1.697%, 10/15/2045 |
| | | | 27,907 | | | | | | 0.0 | | |
| 6,936,612 (1)(5)(7) | | | COMM 2012-LTRT XA, 0.920%, 10/05/2030 |
| | | | 117,135 | | | | | | 0.0 | | |
| 1,670,000 (1)(5) | | | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 |
| | | | 1,417,574 | | | | | | 0.1 | | |
| 2,200,000 (1)(5) | | | COMM 2013-LC6 D Mortgage Trust, 4.342%, 01/10/2046 |
| | | | 1,988,703 | | | | | | 0.1 | | |
| 11,060,000 (1)(5) | | | COMM 2014-LC15 D Mortgage Trust, 4.984%, 04/10/2047 |
| | | | 9,775,172 | | | | | | 0.4 | | |
| 11,063,359 (5)(7) | | | COMM 2016-COR1 XA, 1.432%, 10/10/2049 |
| | | | 690,567 | | | | | | 0.0 | | |
| 2,806,410 (5)(7) | | | COMM 2016-CR28 XA, 0.693%, 02/10/2049 |
| | | | 79,011 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
155
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 1,000,000 (5) | | | COMM 2017-COR2 C, 4.561%, 09/10/2050 |
| | | $ | 835,982 | | | | | | 0.0 | | |
| 21,430,778 (5)(7) | | | COMM 2017-COR2 XA, 1.171%, 09/10/2050 |
| | | | 1,423,132 | | | | | | 0.1 | | |
| 5,000,000 (1)(5) | | | COMM 2020-CBM F Mortgage Trust, 3.633%, 11/13/2039 |
| | | | 3,111,759 | | | | | | 0.1 | | |
| 3,840,000 (1) | | | Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 3.355%, (US0001M + 2.650%), 05/15/2036 |
| | | | 2,976,893 | | | | | | 0.1 | | |
| 3,023,829 (1) | | | CSWF 2018-TOP F, 3.455%, (US0001M + 2.750%), 08/15/2035 |
| | | | 2,397,745 | | | | | | 0.1 | | |
| 2,314,968 (1)(5) | | | DBUBS 2011-LC1A F Mortgage Trust, 5.689%, 11/10/2046 |
| | | | 2,198,757 | | | | | | 0.1 | | |
| 5,000,000 (1)(5) | | | DBUBS 2011-LC2A D, 5.530%, 07/10/2044 |
| | | | 4,872,585 | | | | | | 0.2 | | |
| 2,300,000 (1)(5) | | | DBUBS 2017-BRBK E Mortgage Trust, 3.530%, 10/10/2034 |
| | | | 1,832,013 | | | | | | 0.1 | | |
| 6,080,000 (1)(5) | | | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 |
| | | | 5,854,755 | | | | | | 0.2 | | |
| 4,500,000 (1) | | | DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044 |
| | | | 4,295,657 | | | | | | 0.2 | | |
| 5,000,000 (1) | | | DBWF 2018-GLKS D Mortgage Trust, 3.150%, (US0001M + 2.400%), 11/19/2035 |
| | | | 3,881,455 | | | | | | 0.2 | | |
| 4,800,000 (1)(5) | | | DBJPM 16-C3 F Mortgage Trust, 4.241%, 08/10/2049 |
| | | | 2,728,381 | | | | | | 0.1 | | |
| 4,160,000 (1) | | | Exantas Capital Corp. 2019-RSO7 D Ltd., 3.500%, (US0001M + 2.700%), 04/15/2036 |
| | | | 2,828,755 | | | | | | 0.1 | | |
| 3,680,000 (1) | | | Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036 |
| | | | 2,451,224 | | | | | | 0.1 | | |
| 8,937,711 (5)(7) | | | Freddie Mac Multifamily Structured Pass Through Certificates K715 X3, 2.014%, 02/25/2041 |
| | | | 146,220 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 628,416 (1)(7) | | | FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044 |
| | | $ | 794 | | | | | | 0.0 | | |
| 203,197,429 (1)(7) | | | FREMF Mortgage Trust 2014-K714 X2B, 0.100%, 01/25/2047 |
| | | | 57,261 | | | | | | 0.0 | | |
| 159,355 (1) | | | GPT 2018-GPP E Mortgage Trust, 3.175%, (US0001M + 2.470%), 06/15/2035 |
| | | | 159,910 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | GS Mortgage Securities Corp. II 2018-RIVR F, 2.805%, (US0001M + 2.100%), 07/15/2035 |
| | | | 1,952,019 | | | | | | 0.1 | | |
| 3,500,000 (1) | | | GS Mortgage Securities Corp. II 2018-RIVR G, 3.305%, (US0001M + 2.600%), 07/15/2035 |
| | | | 2,597,980 | | | | | | 0.1 | | |
| 4,230,000 (1) | | | GS Mortgage Securities Corp. Trust 2019-70P E, 2.905%, (US0001M + 2.200%), 10/15/2036 |
| | | | 3,340,525 | | | | | | 0.1 | | |
| 1,690,000 (1) | | | GS Mortgage Securities Corp. Trust 2019-70P F, 3.355%, (US0001M + 2.650%), 10/15/2036 |
| | | | 1,323,681 | | | | | | 0.1 | | |
| 1,010,000 (1)(5) | | | GS Mortgage Securities Trust 2010-C2 E, 4.548%, 12/10/2043 |
| | | | 966,753 | | | | | | 0.0 | | |
| 3,080,000 (5) | | | GS Mortgage Securities Trust 2012-GCJ7 C, 5.708%, 05/10/2045 |
| | | | 3,021,994 | | | | | | 0.1 | | |
| 15,518,000 (1)(5) | | | GS Mortgage Securities Trust 2012-GCJ7 E, 5.000%, 05/10/2045 |
| | | | 9,974,750 | | | | | | 0.4 | | |
| 1,330,000 (1) | | | GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046 |
| | | | 1,015,824 | | | | | | 0.1 | | |
| 6,670,000 (1)(5) | | | GS Mortgage Securities Trust 2016-GS4 D, 3.233%, 11/10/2049 |
| | | | 4,808,187 | | | | | | 0.2 | | |
| 15,420,815 (5)(7) | | | GS Mortgage Securities Trust 2019-GC38 XA, 0.963%, 02/10/2052 |
| | | | 984,437 | | | | | | 0.0 | | |
| 4,830,000 (1)(5) | | | GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052 |
| | | | 4,527,965 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
156
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 3,710,000 (1)(5) | | | GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052 |
| | | $ | 3,402,437 | | | | | | 0.1 | | |
| 41,143,567 (5)(7) | | | GS Mortgage Securities Trust 2019-GC40 XA, 1.093%, 07/10/2052 |
| | | | 2,910,636 | | | | | | 0.1 | | |
| 4,460,000 (1)(5) | | | GS Mortgage Securities Trust 2020-GC45 SWC, 3.219%, 12/13/2039 |
| | | | 2,520,006 | | | | | | 0.1 | | |
| 84,876,230 (5)(7) | | | GS Mortgage Securities Trust 2019-GSA1 XA, 0.834%, 11/10/2052 |
| | | | 5,058,004 | | | | | | 0.2 | | |
| 6,200,000 (1) | | | Hawaii Hotel Trust 2019-MAUI F, 3.455%, (US0001M + 3.000%), 05/15/2038 |
| | | | 4,435,791 | | | | | | 0.2 | | |
| 2,670,000 (1)(5) | | | Hudson Yards 2019-55HY F Mortgage Trust, 2.943%, 12/10/2041 |
| | | | 2,282,565 | | | | | | 0.1 | | |
| 180,000 (1)(5) | | | IMT Trust 2017-APTS EFX, 3.497%, 06/15/2034 |
| | | | 155,025 | | | | | | 0.0 | | |
| 4,860,000 (1)(5) | | | Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039 |
| | | | 2,819,121 | | | | | | 0.1 | | |
| 1,800,000 (1) | | | JP Morgan Chase Commercial Mortgage Securities Corp. 2019-BKWD E, 3.305%, (US0001M + 2.600%), 09/15/2029 |
| | | | 1,753,891 | | | | | | 0.1 | | |
| 2,845,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 D, 5.419%, 08/15/2046 |
| | | | 2,754,239 | | | | | | 0.1 | | |
| 3,640,000 (1) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP F, 3.862%, 12/05/2038 |
| | | | 2,601,102 | | | | | | 0.1 | | |
| 3,760,000 (1)(5) | | | JPMCC Re-REMIC Trust 2015-FRR2 AK36, 2.195%, 12/27/2046 |
| | | | 3,683,317 | | | | | | 0.1 | | |
| 5,910,000 (1) | | | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT FFX, 5.542%, 07/05/2033 |
| | | | 4,553,691 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 5,440,000 (1) | | | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP E, 2.865%, (US0001M + 2.160%), 07/15/2036 |
| | | $ | 4,662,002 | | | | | | 0.2 | | |
| 6,150,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 F, 3.873%, 07/15/2046 |
| | | | 5,823,673 | | | | | | 0.2 | | |
| 5,000,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046 |
| | | | 4,720,708 | | | | | | 0.2 | | |
| 5,240,179 (5)(7) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.476%, 06/15/2045 |
| | | | 98,511 | | | | | | 0.0 | | |
| 2,000,000 (5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 D, 4.113%, 12/15/2047 |
| | | | 1,788,373 | | | | | | 0.1 | | |
| 5,500,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 E, 3.500%, 12/15/2047 |
| | | | 4,426,463 | | | | | | 0.2 | | |
| 3,630,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 |
| | | | 3,049,382 | | | | | | 0.1 | | |
| 7,470,000 (1)(5) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 F, 3.986%, 01/15/2046 |
| | | | 5,331,720 | | | | | | 0.2 | | |
| 23,978,037 (5)(7) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 XA, 0.945%, 07/15/2047 |
| | | | 537,134 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
157
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 3,810,000 (1) | | | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038 |
| | | $ | 3,004,479 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 |
| | | | 901,725 | | | | | | 0.0 | | |
| 2,549,000 (1)(5) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.892%, 01/15/2047 |
| | | | 2,257,280 | | | | | | 0.1 | | |
| 9,560,000 (1)(5) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047 |
| | | | 7,524,984 | | | | | | 0.3 | | |
| 2,200,000 (1)(5) | | | JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047 |
| | | | 1,597,641 | | | | | | 0.1 | | |
| 1,405,000 (5) | | | JPMBB Commercial Mortgage Securities Trust 2014-C21 C, 4.657%, 08/15/2047 |
| | | | 1,276,921 | | | | | | 0.0 | | |
| 2,440,000 (1) | | | JPMBB Commercial Mortgage Securities Trust 2014-C26 E, 4.000%, 01/15/2048 |
| | | | 1,716,994 | | | | | | 0.1 | | |
| 50,278,540 (5)(7) | | | JPMBB Commercial Mortgage Securities Trust 2015-C27 XA, 1.169%, 02/15/2048 |
| | | | 2,311,883 | | | | | | 0.1 | | |
| 56,139,836 (5)(7) | | | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.057%, 10/15/2048 |
| | | | 1,893,630 | | | | | | 0.1 | | |
| 21,428,263 (5)(7) | | | JPMDB Commercial Mortgage Securities Trust 2017-C7 XA, 0.902%, 10/15/2050 |
| | | | 1,020,170 | | | | | | 0.0 | | |
| 12,759,871 (1)(5)(7) | | | LSTAR Commercial Mortgage Trust 2017-5 X, 1.000%, 03/10/2050 |
| | | | 459,799 | | | | | | 0.0 | | |
| 6,737,000 (1) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 F, 3.707%, 11/15/2046 |
| | | | 5,225,070 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 11,679,276 (5)(7) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 XA, 0.980%, 11/15/2046 |
| | | $ | 327,089 | | | | | | 0.0 | | |
| 13,998,453 (5)(7) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047 |
| | | | 493,706 | | | | | | 0.0 | | |
| 5,649,000 (1) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 D, 3.389%, 10/15/2047 |
| | | | 4,552,121 | | | | | | 0.2 | | |
| 1,000,000 (5) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 C, 4.462%, 02/15/2048 |
| | | | 889,365 | | | | | | 0.0 | | |
| 8,220,000 | | | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 D, 3.068%, 10/15/2048 |
| | | | 6,213,293 | | | | | | 0.3 | | |
| 4,300,000 (1) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048 |
| | | | 3,234,733 | | | | | | 0.1 | | |
| 15,697,129 (5)(7) | | | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 XA, 0.813%, 11/15/2052 |
| | | | 698,050 | | | | | | 0.0 | | |
| 270,000 (1)(5) | | | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 |
| | | | 234,784 | | | | | | 0.0 | | |
| 5,970,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 K, 4.193%, 09/15/2047 |
| | | | 5,782,232 | | | | | | 0.2 | | |
| 4,268,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 L, 4.193%, 09/15/2047 |
| | | | 4,047,467 | | | | | | 0.2 | | |
| 4,220,000 (1) | | | Morgan Stanley Capital I Trust 2011-C1 M, 4.193%, 09/15/2047 |
| | | | 3,971,202 | | | | | | 0.2 | | |
| 4,841,000 (1)(5) | | | Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049 |
| | | | 3,430,201 | | | | | | 0.1 | | |
| 25,660,000 (1)(5)(7) | | | Morgan Stanley Capital I Trust 2018-L1 XD, 1.796%, 10/15/2051 |
| | | | 3,062,970 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
158
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 910,000 | | | Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050 |
| | | $ | 597,419 | | | | | | 0.0 | | |
| 38,427,307 (5)(7) | | | Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.793%, 12/15/2050 |
| | | | 1,776,314 | | | | | | 0.1 | | |
| 2,370,000 (1) | | | MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036 |
| | | | 2,157,014 | | | | | | 0.1 | | |
| 4,450,000 (1) | | | MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036 |
| | | | 3,885,272 | | | | | | 0.2 | | |
| 790,000 (1) | | | Prima Capital CRE Securitization 2019-RK1 CD Ltd., 3.500%, 04/15/2038 |
| | | | 718,650 | | | | | | 0.0 | | |
| 10,151,000 (1) | | | Prima Capital CRE Securitization 2019-RK1 DD Ltd., 3.500%, 04/15/2038 |
| | | | 9,116,692 | | | | | | 0.4 | | |
| 15,000,000 (1) | | | Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/2050 |
| | | | 15,628,551 | | | | | | 0.6 | | |
| 4,470,000 (1)(5) | | | Ready Capital Mortgage Trust 2019-5 D, 5.504%, 02/25/2052 |
| | | | 3,012,043 | | | | | | 0.1 | | |
| 5,310,000 (1)(5) | | | ReadyCap Commercial Mortgage Trust 2018-4 D, 5.338%, 02/27/2051 |
| | | | 3,680,567 | | | | | | 0.1 | | |
| 2,673,000 (1) | | | Shelter Growth CRE 2018-FL1 D Issuer Ltd., 3.705%, (US0001M + 3.000%), 01/15/2035 |
| | | | 2,410,783 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | UBS Commercial Mortgage Trust 2017-C5, 4.316%, 11/15/2050 |
| | | | 750,355 | | | | | | 0.0 | | |
| 26,351,798 (5)(7) | | | UBS Commercial Mortgage Trust 2019-C16 XA, 1.561%, 04/15/2052 |
| | | | 2,534,832 | | | | | | 0.1 | | |
| 1,900,000 (1)(5) | | | UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.476%, 12/10/2045 |
| | | | 1,733,862 | | | | | | 0.1 | | |
| 3,240,000 (1)(5) | | | UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.476%, 12/10/2045 |
| | | | 2,694,722 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 1,616,500 (1) | | | Wells Fargo Commercial Mortgage Trust 2010-C1 E, 4.000%, 11/15/2043 |
| | | $ | 1,564,092 | | | | | | 0.1 | | |
| 3,448,000 (1) | | | Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043 |
| | | | 3,312,667 | | | | | | 0.1 | | |
| 8,190,000 (1)(5) | | | Wells Fargo Commercial Mortgage Trust 2015-C30 D, 4.497%, 09/15/2058 |
| | | | 6,748,599 | | | | | | 0.3 | | |
| 8,329,649 (1) | | | Wells Fargo Commercial Mortgage Trust 2015-C30 E, 3.250%, 09/15/2058 |
| | | | 5,199,059 | | | | | | 0.2 | | |
| 78,780,000 (5)(7) | | | Wells Fargo Commercial Mortgage Trust 2016-NXS6 XB, 0.527%, 11/15/2049 |
| | | | 2,397,677 | | | | | | 0.1 | | |
| 20,748,388 (5)(7) | | | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.969%, 10/15/2050 |
| | | | 1,041,636 | | | | | | 0.0 | | |
| 2,321,869 (1) | | | Wells Fargo Commercial Mortgage Trust 2018-BXI E, 2.861%, (US0001M + 2.157%), 12/15/2036 |
| | | | 1,882,921 | | | | | | 0.1 | | |
| 8,430,000 (1) | | | Wells Fargo Commercial Mortgage Trust 2019-C49 D, 3.000%, 03/15/2052 |
| | | | 5,351,308 | | | | | | 0.2 | | |
| 374,852 (1)(5)(7) | | | WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.807%, 08/15/2045 |
| | | | 11,749 | | | | | | 0.0 | | |
| 2,894,184 (1)(5)(7) | | | WFRBS Commercial Mortgage Trust 2012-C9 XA, 1.892%, 11/15/2045 |
| | | | 112,010 | | | | | | 0.0 | | |
| 9,230,000 (1)(5) | | | WFRBS Commercial Mortgage Trust 2013-C11 E, 4.258%, 03/15/2045 |
| | | | 7,555,811 | | | | | | 0.3 | | |
| 10,350,000 (1) | | | WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048 |
| | | | 8,178,523 | | | | | | 0.3 | | |
See Accompanying Notes to Financial Statements
159
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: (continued) |
| |||||||||||||||
| 5,950,000 (1) | | | WFRBS Commercial Mortgage Trust 2013-C12 F, 3.500%, 03/15/2048 |
| | | $ | 4,519,165 | | | | | | 0.2 | | |
| 4,691,143 (1)(5)(7) | | | WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.215%, 03/15/2048 |
| | | | 130,161 | | | | | | 0.0 | | |
| 9,000,000 (1)(5) | | | WFRBS Commercial Mortgage Trust 2013-C17 D, 5.041%, 12/15/2046 |
| | | | 8,050,047 | | | | | | 0.3 | | |
| 760,000 (1) | | | WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046 |
| | | | 578,815 | | | | | | 0.0 | | |
| 3,000,000 (1) | | | WFRBS Commercial Mortgage Trust 2013-C17 F, 3.500%, 12/15/2046 |
| | | | 2,182,412 | | | | | | 0.1 | | |
| 10,940,000 (1) | | | Wells Fargo Commercial Mortgage Trust 2015-NXS3 D, 3.153%, 09/15/2057 |
| | | | 8,308,519 | | | | | | 0.3 | | |
| 39,904,284 (5)(7) | | | Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.623%, 08/15/2052 |
| | | | 4,035,345 | | | | | | 0.2 | | |
| 7,735,000 (1)(5) | | | West Town Mall Trust 2017-KNOX E, 4.346%, 07/05/2030 |
| | | | 6,985,539 | | | | | | 0.3 | | |
| 1,500,000 (1)(5) | | | WFLD 2014-MONT D Mortgage Trust, 3.755%, 08/10/2031 |
| | | | 1,286,665 | | | | | | 0.0 | | |
| 960,000 (1)(5) | | | WFRBS Commercial Mortgage Trust 2013-C11 F, 4.258%, 03/15/2045 |
| | | | 678,516 | | | | | | 0.0 | | |
| 41,965,049 (5)(7) | | | WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 0.848%, 03/15/2046 |
| | | | 825,133 | | | | | | 0.1 | | |
| 7,843,319 | | | Other Securities | | | | | 7,449,812 | | | | | | 0.3 | | |
| | | | Total Commercial Mortgage-Backed Securities (Cost $609,205,464) |
| | |
|
529,961,107
|
| | | |
|
20.6
|
| |
| | ||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. TREASURY OBLIGATIONS: 0.6% | | |||||||||||||||
| | | | Treasury Inflation Indexed Protected Securities: 0.6% | | ||||||||||||
| 13,897,909 | | | 0.125%, 01/15/2030 | | | |
$
|
14,339,655
|
| | | |
|
0.6
|
| |
| | | | | | ||||||||||||
| | | | U.S. Treasury Notes: 0.0% | | ||||||||||||
| 298,000 | | | Other Securities | | | |
|
321,299
|
| | | |
|
0.0
|
| |
| | | | Total U.S. Treasury Obligations (Cost $15,031,977) |
| | |
|
14,660,954
|
| | | |
|
0.6
|
| |
| SOVEREIGN BONDS: 3.2% | | |||||||||||||||
| 2,825,000 (1) | | | Dominican Republic International Bond, 4.500%, 01/30/2030 |
| | | | 2,470,462 | | | | | | 0.1 | | |
| 7,800,000 | | | Egypt Government International Bond, 5.875%-7.500%, 06/11/2025-02/21/2028 |
| | | | 6,997,463 | | | | | | 0.3 | | |
| 1,400,000 (1) | | | Export-Import Bank of India, 3.250%, 01/15/2030 |
| | | | 1,250,362 | | | | | | 0.0 | | |
| 440,000 (1) | | | Gabon Government International Bond, 6.625%, 02/06/2031 |
| | | | 272,288 | | | | | | 0.0 | | |
| 4,525,000 (1) | | | Ghana Government International Bond, 6.375%, 02/11/2027 |
| | | | 3,337,187 | | | | | | 0.1 | | |
| 1,350,000 (1) | | | Kenya Government International Bond, 7.000%, 05/22/2027 |
| | | | 1,252,125 | | | | | | 0.1 | | |
| 500,000 (1) | | | KSA Sukuk Ltd., 3.628%, 04/20/2027 |
| | | | 508,319 | | | | | | 0.0 | | |
|
PEN 9,681,000 (1)
|
| | Peru Government Bond, 6.150%, 08/12/2032 |
| | | | 3,035,954 | | | | | | 0.1 | | |
| 750,000 (1) | | | Perusahaan Penerbit SBSN Indonesia III, 4.150%, 03/29/2027 |
| | | | 754,342 | | | | | | 0.0 | | |
| 1,800,000 (1) | | | Perusahaan Penerbit SBSN Indonesia III, 4.450%, 02/20/2029 |
| | | | 1,844,285 | | | | | | 0.1 | | |
|
RUB 557,160,000
|
| | Russian Federal Bond - OFZ, 7.250%, 05/10/2034 |
| | | | 7,417,343 | | | | | | 0.3 | | |
| 11,475,000 | | | Turkey Government International Bond, 4.875%, 10/09/2026 |
| | | | 9,732,521 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
160
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SOVEREIGN BONDS: (continued) | | |||||||||||||||
| 1,975,000 | | | Turkey Government International Bond, 5.600%-7.375%, 12/23/2023-02/05/2025 |
| | | $ | 1,873,737 | | | | | | 0.1 | | |
| 32,697,784,875 (3) | | | Other Securities | | | | | 41,276,704 | | | | | | 1.6 | | |
| | | | Total Sovereign Bonds (Cost $94,013,144) |
| | |
|
82,023,092
|
| | | |
|
3.2
|
| |
| ASSET-BACKED SECURITIES: 12.0% | | |||||||||||||||
| | | | Automobile Asset-Backed Securities: 1.3% | | ||||||||||||
| 1,075,000 | | | Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024 |
| | | | 877,791 | | | | | | 0.0 | | |
| 2,000,000 | | | Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025 |
| | | | 2,002,305 | | | | | | 0.1 | | |
| 2,800,000 | | | AmeriCredit Automobile Receivables Trust 2019-3 C, 2.320%, 07/18/2025 |
| | | | 2,766,354 | | | | | | 0.1 | | |
| 2,450,000 | | | AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025 |
| | | | 2,324,216 | | | | | | 0.1 | | |
| 2,500,000 (1) | | | Santander Drive Auto Receivables Trust 2018-1 E, 4.370%, 05/15/2025 |
| | | | 2,160,459 | | | | | | 0.1 | | |
| 1,000,000 | | | Santander Drive Auto Receivables Trust 2018-2 D, 3.880%, 02/15/2024 |
| | | | 998,406 | | | | | | 0.0 | | |
| 4,450,000 | | | Santander Drive Auto Receivables Trust 2019-2 D, 3.220%, 07/15/2025 |
| | | | 4,403,603 | | | | | | 0.2 | | |
| 2,250,000 | | | Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025 |
| | | | 2,180,106 | | | | | | 0.1 | | |
| 6,000,000 | | | Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025 |
| | | | 5,735,832 | | | | | | 0.2 | | |
| 850,000 (1) | | | Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021 |
| | | | 834,724 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Automobile Asset-Backed Securities (continued) |
| ||||||||||||
| 3,800,000 (1) | | | Tesla Auto Lease Trust 2019-A C, 2.680%, 01/20/2023 |
| | | $ | 3,683,662 | | | | | | 0.1 | | |
| 7,400,000 | | | Other Securities | | | | | 7,136,666 | | | | | | 0.3 | | |
| | | | | | | | | 35,104,124 | | | | | | 1.3 | | |
| | | | Home Equity Asset-Backed Securities: 0.3% | | ||||||||||||
| 2,682,934 (1)(5) | | | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 |
| | | | 2,429,434 | | | | | | 0.1 | | |
| 463,175 | | | GSAA Home Equity Trust 2006-3 A3, 1.247%, (US0001M + 0.300%), 03/25/2036 |
| | | | 296,826 | | | | | | 0.0 | | |
| 1,048,741 | | | GSAA Home Equity Trust 2007-1 1A1, 1.027%, (US0001M + 0.080%), 02/25/2037 |
| | | | 418,920 | | | | | | 0.1 | | |
| 1,125,984 (5) | | | Morgan Stanley Mortgage Loan Trust 2007-10XS A2, 6.250%, 02/25/2037 |
| | | | 658,339 | | | | | | 0.0 | | |
| 652,046 | | | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 1.407%, (US0001M + 0.230%), 02/25/2037 |
| | | | 519,538 | | | | | | 0.0 | | |
| 4,023,361 | | | Other Securities | | | | | 2,681,032 | | | | | | 0.1 | | |
| | | | | | | | | 7,004,089 | | | | | | 0.3 | | |
| | | | Other Asset-Backed Securities: 9.2% | | ||||||||||||
| 2,806,691 (1) | | | Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058 |
| | | | 2,659,336 | | | | | | 0.1 | | |
| 3,331,074 (1)(5) | | | Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065 |
| | | | 3,303,484 | | | | | | 0.1 | | |
| 3,089,000 (1) | | | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 |
| | | | 2,695,483 | | | | | | 0.1 | | |
| 4,234,000 (1) | | | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 09/25/2059 |
| | | | 3,855,637 | | | | | | 0.2 | | |
See Accompanying Notes to Financial Statements
161
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 2,500,000 (1) | | | AMMC CLO 16 Ltd. 2015-16A CR, 4.188%, (US0003M + 2.350%), 04/14/2029 |
| | | $ | 2,212,145 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | AMMC CLO XI Ltd. 2012-11A CR2, 3.670%, (US0003M + 1.900%), 04/30/2031 |
| | | | 1,639,058 | | | | | | 0.1 | | |
| 4,750,000 (1) | | | Apidos CLO XI 2012-11A CRR, 4.336%, (US0003M + 2.500%), 10/17/2030 |
| | | | 4,082,582 | | | | | | 0.2 | | |
| 9,000,000 (1) | | | Apidos CLO XXII 2015-22A BR, 0.340%, (US0003M + 1.950%), 04/20/2031 |
| | | | 7,477,983 | | | | | | 0.3 | | |
| 1,650,000 (1) | | | Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/07/2049 |
| | | | 1,502,737 | | | | | | 0.1 | | |
| 750,000 (1) | | | Applebee’s Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/07/2049 |
| | | | 648,690 | | | | | | 0.0 | | |
| 2,287,343 (1) | | | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 |
| | | | 2,280,933 | | | | | | 0.1 | | |
| 1,100,000 (1) | | | Ares XLII Clo Ltd. 2017-42A C, 4.002%, (US0003M + 2.200%), 01/22/2028 |
| | | | 956,585 | | | | | | 0.0 | | |
| 750,000 (1) | | | Atrium CDO Corp. 12A CR, 3.452%, (US0003M + 1.650%), 04/22/2027 |
| | | | 690,442 | | | | | | 0.0 | | |
| 1,250,000 (1) | | | Atrium CDO Corp. 12A DR, 4.602%, (US0003M + 2.800%), 04/22/2027 |
| | | | 1,014,759 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Babson CLO Ltd. 2018-3A C, 3.719%, (US0003M + 1.900%), 07/20/2029 |
| | | | 1,757,334 | | | | | | 0.1 | | |
| 5,000,000 (1) | | | Barings CLO Ltd 2018-3A D, 4.719%, (US0003M + 2.900%), 07/20/2029 |
| | | | 3,855,745 | | | | | | 0.2 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 6,000,000 (1) | | | Barings Clo Ltd. 2019-4A C, 4.703%, (US0003M + 2.800%), 01/15/2033 |
| | | $ | 5,050,992 | | | | | | 0.2 | | |
| 2,000,000 (1) | | | Benefit Street Partners CLO V-B Ltd. 2018-5BA B, 3.969%, (US0003M + 2.150%), 04/20/2031 |
| | | | 1,636,394 | | | | | | 0.1 | | |
| 500,000 (1) | | | Benefit Street Partners CLO VII Ltd. 2015-VIIA CR, 4.219%, (US0003M + 2.400%), 07/18/2027 |
| | | | 415,486 | | | | | | 0.0 | | |
| 2,750,000 (1) | | | BlueMountain CLO 2012-2A DR2 Ltd., 4.595%, (US0003M + 2.900%), 11/20/2028 |
| | | | 2,168,776 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | BlueMountain CLO 2013-2A CR, 3.752%, (US0003M + 1.950%), 10/22/2030 |
| | | | 855,654 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | BlueMountain CLO 2015-4 CR Ltd., 3.719%, (US0003M + 1.900%), 04/20/2030 |
| | | | 842,546 | | | | | | 0.0 | | |
| 2,250,000 (1) | | | BlueMountain CLO 2016-1 Ltd. 2016-1A DR, 4.469%, (US0003M + 2.650%), 04/20/2027 |
| | | | 1,752,251 | | | | | | 0.1 | | |
| 3,750,000 (1) | | | BlueMountain CLO XXV Ltd. 2019-25A C, 4.281%, (US0003M + 2.450%), 07/15/2032 |
| | | | 3,132,041 | | | | | | 0.1 | | |
| 250,000 (1) | | | Bowman Park CLO Ltd. 2014-1A E, 7.083%, (US0003M + 5.400%), 11/23/2025 |
| | | | 195,938 | | | | | | 0.0 | | |
| 4,000,000 (1) | | | Bristol Park CLO Ltd. 2016-1A CR, 3.577%, (US0003M + 1.950%), 04/15/2029 |
| | | | 3,510,036 | | | | | | 0.1 | | |
| 750,000 (1) | | | Buttermilk Park CLO Ltd. 2018-1A C, 3.931%, (US0003M + 2.100%), 10/15/2031 |
| | | | 627,142 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
162
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 2,000,000 (1) | | | Carlyle Global Market Strategies CLO 2015-2A CR Ltd., 4.044%, (US0003M + 2.250%), 04/27/2027 |
| | | $ | 1,631,220 | | | | | | 0.1 | | |
| 250,000 (1) | | | Carlyle Global Market Strategies CLO 2015-2A DR Ltd., 6.144%, (US0003M + 4.350%), 04/27/2027 |
| | | | 175,817 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Carlyle Global Market Strategies CLO 2015-3A CR Ltd., 4.645%, (US0003M + 2.850%), 07/28/2028 |
| | | | 1,204,683 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Carlyle US CLO 2016-4A BR Ltd., 3.919%, (US0003M + 2.100%), 10/20/2027 |
| | | | 1,301,004 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | Cent CLO C17A BR Ltd., 3.620%, (US0003M + 1.850%), 04/30/2031 |
| | | | 851,682 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | CIFC Funding 2013-IA BR Ltd., 4.243%, (US0003M + 2.400%), 07/16/2030 |
| | | | 1,271,049 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | Cifc Funding 2014-4RA B Ltd., 4.036%, (US0003M + 2.200%), 10/17/2030 |
| | | | 1,748,172 | | | | | | 0.1 | | |
| 6,250,000 (1) | | | CIFC Funding 2017-2A C, 4.169%, (US0003M + 2.350%), 04/20/2030 |
| | | | 5,479,400 | | | | | | 0.2 | | |
| 1,100,000 | | | Countrywide Asset-Backed Certificates 2005-AB2 M1, 1.652%, (US0001M + 0.705%), 09/25/2035 |
| | | | 970,122 | | | | | | 0.0 | | |
| 1,750,000 (1) | | | Cumberland Park CLO Ltd. 2015-2A CR, 3.619%, (US0003M + 1.800%), 07/20/2028 |
| | | | 1,590,092 | | | | | | 0.1 | | |
| 500,000 (1) | | | Cumberland Park CLO Ltd. 2015-2A DR, 4.519%, (US0003M + 2.700%), 07/20/2028 |
| | | | 407,143 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 843,625 (1) | | | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 |
| | | $ | 813,657 | | | | | | 0.1 | | |
| 446,625 (1) | | | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 |
| | | | 434,421 | | | | | | 0.0 | | |
| 579,000 (1) | | | Domino’s Pizza Master Issuer LLC 2015-1A A1II, 4.474%, 10/25/2045 |
| | | | 562,649 | | | | | | 0.0 | | |
| 1,075,250 (1) | | | Domino’s Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047 |
| | | | 1,053,936 | | | | | | 0.1 | | |
| 3,079,125 (1) | | | Domino’s Pizza Master Issuer LLC 2017-1A A2II, 3.082%, 07/25/2047 |
| | | | 3,014,467 | | | | | | 0.1 | | |
| 2,324,600 (1) | | | Domino’s Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 |
| | | | 2,273,423 | | | | | | 0.1 | | |
| 3,541,125 (1) | | | Domino’s Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 |
| | | | 3,162,473 | | | | | | 0.1 | | |
| 2,178,000 (1) | | | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 |
| | | | 2,086,328 | | | | | | 0.1 | | |
| 1,228,125 (1) | | | Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048 |
| | | | 1,202,919 | | | | | | 0.0 | | |
| 2,750,000 (1) | | | Dryden 30 Senior Loan Fund 2013-30A DR, 4.292%, (US0003M + 2.600%), 11/15/2028 |
| | | | 2,114,995 | | | | | | 0.1 | | |
| 1,750,000 (1) | | | Dryden 55 CLO Ltd. 2018-55A C, 3.731%, (US0003M + 1.900%), 04/15/2031 |
| | | | 1,488,204 | | | | | | 0.1 | | |
| 1,150,000 (1) | | | Dryden XXV Senior Loan Fund 2012-25A DRR, 4.831%, (US0003M + 3.000%), 10/15/2027 |
| | | | 940,403 | | | | | | 0.0 | | |
| 3,061,863 (1) | | | Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047 |
| | | | 3,224,545 | | | | | | 0.1 | | |
| 750,000 (1) | | | Galaxy XXII CLO Ltd. 2016-22A DR, 4.943%, (US0003M + 3.100%), 07/16/2028 |
| | | | 605,749 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
163
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 945,500 (1) | | | Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048 |
| | | $ | 857,967 | | | | | | 0.0 | | |
| 3,553,439 (1) | | | Helios Issuer, LLC 2018-1A B, 7.710%, 07/20/2048 |
| | | | 1,969,638 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | Invitation Homes 2018-SFR1 D Trust, 2.250%, (US0001M + 1.450%), 03/17/2037 |
| | | | 859,377 | | | | | | 0.0 | | |
| 4,500,000 (1) | | | Jay Park CLO Ltd. 2016-1A BR, 3.819%, (US0003M + 2.000%), 10/20/2027 |
| | | | 3,987,765 | | | | | | 0.2 | | |
| 3,750,000 (1) | | | Jersey Mike’s Funding 2019-1A A2, 4.433%, 02/15/2050 |
| | | | 3,327,375 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 |
| | | | 973,103 | | | | | | 0.0 | | |
| 1,350,000 (1) | | | LCM XVIII L.P. 18A CR, 3.669%, (US0003M + 1.850%), 04/20/2031 |
| | | | 1,129,946 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | LCM XX L.P. 20A-CR, 3.769%, (US0003M + 1.950%), 10/20/2027 |
| | | | 891,771 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | LCM XX L.P. 20A-DR, 4.619%, (US0003M + 2.800%), 10/20/2027 |
| | | | 1,194,270 | | | | | | 0.1 | | |
| 2,800,000 (1) | | | LCM XXII Ltd. 22A CR, 4.619%, (US0003M + 2.800%), 10/20/2028 |
| | | | 2,121,616 | | | | | | 0.1 | | |
| 944,101 (1) | | | LCSS Financing 2018-A A LLC, 4.700%, 12/15/2062 |
| | | | 986,502 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Madison Park Funding XIII Ltd. 2014-13A CR2, 3.719%, (US0003M + 1.900%), 04/19/2030 |
| | | | 880,963 | | | | | | 0.0 | | |
| 6,000,000 (1) | | | Madison Park Funding XXI Ltd. 2016-21A BR, 4.681%, (US0003M + 2.850%), 10/15/2032 |
| | | | 4,954,878 | | | | | | 0.2 | | |
| 2,500,000 (1) | | | Madison Park Funding XIX Ltd. 2015-19A B1R2, 2.717%, (US0003M + 1.850%), 01/22/2028 |
| | | | 2,263,047 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 1,000,000 (1) | | | Magnetite VIII Ltd. 2014-8A CR2, 3.681%, (US0003M + 1.850%), 04/15/2031 |
| | | $ | 875,584 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028 |
| | | | 1,475,599 | | | | | | 0.0 | | |
| 1,700,000 (1) | | | Marlette Funding Trust 2018-4A C, 4.910%, 12/15/2028 |
| | | | 1,581,912 | | | | | | 0.1 | | |
| 1,700,000 (1) | | | Marlette Funding Trust 2019-1A B, 3.940%, 04/16/2029 |
| | | | 1,539,412 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029 |
| | | | 1,493,229 | | | | | | 0.0 | | |
| 4,050,000 (1) | | | Marlette Funding Trust 2019-3A C, 3.790%, 09/17/2029 |
| | | | 2,967,610 | | | | | | 0.1 | | |
| 1,950,000 (1) | | | Marlette Funding Trust 2019-4A B, 2.950%, 12/17/2029 |
| | | | 1,717,079 | | | | | | 0.1 | | |
| 1,600,000 (1) | | | Marlette Funding Trust 2020-1A C, 2.800%, 03/15/2030 |
| | | | 1,241,776 | | | | | | 0.0 | | |
| 2,797,421 (1) | | | Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043 |
| | | | 2,648,762 | | | | | | 0.1 | | |
| 987,750 (1) | | | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 |
| | | | 949,633 | | | | | | 0.0 | | |
| 2,426,756 (1) | | | Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044 |
| | | | 2,225,308 | | | | | | 0.1 | | |
| 2,250,280 (1) | | | Mosaic Solar Loan Trust 2019-1A A, 4.370%, 12/21/2043 |
| | | | 2,229,354 | | | | | | 0.1 | | |
| 1,171,391 (1) | | | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 |
| | | | 1,130,763 | | | | | | 0.0 | | |
| 1,796,293 (1) | | | Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043 |
| | | | 1,797,461 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
164
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 3,500,000 (1) | | | Neuberger Berman Loan Advisers CLO 24 Ltd. 2017-24A CR, 3.822%, (US0003M + 1.950%), 04/19/2030 |
| | | $ | 3,050,824 | | | | | | 0.1 | | |
| 2,300,000 (1) | | | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 4.590%, (US0003M + 2.450%), 10/16/2032 |
| | | | 1,904,579 | | | | | | 0.1 | | |
| 700,000 (1) | | | Ocean Trails CLO IV 2013-4A DR, 4.707%, (US0003M + 3.000%), 08/13/2025 |
| | | | 623,860 | | | | | | 0.0 | | |
| 2,450,000 (1) | | | OCP CLO 2015-8 Ltd. 2015-8A BR, 3.686%, (US0003M + 1.850%), 04/17/2027 |
| | | | 2,269,408 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | Octagon Investment Partners 31 Ltd. 2017-1A C, 4.219%, (US0003M + 2.400%), 07/20/2030 |
| | | | 1,710,704 | | | | | | 0.1 | | |
| 2,250,000 (1) | | | Octagon Investment Partners 32 Ltd. 2017-1A C, 4.081%, (US0003M + 2.250%), 07/15/2029 |
| | | | 1,915,533 | | | | | | 0.1 | | |
| 600,000 (1) | | | Octagon Investment Partners 33 Ltd. 2017-1A B, 3.669%, (US0003M + 1.850%), 01/20/2031 |
| | | | 501,382 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | Octagon Investment Partners XXIII Ltd. 2015-1A CR, 3.681%, (US0003M + 1.850%), 07/15/2027 |
| | | | 903,771 | | | | | | 0.0 | | |
| 1,500,000 (1) | | | OHA Credit Funding 3 Ltd. 2019-3A C, 4.269%, (US0003M + 2.450%), 07/20/2032 |
| | | | 1,261,347 | | | | | | 0.0 | | |
| 1,545,000 (1) | | | OHA Credit Partners IX Ltd. 2013-9A DR, 5.119%, (US0003M + 3.300%), 10/20/2025 |
| | | | 1,419,702 | | | | | | 0.1 | | |
| 1,500,000 (1) | | | Palmer Square Loan Funding 2018-1A D Ltd., 5.781%, (US0003M + 3.950%), 04/15/2026 |
| | | | 996,456 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 1,000,000 (1) | | | Palmer Square Loan Funding 2018-1A E Ltd., 7.731%, (US0003M + 5.900%), 04/15/2026 |
| | | $ | 616,228 | | | | | | 0.0 | | |
| 1,500,000 (1)(9) | | | Palmer Square Loan Funding 2018-2A C Ltd., 3.781%, (US0003M + 1.950%), 07/15/2026 |
| | | | 1,159,025 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Palmer Square Loan Funding 2018-4 D Ltd., 5.942%, (US0003M + 4.250%), 11/15/2026 |
| | | | 2,015,955 | | | | | | 0.1 | | |
| 1,576,000 (1) | | | Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048 |
| | | | 1,504,498 | | | | | | 0.1 | | |
| 2,443,875 (1) | | | Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 |
| | | | 2,256,703 | | | | | | 0.1 | | |
| 670,000 (1) | | | Recette CLO Ltd. 2015-1A DR, 4.569%, (US0003M + 2.750%), 10/20/2027 |
| | | | 560,103 | | | | | | 0.0 | | |
| 3,000,000 (1) | | | Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030 |
| | | | 2,625,537 | | | | | | 0.1 | | |
| 1,985,000 (1) | | | Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027 |
| | | | 1,636,775 | | | | | | 0.1 | | |
| 2,050,000 (1) | | | Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027 |
| | | | 1,915,114 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | SoFi Consumer Loan Program 2018-4 D Trust, 4.760%, 11/26/2027 |
| | | | 2,644,437 | | | | | | 0.1 | | |
| 2,750,000 (1) | | | SoFi Consumer Loan Program 2019-1 D Trust, 4.420%, 02/25/2028 |
| | | | 2,398,326 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028 |
| | | | 2,105,119 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | SoFi Consumer Loan Program 2019-3 D Trust, 3.890%, 05/25/2028 |
| | | | 3,328,853 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
165
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 2,000,000 (1) | | | SoFi Consumer Loan Program 2019-4 C Trust, 2.840%, 08/25/2028 |
| | | $ | 1,635,647 | | | | | | 0.0 | | |
| 600,000 (1) | | | SoFi Consumer Loan Program 2019-4 D Trust, 3.480%, 08/25/2028 |
| | | | 486,563 | | | | | | 0.0 | | |
| 770,000 (1)(5) | | | SoFi Consumer Loan Program 2017-1 B, 4.730%, 01/26/2026 |
| | | | 738,216 | | | | | | 0.0 | | |
| 2,100,000 (1) | | | SoFi Consumer Loan Program 2020-1 C Trust, 2.500%, 01/25/2029 |
| | | | 1,653,204 | | | | | | 0.1 | | |
| 1,200,000 (1) | | | SoFi Consumer Loan Program 2020-1 D Trust, 2.940%, 01/25/2029 |
| | | | 941,112 | | | | | | 0.0 | | |
| 1,948,375 (1) | | | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 |
| | | | 1,896,050 | | | | | | 0.1 | | |
| 5,150,000 (1) | | | Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055 |
| | | | 3,820,878 | | | | | | 0.2 | | |
| 1,927,993 (1) | | | Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049 |
| | | | 1,724,477 | | | | | | 0.1 | | |
| 3,826,061 (1) | | | Sunrun Atlas Issuer 2019-2 A LLC, 3.610%, 01/30/2055 |
| | | | 3,367,156 | | | | | | 0.1 | | |
| 1,200,000 (1) | | | Symphony Credit Opportunities Fund Ltd. 2015-2A CR, 4.091%, (US0003M + 2.260%), 07/15/2028 |
| | | | 1,094,200 | | | | | | 0.0 | | |
| 1,086,250 (1) | | | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 |
| | | | 1,070,198 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | TCI-Flatiron Clo 2017-1A C Ltd., 3.542%, (US0003M + 1.850%), 11/18/2030 |
| | | | 849,842 | | | | | | 0.0 | | |
| 4,000,000 (1) | | | TES 2017-2A B LLC, 6.990%, 02/20/2048 |
| | | | 2,789,574 | | | | | | 0.1 | | |
| 3,450,000 (1) | | | TES LLC 2017-1A B, 7.740%, 10/20/2047 |
| | | | 2,948,299 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | THL Credit Wind River 2014-1 CRR CLO Ltd., 3.769%, (US0003M + 1.950%), 07/18/2031 |
| | | | 1,628,234 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Other Asset-Backed Securities (continued) |
| ||||||||||||
| 1,000,000 (1) | | | THL Credit Wind River 2016-1A CR CLO Ltd., 3.931%, (US0003M + 2.100%), 07/15/2028 |
| | | $ | 890,813 | | | | | | 0.0 | | |
| 2,000,000 (1)(5) | | | Towd Point Mortgage Trust 2015-6 M2, 3.750%, 04/25/2055 |
| | | | 1,880,397 | | | | | | 0.1 | | |
| 2,500,000 (1)(5) | | | Towd Point Mortgage Trust 2017-6 A2, 3.000%, 10/25/2057 |
| | | | 2,329,428 | | | | | | 0.1 | | |
| 1,500,000 (1) | | | Upland CLO Ltd. 2016-1A BR, 3.669%, (US0003M + 1.850%), 04/20/2031 |
| | | | 1,252,982 | | | | | | 0.1 | | |
| 1,795,000 (1) | | | Venture XX CLO Ltd. 2015-20A CR, 3.731%, (US0003M + 1.900%), 04/15/2027 |
| | | | 1,543,664 | | | | | | 0.1 | | |
| 2,785,875 (1) | | | Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048 |
| | | | 2,545,984 | | | | | | 0.1 | | |
| 977,500 (1) | | | Wendy’s Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 |
| | | | 886,123 | | | | | | 0.1 | | |
| 3,357,500 (1) | | | Wendy’s Funding LLC 2019-1A A2I, 3.783%, 06/15/2049 |
| | | | 3,198,623 | | | | | | 0.1 | | |
| 2,000,000 (1) | | | West CLO 2014-2A BR Ltd., 3.593%, (US0003M + 1.750%), 01/16/2027 |
| | | | 1,858,172 | | | | | | 0.1 | | |
| 550,523 | | | Other Securities | | | | | 536,908 | | | | | | 0.0 | | |
| | | | | | | | | 235,591,425 | | | | | | 9.2 | | |
| | | | Student Loan Asset-Backed Securities: 1.2% | | ||||||||||||
| 551,931 (1) | | | Commonbond Student Loan Trust 2018-CGS C, 4.350%, 02/25/2046 |
| | | | 561,262 | | | | | | 0.0 | | |
| 4,779,820 (1) | | | Commonbond Student Loan Trust 2019-A-GS A1, 2.540%, 01/25/2047 |
| | | | 4,867,038 | | | | | | 0.2 | | |
| 1,215,411 (1) | | | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 |
| | | | 1,181,777 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
166
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| ASSET-BACKED SECURITIES: (continued) | | |||||||||||||||
| | | | Student Loan Asset-Backed Securities (continued) |
| ||||||||||||
| 4,400,000 (1) | | | SoFi Professional Loan Program 2020-B BFX Trust, 2.730%, 05/15/2046 |
| | | $ | 4,407,927 | | | | | | 0.2 | | |
| 258,932 (1) | | | Earnest Student Loan Program, LLC 2017-A C, 4.130%, 01/25/2041 |
| | | | 258,663 | | | | | | 0.0 | | |
| 1,086,000 (1) | | | ELFI Graduate Loan Program 2018-A B LLC, 4.000%, 08/25/2042 |
| | | | 1,112,602 | | | | | | 0.0 | | |
| 2,150,000 (1)(5) | | | ELFI Graduate Loan Program 2019-A B LLC, 2.940%, 03/25/2044 |
| | | | 2,179,364 | | | | | | 0.1 | | |
| 4,000,000 (1) | | | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 |
| | | | 3,915,323 | | | | | | 0.2 | | |
| 1,000,000 (1) | | | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 |
| | | | 1,038,473 | | | | | | 0.0 | | |
| 2,250,000 (1)(5) | | | SoFi Professional Loan Program 2017-A B LLC, 3.440%, 03/26/2040 |
| | | | 2,317,394 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | SoFi Professional Loan Program 2017-A C, 4.430%, 03/26/2040 |
| | | | 1,055,861 | | | | | | 0.1 | | |
| 1,000,000 (1)(5) | | | SoFi Professional Loan Program 2017-C C, 4.210%, 07/25/2040 |
| | | | 1,046,712 | | | | | | 0.0 | | |
| 1,000,000 (1) | | | SoFi Professional Loan Program 2017-E C LLC, 4.160%, 11/26/2040 |
| | | | 1,053,020 | | | | | | 0.1 | | |
| 1,000,000 (1) | | | Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048 |
| | | | 1,032,126 | | | | | | 0.0 | | |
| 2,000,000 (1) | | | Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048 |
| | | | 2,088,770 | | | | | | 0.1 | | |
| 3,000,000 (1) | | | Sofi Professional Loan Program 2019-C BFX LLC, 3.050%, 11/16/2048 |
| | | | 3,025,433 | | | | | | 0.1 | | |
| | | | | | | | | 31,141,745 | | | | | | 1.2 | | |
| | | | Total Asset-Backed Securities (Cost $348,224,383) |
| | |
|
308,841,383
|
| | | |
|
12.0
|
| |
| | ||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: 13.5% | | |||||||||||||||
| | | | Aerospace & Defense: 0.4% | | ||||||||||||
| 1,324,402 | | | AI Convoy (Luxembourg) S.A.R.L USD Term Loan B, 5.340%, (US0003M + 3.500%), 01/17/2027 |
| | | $ | 1,244,937 | | | | | | 0.1 | | |
| 1,395,099 | | | Amentum Government Services Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 02/01/2027 |
| | | | 1,318,369 | | | | | | 0.1 | | |
| 2,327,328 | | | American Airlines, Inc. 2018 Term Loan B, 2.709%, (US0001M + 1.750%), 06/27/2025 |
| | | | 1,920,046 | | | | | | 0.1 | | |
| 226,136 | | | Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2, 4.950%, (US0003M + 3.500%), 04/06/2026 |
| | | | 178,195 | | | | | | 0.0 | | |
| 420,614 | | | Dynasty Acquisition Co., Inc. 2020 Term Loan B1, 4.950%, (US0003M + 3.500%), 04/06/2026 |
| | | | 331,444 | | | | | | 0.0 | | |
| 1,260,817 | | | KBR, Inc. 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/2027 |
| | | | 1,115,823 | | | | | | 0.0 | | |
| 933,068 | | | Maxar Technologies Ltd. Term Loan B, 3.739%, (US0003M + 2.750%), 10/04/2024 |
| | | | 807,103 | | | | | | 0.0 | | |
| 655,000 | | | Science Applications International Corporation 2020 Incremental Term Loan B, 3.701%, (US0003M + 2.250%), 03/05/2027 |
| | | | 623,887 | | | | | | 0.0 | | |
| 498,750 | | | TransDigm, Inc. 2020 Term Loan E, 3.239%, (US0001M + 2.250%), 05/30/2025 |
| | | | 466,331 | | | | | | 0.0 | | |
| 1,286,998 | | | TransDigm, Inc. 2020 Term Loan F, 3.239%, (US0001M + 2.250%), 12/09/2025 |
| | | | 1,203,343 | | | | | | 0.0 | | |
| 2,220,289 | | | TransDigm, Inc. 2020 Term Loan G, 3.239%, (US0001M + 2.250%), 08/22/2024 |
| | | | 2,075,971 | | | | | | 0.1 | | |
| | | | | | | | | 11,285,449 | | | | | | 0.4 | | |
See Accompanying Notes to Financial Statements
167
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Auto Components: 0.0% | | ||||||||||||
| 1,267,532 | | | Broadstreet Partners, Inc. 2020 Term Loan B, 4.294%, (US0001M + 3.250%), 01/27/2027 |
| | |
$
|
1,138,402
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Automotive: 0.7% | | ||||||||||||
| 3,337,774 | | | American Axle and Manufacturing, Inc. Term Loan B, 3.200%, (US0001M + 2.250%), 04/06/2024 |
| | | | 2,828,764 | | | | | | 0.1 | | |
| 337,875 | | | Autokiniton US Holdings, Inc. Term Loan, 6.739%, (US0001M + 5.750%), 05/22/2025 |
| | | | 277,902 | | | | | | 0.0 | | |
| 136,020 | | | Belron Finance US LLC 2018 Term Loan B, 3.957%, (US0003M + 2.250%), 11/13/2025 |
| | | | 129,219 | | | | | | 0.0 | | |
| 1,136,364 | | | Belron Finance US LLC 2019 USD Term Loan B, 4.270%, (US0003M + 2.500%), 10/30/2026 |
| | | | 1,079,545 | | | | | | 0.0 | | |
| 1,610,375 | | | Belron Finance US LLC USD Term Loan B, 3.992%, (US0003M + 2.250%), 11/07/2024 |
| | | | 1,529,857 | | | | | | 0.1 | | |
| 492 | | | Bright Bidco B.V. 2018 Term Loan B, 4.573%, (US0006M + 3.500%), 06/30/2024 |
| | | | 175 | | | | | | 0.0 | | |
| 1,182,038 | | | Dealer Tire, LLC 2020 Term Loan B, 5.239%, (US0001M + 4.250%), 12/12/2025 |
| | | | 981,091 | | | | | | 0.0 | | |
| 3,104,601 | | | Gates Global LLC 2017 USD Repriced Term Loan B, 3.750%, (US0001M + 2.750%), 04/01/2024 |
| | | | 2,794,141 | | | | | | 0.1 | | |
| 1,858,092 | | | Hertz Corporation, (The) 2016 Term Loan B, 3.739%, (US0001M + 2.750%), 06/30/2023 |
| | | | 1,331,633 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Automotive (continued) | | ||||||||||||
| 148,500 | | | Holley Purchaser, Inc. Term Loan B, 6.777%, (US0003M + 5.000%), 10/24/2025 |
| | | $ | 123,997 | | | | | | 0.0 | | |
| 525,000 | | | Innovative Xcessories & Services LLC 2020 Term Loan B, 6.451%, (US0003M + 5.000%), 02/26/2027 |
| | | | 396,375 | | | | | | 0.0 | | |
| 1,761,016 | | | KAR Auction Services, Inc. 2019 Term Loan B6, 3.188%, (US0001M + 2.250%), 09/19/2026 |
| | | | 1,637,745 | | | | | | 0.1 | | |
| 57,619 | | | Mister Car Wash Holdings, Inc. 2019 Delayed Draw Term Loan, 3.862%, (US0001M + 3.250%), 05/14/2026 |
| | | | 48,304 | | | | | | 0.0 | | |
| 1,143,739 | | | Mister Car Wash Holdings, Inc. 2019 Term Loan B, 3.862%, (US0001M + 3.250%), 05/14/2026 |
| | | | 946,444 | | | | | | 0.0 | | |
| 1,756,175 | | | Panther BF Aggregator 2 LP USD Term Loan B, 4.441%, (US0001M + 3.500%), 04/30/2026 |
| | | | 1,615,681 | | | | | | 0.1 | | |
| 1,636,966 | | | Truck Hero, Inc. 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 04/22/2024 |
| | | | 1,257,735 | | | | | | 0.1 | | |
| 1,000,000 | | | Wand NewCo 3, Inc. 2020 Term Loan, 4.072%, (US0006M + 3.000%), 02/05/2026 |
| | | | 915,000 | | | | | | 0.0 | | |
| | | | | | | | | 17,893,608 | | | | | | 0.7 | | |
| | | | Beverage & Tobacco: 0.1% | | ||||||||||||
| 1,965,250 | | | Sunshine Investments B.V. USD Term Loan B3, 4.954%, (US0002M + 3.250%), 03/28/2025 |
| | |
|
1,827,682
|
| | | |
|
0.1
|
| |
See Accompanying Notes to Financial Statements
168
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Brokers, Dealers & Investment Houses: 0.1% | | ||||||||||||
| 2,484,874 | | | Brookfield Property REIT Inc. 1st Lien Term Loan B, 3.489%, (US0001M + 2.500%), 08/27/2025 |
| | | $ | 1,784,140 | | | | | | 0.1 | | |
| 941,225 | | | Forest City Enterprises, L.P. 2019 Term Loan B, 4.489%, (US0001M + 3.500%), 12/08/2025 |
| | | | 809,453 | | | | | | 0.0 | | |
| | | | | | | | | 2,593,593 | | | | | | 0.1 | | |
| | | | Building & Development: 0.4% | | ||||||||||||
| 427,418 | | | Advanced Drainage Systems Inc Term Loan B, 3.813%, (US0001M + 2.250%), 07/31/2026 |
| | | | 399,635 | | | | | | 0.0 | | |
| 690,000 | | | Arconic Rolled Products Corporation Term Loan B, 4.213%, (US0003M + 2.750%), 02/04/2027 |
| | | | 631,350 | | | | | | 0.0 | | |
| 2,130,826 | | | Core & Main LP 2017 Term Loan B, 4.331%, (US0001M + 2.750%), 08/01/2024 |
| | | | 1,885,781 | | | | | | 0.1 | | |
| 1,822,720 | | | GYP Holdings III Corp. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 06/01/2025 |
| | | | 1,658,675 | | | | | | 0.1 | | |
| 989,155 | | | Henry Company LLC Term Loan B, 5.000%, (US0001M + 4.000%), 10/05/2023 |
| | | | 849,024 | | | | | | 0.0 | | |
| 147,750 | | | Interior Logic Group Holdings IV LLC 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 05/30/2025 |
| | | | 128,543 | | | | | | 0.0 | | |
| 1,879,141 | | | MX Holdings US, Inc. 2018 USD Term Loan B1C, 3.739%, (US0001M + 2.750%), 07/31/2025 |
| | | | 1,625,457 | | | | | | 0.1 | | |
| 1,895,250 | | | Quikrete Holdings Inc Term Loan, 3.489%, (US0001M + 2.500%), 02/01/2027 |
| | | | 1,648,868 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Building & Development (continued) | | ||||||||||||
| 644,080 | | | Werner FinCo LP 2017 Term Loan, 5.000%, (US0001M + 4.000%), 07/24/2024 |
| | | $ | 570,011 | | | | | | 0.0 | | |
| 1,500,000 | | | Zekelman Industries, Inc. 2020 Term Loan, 3.209%, (US0001M + 2.250%), 01/24/2027 |
| | | | 1,402,500 | | | | | | 0.0 | | |
| | | | | | | | | 10,799,844 | | | | | | 0.4 | | |
| | | | Business Equipment & Services: 1.2% | | ||||||||||||
| 442,261 | | | 24-7 Intouch Inc 2018 Term Loan, 5.739%, (US0001M + 4.750%), 08/25/2025 |
| | | | 373,711 | | | | | | 0.0 | | |
| 2,561,345 | | | AlixPartners, LLP 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 04/04/2024 |
| | | | 2,388,454 | | | | | | 0.1 | | |
| 640,547 | | | Ascend Learning, LLC 2017 Term Loan B, 4.000%, (US0001M + 3.000%), 07/12/2024 |
| | | | 580,763 | | | | | | 0.0 | | |
| 215,899 | | | Big Ass Fans, LLC 2018 Term Loan, 5.200%, (US0003M + 3.750%), 05/21/2024 |
| | | | 189,991 | | | | | | 0.0 | | |
| 755,000 | | | Castle US Holding Corporation USD Term Loan B, 5.200%, (US0001M + 3.750%), 01/29/2027 |
| | | | 657,794 | | | | | | 0.0 | | |
| 584,594 | | | Colorado Buyer Inc Term Loan B, 4.000%, (US0001M + 3.000%), 05/01/2024 |
| | | | 397,037 | | | | | | 0.0 | | |
| 1,140,115 | | | Convergint Technologies LLC 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/03/2025 |
| | | | 986,200 | | | | | | 0.0 | | |
| 1,911,930 | | | EIG Investors Corp. 2018 1st Lien Term Loan, 5.388%, (US0003M + 3.750%), 02/09/2023 |
| | | | 1,567,783 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
169
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Business Equipment & Services (continued) |
| ||||||||||||
| 921,610 | | | Ellie Mae, Inc. Term Loan, 5.200%, (US0003M + 3.750%), 04/17/2026 |
| | | $ | 810,249 | | | | | | 0.0 | | |
| 787,479 | | | EVO Payments International LLC 2018 1st Lien Term Loan, 4.200%, (US0001M + 3.250%), 12/22/2023 |
| | | | 685,107 | | | | | | 0.0 | | |
| 883,744 | | | GreenSky Holdings, LLC 2018 Term Loan B, 4.250%, (US0001M + 3.250%), 03/31/2025 |
| | | | 729,089 | | | | | | 0.0 | | |
| 400,871 | | | ION Trading Technologies S.a.r.l. USD Incremental Term Loan B, 5.072%, (US0003M + 4.000%), 11/21/2024 |
| | | | 304,662 | | | | | | 0.0 | | |
| 146,512 | | | IQOR US Inc. Term Loan B, 6.909%, (US0003M + 5.000%), 04/01/2021 |
| | | | 87,724 | | | | | | 0.0 | | |
| 1,731,401 | | | KUEHG Corp. 2018 Incremental Term Loan, 5.200%, (US0003M + 3.750%), 02/21/2025 |
| | | | 1,302,879 | | | | | | 0.1 | | |
| 1,036,434 | | | Learning Care Group, Inc. 2018 1st Lien Term Loan, 4.984%, (US0003M + 3.250%), 03/13/2025 |
| | | | 834,329 | | | | | | 0.0 | | |
| 100,000 | | | Learning Care Group, Inc. 2018 2nd Lien Term Loan, 9.294%, (US0003M + 7.500%), 03/13/2026 |
| | | | 89,000 | | | | | | 0.0 | | |
| 1,385,054 | | | PI US MergerCo, Inc. USD 2017 1st Lien Term Loan, 4.700%, (US0003M + 3.250%), 01/03/2025 |
| | | | 1,187,684 | | | | | | 0.1 | | |
| 1,624,587 | | | Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan, 4.239%, (US0001M + 3.250%), 05/01/2025 |
| | | | 1,389,022 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Business Equipment & Services (continued) |
| ||||||||||||
| 1,489,383 | | | Prometric Holdings, Inc. 1st Lien Term Loan, 4.000%, (US0001M + 3.000%), 01/29/2025 |
| | | $ | 1,154,271 | | | | | | 0.1 | | |
| 2,503,476 | | | Red Ventures, LLC 2020 Term Loan B, 3.489%, (US0001M + 2.500%), 11/08/2024 |
| | | | 2,111,264 | | | | | | 0.1 | | |
| 641,715 | | | Renaissance Learning, Inc. 2018 Add On Term Loan, 4.239%, (US0001M + 3.250%), 05/30/2025 |
| | | | 571,127 | | | | | | 0.0 | | |
| 1,144,074 | | | Research Now Group, Inc. 2017 1st Lien Term Loan, 7.263%, (US0003M + 5.500%), 12/20/2024 |
| | | | 1,029,667 | | | | | | 0.1 | | |
| 265,000 | | | Rockwood Service Corporation 2020 Term Loan, 5.700%, (US0003M + 4.250%), 01/23/2027 |
| | | | 241,481 | | | | | | 0.0 | | |
| 1,629,213 | | | Solera Holdings, Inc. USD Term Loan B, 4.363%, (US0003M + 2.750%), 03/03/2023 |
| | | | 1,527,387 | | | | | | 0.1 | | |
| 261,173 | | | SSH Group Holdings, Inc. 2018 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 07/30/2025 |
| | | | 210,897 | | | | | | 0.0 | | |
| 1,550,794 | | | Staples, Inc. 7 Year Term Loan, 6.515%, (US0001M + 5.000%), 04/16/2026 |
| | | | 1,246,450 | | | | | | 0.1 | | |
| 665,000 | | | STG-Fairway Holdings, LLC Term Loan B, 4.572%, (US0006M + 3.500%), 01/31/2027 |
| | | | 608,475 | | | | | | 0.0 | | |
| 364,432 | | | SurveyMonkey Inc. 2018 Term Loan B, 4.370%, (US0001W + 3.750%), 10/10/2025 |
| | | | 300,657 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
170
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Business Equipment & Services (continued) |
| ||||||||||||
| 1,292,406 | | | Verifone Systems, Inc. 2018 1st Lien Term Loan, 5.695%, (US0003M + 4.000%), 08/20/2025 |
| | | $ | 857,296 | | | | | | 0.0 | | |
| 1,111,832 | | | Verra Mobility Corporation 2020 Term Loan B, 4.239%, (US0001M + 3.250%), 02/28/2025 |
| | | | 1,006,208 | | | | | | 0.0 | | |
| 2,006,981 | | | Verscend Holding Corp. 2018 Term Loan B, 5.489%, (US0001M + 4.500%), 08/27/2025 |
| | | | 1,906,632 | | | | | | 0.1 | | |
| 610,000 | | | VS Buyer, LLC Term Loan B, 4.863%, (US0003M + 3.250%), 02/28/2027 |
| | | | 588,650 | | | | | | 0.0 | | |
| 1,393,027 | | | West Corporation 2017 Term Loan, 5.450%, (US0003M + 4.000%), 10/10/2024 |
| | | | 1,072,631 | | | | | | 0.1 | | |
| 686,550 | | | West Corporation 2018 Term Loan B1, 4.950%, (US0003M + 3.500%), 10/10/2024 |
| | | | 516,285 | | | | | | 0.0 | | |
| 630,008 | | | Yak Access, LLC 2018 1st Lien Term Loan B, 6.450%, (US0003M + 5.000%), 07/11/2025 |
| | | | 475,656 | | | | | | 0.0 | | |
| 100,000 | | | Yak Access, LLC 2018 2nd Lien Term Loan B, 11.204%, (US0003M + 10.000%), 07/10/2026 |
| | | | 62,500 | | | | | | 0.0 | | |
| | | | | | | | | 30,049,012 | | | | | | 1.2 | | |
| | | | Cable & Satellite Television: 0.3% | | ||||||||||||
| 2,038,112 | | | CSC Holdings, LLC 2019 Term Loan B5, 3.112%, (US0001M + 2.500%), 04/15/2027 |
| | | | 1,973,572 | | | | | | 0.1 | | |
| 1,477,348 | | | Radiate Holdco, LLC 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/01/2024 |
| | | | 1,370,978 | | | | | | 0.0 | | |
| 598,500 | | | Telesat Canada Term Loan B5, 3.740%, (US0001M + 2.750%), 12/07/2026 |
| | | | 558,101 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Cable & Satellite Television (continued) | | ||||||||||||
| 1,110,000 | | | UPC Broadband Holding B.V. 2020 USD Term Loan B, 2.955%, (US0001M + 2.250%), 04/30/2028 |
| | | $ | 1,008,250 | | | | | | 0.0 | | |
| 2,149,808 | | | Virgin Media Bristol LLC USD Term Loan N, 3.205%, (US0001M + 2.500%), 01/31/2028 |
| | | | 2,047,692 | | | | | | 0.1 | | |
| 1,994,885 | | | WideOpenWest Finance LLC 2017 Term Loan B, 4.250%, (US0001M + 3.250%), 08/18/2023 |
| | | | 1,822,826 | | | | | | 0.1 | | |
| | | | | | | | | 8,781,419 | | | | | | 0.3 | | |
| | | | Chemicals & Plastics: 0.4% | | ||||||||||||
| 1,340,206 | | | Alpha 3 B.V. 2017 Term Loan B1, 4.450%, (US0003M + 3.000%), 01/31/2024 |
| | | | 1,243,041 | | | | | | 0.1 | | |
| 278,600 | | | Ascend Performance Materials Operations LLC 2019 Term Loan B, 6.700%, (US0003M + 5.250%), 08/27/2026 |
| | | | 247,954 | | | | | | 0.0 | | |
| 669,850 | | | Composite Resins Holding B.V. 2018 Term Loan B, 5.255%, (US0001M + 4.250%), 08/01/2025 |
| | | | 599,515 | | | | | | 0.0 | | |
| 634,659 | | | Diamond (BC) B.V. USD Term Loan, 4.777%, (US0003M + 3.000%), 09/06/2024 |
| | | | 490,274 | | | | | | 0.0 | | |
| 1,553,485 | | | Encapsys, LLC 2020 Term Loan B2, 4.250%, (US0001M + 3.250%), 11/07/2024 |
| | | | 1,242,788 | | | | | | 0.1 | | |
| 891,231 | | | Polar US Borrower, LLC 2018 1st Lien Term Loan, 6.609%, (US0003M + 4.750%), 10/15/2025 |
| | | | 779,827 | | | | | | 0.0 | | |
| 1,587,859 | | | Starfruit Finco B.V 2018 USD Term Loan B, 3.863%, (US0001M + 3.000%), 10/01/2025 |
| | | | 1,452,891 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
171
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Chemicals & Plastics (continued) | | ||||||||||||
| 2,494,013 | | | Tronox Finance LLC Term Loan B, 3.930%, (US0001M + 2.750%), 09/23/2024 |
| | | $ | 2,242,534 | | | | | | 0.1 | | |
| 500,000 | | | Univar Inc. 2017 USD Term Loan B, 4.484%, (US0001M + 2.250%), 07/01/2024 |
| | | | 468,750 | | | | | | 0.0 | | |
| 443,888 | | | Univar Inc. 2019 USD Term Loan B5, 3.450%, (US0003M + 2.000%), 07/01/2026 |
| | | | 406,157 | | | | | | 0.0 | | |
| | | | | | | | | 9,173,731 | | | | | | 0.4 | | |
| | | | Clothing/Textiles: 0.0% | | ||||||||||||
| 1,230,462 | | | Varsity Brands, Inc. 2017 Term Loan B, 4.500%, (US0001M + 3.500%), 12/15/2024 |
| | |
|
974,116
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Consumer, Cyclical: 0.0% | | ||||||||||||
| 973,887 | | | 24 Hour Fitness Worldwide, Inc. 2018 Term Loan B, 4.950%, (US0003M + 3.500%), 05/30/2025 |
| | | | 241,848 | | | | | | 0.0 | | |
| 501,601 | | | Harbor Freight Tools USA, Inc. 2018 Term Loan B, 4.299%, (US0001M + 2.500%), 08/19/2023 |
| | | | 460,219 | | | | | | 0.0 | | |
| | | | | | | | | 702,067 | | | | | | 0.0 | | |
| | | | Containers & Glass Products: 0.6% | | ||||||||||||
| 890,677 | | | Albea Beauty Holdings S.A 2018 USD Term Loan B2, 4.907%, (US0006M + 3.000%), 04/22/2024 |
| | | | 723,675 | | | | | | 0.0 | | |
| 3,143,781 | | | Berry Global, Inc. 2019 Term Loan Y, 2.863%, (US0001M + 2.000%), 07/01/2026 |
| | | | 2,977,161 | | | | | | 0.1 | | |
| 1,278,768 | | | Bway Holding Company 2017 Term Loan B, 5.084%, (US0003M + 3.250%), 04/03/2024 |
| | | | 1,061,378 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Containers & Glass Products (continued) |
| ||||||||||||
| 1,378,128 | | | Charter NEX US, Inc. Incremental Term Loan, 4.489%, (US0001M + 3.500%), 05/16/2024 |
| | | $ | 1,215,050 | | | | | | 0.1 | | |
| 806,699 | | | Flex Acquisition Company, Inc. 1st Lien Term Loan, 4.898%, (US0003M + 3.000%), 12/29/2023 |
| | | | 719,307 | | | | | | 0.0 | | |
| 2,018,888 | | | Flex Acquisition Company, Inc. 2018 Incremental Term Loan, 5.159%, (US0003M + 3.250%), 06/29/2025 |
| | | | 1,800,176 | | | | | | 0.1 | | |
| 684,715 | | | Plastipak Packaging, Inc. 2018 Term Loan B, 3.490%, (US0001M + 2.500%), 10/14/2024 |
| | | | 631,649 | | | | | | 0.0 | | |
| 1,195,000 | | | Reynolds Consumer Products LLC Term Loan, 3.501%, (US0003M + 1.750%), 02/04/2027 |
| | | | 1,134,503 | | | | | | 0.1 | | |
| 2,453,084 | | | Reynolds Group Holdings Inc. USD 2017 Term Loan, 3.739%, (US0001M + 2.750%), 02/05/2023 |
| | | | 2,339,629 | | | | | | 0.1 | | |
| 888,189 | | | Ring Container Technologies Group, LLC 1st Lien Term Loan, 3.739%, (US0001M + 2.750%), 10/31/2024 |
| | | | 777,165 | | | | | | 0.0 | | |
| 1,787,961 | | | TricorBraun Hldgs Inc First Lien Term Loan, 5.202%, (US0003M + 3.750%), 11/30/2023 |
| | | | 1,497,417 | | | | | | 0.1 | | |
| | | | | | | | | 14,877,110 | | | | | | 0.6 | | |
| | | | Cosmetics/Toiletries: 0.1% | | ||||||||||||
| 147,375 | | | Anastasia Parent, LLC 2018 Term Loan B, 4.822%, (US0006M + 3.750%), 08/11/2025 |
| | | | 88,916 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
172
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Cosmetics/Toiletries (continued) | | ||||||||||||
| 1,720,915 | | | Wellness Merger Sub, Inc. 1st Lien Term Loan, 5.863%, (US0003M + 4.250%), 06/30/2024 |
| | | $ | 1,370,996 | | | | | | 0.1 | | |
| | | | | | | | | 1,459,912 | | | | | | 0.1 | | |
| | | | Drugs: 0.0% | | ||||||||||||
| 1,038,362 | | | Horizon Therapeutics USA Inc Term Loan B, 3.313%, (US0001M + 2.250%), 05/22/2026 |
| | |
|
983,848
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Ecological Services & Equipment: 0.0% | | ||||||||||||
| 1,090,466 | | | GFL Environmental Inc. 2018 USD Term Loan B, 3.991%, (US0001M + 3.000%), 05/30/2025 |
| | |
|
1,063,885
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Electronics/Electrical: 2.0% | | ||||||||||||
| 420,084 | | | ABC Financial Services, Inc. 1st Lien Term Loan, 5.250%, (US0001M + 4.250%), 01/02/2025 |
| | | | 325,565 | | | | | | 0.0 | | |
| 1,533,405 | | | Barracuda Networks, Inc. 1st Lien Term Loan, 4.517%, (US0003M + 3.250%), 02/12/2025 |
| | | | 1,423,511 | | | | | | 0.1 | | |
| 1,191,763 | | | BMC Software Finance, Inc. 2018 USD Term Loan B, 5.239%, (US0001M + 4.250%), 10/02/2025 |
| | | | 1,021,341 | | | | | | 0.0 | | |
| 642,085 | | | Brave Parent Holdings, Inc. 1st Lien Term Loan, 5.777%, (US0003M + 4.000%), 04/18/2025 |
| | | | 560,754 | | | | | | 0.0 | | |
| 678,447 | | | Cohu, Inc. 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 10/01/2025 |
| | | | 508,835 | | | | | | 0.0 | | |
| 1,013,536 | | | Compuware Corporation 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 08/22/2025 |
| | | | 983,130 | | | | | | 0.0 | | |
| 148,500 | | | EagleView Technology Corporation 2018 Add On Term Loan B, 5.113%, (US0003M + 3.500%), 08/14/2025 |
| | | | 126,225 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Electronics/Electrical (continued) | | ||||||||||||
| 394,856 | | | Electrical Components International, Inc. 2018 1st Lien Term Loan, 5.239%, (US0003M + 4.250%), 06/26/2025 |
| | | $ | 298,116 | | | | | | 0.0 | | |
| 2,120,744 | | | Epicor Software Corporation 1st Lien Term Loan, 4.250%, (US0001M + 3.250%), 06/01/2022 |
| | | | 1,966,990 | | | | | | 0.1 | | |
| 406,117 | | | Exact Merger Sub LLC 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 09/27/2024 |
| | | | 364,828 | | | | | | 0.0 | | |
| 890,525 | | | GlobalFoundries Inc USD Term Loan B, 6.200%, (US0003M + 4.750%), 06/05/2026 |
| | | | 765,851 | | | | | | 0.0 | | |
| 1,553,612 | | | Greeneden U.S. Holdings II, LLC 2018 USD Term Loan B, 4.239%, (US0001M + 3.250%), 12/01/2023 |
| | | | 1,406,019 | | | | | | 0.1 | | |
| 593,513 | | | Helios Software Holdings, Inc. USD Term Loan, 5.322%, (US0006M + 4.250%), 10/24/2025 |
| | | | 504,486 | | | | | | 0.0 | | |
| 250,000 | | | Hyland Software, Inc. 2017 2nd Lien Term Loan, 7.989%, (US0001M + 7.000%), 07/07/2025 |
| | | | 236,250 | | | | | | 0.0 | | |
| 1,668,170 | | | Hyland Software, Inc. 2018 1st Lien Term Loan, 4.489%, (US0001M + 3.250%), 07/01/2024 |
| | | | 1,558,349 | | | | | | 0.1 | | |
| 1,210,850 | | | Imperva, Inc. 1st Lien Term Loan, 5.704%, (US0003M + 4.000%), 01/12/2026 |
| | | | 1,008,033 | | | | | | 0.0 | | |
| 110,000 | | | Imperva, Inc. 2nd Lien Term Loan, 9.442%, (US0003M + 7.750%), 01/10/2027 |
| | | | 99,000 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
173
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Electronics/Electrical (continued) | | ||||||||||||
| 1,131,980 | | | Infor (US), Inc. Term Loan B6, 3.750%, (US0001M + 2.750%), 02/01/2022 |
| | | $ | 1,097,454 | | | | | | 0.0 | | |
| 1,560,000 | | | Informatica LLC 2020 USD Term Loan B, 4.239%, (US0001M + 3.250%), 02/25/2027 |
| | | | 1,380,600 | | | | | | 0.1 | | |
| 2,554,359 | | | Kronos Incorporated 2017 Term Loan B, 4.763%, (US0003M + 3.000%), 11/01/2023 |
| | | | 2,365,975 | | | | | | 0.1 | | |
| 249,921 | | | MA FinanceCo., LLC USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/2024 |
| | | | 227,845 | | | | | | 0.0 | | |
| 3,878,573 | | | McAfee, LLC 2018 USD Term Loan B, 4.691%, (US0001M + 3.750%), 09/30/2024 |
| | | | 3,620,000 | | | | | | 0.1 | | |
| 3,367,768 | | | MH Sub I, LLC 2017 1st Lien Term Loan, 4.822%, (US0006M + 3.750%), 09/13/2024 |
| | | | 2,929,958 | | | | | | 0.1 | | |
| 400,000 | | | MH Sub I, LLC 2017 2nd Lien Term Loan, 8.572%, (US0006M + 7.500%), 09/15/2025 |
| | | | 325,000 | | | | | | 0.0 | | |
| 2,007,793 | | | Project Boost Purchaser, LLC 2019 Term Loan B, 4.489%, (US0001M + 3.500%), 06/01/2026 |
| | | | 1,656,429 | | | | | | 0.1 | | |
| 669,044 | | | Project Leopard Holdings, Inc. 2019 Term Loan, 5.700%, (US0003M + 4.250%), 07/07/2023 |
| | | | 598,794 | | | | | | 0.0 | | |
| 2,552,850 | | | Quest Software US Holdings Inc. 2018 1st Lien Term Loan, 6.027%, (US0003M + 4.250%), 05/16/2025 |
| | | | 1,997,605 | | | | | | 0.1 | | |
| 115,000 | | | Quest Software US Holdings Inc. 2018 2nd Lien Term Loan, 10.027%, (US0003M + 8.250%), 05/18/2026 |
| | | | 70,438 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Electronics/Electrical (continued) | | ||||||||||||
| 2,776,035 | | | Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 4.762%, (US0003M + 3.000%), 11/03/2023 |
| | | $ | 2,519,252 | | | | | | 0.1 | | |
| 739,436 | | | Riverbed Technology, Inc. 2016 Term Loan, 4.250%, (US0001M + 3.250%), 04/24/2022 |
| | | | 487,288 | | | | | | 0.0 | | |
| 90,000 | | | Rocket Software, Inc. 2018 2nd Lien Term Loan, 9.239%, (US0001M + 8.250%), 11/27/2026 |
| | | | 60,300 | | | | | | 0.0 | | |
| 1,819,181 | | | Rocket Software, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 11/28/2025 |
| | | | 1,506,888 | | | | | | 0.1 | | |
| 1,877,876 | | | RP Crown Parent LLC Term Loan B, 3.750%, (US0001M + 2.750%), 10/12/2023 |
| | | | 1,802,761 | | | | | | 0.1 | | |
| 1,687,778 | | | Seattle Spinco, Inc. USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/2024 |
| | | | 1,538,692 | | | | | | 0.1 | | |
| 947,849 | | | Sirius Computer Solutions, Inc. 2020 Term Loan, 4.489%, (US0001M + 3.500%), 07/01/2026 |
| | | | 836,477 | | | | | | 0.0 | | |
| 392,735 | | | SkillSoft Corporation 1st Lien Term Loan, 6.527%, (US0003M + 4.750%), 04/28/2021 |
| | | | 258,550 | | | | | | 0.0 | | |
| 2,987,265 | | | SolarWinds Holdings, Inc. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/2024 |
| | | | 2,787,118 | | | | | | 0.1 | | |
| 634,481 | | | SonicWall US Holdings Inc. 1st Lien Term Loan, 5.195%, (US0003M + 3.500%), 05/16/2025 |
| | | | 527,677 | | | | | | 0.0 | | |
| 100,000 | | | SonicWall US Holdings Inc. 2nd Lien Term Loan, 9.195%, (US0003M + 7.500%), 05/18/2026 |
| | | | 79,250 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
174
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Electronics/Electrical (continued) | | ||||||||||||
| 326,116 | | | SS&C Technologies Holdings Europe S.A.R.L. 2018 Term Loan B4, 2.739%, (US0001M + 1.750%), 04/16/2025 |
| | | $ | 310,626 | | | | | | 0.0 | | |
| 457,022 | | | SS&C Technologies Inc. 2018 Term Loan B3, 2.739%, (US0001M + 1.750%), 04/16/2025 |
| | | | 435,313 | | | | | | 0.0 | | |
| 1,334,098 | | | Surf Holdings, LLC USD Term Loan, 4.814%, (US0003M + 3.500%), 03/05/2027 |
| | | | 1,197,353 | | | | | | 0.1 | | |
| 1,333,278 | | | Travelport Finance (Luxembourg) S.a.r.l. 2019 Term Loan, 6.072%, (US0003M + 5.000%), 05/29/2026 |
| | | | 885,519 | | | | | | 0.0 | | |
| 643,500 | | | TriTech Software Systems 2018 Term Loan B, 5.200%, (US0003M + 3.750%), 08/29/2025 |
| | | | 501,930 | | | | | | 0.0 | | |
| 1,424,292 | | | TTM Technologies, Inc. 2017 Term Loan, 4.081%, (US0001M + 2.500%), 09/28/2024 |
| | | | 1,338,835 | | | | | | 0.1 | | |
| 1,355,681 | | | Ultimate Software Group Inc(The) Term Loan B, 4.739%, (US0001M + 3.750%), 05/04/2026 |
| | | | 1,281,119 | | | | | | 0.1 | | |
| 1,649,024 | | | Veritas Bermuda Ltd. USD Repriced Term Loan B, 5.950%, (US0003M + 4.500%), 01/27/2023 |
| | | | 1,409,916 | | | | | | 0.1 | | |
| 2,114,711 | | | Vertafore, Inc. 2018 1st Lien Term Loan, 4.239%, (US0001M + 3.250%), 07/02/2025 |
| | | | 1,908,527 | | | | | | 0.1 | | |
| 350,000 | | | Vertafore, Inc. 2018 2nd Lien Term Loan, 8.239%, (US0001M + 7.250%), 07/02/2026 |
| | | | 310,916 | | | | | | 0.0 | | |
| 73,181 | | | Web.com Group, Inc. 2018 2nd Lien Term Loan, 8.945%, (US0003M + 7.750%), 10/09/2026 |
| | | | 56,532 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Electronics/Electrical (continued) | | ||||||||||||
| 390,845 | | | Web.com Group, Inc. 2018 Term Loan B, 4.945%, (US0003M + 3.750%), 10/10/2025 |
| | | $ | 325,378 | | | | | | 0.0 | | |
| 542,466 | | | Xperi Corporation 2018 Term Loan B1, 3.489%, (US0001M + 2.500%), 12/01/2023 |
| | | | 504,493 | | | | | | 0.0 | | |
| | | | | | | | | 52,298,091 | | | | | | 2.0 | | |
| | | | Financial: 0.0% | | ||||||||||||
| 1,179,908 | | | Blucora, Inc. 2017 Term Loan B, 4.450%, (US0003M + 3.000%), 05/22/2024 |
| | |
|
1,079,616
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Financial Intermediaries: 0.4% | | ||||||||||||
| 185,250 | | | Advisor Group, Inc. 2019 Term Loan B, 5.989%, (US0001M + 5.000%), 07/31/2026 |
| | | | 142,642 | | | | | | 0.0 | | |
| 2,129,143 | | | Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 06/15/2025 |
| | | | 1,760,092 | | | | | | 0.1 | | |
| 997,245 | | | Blackstone Mortgage Trust, Inc. 2019 Term Loan B, 3.239%, (US0001M + 2.250%), 04/23/2026 |
| | | | 872,590 | | | | | | 0.0 | | |
| 940,603 | | | Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 08/21/2025 |
| | | | 846,543 | | | | | | 0.0 | | |
| 770,000 | | | Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 5.201%, (US0003M + 3.750%), 03/05/2027 |
| | | | 662,200 | | | | | | 0.0 | | |
| 3,389,056 | | | Edelman Financial Center, LLC 2018 1st Lien Term Loan, 4.179%, (US0001M + 3.250%), 07/21/2025 |
| | | | 2,925,884 | | | | | | 0.1 | | |
| 1,266,416 | | | First Eagle Holdings, Inc. 2020 Term Loan B, 3.950%, (US0003M + 2.500%), 02/01/2027 |
| | | | 1,074,871 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
175
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Financial Intermediaries (continued) | | ||||||||||||
| 1,275,305 | | | Focus Financial Partners, LLC 2020 Term Loan, 2.989%, (US0001M + 2.000%), 07/03/2024 |
| | | $ | 1,173,280 | | | | | | 0.1 | | |
| 253,418 | | | VFH Parent LLC 2019 Term Loan B, 4.005%, (US0001M + 3.000%), 03/01/2026 |
| | | | 234,834 | | | | | | 0.0 | | |
| 893,227 | | | Victory Capital Holdings, Inc. 2020 Term Loan B, 4.015%, (US0001M + 2.500%), 07/01/2026 |
| | | | 794,972 | | | | | | 0.0 | | |
| | | | | | | | | 10,487,908 | | | | | | 0.4 | | |
| | | | Food Products: 0.3% | | ||||||||||||
| 100,000 | | | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan, 8.547%, (US0001M + 7.750%), 10/01/2026 |
| | | | 90,000 | | | | | | 0.0 | | |
| 723,845 | | | Atkins Nutritionals Holdings II, Inc. 2017 Term Loan B, 4.750%, (US0001M + 3.750%), 07/07/2024 |
| | | | 676,795 | | | | | | 0.0 | | |
| 1,144,508 | | | B&G Foods, Inc. 2019 Term Loan B4, 3.489%, (US0001M + 2.500%), 10/10/2026 |
| | | | 1,091,097 | | | | | | 0.0 | | |
| 1,387,280 | | | CHG PPC Parent LLC 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 03/31/2025 |
| | | | 1,255,489 | | | | | | 0.1 | | |
| 885,000 | | | Froneri International PLC 2020 USD Term Loan, 3.239%, (US0001M + 2.250%), 01/29/2027 |
| | | | 849,600 | | | | | | 0.0 | | |
| 1,796,826 | | | IRB Holding Corp 2020 Term Loan B, 3.751%, (US0001M + 2.750%), 02/05/2025 |
| | | | 1,401,524 | | | | | | 0.1 | | |
| 1,412(10) | | | NPC International, Inc. 1st Lien Term Loan, 4.951%, (US0003M + 3.500%), 04/19/2024 |
| | | | 600 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Food Products (continued) | | ||||||||||||
| 1,287,174 | | | Sigma Bidco B.V. 2018 USD Term Loan B, 4.909%, (US0003M + 3.000%), 07/02/2025 |
| | | $ | 1,142,367 | | | | | | 0.1 | | |
| | | | | | | | | 6,507,472 | | | | | | 0.3 | | |
| | | | Food Service: 0.3% | | ||||||||||||
| 910,631 | | | Carrols Restaurant Group, Inc. Term Loan B, 4.210%, (US0001M + 3.250%), 04/30/2026 |
| | | | 687,526 | | | | | | 0.0 | | |
| 143,883 | | | Fogo De Chao, Inc. 2018 Add On Term Loan, 5.700%, (US0003M + 4.250%), 04/07/2025 |
| | | | 100,718 | | | | | | 0.0 | | |
| 2,898,325 | | | Golden Nugget, Inc. 2017 Incremental Term Loan B, 3.584%, (US0001M + 2.500%), 10/04/2023 |
| | | | 2,265,525 | | | | | | 0.1 | | |
| 1,903,831 | | | Hearthside Food Solutions, LLC 2018 Term Loan B, 4.677%, (US0001M + 3.688%), 05/23/2025 |
| | | | 1,627,775 | | | | | | 0.1 | | |
| 1,284,797 | | | US Foods, Inc. 2019 Term Loan B, 3.072%, (US0006M + 2.000%), 09/13/2026 |
| | | | 1,197,003 | | | | | | 0.0 | | |
| 1,500,000 | | | Welbilt, Inc. 2018 Term Loan B, 3.489%, (US0001M + 2.500%), 10/23/2025 |
| | | | 1,200,000 | | | | | | 0.1 | | |
| | | | | | | | | 7,078,547 | | | | | | 0.3 | | |
| | | | Food/Drug Retailers: 0.1% | | ||||||||||||
| 1,136,913 | | | EG Finco Limited 2018 USD Term Loan, 5.072%, (US0006M + 4.000%), 02/07/2025 |
| | | | 832,788 | | | | | | 0.1 | | |
| 147,000 | | | EG Group Limited 2018 USD Term Loan B, 5.450%, (US0006M + 4.000%), 02/07/2025 |
| | | | 107,678 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
176
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Food/Drug Retailers (continued) | | ||||||||||||
| 28,970 | | | Moran Foods LLC 2020 Term Loan, 8.451%, (US0003M + 7.000%), 03/12/2024 |
| | | $ | 26,797 | | | | | | 0.0 | | |
| 145,875(10) | | | Moran Foods LLC Term Loan, 7.451%, (US0003M + 6.000%), 12/05/2023 |
| | | | 18,234 | | | | | | 0.0 | | |
| 472,625 | | | Portillo Restaurant Group (The) Term Loan, 6.950%, (US0003M + 5.500%), 09/06/2024 |
| | | | 429,203 | | | | | | 0.0 | | |
| 981,344 | | | United Natural Foods, Inc. Term Loan B, 5.239%, (US0001M + 4.250%), 10/22/2025 |
| | | | 848,862 | | | | | | 0.0 | | |
| | | | | | | | | 2,263,562 | | | | | | 0.1 | | |
| | | | Forest Products: 0.0% | | ||||||||||||
| 1,320,869 | | | LABL, Inc. 2019 USD Term Loan, 5.000%, (US0001M + 4.500%), 07/01/2026 |
| | |
|
1,119,436
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Health Care: 1.4% | | ||||||||||||
| 1,148,500 | | | Accelerated Health Systems, LLC Term Loan B, 4.297%, (US0001M + 3.500%), 10/31/2025 |
| | | | 1,036,521 | | | | | | 0.0 | | |
| 1,412,604 | | | ADMI Corp. 2018 Term Loan B, 4.200%, (US0001M + 2.750%), 04/30/2025 |
| | | | 1,267,812 | | | | | | 0.1 | | |
| 551,362 | | | Agiliti Health, Inc Term Loan, 4.625%, (US0003M + 3.000%), 01/04/2026 |
| | | | 532,065 | | | | | | 0.0 | | |
| 1,143,311 | | | Air Methods Corporation 2017 Term Loan B, 4.950%, (US0003M + 3.500%), 04/22/2024 |
| | | | 826,042 | | | | | | 0.0 | | |
| 636,071 | | | ATI Holdings Acquisition, Inc. 2016 Term Loan, 4.570%, (US0001M + 3.500%), 05/10/2023 |
| | | | 485,004 | | | | | | 0.0 | | |
| 1,951,543 | | | Auris Luxembourg III S.a.r.l. 2019 USD Term Loan B, 4.739%, (US0001M + 3.750%), 02/27/2026 |
| | | | 1,512,446 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Health Care (continued) | | ||||||||||||
| 3,380,286 | | | Bausch Health Companies, Inc. 2018 Term Loan B, 3.612%, (US0001M + 3.000%), 06/02/2025 |
| | | $ | 3,239,440 | | | | | | 0.1 | | |
| 1,076,575 | | | Change Healthcare Holdings LLC 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 03/01/2024 |
| | | | 994,037 | | | | | | 0.0 | | |
| 500,159 | | | CHG Healthcare Services Inc. 2017 1st Lien Term Loan B, 4.073%, (US0001M + 3.000%), 06/07/2023 |
| | | | 452,644 | | | | | | 0.0 | | |
| 375,000 | | | Da Vinci Purchaser Corp. 2019 Term Loan, 5.872%, (US0003M + 4.000%), 01/08/2027 |
| | | | 350,156 | | | | | | 0.0 | | |
| 2,277,588 | | | DaVita, Inc. 2020 Term Loan B, 2.739%, (US0001M + 1.750%), 08/12/2026 |
| | | | 2,176,994 | | | | | | 0.1 | | |
| 643,695 | | | DentalCorp Perfect Smile ULC 1st Lien Term Loan, 4.750%, (US0001M + 3.750%), 06/06/2025 |
| | | | 511,737 | | | | | | 0.0 | | |
| 477,600 | | | Emerald TopCo Inc Term Loan, 4.489%, (US0001M + 3.500%), 07/24/2026 |
| | | | 437,601 | | | | | | 0.0 | | |
| 1,976,806 | | | Envision Healthcare Corporation 2018 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 10/10/2025 |
| | | | 1,059,568 | | | | | | 0.0 | | |
| 1,379,488 | | | ExamWorks Group, Inc. 2017 Term Loan, 4.250%, (US0006M + 3.250%), 07/27/2023 |
| | | | 1,251,885 | | | | | | 0.1 | | |
| 542,101 | | | Global Medical Response, Inc. 2017 Term Loan B2, 5.863%, (US0001M + 4.250%), 03/14/2025 |
| | | | 489,246 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
177
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Health Care (continued) | | ||||||||||||
| 785,106 | | | Global Medical Response, Inc. 2018 Term Loan B1, 4.932%, (US0002M + 3.250%), 04/28/2022 |
| | | $ | 726,224 | | | | | | 0.1 | | |
| 848,624 | | | GoodRx, Inc. 1st Lien Term Loan, 3.739%, (US0001M + 2.750%), 10/10/2025 |
| | | | 801,949 | | | | | | 0.0 | | |
| 1,083,511 | | | Inovalon Holdings, Inc. 2020 Term Loan B1, 3.750%, (US0001M + 3.000%), 04/02/2025 |
| | | | 1,005,498 | | | | | | 0.0 | | |
| 1,574,843 | | | Jaguar Holding Company II 2018 Term Loan, 3.500%, (US0001M + 2.500%), 08/18/2022 |
| | | | 1,518,412 | | | | | | 0.1 | | |
| 1,267,378 | | | Medical Solutions L.L.C. 2017 Term Loan, 5.500%, (US0001M + 4.500%), 06/14/2024 |
| | | | 1,127,967 | | | | | | 0.1 | | |
| 4,349,168 | | | MPH Acquisition Holdings LLC 2016 Term Loan B, 4.200%, (US0003M + 2.750%), 06/07/2023 |
| | | | 3,957,708 | | | | | | 0.2 | | |
| 2,090,687 | | | Ortho-Clinical Diagnostics SA 2018 Term Loan B, 4.765%, (US0001M + 3.250%), 06/30/2025 |
| | | | 1,789,628 | | | | | | 0.1 | | |
| 1,796,000 | | | Phoenix Guarantor Inc 2020 Term Loan B, 4.113%, (US0001M + 3.250%), 03/05/2026 |
| | | | 1,652,320 | | | | | | 0.1 | | |
| 728,715 | | | RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 4.739%, (US0001M + 3.750%), 11/17/2025 |
| | | | 683,778 | | | | | | 0.0 | | |
| 1,848,190 | | | Select Medical Corporation 2017 Term Loan B, 3.430%, (US0001M + 2.500%), 03/06/2025 |
| | | | 1,765,022 | | | | | | 0.1 | | |
| 1,520,000 | | | Sotera Health Holdings, LLC 2019 Term Loan, 5.500%, (US0001M + 4.500%), 12/11/2026 |
| | | | 1,355,334 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Health Care (continued) | | ||||||||||||
| 462,755 | | | Surgery Center Holdings, Inc. 2017 Term Loan B, 4.250%, (US0001M + 3.250%), 09/03/2024 |
| | | $ | 364,882 | | | | | | 0.0 | | |
| 892,048 | | | Tecomet Inc. 2017 Repriced Term Loan, 4.250%, (US0001M + 3.250%), 05/01/2024 |
| | | | 762,701 | | | | | | 0.0 | | |
| 636,373 | | | U.S. Anesthesia Partners, Inc. 2017 Term Loan, 4.000%, (US0001M + 3.000%), 06/23/2024 |
| | | | 482,053 | | | | | | 0.0 | | |
| 188,100 | | | Vizient, Inc. 2020 Term Loan B6, 2.989%, (US0001M + 2.000%), 05/06/2026 |
| | | | 178,695 | | | | | | 0.0 | | |
| 1,283,497 | | | Wink Holdco, Inc 1st Lien Term Loan B, 4.450%, (US0001M + 3.000%), 12/02/2024 |
| | | | 1,098,995 | | | | | | 0.0 | | |
| | | | | | | | | 35,894,364 | | | | | | 1.4 | | |
| | | | Home Furnishings: 0.0% | | ||||||||||||
| 860,675 | | | Prime Security Services Borrower, LLC 2019 Term Loan B1, 4.606%, (US0001M + 3.250%), 09/23/2026 |
| | |
|
783,214
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Industrial: 0.1% | | ||||||||||||
| 1,510,269 | | | NCI Building Systems, Inc. 2018 Term Loan, 4.561%, (US0001M + 3.750%), 04/12/2025 |
| | |
|
1,321,485
|
| | | |
|
0.1
|
| |
| | | | | | ||||||||||||
| | | | Industrial Equipment: 0.3% | | ||||||||||||
| 1,105,000 | | | APi Group DE, Inc. Term Loan B, 3.489%, (US0001M + 2.500%), 10/01/2026 |
| | | | 1,016,600 | | | | | | 0.1 | | |
| 395,619 | | | CPM Holdings, Inc. 2018 1st Lien Term Loan, 5.353%, (US0006M + 3.750%), 11/17/2025 |
| | | | 327,374 | | | | | | 0.0 | | |
| 630,007 | | | EWT Holdings III Corp. 2020 Term Loan, 3.739%, (US0001M + 2.750%), 12/20/2024 |
| | | | 579,607 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
178
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Industrial Equipment (continued) | | ||||||||||||
| 1,709,546 | | | Filtration Group Corporation 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 03/29/2025 |
| | | $ | 1,510,811 | | | | | | 0.1 | | |
| 691,525 | | | Granite Holdings US Acquisition Co. Term Loan B, 6.322%, (US0006M + 5.250%), 09/30/2026 |
| | | | 501,356 | | | | | | 0.0 | | |
| 725,000 | | | Ingersoll-Rand Services Company 2020 USD Spinco Term Loan, 3.201%, (US0003M + 1.750%), 02/05/2027 |
| | | | 681,500 | | | | | | 0.0 | | |
| 1,498,415 | | | Kenan Advantage Group, Inc. 2015 Term Loan, 4.000%, (US0001M + 3.000%), 07/31/2022 |
| | | | 1,273,653 | | | | | | 0.1 | | |
| 367,941 | | | Kenan Advantage Group, Inc. CAD Term Loan B, 4.000%, (US0001M + 3.000%), 07/31/2022 |
| | | | 312,750 | | | | | | 0.0 | | |
| 430,000 | | | Star US Bidco LLC Term Loan B, 5.701%, (US0003M + 4.250%), 03/03/2027 |
| | | | 384,850 | | | | | | 0.0 | | |
| | | | | | | | | 6,588,501 | | | | | | 0.3 | | |
| | | | Insurance: 0.7% | | ||||||||||||
| 1,141,705 | | | Achilles Acquisition LLC 2018 Term Loan, 5.000%, (US0001M + 4.000%), 10/13/2025 |
| | | | 1,021,826 | | | | | | 0.0 | | |
| 3,212,467 | | | Acrisure, LLC 2020 Term Loan B, 5.207%, (US0003M + 3.500%), 02/15/2027 |
| | | | 2,730,597 | | | | | | 0.1 | | |
| 395,237 | | | Alera Group Holdings, Inc. 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 08/01/2025 |
| | | | 347,809 | | | | | | 0.0 | | |
| 2,043,680 | | | Alliant Holdings Intermediate, LLC 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 05/09/2025 |
| | | | 1,898,920 | | | | | | 0.1 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Insurance (continued) | | ||||||||||||
| 2,127,064 | | | AmWINS Group, Inc. 2017 Term Loan B, 3.753%, (US0001M + 2.750%), 01/25/2024 |
| | | $ | 1,991,464 | | | | | | 0.1 | | |
| 150,000 | | | Applied Systems, Inc. 2017 2nd Lien Term Loan, 8.450%, (US0003M + 7.000%), 09/19/2025 |
| | | | 138,750 | | | | | | 0.0 | | |
| 148,125 | | | Aretec Group, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 10/01/2025 |
| | | | 102,206 | | | | | | 0.0 | | |
| 1,833,871 | | | AssuredPartners, Inc. 2020 Term Loan B, 4.489%, (US0001M + 3.500%), 02/12/2027 |
| | | | 1,636,730 | | | | | | 0.1 | | |
| 631,304 | | | CCC Information Services, Inc. 2017 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 04/29/2024 |
| | | | 583,280 | | | | | | 0.0 | | |
| 1,450,023 | | | Hub International Limited 2018 Term Loan B, 4.543%, (US0002M + 2.750%), 04/25/2025 |
| | | | 1,370,271 | | | | | | 0.0 | | |
| 2,586,895 | | | NFP Corp. 2020 Term Loan, 4.239%, (US0001M + 3.250%), 02/15/2027 |
| | | | 2,263,533 | | | | | | 0.1 | | |
| 2,610,341 | | | Sedgwick Claims Management Services, Inc. 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 12/31/2025 |
| | | | 2,305,800 | | | | | | 0.1 | | |
| 2,370,927 | | | USI, Inc. 2017 Repriced Term Loan, 3.989%, (US0003M + 3.000%), 05/16/2024 |
| | | | 2,163,471 | | | | | | 0.1 | | |
| | | | | | | | | 18,554,657 | | | | | | 0.7 | | |
| | | | Leisure Good/Activities/Movies: 0.6% | | ||||||||||||
| 1,689,191 | | | AMC Entertainment Holdings Inc. 2019 Term Loan B, 4.080%, (US0001M + 3.000%), 04/22/2026 |
| | | | 1,272,523 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
179
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Leisure Good/Activities/ Movies (continued) |
| ||||||||||||
| 1,251,849 | | | Bombardier Recreational Products, Inc. 2020 Term Loan, 2.989%, (US0001M + 2.000%), 05/24/2027 |
| | | $ | 1,057,813 | | | | | | 0.1 | | |
| 1,042,327 | | | ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 4.200%, (US0003M + 2.750%), 09/18/2024 |
| | | | 669,695 | | | | | | 0.0 | | |
| 1,487,505 | | | Crown Finance US, Inc. 2018 USD Term Loan, 3.322%, (US0006M + 2.250%), 02/28/2025 |
| | | | 999,603 | | | | | | 0.1 | | |
| 427,850 | | | Crown Finance US, Inc. 2019 Incremental Term Loan, 3.558%, (US0006M + 2.500%), 09/30/2026 |
| | | | 283,237 | | | | | | 0.0 | | |
| 2,125,297 | | | Equinox Holdings, Inc. 2017 1st Lien Term Loan, 4.072%, (US0006M + 3.000%), 03/08/2024 |
| | | | 1,586,889 | | | | | | 0.1 | | |
| 1,003,941 | | | Fitness International, LLC 2018 Term Loan B, 4.322%, (US0006M + 3.250%), 04/18/2025 |
| | | | 761,321 | | | | | | 0.0 | | |
| 711,218 | | | Fluidra S.A. USD Term Loan B, 2.989%, (US0001M + 2.000%), 07/02/2025 |
| | | | 647,208 | | | | | | 0.0 | | |
| 539,368 | | | GVC Holdings (Gibraltar) Limited 2020 USD Term Loan B3, 3.308%, (US0006M + 2.250%), 03/29/2024 |
| | | | 448,575 | | | | | | 0.0 | | |
| 1,236,723 | | | Intrawest Resorts Holdings, Inc. Term Loan B1, 3.750%, (US0001M + 2.750%), 07/31/2024 |
| | | | 1,108,929 | | | | | | 0.1 | | |
| 1,136,469 | | | Kingpin Intermediate Holdings LLC 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 07/03/2024 |
| | | | 806,893 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Leisure Good/Activities/ Movies (continued) |
| ||||||||||||
| 1,722,425 | | | Life Time, Inc. 2017 Term Loan B, 4.363%, (US0003M + 2.750%), 06/10/2022 |
| | | $ | 1,300,431 | | | | | | 0.1 | | |
| 115,821 | | | Motion Finco Sarl Delayed Draw Term Loan B2, 4.323%, (US0006M + 3.250%), 11/04/2026 |
| | | | 94,394 | | | | | | 0.0 | | |
| 843,085 | | | Motion Finco Sarl USD Term Loan B1, 4.209%, (US0006M + 3.250%), 11/13/2026 |
| | | | 711,353 | | | | | | 0.0 | | |
| 785,063 | | | Playtika Holding Corp Term Loan B, 7.072%, (US0006M + 6.000%), 12/10/2024 |
| | | | 740,575 | | | | | | 0.0 | | |
| 974,709 | | | SRAM, LLC 2018 Term Loan B, 3.787%, (US0001M + 2.750%), 03/15/2024 |
| | | | 930,847 | | | | | | 0.0 | | |
| 967,839 | | | Thor Industries, Inc. USD Term Loan B, 5.365%, (US0001M + 3.750%), 02/01/2026 |
| | | | 832,342 | | | | | | 0.0 | | |
| 644,356 | | | WeddingWire, Inc. 1st Lien Term Loan, 5.950%, (US0001M + 4.500%), 12/19/2025 |
| | | | 563,811 | | | | | | 0.0 | | |
| 100,000 | | | WeddingWire, Inc. 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 12/21/2026 |
| | | | 92,500 | | | | | | 0.0 | | |
| | | | | | | | | 14,908,939 | | | | | | 0.6 | | |
| | | | Lodging & Casinos: 0.5% | | ||||||||||||
| 1,185,225 | | | Aimbridge Acquisition Co., Inc. 2019 Term Loan B, 5.573%, (US0001M + 3.750%), 02/02/2026 |
| | | | 859,288 | | | | | | 0.0 | | |
| 3,042,965 | | | Caesars Resort Collection, LLC 2017 1st Lien Term Loan B, 3.739%, (US0001M + 2.750%), 12/23/2024 |
| | | | 2,499,579 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
180
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Lodging & Casinos (continued) | | ||||||||||||
| 126,756 | | | Eldorado Resorts LLC 2017 Term Loan B, 3.250%, (US0006M + 2.250%), 04/17/2024 |
| | | $ | 124,221 | | | | | | 0.0 | | |
| 1,421,794 | | | Everi Payments Inc. Term Loan B, 3.822%, (US0003M + 2.750%), 05/09/2024 |
| | | | 1,139,805 | | | | | | 0.1 | | |
| 1,380,899 | | | Golden Entertainment, Inc. 2017 1st Lien Term Loan, 3.960%, (US0001M + 3.000%), 10/21/2024 |
| | | | 1,056,388 | | | | | | 0.0 | | |
| 2,134,194 | | | PCI Gaming Authority Term Loan, 3.489%, (US0001M + 2.500%), 05/29/2026 |
| | | | 1,714,977 | | | | | | 0.1 | | |
| 2,319,749 | | | Scientific Games International, Inc. 2018 Term Loan B5, 4.246%, (US0002M + 2.750%), 08/14/2024 |
| | | | 1,884,796 | | | | | | 0.1 | | |
| 3,058,702 | | | Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan, 4.950%, (US0003M + 3.500%), 07/10/2025 |
| | | | 2,932,531 | | | | | | 0.1 | | |
| 963,673 | | | Station Casinos LLC 2020 Term Loan B, 3.240%, (US0001M + 2.250%), 02/08/2027 |
| | | | 811,413 | | | | | | 0.0 | | |
| | | | | | | | | 13,022,998 | | | | | | 0.5 | | |
| | | | Machinery-Diversified: 0.0% | | ||||||||||||
| 523,012 | | | Gardner Denver, Inc. 2020 USD Term Loan, 2.739%, (0 + 0.000%), 03/01/2027 |
| | |
|
494,247
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Nonferrous Metals/Minerals: 0.0% | | ||||||||||||
| 1,565,319 | | | Covia Holdings Corporation Term Loan, 5.874%, (US0003M + 4.000%), 06/01/2025 |
| | | | 729,830 | | | | | | 0.0 | | |
| 545,228 | | | U.S. Silica Company 2018 Term Loan B, 5.000%, (US0001M + 4.000%), 05/01/2025 |
| | | | 269,207 | | | | | | 0.0 | | |
| | | | | | | | | 999,037 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Oil & Gas: 0.1% | | ||||||||||||
| 390,000 | | | Encino Acquisition Partners Holdings, LLC 2018 2nd Lien Term Loan, 7.750%, (US0001M + 6.750%), 10/29/2025 |
| | | $ | 185,250 | | | | | | 0.0 | | |
| 942,875 | | | Lower Cadence Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 05/22/2026 |
| | | | 590,869 | | | | | | 0.1 | | |
| 527,350 | | | Lucid Energy Group II LLC Incremental Term Loan B2, 4.000%, (US0001M + 3.000%), 02/19/2025 |
| | | | 300,590 | | | | | | 0.0 | | |
| 148,500 | | | Moda Ingleside Energy Center, LLC 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 09/29/2025 |
| | | | 115,087 | | | | | | 0.0 | | |
| | | | | | | | | 1,191,796 | | | | | | 0.1 | | |
| | | | Publishing: 0.1% | | ||||||||||||
| 2,164,873 | | | Meredith Corporation 2020 Term Loan B2, 3.489%, (US0001M + 2.500%), 01/31/2025 |
| | |
|
1,970,034
|
| | | |
|
0.1
|
| |
| | | | | | ||||||||||||
| | | | Radio & Television: 0.7% | | ||||||||||||
| 1,040,516 | | | A-L Parent LLC 2016 1st Lien Term Loan, 4.860%, (US0001M + 3.250%), 12/01/2023 |
| | | | 712,753 | | | | | | 0.0 | | |
| 1,330,099 | | | Banijay Entertainment S.A.S USD Term Loan, 5.213%, (US0003M + 3.750%), 03/04/2025 |
| | | | 1,197,089 | | | | | | 0.0 | | |
| 1,629,319 | | | Clear Channel Outdoor Holdings, Inc. Term Loan B, 4.489%, (US0001M + 3.500%), 08/21/2026 |
| | | | 1,476,570 | | | | | | 0.1 | | |
| 288,550 | | | Cumulus Media New Holdings Inc. Term Loan B, 4.822%, (US0006M + 3.750%), 03/31/2026 |
| | | | 234,207 | | | | | | 0.0 | | |
See Accompanying Notes to Financial Statements
181
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Radio & Television (continued) | | ||||||||||||
| 2,403,975 | | | Diamond Sports Group, LLC Term Loan, 4.180%, (US0001M + 3.250%), 08/24/2026 |
| | | $ | 1,887,120 | | | | | | 0.1 | | |
| 1,107,128 | | | Entercom Media Corp. 2019 Term Loan, 3.489%, (US0001M + 2.500%), 11/18/2024 |
| | | | 996,415 | | | | | | 0.0 | | |
| 1,346,625 | | | iHeartCommunications, Inc. 2020 Term Loan, 3.989%, (US0001M + 3.000%), 05/01/2026 |
| | | | 1,153,384 | | | | | | 0.0 | | |
| 2,131,876 | | | NASCAR Holdings, Inc Term Loan B, 3.674%, (US0001M + 2.750%), 10/19/2026 |
| | | | 1,884,934 | | | | | | 0.1 | | |
| 2,830,057 | | | Nexstar Broadcasting, Inc. 2019 Term Loan B4, 4.331%, (US0001M + 2.750%), 09/18/2026 |
| | | | 2,674,404 | | | | | | 0.1 | | |
| 2,781,052 | | | Sinclair Television Group Inc. Term Loan B2B, 3.210%, (US0001M + 2.500%), 09/30/2026 |
| | | | 2,575,950 | | | | | | 0.1 | | |
| 1,534,494 | | | Terrier Media Buyer, Inc. Term Loan B, 5.700%, (US0003M + 4.250%), 12/17/2026 |
| | | | 1,330,215 | | | | | | 0.1 | | |
| 1,720,284 | | | Univision Communications Inc. Term Loan C5, 3.750%, (US0001M + 2.750%), 03/15/2024 |
| | | | 1,470,843 | | | | | | 0.1 | | |
| | | | | | | | | 17,593,884 | | | | | | 0.7 | | |
| | | | Retailers (Except Food & Drug): 0.2% | | ||||||||||||
| 244,828 | | | Academy, Ltd. 2015 Term Loan B, 5.558%, (US0001M + 4.000%), 07/01/2022 |
| | | | 134,859 | | | | | | 0.0 | | |
| 1,034,997 | | | Bass Pro Group, LLC Term Loan B, 5.989%, (US0001M + 5.000%), 09/25/2024 |
| | | | 879,748 | | | | | | 0.0 | | |
| 208,294 | | | Belk, Inc. 2019 Term Loan B, 7.750%, (US0006M + 6.750%), 07/31/2025 |
| | | | 109,354 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Retailers (Except Food & Drug) (continued) |
| ||||||||||||
| 1,913,455 | | | BJs Wholesale Club, Inc. 2017 1st Lien Term Loan, 3.047%, (US0001M + 2.250%), 02/03/2024 |
| | | $ | 1,827,349 | | | | | | 0.1 | | |
| 734,320 | | | Jo-Ann Stores, Inc. 2016 Term Loan, 6.000%, (US0006M + 5.000%), 10/20/2023 |
| | | | 304,743 | | | | | | 0.0 | | |
| 2,079,298 | | | Leslies Poolmart, Inc. 2016 Term Loan, 4.500%, (US0001M + 3.500%), 08/16/2023 |
| | | | 1,744,012 | | | | | | 0.1 | | |
| 1,367,353 | | | Mens Wearhouse, Inc. (The) 2018 Term Loan, 4.831%, (US0001M + 3.250%), 04/09/2025 |
| | | | 546,941 | | | | | | 0.0 | | |
| | | | | | | | | 5,547,006 | | | | | | 0.2 | | |
| | | | Steel: 0.0% | | ||||||||||||
| 882,000 | | | GrafTech Finance, Inc. 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 02/12/2025 |
| | |
|
771,750
|
| | | |
|
0.0
|
| |
| | | | | | ||||||||||||
| | | | Surface Transport: 0.1% | | ||||||||||||
| 1,385,486 | | | Navistar International Corporation 2017 1st Lien Term Loan B, 4.280%, (US0001M + 3.500%), 11/06/2024 |
| | | | 1,216,918 | | | | | | 0.1 | | |
| 1,285,905 | | | PODS, LLC 2018 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 12/06/2024 |
| | | | 1,128,381 | | | | | | 0.0 | | |
| 734,520 | | | Savage Enterprises LLC 2020 Term Loan B, 4.620%, (US0001M + 4.000%), 08/01/2025 |
| | | | 653,111 | | | | | | 0.0 | | |
| | | | | | | | | 2,998,410 | | | | | | 0.1 | | |
| | | | Technology: 0.1% | | ||||||||||||
| 2,851,296 | | | Misys (Finastra) – TL B 1L, 5.277%, (US0003M + 3.500%), 06/13/2024 |
| | |
|
2,480,628
|
| | | |
|
0.1
|
| |
| | | | | | ||||||||||||
See Accompanying Notes to Financial Statements
182
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Telecommunications: 1.0% | | ||||||||||||
| 1,539,472 | | | Altice Financing SA USD 2017 1st Lien Term Loan, 3.674%, (US0001M + 2.750%), 01/31/2026 |
| | | $ | 1,416,314 | | | | | | 0.1 | | |
| 3,491,786 | | | Altice France S.A. USD Term Loan B11, 3.739%, (US0001M + 2.750%), 07/31/2025 |
| | | | 3,215,352 | | | | | | 0.1 | | |
| 185,000 | | | Asurion LLC 2017 2nd Lien Term Loan, 7.489%, (US0001M + 6.500%), 08/04/2025 |
| | | | 172,975 | | | | | | 0.0 | | |
| 598 | | | Asurion LLC 2017 Term Loan B4, 3.989%, (US0001M + 3.000%), 08/04/2022 |
| | | | 556 | | | | | | 0.0 | | |
| 1,966,285 | | | Asurion LLC 2018 Term Loan B6, 3.989%, (US0001M + 3.000%), 11/03/2023 |
| | | | 1,897,465 | | | | | | 0.1 | | |
| 4,208,517 | | | Asurion LLC 2018 Term Loan B7, 3.989%, (US0001M + 3.000%), 11/03/2024 |
| | | | 3,963,022 | | | | | | 0.1 | | |
| 1,850,004 | | | Avaya, Inc. 2018 Term Loan B, 4.955%, (US0001M + 4.250%), 12/15/2024 |
| | | | 1,586,378 | | | | | | 0.1 | | |
| 2,379,038 | | | CenturyLink, Inc. 2020 Term Loan B, 3.239%, (US0001M + 2.250%), 03/15/2027 |
| | | | 2,211,018 | | | | | | 0.1 | | |
| 1,800,950 | | | CommScope, Inc. 2019 Term Loan B, 4.239%, (US0001M + 3.250%), 04/06/2026 |
| | | | 1,710,903 | | | | | | 0.1 | | |
| 720,000 | | | Connect Finco Sarl Term Loan B, 5.490%, (US0001M + 4.500%), 12/11/2026 |
| | | | 588,600 | | | | | | 0.0 | | |
| 458,162 | | | Consolidated Communications, Inc. 2016 Term Loan B, 3.959%, (US0001M + 3.000%), 10/04/2023 |
| | | | 395,492 | | | | | | 0.0 | | |
| 673,432 | | | Global Tel*Link Corporation 2018 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 11/29/2025 |
| | | | 580,835 | | | | | | 0.0 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Telecommunications (continued) | | ||||||||||||
| 120,000 | | | Global Tel*Link Corporation 2018 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 11/29/2026 |
| | | $ | 100,500 | | | | | | 0.0 | | |
| 1,234,918 | | | GTT Communications, Inc. 2018 USD Term Loan B, 3.740%, (US0001M + 2.750%), 05/31/2025 |
| | | | 844,890 | | | | | | 0.0 | | |
| 470,000 | | | Iridium Satellite LLC Term Loan, 4.750%, (US0001M + 3.750%), 11/04/2026 |
| | | | 448,850 | | | | | | 0.0 | | |
| 1,631,488 | | | Level 3 Financing Inc. 2019 Term Loan B, 2.739%, (US0001M + 1.750%), 03/01/2027 |
| | | | 1,541,756 | | | | | | 0.1 | | |
| 393,468 | | | Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 5.500%, (US0006M + 4.500%), 11/01/2024 |
| | | | 312,807 | | | | | | 0.0 | | |
| 445,986 | | | Speedcast International Limited Term Loan B, 4.200%, (US0003M + 2.750%), 05/15/2025 |
| | | | 112,983 | | | | | | 0.0 | | |
| 805,000 | | | Telenet Financing USD LLC 2020 USD Term Loan AR, 2.705%, (US0001M + 2.000%), 04/30/2028 |
| | | | 747,644 | | | | | | 0.0 | | |
| 1,814,739 | | | Zayo Group Holdings, Inc. USD Term Loan, 3.989%, (US0001M + 3.000%), 02/19/2027 |
| | | | 1,701,318 | | | | | | 0.1 | | |
| 1,295,000 | | | Ziggo Financing Partnership USD Term Loan I, 3.205%, (US0001M + 2.500%), 04/30/2028 |
| | | | 1,209,206 | | | | | | 0.1 | | |
| | | | | | | | | 24,758,864 | | | | | | 1.0 | | |
| | | | Utilities: 0.2% | | ||||||||||||
| 857,153 | | | Calpine Construction Finance Company, L.P. 2017 Term Loan B, 2.989%, (US0001M + 2.000%), 01/15/2025 |
| | | | 792,866 | | | | | | 0.1 | | |
See Accompanying Notes to Financial Statements
183
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| BANK LOANS: (continued) | | |||||||||||||||
| | | | Utilities (continued) | | ||||||||||||
| 2,239,997 | | | Calpine Corporation 2019 Term Loan B10, 2.989%, (US0001M + 2.000%), 08/12/2026 |
| | | $ | 2,111,197 | | | | | | 0.1 | | |
| 364,185 | | | LMBE-MC Holdco II LLC Term Loan B, 5.460%, (US0003M + 4.000%), 12/03/2025 |
| | | | 318,662 | | | | | | 0.0 | | |
| 724,075 | | | Nautilus Power, LLC Term Loan B, 5.250%, (US0001M + 4.250%), 05/16/2024 |
| | | | 640,807 | | | | | | 0.0 | | |
| 650,088 | | | Sabre Industries, Inc. 2019 Term Loan B, 4.494%, (US0003M + 3.500%), 04/15/2026 |
| | | | 599,706 | | | | | | 0.0 | | |
| | | | | | | | | 4,463,238 | | | | | | 0.2 | | |
| | | | Total Bank Loans (Cost $401,208,618) |
| | |
|
348,781,362
|
| | | |
|
13.5
|
| |
| CONVERTIBLE BONDS/NOTES: 0.0% | | |||||||||||||||
| | | | Communications: 0.0% | | ||||||||||||
| 385,000 | | | Other Securities | | | |
|
313,525
|
| | | |
|
0.0
|
| |
| | | | Total Convertible Bonds/Notes (Cost $378,216) |
| | |
|
313,525
|
| | | |
|
0.0
|
| |
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0% | | |||||||||||||||
| | | | Uniform Mortgage-Backed Securities: 0.0% | | ||||||||||||
| 6,537 | | | Other Securities | | | |
|
7,429
|
| | | |
|
0.0
|
| |
| | | | Total U.S. Government Agency Obligations (Cost $7,054) |
| | |
|
7,429
|
| | | |
|
0.0
|
| |
| | ||||||||||||||||
| | | |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| PURCHASED OPTIONS (11): 0.2% | | |||||||||||||||
| | | | Total Purchased Options (Cost $3,395,684) |
| | |
|
4,673,724
|
| | | |
|
0.2
|
| |
| | | | Total Long-Term Investments (Cost $2,715,232,287) |
| | |
|
2,438,431,969
|
| | | |
|
94.6
|
| |
| | ||||||||||||||||
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: 3.0% | | |||||||||||||||
| | | | Repurchase Agreements: 0.4% | | ||||||||||||
| 1,381,827 (12) | | | BNP Paribas S.A., Repurchase Agreement dated 03/31/20, 0.33%, due 04/01/20 (Repurchase Amount $1,381,839, collateralized by various U.S. Government Securities, 2.125%-6.875%, Market Value plus accrued interest $1,450,921, due 06/15/20-03/15/39) |
| | | $ | 1,381,827 | | | | | | 0.0 | | |
| 1,762,980 (12) | | | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,762,981, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,798,240, due 05/01/20-02/20/70) |
| | | | 1,762,980 | | | | | | 0.1 | | |
| 2,513,562 (12) | | | Citibank N.A., Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $2,513,563, collateralized by various U.S. Government/ U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $2,566,255, due 03/15/22-05/01/48) |
| | | | 2,513,562 | | | | | $ | 0.1 | | |
See Accompanying Notes to Financial Statements
184
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Repurchase Agreements (continued) | | ||||||||||||
| 113,898 (12) | | | HSBC Securities USA, Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $113,898, collateralized by various U.S. Government Securities, 0.000%-3.000%, Market Value plus accrued interest $116,176, due 05/15/44-08/15/48) |
| | | $ | 113,898 | | | | | | 0.0 | | |
| 2,513,562 (12) | | | RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $2,513,563, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $2,563,833, due 07/15/20-02/20/50) |
| | | | 2,513,562 | | | | | | 0.1 | | |
| 2,513,562 (12) | | | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/20, 0.16%, due 04/01/20 (Repurchase Amount $2,513,573, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,569,969, due 04/01/20-09/09/49) |
| | | | 2,513,562 | | | | | | 0.1 | | |
| | | | Total Repurchase Agreements (Cost $10,799,391) |
| | |
|
10,799,391
|
| | | |
|
0.4
|
| |
| | | | | | | | | | | | | | | | | |
| Shares | | |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| | | | Mutual Funds: 2.6% | | ||||||||||||
| 15,741,134 (13) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.330% |
| | | | 15,741,134 | | | | | | 0.6 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| SHORT-TERM INVESTMENTS: (continued) | | |||||||||||||||
| | | | Mutual Funds (continued) | | ||||||||||||
| 49,886,000 (13) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.250% |
| | | $ | 49,886,000 | | | | | | 2.0 | | |
| | | | Total Mutual Funds (Cost $65,627,134) |
| | |
|
65,627,134
|
| | | |
|
2.6
|
| |
| | | | Total Short-Term Investments (Cost $76,426,525) |
| | |
|
76,426,525
|
| | | |
|
3.0
|
| |
| | | | Total Investments in Securities (Cost $2,791,658,812) |
| | | $ | 2,513,820,991 | | | | | | 97.6 | | |
| | | | Assets in Excess of Other Liabilities |
| | | | 63,073,798 | | | | | | 2.4 | | |
| | | | Net Assets | | | | $ | 2,576,894,789 | | | | | | 100.0 | | |
| | ||||||||||||||||
“Other Securities” represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or inaggregate respectively as of March 31, 2020.
The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers.
(2)
Security, or a portion of the security, is on loan.
(3)
The grouping contains securities on loan.
(4)
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.
payment rates.
(5)
Variable rate security. Rate shown is the rate in effect as of March 31, 2020.
(6)
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, 2020.
(7)
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.
(8)
Principal only securities represent the right to receive the monthly principal payments on an underlying pool of mortgage loans. No payments of interest on the pool are passed through the principal only security.
(9)
Settlement is on a when-issued or delayed-delivery basis.
(10)
Security is a Master Limited Partnership.
See Accompanying Notes to Financial Statements
185
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
(11)
The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities.
(12)
All or a portion of the security represents securities purchased with cash collateral received for securities on loan.
(13)
Rate shown is the 7-day yield as of March 31, 2020.
Currency Abbreviations:
EUR
EU Euro
IDR
Indonesian Rupiah
PEN
Peruvian Nuevo Sol
RUB
Russian Ruble
Reference Rate Abbreviations:
12MTA
12-month Treasury Average
US0001M
1-month LIBOR
US0001W
1-week LIBOR
US0002M
2-month LIBOR
US0003M
3-month LIBOR
US0006M
6-month LIBOR
US0012M
12-month LIBOR
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Purchased Options | | | | $ | — | | | | | $ | 4,673,724 | | | | | $ | — | | | | | $ | 4,673,724 | | |
| Corporate Bonds/Notes | | | | | — | | | | | | 394,488,093 | | | | | | — | | | | | | 394,488,093 | | |
| Collateralized Mortgage Obligations | | | | | — | | | | | | 753,643,797 | | | | | | — | | | | | | 753,643,797 | | |
| Asset-Backed Securities | | | | | — | | | | | | 308,841,383 | | | | | | — | | | | | | 308,841,383 | | |
| Bank Loans | | | | | — | | | | | | 348,781,362 | | | | | | — | | | | | | 348,781,362 | | |
| Sovereign Bonds | | | | | — | | | | | | 82,023,092 | | | | | | — | | | | | | 82,023,092 | | |
| Commercial Mortgage-Backed Securities | | | | | — | | | | | | 529,961,107 | | | | | | — | | | | | | 529,961,107 | | |
| Convertible Bonds/Notes | | | | | — | | | | | | 313,525 | | | | | | — | | | | | | 313,525 | | |
| U.S. Government Agency Obligations | | | | | — | | | | | | 7,429 | | | | | | — | | | | | | 7,429 | | |
| U.S. Treasury Obligations | | | | | — | | | | | | 14,660,954 | | | | | | — | | | | | | 14,660,954 | | |
| Short-Term Investments | | | | | 65,627,134 | | | | | | 10,799,391 | | | | | | — | | | | | | 76,426,525 | | |
| Total Investments, at fair value | | | | $ | 65,627,134 | | | | | $ | 2,448,193,857 | | | | | $ | — | | | | | $ | 2,513,820,991 | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | | — | | | | | | 14,286,381 | | | | | | — | | | | | | 14,286,381 | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | 19,836,927 | | | | | | — | | | | | | 19,836,927 | | |
| Total Assets | | | | $ | 65,627,134 | | | | | $ | 2,482,317,165 | | | | | $ | — | | | | | $ | 2,547,944,289 | | |
| Liabilities Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Financial Instruments+ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Centrally Cleared Swaps | | | | $ | — | | | | | $ | (2,538,527) | | | | | $ | — | | | | | $ | (2,538,527) | | |
| Forward Foreign Currency Contracts | | | | | — | | | | | | (12,373,218) | | | | | | — | | | | | | (12,373,218) | | |
| Written Options | | | | | — | | | | | | (4,349,549) | | | | | | — | | | | | | (4,349,549) | | |
| Total Liabilities | | | | $ | — | | | | | $ | (19,261,294) | | | | | $ | — | | | | | $ | (19,261,294) | | |
^
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.
See Accompanying Notes to Financial Statements
186
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
At March 31, 2020, the following forward foreign currency contracts were outstanding for Voya Strategic Income Opportunities Fund:
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement
Date |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||
| HUF 655,795 | | | USD 2,147 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | $ | (139) | | |
| USD 7,032,932 | | |
IDR 96,830,815,700
|
| |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 1,130,513 | | |
| PHP 1,478,623 | | | USD 29,000 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (224) | | |
| MYR 131,109 | | | USD 32,123 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (1,733) | | |
| MXN 134,002,849 | | | USD 6,313,543 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (701,453) | | |
| ILS 120,172 | | | USD 34,931 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (938) | | |
| IDR 5,793,718,400 | | | USD 353,000 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 162 | | |
| IDR 63,890,217,755 | | | USD 4,401,820 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (507,328) | | |
| USD 86,000 | | | RUB 5,495,770 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 16,051 | | |
| ZAR 180,127 | | | USD 12,161 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (2,154) | | |
| THB 154,924 | | | USD 5,000 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (278) | | |
| USD 9,771,749 | | | RUB 618,672,890 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | 1,897,453 | | |
| CZK 42,445 | | | USD 1,851 | | |
Barclays Bank PLC
|
| | | | 05/15/20 | | | | | | (143) | | |
| NOK 43,472,229 | | | USD 4,151,600 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | 390 | | |
| USD 6,293,000 | | | JPY 693,884,933 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | (178,396) | | |
| USD 7,623,000 | | | CHF 7,339,479 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | 9,202 | | |
| CHF 7,324,714 | | | USD 7,623,000 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | (24,520) | | |
| USD 32,466,661 | | | SEK 333,422,217 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | (1,285,605) | | |
| NOK 43,513,164 | | | USD 4,151,600 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | 4,299 | | |
| CAD 11,763,154 | | | USD 8,412,000 | | |
Barclays Bank PLC
|
| | | | 06/05/20 | | | | | | (48,296) | | |
| USD 397,000 | | |
IDR 5,486,377,230
|
| |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 62,572 | | |
| USD 29,363 | | | PHP 1,499,125 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 188 | | |
| USD 16,284,002 | | | BRL 68,799,522 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 3,082,472 | | |
| USD 108,130 | | | PLN 419,722 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 6,697 | | |
| USD 68,000 | | | PLN 288,057 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | (1,614) | | |
| USD 282,000 | | | MXN 5,351,744 | | |
BNP Paribas
|
| | | | 05/15/20 | | | | | | 57,867 | | |
| NOK 102,006,542 | | | USD 9,072,000 | | |
BNP Paribas
|
| | | | 06/05/20 | | | | | | 742,343 | | |
| USD 5,954,000 | | | JPY 660,892,809 | | |
Brown Brothers Harriman & Co.
|
| | | | 06/05/20 | | | | | | (209,700) | | |
| USD 11,759,000 | | | CAD 17,072,128 | | |
Brown Brothers Harriman & Co.
|
| | | | 06/05/20 | | | | | | (379,431) | | |
| USD 6,919,705 | | | PEN 23,210,076 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 169,533 | | |
| TRY 74,344 | | | USD 12,215 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (1,116) | | |
| USD 358,000 | | | BRL 1,526,118 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 65,162 | | |
| USD 6,832,988 | | | MXN 130,075,655 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 1,385,371 | | |
| MXN 1,474,190 | | | USD 60,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 1,740 | | |
| RON 4,488 | | | USD 1,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 20 | | |
| PEN 2,523,327 | | | USD 716,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 17,858 | | |
| USD 1,000 | | | ZAR 17,558 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 25 | | |
| USD 50,000 | | | CLP 42,029,500 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 835 | | |
| COP 69,540,774 | | | USD 20,359 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (3,293) | | |
| CLP 44,100,907 | | | USD 56,013 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | (4,425) | | |
| USD 10,000 | | | TRY 61,039 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 887 | | |
| RUB 60,750,616 | | | USD 769,000 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 4,217 | | |
| USD 13,000 | | | ZAR 194,093 | | |
Citibank N.A.
|
| | | | 05/15/20 | | | | | | 2,217 | | |
| EUR 115,524,256 | | | USD 124,903,000 | | |
Citibank N.A.
|
| | | | 06/05/20 | | | | | | 2,827,449 | | |
| USD 7,623,000 | | | CHF 7,343,526 | | |
Citibank N.A.
|
| | | | 06/05/20 | | | | | | 5,005 | | |
| NOK 1,229,809 | | | USD 108,519 | | |
Deutsche Bank AG
|
| | | | 06/05/20 | | | | | | 9,805 | | |
| CHF 7,340,212 | | | USD 7,510,935 | | |
Deutsche Bank AG
|
| | | | 06/05/20 | | | | | | 139,264 | | |
See Accompanying Notes to Financial Statements
187
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement
Date |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||
| USD 171 | | | NOK 1,883 | | |
Deutsche Bank AG
|
| | | | 06/05/20 | | | | | | (10) | | |
| BRL 1,133,792 | | | USD 223,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 05/15/20 | | | | | | (5,443) | | |
| USD 10,856,000 | | |
JPY 1,181,932,887
|
| |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (167,089) | | |
| USD 472,538 | | | CAD 681,082 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (11,717) | | |
| AUD 34,803,675 | | | USD 20,273,343 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | 1,138,673 | | |
| USD 169,279,316 | | | EUR 156,539,520 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (3,800,034) | | |
| EUR 6,330,651 | | | USD 6,886,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | 113,542 | | |
| USD 37,279,111 | | | NZD 65,291,377 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (1,660,845) | | |
| CAD 17,205,157 | | | USD 12,260,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (26,985) | | |
| EUR 5,901,051 | | | USD 6,567,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | (42,450) | | |
| GBP 4,970,984 | | | USD 5,713,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | 468,883 | | |
| GBP 29,000,962 | | | USD 33,772,818 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | 2,292,588 | | |
| EUR 2,339,253 | | | USD 2,534,000 | | |
JPMorgan Chase Bank N.A.
|
| | | | 06/05/20 | | | | | | 52,417 | | |
| BRL 69,196,636 | | | USD 14,545,971 | | |
Morgan Stanley Capital
Services LLC |
| | | | 05/15/20 | | | | | | (1,268,242) | | |
| USD 17,000 | | | COP 57,691,200 | | |
Morgan Stanley Capital
Services LLC |
| | | | 05/15/20 | | | | | | 2,842 | | |
| NOK 43,528,069 | | | USD 4,151,600 | | |
Morgan Stanley Capital
Services LLC |
| | | | 06/05/20 | | | | | | 5,723 | | |
| NOK 43,509,809 | | | USD 4,151,600 | | |
Morgan Stanley Capital
Services LLC |
| | | | 06/05/20 | | | | | | 3,979 | | |
| SEK 48,606,490 | | | USD 4,906,000 | | |
Morgan Stanley Capital
Services LLC |
| | | | 06/05/20 | | | | | | 14,426 | | |
| NZD 9,670,565 | | | USD 5,780,000 | | |
Morgan Stanley Capital
Services LLC |
| | | | 06/05/20 | | | | | | (12,449) | | |
| USD 6,465,000 | | | AUD 10,601,303 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 20,537 | | |
| USD 5,451,000 | | | EUR 4,956,180 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 11,731 | | |
| EUR 4,940,530 | | | USD 5,451,000 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (28,907) | | |
| NOK 43,498,347 | | | USD 4,151,600 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 2,884 | | |
| USD 5,443,000 | | | AUD 8,832,361 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 9,130 | | |
| EUR 7,023,379 | | | USD 7,775,000 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (9,537) | | |
| USD 7,244,000 | | | CHF 6,890,000 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 63,025 | | |
| USD 11,111,000 | | | GBP 8,932,620 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 2,453 | | |
| USD 12,198,000 | | | GBP 10,038,283 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (285,543) | | |
| USD 6,232,000 | | | CHF 6,073,720 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (98,221) | | |
| JPY 15,668,941,075 | | | USD 142,166,273 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 3,967,348 | | |
| USD 15,914,000 | | | GBP 13,553,369 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (940,881) | | |
| USD 5,451,000 | | | EUR 4,955,639 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 12,324 | | |
See Accompanying Notes to Financial Statements
188
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement
Date |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||
| USD 9,279,000 | | | AUD 16,093,044 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (621,808) | | |
| AUD 10,565,550 | | | USD 6,465,000 | | |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | (42,271) | | |
|
USD 6,465,000
|
| |
AUD 10,610,699
|
| |
State Street Bank and
Trust Co. |
| | | | 06/05/20 | | | | | | 14,825 | | |
| | | | | | | | | | | | | | | | | $ | 7,463,709 | | |
| | |||||||||||||||||||
At March 31, 2020, 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(1)
|
Reference Entity/Obligation
|
| |
Buy/Sell
Protection |
| |
(Pay)/
Receive Financing Rate (%)(2) |
| |
Termination
Date |
| |
Notional
Amount(3) |
| |
Fair
Value(4) |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||
|
CDX North American High Yield Index, Series 34, Version 1
|
| | | | Buy | | | | | | (5.000) | | | | | | 06/20/25 | | | | | | USD 243,185,000 | | | | | $ | 15,612,477 | | | | | $ | 5,018,018 | | |
| iTraxx Cross-over Index, Series 32, Version 1 | | | | | Buy | | | | | | (5.000) | | | | | | 12/20/24 | | | | | | EUR 41,009,000 | | | | | | 926,829 | | | | | | 7,213,215 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 16,539,306 | | | | | $ | 12,231,233 | | |
Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection(1)
|
ReferenceEntity/Obligation
|
| |
Buy/Sell
Protection |
| |
(Pay)/
Receive Financing Rate (%)(2) |
| |
Termination
Date |
| |
Notional
Amount(3) |
| |
Fair
Value(4) |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||
| Prudential Financial Inc. 3.50%, due 05/15/2024 | | | | | Buy | | | | | | (1.000) | | | | | | 12/20/24 | | | | | | USD 15,120,000 | | | | | | (132,088) | | | | | | 269,623 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (132,088) | | | | | $ | 269,623 | | |
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection(5)
|
ReferenceEntity/Obligation
|
| |
Buy/Sell
Protection |
| |
(Pay)/
Receive Financing Rate (%)(6) |
| |
Termination
Date |
| |
Notional
Amount(3) |
| |
Fair
Value(4) |
| |
Unrealized
Appreciation/ (Depreciation) |
| ||||||||||||||||||
|
CDX North American Investment Grade Index, Series 33,
Version 1 |
| | | | Sell | | | | | | 1.000 | | | | | | 06/20/24 | | | | | | USD 15,120,000 | | | | | | (52,512) | | | | | | (447,940) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (52,512) | | | | | $ | (447,940) | | |
(1)
If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)
Payments made quarterly.
(3)
The maximum amount of future payments (undiscounted) that a Fund as seller of protection could be required to make or receive as a buyer of credit protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.
(4)
The fair values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. Increasing fair values, in absolute terms, when compared to the notional amount of the agreement, represent a deterioration of the referenced obligation’s credit soundness and a greater likelihood or risk of default or other credit event occurring.
(5)
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will generally either i) Pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or ii) Pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.
(6)
Payments received quarterly.
See Accompanying Notes to Financial Statements
189
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
At March 31, 2020, the following centrally cleared interest rate swaps were outstanding for Voya Strategic Income Opportunities Fund:
| Pay/Receive Floating Rate |
| |
Floating Rate Index
|
| |
Floating
Rate Index Payment Frequency |
| |
Fixed
Rate |
| |
Fixed Rate
Payment Frequency |
| |
Maturity
Date |
| |
Notional
Amount |
| |
Fair
Value |
| |
Unrealized
Appreciation/ (Depreciation) |
| |||||||||||||||
| Pay | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.596% | | | |
Semi-Annual
|
| | | | 04/11/20 | | | | | | USD 90,000,000 | | | | | $ | 24,293 | | | | | $ | 24,293 | | |
| Pay | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.026 | | | |
Semi-Annual
|
| | | | 03/12/22 | | | | | | USD 258,000 | | | | | | 8,106 | | | | | | 8,106 | | |
| Pay | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.246 | | | |
Semi-Annual
|
| | | | 03/12/25 | | | | | | USD 49,000 | | | | | | 4,227 | | | | | | 4,227 | | |
| Pay | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.238 | | | |
Semi-Annual
|
| | | | 03/09/26 | | | | | | USD 20,892,000 | | | | | | 1,748,899 | | | | | | 1,748,899 | | |
| Receive | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.620 | | | |
Semi-Annual
|
| | | | 04/13/20 | | | | | | USD 23,800,000 | | | | | | (6,630) | | | | | | (6,630) | | |
| Receive | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 1.923 | | | |
Semi-Annual
|
| | | | 03/20/22 | | | | | | USD 575,000 | | | | | | (16,759) | | | | | | (16,759) | | |
| Receive | | |
3-month USD-LIBOR
|
| |
Quarterly
|
| | | | 2.839 | | | |
Semi-Annual
|
| | | | 04/11/28 | | | | | | USD 12,000,000 | | | | | | (2,067,198) | | | | | | (2,067,198) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (305,062) | | | | | $ | (305,062) | | |
At March 31, 2020, the following over-the-counter purchased foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:
|
Description
|
| |
Counterparty
|
| |
Expiration
Date |
| |
Exercise
Price |
| |
Notional Amount
|
| |
Cost
|
| |
Fair Value
|
| |||||||||
| Call EUR vs. Put NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
10.500
|
| |
EUR 21,558,000
|
| | | $ | 64,736 | | | | | $ | 2,124,162 | | |
| Call USD vs. Put AUD | | |
Morgan Stanley Capital
Services LLC |
| | | | 05/11/20 | | | |
0.650
|
| |
USD 22,933,300
|
| | | | 87,817 | | | | | | 1,348,185 | | |
| Call USD vs. Put JPY | | |
Morgan Stanley Capital
Services LLC |
| | | | 04/22/20 | | | |
111.500
|
| |
USD 141,548,000
|
| | | | 1,932,979 | | | | | | 239,368 | | |
| Put EUR vs. Call NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
9.900
|
| |
EUR 21,558,000
|
| | | | 76,624 | | | | | | 14,999 | | |
| Put USD vs. Call AUD | | |
Morgan Stanley Capital
Services LLC |
| | | | 05/11/20 | | | |
0.690
|
| |
USD 24,344,580
|
| | | | 92,651 | | | | | | 14,758 | | |
| Put USD vs. Call EUR | | |
Citibank N.A.
|
| | | | 04/21/20 | | | |
1.110
|
| |
USD 141,548,000
|
| | | | 1,140,877 | | | | | | 932,252 | | |
| | | | | | | | | | | | | | | | | | | | $ | 3,395,684 | | | | | $ | 4,673,724 | | |
At March 31, 2020, the following OTC written foreign currency options were outstanding for Voya Strategic Income Opportunities Fund:
|
Description
|
| |
Counterparty
|
| |
Expiration
Date |
| |
Exercise
Price |
| |
Notional Amount
|
| |
Premiums
Received |
| |
Fair Value
|
| |||||||||
| Call EUR vs. Put NOK | | |
Bank of America N.A.
|
| | | | 05/11/20 | | | |
10.300
|
| |
EUR 21,558,000
|
| | | $ | 150,540 | | | | | $ | (2,518,936) | | |
|
Call USD vs. Put AUD
|
| |
Morgan Stanley Capital
Services LLC |
| | | | 05/11/20 | | | |
0.665
|
| |
USD 23,462,530
|
| | | | 205,200 | | | | | | (1,830,613) | | |
| | | | | | | | | | | | | | | | | | | | $ | 355,740 | | | | | $ | (4,349,549) | | |
Currency Abbreviations
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CLP – Chilean Peso
COP – Colombian Peso
CZK – Czech Koruna
EUR – EU Euro
GBP – British Pound
HUF – Hungarian Forint
IDR – Indonesian Rupiah
ILS – Israeli New Shekel
JPY – Japanese Yen
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
NZD – New Zealand Dollar
PEN – Peruvian Nuevo Sol
PHP – Philippine Peso
PLN – Polish Zloty
RON – Romanian New Leu
See Accompanying Notes to Financial Statements
190
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
RUB – Russian Ruble
SEK – Swedish Krona
THB – Thai Baht
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, 2020 was as follows:
|
Derivatives not accounted for as hedging instruments
|
| |
Location on Statement
of Assets and Liabilities |
| |
Fair Value
|
| |||
| Asset Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | |
Investments in securities at value*
|
| | | $ | 4,673,724 | | |
| Foreign exchange contracts | | |
Unrealized appreciation on forward foreign currency contracts
|
| | | | 19,836,927 | | |
| Interest rate contracts | | |
Net Assets — Unrealized appreciation**
|
| | | | 1,785,525 | | |
| Credit contracts | | |
Net Assets — Unrealized appreciation**
|
| | | | 12,500,856 | | |
|
Total Asset Derivatives
|
| | | | | | $ | 38,797,032 | | |
| Liability Derivatives | | | | | | | | | | |
| Foreign exchange contracts | | |
Unrealized depreciation on forward foreign currency contracts
|
| | | $ | 12,373,218 | | |
| Interest rate contracts | | |
Net Assets — Unrealized depreciation**
|
| | | | 2,090,587 | | |
| Credit contracts | | |
Net Assets — Unrealized depreciation**
|
| | | | 447,940 | | |
| Foreign exchange contracts | | |
Written options, at fair value
|
| | | | 4,349,549 | | |
|
Total Liability Derivatives
|
| | | | | | $ | 19,261,294 | | |
*
Includes purchased options.
**
Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the table within the Portfolio of Investments. Only current days variation margin receivable/payable is included on the Statement of Assets and Liabilities.
The effect of derivative instruments on the Fund’s Statement of Operations for the year ended March 31, 2020 was as follows:
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
Derivatives not accounted for as hedging instruments
|
| |
Investments*
|
| |
Forward
foreign currency contracts |
| |
Futures
|
| |
Swaps
|
| |
Written
options |
| |
Total
|
| ||||||||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 13,254,232 | | | | | $ | — | | | | | $ | 13,254,232 | | |
| Equity contracts | | | | | — | | | | | | — | | | | | | (330,368) | | | | | | — | | | | | | — | | | | | | (330,368) | | |
| Foreign exchange contracts | | | | | (105,530) | | | | | | (1,339,511) | | | | | | — | | | | | | (1,086,217) | | | | | | 292,560 | | | | | | (2,238,698) | | |
| Interest rate contracts | | | | | 1,294,079 | | | | | | — | | | | | | (51,065,482) | | | | | | (1,139,125) | | | | | | (4,636,395) | | | | | | (55,546,923) | | |
|
Total
|
| | | $ | 1,188,549 | | | | | $ | (1,339,511) | | | | | $ | (51,395,850) | | | | | $ | 11,028,890 | | | | | $ | (4,343,835) | | | | | $ | (44,861,757) | | |
Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
|
Derivatives not accounted for as hedging instruments
|
| |
Investments*
|
| |
Forward
foreign currency contracts |
| |
Futures
|
| |
Swaps
|
| |
Written
options |
| |
Total
|
| ||||||||||||||||||
| Credit contracts | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 12,052,916 | | | | | $ | — | | | | | $ | 12,052,916 | | |
| Foreign exchange contracts | | | | | 1,278,041 | | | | | | 7,013,752 | | | | | | — | | | | | | — | | | | | | (3,993,809) | | | | | | 4,297,984 | | |
| Interest rate contracts | | | | | 896,378 | | | | | | — | | | | | | 2,272,315 | | | | | | 17,095 | | | | | | 4,155,660 | | | | | | 7,341,448 | | |
|
Total
|
| | | $ | 2,174,419 | | | | | $ | 7,013,752 | | | | | $ | 2,272,315 | | | | | $ | 12,070,011 | | | | | $ | 161,851 | | | | | $ | 23,692,348 | | |
*
Amounts recognized for purchased options are included in net realized gain (loss) on investments and in net change in unrealized appreciation or depreciation on investments.
See Accompanying Notes to Financial Statements
191
| Voya Strategic Income | SUMMARY PORTFOLIO OF INVESTMENTS |
| Opportunities Fund | as of March 31, 2020 (continued) |
The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at March 31, 2020:
| | | |
Bank of
America N.A. |
| |
Barclays
Bank PLC |
| |
BNP
Paribas |
| |
Brown
Brothers Harriman & Co. |
| |
Citibank
N.A. |
| |
Deutsche
Bank AG |
| |
JPMorgan
Chase Bank N.A. |
| |
Morgan
Stanley Capital Services LLC |
| |
State
Street Bank and Trust Co. |
| |
Totals
|
| ||||||||||||||||||||||||||||||
| Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Purchased options | | | | $ | 2,139,161 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 932,252 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,602,311 | | | | | $ | — | | | | | $ | 4,673,724 | | |
|
Forward foreign currency
contracts |
| | | | — | | | | | | 3,058,070 | | | | | | 3,952,139 | | | | | | — | | | | | | 4,480,319 | | | | | | 149,069 | | | | | | 4,066,103 | | | | | | 26,970 | | | | | | 4,104,257 | | | | | | 19,836,927 | | |
|
Total Assets
|
| | | $ | 2,139,161 | | | | | $ | 3,058,070 | | | | | $ | 3,952,139 | | | | | $ | — | | | | | $ | 5,412,571 | | | | | $ | 149,069 | | | | | $ | 4,066,103 | | | | | $ | 1,629,281 | | | | | $ | 4,104,257 | | | | | $ | 24,510,651 | | |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Forward foreign currency
contracts |
| | | $ | — | | | | | $ | 2,751,207 | | | | | $ | 1,614 | | | | | $ | 589,131 | | | | | $ | 8,834 | | | | | $ | 10 | | | | | $ | 5,714,563 | | | | | $ | 1,280,691 | | | | | $ | 2,027,168 | | | | | $ | 12,373,218 | | |
| Written options | | | | | 2,518,936 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,830,613 | | | | | | — | | | | | | 4,349,549 | | |
|
Total Liabilities
|
| | | $ | 2,518,936 | | | | | $ | 2,751,207 | | | | | $ | 1,614 | | | | | $ | 589,131 | | | | | $ | 8,834 | | | | | $ | 10 | | | | | $ | 5,714,563 | | | | | $ | 3,111,304 | | | | | $ | 2,027,168 | | | | | $ | 16,722,767 | | |
|
Net OTC derivative instruments by counterparty, at fair value
|
| | | $ | (379,775) | | | | | $ | 306,863 | | | | | $ | 3,950,525 | | | | | $ | (589,131) | | | | | $ | 5,403,737 | | | | | $ | 149,059 | | | | | $ | (1,648,460) | | | | | $ | (1,482,023) | | | | | $ | 2,077,089 | | | | | $ | 7,787,884 | | |
|
Total cash collateral
pledged by the Fund/(Received from counterparty) |
| | | $ | — | | | | | $ | (306,863) | | | | | $ | (3,640,000) | | | | | $ | — | | | | | $ | (5,403,737) | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (9,350,600) | | |
|
Total non-cash collateral
pledged by the Fund/(Received from counterparty) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,531,259) | | | | | | (1,531,259) | | |
|
Net Exposure(1)(2)(3)
|
| | | $ | (379,775) | | | | | $ | — | | | | | $ | 310,525 | | | | | $ | (589,131) | | | | | $ | — | | | | | $ | 149,059 | | | | | $ | (1,648,460) | | | | | $ | (1,482,023) | | | | | $ | 545,830 | | | | | $ | (3,093,975) | | |
(1)
Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund. Please refer to Note 2 for additional details regarding counterparty credit risk and credit related contingent features.
(2)
At March 31, 2020, the Fund had received $590,000, $5,680,000, $530,000 and $14,180,000 in cash collateral from Barclays Bank PLC, Citibank N.A., JPMorgan Chase Bank N.A. and Morgan Stanley Capital Services LLC, respectively. Excess cash collateral is not shown for financial reporting purposes.
(3)
At March 31, 2020, the Fund had received U.S. Treasury Bills with the original par of $1,518,000 in non-cash collateral from State Stree Bank and Trust Co.
At March 31, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
| |
Cost for federal income tax purposes was $2,815,864,436.
|
| | |||||
| | Net unrealized depreciation consisted of: | | | |||||
| |
Gross Unrealized Appreciation
|
| | | $ | 51,082,346 | | |
| |
Gross Unrealized Depreciation
|
| | | | (333,249,653) | | |
| |
Net Unrealized Depreciation
|
| | | $ | (282,167,307) | | |
See Accompanying Notes to Financial Statements
192
TAX INFORMATION (Unaudited)
Dividends and distributions paid during the year ended March 31, 2020 were as follows:
|
Fund Name
|
| |
Type
|
| |
Per Share Amount
|
| |||
| Voya GNMA Income Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.2286 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.1643 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.2545 | | |
|
Class W
|
| |
NII
|
| | | $ | 0.2505 | | |
| Voya High Yield Bond Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.4230 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.3630 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.4500 | | |
|
Class P
|
| |
NII
|
| | | $ | 0.5037 | | |
|
Class P3
|
| |
NII
|
| | | $ | 0.5085 | | |
|
Class R
|
| |
NII
|
| | | $ | 0.4033 | | |
|
Class R6
|
| |
NII
|
| | | $ | 0.4561 | | |
|
Class W
|
| |
NII
|
| | | $ | 0.4435 | | |
| Voya Intermediate Bond Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.3347 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.2566 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.3678 | | |
|
Class P3
|
| |
NII
|
| | | $ | 0.4041 | | |
|
Class R
|
| |
NII
|
| | | $ | 0.3093 | | |
|
Class R6
|
| |
NII
|
| | | $ | 0.3719 | | |
|
Fund Name
|
| |
Type
|
| |
Per Share Amount
|
| |||
| Voya Intermediate Bond Fund (continued) | | |||||||||
|
Class W
|
| |
NII
|
| | | $ | 0.3605 | | |
|
All Classes
|
| |
STCG
|
| | | $ | 0.0084 | | |
| Voya Short Term Bond Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.2108 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.1366 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.2402 | | |
|
Class P2(1)
|
| |
NII
|
| | | $ | 0.1293 | | |
|
Class P3
|
| |
NII
|
| | | $ | 0.2907 | | |
|
Class R
|
| |
NII
|
| | | $ | 0.1865 | | |
|
Class R6
|
| |
NII
|
| | | $ | 0.2432 | | |
|
Class W
|
| |
NII
|
| | | $ | 0.2361 | | |
| Voya Strategic Income Opportunities Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.4082 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.3261 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.4462 | | |
|
Class P
|
| |
NII
|
| | | $ | 0.5030 | | |
|
Class P3(2)
|
| |
NII
|
| | | $ | 0.2822 | | |
|
Class R
|
| |
NII
|
| | | $ | 0.3794 | | |
|
Class R6
|
| |
NII
|
| | | $ | 0.4510 | | |
|
Class W
|
| |
NII
|
| | | $ | 0.4328 | | |
NII – Net investment income
STCG – Short-term capital gain
(1)
Commenced operations on October 22, 2019.
(2)
Commenced operations on August 1, 2019.
Pursuant to Internal Revenue Code Section 871(k)(1), the Funds designate the following percentages of net investment income distributions as interest-related dividends:
| | Voya GNMA Income Fund | | | | | 99.94% | | |
| | Voya High Yield Bond Fund | | | | | 98.18% | | |
| | Voya Intermediate Bond Fund | | | | | 92.68% | | |
| | Voya Short Term Bond Fund | | | | | 96.70% | | |
| | Voya Strategic Income Opportunities Fund | | | | | 85.91% | | |
The Funds designate the following percentages of short-term capital gain distributions as short-term capital gain dividends as defined in Internal Revenue Code Section 871(k)(2):
| | Voya Intermediate Bond Fund | | | | | 100.00% | | |
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.
193
TRUSTEE AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.
|
Name, Address and Age
|
| |
Position(s)
Held with the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
| |
Number of
funds in Fund Complex Overseen by Trustee(2) |
| |
Other Board Positions
Held by Trustee |
|
| Independent Trustees: | | | | | | | | | | | | | | | | |
| Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 |
| |
Trustee
Chairperson
|
| |
November 2007 –
Present January 2020 – Present
|
| | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | |
136
|
| | Dentaquest (February 2014 – Present); RSR Partners, Inc. (2016 – Present). |
|
| John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
| | Trustee | | | January 2005 – Present | | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). |
| |
136
|
| | None. | |
| Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 71 |
| | Trustee | | | January 2006 – Present | | | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present). |
| |
136
|
| | Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present). | |
| Martin J. Gavin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, AZ 85258 Age: 70 |
| | Trustee | | | August 2015 – Present | | | Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015). | | |
136
|
| | None. | |
| Joseph E. Obermeyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
| | Trustee | | | May 2013 – Present | | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | |
136
|
| | None. | |
| Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 |
| | Trustee | | | January 2006 – Present | | | Consultant (May 2001 – Present). |
| |
136
|
| | None. | |
| Christopher P. Sullivan 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
| | Trustee | | | October 2015 – Present | | | Retired. | | |
136
|
| | None. | |
194
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s)
Held with the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
| |
Number of
funds in Fund Complex Overseen by Trustee(2) |
| |
Other Board Positions
Held by Trustee |
|
| Trustee who is an “interested person”: | | |||||||||||||||
| Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
| | Trustee | | | July 2018 – Present | | | President, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017). |
| |
136
|
| | Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present). |
|
(1)
Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Fund (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).
(2)
For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of April 30, 2020.
195
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s) Held
With the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal Occupation(s) –
During the Past 5 Years |
|
| Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51 |
| | Chief Executive Officer | | | March 2018 – Present | | | Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018). |
|
| Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
| | President | | | March 2018 – Present | | | President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017). |
|
| Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 52 |
| |
Executive Vice President
Chief Investment Risk Officer
|
| |
March 2020 – Present
March 2020 – Present
|
| | Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present); Formerly, Consultant, DA Capital LLC (January 2016 – March 2017); Managing Director, Enterprise Risk, American International Group (AIG) (September 2014 – March 2015). | |
| James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 62 |
| | Executive Vice President | | | March 2018 – Present | | | Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017). | |
| Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53 |
| | Chief Compliance Officer | | | February 2012 – Present | | | Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present). | |
| Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
| | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | | | March 2005 – Present | | | President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present). |
|
| Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 |
| |
Senior Vice President
|
| | November 2003 – Present | | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). | |
| Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49 |
| |
Senior Vice President
|
| | May 2006 – Present | | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present). | |
| Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
| | Vice President | | | September 2004 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present). |
|
196
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s) Held
With the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal Occupation(s) –
During the Past 5 Years |
|
| Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 |
| | Vice President | | | September 2012 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). |
|
| Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 |
| | Vice President | | | September 2014 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). |
|
| Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 |
| | Vice President | | | September 2016 – Present | | | Senior Vice President, Head of Fund Compliance and Chief Compliance Office, Voya Investments, LLC (March 2020 – Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – March 2020); and Vice President, Mutual Fund Compliance (March 2014 – June 2016). |
|
| Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
| | Vice President | | | October 2000 – Present | | | Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present). |
|
| Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
| | Vice President | | | September 2012 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present). |
|
| Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
| | Vice President | | | March 2018 – Present | | | Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018). |
|
| Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 |
| | Vice President | | | May 2013 – Present | | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015). | |
| Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43 |
| | Anti-Money Laundering Officer | | | June 2018 – Present | | | Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018). | |
| Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 |
| | Secretary | | | January 2020 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present). |
|
| Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68 |
| | Assistant Secretary | | | June 2010 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present). |
|
197
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s) Held
With the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal Occupation(s) –
During the Past 5 Years |
|
| Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 |
| | Assistant Secretary | | | January 2020 – Present | | | Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present). | |
(1)
The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.
198
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 21, 2019, the Board of Trustees (“Board”) of Voya Funds Trust (the “Trust”), including a majority of 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 Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Term Bond Fund, and Voya Strategic Income Opportunities Fund, each a series of the Trust (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, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.
In addition to the Board meeting on November 21, 2019, the Independent Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they 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. Subsequent references herein to factors considered and determinations made by the Independent Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Trustees. 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 follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and 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, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide 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. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
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 overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to each Fund’s investment management and sub-advisory arrangements.
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
199
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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” platform 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 investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions of the Sub-Adviser 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 oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for each Fund are consistently complied with, and other periodic reports covering related matters.
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 the 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 category and primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. 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 as 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 management fee schedules that will result in a lower management fee rate 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 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 evaluating these matters, the Independent Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale. 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 the 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 the 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
200
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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/or recoupment arrangements that apply to the fees payable by the Funds, including whether the Manager intends to propose 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 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 affiliated service providers 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 the Manager.
Although the Methodology Guide establishes a framework for profit calculation, 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, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.
The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides 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, including their ability to engage in soft-dollar transactions on behalf of 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 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, 2019, November 19, 2019, and/or November 21, 2019 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. In each case, the Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 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, 2019: (1) the Fund is ranked in the first quintile of its Morningstar category for the three-year, five-year and ten-year periods, the second quintile for the one-year period, and the third quintile for the year-to-date period; and (2) the Fund outperformed its primary benchmark for all periods presented, with the exception of the year-to-date and one-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: (1) the economies of scale benefits to the Fund and its shareholders from breakpoint discounts applicable to the Fund’s management fee rate, which result in lower fees at higher asset levels; and (2) the pricing structure (including the net expense ratio to be
201
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
borne by shareholders) of the Fund, as compared to its Selected Peer Group, including that: (a) the net management fee rate for the Fund is ranked in the fifth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fifth quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fifth quintile of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account: (1) management’s representations regarding the competitiveness of the Fund’s management fee rate and net expense ratio, and the Fund’s investment performance net of expenses; and (2) that, at the Board’s direction, the Fund’s management fee rate and expense limits would be lowered, effective January 1, 2020.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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, 2019: (1) the Fund is ranked in the first quintile of its Morningstar category for the year-to-date and ten-year periods, the second quintile for the one-year and five-year periods, and the third quintile for the three-year period; 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 considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a breakpoint fee schedule where the asset level necessary to achieve a breakpoint discount had not been reached by the Fund; and (2) 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 net management fee rate for the Fund is ranked in the fourth quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the third quintile of net expense ratios of the funds in its Selected Peer Group. 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.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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, 2019: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year, three-year, five-year and ten-year periods, and the second quintile for the year-to-date period; 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: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the first quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked
202
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
in the first quintile of net expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
Voya Short Term Bond Fund
In considering whether to approve the renewal of the Contracts for Voya Short Term Bond Fund, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Fund is ranked in the third quintile of its Morningstar category for all periods presented; 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: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the first quintile of net expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory
fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
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, 2019: (1) the Fund is ranked in the first quintile of its Morningstar category for the one-year and five-year periods, and the second quintile for the year-to-date and three-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: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the third quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the first quintile of contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
203
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.
RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com
![[MISSING IMAGE: lg_voya-r.jpg]](lg_voya-r.jpg){kind=small}
163059 (0320-052120)
TABLE OF CONTENTS
| | | | | | 1 | | | |
| | | | | | 3 | | | |
| | | | | | 4 | | | |
| | | | | | 5 | | | |
| | | | | | 6 | | | |
| | | | | | 8 | | | |
| | | | | | 9 | | | |
| | | | | | 10 | | | |
| | | | | | 11 | | | |
| | | | | | 19 | | | |
| | | | | | 21 | | | |
| | | | | | 22 | | | |
| | | | | | 26 | | |
| | |
|
| |
Go Paperless with E-Delivery!
|
| |
|
| |
| | |
Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund costs.
|
| | ||||||
| | |
Just go to www.individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll.
|
| | ||||||
| | |
You will be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be sent by mail.
|
| | ||||||
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings with the SEC monthly on Form N-MFP. The Fund’s Form N-MFP is available on the SEC’s website at www.sec.gov or the monthly schedule of portfolio holdings are also available: on www.voyainvestments.com 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.
President’s Letter
Turbulent Waters Demand Steadfast Navigation
After a tumultuous January, stocks staged an impressive recovery until the last week of February, at which point the financial markets fell sharply as fears of the spreading coronavirus darkened the outlook. The tumult has since continued: as of this writing at the end of March, global stock markets, as measured by the MSCI All Country World IndexSM, have spiraled down into a bear market, i.e., a drop of 20% or more.
Governments around the world launched massive policy responses to the coronavirus pandemic in March. The U.S. Congress passed a $2 trillion rescue package, the largest single injection of cash into the U.S. economy in history. The U.S. Federal Reserve Board cut interest rates to near zero, expanded its purchases of U.S. Treasury and mortgage-backed securities to include corporate and municipal bonds, coordinated with other central banks to ease strains in the global funding markets and guaranteed support for critical market functions such as credit flows into the private and public sectors. While these measures provided only temporary respite from market tumult, we believe they have helped allay fears of an economic shutdown.
Until the picture is clearer, however, we expect the market swings to continue. It is our opinion that investors should resist the temptation of the 24-hour “breaking news” cycle; in the end, fundamentals will count most. The most valuable insight we can offer is a reminder that events such as the coronavirus are exactly why investors prepare portfolios for risk. It is also worth remembering that, in our view, portfolios should not be built just to withstand risk; primarily, they should be built to achieve long-term objectives. We believe that even severe market disruptions such as this should not distract investors from focusing on their objectives.
This is an unprecedented time for all of us, and the situation is fast-changing. And while we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Dina Santoro
President
Voya Family of Funds
April 2, 2020
President
Voya Family of Funds
April 2, 2020
The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice.
For more complete information, or to obtain a prospectus for 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. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.
1
Benchmark Descriptions
| | |
Index
|
| | |
Description
|
| |
| | | MSCI All Country World IndexSM | | | | A free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets. | | |
2
| Portfolio managers’ report | Voya Government Money Market Fund |
| |
Investment Type Allocation
as of March 31, 2020 (as a percentage of net assets) |
| |||
| | | | | | |
| | U.S. Government Agency Debt | | |
40.3%
|
|
| | U.S. Treasury Repurchase Agreement | | |
33.7%
|
|
| | Investment Companies | | |
9.6%
|
|
| | Assets in Excess of Other Liabilities | | |
16.4%
|
|
| | Net Assets | | |
100.0%
|
|
| |
Portfolio holdings are subject to change daily.
|
| |||
Portfolio Specifics: During the period ending March 31, 2020, the rate of U.S. economic growth slowed. Quarterly GDP dropped from 3.1% in the first quarter of 2019 to 2.0% in the second quarter, then stabilized at 2.1% in the third and fourth quarters, before falling 4.8% in the initial reporting for first quarter of 2020. U.S. inflation continued to disappoint while longer-term inflation expectations moderated below the Federal Open Market Committee’s (“FOMC”) 2% target. The U.S. labor market continued its gradual tightening during the period; unemployment dropped from 3.9% at the end of 2019 to 3.5% in February, before jumping to 4.4% in March due to the impact from the COVID-19 virus. The early reporting period for March only captured a portion of the impact and subsequent weeks showed significantly higher unemployment.
The FOMC cut short-term interest rates by 0.25% at each of the July, September and October meetings in 2019 in response to increased risk from the trade dispute with China, slowing U.S. and global economic growth and low inflation. On March 3, 2020 the FOMC cut the Federal funds rate target range by 0.50%, from a range of 1.50-1.75% to a range of 1.00-1.25%, due to the impact of the COVID-19 virus on the U.S. and global economies. The FOMC took a further step on March 15 and reduced the range by 1.00% to a range of 0.00-0.25%, as the negative effects of the virus continued to increase and weigh on the markets.
Seeking to avert a further market meltdown, the U.S. Federal Reserve and U.S. Treasury implemented various facilities, purchasing of securities and fiscal spending in order to stabilize the markets and provide needed liquidity. Short-term government money market rates declined during the period in line with the FOMC rate cuts. Since the U.S. economy has moved into recessionary territory, the FOMC is expected to hold rates steady over the foreseeable future.
During the reporting period, our primary objectives for the Fund were preservation of capital, limiting interest rate risk and keeping an excess liquidity cushion. Maximizing the yield and the total return of the Fund remained secondary objectives. For much of the period, the Fund maintained a shorter than normal weighted average maturity (“WAM”), as the market was pricing in a more dovish FOMC than we expected. In our view, market yields were fully pricing in the rate cuts prior to the rate moves, which limited the ability to pick up additional yield from extending maturities.
The Fund maintained an exposure to floating rate money market securities, shifting out of floaters tied to three-month LIBOR (London interbank offered rate) and into floaters tied to either one-month LIBOR or floaters tied to one-day SOFR (secured overnight financing rate); as in our opinion, the three-month LIBOR rate reflected overly optimistic expectations for future rate cuts. From time to time, the Fund took advantage of the cheapness of new issue T-bills, which allowed the Fund to capture capital gains over and above the yield on those securities and provided incremental total return.
Current Strategy & Outlook: We expect the U.S. and global economies will experience further, significant reductions of activity while the U.S. and other countries keep large portions of their economies closed due to the COVID-19 virus. We believe there will be an economic rebound following the reduction of restrictions on individuals and businesses. To help fund the various facilities and fiscal spending programs intended to support the U.S. economy, we expect a large increase in net T-bill issuance, which eventually should lead to higher yields on short-term securities purchased by the Fund.
In terms of the Fund, we plan to maintain ample daily and weekly liquidity, while looking for opportunities to extend its WAM if or when the market starts to price in higher yields in response to increasing T-bill supply. Otherwise, we intend to maintain the shorter WAM and continue selectively investing in longer maturity fixed rate and floating rate securities, seeking to increase the yield of the Fund.
Principal Risk Factors: 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.
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statement. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.
3
SHAREHOLDER EXPENSE EXAMPLE (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2019 to March 31, 2020. The Fund’s expenses are shown without the imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The right section of the table shown below, “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | |
Actual Fund Return
|
| |
Hypothetical (5% return before expenses)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio* |
| |
Expenses Paid
During the Period Ended March 31, 2020** |
| |
Beginning
Account Value October 1, 2019 |
| |
Ending
Account Value March 31, 2020 |
| |
Annualized
Expense Ratio* |
| |
Expenses Paid
During the Period Ended March 31, 2020** |
| ||||||||||||||||||||||||
| Class A | | | | $ | 1,000.00 | | | | | $ | 1,005.80 | | | | | | 0.41% | | | | | $ | 2.06 | | | | | $ | 1,000.00 | | | | | $ | 1,022.95 | | | | | | 0.41% | | | | | $ | 2.07 | | |
| Class C | | | | | 1,000.00 | | | | | | 1,001.30 | | | | | | 1.41 | | | | | | 7.05 | | | | | | 1,000.00 | | | | | | 1,017.95 | | | | | | 1.41 | | | | | | 7.11 | | |
| Class I | | | | | 1,000.00 | | | | | | 1,006.00 | | | | | | 0.41 | | | | | | 2.06 | | | | | | 1,000.00 | | | | | | 1,022.95 | | | | | | 0.41 | | | | | | 2.07 | | |
| Class W | | | | | 1,000.00 | | | | | | 1,005.80 | | | | | | 0.41 | | | | | | 2.06 | | | | | | 1,000.00 | | | | | | 1,022.95 | | | | | | 0.41 | | | | | | 2.07 | | |
*
The annualized expense ratios reflect waivers of 0.01%, 0.01%, 0.01% and 0.01% of management, distribution and shareholder servicing fees for Classes A, C, I and W, respectively, In order to maintain a net yield of not less than zero (Note 4).
**
Expenses are equal to the Fund’s annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year.
4
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya Government Money Market Fund and the Board of Trustees of Voya Funds Trust
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, 2020, and the related statements of operations and changes in net assets and the financial highlights for the year 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, 2020, the results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles. The statement of changes in net assets for the year ended March 31, 2019, and the financial highlights for each of the years in the four-year period then ended, were audited by another independent registered public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 Company 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 audit 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 Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audit, 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 Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit 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, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audit 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 audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
May 26, 2020
May 26, 2020
5
statement of assets and liabilities as of March 31, 2020
| | ASSETS: | | | | | | | |
| | Short-term investments at amortized cost | | | | $ | 104,175,660 | | |
| | Repurchase agreements | | | | | 70,520,000 | | |
| | Cash | | | | | 7,138 | | |
| | Receivables: | | | | | | | |
| |
Investment securities sold
|
| | | | 33,246,811 | | |
| |
Fund shares sold
|
| | | | 1,435,694 | | |
| |
Dividends
|
| | | | 11,746 | | |
| |
Interest
|
| | | | 73,377 | | |
| | Prepaid expenses | | | | | 74,815 | | |
| | Reimbursement due from Investment Adviser | | | | | 67,019 | | |
| | Other assets | | | | | 22,162 | | |
| |
Total assets
|
| | | | 209,634,422 | | |
| | LIABILITIES: | | | | | | | |
| | Payable for fund shares redeemed | | | | | 491,306 | | |
| | Payable for investment management fees | | | | | 41,637 | | |
| | Payable for distribution and shareholder service fees | | | | | 2,022 | | |
| | Payable for trustees fees | | | | | 2,845 | | |
| | Payable to trustees under the deferred compensation plan (Note 5) | | | | | 22,162 | | |
| | Other accrued expenses and liabilities | | | | | 145,959 | | |
| |
Total liabilities
|
| | | | 705,931 | | |
| |
NET ASSETS
|
| | | $ | 208,928,491 | | |
| | NET ASSETS WERE COMPRISED OF: | | | | | | | |
| | Paid-in capital | | | | $ | 208,946,011 | | |
| | Total distributable loss | | | | | (17,520) | | |
| |
NET ASSETS
|
| | | $ | 208,928,491 | | |
See Accompanying Notes to Financial Statements
6
statement of assets and liabilities as of March 31, 2020 (continued)
| | Class A | | | | | | | |
| |
Net assets
|
| | | $ | 161,828,262 | | |
| |
Shares authorized
|
| | | | unlimited | | |
| |
Par value
|
| | | $ | 0.001 | | |
| |
Shares outstanding
|
| | | | 161,809,974 | | |
| |
Net asset value and redemption price per share
|
| | | $ | 1.00 | | |
| | Class C | | | | | | | |
| |
Net assets
|
| | | $ | 2,869,857 | | |
| |
Shares authorized
|
| | | | unlimited | | |
| |
Par value
|
| | | $ | 0.001 | | |
| |
Shares outstanding
|
| | | | 2,871,048 | | |
| |
Net asset value and redemption price per share†
|
| | | $ | 1.00 | | |
| | Class I | | | | | | | |
| |
Net assets
|
| | | $ | 43,994,040 | | |
| |
Shares authorized
|
| | | | unlimited | | |
| |
Par value
|
| | | $ | 0.001 | | |
| |
Shares outstanding
|
| | | | 43,997,510 | | |
| |
Net asset value and redemption price per share
|
| | | $ | 1.00 | | |
| | Class W | | | | | | | |
| |
Net assets
|
| | | $ | 236,332 | | |
| |
Shares authorized
|
| | | | unlimited | | |
| |
Par value
|
| | | $ | 0.001 | | |
| |
Shares outstanding
|
| | | | 236,312 | | |
| |
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
7
STATEMENT OF OPERATIONS for the year ended March 31, 2020
| | INVESTMENT INCOME: | | | | | | | |
| | Dividends | | | | $ | 53,144 | | |
| | Interest | | | | | 3,876,317 | | |
| |
Total investment income
|
| | | | 3,929,461 | | |
| | EXPENSES: | | | | | | | |
| | Investment management fees | | | | | 718,069 | | |
| | Distribution and shareholder service fees: | | | | | | | |
| |
Class C
|
| | | | 34,768 | | |
| |
Class O(1)
|
| | | | 2,022 | | |
| | Transfer agent fees: | | | | | | | |
| |
Class A
|
| | | | 246,161 | | |
| |
Class C
|
| | | | 5,151 | | |
| |
Class I
|
| | | | 57,959 | | |
| |
Class L(2)
|
| | | | 914 | | |
| |
Class O(1)
|
| | | | 1,019 | | |
| |
Class W
|
| | | | 365 | | |
| | Shareholder reporting expense | | | | | 27,625 | | |
| | Registration fees | | | | | 115,934 | | |
| | Professional fees | | | | | 42,967 | | |
| | Custody and accounting expense | | | | | 28,479 | | |
| | Trustee fees | | | | | 7,917 | | |
| | Reorganization expense (Note 5) | | | | | 18,786 | | |
| | Miscellaneous expense | | | | | 16,471 | | |
| | Interest expense | | | | | 326 | | |
| |
Total expenses
|
| | | | 1,324,933 | | |
| |
Waived and reimbursed fees
|
| | | | (452,871) | | |
| |
Net expenses
|
| | | | 872,062 | | |
| | Net investment income | | | | | 3,057,399 | | |
| | REALIZED GAIN (LOSS): | | | | | | | |
| | Net realized gain on investments | | | | | 175,153 | | |
| |
Increase in net assets resulting from operations
|
| | | $ | 3,232,552 | | |
(1)
Class O converted to Class A on November 22, 2019.
(2)
Class L converted to Class A on November 22, 2019.
See Accompanying Notes to Financial Statements
8
STATEMENTS OF CHANGES IN NET ASSETS
| | | |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| ||||||
| FROM OPERATIONS: | | | | | | | | | | | | | |
| Net investment income | | | | $ | 3,057,399 | | | | | $ | 3,676,118 | | |
| Net realized gain | | | | | 175,153 | | | | | | 57,460 | | |
| Increase in net assets resulting from operations | | | | | 3,232,552 | | | | | | 3,733,578 | | |
| FROM DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | |
| Total distributions (excluding return of capital): | | | | | | | | | | | | | |
|
Class A
|
| | | | (2,459,516) | | | | | | (2,922,697) | | |
|
Class C
|
| | | | (23,967) | | | | | | (32,171) | | |
|
Class I
|
| | | | (705,499) | | | | | | (689,776) | | |
|
Class L(2)
|
| | | | (12,802) | | | | | | (20,229) | | |
|
Class O(1)
|
| | | | (14,204) | | | | | | (60,977) | | |
|
Class W
|
| | | | (3,796) | | | | | | (2,413) | | |
| Total distributions | | | | | (3,219,784) | | | | | | (3,728,263) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | |
| Net proceeds from sale of shares | | | | | 1,084,467,447 | | | | | | 1,078,050,846 | | |
| Reinvestment of distributions | | | | | 3,203,375 | | | | | | 3,666,481 | | |
| | | | | | 1,087,670,822 | | | | | | 1,081,717,327 | | |
| Cost of shares redeemed | | | | | (1,082,433,841) | | | | | | (1,084,718,301) | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 5,236,981 | | | | | | (3,000,974) | | |
| Net increase (decrease) in net assets | | | | | 5,249,749 | | | | | | (2,995,659) | | |
| NET ASSETS: | | | | | | | | | | | | | |
| Beginning of year or period | | | | | 203,678,742 | | | | | | 206,674,401 | | |
| End of year or period | | | | $ | 208,928,491 | | | | | $ | 203,678,742 | | |
(1)
Class O converted to Class A on November 22, 2019.
(2)
Class L converted to Class A on November 22, 2019.
See Accompanying Notes to Financial Statements
9
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each year or period.
| | | | | | | | | |
Income (loss)
from investment operations |
| | | | | | | |
Less Distributions
|
| | | | |
Ratios to average net assets
|
| |
Supplemental
Data |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Net asset value, beginning of year
or period |
| |
Net investment income (loss)
|
| |
Net realized and unrealized
gain (loss) |
| |
Total from investment operations
|
| |
From net investment income
|
| |
From net realized gains
|
| |
From return of capital
|
| |
Total distributions
|
| |
Payment by affiliate
|
| |
Net asset value, end of year
or period |
| |
Total Return(1)
|
| |
Expenses before
reductions/additions(2)(3) |
| |
Expenses net of fee waivers
and/or recoupments if any(2)(3) |
| |
Expenses net of all
reductions/additions(2)(3) |
| |
Net investment income (loss)(2)(3)
|
| |
Net assets, end of year or period
|
| |
Portfolio turnover rate
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
(%)
|
| |
($000’s)
|
| |
(%)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 03-31-20 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.61
|
| | | | | 0.63 | | | | | | 0.41(4) | | | | | | 0.41 | | | | | | 1.49 | | | | | | 161,828 | | | | | | — | | |
| 03-31-19 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.76
|
| | | | | 0.57 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.75 | | | | | | 157,178 | | | | | | — | | |
| 03-31-18 | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.01 | | | | | | 0.01 | | | | | | 0.00* | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 1.00 | | | | |
|
0.53
|
| | | | | 0.69 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 0.50 | | | | | | 155,574 | | | | | | — | | |
| 03-31-17 | | | | | 1.00 | | | | | | 0.00*• | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.09
|
| | | | | 0.74 | | | | | | 0.46(5) | | | | | | 0.46 | | | | | | 0.00* | | | | | | 138,169 | | | | | | — | | |
| 03-31-16 | | | | | 1.00 | | | | | | (0.00)* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.02
|
| | | | | 0.71 | | | | | | 0.28(6) | | | | | | 0.28 | | | | | | 0.00* | | | | | | 144,081 | | | | | | — | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 03-31-20 | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.01 | | | | | | 0.01 | | | | | | 0.00* | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 1.00 | | | | |
|
0.65
|
| | | | | 1.63 | | | | | | 1.41(4) | | | | | | 1.41 | | | | | | 0.56 | | | | | | 2,870 | | | | | | — | | |
| 03-31-19 | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.01 | | | | | | 0.01 | | | | | | 0.00* | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 1.00 | | | | |
|
0.75
|
| | | | | 1.57 | | | | | | 1.40 | | | | | | 1.40 | | | | | | 0.74 | | | | | | 4,256 | | | | | | — | | |
| 03-31-18 | | | | | 1.00 | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.06
|
| | | | | 1.69 | | | | | | 1.15(7) | | | | | | 1.15 | | | | | | 0.02 | | | | | | 4,054 | | | | | | — | | |
| 03-31-17 | | | | | 1.00 | | | | | | (0.00)* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.08
|
| | | | | 1.74 | | | | | | 0.46(5) | | | | | | 0.46 | | | | | | (0.00)* | | | | | | 2,410 | | | | | | — | | |
| 03-31-16 | | | | | 1.00 | | | | | | (0.00)*• | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.02
|
| | | | | 1.71 | | | | | | 0.28(6) | | | | | | 0.28 | | | | | | (0.00)* | | | | | | 3,681 | | | | | | — | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 03-31-20 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.63
|
| | | | | 0.61 | | | | | | 0.41(4) | | | | | | 0.41 | | | | | | 1.53 | | | | | | 43,994 | | | | | | — | | |
| 03-31-19 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.76
|
| | | | | 0.57 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.72 | | | | | | 39,581 | | | | | | — | | |
| 03-31-18 | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.01 | | | | | | 0.01 | | | | | | 0.00* | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 1.00 | | | | |
|
0.53
|
| | | | | 0.69 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 0.50 | | | | | | 39,617 | | | | | | — | | |
| 03-31-17 | | | | | 1.00 | | | | | | 0.00*• | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.09
|
| | | | | 0.74 | | | | | | 0.46(5) | | | | | | 0.46 | | | | | | 0.00* | | | | | | 39,955 | | | | | | — | | |
| 03-31-16 | | | | | 1.00 | | | | | | (0.00)* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.02
|
| | | | | 0.71 | | | | | | 0.28(6) | | | | | | 0.28 | | | | | | (0.00)* | | | | | | 46,198 | | | | | | — | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 03-31-20 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.61
|
| | | | | 0.63 | | | | | | 0.41(4) | | | | | | 0.41 | | | | | | 1.52 | | | | | | 236 | | | | | | — | | |
| 03-31-19 | | | | | 1.00 | | | | | | 0.02 | | | | | | 0.00* | | | | | | 0.02 | | | | | | 0.02 | | | | | | 0.00* | | | | | | — | | | | | | 0.02 | | | | | | — | | | | | | 1.00 | | | | |
|
1.76
|
| | | | | 0.57 | | | | | | 0.40 | | | | | | 0.40 | | | | | | 1.82 | | | | | | 269 | | | | | | — | | |
| 03-31-18 | | | | | 1.00 | | | | | | 0.01 | | | | | | 0.00* | | | | | | 0.01 | | | | | | 0.01 | | | | | | 0.00* | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 1.00 | | | | |
|
0.53
|
| | | | | 0.69 | | | | | | 0.64 | | | | | | 0.64 | | | | | | 0.48 | | | | | | 64 | | | | | | — | | |
| 03-31-17 | | | | | 1.00 | | | | | | (0.00)*• | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.09
|
| | | | | 0.74 | | | | | | 0.46(5) | | | | | | 0.46 | | | | | | (0.00)* | | | | | | 99 | | | | | | — | | |
| 03-31-16 | | | | | 1.00 | | | | | | —• | | | | | | 0.00* | | | | | | 0.00 | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 0.00* | | | | | | — | | | | | | 1.00 | | | | |
|
0.02
|
| | | | | 0.71 | | | | | | 0.28(6) | | | | | | 0.28 | | | | | | 0.00 | | | | | | 27 | | | | | | — | | |
(1)
Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized.
(2)
Annualized for periods less than one year.
(3)
Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed or recouped by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the Investment Adviser and/or Distributor or recoupment of previously reimbursed fees by the Investment Adviser, but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions.
(4)
Expense ratios reflect waivers of 0.01%, 0.01%, 0.01% and 0.01% of management fees, distribution and shareholder servicing fees for Classes A, C, I and W, respectively, in order to maintain a net yield of not less than zero.
(5)
Expense ratios reflect waivers of 0.26%, 1.26%, 0.26%, 0.26%, 0.51% and 0.26% of management fees, distribution and shareholder servicing fees for Classes A, C, I, L, O and W, respectively, in order to maintain a net yield of not less than zero.
(6)
Expense ratios reflect waivers of 0.41%, 1.41%, 0.41%, 0.41%, 0.66% and 0.41% of management fees, distribution and shareholder servicing fees for Classes A, C, I, L, O and W, respectively, in order to maintain a net yield of not less than zero.
(7)
Expense ratios reflect a waiver of 0.49% of distribution and shareholder servicing fees for Class C in order to maintain a net yield of not less than zero.
•
Calculated using average number of shares outstanding throughout the year or period.
*
Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%.
See Accompanying Notes to Financial Statements
10
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020
NOTE 1 — ORGANIZATION
Prior to the close of business on November 8, 2019, Voya Government Money Market Fund (“Government Money Market” or the “Fund”), was a separate active series under Voya Series Fund, Inc. (the “Company”). The Company was incorporated under the laws of Maryland on June 17, 1991 and is registered under the Investment Company Act of 1940, as amended, (“1940 Act”), as an open-end management investment company. Prior to the close of business on November 8, 2019 there were six separate active series which comprised the Company and effective on the close of business on November 8, 2019, there were no active series which comprised the Company.
Effective on the close of business on November 8, 2019, Government Money Market is now a separately managed series under the Voya Funds Trust (the “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 seven separately managed series. This report is for Government Money Market, a diversified series of the Trust.
The Fund offers the following classes of shares: Class A, Class C, Class I and Class W. At the close of business on November 22, 2019, all outstanding Class L and Class O shares of Government Money Market were converted to Class A shares of the Fund. The separate classes of shares differ principally in the applicable sales charges (if any), distribution fees and shareholder servicing fees. 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.
Beginning on January 2, 2020, Class C shares, along with their pro rata reinvested dividend shares, automatically convert to Class A shares ten years after purchase.
Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC (“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC (“VID” or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Fund.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.
A. Security Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share for each class of the Fund is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic communications networks, and third-market broker-dealers. The NAV per share of each class of the Fund is calculated by taking the value of the Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.
The Fund uses the amortized cost method to value its portfolio securities and seeks to maintain a constant NAV of $1.00 per share, although there may be circumstances under which this goal cannot be achieved. The amortized cost method involves valuing a security at its cost and amortizing any discount or premium over the period until maturity, regardless of the impact of fluctuating interest rates or the market value of the security. Although the Fund’s Board of Trustees (“Board”) has established procedures designed to stabilize, to the extent reasonably
11
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
possible, the share price of the Fund, there can be no assurance that the Fund’s NAV can be maintained at $1.00 per share.
Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and significant unobservable inputs, including the sub-adviser’s or pricing committee’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included within the Portfolio of Investments.
The Board has delegated to the Investment Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures; a “Pricing Committee” comprised of employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation methods set forth in the procedures and, if a fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund.
GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of investments is presented only when the Fund has a significant amount of Level 3 investments.
B. Securities Transactions and Revenue Recognition. Securities transactions are accounted for on the trade date. Realized gains and losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis. Premium amortization and discount accretion are determined by the effective yield method.
C. Distributions to Shareholders. The Fund records distributions to its shareholders on the ex-dividend date. Dividends are declared daily from net investment income and paid monthly. The Fund distributes capital gains, if any, annually. The Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal Revenue Code. The characteristics of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from U.S. GAAP for investment companies.
D. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been fully utilized.
The Fund may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
E. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
F. Repurchase Agreements. The Fund may invest in repurchase agreements only with government securities dealers recognized by the Board of Governors of the Federal Reserve System. Under such agreements, the seller of the security agrees to repurchase it at a mutually agreed upon time and price. The resale price is in excess of the purchase price and reflects an agreed upon interest rate for the period of time the agreement is outstanding. The period of the repurchase agreements is generally short, from overnight to one week (although it may extend over a number of months), while the underlying securities generally have longer maturities. The Fund will receive, as collateral, securities acceptable to it whose market value is equal to at least 100% of the carrying amount of the repurchase agreements, plus accrued interest, being invested by the Fund. The underlying collateral is valued daily on a mark to market basis to assure that the value, including accrued interest is at least equal to the repurchase price. There would be potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, and it might incur disposition costs in liquidating the collateral.
12
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
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, 2020.
G. Restricted Securities. The Fund may invest in restricted securities which include those sold under Rule 144A of the Securities Act of 1933, as amended (“1933 Act”) or securities offered pursuant to Section 4(a)(2) of the 1933 Act, and/or are subject to legal or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Restricted securities are fair valued using market quotations when readily available. In the absence of market quotations, the securities are valued based upon their fair value determined in good faith under procedures approved by the Board.
Securities that are not registered for sale to the public under the 1933 Act are referred to as “restricted securities.” These securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Many times these securities are subject to legal or contractual restrictions on resale. As a result of the absence of a public trading market, the prices of these securities may be more volatile, less liquid and more difficult to value than publicly traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly traded securities. Certain investments may include investment in smaller, less seasoned issuers, which may involve greater risk.
H. Indemnifications. In the normal course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers risk of loss from such claims remote.
NOTE 3 — INVESTMENT MANAGEMENT FEES
The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Investment Adviser has overall responsibility for the management of the Fund. The Investment Adviser oversees all investment advisory and portfolio management services for the Fund and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. This Management Agreement compensates the Investment Adviser with a management fee, computed daily and payable monthly, at an annual rate of 0.35% of the Fund’s average daily net assets.
The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.
NOTE 4 — DISTRIBUTION AND SERVICE FEES
Class C shares of the Fund have a distribution and services 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. 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
13
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 4 — DISTRIBUTION AND SERVICE FEES (continued)
within three years subject to certain restrictions. For the year ended March 31, 2020, the Distributor waived $336 of class specific distribution and/or shareholder servicing fees and the Investment Adviser waived $19,696 of management fees to assist the Fund in maintaining a net yield of not less than zero. The class specific waiver was comprised of the following amounts:
| | | |
Distribution Fee
|
| |
Shareholder
Servicing Fee |
| ||||||
| Class C | | | | $ | 270 | | | | | $ | 66 | | |
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, 2020, 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,
|
| | |||||||||||||||||
| |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| |||||||||
| | $ — | | | | $ | — | | | | | $ | 19,696 | | | | | $ | 19,696 | | |
The Distributor may also retain the proceeds of the contingent deferred sales charge paid by shareholders upon certain redemptions for Class C shares. For the year ended March 31, 2020, the Distributor retained the following amounts in sales charges:
| | | |
Class C
|
| |||
|
Contingent Deferred Sales Charges:
|
| | | $ | 2,995 | | |
NOTE 5 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
For the year ended March 31, 2020, the Fund incurred $18,786 of costs associated with the reorganization as a series of Voya Series Fund, Inc. to a series of Voya Funds Trust. The Investment Adviser reimbursed the Fund $1,646 of these costs. Please refer to Note 1 for additional information.
At March 31, 2020, 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 | | | | | 22.60% | | |
| Voya Investments Distributor, LLC | | | | | 13.98 | | |
| Voya Retirement Insurance and Annuity Company | | | | | 29.02 | | |
Under the 1940 Act, the direct or indirect beneficial owner of more than 25% of the voting securities of a company
(including a fund) is presumed to control such company. Companies under common control (e.g., companies with a common owner of greater than 25% of their respective voting securities) are affiliates under the 1940 Act.
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, resulting in a Fund asset equal to the deferred compensation liability. Such assets, if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the DC Plan.
NOTE 6 — EXPENSE LIMITATION AGREEMENT
Pursuant to a written expense limitation agreement (“Expense Limitation Agreement”) between the Investment Adviser and the Trust, on behalf of the Fund, the Investment Adviser has agreed to limit expenses of the Fund, excluding interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and acquired fund fees and expenses to the levels listed below:
|
Class A
|
| |
Class C
|
| |
Class I
|
| |
Class W
|
|
|
0.40%
|
| |
1.40%
|
| |
0.40%
|
| |
0.40%
|
|
The Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses reimbursed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.
As of March 31, 2020, 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:
14
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 6 — EXPENSE LIMITATION AGREEMENT (continued)
| |
March 31,
|
| | |||||||||||||||||
| |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| |||||||||
| | $72,888 | | | | $ | 349,897 | | | | | $ | 392,267 | | | | | $ | 815,052 | | |
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 Advisor, and the related expiration dates, as of March 31, 2020, are as follows:
| | | |
March 31,
|
| | | | | | | |||||||||||||||
| | | |
2021
|
| |
2022
|
| |
2023
|
| |
Total
|
| ||||||||||||
| Class A | | | | $ | — | | | | | $ | — | | | | | $ | 36,363 | | | | | $ | 36,363 | | |
| Class C | | | | | — | | | | | | — | | | | | | 493 | | | | | | 493 | | |
| Class W | | | | | — | | | | | | — | | | | | | 48 | | | | | | 48 | | |
The Expense Limitation Agreement is contractual through August 1, 2020 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 17, 2019, the Fund, in addition to certain other funds managed by the Investment Adviser, has 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 May 15, 2020. 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 17, 2019, the predecessor line of credit was for an aggregate amount of $400,000,000 and paid a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount through May 17, 2019.
Borrowings under the Credit Agreement accrue interest at the federal funds rate plus a specified margin. Repayments generally must be made within 60 days after the date of a revolving credit advance. During the year ended March 31, 2020, the Fund did not utilize the line of credit.
NOTE 8 — CAPITAL SHARES
Transactions in capital shares and dollars were as follows:
| | | |
Shares
sold |
| |
Shares
issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net increase
(decrease) in shares outstanding |
| |
Shares
sold |
| |
Proceeds
from shares issued in merger |
| |
Reinvestment
of distributions |
| |
Shares
redeemed |
| |
Shares
converted |
| |
Net
increase (decrease) |
| ||||||||||||||||||||||||||||||||||||
| Year or period ended |
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
#
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
($)
|
| |
$
|
| |
($)
|
| ||||||||||||||||||||||||||||||||||||
| Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 1,063,186,555 | | | | | | — | | | | | | 2,446,503 | | | | | | (1,063,331,277) | | | | | | 2,331,173 | | | | | | 4,632,954 | | | | | | 1,063,186,541 | | | | | | — | | | | | | 2,446,503 | | | | | | (1,063,331,277) | | | | | | 2,331,173 | | | | | | 4,632,940 | | |
| 3/31/2019 | | | | | 1,061,971,521 | | | | | | — | | | | | | 2,902,514 | | | | | | (1,063,274,438) | | | | | | — | | | | | | 1,599,597 | | | | | | 1,061,971,521 | | | | | | — | | | | | | 2,902,514 | | | | | | (1,063,274,438) | | | | | | — | | | | | | 1,599,597 | | |
| Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 3,129,655 | | | | | | — | | | | | | 23,665 | | | | | | (4,538,530) | | | | | | — | | | | | | (1,385,210) | | | | | | 3,129,655 | | | | | | — | | | | | | 23,665 | | | | | | (4,538,530) | | | | | | — | | | | | | (1,385,210) | | |
| 3/31/2019 | | | | | 3,489,162 | | | | | | — | | | | | | 31,098 | | | | | | (3,317,779) | | | | | | — | | | | | | 202,481 | | | | | | 3,489,162 | | | | | | — | | | | | | 31,098 | | | | | | (3,317,779) | | | | | | — | | | | | | 202,481 | | |
| Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 18,110,502 | | | | | | — | | | | | | 702,494 | | | | | | (14,396,676) | | | | | | — | | | | | | 4,416,320 | | | | | | 18,110,502 | | | | | | — | | | | | | 702,494 | | | | | | (14,396,676) | | | | | | — | | | | | | 4,416,320 | | |
| 3/31/2019 | | | | | 11,767,921 | | | | | | — | | | | | | 688,419 | | | | | | (12,493,421) | | | | | | — | | | | | | (37,081) | | | | | | 11,767,921 | | | | | | — | | | | | | 688,419 | | | | | | (12,493,421) | | | | | | — | | | | | | (37,081) | | |
| Class L(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 1 | | | | | | — | | | | | | 12,790 | | | | | | (68,993) | | | | | | (1,090,121) | | | | | | (1,146,323) | | | | | | 1 | | | | | | — | | | | | | 12,790 | | | | | | (68,993) | | | | | | (1,090,121) | | | | | | (1,146,323) | | |
| 3/31/2019 | | | | | 23 | | | | | | — | | | | | | 20,206 | | | | | | (76,736) | | | | | | — | | | | | | (56,507) | | | | | | 23 | | | | | | — | | | | | | 20,206 | | | | | | (76,736) | | | | | | — | | | | | | (56,507) | | |
| Class O(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 6,154 | | | | | | — | | | | | | 14,129 | | | | | | (27,005) | | | | | | (1,241,052) | | | | | | (1,247,774) | | | | | | 6,154 | | | | | | — | | | | | | 14,129 | | | | | | (27,005) | | | | | | (1,241,052) | | | | | | (1,247,774) | | |
| 3/31/2019 | | | | | 478,167 | | | | | | — | | | | | | 21,837 | | | | | | (5,414,558) | | | | | | — | | | | | | (4,914,554) | | | | | | 478,167 | | | | | | — | | | | | | 21,837 | | | | | | (5,414,558) | | | | | | — | | | | | | (4,914,554) | | |
| Class W | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3/31/2020 | | | | | 34,594 | | | | | | — | | | | | | 3,794 | | | | | | (71,360) | | | | | | — | | | | | | (32,972) | | | | | | 34,594 | | | | | | — | | | | | | 3,794 | | | | | | (71,360) | | | | | | — | | | | | | (32,972) | | |
| 3/31/2019 | | | | | 344,052 | | | | | | — | | | | | | 2,407 | | | | | | (141,369) | | | | | | — | | | | | | 205,090 | | | | | | 344,052 | | | | | | — | | | | | | 2,407 | | | | | | (141,369) | | | | | | — | | | | | | 205,090 | | |
(1)
Class O converted to Class A on November 22, 2019.
(2)
Class L converted to Class A on November 22, 2019.
15
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 9 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of de minimis distributions in excess of net investment income and wash sale deferrals.
The following permanent tax differences have been reclassified as of March 31, 2020:
| |
Paid-in
Capital |
| |
Distributable
Earnings |
| |||
| |
$(3,649)
|
| | | $ | 3,649 | | |
Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.
The tax composition of dividends and distributions to shareholders was as follows:
| |
Year Ended
March 31, 2020 |
| |
Year Ended
March 31, 2019 |
| |||
| |
Ordinary
Income |
| |
Ordinary
Income |
| |||
| |
$3,219,784
|
| | | $ | 3,728,263 | | |
The tax-basis components of distributable earnings as of March 31, 2020 were:
| |
Unrealized
Appreciation/ (Depreciation) |
|
| |
$(570)
|
|
At March 31, 2020, the Fund did not have any capital loss carryforwards for U.S. federal income tax purposes.
The Fund’s major tax jurisdictions are U.S. federal and Arizona state.
As of March 31, 2020, 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 earliest tax year that remains subject to examination by these jurisdictions is 2015.
NOTE 10 — LONDON INTERBANK OFFERED RATE (“LIBOR”)
The U.K. Financial Conduct Authority has announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication.
Discontinuance of LIBOR and adoption/implementation of alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that some of those investments may terminate or their terms adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion. It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.
NOTE 11 — LIQUIDITY
Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Fund has established a liquidity risk management program to govern its approach to managing liquidity risk (the “Program”). The Board has approved the designation of the Fund’s Adviser, Voya Investments, LLC, as the program administrator (the “Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, the Fund’s liquidity risk.
The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or re-classification, as necessary) of the Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect
16
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 11 — LIQUIDITY (continued)
the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data, including information regarding the Fund’s shareholder base, characteristics of its investments, access to borrowing arrangements and historical redemptions to determine whether the Fund will be able to meet its redemption obligations in a timely manner.
During the period covered by the report, December 1, 2018 through December 31, 2019, the Program supported the Fund’s ability to honor redemption requests timely and the Program Administrator’s management of the Fund’s liquidity risk, including during any periods of market volatility and net redemptions.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks.
NOTE 12 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.
NOTE 13 — OTHER ACCOUNTING PRONOUNCEMENTS
The Fund has made a change in accounting principle and adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”), Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity date. Upon evaluation, the Fund has concluded that the adoption of the new accounting principle does not materially impact the financial statement amounts and is not applicable given the Fund does not hold callable debt securities.
Also, in August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the Fund has elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the Fund’s financial statements. The Fund plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The Fund is currently evaluating the impact of these changes on the financial statements.
NOTE 14 — SUBSEQUENT EVENTS
Dividends. Subsequent to March 31, 2020, the Fund declared dividends and distributions of:
| | | |
Type
|
| |
Per Share
Amount |
| |
Payable
Date |
| |
Record
Date |
|
| Class A | | |
NII
|
| |
$0.0001
|
| |
May 1, 2020
|
| |
Daily
|
|
| Class C | | |
NII
|
| |
$0.0001
|
| |
May 1, 2020
|
| |
Daily
|
|
17
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2020 (continued)
NOTE 14 — SUBSEQUENT EVENTS (continued)
| | | |
Type
|
| |
Per Share
Amount |
| |
Payable
Date |
| |
Record
Date |
|
| Class I | | |
NII
|
| |
$0.0001
|
| |
May 1, 2020
|
| |
Daily
|
|
| Class W | | |
NII
|
| |
$0.0001
|
| |
May 1, 2020
|
| |
Daily
|
|
| All Classes | | |
STCG
|
| |
$0.0000*
|
| |
May 1, 2020
|
| |
April 29, 2020
|
|
NII – Net investment income
STCG – Short-term capital gain
*
Amount rounds to $0.0000.
Line of Credit renewal: Effective May 15, 2020, the funds to which the Credit Agreement is available have entered into a renewed Credit Agreement with BNY for an
aggregate amount of $400,000,000 and will continue to pay a commitment fee equal to 0.15% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. The Board approved this renewal on May 14, 2020.
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.
18
PORTFOLIO OF INVESTMENTS
| Voya Government Money Market Fund | as of March 31, 2020 |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. GOVERNMENT AGENCY DEBT: 40.3% | | |||||||||||||||
| 7,250,000 | | | Fannie Mae, 0.050%, (SOFRRATE + 0.040)%, 01/29/2021 |
| | | $ | 7,248,163 | | | | | | 3.5 | | |
| 1,750,000 | | | Fannie Mae, 0.085%, (SOFRRATE + 0.075)%, 10/30/2020 |
| | | | 1,750,407 | | | | | | 0.8 | | |
| 23,000,000 | | | Fannie Mae, 0.130%, (SOFRRATE + 0.120)%, 03/16/2021 |
| | | | 23,000,000 | | | | | | 11.0 | | |
| 2,000,000 | | | Fannie Mae, 0.290%, (SOFRRATE + 0.280)%, 04/26/2021 |
| | | | 2,000,000 | | | | | | 1.0 | | |
| 600,000 | | | Federal Farm Credit Banks Funding Corp., 0.750%, (US0001M + 0.000)%, 06/19/2020 |
| | | | 600,001 | | | | | | 0.3 | | |
| 1,750,000 | | | Federal Farm Credit Banks, 0.210%, (FEDL01 + 0.120)%, 04/23/2021 |
| | | | 1,747,558 | | | | | | 0.8 | | |
| 5,000,000 | | | Federal Farm Credit Banks, 0.894%, (US0001M + (0.030))%, 04/22/2020 |
| | | | 4,999,920 | | | | | | 2.4 | | |
| 10,750,000 | | | Federal Farm Credit Banks, 0.925%, (US0001M + 0.000)%, 05/26/2020 |
| | | | 10,752,218 | | | | | | 5.1 | | |
| 9,000,000 | | | Federal Farm Credit Banks, 1.003%, (US0001M + 0.010)%, 07/02/2020 |
| | | | 9,002,443 | | | | | | 4.3 | | |
| 1,500,000 | | | Federal Farm Credit Banks, 2.710%, 08/10/2020 |
| | | | 1,512,550 | | | | | | 0.7 | | |
| 2,500,000 | | | Federal Home Loan Bank Discount Notes, 0.040%, 04/03/2020 |
| | | | 2,499,938 | | | | | | 1.2 | | |
| 1,300,000 | | | Federal Home Loan Bank Discount Notes, 0.010%, 04/08/2020 |
| | | | 1,299,997 | | | | | | 0.6 | | |
| 250,000 | | | Federal Home Loan Bank Discount Notes, 0.250%, 07/24/2020 |
| | | | 249,802 | | | | | | 0.1 | | |
| 2,000,000 | | | Federal Home Loan Banks, 0.045%, (SOFRRATE + 0.035)%, 06/19/2020 |
| | | | 1,999,528 | | | | | | 1.0 | | |
| 4,500,000 | | | Federal Home Loan Banks, 0.090%, (SOFRRATE + 0.080)%, 03/04/2021 |
| | | | 4,500,000 | | | | | | 2.2 | | |
| 7,000,000 | | | Federal Home Loan Banks, 0.140%, (SOFRRATE + 0.130)%, 10/16/2020 |
| | | | 7,000,000 | | | | | | 3.4 | | |
| Principal Amount† |
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| U.S. GOVERNMENT AGENCY DEBT: (continued) | | |||||||||||||||
| 2,500,000 | | | Federal Home Loan Banks, 0.170%, (SOFRRATE + 0.160)%, 07/24/2020 |
| | | $ | 2,500,000 | | | | | | 1.2 | | |
| 1,500,000 | | | Federal Home Loan Banks, 2.625%, 08/21/2020 |
| | | | 1,513,135 | | | | | | 0.7 | | |
| | | | Total U.S. Government Agency Debt (Cost $84,175,660) |
| | |
|
84,175,660
|
| | | |
|
40.3
|
| |
| U.S. TREASURY REPURCHASE AGREEMENT: 33.7% | | |||||||||||||||
| | | | Repurchase Agreement: 33.7% | | ||||||||||||
| 30,520,000 | | | Deutsche Bank Repurchase Agreement dated 3/31/2020, 0.010%, due 4/1/2020, $30,520,008 to be received upon repurchase (Collateralized by $37,662,084, U.S. Treasury STRIP, 0.000%, Market Value plus accrued interest $31,435,600 due 8/15/2036) |
| | | | 30,520,000 | | | | | | 14.6 | | |
| 40,000,000 | | | Deutsche Bank Repurchase Agreement dated 3/31/2020, 0.010%, due 4/1/2020, $40,000,011 to be received upon repurchase (Collateralized by $29,243,500, U.S. Treasury Bond, 3.125%, Market Value plus accrued interest $40,800,044 due 8/15/2044) |
| | | | 40,000,000 | | | | | | 19.1 | | |
| | | | Total U.S. Treasury Repurchase Agreement (Cost $70,520,000) |
| | |
|
70,520,000
|
| | | |
|
33.7
|
| |
| | ||||||||||||||||
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| INVESTMENT COMPANIES: 9.6% | | |||||||||||||||
| 9,000,000 (1) | | | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.370%, 04/01/20 |
| | | | 9,000,000 | | | | | | 4.3 | | |
| 9,000,000 (1) | | | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.350%, 04/01/20 |
| | | | 9,000,000 | | | | | | 4.3 | | |
See Accompanying Notes to Financial Statements
19
PORTFOLIO OF INVESTMENTS
| Voya Government Money Market Fund | as of March 31, 2020 (continued) |
|
Shares
|
| |
Value
|
| |
Percentage
of Net Assets |
| |||||||||
| INVESTMENT COMPANIES: (continued) | | |||||||||||||||
| 2,000,000 (1) | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.230%, 04/01/20 |
| | | $ | 2,000,000 | | | | | | 1.0 | | |
| | | | Total Investment Companies (Cost $20,000,000) |
| | |
|
20,000,000
|
| | | |
|
9.6
|
| |
| | | | Total Investments in Securities (Cost $174,695,660) |
| | | $ | 174,695,660 | | | | | | 83.6 | | |
| | | | Assets in Excess of Other Liabilities |
| | | | 34,232,831 | | | | | | 16.4 | | |
| | | | Net Assets | | | | $ | 208,928,491 | | | | | | 100.0 | | |
| | ||||||||||||||||
†
Unless otherwise indicated, principal amount is shown in USD.
(1)
Rate shown is the 7-day yield as of March 31, 2020.
Reference Rate Abbreviations:
FEDL01
Federal Funds Effective Rate
SOFRRATE
Secured Overnight Financing Rate
US0001M
1-month LIBOR
Fair Value Measurements^
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| | | |
Quoted Prices
in Active Markets for Identical Investments (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Fair Value
at March 31, 2020 |
| ||||||||||||
| Asset Table | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Companies | | | | $ | 20,000,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 20,000,000 | | |
| U.S. Government Agency Debt | | | | | — | | | | | | 84,175,660 | | | | | | — | | | | | | 84,175,660 | | |
| U.S. Treasury Repurchase Agreement | | | | | — | | | | | | 70,520,000 | | | | | | — | | | | | | 70,520,000 | | |
| Total Investments, at fair value | | | | $ | 20,000,000 | | | | | $ | 154,695,660 | | | | | $ | — | | | | | $ | 174,695,660 | | |
^
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, 2020:
|
Counterparty
|
| |
U.S. Treasury
Repurchase Agreement, at fair value |
| |
Fair Value of
Non-Cash Collateral Received Including Accrued Interest(1) |
| |
Net Amount
|
| ||||||
| Deutsche Bank | | |
$70,520,000
|
| | | $ | (70,520,000) | | | | | $ | — | | |
| Totals | | |
$70,520,000
|
| | | $ | (70,520,000) | | | | | $ | — | | |
(1)
Collateral with a fair value of $72,235,644 has been 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, 2020, the aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end were:
Cost for federal income tax purposes was $174,696,230.
Net unrealized depreciation consisted of:
| |
Gross Unrealized Appreciation
|
| | | $ | — | | | | ||
| |
Gross Unrealized Depreciation
|
| | | | (570) | | | | | |
| |
Net Unrealized Depreciation
|
| | | $ | (570) | | | | ||
See Accompanying Notes to Financial Statements
20
TAX INFORMATION (Unaudited)
Dividends and distributions paid during the year ended March 31, 2020 were as follows:
|
Fund Name
|
| |
Type
|
| |
Per Share Amount
|
| |||
| Voya Government Money Market Fund | | |||||||||
|
Class A
|
| |
NII
|
| | | $ | 0.0152 | | |
|
Class C
|
| |
NII
|
| | | $ | 0.0058 | | |
|
Class I
|
| |
NII
|
| | | $ | 0.0154 | | |
|
Class W
|
| |
NII
|
| | | $ | 0.0153 | | |
|
All Classes
|
| |
STCG
|
| | | $ | 0.0008 | | |
NII – Net investment income
STCG – Short-term capital gain
Pursuant to Internal Revenue Code Section 871(k)(1), the Fund designates 100% of net investment income distributions as interest-related dividends.
The Fund designates 100% of its short-term capital gain distributions as short-term capital gain dividends as defined in Internal Revenue Code Section 871(k)(2).
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.
21
TRUSTEE AND OFFICER INFORMATION (Unaudited)
The business and affairs of the Trust are managed under the direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee (“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.
|
Name, Address and Age
|
| |
Position(s)
Held with the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
| |
Number of
funds in Fund Complex Overseen by Trustee(2) |
| |
Other Board Positions
Held by Trustee |
|
| Independent Trustees: | | | | | | | | | | | | | | | | |
| Colleen D. Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 |
| |
Trustee
Chairperson
|
| |
November 2007 – Present
January 2020 – Present
|
| | President, Glantuam Partners, LLC, a business consulting firm (January 2009 – Present). | | |
136
|
| | Dentaquest (February 2014 – Present); RSR Partners, Inc. (2016 – Present). | |
| John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
| | Trustee | | | January 2005 – Present | | | Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008 – December 2019). | | |
136
|
| | None. | |
| Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 71 |
| | Trustee | | | January 2006 – Present | | | Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy (January 2000 – Present). | | |
136
|
| | Wisconsin Energy Corporation (June 2006 – Present); The Royce Funds (22 funds) (December 2009 – Present); and AMICA Mutual Insurance Company (1992 – Present). | |
| Martin J. Gavin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, AZ 85258 Age: 70 |
| | Trustee | | | August 2015 – Present | | | Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006 – November 2015). | | |
136
|
| | None. | |
| Joseph E. Obermeyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
| | Trustee | | | May 2013 – Present | | | President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999 – Present). | | |
136
|
| | None. | |
| Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 |
| | Trustee | | | January 2006 – Present | | | Consultant (May 2001 – Present). | | |
136
|
| | None. | |
| Christopher P. Sullivan 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
| | Trustee | | | October 2015 – Present | | | Retired. | | |
136
|
| | None. | |
22
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s)
Held with the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
| |
Number of
funds in Fund Complex Overseen by Trustee(2) |
| |
Other Board Positions
Held by Trustee |
|
| Trustee who is an “interested person”: | | |||||||||||||||
| Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
| | Trustee | | | July 2018 – Present | | | President, Voya Investments, LLC and Voya Capital, LLC (March 2018 – Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017). | | |
136
|
| | Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Voya Investments Distributor, LLC (April 2018 – Present). | |
(1)
Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Fund (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).
(2)
For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of April 30, 2020.
23
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s) Held
With the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
|
| Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51 |
| | Chief Executive Officer | | | March 2018 – Present | | | Chief Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018 – Present); Senior Vice President and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019 – Present); Chief Financial Officer, Voya Investment Management (September 2014 – Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015 – March 2018). | |
| Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
| | President | | | March 2018 – Present | | | President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018-Present); Director, Voya Funds Services, LLC (March 2018 – Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004 – August 2017). | |
| Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 52 |
| |
Executive Vice President
Chief Investment Risk Officer
|
| |
March 2020 – Present
March 2020 – Present
|
| | Senior Vice President, Investment Risk Management, Voya Investment Management (March 2017 – Present); Formerly, Consultant, DA Capital LLC (January 2016 – March 2017); Managing Director, Enterprise Risk, American International Group (AIG) (September 2014 – March 2015). | |
| James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 62 |
| | Executive Vice President | | | March 2018 – Present | | | Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018-Present); Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Chief Administrative Officer, Voya Investment Management (September 2017 – Present). Formerly, Managing Director, Operations, Voya Investment Management (March 1999 – September 2017). | |
| Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53 |
| | Chief Compliance Officer | | | February 2012 – Present | | | Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012 – Present). | |
| Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
| | Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary | | | March 2005 – Present | | | President, Voya Funds Services, LLC (March 2018 – Present) and Senior Vice President, Voya Investments, LLC (April 2005 – Present). | |
| Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 |
| |
Senior Vice President
|
| | November 2003 – Present | | | Senior Vice President, Voya Investments, LLC (September 2003 – Present). | |
| Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49 |
| |
Senior Vice President
|
| | May 2006 – Present | | | Senior Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (March 2006 – Present). | |
| Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
| | Vice President | | | September 2004 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (September 2004 – Present). | |
| Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 |
| | Vice President | | | September 2012 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2012 – Present). | |
24
TRUSTEE AND OFFICER INFORMATION (Unaudited) (continued)
|
Name, Address and Age
|
| |
Position(s) Held
With the Trust |
| |
Term of Office and
Length of Time Served(1) |
| |
Principal
Occupation(s) – During the Past 5 Years |
|
| Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 |
| | Vice President | | | September 2014 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014 – October 2015). | |
| Micheline S. Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 |
| | Vice President | | | September 2016 – Present | | | Senior Vice President, Head of Fund Compliance and Chief Compliance Office, Voya Investments, LLC (March 2020 – Present). Formerly, Vice President, Head of Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016 – March 2020); and Vice President, Mutual Fund Compliance (March 2014 – June 2016). | |
| Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
| | Vice President | | | October 2000 – Present | | | Vice President, Voya Funds Services, LLC (November 1995 – Present) and Voya Investments, LLC (August 1997 – Present). | |
| Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
| | Vice President | | | September 2012 – Present | | | Vice President, Voya Investments, LLC (October 2015 – Present) and Voya Funds Services, LLC (July 2007 – Present). | |
| Andrew K. Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
| | Vice President | | | March 2018 – Present | | | Vice President, Voya Investments Distributor, LLC (April 2018 – Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March 2018 – Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018 – Present). Formerly, Vice President, Voya Investment Management (March 2014 – February 2018). | |
| Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 |
| | Vice President | | | May 2013 – Present | | | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). Formerly, Vice President – Director of Tax, Voya Funds Services, LLC (March 2013 – October 2015). | |
| Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43 |
| | Anti-Money Laundering Officer | | | June 2018 – Present | | | Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June 2018 – Present); Compliance Consultant, Voya Financial, Inc. (January 2019 – Present). Formerly, Senior Compliance Officer, Voya Investment Management (December 2009 – December 2018). | |
| Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 |
| | Secretary | | | January 2020 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present). | |
| Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68 |
| | Assistant Secretary | | | June 2010 – Present | | | Vice President and Senior Counsel, Voya Investment Management – Mutual Fund Legal Department (March 2010 – Present). | |
| Joanne F. Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 |
| | Assistant Secretary | | | January 2020 – Present | | | Vice President and Counsel, Voya Investment Management – Mutual Fund Legal Department (January 2013 – Present). | |
(1)
The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.
25
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 21, 2019, the Board of Trustees (“Board”) of Voya Funds Trust (the “Trust”), including a majority of 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 Voya Government Money Market Fund, a series of the Trust (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, 2020. In determining to renew such contracts, the Board considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance, expenses, and other matters.
In addition to the Board meeting on November 21, 2019, the Independent Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the proposed continuance of the Contracts that they 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. Subsequent references herein to factors considered and determinations made by the Independent Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings by the Independent Trustees. 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 follows a process pursuant to which it seeks and considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The Board has established a Contracts Committee and 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, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the
investment performance of the sub-advisers, as well as the Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is assigned to that IRC.
The Contracts Committee oversees, and annually recommends Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and sub-advisory contract renewal process. The Methodology Guide 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. 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, such as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection with the renewal process. In addition, the Independent Trustees periodically have retained, including most recently in 2018, an independent firm to test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
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 overarching, and each Board member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund’s investment management and sub-advisory arrangements.
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.
26
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
The Board considered the “manager-of-managers” platform 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 investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions of the Sub-Adviser with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the Manager has developed to provide this ongoing oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the Fund are consistently complied with, and other periodic reports covering related matters.
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 the 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 category and primary benchmark, a
broad-based securities market index that appears in the Fund’s prospectus. 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 as 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, it 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. In evaluating these matters, the Independent Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of scale.
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 the 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 the 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 intends to propose any changes thereto. The Board separately determined that the fees payable to the
27
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
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 affiliated service providers in connection with services they render to the 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 the Manager.
Although the Methodology Guide establishes a framework for profit calculation, 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, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and market environment.
The Board also considered that the Manager is entitled to earn a reasonable level of profits for the services that it provides 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, including their ability to engage in soft-dollar transactions on behalf of 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 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, 2019, November 19,
2019, and/or November 21, 2019 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 Fund’s performance was compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods ended March 31, 2019. In addition, the Board also considered at its October 9, 2019, November 19, 2019, and November 21, 2019 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 Voya Government Money Market Fund, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Fund underperformed its Morningstar category average for all periods presented, with the exception of the year-to-date and one-year periods, during which it outperformed; and (2) the Fund underperformed its primary benchmark for all periods presented, with the exception of the year-to-date period, during which its performance was equal to the performance of its primary benchmark. In analyzing this performance data, the Board took into account management’s representations that the Fund seeks investment results that provide shareholders with preservation of capital and liquidity and the maintenance of a stable dollar net asset value per share and that the Fund is meeting this goal.
In considering the fees payable under the Contracts for the Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the second quintile of net management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the fourth quintile of contractual management fee rates of the funds in its
28
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (Unaudited) (continued)
Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the second quintile of net expense ratios of the funds in its Selected Peer Group.
After its deliberation, the Board reached the following conclusions: (1) the Fund’s management fee rate is reasonable in the context of all factors considered by the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance is reasonable in the context of all
factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different individual factors and related conclusions.
29
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.
RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com
163052 (0320-052120)
Annual Report
March 31, 2020
Voya Floating Rate Fund
Classes A, C, I, P, P3, R and W
|
Beginning on January 1, 2021, as permitted by regulations
adopted by the U.S. Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports, like this annual
report, will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the
Voya funds’website (www.voyainvestments.com/literature), and you will be notified by mail each time a report is posted and provided with a website
link to access the report. |
|
This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully. |
E-Delivery
Sign-up – details inside
INVESTMENT
MANAGEMENT |
|
TABLE OF CONTENTS
| 1 | ||
| 3 | ||
| 6 | ||
| 7 | ||
| 8 | ||
| 10 | ||
| 11 | ||
| 12 | ||
| 13 | ||
| 22 | ||
| 35 | ||
| 36 | ||
| 40 |
|
Go Paperless with E-Delivery! |
|
Sign up
now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail and lower fund
costs. |
||
Just go
to www.individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
||
You will
be notified by e-mail when these communications become available on the internet. Documents that are not available on the internet will continue to be
sent by mail. | ||
PROXY VOTING INFORMATION
A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available:
(1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at
www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information
regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge
on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS
The Fund files its complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. The Fund’s Form NPORT-P is available on the SEC’s website
at www.sec.gov. The Fund’s complete schedule of portfolio holdings is available: on www.voyainvestments.com and without charge upon request from
the Fund by calling Shareholder Services toll-free at (800) 992-0180.
(THIS PAGE INTENTIONALLY LEFT BLANK)
 |
Turbulent Waters Demand Steadfast Navigation Dear Shareholder, After a tumultuous January, stocks staged an impressive recovery until the last week of February, at which point the financial markets fell sharply as fears of the spreading coronavirus darkened the outlook. The tumult has since continued: as of this writing at the end of March, global stock markets, as measured by the MSCI All Country World IndexSM, have spiraled down into a bear market, i.e., a drop of 20% or more. Governments around the world launched massive policy responses to the coronavirus pandemic in March. The U.S. Congress passed a $2 trillion rescue package, the largest single injection of cash into the U.S. economy in history. The U.S. Federal Reserve Board cut interest rates to near zero, expanded its purchases of U.S. Treasury and mortgage-backed securities to include corporate and municipal bonds, coordinated with other central banks to ease strains in the global funding markets and guaranteed support for critical market functions such as credit flows into the private and public sectors. While these measures provided only temporary respite from market tumult, we believe they have helped allay fears of an economic shutdown. |
Until the picture is clearer, however, we expect the market swings to continue. It is our opinion that investors should resist the temptation of the 24-hour “breaking news” cycle; in the end, fundamentals will count most. The most valuable insight we can offer is a reminder that events such as the coronavirus are exactly why investors prepare portfolios for risk. It is also worth remembering that, in our view, portfolios should not be built just to withstand risk; primarily, they should be built to achieve long-term objectives. We believe that even severe market disruptions such as this should not distract investors from focusing on their objectives.
This is an unprecedented time for all of us, and the situation is fast-changing. And while we are humble and realistic in the face of the challenges ahead, we believe we are well prepared for and fully committed to serving our clients without disruption. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.
Sincerely,
Dina Santoro
President
Voya Family of Funds
April 2, 2020
President
Voya Family of Funds
April 2, 2020
For more complete information, or to obtain a prospectus
for 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. A prospectus should be read carefully before investing. Consider a fund’s investment objectives, risks, charges and
expenses carefully before investing. A prospectus contains this information and other information about a fund. Check with your financial advisor to
determine which Voya mutual funds are available for sale within their firm. Not all funds are available for sale at all firms.
1
BENCHMARK DESCRIPTIONS
| Index | Description | ||
|---|---|---|---|
MSCI All Country
World IndexSM |
A
free-float adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging
markets. |
||
The S&P/LSTA
Leveraged Loan Index |
An
unmanaged total return index that captures accrued interest, repayments, and market value changes. It represents a broad cross section of leveraged
loans syndicated in the United States, including dollar-denominated loans to overseas issuers. Standard & Poor’s (“S&P”) and the
Loan Syndications and Trading Association (“LSTA”) conceived the index to establish a performance benchmark for the syndicated leveraged loan
industry. |
2
VOYA FLOATING RATE FUND |
| Ratings Distribution as of March 31, 2020 |
||||||
|---|---|---|---|---|---|---|
Ba |
21.01 | % | ||||
B |
73.28 | % | ||||
Caa and
below |
5.71 | % | ||||
Not
rated* |
0.00 | % | ||||
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself. Ratings distribution shows the percentage of the Fund’s loan commitments (excluding cash and foreign cash) that are rated in each ratings category, based upon the categories provided by Moody’s Investors Service, Inc. Ratings distribution is based on Moody’s senior secured facility ratings. Moody’s ratings classification methodology: Aaa rating denotes the least credit risk; C rating denotes the greatest credit risk. Loans rated below Baa by Moody’s are considered to be below investment grade. When a bond is not rated by Moody’s it is designated as “Not Rated”. Ratings can change from time to time, and current ratings may not fully reflect the actual credit condition or risks posed by a loan.
|
||||||
* Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn.
|
||||||
Voya Floating Rate Fund* (the “Fund”) seeks to provide investors with a high level of current income. The Fund is managed by Jeffrey A. Bakalar, Daniel A. Norman, and Charles LeMieux, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.
Performance: For the year ended March 31,
2020, the Fund’s Class A shares, excluding sales charges, provided a total return of –12.34% compared to the S&P/LSTA Leveraged Loan
Index (the “Index” or “S&P/LSTA Leveraged Loan”), which returned -9.16% for the same period.
Portfolio Specifics: Although the U.S. loan
market performed generally well throughout the first 11 months of the fiscal period, performance was swayed deeply into the red during March 2020.
March was one of the worst performance months in the history of the asset class and it saw deteriorating global macroeconomic conditions caused by the
unhealthy mixture of the spread of COVID-19 and an energy price war, which led to significant selling pressure across virtually all asset classes,
including the loan market.
The loan market, as measured by the Index, posted a negative return for the reporting period; secondary trading levels fell to post-crisis lows, with the Index bid price finishing the period at 82.85% of par. From a ratings perspective, BB-rated issues, which lost 6.61% for the period, performed better than riskier credits. Single-B-rated credits trailed the Index, losing 9.50%; CCC-rated credits lost 22.98% during the period and fell far out of favor, given the general “risk-off” dislocation and the virtual buyers’ strike in that area of the market.
All industry sectors were in the red for the period. The
most notable laggards were oil and gas — under immense pressure from falling prices — and issuers directly impacted by virus-related
shutdowns — notably, traditional retailers, leisure, hotels/casinos and virtually everything travel-related.
| TOP TEN LOAN ISSUERS AS OF MARCH 31, 2020 AS A PERCENTAGE OF: |
||
|---|---|---|
| NET ASSETS |
||
Asurion, LLC |
1.3% |
|
Maxar Technologies Ltd. |
1.1% |
|
MH
Sub I LLC |
0.9% |
|
Panther BF Aggregator 2 LP |
0.8% |
|
Rocket Software, Inc. |
0.8% |
|
Altice France S.A. |
0.8% |
|
Rackspace Hosting |
0.7% |
|
Flex
Acquisition Company, Inc. |
0.7% |
|
AmWINS Group, Inc. |
0.7% |
|
Golden Nugget Inc. |
0.7% |
The loan market’s technical equation was mostly in balance during the period before shifting materially amid the volatility. Unsurprisingly, measurable investor demand was put on pause in March. New issues of collateralized loan obligations (“CLOs”) came to a halt, while retail loan funds saw $14 billion of withdrawals. Before that, the CLO space had churned out deals at a healthy clip, and retail fund flows — although still mostly negative — had begun to see weekly inflows earlier in 2020. On the supply side, new issue activity shut down in March, but was generally steady for most of the Fund’s fiscal year.
Fundamental credit risk remained relatively stable during the year, albeit slightly picking up towards the end of the period. The 12-month trailing default rate closed out the fiscal period at 1.84% by principal amount. While this rate remains below the long-term historical average of 2.90%, most market participants don’t expect it to stay there for long. The shuttering of business activity caused by the global virus pandemic will likely have a substantial impact on the abilities of many borrowers to meet their short-term debt obligations.
Delivering a net asset value total return of -12.34%, the
Fund’s Class A shares underperformed the Index, which reflects no cash allocation or operating expenses. The primary relative detractors included
the Fund’s selection/underweight to BB-rated credits and an overweight to single-B-rated credits, selection in CCC- and below-rated credits and an
underweight to BBB-rated credits, which typically have minimal impact on index returns. From an industry perspective, relative performance was most
notably hindered by selection in leisure goods/activities/movies, a major COVID-19 casualty, and by selection/overweight to retailers (except food and
drug).
Other factors that proved unfavorable were selection of
food/drug retailers, electronics/electrical, business equipment and services, all telecom, utilities and food service. Within these sectors, some of
the largest laggards included overweights to Save-A-Lot — which defaulted during the period — Tailored Brands (formerly known as Men’s
Wearhouse), Jo-Ann Stores, Inc., 24 Hour Fitness, Speedcast International and Longview Power, LLC. While most of these credits had been experiencing
ongoing secondary price weakness, the negative sentiment was exacerbated by COVID-19 operating headwinds.
Partially offsetting contributors included an underweight of
oil and gas exposure; within this sector, the portfolio benefited by avoiding California Resources Corporation, Seadrill Partners and Fieldwood Energy
LLC. The Fund also benefited from selection/overweight in food products and an overweight to the insurance sector, while the top individual loan
contributor was an overweight to Maxar Technologies Ltd. in the electronics/electrical sector.
The Fund experienced three defaults during its fiscal year:
Acosta, Save-A-Lot and NPC International. By comparison, the Index experienced 26 defaults during the same period. The Fund’s rolling-12 month
default rate by principal amount ended March at 0.78%, well below that of the Index.
3
VOYA FLOATING RATE FUND |
PORTFOLIO MANAGERS’ REPORT |
Current Strategy & Outlook: In our view, volatility will remain highly elevated as the contraction in economic activity takes its toll on companies’ earnings. We have seen many borrowers focus on shoring up liquidity in the near term by drawing on revolvers, if available, and cutting costs by shuttering operations or furloughing workers. While we expect that both the U.S. Federal Reserve Board and U.S. Congress will continue to support the economy, we believe that recovery prospects will likely depend on the effectiveness and eventual relaxation of virus containment measures, the reaction of both markets and the public to stimulus packages and the ultimate effects for individual industries and borrowers given an unknown timeline for support liquidity.
While in our opinion downside surprises seem likely, we are generally comfortable with the holdings exposed to material COVID-19 risks, given the individual issuer weights and liquidity profile of those borrowers, e.g., free cash flow generation, balance sheet cash, fixed charges and debt maturity profile, over the next six to nine months. We based our view on certain assumptions about the likely depth of the recession and the shape of the recovery, and will revaluate it as more information becomes available.
The views expressed in this commentary are informed opinions. They should not be considered promises or advice. The views expressed reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.
Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. Fund holdings are subject to change daily. The outlook for this Fund may differ from that presented for other Voya mutual funds. This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements. The Fund’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class. An index has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an index.
 |
 |
|||
Jeffrey A.
Bakalar Senior Managing Director Voya Investment Management Co. LLC |
Daniel A.
Norman Senior Managing Director Voya Investment Management Co. LLC |
|||
 |
||||
Charles
LeMieux Senior Vice President Voya Investment Management Co. LLC |
* Effective January 31, 2020, Charles LeMieux was added as a portfolio manager to the Fund.
4
VOYA FLOATING RATE FUND |
PORTFOLIO MANAGERS’ REPORT |
| Average Annual Total Returns for the Periods Ended March 31, 2020 | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 5 Year | Since Inception of Classes A, C, I, R and W August 17, 2010 |
Since Inception of Class P June 14, 2013 |
Since Inception of Class P3 June 1, 2018 |
||||||||||||||||
Including
Sales Charge: |
||||||||||||||||||||
Class
A(1) |
–14.57 | % | –0.94 | % | 1.71 | % | — | — | ||||||||||||
Class
C(2) |
–13.84 | % | –1.19 | % | 1.23 | % | — | — | ||||||||||||
Class
I |
–12.12 | % | –0.18 | % | 2.24 | % | — | — | ||||||||||||
Class
P |
–11.52 | % | 0.47 | % | — | 1.40 | % | — | ||||||||||||
Class
P3 |
–11.43 | % | — | — | — | –5.26 | % | |||||||||||||
Class
R |
–12.57 | % | –0.69 | % | 1.72 | % | — | — | ||||||||||||
Class
W |
–12.10 | % | –0.21 | % | 2.25 | % | — | — | ||||||||||||
Excluding
Sales Charge: |
||||||||||||||||||||
Class
A |
–12.34 | % | –0.44 | % | 1.98 | % | — | — | ||||||||||||
Class
C |
–13.00 | % | –1.19 | % | 1.23 | % | — | — | ||||||||||||
Class
I |
–12.12 | % | –0.18 | % | 2.24 | % | — | — | ||||||||||||
Class
P |
–11.52 | % | 0.47 | % | — | 1.40 | % | — | ||||||||||||
Class
P3 |
–11.43 | % | — | — | — | –5.26 | % | |||||||||||||
Class
R |
–12.57 | % | –0.69 | % | 1.72 | % | — | — | ||||||||||||
Class
W |
–12.10 | % | –0.21 | % | 2.25 | % | — | — | ||||||||||||
S&P/LSTA
Leveraged Loan |
–9.16 | % | 1.14 | % | 3.15 | % | 1.76 | % | –3.90 | % | ||||||||||
Based on a $10,000 initial investment, the graph and table above illustrate the total return of Voya Floating Rate Fund against the index
indicated. The index is unmanaged and has no cash in its portfolio and imposes no sales charges. An investor cannot invest directly in an
index.
The Fund’s performance is shown both with and without
the imposition of sales charges.
The performance graph and table do not reflect the deduction
of taxes that a shareholder will pay on Fund distributions or the redemption of Fund shares.
The performance shown includes, if applicable, the effect of
fee waivers and/or expense reimbursements by the Investment Adviser and/or other service providers, which have the effect of increasing total net
return. Had all fees and expenses been considered, the total net returns would have been lower.
Performance data represents past performance and is no assurance of future results. Investment return and principal value of an
investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. The Fund’s current performance may
be lower or higher than the performance data shown. Please log on to www.voyainvestments.com or call (800) 992-0180 to get performance through the most
recent month end.
Fund holdings are subject to change
daily.
(1) |
Reflects deduction of the maximum Class A sales charge of 2.50%. |
(2) |
Reflects deduction of the Class C deferred sales charge of 1% for the 1 year return. |
5
SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)
As a shareholder of the Fund, you incur two types of costs:
(1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and exchange fees, and (2) ongoing costs, including
management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These Examples are intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples are based on an investment of $1,000 invested
at the beginning of the period and held for the entire period from October 1, 2019 to March 31, 2020. The Fund’s expenses are shown without the
imposition of any sales charges or fees. Expenses would have been higher if such charges were included.
Actual Expenses
The left section of the table shown below, “Actual Fund
Return,” provides information about actual account values and actual expenses. You may use the information in this section, together with the
amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison
Purposes
The right section of the table shown below,
“Hypothetical (5% return before expenses),” provides information about hypothetical account values and hypothetical expenses based on the
Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The
hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use
this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the table are meant
to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees.
Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of
owning different mutual funds. In addition, if these transactional costs were included, your costs would have been higher.
| Actual Fund Return | Hypothetical (5% return before expenses) | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Beginning Account Value October 1, 2019 |
Ending Account Value March 31, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Ended March 31, 2020* |
Beginning Account Value October 1, 2019 |
Ending Account Value March 31, 2020 |
Annualized Expense Ratio |
Expenses Paid During the Period Ended March 31, 2020* |
|||||||||||||||||||||||||||
Class
A |
$ | 1,000.00 | $ | 862.90 | 1.10 | % | $ | 5.12 | $ | 1,000.00 | $ | 1,019.50 | 1.10 | % | $ | 5.55 | ||||||||||||||||||
Class
C |
1,000.00 | 859.60 | 1.85 | 8.60 | 1,000.00 | 1,015.75 | 1.85 | 9.32 | ||||||||||||||||||||||||||
Class
I |
1,000.00 | 864.10 | 0.85 | 3.96 | 1,000.00 | 1,020.75 | 0.85 | 4.29 | ||||||||||||||||||||||||||
Class
P |
1,000.00 | 867.00 | 0.20 | 0.93 | 1,000.00 | 1,024.00 | 0.20 | 1.01 | ||||||||||||||||||||||||||
Class
P3 |
1,000.00 | 867.50 | 0.10 | 0.47 | 1,000.00 | 1,024.50 | 0.10 | 0.51 | ||||||||||||||||||||||||||
Class
R |
1,000.00 | 861.70 | 1.35 | 6.28 | 1,000.00 | 1,018.25 | 1.35 | 6.81 | ||||||||||||||||||||||||||
Class
W |
1,000.00 | 864.20 | 0.85 | 3.96 | 1,000.00 | 1,020.75 | 0.85 | 4.29 | ||||||||||||||||||||||||||
* |
Expenses are equal to the Fund’s annualized expense ratios multiplied by the average account value over the period, multiplied by 183/366 to reflect the most recent fiscal half-year. |
6
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Voya Floating Rate Fund and the Board
of Trustees of Voya Funds Trust
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, 2020, and the related statements of operations and changes in net assets and the financial highlights for the
year 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, 2020, the
results of its operations, the changes in its net assets and its financial highlights for the year then ended, in conformity with U.S. generally
accepted accounting principles.
The statement of changes in net assets for the year ended
March 31, 2019, and the financial highlights for each of the periods in the four-year period then ended, were audited by another independent registered
public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on that statement of changes in net assets and those
financial highlights.
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 audit. 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 audit 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 audit, 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 audit 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, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures
where replies from others were not received. Our audit 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 audit provides a reasonable basis for our
opinion.
We have served as the auditor of one or more Voya investment
companies since 2019.
Boston, Massachusetts
May 26, 2020
May 26, 2020
7
STATEMENT OF
ASSETS AND LIABILITIES AS OF MARCH 31,
2020
ASSETS: |
|||||
Investments in
securities at fair value (Cost $834,680,580) |
$ | 684,409,916 | |||
Short-term
investments at fair value (Cost $26,494,631) |
26,469,294 | ||||
Receivables: |
|||||
Investment
securities sold |
81,983,427 | ||||
Fund shares
sold |
2,522,752 | ||||
Dividend |
39,566 | ||||
Interest |
2,367,848 | ||||
Prepaid
structuring fee (Note 7) |
60,203 | ||||
Prepaid
expenses |
69,340 | ||||
Reimbursement
due from Investment Adviser |
124,767 | ||||
Other
assets |
38,848 | ||||
Total
assets |
798,085,961 | ||||
LIABILITIES: |
|||||
Notes
payable |
21,000,000 | ||||
Payable for
investment securities purchased |
11,636,954 | ||||
Payable for fund
shares redeemed |
3,225,486 | ||||
Income
distribution payable |
137,482 | ||||
Payable for
investment management fees |
428,637 | ||||
Payable for
distribution and shareholder service fees |
77,709 | ||||
Payable to
custodian due to bank overdrdaft |
572,068 | ||||
Accrued trustees
fees |
31,368 | ||||
Payable to
trustees under the deferred compensation plan (Note 8) |
38,848 | ||||
Payable for
commitment fees on line of credit (Note 7) |
240,183 | ||||
Other accrued
expenses and liabilities |
604,946 | ||||
Total
liabilities |
37,993,681 | ||||
NET
ASSETS |
$ | 760,092,280 | |||
NET ASSETS
WERE COMPRISED OF: |
|||||
Paid-in
capital |
1,023,670,053 | ||||
Total
distributable loss |
(263,577,773 | ) | |||
NET
ASSETS |
$ | 760,092,280 |
See Accompanying Notes to Financial
Statements
8
STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2020 (CONTINUED)
Class
A: |
||||
Net
assets |
$ | 52,013,627 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
6,500,311 | |||
Net asset value
and redemption price per share(2) |
$ | 8.00 | ||
Maximum offering
price per share (2.50%)(1) |
$ | 8.21 | ||
Class
C: |
||||
Net
assets |
$ | 20,446,413 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
2,555,241 | |||
Net asset value
and redemption price per share(2) |
$ | 8.00 | ||
Class
I: |
||||
Net
assets |
$ | 427,503,690 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
53,435,991 | |||
Net asset value
and redemption price per share |
$ | 8.00 | ||
Class
P: |
||||
Net
assets |
$ | 122,015,548 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
15,265,863 | |||
Net asset value
and redemption price per share |
$ | 7.99 | ||
Class
P3: |
||||
Net
assets |
$ | 2,795,455 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
349,418 | |||
Net asset value
and redemption price per share |
$ | 8.00 | ||
Class
R: |
||||
Net
assets |
$ | 99,774,093 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
12,488,835 | |||
Net asset value
and redemption price per share |
$ | 7.99 | ||
Class
W: |
||||
Net
assets |
$ | 35,543,454 | ||
Shares
authorized |
unlimited | |||
Par
value |
$ | 0.001 | ||
Shares
outstanding |
4,436,587 | |||
Net asset value
and redemption price per share |
$ | 8.01 |
| (1) | Maximum offering price is computed at 100/97.50 of net asset value. On purchases of $100,000 or more, the offering price is
reduced. |
| (2) | Redemption price per share may be reduced for any applicable contingent deferred sales charge. |
See Accompanying Notes to Financial
Statements
9
STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2020
INVESTMENT INCOME: |
||||||
Interest |
$ | 75,261,140 | ||||
Dividend |
1,437,288 | |||||
Other |
387,215 | |||||
Total
investment income |
77,085,643 | |||||
EXPENSES: |
||||||
Investment management fees |
8,417,317 | |||||
Distribution and service fees: |
||||||
Class
A |
151,345 | |||||
Class
C |
320,245 | |||||
Class
R |
656,615 | |||||
Transfer
agent fees: |
||||||
Class
A |
51,491 | |||||
Class
C |
26,029 | |||||
Class
I |
363,238 | |||||
Class
P |
594 | |||||
Class
P3 |
309 | |||||
Class
R |
109,197 | |||||
Class
W |
39,044 | |||||
Shareholder reporting expense |
65,880 | |||||
Custody
and accounting expense |
652,420 | |||||
Registration fees |
142,620 | |||||
Professional fees |
163,222 | |||||
Trustees
fees |
73,200 | |||||
Structuring fee (Note 7) |
410,137 | |||||
Commitment fee |
520,121 | |||||
Miscellaneous expense |
112,407 | |||||
Interest
expense |
246,671 | |||||
Total
expenses |
12,522,102 | |||||
Waived
and reimbursed fees |
(1,339,942 | ) | ||||
Net
expenses |
11,182,160 | |||||
Net
investment income |
65,903,483 | |||||
REALIZED AND UNREALIZED GAIN (LOSS): |
||||||
Net
realized loss on investments |
(68,486,658 | ) | ||||
Net
change in unrealized appreciation (depreciation) on investments |
(104,110,887 | ) | ||||
Net
realized and unrealized loss |
(172,597,545 | ) | ||||
Decrease
in net assets resulting from operations |
(106,694,062 | ) |
See Accompanying Notes to Financial
Statements
10
STATEMENTS OF CHANGES IN NET ASSETS
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
FROM
OPERATIONS: |
||||||||||
Net
investment income |
$ | 65,903,483 | $ | 99,966,916 | ||||||
Net
realized loss |
(68,486,658 | ) | (24,505,646 | ) | ||||||
Net
change in unrealized depreciation |
(104,110,887 | ) | (42,113,615 | ) | ||||||
Net
increase (decrease) in net assets resulting from operations |
(106,694,062 | ) | 33,347,655 | |||||||
FROM
DISTRIBUTIONS TO SHAREHOLDERS: |
||||||||||
Net
investment income: |
||||||||||
Class
A |
(2,975,473 | ) | (2,351,716 | ) | ||||||
Class
C |
(1,352,004 | ) | (1,726,650 | ) | ||||||
Class
I |
(46,817,372 | ) | (75,863,503 | ) | ||||||
Class
P |
(7,240,268 | ) | (2,880,917 | ) | ||||||
Class
P3 |
(150,956 | ) | (123,564 | ) | ||||||
Class
R |
(6,175,696 | ) | (5,934,498 | ) | ||||||
Class
W |
(2,461,712 | ) | (10,249,420 | ) | ||||||
Total
distributions |
(67,173,481 | ) | (99,130,268 | ) | ||||||
FROM
CAPITAL SHARE TRANSACTIONS: |
||||||||||
Net
proceeds from sale of shares |
387,431,929 | 1,188,162,603 | ||||||||
Reinvestment of distributions |
64,849,161 | 95,062,572 | ||||||||
| 452,281,090 | 1,283,225,175 | |||||||||
Cost of
shares redeemed |
(1,025,097,472 | ) | (1,856,840,747 | ) | ||||||
Net
decrease in net assets resulting from capital share transactions |
(572,816,382 | ) | (573,615,572 | ) | ||||||
Net
decrease in net assets |
(746,683,925 | ) | (639,398,185 | ) | ||||||
NET
ASSETS: |
||||||||||
Beginning
of year or period |
1,506,776,205 | 2,146,174,390 | ||||||||
End of
year or period |
$ | 760,092,280 | $ | 1,506,776,205 | ||||||
See Accompanying Notes to Financial
Statements
11
Selected data for a share of beneficial interest outstanding
throughout each year or period.
| Income (loss) from investment operations |
Less distributions | Ratios to average net assets | Supplemental data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value, beginning of year or period |
Net investment income (loss) | Net realized and unrealized gain (loss) |
Total from investment operations | From net investment income | From net realized gains | From return of capital | Total distributions | Net asset value, end of year or period |
Total Return(1) | Expenses before reductions/ additions(2)(3) |
Expenses, net of fee waivers and/ or recoupments, if any(2)(3) |
Expenses, net of all reductions/ additions(2)(3) |
Net investment income (loss)(2)(3) | Net assets, end of year or period | Portfolio Turnover rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year or period ended | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | (%) | (%) | (%) | (%) | (%) | ($000’s) | (%) | |||||||||||||||||||||||||||||||||||||||||||||||||
Class
A |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.59 | 0.46 | (1.58 | ) | (1.12 | ) | 0.47 | — | — | 0.47 | 8.00 | (12.34 | ) | 1.18 | 1.10 | 1.10 | 4.83 | 52,014 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.86 | 0.46 | (0.28 | ) | 0.18 | 0.45 | — | — | 0.45 | 9.59 | 1.90 | 1.14 | 1.05 | 1.05 | 4.75 | 59,614 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.93 | 0.35 | (0.05 | ) | 0.30 | 0.35 | — | 0.02 | 0.37 | 9.86 | 3.09 | 1.13 | 1.02 | 1.02 | 3.58 | 43,839 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.70 | 0.37 | * | 0.25 | 0.62 | 0.39 | — | — | 0.39 | 9.93 | 6.49 | 1.11 | 1.03 | 1.03 | 3.79 | 93,318 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.11 | 0.38 | (0.41 | ) | (0.03 | ) | 0.38 | — | — | 0.38 | 9.70 | (0.25 | ) | 1.08 | 1.04 | 1.04 | 3.84 | 39,820 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Class
C |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.59 | 0.38 | (1.58 | ) | (1.20 | ) | 0.39 | — | — | 0.39 | 8.00 | (13.00 | ) | 1.93 | 1.85 | 1.85 | 4.12 | 20,446 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.87 | 0.38 | * | (0.28 | ) | 0.10 | 0.38 | — | — | 0.38 | 9.59 | 1.04 | 1.89 | 1.80 | 1.80 | 3.93 | 39,455 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.93 | 0.28 | (0.04 | ) | 0.24 | 0.28 | — | 0.02 | 0.30 | 9.87 | 2.42 | 1.88 | 1.77 | 1.77 | 2.85 | 45,848 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.70 | 0.30 | * | 0.25 | 0.55 | 0.32 | — | — | 0.32 | 9.93 | 5.70 | 1.86 | 1.78 | 1.78 | 3.08 | 55,583 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.11 | 0.31 | (0.41 | ) | (0.10 | ) | 0.31 | — | — | 0.31 | 9.70 | (1.00 | ) | 1.83 | 1.79 | 1.79 | 3.10 | 50,751 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Class
I |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.59 | 0.48 | (1.58 | ) | (1.10 | ) | 0.49 | — | — | 0.49 | 8.00 | (12.12 | ) | 0.88 | 0.85 | 0.85 | 5.15 | 427,504 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.87 | 0.48 | (0.28 | ) | 0.20 | 0.48 | — | — | 0.48 | 9.59 | 2.07 | 0.80 | 0.80 | 0.80 | 4.93 | 1,160,464 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.93 | 0.38 | * | (0.04 | ) | 0.34 | 0.38 | — | 0.02 | 0.40 | 9.87 | 3.46 | 0.75 | 0.75 | 0.75 | 3.89 | 1,338,826 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.70 | 0.40 | * | 0.25 | 0.65 | 0.42 | — | — | 0.42 | 9.93 | 6.76 | 0.76 | 0.76 | 0.76 | 4.09 | 1,156,695 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.11 | 0.41 | (0.41 | ) | — | 0.41 | — | — | 0.41 | 9.70 | 0.01 | 0.79 | 0.79 | 0.79 | 4.12 | 900,493 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class
P |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.58 | 0.53 | * | (1.56 | ) | (1.03 | ) | 0.56 | — | — | 0.56 | 7.99 | (11.52 | ) | 0.85 | 0.20 | 0.20 | 5.70 | 122,016 | 52 | |||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.86 | 0.55 | (0.29 | ) | 0.26 | 0.54 | — | — | 0.54 | 9.58 | 2.75 | 0.77 | 0.12 | 0.12 | 5.65 | 53,416 | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.92 | 0.45 | (0.05 | ) | 0.40 | 0.44 | — | 0.02 | 0.46 | 9.86 | 4.15 | 0.74 | 0.09 | 0.09 | 4.56 | 42,522 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.69 | 0.47 | 0.24 | 0.71 | 0.48 | — | — | 0.48 | 9.92 | 7.47 | 0.75 | 0.10 | 0.10 | 4.76 | 36,072 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.11 | 0.47 | (0.41 | ) | 0.06 | 0.48 | — | — | 0.48 | 9.69 | 0.58 | 0.77 | 0.12 | 0.12 | 4.76 | 21,608 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class
P3 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.59 | 0.55 | (1.58 | ) | (1.03 | ) | 0.56 | — | — | 0.56 | 8.00 | (11.43 | ) | 0.86 | 0.10 | 0.10 | 5.81 | 2,795 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
6-1-18(4)–03-31-19 |
9.84 | 0.47 | * | (0.25 | ) | 0.22 | 0.47 | — | — | 0.47 | 9.59 | 2.26 | 0.77 | 0.05 | 0.05 | 5.87 | 2,158 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||
Class
R |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.58 | 0.43 | (1.58 | ) | (1.15 | ) | 0.44 | — | — | 0.44 | 7.99 | (12.57 | ) | 1.43 | 1.35 | 1.35 | 4.60 | 99,774 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.85 | 0.44 | * | (0.28 | ) | 0.16 | 0.43 | — | — | 0.43 | 9.58 | 1.65 | 1.39 | 1.30 | 1.30 | 4.48 | 139,026 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.91 | 0.33 | (0.04 | ) | 0.29 | 0.33 | — | 0.02 | 0.35 | 9.85 | 2.94 | 1.38 | 1.27 | 1.27 | 3.36 | 118,071 | 82 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.69 | 0.35 | 0.24 | 0.59 | 0.37 | — | — | 0.37 | 9.91 | 6.12 | 1.36 | 1.28 | 1.28 | 3.58 | 119,041 | 69 | |||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.10 | 0.35 | (0.40 | ) | (0.05 | ) | 0.36 | — | — | 0.36 | 9.69 | (0.50 | ) | 1.33 | 1.29 | 1.29 | 3.60 | 107,927 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||
Class
W |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
03-31-20 |
9.60 | 0.48 | (1.58 | ) | (1.10 | ) | 0.49 | — | — | 0.49 | 8.01 | (12.10 | ) | 0.93 | 0.85 | 0.85 | 5.11 | 35,543 | 52 | ||||||||||||||||||||||||||||||||||||||||||||||
03-31-19 |
9.89 | 0.46 | * | (0.27 | ) | 0.19 | 0.48 | — | — | 0.48 | 9.60 | 1.96 | 0.89 | 0.80 | 0.80 | 4.60 | 52,642 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||
03-31-18 |
9.95 | 0.38 | * | (0.04 | ) | 0.34 | 0.38 | — | 0.02 | 0.40 | 9.89 | 3.46 | 0.88 | 0.77 | 0.77 | 3.88 | 557,067 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||
03-31-17 |
9.72 | 0.39 | * | 0.26 | 0.65 | 0.42 | — | — | 0.42 | 9.95 | 6.75 | 0.86 | 0.78 | 0.78 | 3.96 | 434,100 | 69 | ||||||||||||||||||||||||||||||||||||||||||||||||
03-31-16 |
10.13 | 0.41 | (0.41 | ) | — | 0.41 | — | — | 0.41 | 9.72 | 0.01 | 0.83 | 0.79 | 0.79 | 4.10 | 98,241 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) |
Total return is calculated assuming reinvestment of all dividends, capital gain distributions and return of capital distributions, if any, at net asset value and excluding the deduction of sales charges or contingent deferred sales charges, if applicable. Total return for periods less than one year is not annualized. | |
(2) |
Annualized for periods less than one year. | |
(3) |
Ratios reflect operating expenses of a Fund. Expenses before reductions/additions do not reflect amounts reimbursed by the Investment Adviser and/or Distributor or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by a Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by an Investment Adviser and/or Distributor but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions/additions represent the net expenses paid by a Fund. Net investment income (loss) is net of all such additions or reductions. | |
(4) |
Commencement of operations. | |
* |
Calculated using average number of shares outstanding throughout the period. |
See Accompanying Notes to Financial
Statements
12
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020
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 seven 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 P, Class P3, Class R 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. 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.
Beginning on January 2, 2020, Class C shares, along with
their pro rata reinvested dividend shares, automatically convert to Class A shares ten years after purchase.
Voya Investments, LLC (“Voya Investments” or the
“Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. Voya Investment Management Co. LLC
(“Voya IM”), a Delaware limited liability company, serves as the sub-adviser to the Fund. Voya Investments Distributor, LLC (“VID”
or the “Distributor”), a Delaware limited liability company, serves as the principal underwriter to the Fund.
NOTE 2 — SIGNIFICANT ACCOUNTING
POLICIES
The following significant accounting policies are
consistently followed by the Fund in the preparation of its financial statements. The Fund is considered an investment company under U.S. generally
accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment
companies.
A. Loan and Other Security
Valuation. The Fund is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a
“Business Day”). The net asset value (“NAV”) per share for each class of the Fund is determined each Business Day as of the close
of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central
distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The data
reflected on the consolidated tape provided by the CTA is generated by various market centers, including all securities exchanges, electronic
communications networks, and third-market broker-dealers. The NAV per share of each class of the Fund is calculated by taking the value of the
Fund’s assets attributable to that class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares
of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced and the Fund does not transact
purchase and redemption orders. To the extent the Fund’s assets are traded in other markets on days when the Fund does not price its shares, the
value of the Fund’s assets will likely change and you will not be able to purchase or redeem shares of the Fund.
Assets for which market quotations are readily available are
valued at market value. A security listed or traded on an exchange is valued at its last sales price or official closing price as of the close of the
regular trading session on the exchange where the security is principally traded or, if such price is not available, at the last sale price as of the
Market Close for such security provided by the CTA. Bank loans are valued at the average of the averages of the bid and ask prices provided to an
independent loan pricing service by brokers. Futures contracts are valued at the final settlement price set by an exchange on which they are
principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded.
Investments in open-end registered investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in
registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the regular
trading session on the exchange where the security is principally traded.
When a market quotation is not readily available or is
deemed unreliable, the Fund will determine a fair value for the relevant asset in accordance with procedures adopted by the Board of Trustees
(“Board”). Such procedures provide, for example, that: (a) Exchange-traded securities are valued at the mean of the closing bid and ask; (b)
Debt obligations are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may
be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities,
developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity individual trading characteristics and
other market data; (c) Securities traded in the over-the-counter market are valued based on prices provided by independent pricing services or market
makers; (d) Options not listed on an exchange are valued by an independent source using an industry accepted
13
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
(continued)
model, such as Black-Scholes; (e) Centrally cleared swap
agreements are valued using a price provided by the central counterparty clearinghouse; (f) Over-the-counter swap agreements are valued using a price
provided by an independent pricing service; (g) Forward foreign currency exchange contracts are valued utilizing current and forward rates obtained
from an independent pricing service. Such prices from the third party pricing service are for specific settlement periods and the Fund’s forward
foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent period reported by the independent
pricing service; and (h) Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by
brokers.
The prospectuses of the open-end registered investment
companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value
pricing.
Foreign securities’ (including forward foreign currency
exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close. If market quotations are
available and believed to be reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because
trading hours for certain foreign securities end before Market Close, closing market quotations may become unreliable. An independent pricing service
determines the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the
current value as of Market Close. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current
value will be valued by the independent pricing service using pricing models designed to estimate likely changes in the values of those securities
between the times in which the trading in those securities is substantially completed and Market Close. Multiple factors may be considered by the
independent pricing service in determining the value of such securities and may include information relating to sector indices, American Depositary
Receipts and domestic and foreign index futures.
All other assets for which market quotations are not readily
available or became unreliable (or if the above fair valuation methods are unavailable or determined to be unreliable) are valued at fair value as
determined in good faith by or under the supervision of the Board following procedures approved by the Board. The Board has delegated to the Investment
Adviser responsibility for overseeing the implementation of the Fund’s valuation procedures; a “Pricing Committee” comprised of
employees of the Investment Adviser or its affiliates has responsibility for applying the fair valuation
methods set forth in the procedures and, if a
fair valuation cannot be determined pursuant to the fair valuation methods, determining the fair value of assets held by the Fund. Issuer specific
events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers
and other market data may be reviewed in the course of making a good faith determination of a security’s fair value. Valuations change in response
to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions,
interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of fair valuation, the values used to determine the
Fund’s NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended
dilutive or accretive effect on the value of shareholders’ investments in the Fund.
Each investment asset or liability of the Fund is assigned a
level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities
are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level
2” and unobservable inputs, including the sub-adviser’s or Pricing Committee’s judgment about the assumptions that a market participant
would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an
indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality are generally considered to
be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is
included within the Portfolio of Investments.
GAAP requires a reconciliation of the beginning to ending
balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and
transfers in or out of the Level 3 category during the period. A reconciliation of Level 3 investments within the Portfolio of Investments is presented
only when the Fund has a significant amount of Level 3 investments.
B. Security Transactions and Revenue
Recognition. Security transactions and senior loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains
or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan
rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower
may be unable to meet payments as they become due. If determined to be
14
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES
(continued)
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 compensation for evaluating and accepting changes to an original loan agreement and are
recognized when received. Amendment fees and other fees earned are reported as other income on the Statement of Operations.
C. Distributions to Shareholders.
The Fund declares and goes ex-dividend daily and pays dividends monthly from net investment income. Distributions from capital gains, if any, are
declared and paid annually. The Fund may make additional distributions to comply with the distribution requirements of the Internal Revenue Code. The
character and amounts of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from
GAAP for investment companies. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as
return of capital. The Fund records distributions to its shareholders on the ex-dividend date.
D. When-Issued and Delayed-Delivery
Transactions. Securities purchased or sold on a when-issued, delayed-delivery or forward purchase commitment basis may have extended settlement
periods. The value of the security so purchased is subject to market fluctuations during this period. Due to the nature of the loan market, the actual
settlement date may not be certain at the time of the purchase or sale for some of the loans. Interest income on such loans is not accrued until
settlement date.
E. Federal Income Taxes. It is the
policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies
and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income
tax
or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax
returns for all open tax years in making this determination. No capital gain distributions shall be made until the capital loss carryforwards have been
fully utilized.
The Fund may utilize equalization accounting for tax
purposes, whereby a portion of redemption payments are treated as distributions of income or gain.
F. Use of Estimates. The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G. Foreign Currency Translation.
The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following
basis:
(1) |
Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at Market Close. |
(2) |
Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions. |
Although the net assets and the market values are presented
at the foreign exchange rates at Market Close, the Fund does not isolate the portion of the results of operations resulting from changes in foreign
exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the
net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition,
liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value.
Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax.
Reported net realized foreign exchange gains or losses arise
from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference
between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from
15
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)
changes in the value of assets and liabilities other
than investments in securities, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain
considerations and risks not typically associated with investing in U.S. companies and the U.S. government. These risks include, but are not limited
to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid
and prices more volatile than those of comparable U.S. companies and U.S. government securities. The foregoing risks are even greater with respect to
securities of issuers in emerging markets.
H. Indemnifications. In the normal
course of business, the Trust may enter into contracts that provide certain indemnifications. The Trust’s maximum exposure under these
arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management believes based on
experience, the risk of loss from such claims is considered remote.
NOTE 3 — INVESTMENTS
For the year ended March 31, 2020, the cost of purchases and
the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $642,487,691 and $1,207,631,637,
respectively. At March 31, 2020, the Fund held loans valued at $683,951,381 representing 96.21% of its total investments. The fair value of these
assets is established as set forth in Note 2.
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 0.65% of the Fund’s average daily net assets. The Investment Adviser is contractually obligated to waive the
management fee for Class P shares of the Fund. This waiver is not eligible for recoupment. Termination or modification of this obligation requires
approval by the Board.
The Investment Adviser has entered into a sub-advisory
agreement with Voya IM. Voya IM provides investment advice for the Fund and is paid by the Investment Adviser based on the average daily net assets of
the Fund. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the
Fund’s investment objectives, policies, and limitations.
NOTE 5 — DISTRIBUTION AND SERVICE
FEES
Each share class of the Fund, except Class I, Class P, Class
P3 and Class W, has a plan (each a “Plan” and collectively, the “Plans”), whereby the Distributor is compensated by the Fund for
expenses incurred in the distribution of the Fund’s shares (“Distribution Fees”). Pursuant to the Plans, the Distributor is entitled to
a payment each month for actual expenses incurred in the distribution and promotion of the Fund’s shares, including expenses incurred in printing
prospectuses and reports used for sales purposes, expenses incurred in preparing and printing sales literature and other such distribution related
expenses, including any distribution or Shareholder Servicing Fees (“Service Fees”) paid to securities dealers who executed a distribution
agreement with the Distributor. Under the Plans, each class of shares of the Fund pays the Distributor a combined Distribution and/or Service Fee based
on average daily net assets at the following annual rates:
| Class A | Class C | 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, 2020, the Distributor retained the following amounts in sales charges:
| Class A | Class C | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Initial Sales
Charges |
$ | 5,223 | $ | — | ||||||
Contingent
Deferred Sales Charges |
2,065 | 6,094 | ||||||||
16
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
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)
(as a percentage of average daily net assets)
Class A — 1.00%
Class C — 1.75%
Class I — 0.75%
Class P — 0.15%
Class P3 — 0.00%
Class R — 1.25%
Class W — 0.75%
Class C — 1.75%
Class I — 0.75%
Class P — 0.15%
Class P3 — 0.00%
Class R — 1.25%
Class W — 0.75%
With the exception of the non-recoupable Class P management
fee waiver for the Fund, the Investment Adviser may at a later date recoup from the Fund for fees waived and/or other expenses assumed by the
Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s expense ratio does not exceed the percentage
described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the
accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and
Liabilities.
As of March 31, 2020, the amounts of waived and/or
reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:
| March 31, | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2022 | 2033 | Total | |||
$— |
$40,723 |
$401,550 |
$442,273 |
|||
As of March 31, 2020, the amount of class specific fees
waived or reimbursed that are subject to possible recoupment by the Investment Adviser, and the related expiration dates are as
follows:
| March 31, | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | Total | |||||||||||||||
Class
A |
$ | 48,160 | $ | 43,691 | $ | 25,765 | $ | 117,616 | ||||||||||
Class
C |
54,440 | 38,985 | 13,630 | 107,055 | ||||||||||||||
Class
R |
125,960 | 117,207 | 55,890 | 299,057 | ||||||||||||||
Class
W |
534,174 | 215,463 | 20,153 | 769,790 | ||||||||||||||
The Expense Limitation Agreement is contractual through
August 1, 2020 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 29, 2019, the Fund has entered into an
unsecured committed revolving line of credit agreement (the “Credit Agreement”) with State Street Bank and Trust Company (“SSB”)
for an aggregate amount of $350,000,000, through May 27, 2020. The proceeds may be used only to: (1) temporarily finance the purchase and sale of
securities; or (2) temporarily finance the redemption of shares of an investor in the Fund. The Fund pays a commitment fee equal to 0.15% per annum on
the daily unused portion of the committed line amount payable quarterly in arrears and a structuring fee of $383,383, which is expensed over a year.
Prior to May 29, 2019, the aggregate amount was $350,000,000 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 29, 2019. Generally, borrowings under the Credit Agreement accrue interest at the higher
of the federal funds rate and the One-Month LIBOR rate, plus a specified margin. Repayments generally must be made within 60 days after the date of a
revolving credit advance.
The Fund utilized the line of credit during the year ended
March 31, 2020 as below:
| Days Utilized |
Approximate Average Daily Balance For Days Utilized |
Approximate Weighted Average Interest Rate For Days Utilized |
||||
|---|---|---|---|---|---|---|
106 |
$30,858,491 |
2.72% |
NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED
PARTIES
At March 31, 2020, 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 |
13.14 | % | ||||
Voya Investment
Management Co. LLC |
5.28 | |||||
Under the 1940 Act, the direct
or indirect beneficial owner of more than 25% of the voting securities of a company (including a fund) is presumed
to control such company. Companies under common control (e.g., companies with a common owner of greater
than 25% of their respective voting securities) are affiliates under the 1940 Act.
The Fund has adopted a deferred compensation plan (the
“DC Plan”), which allows eligible independent trustees, as described in the DC Plan, to defer the receipt of all or a portion of the
trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the DC Plan, the
amounts deferred are invested in shares of the funds selected by the trustee (the “Notional Funds”). The Fund purchases
shares
17
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 8 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED
PARTIES (continued)
of the Notional Funds, which are all advised by Voya
Investments, in amounts equal to the trustees’ deferred fees, resulting in a Fund asset equal to the deferred compensation liability. Such assets,
if applicable, are included as a component of “Other assets” on the accompanying Statement of Assets and Liabilities. Deferral of
trustees’ fees under the DC Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net
investment income
per share. Amounts will be deferred until distributed in accordance with the DC Plan.
The Fund may engage in purchase and sale transactions with
funds that have a common investment adviser (or affiliated investment adviser) and/or have a common sub-adviser. These interfund transactions are made
pursuant to Rule 17a-7 under the 1940 Act. For the year ended March 31, 2020, the Fund engaged in such purchase and sale transactions totaling $971,875
and $70,254,882, respectively.
NOTE 9 — CAPITAL SHARES
Transactions in capital shares and dollars were as
follows:
| Shares sold |
Reinvestment of distributions |
Shares redeemed |
Net increase (decrease) in shares outstanding |
Shares sold |
Reinvestment of distributions |
Shares redeemed |
Net increase (decrease) |
|||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year or period ended | # | # | # | # | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||
Class
A |
||||||||||||||||||||||||||||||||||
03-31-20 |
5,639,510 | 292,826 | (5,646,601 | ) | 285,735 | 53,778,688 | 2,743,018 | (52,770,320 | ) | 3,751,386 | ||||||||||||||||||||||||
03-31-19 |
4,900,915 | 216,844 | (3,347,666 | ) | 1,770,093 | 47,678,722 | 2,103,779 | (32,387,511 | ) | 17,394,990 | ||||||||||||||||||||||||
Class
C |
||||||||||||||||||||||||||||||||||
03-31-20 |
201,468 | 126,244 | (1,885,559 | ) | (1,557,847 | ) | 1,916,440 | 1,189,893 | (17,736,355 | ) | (14,630,022 | ) | ||||||||||||||||||||||
03-31-19 |
859,655 | 160,854 | (1,553,952 | ) | (533,443 | ) | 8,395,213 | 1,563,108 | (15,057,239 | ) | (5,098,918 | ) | ||||||||||||||||||||||
Class
I |
||||||||||||||||||||||||||||||||||
03-31-20 |
19,938,138 | 4,755,535 | (92,232,126 | ) | (67,538,453 | ) | 185,893,516 | 44,908,640 | (859,301,235 | ) | (628,499,079 | ) | ||||||||||||||||||||||
03-31-19 |
103,785,552 | 7,433,338 | (125,923,823 | ) | (14,704,933 | ) | 1,015,694,395 | 72,280,256 | (1,212,479,474 | ) | (124,504,823 | ) | ||||||||||||||||||||||
Class
P |
||||||||||||||||||||||||||||||||||
03-31-20 |
12,120,922 | 776,328 | (3,204,975 | ) | 9,692,275 | 116,185,715 | 7,240,269 | (30,254,592 | ) | 93,171,392 | ||||||||||||||||||||||||
03-31-19 |
2,060,011 | 296,668 | (1,095,999 | ) | 1,260,680 | 20,100,297 | 2,880,910 | (10,621,849 | ) | 12,359,358 | ||||||||||||||||||||||||
Class
P3 |
||||||||||||||||||||||||||||||||||
03-31-20 |
222,832 | 16,098 | (114,495 | ) | 124,435 | 2,059,802 | 150,356 | (1,075,423 | ) | 1,134,735 | ||||||||||||||||||||||||
06-01-18(1)–03-31-19 |
484,611 | 12,748 | (272,376 | ) | 224,983 | 4,723,442 | 123,525 | (2,622,223 | ) | 2,224,744 | ||||||||||||||||||||||||
Class
R |
||||||||||||||||||||||||||||||||||
03-31-20 |
1,406,440 | 657,745 | (4,090,945 | ) | (2,026,760 | ) | 13,279,120 | 6,170,305 | (37,621,501 | ) | (18,172,076 | ) | ||||||||||||||||||||||
03-31-19 |
4,251,727 | 611,023 | (2,331,421 | ) | 2,531,329 | 41,570,411 | 5,923,293 | (22,534,031 | ) | 24,959,673 | ||||||||||||||||||||||||
Class
W |
||||||||||||||||||||||||||||||||||
03-31-20 |
1,523,717 | 260,120 | (2,828,336 | ) | (1,044,499 | ) | 14,318,648 | 2,446,680 | (26,338,046 | ) | (9,572,718 | ) | ||||||||||||||||||||||
03-31-19 |
5,078,081 | 1,037,432 | (56,963,913 | ) | (50,848,400 | ) | 50,000,123 | 10,187,701 | (561,138,420 | ) | (500,950,596 | ) | ||||||||||||||||||||||
(1) |
Commencement of operations. |
NOTE 10 — FEDERAL INCOME TAXES
The amount of distributions from net investment income and
net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP for investment companies. These
book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal
tax-basis treatment; temporary differences are not reclassified. Key differences include capital loss carryforwards, wash sale deferrals, and the
treatment of de minimis distributions in excess of net investment income.
The following permanent tax differences have been
reclassified as of March 31, 2020:
| Paid-in Capital |
Distributable Earnings |
|||
|---|---|---|---|---|
$(255,888) |
$255,888 |
Dividends paid by the Fund from net investment income and
distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to
shareholders.
18
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 10 — FEDERAL INCOME TAXES (continued)
The tax composition of dividends to shareholders was as
follows:
| Year Ended March 31, 2020 |
Year Ended March 31, 2019 |
|||
|---|---|---|---|---|
| Ordinary Income |
Ordinary Income |
|||
$67,173,481 |
$99,130,268 |
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, 2020
were:
| Capital Loss Carryforwards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unrealized Appreciation/ (Depreciation) |
Amount | Character | Expiration | |||||||
$(150,799,442) |
$ | (26,618,372 |
) | Short-term | None |
|||||
(85,994,622 |
) | Long-term | None |
|||||||
| $ | (112,612,994 |
) | ||||||||
The Fund’s major tax jurisdictions are U.S. federal and
Arizona state.
As of March 31, 2020, 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 earliest tax year that remains subject to examination by these jurisdictions is 2015.
NOTE 11 — LONDON INTERBANK OFFERED RATE
(“LIBOR”)
The U.K. Financial Conduct Authority has announced that it
intends to stop persuading or compelling banks to submit LIBOR rates after 2021, and it remains unclear whether LIBOR will continue to exist after that
date and, if so, in what form. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major
currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee
(comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (“SOFR”) that
is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun
publication.
Discontinuance of LIBOR and adoption/implementation of
alternative rates pose a number of risks, including among others whether any substitute rate will experience the market participation and liquidity
necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements, hedging transactions, and
investment strategies generally from a conversion from LIBOR to alternative rates; the effect on the Fund’s existing investments (including, for
example, fixed-income investments; senior loans; CLOs and CDOs; and derivatives transactions), including the possibility that
some of those investments
may terminate or their terms adjusted to the disadvantage of the Fund; and the risk of general market disruption during the period of the conversion.
It is difficult to predict at this time the likely impact of the transition away from LIBOR on the Fund.
NOTE 12 — LIQUIDITY
Consistent with Rule 22e-4 under the Investment Company Act
of 1940, as amended, the Fund has established a liquidity risk management program to govern its approach to managing liquidity risk (the
“Program”). The Board has approved the designation of the Fund’s Adviser, Voya Investments, LLC, as the program administrator (the
“Program Administrator”). The Program Administrator is responsible for implementing and monitoring the Program and has formed a Liquidity
Risk Management Committee (the “Committee”) to assess and review, on an ongoing basis, the Fund’s liquidity risk.
The Program includes a number of elements that support the
management and assessment of liquidity risk, including an annual assessment of liquidity risk factors and the periodic classification (or
re-classification, as necessary) of the Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect
the Committee’s assessment of the investments’ liquidity under current market conditions. The Committee also utilizes Fund-specific data,
including information regarding the Fund’s shareholder base, characteristics of its
19
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 12 — LIQUIDITY (continued)
investments, access to borrowing arrangements and
historical redemptions to determine whether the Fund will be able to meet its redemption obligations in a timely manner.
In assessing the Fund’s liquidity risk, the Committee
considered, among other matters, the settlement cycle of the Fund’s floating rate loans, the characteristics of the Fund’s shareholder base,
historical redemption activity and the availability of the Fund’s committed line of credit.
During the period covered by the report, December 1, 2018
through December 31, 2019, the Program supported the Fund’s ability to honor redemption requests timely and the Program Administrator’s
management of the Fund’s liquidity risk, including during any periods of market volatility and net redemptions.
There can be no assurance that the Program will achieve its
objectives under all circumstances in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to
liquidity risk and other risks.
NOTE 13 — MARKET DISRUPTION
The Fund is subject to the risk that geopolitical events
will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and
markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries,
including the United States. War, terrorism, global health crises and pandemics, and other geopolitical events have led, and in the future may lead, to
increased market volatility and may have adverse short- or long-term effects on U.S. and world economies and markets generally. For example, the recent
COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange trading suspensions and closures, declines in
global financial markets, higher default rates, and a substantial economic downturn in economies throughout the world. Natural and environmental
disasters and systemic market dislocations are also highly disruptive to economies and markets. Those events as well as other changes in non-U.S. and
domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets,
interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the investments of the portfolio and of the
Fund. Any of these occurrences could disrupt the operations of the Fund and of the Fund’s service providers.
NOTE 14 — OTHER ACCOUNTING
PRONOUNCEMENTS
The Fund has made a change in accounting principle and
adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2017-08 (“ASU 2017-08”),
Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a
premium; specifically, requiring the premium to be amortized to the earliest call date. Prior to ASU 2017-08, premiums on callable debt securities were
generally amortized to maturity date. ASU 2017-08 is intended to more closely align the amortization period with the expectations incorporated into the
market pricing on the underlying security. ASU 2017-08 does not require an accounting change for securities held at a discount; the discount continues
to be amortized to maturity date. Upon evaluation, the Fund has concluded that the adoption of the new accounting principle does not materially impact
the financial statement amounts and is not applicable given the Fund does not hold callable debt securities.
Also, in August 2018, the FASB issued Accounting Standards
Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement
(“ASU 2018-13”). The update provides guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements.
ASU 2018-13 will be effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods. At this time, the
Fund has elected to early adopt the amendments that allow for removal of disclosure requirements related to transfers between Level 1 and Level 2 of
the fair value hierarchy and the timing of transfers between levels of the fair value hierarchy. These changes did not have a material impact on the
Fund’s financial statements. The Fund plans to adopt the amendments that require additional fair value measurement disclosures for annual periods
beginning after December 15, 2019, and interim periods within those annual periods. The Fund is currently evaluating the impact of these changes on the
financial statements.
20
NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2020 (CONTINUED)
NOTE 15 — SUBSEQUENT EVENTS
Dividends. Subsequent to March 31, 2020, the Fund
declared dividends from net investment income of:
| Per Share Amount |
Payable Date |
Record Date |
|||||||
|---|---|---|---|---|---|---|---|---|---|
Class
A |
$0.0290 |
May 1, 2020 |
Daily |
||||||
Class
C |
$0.0241 |
May 1,
2020 |
Daily |
||||||
Class
I |
$0.0306 |
May 1,
2020 |
Daily |
||||||
Class
P |
$0.0351 |
May 1,
2020 |
Daily |
||||||
Class
P3 |
$0.0345 |
May 1,
2020 |
Daily |
||||||
Class
R |
$0.0274 |
May 1,
2020 |
Daily |
||||||
Class
W |
$0.0306 |
May 1,
2020 |
Daily |
Credit agreement renewal: On May 14, 2020, the Board
approved the renewal of the revolving credit agreement for another 364 days at a reduced facility amount of $200 million, effective, May 27,
2020.
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.
21
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: 90.0% |
||||||||||
Aerospace & Defense: 2.8% |
||||||||||
| 1,070,000 | AI
Convoy (Luxembourg) S.A.R.L USD Term Loan B, 5.340%, (US0003M + 3.500%), 01/17/27 |
$ | 1,005,800 | 0.2 | ||||||
| 1,295,000 | Amentum Government Services Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 02/01/27 |
1,223,775 | 0.2 | |||||||
| 2,037,698 | American Airlines, Inc. 2018 Term Loan B, 2.709%, (US0001M + 1.750%), 06/27/25 |
1,688,233 | 0.2 | |||||||
| 402,019 | Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2, 4.950%, (US0003M + 3.500%), 04/06/26 |
316,791 | 0.0 | |||||||
| 747,755 | Dynasty Acquisition Co., Inc. 2020 Term Loan B1, 4.950%, (US0003M + 3.500%), 04/06/26 |
589,231 | 0.1 | |||||||
| 1,984,211 | KBR,
Inc. 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/27 |
1,756,026 | 0.2 | |||||||
| 9,633,135 | Maxar
Technologies Ltd. Term Loan B, 3.739%, (US0003M + 2.750%), 10/04/24 |
8,332,662 | 1.1 | |||||||
| 1,540,000 | Science Applications International Corporation 2020 Incremental Term Loan B, 3.701%, (US0003M + 2.250%), 03/05/27 |
1,466,850 | 0.2 | |||||||
| 4,987,500 | TransDigm, Inc. 2020 Term Loan E, 3.239%, (US0001M + 2.250%), 05/30/25 |
4,663,313 | 0.6 | |||||||
| 21,042,681 | 2.8 | |||||||||
Auto Components: 0.5% |
||||||||||
| 4,070,752 | Broadstreet Partners, Inc. 2020 Term Loan B, 4.294%, (US0001M + 3.250%), 01/27/27 |
3,656,045 | 0.5 | |||||||
Automotive: 3.7% |
||||||||||
| 1,675,548 | American Axle and Manufacturing, Inc. Term Loan B, 3.200%, (US0001M + 2.250%), 04/06/24 |
1,420,027 | 0.2 | |||||||
| 1,391,250 | Autokiniton US Holdings, Inc. Term Loan, 6.739%, (US0001M + 5.750%), 05/22/25 |
1,144,303 | 0.1 | |||||||
| 814,060 | Belron Finance US LLC 2018 Term Loan B, 3.957%, (US0003M + 2.250%), 11/13/25 |
773,357 | 0.1 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Automotive: (continued) |
||||||||||
| 3,274,974 | Belron Finance US LLC 2019 USD Term Loan B, 4.270%, (US0003M + 2.500%), 10/30/26 |
$ | 3,111,225 | 0.4 | ||||||
| 1,307,156 | Belron Finance US LLC USD Term Loan B, 3.992%, (US0003M + 2.250%), 11/07/24 |
1,241,799 | 0.2 | |||||||
| 1,402,597 | Bright Bidco B.V. 2018 Term Loan B, 4.573%, (US0006M + 3.500%), 06/30/24 |
499,324 | 0.1 | |||||||
| 598,500 | Dealer Tire, LLC 2020 Term Loan B, 5.239%, (US0001M + 4.250%), 12/12/25 |
496,755 | 0.1 | |||||||
| 5,530,883 | Gates
Global LLC 2017 USD Repriced Term Loan B, 3.750%, (US0001M + 2.750%), 04/01/24 |
4,977,794 | 0.6 | |||||||
| 2,721,488 | Hertz
Corporation, (The) 2016 Term Loan B, 3.739%, (US0001M + 2.750%), 06/30/23 |
1,950,401 | 0.3 | |||||||
| 2,434,188 | Holley Purchaser, Inc. Term Loan B, 6.777%, (US0003M + 5.000%), 10/24/25 |
2,032,547 | 0.3 | |||||||
| 1,260,000 | Innovative Xcessories & Services LLC 2020 Term Loan B, 6.451%, (US0003M + 5.000%), 02/26/27 |
951,300 | 0.1 | |||||||
| 1,049,993 | KAR
Auction Services, Inc. 2019 Term Loan B6, 3.188%, (US0001M + 2.250%), 09/19/26 |
976,494 | 0.1 | |||||||
| 6,751,075 | Panther BF Aggregator 2 LP USD Term Loan B, 4.441%, (US0001M + 3.500%), 04/30/26 |
6,210,989 | 0.8 | |||||||
| 1,218,784 | Tenneco, Inc. 2018 Term Loan B, 3.989%, (US0003M + 3.000%), 10/01/25 |
859,243 | 0.1 | |||||||
| 1,916,745 | Truck Hero, Inc. 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 04/22/24 |
1,472,699 | 0.2 | |||||||
| 28,118,257 | 3.7 | |||||||||
Beverage & Tobacco: 0.5% |
||||||||||
| 4,384,309 | Sunshine Investments B.V. USD Term Loan B3, 4.954%, (US0002M + 3.250%), 03/28/25 |
4,077,407 | 0.5 | |||||||
Brokers, Dealers & Investment Houses:
0.6% |
||||||||||
| 5,969,735 | Brookfield Property REIT Inc. 1st Lien Term Loan B, 3.489%, (US0001M + 2.500%), 08/27/25 |
4,286,270 | 0.6 | |||||||
See Accompanying Notes to Financial
Statements
22
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Building & Development: 2.6% |
||||||||||
| 1,282,253 | Advanced Drainage Systems Inc Term Loan B, 3.813%, (US0001M + 2.250%), 07/31/26 |
$ | 1,198,906 | 0.1 | ||||||
| 3,132,484 | Core & Main LP 2017 Term Loan B, 4.331%, (US0001M + 2.750%), 08/01/24 |
2,772,249 | 0.4 | |||||||
| 4,157,610 | GYP
Holdings III Corp. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 06/01/25 |
3,783,425 | 0.5 | |||||||
| 1,862,438 | Henry
Company LLC Term Loan B, 5.000%, (US0001M + 4.000%), 10/05/23 |
1,598,592 | 0.2 | |||||||
| 2,280,951 | Interior Logic Group Holdings IV LLC 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 05/30/25 |
1,984,427 | 0.3 | |||||||
| 2,319,267 | MX
Holdings US, Inc. 2018 USD Term Loan B1C, 3.739%, (US0001M + 2.750%), 07/31/25 |
2,006,166 | 0.3 | |||||||
| 4,275,282 | Quikrete Holdings Inc Term Loan, 3.489%, (US0001M + 2.500%), 02/01/27 |
3,719,496 | 0.5 | |||||||
| 2,518,767 | Werner FinCo LP 2017 Term Loan, 5.000%, (US0001M + 4.000%), 07/24/24 |
2,229,109 | 0.3 | |||||||
| 470,000 | Zekelman Industries, Inc. 2020 Term Loan, 3.209%, (US0001M + 2.250%), 01/24/27 |
439,450 | 0.0 | |||||||
| 19,731,820 | 2.6 | |||||||||
Business Equipment & Services: 11.7% |
||||||||||
| 1,796,208 | 24-7
Intouch Inc 2018 Term Loan, 5.739%, (US0001M + 4.750%), 08/25/25 |
1,517,795 | 0.2 | |||||||
| 4,687,686 | AlixPartners, LLP 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 04/04/24 |
4,465,021 | 0.6 | |||||||
| 2,895,750 | Ascend Learning, LLC 2017 Term Loan B, 4.000%, (US0001M + 3.000%), 07/12/24 |
2,625,481 | 0.3 | |||||||
| 2,307,716 | Big
Ass Fans, LLC 2018 Term Loan, 5.200%, (US0003M + 3.750%), 05/21/24 |
2,030,790 | 0.3 | |||||||
| 2,420,000 | Castle US Holding Corporation USD Term Loan B, 5.200%, (US0001M + 3.750%), 01/29/27 |
2,108,425 | 0.3 | |||||||
| 2,867,667 | Colorado Buyer Inc Term Loan B, 4.000%, (US0001M + 3.000%), 05/01/24 |
1,947,625 | 0.3 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Business Equipment & Services:
(continued) |
||||||||||
| 2,398,794 | Convergint Technologies LLC 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/03/25 |
$ | 2,074,957 | 0.3 | ||||||
| 5,051,040 | EIG
Investors Corp. 2018 1st Lien Term Loan, 5.388%, (US0003M + 3.750%), 02/09/23 |
4,141,853 | 0.5 | |||||||
| 2,676,516 | Ellie
Mae, Inc. Term Loan, 5.200%, (US0003M + 3.750%), 04/17/26 |
2,353,105 | 0.3 | |||||||
| 5,111,316 | EVO
Payments International LLC 2018 1st Lien Term Loan, 4.200%, (US0001M + 3.250%), 12/22/23 |
4,446,845 | 0.6 | |||||||
| 1,394,076 | Flexential Intermediate Corporation 2nd Lien Term Loan, 8.713%, (US0003M + 7.250%), 08/01/25 |
573,314 | 0.1 | |||||||
| 2,892,744 | GreenSky Holdings, LLC 2018 Term Loan B, 4.250%, (US0001M + 3.250%), 03/31/25 |
2,386,514 | 0.3 | |||||||
| 4,229,284 | ION
Trading Technologies S.a.r.l. USD Incremental Term Loan B, 5.072%, (US0003M + 4.000%), 11/21/24 |
3,214,256 | 0.4 | |||||||
| 2,988,454 | IQOR
US Inc. 2nd Lien Term Loan, 10.659%, (US0003M + 8.750%), 04/01/22 |
608,898 | 0.1 | |||||||
| 4,688,445 | IQOR
US Inc. Term Loan B, 6.909%, (US0003M + 5.000%), 04/01/21 |
2,807,206 | 0.4 | |||||||
| 5,186,710 | KUEHG
Corp. 2018 Incremental Term Loan, 5.200%, (US0003M + 3.750%), 02/21/25 |
3,903,000 | 0.5 | |||||||
| 2,306,798 | Learning Care Group, Inc. 2018 1st Lien Term Loan, 4.984%, (US0003M + 3.250%), 03/13/25 |
1,856,972 | 0.2 | |||||||
| 2,305,000 | Learning Care Group, Inc. 2018 2nd Lien Term Loan, 9.294%, (US0003M + 7.500%), 03/13/26 |
2,051,450 | 0.3 | |||||||
| 1,370,000 | Misys
(Finastra) USD 2nd Lien Term Loan, 9.027%, (US0003M + 7.250%), 06/13/25 |
1,060,037 | 0.1 | |||||||
| 1,353,262 | NeuStar, Inc. 2018 Term Loan B4, 4.573%, (US0001M + 3.500%), 08/08/24 |
1,047,086 | 0.1 | |||||||
See Accompanying Notes to Financial
Statements
23
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Business Equipment & Services:
(continued) |
||||||||||
| 3,482,046 | PI US
MergerCo, Inc. USD 2017 1st Lien Term Loan, 4.700%, (US0003M + 3.250%), 01/03/25 |
$ | 2,985,854 | 0.4 | ||||||
| 4,793,133 | Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan, 4.239%, (US0001M + 3.250%), 05/01/25 |
4,098,129 | 0.5 | |||||||
| 480,000 | Presidio, Inc. 2020 Term Loan B, 5.280%, (US0002M + 3.500%), 01/22/27 |
451,200 | 0.1 | |||||||
| 1,281,654 | Prometric Holdings, Inc. 1st Lien Term Loan, 4.000%, (US0001M + 3.000%), 01/29/25 |
993,282 | 0.1 | |||||||
| 3,077,713 | Red
Ventures, LLC 2020 Term Loan B, 3.489%, (US0001M + 2.500%), 11/08/24 |
2,595,537 | 0.3 | |||||||
| 465,000 | Renaissance Holding Corp. 2018 2nd Lien Term Loan, 7.989%, (US0001M + 7.000%), 05/29/26 |
367,350 | 0.0 | |||||||
| 1,616,063 | Renaissance Learning, Inc. 2018 Add On Term Loan, 4.239%, (US0001M + 3.250%), 05/30/25 |
1,438,296 | 0.2 | |||||||
| 2,981,375 | Research Now Group, Inc. 2017 1st Lien Term Loan, 7.263%, (US0003M + 5.500%), 12/20/24 |
2,683,237 | 0.4 | |||||||
| 850,000 | Rockwood Service Corporation 2020 Term Loan, 5.700%, (US0003M + 4.250%), 01/23/27 |
774,562 | 0.1 | |||||||
| 2,299,029 | Solera Holdings, Inc. USD Term Loan B, 4.363%, (US0003M + 2.750%), 03/03/23 |
2,155,340 | 0.3 | |||||||
| 4,225,600 | Staples, Inc. 7 Year Term Loan, 6.515%, (US0001M + 5.000%), 04/16/26 |
3,396,326 | 0.4 | |||||||
| 525,000 | STG-Fairway Holdings, LLC Term Loan B, 4.572%, (US0006M + 3.500%), 01/31/27 |
480,375 | 0.1 | |||||||
| 1,788,858 | SurveyMonkey Inc. 2018 Term Loan B, 4.370%, (US0001W + 3.750%), 10/10/25 |
1,475,808 | 0.2 | |||||||
| 6,744,625 | Verifone Systems, Inc. 2018 1st Lien Term Loan, 5.695%, (US0003M + 4.000%), 08/20/25 |
4,473,932 | 0.6 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Business Equipment & Services:
(continued) |
||||||||||
| 5,453,236 | Verra
Mobility Corporation 2020 Term Loan B, 4.239%, (US0001M + 3.250%), 02/28/25 |
$ | 4,935,179 | 0.7 | ||||||
| 1,188,409 | Verscend Holding Corp. 2018 Term Loan B, 5.489%, (US0001M + 4.500%), 08/27/25 |
1,128,989 | 0.2 | |||||||
| 4,314,428 | West
Corporation 2017 Term Loan, 5.450%, (US0003M + 4.000%), 10/10/24 |
3,322,110 | 0.4 | |||||||
| 4,127,750 | Yak
Access, LLC 2018 1st Lien Term Loan B, 6.450%, (US0003M + 5.000%), 07/11/25 |
3,116,451 | 0.4 | |||||||
| 970,000 | Yak Access, LLC 2018 2nd Lien Term Loan B, 11.204%, (US0003M + 10.000%), 07/10/26 |
606,250 | 0.1 | |||||||
| 88,698,837 | 11.7 | |||||||||
Cable & Satellite Television: 1.6% |
||||||||||
| 2,664,821 | Radiate Holdco, LLC 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/01/24 |
2,472,954 | 0.3 | |||||||
| 1,446,375 | Telesat Canada Term Loan B5, 3.740%, (US0001M + 2.750%), 12/07/26 |
1,348,745 | 0.2 | |||||||
| 1,970,000 | UPC
Broadband Holding B.V. 2020 USD Term Loan B, 2.955%, (US0001M + 2.250%), 04/30/28 |
1,789,416 | 0.2 | |||||||
| 2,998,077 | Virgin Media Bristol LLC USD Term Loan N, 3.205%, (US0001M + 2.500%), 01/31/28 |
2,855,668 | 0.4 | |||||||
| 3,717,705 | WideOpenWest Finance LLC 2017 Term Loan B, 4.250%, (US0001M + 3.250%), 08/18/23 |
3,397,053 | 0.5 | |||||||
| 11,863,836 | 1.6 | |||||||||
Chemicals & Plastics: 2.5% |
||||||||||
| 2,524,933 | Alpha
3 B.V. 2017 Term Loan B1, 4.450%, (US0003M + 3.000%), 01/31/24 |
2,341,875 | 0.3 | |||||||
| 1,203,950 | Ascend Performance Materials Operations LLC 2019 Term Loan B, 6.700%, (US0003M + 5.250%), 08/27/26 |
1,071,516 | 0.1 | |||||||
| 3,462,389 | Composite Resins Holding B.V. 2018 Term Loan B, 5.255%, (US0001M + 4.250%), 08/01/25 |
3,098,838 | 0.4 | |||||||
| 1,116,372 | Diamond (BC) B.V. USD Term Loan, 4.777%, (US0003M + 3.000%), 09/06/24 |
862,398 | 0.1 | |||||||
See Accompanying Notes to Financial
Statements
24
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Chemicals & Plastics: (continued) |
||||||||||
| 4,045,467 | Encapsys, LLC 2020 Term Loan B2, 4.250%, (US0001M + 3.250%), 11/07/24 |
$ | 3,236,373 | 0.4 | ||||||
| 3,214,313 | Polar
US Borrower, LLC 2018 1st Lien Term Loan, 6.609%, (US0003M + 4.750%), 10/15/25 |
2,812,523 | 0.4 | |||||||
| 3,832,636 | Starfruit Finco B.V 2018 USD Term Loan B, 3.863%, (US0001M + 3.000%), 10/01/25 |
3,506,862 | 0.5 | |||||||
| 1,475,812 | Tronox Finance LLC Term Loan B, 3.930%, (US0001M + 2.750%), 09/23/24 |
1,327,001 | 0.2 | |||||||
| 593,513 | Univar Inc. 2019 USD Term Loan B5, 3.450%, (US0003M + 2.000%), 07/01/26 |
543,064 | 0.1 | |||||||
| 18,800,450 | 2.5 | |||||||||
Clothing/Textiles: 0.1% |
||||||||||
| 624,795 | Varsity Brands, Inc. 2017 Term Loan B, 4.500%, (US0001M + 3.500%), 12/15/24 |
494,629 | 0.1 | |||||||
Consumer, Cyclical: 0.1% |
||||||||||
| 2,802,115 | 24 Hour Fitness Worldwide, Inc. 2018 Term Loan B, 4.950%, (US0003M + 3.500%), 05/30/25 |
695,858 | 0.1 | |||||||
Containers & Glass Products: 2.5% |
||||||||||
| 1,001,660 | Albea
Beauty Holdings S.A 2018 USD Term Loan B2, 4.907%, (US0006M + 3.000%), 04/22/24 |
813,848 | 0.1 | |||||||
| 3,430,162 | Bway
Holding Company 2017 Term Loan B, 5.084%, (US0003M + 3.250%), 04/03/24 |
2,847,034 | 0.4 | |||||||
| 3,791,078 | Charter NEX US, Inc. Incremental Term Loan, 4.489%, (US0001M + 3.500%), 05/16/24 |
3,342,469 | 0.5 | |||||||
| 1,674,845 | Flex
Acquisition Company, Inc. 1st Lien Term Loan, 4.898%, (US0003M + 3.000%), 12/29/23 |
1,493,404 | 0.2 | |||||||
| 4,669,672 | Flex
Acquisition Company, Inc. 2018 Incremental Term Loan, 5.159%, (US0003M + 3.250%), 06/29/25 |
4,163,793 | 0.5 | |||||||
| 386,378 | Pelican Products, Inc. 2018 2nd Lien Term Loan, 8.750%, (US0001M + 7.750%), 05/01/26 |
307,171 | 0.0 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Containers & Glass Products: (continued) |
||||||||||
| 1,695,000 | Plastipak Packaging, Inc. 2018 Term Loan B, 3.490%, (US0001M + 2.500%), 10/14/24 |
$ | 1,563,637 | 0.2 | ||||||
| 660,000 | Proampac AC Borrower LLC Second Lien Term Loan, 10.192%, (US0003M + 8.500%), 11/18/24 |
485,100 | 0.1 | |||||||
| 2,523,614 | Reynolds Group Holdings Inc. USD 2017 Term Loan, 3.739%, (US0001M + 2.750%), 02/05/23 |
2,406,897 | 0.3 | |||||||
| 1,648,271 | TricorBraun Hldgs Inc First Lien Term Loan, 5.202%, (US0003M + 3.750%), 11/30/23 |
1,380,427 | 0.2 | |||||||
| 18,803,780 | 2.5 | |||||||||
Cosmetics/Toiletries: 0.6% |
||||||||||
| 2,185,864 | Anastasia Parent, LLC 2018 Term Loan B, 4.822%, (US0006M + 3.750%), 08/11/25 |
1,318,804 | 0.2 | |||||||
| 4,448,196 | Wellness Merger Sub, Inc. 1st Lien Term Loan, 5.863%, (US0003M + 4.250%), 06/30/24 |
3,543,731 | 0.4 | |||||||
| 4,862,535 | 0.6 | |||||||||
Drugs: 0.6% |
||||||||||
| 1,994,872 | Endo
Luxembourg Finance Company I S.a r.l. 2017 Term Loan B, 5.250%, (US0003M + 4.250%), 04/29/24 |
1,790,397 | 0.2 | |||||||
| 3,129,064 | Horizon Therapeutics USA Inc Term Loan B, 3.313%, (US0001M + 2.250%), 05/22/26 |
2,964,788 | 0.4 | |||||||
| 4,755,185 | 0.6 | |||||||||
Ecological Services & Equipment: 0.5% |
||||||||||
| 4,070,217 | GFL
Environmental Inc. 2018 USD Term Loan B, 3.991%, (US0001M + 3.000%), 05/30/25 |
3,971,006 | 0.5 | |||||||
Electronics/Electrical: 12.1% |
||||||||||
| 3,232,311 | ASG
Technologies Group, Inc. 2018 Term Loan, 4.500%, (US0001M + 3.500%), 07/31/24 |
2,650,495 | 0.3 | |||||||
| 1,199,748 | Barracuda Networks, Inc. 1st Lien Term Loan, 4.517%, (US0003M + 3.250%), 02/12/25 |
1,113,766 | 0.1 | |||||||
| 1,648,715 | BMC
Software Finance, Inc. 2018 USD Term Loan B, 5.239%, (US0001M + 4.250%), 10/02/25 |
1,412,949 | 0.2 | |||||||
See Accompanying Notes to Financial
Statements
25
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Electronics/Electrical: (continued) |
||||||||||
| 1,216,429 | Brave
Parent Holdings, Inc. 1st Lien Term Loan, 5.777%, (US0003M + 4.000%), 04/18/25 |
$ | 1,062,347 | 0.1 | ||||||
| 3,457,350 | Cohu,
Inc. 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 10/01/25 |
2,593,013 | 0.3 | |||||||
| 1,465,744 | Dynatrace LLC 2018 1st Lien Term Loan, 3.239%, (US0001M + 2.250%), 08/22/25 |
1,385,128 | 0.2 | |||||||
| 1,470,057 | EagleView Technology Corporation 2018 Add On Term Loan B, 5.113%, (US0003M + 3.500%), 08/14/25 |
1,249,548 | 0.2 | |||||||
| 1,056,188 | Electrical Components International, Inc. 2018 1st Lien Term Loan, 5.239%, (US0003M + 4.250%), 06/26/25 |
797,422 | 0.1 | |||||||
| 2,115,750 | Exact
Merger Sub LLC 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 09/27/24 |
1,900,648 | 0.3 | |||||||
| 3,245,475 | GlobalFoundries Inc USD Term Loan B, 6.200%, (US0003M + 4.750%), 06/05/26 |
2,791,109 | 0.4 | |||||||
| 1,950,113 | Helios Software Holdings, Inc. USD Term Loan, 5.322%, (US0006M + 4.250%), 10/24/25 |
1,657,596 | 0.2 | |||||||
| 2,233,552 | Hyland Software, Inc. 2018 1st Lien Term Loan, 4.489%, (US0001M + 3.250%), 07/01/24 |
2,086,510 | 0.3 | |||||||
| 2,009,763 | Imperva, Inc. 1st Lien Term Loan, 5.704%, (US0003M + 4.000%), 01/12/26 |
1,673,128 | 0.2 | |||||||
| 1,368,871 | Imperva, Inc. 2nd Lien Term Loan, 9.442%, (US0003M + 7.750%), 01/10/27 |
1,231,984 | 0.2 | |||||||
| 984,642 | Infor
(US), Inc. Term Loan B6, 3.750%, (US0001M + 2.750%), 02/01/22 |
954,610 | 0.1 | |||||||
| 1,865,000 | Informatica LLC 2020 USD Term Loan B, 4.239%, (US0001M + 3.250%), 02/25/27 |
1,650,525 | 0.2 | |||||||
| 2,782,293 | Kronos Incorporated 2017 Term Loan B, 4.763%, (US0003M + 3.000%), 11/01/23 |
2,577,099 | 0.3 | |||||||
| 386,935 | MA
FinanceCo., LLC USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/24 |
352,756 | 0.0 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Electronics/Electrical: (continued) |
||||||||||
| 3,953,925 | McAfee, LLC 2018 USD Term Loan B, 4.691%, (US0001M + 3.750%), 09/30/24 |
$ | 3,690,329 | 0.5 | ||||||
| 5,229,161 | MH
Sub I, LLC 2017 1st Lien Term Loan, 4.822%, (US0006M + 3.750%), 09/13/24 |
4,549,370 | 0.6 | |||||||
| 2,540,000 | MH
Sub I, LLC 2017 2nd Lien Term Loan, 8.572%, (US0006M + 7.500%), 09/15/25 |
2,063,750 | 0.3 | |||||||
| 3,224,224 | Project Boost Purchaser, LLC 2019 Term Loan B, 4.489%, (US0001M + 3.500%), 06/01/26 |
2,659,985 | 0.4 | |||||||
| 2,305,813 | Project Leopard Holdings, Inc. 2019 Term Loan, 5.700%, (US0003M + 4.250%), 07/07/23 |
2,063,702 | 0.3 | |||||||
| 3,747,075 | Quest
Software US Holdings Inc. 2018 1st Lien Term Loan, 6.027%, (US0003M + 4.250%), 05/16/25 |
2,932,086 | 0.4 | |||||||
| 3,000,000 | Quest
Software US Holdings Inc. 2018 2nd Lien Term Loan, 10.027%, (US0003M + 8.250%), 05/18/26 |
1,837,500 | 0.2 | |||||||
| 6,244,836 | Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 4.762%, (US0003M + 3.000%), 11/03/23 |
5,667,189 | 0.7 | |||||||
| 2,399,180 | Riverbed Technology, Inc. 2016 Term Loan, 4.250%, (US0001M + 3.250%), 04/24/22 |
1,581,059 | 0.2 | |||||||
| 1,685,000 | Rocket Software, Inc. 2018 2nd Lien Term Loan, 9.239%, (US0001M + 8.250%), 11/27/26 |
1,128,950 | 0.1 | |||||||
| 6,068,700 | Rocket Software, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 11/28/25 |
5,026,904 | 0.7 | |||||||
| 2,649,099 | RP
Crown Parent LLC Term Loan B, 3.750%, (US0001M + 2.750%), 10/12/23 |
2,543,135 | 0.3 | |||||||
| 2,613,065 | Seattle Spinco, Inc. USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/24 |
2,382,245 | 0.3 | |||||||
| 2,507,717 | Sirius Computer Solutions, Inc. 2020 Term Loan, 4.489%, (US0001M + 3.500%), 07/01/26 |
2,213,060 | 0.3 | |||||||
See Accompanying Notes to Financial
Statements
26
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Electronics/Electrical: (continued) |
||||||||||
| 5,688,116 | SkillSoft Corporation 1st Lien Term Loan, 6.527%, (US0003M + 4.750%), 04/28/21 |
$ | 3,744,674 | 0.5 | ||||||
| 2,131,820 | SolarWinds Holdings, Inc. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/24 |
1,988,988 | 0.3 | |||||||
| 1,913,076 | SonicWall US Holdings Inc. 1st Lien Term Loan, 5.195%, (US0003M + 3.500%), 05/16/25 |
1,591,042 | 0.2 | |||||||
| 1,060,000 | SonicWall US Holdings Inc. 2nd Lien Term Loan, 9.195%, (US0003M + 7.500%), 05/18/26 |
840,050 | 0.1 | |||||||
| 1,070,000 | Surf
Holdings, LLC USD Term Loan, 4.814%, (US0003M + 3.500%), 03/05/27 |
960,325 | 0.1 | |||||||
| 4,303,329 | Travelport Finance (Luxembourg) S.a.r.l. 2019 Term Loan, 6.072%, (US0003M + 5.000%), 05/29/26 |
2,858,129 | 0.4 | |||||||
| 2,213,850 | Ultimate Software Group Inc(The) Term Loan B, 4.739%, (US0001M + 3.750%), 05/04/26 |
2,092,088 | 0.3 | |||||||
| 4,988,141 | Veritas Bermuda Ltd. USD Repriced Term Loan B, 5.950%, (US0003M + 4.500%), 01/27/23 |
4,264,860 | 0.6 | |||||||
| 2,015,000 | Vertafore, Inc. 2018 2nd Lien Term Loan, 8.239%, (US0001M + 7.250%), 07/02/26 |
1,789,991 | 0.2 | |||||||
| 1,280,666 | Web.com Group, Inc. 2018 2nd Lien Term Loan, 8.945%, (US0003M + 7.750%), 10/09/26 |
989,315 | 0.1 | |||||||
| 2,134,931 | Web.com Group, Inc. 2018 Term Loan B, 4.945%, (US0003M + 3.750%), 10/10/25 |
1,777,330 | 0.3 | |||||||
| 92,376,689 | 12.1 | |||||||||
Financial: 0.2% |
||||||||||
| 1,315,821 | Blucora, Inc. 2017 Term Loan B, 4.450%, (US0003M + 3.000%), 05/22/24 |
1,203,976 | 0.2 | |||||||
Financial Intermediaries: 2.1% |
||||||||||
| 1,371,579 | Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 06/15/25 |
1,133,839 | 0.2 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued) |
||||||||||
Financial Intermediaries: (continued) |
||||||||||
| 1,176,127 | Blackstone Mortgage Trust, Inc. 2019 Term Loan B, 3.239%, (US0001M + 2.250%), 04/23/26 |
$ | 1,029,111 | 0.1 | ||||||
| 4,433,563 | Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 08/21/25 |
3,990,206 | 0.5 | |||||||
| 1,810,000 | Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 5.201%, (US0003M + 3.750%), 03/05/27 |
1,556,600 | 0.2 | |||||||
| 3,419,916 | Edelman Financial Center, LLC 2018 1st Lien Term Loan, 4.179%, (US0001M + 3.250%), 07/21/25 |
2,952,527 | 0.4 | |||||||
| 857,850 | First
Eagle Holdings, Inc. 2020 Term Loan B, 3.950%, (US0003M + 2.500%), 02/01/27 |
728,100 | 0.1 | |||||||
| 1,178,460 | Focus
Financial Partners, LLC 2020 Term Loan, 2.989%, (US0001M + 2.000%), 07/03/24 |
1,084,183 | 0.2 | |||||||
| 1,038,038 | VFH
Parent LLC 2019 Term Loan B, 4.005%, (US0001M + 3.000%), 03/01/26 |
961,916 | 0.1 | |||||||
| 2,815,118 | Victory Capital Holdings, Inc. 2020 Term Loan B, 4.015%, (US0001M + 2.500%), 07/01/26 |
2,505,455 | 0.3 | |||||||
| 15,941,937 | 2.1 | |||||||||
Food Products: 2.0% |
||||||||||
| 967,451 | 8th
Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan, 4.297%, (US0001M + 3.500%), 10/01/25 |
903,357 | 0.1 | |||||||
| 400,000 | 8th
Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan, 8.547%, (US0001M + 7.750%), 10/01/26 |
360,000 | 0.1 | |||||||
| 2,442,506 | Atkins Nutritionals Holdings II, Inc. 2017 Term Loan B, 4.750%, (US0001M + 3.750%), 07/07/24 |
2,283,743 | 0.3 | |||||||
| 1,986,043 | B&G Foods, Inc. 2019 Term Loan B4, 3.489%, (US0001M + 2.500%), 10/10/26 |
1,893,360 | 0.2 | |||||||
| 817,620 | Del
Monte Foods, Inc. 1st Lien Term Loan, 4.865%, (US0003M + 3.250%), 02/18/21 |
668,405 | 0.1 | |||||||
See Accompanying Notes to Financial
Statements
27
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Food Products: (continued) |
||||||||||
| 1,240,000 | Froneri International PLC 2020 USD Term Loan, 3.239%, (US0001M + 2.250%), 01/29/27 |
$ | 1,190,400 | 0.2 | ||||||
| 4,299,359 | IRB
Holding Corp 2020 Term Loan B, 3.751%, (US0001M + 2.750%), 02/05/25 |
3,353,500 | 0.4 | |||||||
| 1,709 | (1),(2) |
NPC
International, Inc. 1st Lien Term Loan, 4.951%, (US0003M + 3.500%), 04/19/24 |
726 | 0.0 | ||||||
| 970,000 | (1),(2) |
NPC
International, Inc. 2nd Lien Term Loan, 8.951%, (US0003M + 7.500%), 04/18/25 |
26,675 | 0.0 | ||||||
| 5,113,913 | Sigma Bidco B.V. 2018 USD Term Loan B, 4.909%, (US0003M + 3.000%), 07/02/25 |
4,538,597 | 0.6 | |||||||
| 15,218,763 | 2.0 | |||||||||
Food Service: 1.3% |
||||||||||
| 1,181,075 | Carrols Restaurant Group, Inc. Term Loan B, 4.210%, (US0001M + 3.250%), 04/30/26 |
891,712 | 0.1 | |||||||
| 1,021,566 | Fogo
De Chao, Inc. 2018 Add On Term Loan, 5.700%, (US0003M + 4.250%), 04/07/25 |
715,096 | 0.1 | |||||||
| 6,632,070 | Golden Nugget, Inc. 2017 Incremental Term Loan B, 3.584%, (US0001M + 2.500%), 10/04/23 |
5,184,070 | 0.7 | |||||||
| 3,664,352 | Hearthside Food Solutions, LLC 2018 Term Loan B, 4.677%, (US0001M + 3.688%), 05/23/25 |
3,133,021 | 0.4 | |||||||
| 9,923,899 | 1.3 | |||||||||
Food/Drug Retailers: 1.5% |
||||||||||
| 4,184,420 | EG
Finco Limited 2018 USD Term Loan, 5.072%, (US0006M + 4.000%), 02/07/25 |
3,065,088 | 0.4 | |||||||
| 926,100 | EG
Group Limited 2018 USD Term Loan B, 5.450%, (US0006M + 4.000%), 02/07/25 |
678,368 | 0.1 | |||||||
| 1,261,161 | Moran
Foods LLC 2020 Term Loan, 8.451%, (US0003M + 7.000%), 03/12/24 |
1,166,574 | 0.1 | |||||||
| 6,350,535 | (1),(2) |
Moran
Foods LLC Term Loan, 7.451%, (US0003M + 6.000%), 12/05/23 |
793,817 | 0.1 | ||||||
| 1,532,300 | Portillo Restaurant Group (The) Term Loan, 6.950%, (US0003M + 5.500%), 09/06/24 |
1,391,520 | 0.2 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Food/Drug Retailers: (continued) |
||||||||||
| 5,021,787 | United Natural Foods, Inc. Term Loan B, 5.239%, (US0001M + 4.250%), 10/22/25 |
$ | 4,343,846 | 0.6 | ||||||
| 11,439,213 | 1.5 | |||||||||
Forest Products: 0.2% |
||||||||||
| 1,776,075 | LABL, Inc. 2019 USD Term Loan, 5.000%, (US0001M + 4.500%), 07/01/26 |
1,505,224 | 0.2 | |||||||
Health Care: 7.1% |
||||||||||
| 1,519,650 | Accelerated Health Systems, LLC Term Loan B, 4.297%, (US0001M + 3.500%), 10/31/25 |
1,371,484 | 0.2 | |||||||
| 4,311,606 | ADMI
Corp. 2018 Term Loan B, 4.200%, (US0001M + 2.750%), 04/30/25 |
3,869,666 | 0.5 | |||||||
| 2,203,626 | Air
Methods Corporation 2017 Term Loan B, 4.950%, (US0003M + 3.500%), 04/22/24 |
1,592,120 | 0.2 | |||||||
| 4,078,472 | Auris
Luxembourg III S.a.r.l. 2019 USD Term Loan B, 4.739%, (US0001M + 3.750%), 02/27/26 |
3,160,815 | 0.4 | |||||||
| 1,472,673 | Bausch Health Companies, Inc. 2018 Term Loan B, 3.612%, (US0001M + 3.000%), 06/02/25 |
1,411,311 | 0.2 | |||||||
| 1,022,379 | Change Healthcare Holdings LLC 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 03/01/24 |
943,997 | 0.1 | |||||||
| 1,200,000 | Da
Vinci Purchaser Corp. 2019 Term Loan, 5.872%, (US0003M + 4.000%), 01/08/27 |
1,120,500 | 0.2 | |||||||
| 1,216,904 | DentalCorp Perfect Smile ULC 1st Lien Term Loan, 4.750%, (US0001M + 3.750%), 06/06/25 |
967,438 | 0.1 | |||||||
| 2,004,925 | Emerald TopCo Inc Term Loan, 4.489%, (US0001M + 3.500%), 07/24/26 |
1,837,013 | 0.2 | |||||||
| 2,495,339 | Envision Healthcare Corporation 2018 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 10/10/25 |
1,337,502 | 0.2 | |||||||
| 5,099,528 | ExamWorks Group, Inc. 2017 Term Loan, 4.250%, (US0006M + 3.250%), 07/27/23 |
4,627,822 | 0.6 | |||||||
See Accompanying Notes to Financial
Statements
28
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Health Care: (continued) |
||||||||||
| 2,861,375 | Global Medical Response, Inc. 2017 Term Loan B2, 5.863%, (US0001M + 4.250%), 03/14/25 |
$ | 2,582,391 | 0.3 | ||||||
| 2,114,811 | Global Medical Response, Inc. 2018 Term Loan B1, 4.932%, (US0002M + 3.250%), 04/28/22 |
1,956,200 | 0.3 | |||||||
| 2,910,827 | GoodRx, Inc. 1st Lien Term Loan, 3.739%, (US0001M + 2.750%), 10/10/25 |
2,750,732 | 0.4 | |||||||
| 2,555,159 | Inovalon Holdings, Inc. 2020 Term Loan B1, 3.750%, (US0001M + 3.000%), 04/02/25 |
2,353,941 | 0.3 | |||||||
| 3,152,859 | Jaguar Holding Company II 2018 Term Loan, 3.500%, (US0001M + 2.500%), 08/18/22 |
3,039,883 | 0.4 | |||||||
| 2,372,929 | MPH
Acquisition Holdings LLC 2016 Term Loan B, 4.200%, (US0003M + 2.750%), 06/07/23 |
2,159,365 | 0.3 | |||||||
| 1,613,005 | Ortho-Clinical Diagnostics SA 2018 Term Loan B, 4.765%, (US0001M + 3.250%), 06/30/25 |
1,380,732 | 0.2 | |||||||
| 3,860,874 | Phoenix Guarantor Inc 2020 Term Loan B, 4.113%, (US0001M + 3.250%), 03/05/26 |
3,552,004 | 0.5 | |||||||
| 1,824,231 | RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 4.739%, (US0001M + 3.750%), 11/17/25 |
1,711,736 | 0.2 | |||||||
| 2,580,282 | Select Medical Corporation 2017 Term Loan B, 3.430%, (US0001M + 2.500%), 03/06/25 |
2,464,169 | 0.3 | |||||||
| 1,700,000 | Sotera Health Holdings, LLC 2019 Term Loan, 5.500%, (US0001M + 4.500%), 12/11/26 |
1,515,834 | 0.2 | |||||||
| 1,346,538 | Tecomet Inc. 2017 Repriced Term Loan, 4.250%, (US0001M + 3.250%), 05/01/24 |
1,151,290 | 0.2 | |||||||
| 1,134,595 | U.S.
Anesthesia Partners, Inc. 2017 Term Loan, 4.000%, (US0001M + 3.000%), 06/23/24 |
859,456 | 0.1 | |||||||
| 4,308,994 | Vizient, Inc. 2020 Term Loan B6, 2.989%, (US0001M + 2.000%), 05/06/26 |
4,093,544 | 0.5 | |||||||
| 53,810,945 | 7.1 | |||||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
|
||||||||||
Home Furnishings: 0.2% |
||||||||||
| 1,562,138 | Prime Security Services Borrower, LLC 2019 Term Loan B1, 4.606%, (US0001M + 3.250%),
09/23/26 |
$ | 1,421,545 | 0.2 | ||||||
Industrial: 0.3% |
||||||||||
| 2,862,779 | NCI Building Systems, Inc. 2018 Term Loan, 4.561%, (US0001M + 3.750%), 04/12/25 |
2,504,931 | 0.3 | |||||||
Industrial Equipment: 1.5% |
||||||||||
| 2,475,000 | APi
Group DE, Inc. Term Loan B, 3.489%, (US0001M + 2.500%), 10/01/26 |
2,277,000 | 0.3 | |||||||
| 1,405,695 | CPM
Holdings, Inc. 2018 1st Lien Term Loan, 5.353%, (US0006M + 3.750%), 11/17/25 |
1,163,213 | 0.2 | |||||||
| 2,202,603 | EWT
Holdings III Corp. 2020 Term Loan, 3.739%, (US0001M + 2.750%), 12/20/24 |
2,026,394 | 0.3 | |||||||
| 2,976,323 | Filtration Group Corporation 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 03/29/25 |
2,630,326 | 0.3 | |||||||
| 2,855,650 | Granite Holdings US Acquisition Co. Term Loan B, 6.322%, (US0006M + 5.250%), 09/30/26 |
2,070,346 | 0.3 | |||||||
| 1,050,000 | Star US Bidco LLC Term Loan B, 5.701%, (US0003M + 4.250%), 03/03/27 |
939,750 | 0.1 | |||||||
| 11,107,029 | 1.5 | |||||||||
Insurance: 5.1% |
||||||||||
| 1,960,237 | Achilles Acquisition LLC 2018 Term Loan, 5.000%, (US0001M + 4.000%), 10/13/25 |
1,754,412 | 0.2 | |||||||
| 4,275,140 | Acrisure, LLC 2020 Term Loan B, 5.207%, (US0003M + 3.500%), 02/15/27 |
3,633,869 | 0.5 | |||||||
| 2,815,939 | Alera
Group Holdings, Inc. 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 08/01/25 |
2,478,027 | 0.3 | |||||||
| 1,115,356 | Alliant Holdings Intermediate, LLC 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 05/09/25 |
1,036,352 | 0.1 | |||||||
| 2,396,888 | Alliant Holdings Intermediate, LLC Term Loan B, 3.862%, (US0001M + 3.250%), 05/09/25 |
2,223,113 | 0.3 | |||||||
See Accompanying Notes to Financial
Statements
29
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Insurance: (continued) |
||||||||||
| 5,611,424 | AmWINS Group, Inc. 2017 Term Loan B, 3.753%, (US0001M + 2.750%), 01/25/24 |
$ | 5,253,696 | 0.7 | ||||||
| 1,120,000 | Applied Systems, Inc. 2017 2nd Lien Term Loan, 8.450%, (US0003M + 7.000%), 09/19/25 |
1,036,000 | 0.1 | |||||||
| 1,802,188 | Aretec Group, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 10/01/25 |
1,243,509 | 0.2 | |||||||
| 5,342,802 | AssuredPartners, Inc. 2020 Term Loan B, 4.489%, (US0001M + 3.500%), 02/12/27 |
4,768,451 | 0.6 | |||||||
| 2,538,274 | CCC
Information Services, Inc. 2017 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 04/29/24 |
2,345,185 | 0.3 | |||||||
| 1,204,111 | Hub
International Limited 2018 Term Loan B, 4.543%, (US0002M + 2.750%), 04/25/25 |
1,137,884 | 0.2 | |||||||
| 5,304,023 | NFP
Corp. 2020 Term Loan, 4.239%, (US0001M + 3.250%), 02/15/27 |
4,641,020 | 0.6 | |||||||
| 4,265,701 | Sedgwick Claims Management Services, Inc. 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 12/31/25 |
3,768,034 | 0.5 | |||||||
| 3,285,305 | USI,
Inc. 2017 Repriced Term Loan, 3.989%, (US0003M + 3.000%), 05/16/24 |
2,997,841 | 0.4 | |||||||
| 967,575 | USI, Inc. 2019 Incremental Term Loan B, 4.989%, (US0001M + 4.000%), 12/02/26 |
885,331 | 0.1 | |||||||
| 39,202,724 | 5.1 | |||||||||
Leisure Good/Activities/Movies: 4.2% |
||||||||||
| 865,000 | Airxcel, Inc. 2018 2nd Lien Term Loan, 9.739%, (US0001M + 8.750%), 04/27/26 |
681,188 | 0.1 | |||||||
| 1,726,677 | AMC
Entertainment Holdings Inc. 2019 Term Loan B, 4.080%, (US0001M + 3.000%), 04/22/26 |
1,300,763 | 0.2 | |||||||
| 4,762,875 | ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 4.200%, (US0003M + 2.750%), 09/18/24 |
3,060,147 | 0.4 | |||||||
| 2,989,073 | Crown
Finance US, Inc. 2018 USD Term Loan, 3.322%, (US0006M + 2.250%), 02/28/25 |
2,008,657 | 0.3 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Leisure Good/Activities/Movies: (continued) |
||||||||||
| 3,815,825 | Crown
Finance US, Inc. 2019 Incremental Term Loan, 3.558%, (US0006M + 2.500%), 09/30/26 |
$ | 2,526,076 | 0.3 | ||||||
| 2,177,322 | Equinox Holdings, Inc. 2017 1st Lien Term Loan, 4.072%, (US0006M + 3.000%), 03/08/24 |
1,625,734 | 0.2 | |||||||
| 3,058,485 | Fitness International, LLC 2018 Term Loan B, 4.322%, (US0006M + 3.250%), 04/18/25 |
2,319,350 | 0.3 | |||||||
| 2,962,121 | Intrawest Resorts Holdings, Inc. Term Loan B1, 3.750%, (US0001M + 2.750%), 07/31/24 |
2,656,036 | 0.3 | |||||||
| 5,038,661 | Kingpin Intermediate Holdings LLC 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 07/03/24 |
3,577,449 | 0.5 | |||||||
| 5,353,967 | Life
Time, Inc. 2017 Term Loan B, 4.363%, (US0003M + 2.750%), 06/10/22 |
4,042,245 | 0.5 | |||||||
| 180,759 | Motion Finco Sarl Delayed Draw Term Loan B2, 4.323%, (US0006M + 3.250%), 11/04/26 |
147,319 | 0.0 | |||||||
| 1,375,341 | Motion Finco Sarl USD Term Loan B1, 4.209%, (US0006M + 3.250%), 11/13/26 |
1,160,444 | 0.2 | |||||||
| 2,562,563 | Playtika Holding Corp Term Loan B, 7.072%, (US0006M + 6.000%), 12/10/24 |
2,417,350 | 0.3 | |||||||
| 2,799,649 | Thor
Industries, Inc. USD Term Loan B, 5.365%, (US0001M + 3.750%), 02/01/26 |
2,407,698 | 0.3 | |||||||
| 1,629,375 | WeddingWire, Inc. 1st Lien Term Loan, 5.950%, (US0001M + 4.500%), 12/19/25 |
1,425,703 | 0.2 | |||||||
| 600,000 | WeddingWire, Inc. 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 12/21/26 |
555,000 | 0.1 | |||||||
| 31,911,159 | 4.2 | |||||||||
Lodging & Casinos: 3.1% |
||||||||||
| 5,229,984 | Caesars Resort Collection, LLC 2017 1st Lien Term Loan B, 3.739%, (US0001M + 2.750%), 12/23/24 |
4,296,061 | 0.6 | |||||||
| 380,267 | Eldorado Resorts LLC 2017 Term Loan B, 3.250%, (US0006M + 2.250%), 04/17/24 |
372,662 | 0.0 | |||||||
See Accompanying Notes to Financial
Statements
30
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Lodging & Casinos: (continued) |
||||||||||
| 5,519,656 | Everi
Payments Inc. Term Loan B, 3.822%, (US0003M + 2.750%), 05/09/24 |
$ | 4,424,926 | 0.6 | ||||||
| 5,031,250 | Golden Entertainment, Inc. 2017 1st Lien Term Loan, 3.960%, (US0001M + 3.000%), 10/21/24 |
3,848,906 | 0.5 | |||||||
| 3,881,950 | PCI
Gaming Authority Term Loan, 3.489%, (US0001M + 2.500%), 05/29/26 |
3,119,422 | 0.4 | |||||||
| 2,660,700 | Scientific Games International, Inc. 2018 Term Loan B5, 4.246%, (US0002M + 2.750%), 08/14/24 |
2,161,819 | 0.3 | |||||||
| 2,925,976 | Stars
Group Holdings B.V. (The) 2018 USD Incremental Term Loan, 4.950%, (US0003M + 3.500%), 07/10/25 |
2,805,280 | 0.4 | |||||||
| 3,119,520 | Station Casinos LLC 2020 Term Loan B, 3.240%, (US0001M + 2.250%), 02/08/27 |
2,626,635 | 0.3 | |||||||
| 23,655,711 | 3.1 | |||||||||
Nonferrous Metals/Minerals: 0.6% |
||||||||||
| 6,894,811 | Covia
Holdings Corporation Term Loan, 5.874%, (US0003M + 4.000%), 06/01/25 |
3,214,705 | 0.4 | |||||||
| 3,490,039 | U.S. Silica Company 2018 Term Loan B, 5.000%, (US0001M + 4.000%), 05/01/25 |
1,723,207 | 0.2 | |||||||
| 4,937,912 | 0.6 | |||||||||
Oil & Gas: 0.9% |
||||||||||
| 2,670,000 | Encino Acquisition Partners Holdings, LLC 2018 2nd Lien Term Loan, 7.750%, (US0001M + 6.750%), 10/29/25 |
1,268,250 | 0.1 | |||||||
| 2,247,249 | Glass
Mountain Pipeline Holdings, LLC Term Loan B, 6.280%, (US0003M + 4.500%), 12/23/24 |
1,269,696 | 0.2 | |||||||
| 958,306 | HGIM
Corp. 2018 Exit Term Loan, 7.713%, (US0003M + 6.000%), 07/02/23 |
554,220 | 0.1 | |||||||
| 2,525,913 | Lower
Cadence Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 05/22/26 |
1,582,906 | 0.2 | |||||||
| 2,987,425 | Lucid
Energy Group II LLC Incremental Term Loan B2, 4.000%, (US0001M + 3.000%), 02/19/25 |
1,702,832 | 0.2 | |||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Oil & Gas: (continued) |
||||||||||
| 834,438 | Moda Ingleside Energy Center, LLC 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 09/29/25 |
$ | 646,689 | 0.1 | ||||||
| 7,024,593 | 0.9 | |||||||||
Publishing: 0.2% |
||||||||||
| 2,000,000 | Meredith Corporation 2020 Term Loan B2, 3.489%, (US0001M + 2.500%), 01/31/25 |
1,820,000 | 0.2 | |||||||
Radio & Television: 3.8% |
||||||||||
| 4,170,957 | A-L
Parent LLC 2016 1st Lien Term Loan, 4.860%, (US0001M + 3.250%), 12/01/23 |
2,857,106 | 0.4 | |||||||
| 1,050,000 | Banijay Entertainment S.A.S USD Term Loan, 5.213%, (US0003M + 3.750%), 03/04/25 |
945,000 | 0.1 | |||||||
| 2,676,550 | Clear
Channel Outdoor Holdings, Inc. Term Loan B, 4.489%, (US0001M + 3.500%), 08/21/26 |
2,425,623 | 0.3 | |||||||
| 1,198,975 | Cumulus Media New Holdings Inc. Term Loan B, 4.822%, (US0006M + 3.750%), 03/31/26 |
973,168 | 0.1 | |||||||
| 2,840,700 | Diamond Sports Group, LLC Term Loan, 4.180%, (US0001M + 3.250%), 08/24/26 |
2,229,950 | 0.3 | |||||||
| 3,337,679 | Entercom Media Corp. 2019 Term Loan, 3.489%, (US0001M + 2.500%), 11/18/24 |
3,003,911 | 0.4 | |||||||
| 1,132,163 | iHeartCommunications, Inc. 2020 Term Loan, 3.989%, (US0001M + 3.000%), 05/01/26 |
969,697 | 0.1 | |||||||
| 2,678,014 | NASCAR Holdings, Inc Term Loan B, 3.674%, (US0001M + 2.750%), 10/19/26 |
2,367,812 | 0.3 | |||||||
| 2,072,072 | Nexstar Broadcasting, Inc. 2019 Term Loan B4, 4.331%, (US0001M + 2.750%), 09/18/26 |
1,958,108 | 0.3 | |||||||
| 5,504,984 | Sinclair Television Group Inc. Term Loan B2B, 3.210%, (US0001M + 2.500%), 09/30/26 |
5,098,991 | 0.7 | |||||||
| 3,727,339 | Terrier Media Buyer, Inc. Term Loan B, 5.700%, (US0003M + 4.250%), 12/17/26 |
3,231,137 | 0.4 | |||||||
See Accompanying Notes to Financial
Statements
31
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Radio & Television: (continued) |
||||||||||
| 2,949,984 | Univision Communications Inc. Term Loan C5, 3.750%, (US0001M + 2.750%), 03/15/24 |
$ | 2,522,237 | 0.4 | ||||||
| 28,582,740 | 3.8 | |||||||||
Retailers (Except Food & Drug): 2.7% |
||||||||||
| 2,428,120 | Academy, Ltd. 2015 Term Loan B, 5.558%, (US0001M + 4.000%), 07/01/22 |
1,337,489 | 0.2 | |||||||
| 4,449,091 | Bass
Pro Group, LLC Term Loan B, 5.989%, (US0001M + 5.000%), 09/25/24 |
3,781,727 | 0.5 | |||||||
| 3,208,846 | Belk,
Inc. 2019 Term Loan B, 7.750%, (US0006M + 6.750%), 07/31/25 |
1,684,644 | 0.2 | |||||||
| 1,370,889 | BJs
Wholesale Club, Inc. 2017 1st Lien Term Loan, 3.047%, (US0001M + 2.250%), 02/03/24 |
1,309,199 | 0.2 | |||||||
| 6,843,539 | Jo-Ann Stores, Inc. 2016 Term Loan, 6.000%, (US0006M + 5.000%), 10/20/23 |
2,840,068 | 0.4 | |||||||
| 5,668,720 | Leslies Poolmart, Inc. 2016 Term Loan, 4.500%, (US0001M + 3.500%), 08/16/23 |
4,754,639 | 0.6 | |||||||
| 5,978,563 | Mens
Wearhouse, Inc. (The) 2018 Term Loan, 4.831%, (US0001M + 3.250%), 04/09/25 |
2,391,425 | 0.3 | |||||||
| 3,106,417 | Petco Animal Supplies, Inc. 2017 Term Loan B, 5.027%, (US0003M + 3.250%), 01/26/23 |
2,180,705 | 0.3 | |||||||
| 20,279,896 | 2.7 | |||||||||
Steel: 0.3% |
||||||||||
| 2,263,115 | GrafTech Finance, Inc. 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 02/12/25 |
1,980,225 | 0.3 | |||||||
Surface Transport: 1.3% |
||||||||||
| 3,218,027 | Navistar International Corporation 2017 1st Lien Term Loan B, 4.280%, (US0001M + 3.500%), 11/06/24 |
2,826,499 | 0.4 | |||||||
| 3,299,064 | PODS,
LLC 2018 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 12/06/24 |
2,894,929 | 0.4 | |||||||
| 4,602,289 | Savage Enterprises LLC 2020 Term Loan B, 4.620%, (US0001M + 4.000%), 08/01/25 |
4,092,203 | 0.5 | |||||||
| 9,813,631 | 1.3 | |||||||||
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
| ||||||||||
Technology: 0.5% |
||||||||||
| 4,276,198 | Misys (Finastra)—TL B 1L, 5.277%, (US0003M + 3.500%), 06/13/24 |
$ | 3,720,292 | 0.5 | ||||||
Telecommunications: 6.6% |
||||||||||
| 1,925,153 | Altice Financing SA 2017 USD Term Loan B, 4.412%, (US0002M + 2.750%), 07/15/25 |
1,771,141 | 0.2 | |||||||
| 1,925,675 | Altice Financing SA USD 2017 1st Lien Term Loan, 3.674%, (US0001M + 2.750%), 01/31/26 |
1,771,621 | 0.3 | |||||||
| 1,653,250 | Altice France S.A. USD Term Loan B11, 3.739%, (US0001M + 2.750%), 07/31/25 |
1,522,367 | 0.2 | |||||||
| 4,832,866 | Altice France S.A. USD Term Loan B12, 4.392%, (US0001M + 3.688%), 01/31/26 |
4,542,894 | 0.6 | |||||||
| 3,600,000 | Asurion LLC 2017 2nd Lien Term Loan, 7.489%, (US0001M + 6.500%), 08/04/25 |
3,366,000 | 0.4 | |||||||
| 4,018,721 | Asurion LLC 2017 Term Loan B4, 3.989%, (US0001M + 3.000%), 08/04/22 |
3,737,411 | 0.5 | |||||||
| 2,980,293 | Asurion LLC 2018 Term Loan B7, 3.989%, (US0001M + 3.000%), 11/03/24 |
2,806,443 | 0.4 | |||||||
| 4,695,256 | Avaya, Inc. 2018 Term Loan B, 4.955%, (US0001M + 4.250%), 12/15/24 |
4,026,182 | 0.5 | |||||||
| 4,089,750 | CenturyLink, Inc. 2020 Term Loan B, 3.239%, (US0001M + 2.250%), 03/15/27 |
3,800,911 | 0.5 | |||||||
| 3,328,250 | CommScope, Inc. 2019 Term Loan B, 4.239%, (US0001M + 3.250%), 04/06/26 |
3,161,838 | 0.4 | |||||||
| 2,435,000 | Connect Finco Sarl Term Loan B, 5.490%, (US0001M + 4.500%), 12/11/26 |
1,990,612 | 0.3 | |||||||
| 1,248,242 | Flexential Intermediate Corporation 2017 1st Lien Term Loan, 4.950%, (US0003M + 3.500%), 08/01/24 |
914,337 | 0.1 | |||||||
| 3,787,571 | Global Tel*Link Corporation 2018 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 11/29/25 |
3,266,780 | 0.4 | |||||||
| 2,225,000 | Global Tel*Link Corporation 2018 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 11/29/26 |
1,863,437 | 0.3 | |||||||
See Accompanying Notes to Financial
Statements
32
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
| Principal Amount† |
Borrower/Tranche Description |
Fair Value | Percentage of Net Assets |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|
LOANS*: (continued)
|
||||||||||
Telecommunications: (continued) |
||||||||||
| 1,989,873 | GTT
Communications, Inc. 2018 USD Term Loan B, 3.740%, (US0001M + 2.750%), 05/31/25 |
$ | 1,361,406 | 0.2 | ||||||
| 1,840,000 | Iridium Satellite LLC Term Loan, 4.750%, (US0001M + 3.750%), 11/04/26 |
1,757,200 | 0.2 | |||||||
| 3,761,391 | Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 5.500%, (US0006M + 4.500%), 11/01/24 |
2,990,306 | 0.4 | |||||||
| 2,817,836 | Speedcast International Limited Term Loan B, 4.200%, (US0003M + 2.750%), 05/15/25 |
713,851 | 0.1 | |||||||
| 4,484,022 | Zayo
Group Holdings, Inc. USD Term Loan, 3.989%, (US0001M + 3.000%), 02/19/27 |
4,203,771 | 0.5 | |||||||
| 940,000 | Ziggo Financing Partnership USD Term Loan I, 3.205%, (US0001M + 2.500%), 04/30/28 |
877,725 | 0.1 | |||||||
| 50,446,233 | 6.6 | |||||||||
Utilities: 1.3% |
||||||||||
| 1,492,167 | Calpine Corporation Term Loan B5, 3.240%, (US0003M + 2.250%), 01/15/24 |
1,441,184 | 0.2 | |||||||
| 2,153,246 | LMBE-MC Holdco II LLC Term Loan B, 5.460%, (US0003M + 4.000%), 12/03/25 |
1,884,090 | 0.2 | |||||||
| 3,192,252 | Longview Power LLC Term Loan B, 7.780%, (US0003M + 6.000%), 04/13/21 |
678,354 | 0.1 | |||||||
| 3,288,356 | Nautilus Power, LLC Term Loan B, 5.250%, (US0001M + 4.250%), 05/16/24 |
2,910,195 | 0.4 | |||||||
| 2,114,050 | Sabre
Industries, Inc. 2019 Term Loan B, 4.494%, (US0003M + 3.500%), 04/15/26 |
1,936,121 | 0.2 | |||||||
| 1,720,373 | Southeast PowerGen, LLC Term Loan B, 4.500%, (US0001M + 3.500%), 12/02/21 |
1,413,574 | 0.2 | |||||||
| 10,263,518 | 1.3 | |||||||||
Total Loans (Cost $832,466,780) |
683,951,381 | 90.0 | ||||||||
| Shares | Value | Percentage of Net Assets |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
EQUITIES AND OTHER ASSETS: 0.0%
| ||||||||||
| 69,381 | (3) |
Cumulus Media, Inc. Class-A |
$ | 376,045 | 0.0 | |||||
| 2,254 | (3) |
Harvey Gulf International Marine LLC |
14,274 | 0.0 | ||||||
| 10,072 | (3) |
Harvey Gulf International Marine LLC—Warrants |
63,786 | 0.0 | ||||||
| 57,165 | (3) |
Millennium Health, LLC |
3,144 | 0.0 | ||||||
| — | (4) |
Millennium Health, LLC- Corporate Claims Trust |
— | 0.0 | ||||||
| 222 | (3) |
Southcross Holdings GP LLC |
— | 0.0 | ||||||
| 222 | (3) |
Southcross Holdings LP- Class A |
— | 0.0 | ||||||
| 42,856 | (3) |
The Oneida Group (formerly EveryWare Global, Inc.) |
1,286 | 0.0 | ||||||
Total Equities and Other Assets (Cost $2,213,800) |
458,535 | 0.0 | ||||||||
Total
Long-Term Investments (Cost $834,680,580) |
684,409,916 | 90.0 | ||||||||
SHORT-TERM INVESTMENTS: 3.5%
| ||||||||||
Mutual Funds: 3.5% |
||||||||||
| 26,493,138 | (5) |
State Street Institutional Liquid Reserves Fund—Premier Class, 0.810% (Cost $26,494,631) |
26,469,294 | 3.5 | ||||||
Total
Short-Term Investments (Cost $26,494,631) |
26,469,294 | 3.5 | ||||||||
Total Investments (Cost $861,175,211) |
$ | 710,879,210 | 93.5 | |||||||
Assets in Excess of Other Liabilities |
49,213,070 | 6.5 | ||||||||
Net Assets |
$ | 760,092,280 | 100.0 | |||||||
* |
Loans, while exempt from registration under the Securities Act of 1933, as amended, contain certain restrictions on resale and cannot be sold publicly. These loans bear interest (unless otherwise noted) at rates that float periodically at a margin above the London Inter-Bank Offered Rate (“LIBOR”) and other short-term rates. | |
† |
Unless otherwise indicated, principal amount is shown in USD. |
(1) |
Issuer filed for bankruptcy and/or is in default. | |
(2) |
Senior Loan is on non-accrual status at March 31, 2020. | |
(3) |
Non-income producing security. | |
(4) |
For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. | |
(5) |
Rate shown is the 7-day yield as of March 31, 2020. |
Reference Rate Abbreviations:
US0001M |
1-month LIBOR | |
US0001W |
1-week LIBOR | |
US0002M |
2-month LIBOR | |
US0003M |
3-month LIBOR | |
US0006M |
6-month LIBOR |
See Accompanying Notes to Financial
Statements
33
| VOYA FLOATING RATE FUND | PORTFOLIO OF INVESTMENTS AS OF MARCH 31, 2020 (CONTINUED) |
Fair Value Measurementsˆ
The following is a summary of the fair valuations according
to the inputs used as of March 31, 2020 in valuing the assets and liabilities:
| Quoted Prices in Active Markets for Identical Investments (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Fair Value at March 31, 2020 |
||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Asset
Table |
|||||||||||||||||||
Investments,
at fair value |
|||||||||||||||||||
Loans |
$ | — | $ | 683,951,381 | $ | — | $ | 683,951,381 | |||||||||||
Equities and
Other Assets |
376,045 | 82,490 | — | 458,535 | |||||||||||||||
Short-Term
Investments |
26,469,294 | — | — | 26,469,294 | |||||||||||||||
Total
Investments, at fair value |
$ | 26,845,339 | $ | 684,033,871 | $ | — | $ | 710,879,210 | |||||||||||
ˆ |
See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information. |
At March 31, 2020, the aggregate cost of securities and
other investments and the composition of unrealized appreciation and depreciation of securities and other investments at year end
were:
| Cost for federal income tax purposes was $861,678,652. | ||||
Net unrealized
depreciation consisted of: |
||||
Gross
Unrealized Appreciation |
$ | — | ||
Gross
Unrealized Depreciation |
(150,799,442 | ) | ||
Net Unrealized
Depreciation |
$ | (150,799,442 | ) |
See Accompanying Notes to Financial
Statements
34
Dividends paid during the year ended March 31, 2020 were as
follows:
| Fund Name | Type | Per Share Amount | ||||||
|---|---|---|---|---|---|---|---|---|
Voya Floating
Rate Fund |
||||||||
Class
A |
NII |
$ | 0.4661 | |||||
Class
C |
NII |
$ | 0.3945 | |||||
Class
I |
NII |
$ | 0.4901 | |||||
Class
P |
NII |
$ | 0.5552 | |||||
Class
P3 |
NII |
$ | 0.5635 | |||||
Class
R |
NII |
$ | 0.4423 | |||||
Class
W |
NII |
$ | 0.4901 | |||||
NII — Net investment income
Pursuant to Internal Revenue Code Section 871(k)(1), the Fund designates 97.03% 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.
35
TRUSTEE AND OFFICER INFORMATION (UNAUDITED)
The business and affairs of the Trust are managed under the
direction of the Board. A Trustee, who is not an interested person of the Trust, as defined in the 1940 Act, is an independent trustee
(“Independent Trustee”). The Trustees and Officers of the Trust are listed below. The Statement of Additional Information includes additional
information about Trustees of the Trust and is available, without charge, upon request at (800) 992-0180.
| Name, Address and Age | Position(s) Held with the Trust |
Term of Office and Length of Time Served(1) |
Principal Occupation(s) — During the Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(2) |
Other Board Positions Held by Trustee |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
Independent Trustees: |
||||||||||
Colleen D.
Baldwin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 59 |
Trustee Chairperson |
November 2007–Present January 2020– Present |
President, Glantuam Partners, LLC, a business consulting firm (January 2009– Present). |
136 |
Dentaquest (February 2014– Present); RSR Partners, Inc. (2016–Present). |
|||||
John V.
Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
Trustee |
January 2005–Present |
Retired. Formerly, President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January
2008–December 2019). |
136 |
None. |
|||||
Patricia W.
Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 71 |
Trustee |
January 2006–Present |
Consultant and President, Ravengate Partners LLC, a consulting firm that provides advice regarding financial markets and the global economy
(January 2000–Present). |
136 |
Wisconsin Energy Corporation (June 2006–Present); The Royce Funds (22 funds) (December 2009–Present); and AMICA Mutual Insurance Company (1992–Present). |
|||||
Martin J.
Gavin 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, AZ 85258 Age: 70 |
Trustee |
August 2015–Present |
Retired. Formerly, President and Chief Executive Officer, Connecticut Children’s Medical Center (May 2006–November
2015). |
136 |
None. |
|||||
Joseph E.
Obermeyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
Trustee |
May 2013–Present |
President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999–
Present). |
136 |
None. |
|||||
Sheryl K.
Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69 |
Trustee |
January 2006–Present |
Consultant (May 2001– Present). |
136 |
None. |
|||||
Christopher
P. Sullivan 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 66 |
Trustee |
October 2015–Present |
Retired. |
136 |
None. |
36
TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| Name, Address and Age | Position(s) Held with the Trust |
Term of Office and Length of Time Served(1) |
Principal Occupation(s) — During the Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(2) |
Other Board Positions Held by Trustee | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Trustee who is an “interested person”:
|
||||||||||
Dina
Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
Trustee |
July 2018–Present |
President, Voya Investments, LLC and Voya Capital, LLC (March 2018–Present); Senior Vice President, Voya Investments Distributor, LLC
(April 2018–Present); Senior Managing Director, Head of Product and Marketing Strategy, Voya Investment Management (September 2017– Present).
Formerly, Managing Director, Quantitative Management Associates, LLC (January 2004–August 2017). |
136 |
Voya
Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018– Present); Voya Investments Distributor, LLC (April 2018–
Present). |
|||||
| (1) | Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of each Fund (“Independent Trustee”) is subject to the Board’s retirement policy which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise comply under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees). |
| (2) | For the purposes of this table, “Fund Complex” means the Voya family of funds including the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Balanced Portfolio, Inc.; Voya Emerging Markets High Dividend Equity Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Mutual Funds; Voya Natural Resources Equity Income Fund; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Strategic Allocation Portfolios, Inc.; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of April 30, 2020. |
37
TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| Name, Address and Age | Position(s) Held With the Trust |
Term of Office and Length of Time Served(1) |
Principal Occupation(s) — During the Past 5 Years |
|||
|---|---|---|---|---|---|---|
Michael Bell One Orange Way Windsor, Connecticut 06095 Age: 51 |
Chief Executive
Officer |
March
2018–Present |
Chief
Executive Officer and Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018–Present); Senior Vice President
and Chief Financial Officer, Voya Investments Distributor, LLC (September 2019–Present); Chief Financial Officer, Voya Investment Management
(September 2014–Present). Formerly, Senior Vice President, Chief Financial Officer and Treasurer, Voya Investments, LLC (November 2015–March
2018). |
|||
Dina Santoro 230 Park Avenue New York, New York 10169 Age: 47 |
President |
March
2018–Present |
President and Director, Voya Investments, LLC and Voya Capital, LLC (March 2018–Present); Director, Voya Funds Services, LLC (March
2018-Present); Director and Senior Vice President, Voya Investments Distributor, LLC (April 2018–Present); Senior Managing Director, Head of
Product and Marketing Strategy, Voya Investment Management (September 2017–Present). Formerly, Managing Director, Quantitative Management
Associates, LLC (January 2004–August 2017). |
|||
Jonathan Nash 230 Park Avenue New York, New York 10169 Age: 52 |
Executive Vice
President Chief Investment Risk Officer |
March
2020–Present March 2020–Present |
Senior
Vice President, Investment Risk Management, Voya Investment Management (March 2017–Present); Formerly, Consultant, DA Capital LLC (January
2016–March 2017); Managing Director, Enterprise Risk, American International Group (AIG) (September 2014– March 2015). |
|||
James M. Fink 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 62 |
Executive Vice
President |
March
2018–Present |
Managing Director, Voya Investments, LLC, Voya Capital, LLC, and Voya Funds Services, LLC (March 2018-Present); Senior Vice President, Voya
Investments Distributor, LLC (April 2018–Present); Chief Administrative Officer, Voya Investment Management (September 2017–Present).
Formerly, Managing Director, Operations, Voya Investment Management (March 1999–September 2017). |
|||
Kevin M.
Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 53 |
Chief Compliance
Officer |
February
2012–Present |
Senior
Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (February 2012–Present). |
|||
Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
Senior Vice
President, Chief/Principal Financial Officer and Assistant Secretary |
March
2005–Present |
President, Voya Funds Services, LLC (March 2018–Present) and Senior Vice President, Voya Investments, LLC (April
2005–Present). |
|||
Kimberly A.
Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 55 |
Senior Vice
President |
November
2003–Present |
Senior
Vice President, Voya Investments, LLC (September 2003–Present). |
|||
Robert Terris 5780 Powers Ferry Road NW Atlanta, Georgia 30327 Age: 49 |
Senior Vice
President |
May
2006–Present |
Senior
Vice President, Voya Investments Distributor, LLC (April 2018–Present); Senior Vice President, Head of Division Operations, Voya Investments, LLC
(October 2015–Present) and Voya Funds Services, LLC (March 2006–Present). |
|||
Maria M.
Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62 |
Vice
President |
September
2004–Present |
Vice
President, Voya Investments, LLC (October 2015–Present) and Voya Funds Services, LLC (September 2004–Present). |
|||
Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47 |
Vice
President |
September
2012–Present |
Vice
President, Voya Investments, LLC (October 2015–Present) and Voya Funds Services, LLC (July 2012–Present). |
38
TRUSTEE AND OFFICER INFORMATION (UNAUDITED) (CONTINUED)
| Name, Address and Age | Position(s) Held With the Trust |
Term of Office and Length of Time Served(1) |
Principal Occupation(s) — During the Past 5 Years | |||
|---|---|---|---|---|---|---|
Sara M. Donaldson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60 |
Vice
President |
September
2014–Present |
Vice
President, Voya Investments, LLC (October 2015–Present). Formerly, Vice President, Voya Funds Services, LLC (April 2014–October
2015). |
|||
Micheline S.
Faver 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 42 |
Vice
President |
September
2016–Present |
Senior
Vice President, Head of Fund Compliance and Chief Compliance Office, Voya Investments, LLC (March 2020–Present). Formerly, Vice President, Head of
Fund Compliance and Chief Compliance Officer, Voya Investments, LLC (June 2016–March 2020); and Vice President, Mutual Fund Compliance (March
2014–June 2016). |
|||
Robyn L.
Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 52 |
Vice
President |
October
2000–Present |
Vice
President, Voya Funds Services, LLC (November 1995 Present) and Voya Investments, LLC (August 1997–Present). |
|||
Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
Vice
President |
September
2012–Present |
Vice
President, Voya Investments, LLC (October 2015–Present) and Voya Funds Services, LLC (July 2007–Present). |
|||
Andrew K.
Schlueter 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 44 |
Vice
President |
March
2018–Present |
Vice
President, Voya Investments Distributor, LLC (April 2018–Present); Vice President, Voya Investments, LLC and Voya Funds Services, LLC (March
2018–Present); Vice President, Head of Mutual Fund Operations, Voya Investment Management (February 2018– Present). Formerly, Vice President,
Voya Investment Management (March 2014–February 2018). |
|||
Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51 |
Vice
President |
May
2013–Present |
Vice
President–Director of Tax, Voya Investments, LLC (October 2015–Present). Formerly, Vice President–Director of Tax, Voya Funds Services,
LLC (March 2013–October 2015). |
|||
Monia Piacenti One Orange Way Windsor, Connecticut 06095 Age: 43 |
Anti-Money
Laundering Officer |
June
2018–Present |
Anti-Money Laundering Officer, Voya Investments Distributor, LLC, Voya Investment Management and Voya Investment Management Trust Co. (June
2018–Present); Compliance Consultant, Voya Financial, Inc. (January 2019– Present). Formerly, Senior Compliance Officer, Voya Investment
Management (December 2009–December 2018). |
|||
Theresa K.
Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57 |
Secretary |
January
2020–Present |
Vice
President and Senior Counsel, Voya Investment Management–Mutual Fund Legal Department (March 2010–Present). |
|||
Paul A.
Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68 |
Assistant
Secretary |
June
2010–Present |
Vice
President and Senior Counsel, Voya Investment Management–Mutual Fund Legal Department (March 2010–Present). |
|||
Joanne F.
Osberg 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38 |
Assistant
Secretary |
January
2020–Present |
Vice
President and Counsel, Voya Investment Management–Mutual Fund Legal Department (January 2013–Present). |
(1) |
The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified. |
39
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 21, 2019, the Board of
Trustees (“Board”) of Voya Funds Trust (the “Trust”), including a majority of 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 Voya Floating Rate Fund, a series of the Trust (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, 2020. In determining to renew such contracts, the Board
considered information furnished to it throughout the year at meetings of the Board and its committees, including information regarding performance,
expenses, and other matters.
In addition to the Board meeting on November 21, 2019, the
Independent Trustees also held meetings outside the presence of personnel representing the Manager or Sub-Adviser (collectively, such persons are
referred to herein as “management”) on October 9, 2019, and November 19, 2019, specifically to review and consider materials related to the
proposed continuance of the Contracts that they 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. Subsequent references herein to factors considered and
determinations made by the Independent Trustees and/or the Board include, as applicable, factors considered and determinations made at those meetings
by the Independent Trustees. 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 follows a process pursuant to which it seeks and
considers relevant information when it evaluates whether to renew existing investment management and sub-advisory contracts for the Voya funds. The
Board has established a Contracts Committee and 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, among other functions, and each IRC meets several times throughout the year to provide oversight regarding the
investment performance of the sub-advisers, as well as the
Manager’s role in monitoring the sub-advisers, with respect to each Voya fund that is
assigned to that IRC.
The Contracts Committee oversees, and annually recommends
Board approval of updates to, a methodology guide for the Voya funds (“Methodology Guide”) related to the investment management and
sub-advisory contract renewal process. The Methodology Guide 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. 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, such
as fund type and size, fund category (as determined by Morningstar, Inc., an independent provider of mutual fund data (“Morningstar”)), sales
channels and structure and the Fund share class being compared to the Selected Peer Group; and (2) updates to the Methodology Guide with respect to the
content and format of various data including, but not limited to, investment performance, fee structure, and expense information prepared in connection
with the renewal process. In addition, the Independent Trustees periodically have retained, including most recently in 2018, an independent firm to
test and verify the accuracy of certain information presented to the Board for a representative sample of the Voya funds.
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 overarching, and each Board member may have accorded different weight to the various factors in
reaching his or her conclusions with respect to the Fund’s investment management and sub-advisory arrangements.
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”
platform of the Voya funds that has been developed by the Manager pursuant to which the Manager selects, subject to
40
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
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
investment program, performance, developments, ongoing operations, and compliance with applicable regulations and investment policies and restrictions
of the Sub-Adviser with respect to the Fund under this manager-of-managers arrangement. The Board also considered the techniques and resources that the
Manager has developed to provide this ongoing oversight and due diligence with respect to the sub-advisers and to advocate or recommend, when it
believes appropriate, changes in investment strategies or investment sub-advisers designed to assist in improving a Voya fund’s performance. The
Board was advised that, in connection with the Manager’s performance of these duties, the Manager has developed an oversight process formulated by
its Manager Research & Selection Group which 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 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 whether the regulatory compliance systems and procedures of the Manager and the
Sub-Adviser are reasonably designed to ensure compliance with the federal securities laws and whether the investment policies and restrictions for the
Fund are consistently complied with, and other periodic reports covering related matters.
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 the 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 category and primary benchmark, a broad-based securities market index that appears in the Fund’s prospectus. 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 as 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, it 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. In evaluating these matters, the
Independent Trustees also considered periodic management reports, Selected Peer Group comparisons, and industry information regarding economies of
scale.
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 the 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 the
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/or recoupment arrangements that apply to the fees payable by the Fund, including whether the Manager intends to
propose 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-
41
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
affiliated Sub-Adviser related to their services to the
Fund. In analyzing the profitability of the Manager and its affiliated service providers in connection with services they render to the 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 the Manager.
Although the Methodology Guide establishes a framework for
profit calculation, 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, and that the information presented may not portray all of the costs borne by the Manager or reflect all risks, including
entrepreneurial, regulatory, legal and operational risks, associated with offering and managing a mutual fund complex in the current regulatory and
market environment.
The Board also considered that the Manager is entitled to
earn a reasonable level of profits for the services that it provides 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, including their ability to
engage in soft-dollar transactions on behalf of 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 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, 2019, November 19, 2019, and/or November 21, 2019 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 Fund’s performance was
compared to its Morningstar category, as well as its primary benchmark. The performance data provided to the Board primarily was for various periods
ended March 31, 2019. In addition, the Board also
considered at its October 9, 2019, November 19, 2019, and November 21, 2019 meetings certain
additional data regarding the Fund’s more recent performance, and 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 Voya Floating Rate Fund, the Board considered that, based on performance data for the periods ended March 31, 2019: (1) the Fund is
ranked in the third quintile of its Morningstar category for the five-year period, and the fourth quintile for the year-to-date, one-year and
three-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: (1) the factors that impacted the Fund’s performance during certain periods, including
the Fund’s more conservative positioning vis-à-vis the peer funds in its Morningstar category, including its strategy to avoid the lowest
rated loans; (2) the challenge of comparing the Fund to the funds included in the Fund’s Morningstar category; and (3) its confidence in the
Sub-Adviser’s ability to execute the Fund’s investment strategy and to deliver long-term performance.
In considering the fees payable under the Contracts for the
Fund, the Board took into account the factors described above and also considered: (1) the fairness of the compensation under a Management Contract
with a level fee rate that does not include breakpoints; and (2) 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 net management fee rate for the Fund is ranked in the fourth quintile of net
management fee rates of the funds in its Selected Peer Group; (b) the contractual management fee rate for the Fund is ranked in the third quintile of
contractual management fee rates of the funds in its Selected Peer Group; and (c) the net expense ratio for the Fund is ranked in the fourth quintile
of net expense ratios of the funds in its Selected Peer Group. In analyzing this fee data, the Board took into account management’s
representations regarding the competiveness of the Fund’s management fee rate and net expense ratio.
After its deliberation, the Board reached the following
conclusions: (1) the Fund’s management fee rate is
42
ADVISORY AND SUB-ADVISORY CONTRACT APPROVAL DISCUSSION (UNAUDITED) (CONTINUED)
reasonable in the context of all factors considered by
the Board; (2) the Fund’s net expense ratio is reasonable in the context of all factors considered by the Board; (3) the Fund’s performance
is reasonable in the context of all factors considered by the Board; and (4) the sub-advisory fee rate payable by the Manager to the Sub-Adviser is
reasonable in the context of all factors considered by the Board. Based on these conclusions and other factors, the Board voted to renew the Contracts
for the Fund for the year ending November 30, 2020. During this renewal process, different Board members may have given different weight to different
individual factors and related conclusions.
43
Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Distributor
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Voya Investments Distributor, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258
Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Custodian
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199
For more complete information, or to obtain a prospectus on any
Voya mutual fund, please call your financial advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The
prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before
investing. The prospectus contains this information and other information about the fund.
RETIREMENT | INVESTMENTS | INSURANCE |
 |
| 163061 (0320-052120) |
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 10(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 Joseph E. Obermeyer are audit committee financial experts, as defined in Item 3 of Form N-CSR. Ms. Baldwin, Mr. Gavin, and Mr. Obermeyer 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 Funds’ current Independent Registered Public Accounting Firm, billed to the Funds during the Funds’ fiscal year ended March 31, 2020 and the amount of fees that KPMG LLP (“KPMG”), the Funds’ prior Independent Registered Public Accounting Firm, billed to the Funds during the Funds’ fiscal year ended March 31, 2019.
| (a) | Audit Fees(1): The aggregate fees billed for each of the last two fiscal years for professional services rendered by EY and KPMG, the principal accountant for each respective 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 $178,200 for the year ended March 31, 2020 and $165,325 for the year ended March 31, 2019. |
| (b) | Audit-Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by EY and KPMG that are reasonably related to the performance of each respective 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, 2020 and $16,200 for the year ended March 31, 2019. |
| (c) | Tax Fees(2): The aggregate fees billed in each of the last two fiscal years for professional services rendered by EY and KPMG for tax compliance, tax advice, and tax planning were $15,325 for the year ended March 31, 2020 and $58,121 for the year ended March 31, 2019. Such services included review of excise distribution calculations (if applicable), preparation of the Funds’ federal, state, and excise tax returns, tax services related to mergers and routine consulting. |
| (d) | All Other Fees(3): The aggregate fees billed in each of the last two fiscal years for products and services provided by EY and KPMG,, other than the services reported in paragraphs (a) through (c) of this Item were $0 for the year ended March 31, 2020 and $0 for the year ended March 31, 2019. |
(1) For the year ended March 31, 2020, KPMG billed $9,614 for Audit Fees.
(2) For the year ended March 31, 2020, KPMG billed $63,930 for Tax Fees.
(3) For the year ended March 31, 2020, KPMG billed $3,914 for All Other Fees.
| (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 Exhibit A 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-SAR 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 21, 2019
Appendix A
Pre-Approved Audit Services for the Pre-Approval Period January 1, 2020 through December 31, 2020
| Service | ||
| The Fund(s) | Fee Range | |
| Statutory audits or financial audits (including tax services associated with audit services) | √ | As presented to Audit Committee1 |
| 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 $750 per fund |
| 1 | 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, 2020 through December 31, 2020
| 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 | |
| For Prime Rate Trust, agreed upon procedures for quarterly reports to rating agencies | √ | Not to exceed $9,450 per quarter | |
Appendix C
Pre-Approved Tax Services for the Pre-Approval Period January 1, 2020 through December 31, 2020
| 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 | √ | As presented to Audit Committee2 | |
| Review of IRC Sections 851(b) and 817(h) diversification testing on a real-time basis | √ | As presented to Audit Committee2 | |
| 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 |
| 2 | 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, 2020 through December 31, 2020
| 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 |
| 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 | |
Appendix D
Pre-Approved Other Services for the Pre-Approval Period January 1, 2020 through December 31, 2020
| 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)
Cost to be borne 50% by the Funds and 50% by Voya Investments, LLC.
|
√
|
√
|
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: January 1, 2020 to December 31, 2020
| · | 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 |
EXHIBIT A
VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND
VOYA BALANCED PORTFOLIO, INC.
VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY 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 INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND
VOYA INVESTORS TRUST
VOYA GOVERNMENT MONEY MARKET PORTFOLIO
VOYA MUTUAL FUNDS
VOYA PARTNERS, INC.
VOYA PRIME RATE TRUST
VOYA NATURAL RESOURCES EQUITY INCOME FUND
VOYA SENIOR INCOME FUND
VOYA SEPARATE PORTFOLIOS TRUST
VOYA SERIES FUND, INC.
VOYA STRATEGIC ALLOCATIONS PORTFOLIOS, INC.
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 |
100% of the services were approved by the audit committee.
| (f) | Percentage of hours expended attributable to work performed by other than full time employees of EY if greater than 50% |
Not applicable.
| (g) | Non-Audit Fees: The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to each Registrant by the independent registered public accounting firm for each Registrant’s fiscal years ended March 31, 2020 and March 31, 2019; 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 | 2020(1) | 2019 | ||||||
| Voya Funds Trust | $ | 15,325 | $ | 74,321 | ||||
| Voya Investments, LLC(2) | $ | 13,793,519 | $ | 72,250 | ||||
(1) For the year ended March 31, 2020, KPMG billed the Registrant $67,844 for Non-Audit Fees.
(2) Each Registrant’s investment adviser and any of its affiliates, which are subsidiaries of Voya Financial, Inc.
| (h) | Principal Accountants Independence: 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. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Complete schedule of investments, as applicable, is included as part of the report to shareholders filed under Item 1 of this Form and filed herein, as applicable.
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 Term Bond 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 statement of assets and liabilities of Voya GNMA Income Fund, Voya High Yield Bond Fund, Voya Intermediate Bond Fund, Voya Short Term Bond Fund and Voya Strategic Income Opportunities Fund (the “Funds”) (five of the funds constituting Voya Funds Trust (the “Trust”)), including the summary portfolio of investments, as of March 31, 2020, and the related statements of operations and changes in net assets and the financial highlights for the year then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR) and the portfolio of investments as of March 31, 2020 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and portfolio of investments present fairly, in all material respects, the financial position of the Funds (five of the funds constituting Voya Funds Trust) at March 31, 2020, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
The statement of changes in net assets for the year ended March 31, 2019, and the financial highlights for each of the periods in the four-year period then ended, were audited by another independent registered public accounting firm whose report, dated May 23, 2019, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.
Basis for Opinion
These financial statements and portfolio of investments are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements and portfolio of investments 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 audits to obtain reasonable assurance about whether the financial statements and portfolio of investments 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 and portfolio of investments, 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 and portfolio of investments. Our procedures included confirmation of securities owned as of March 31, 2020, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. 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 and portfolio of investments. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Voya investment companies since 2019.
Boston, Massachusetts
May 26, 2020
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 |
| Principal Amount† |
Value | Percentage of Net Assets | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS: 49.3% | ||||
| 1,654,011 | Fannie Mae 2004-28 PZ, 6.000%, 05/25/2034 | $ 2,278,290 | 0.2 | |
| 2,622,179 | Fannie Mae 2004-88 ZC, 6.500%, 12/25/2034 | 3,314,216 | 0.3 | |
| 7,989,880 | Fannie Mae 2005-17 B, 6.500%, (US0001M + 6.500%), 03/25/2035 | 10,239,309 | 0.8 | |
| 2,459,331 | Fannie Mae 2005-43 PZ, 6.000%, 05/25/2035 | 2,943,807 | 0.2 | |
| 1,223,456 | Fannie Mae 2007-60 ZB, 4.750%, 05/25/2037 | 1,358,718 | 0.1 | |
| 5,418,252 | (1) | Fannie Mae 2010-150 PS, 5.653%, (-1.000*US0001M + 6.600%), 12/25/2039 | 409,869 | 0.0 |
| 6,122,620 | (1) | Fannie Mae 2010-95 SB, 5.653%, (-1.000*US0001M + 6.600%), 09/25/2040 | 1,131,992 | 0.1 |
| 4,923,517 | Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041 | 5,772,563 | 0.5 | |
| 8,719,456 | (1) | Fannie Mae 2012-148 HI, 3.500%, 05/25/2042 | 960,198 | 0.1 |
| 26,956,665 | (1) | Fannie Mae 2012-148 IM, 3.000%, 01/25/2028 | 1,827,309 | 0.1 |
| 260,156 | (2) | Fannie Mae REMIC Trust 2002-W1 3A, 4.033%, 04/25/2042 | 273,687 | 0.0 |
| 1,177,788 | (2) | Fannie Mae REMIC Trust 2002-W6 3A, 4.428%, 01/25/2042 | 1,245,398 | 0.1 |
| 1,360,969 | Fannie Mae REMIC Trust 2003-16 CX, 6.500%, 03/25/2033 | 1,612,199 | 0.1 | |
| 3,113,787 | Fannie Mae REMIC Trust 2003-34 LN, 5.000%, 05/25/2033 | 3,554,344 | 0.3 | |
| 123,814 | Fannie Mae REMIC Trust 2004-61 SH, 20.203%, (-3.998*US0001M + 23.988%), 11/25/2032 | 198,476 | 0.0 | |
| 3,613,358 | (2) | Fannie Mae REMIC Trust 2004-W11 2A, 4.194%, 03/25/2043 | 3,676,037 | 0.3 |
| 3,233,541 | Fannie Mae REMIC Trust 2004-W3 A8, 5.500%, 05/25/2034 | 3,707,161 | 0.3 | |
| 813,063 | (1) | Fannie Mae REMIC Trust 2005-17 ES, 5.803%, (-1.000*US0001M + 6.750%), 03/25/2035 | 113,927 | 0.0 |
| 730,227 | Fannie Mae REMIC Trust 2005-59 NQ, 14.508%, (-2.500*US0001M + 16.875%), 05/25/2035 | 937,070 | 0.1 | |
| 768,484 | Fannie Mae REMIC Trust 2005-88 ZC, 5.000%, 10/25/2035 | 877,499 | 0.1 | |
| 200,467 | Fannie Mae REMIC Trust 2006-115 ES, 22.774%, (-4.000*US0001M + 26.560%), 12/25/2036 | 328,954 | 0.0 | |
| 1,446,301 | (1) | Fannie Mae REMIC Trust 2006-36 SP, 5.753%, (-1.000*US0001M + 6.700%), 05/25/2036 | 265,117 | 0.0 |
| 4,087,781 | (1) | Fannie Mae REMIC Trust 2006-79 SH, 5.503%, (-1.000*US0001M + 6.450%), 08/25/2036 | 1,036,546 | 0.1 |
| 324,954 | (2) | Fannie Mae REMIC Trust 2009-12 LK, 10.079%, 03/25/2039 | 387,128 | 0.0 |
| 1,861,549 | Fannie Mae REMIC Trust 2009-66 XA, 5.500%, 12/25/2035 | 2,399,083 | 0.2 | |
| 5,069,928 | Fannie Mae REMIC Trust 2010-155 JC, 4.000%, 12/25/2039 | 5,423,393 | 0.4 | |
| 5,084,839 | Fannie Mae REMIC Trust 2010-2 LC, 5.000%, 02/25/2040 | 6,076,082 | 0.5 | |
| 1,767,407 | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | 1,991,714 | 0.2 | |
| 7,287,686 | (1) | Fannie Mae REMIC Trust 2012-128 VS, 5.303%, (-1.000*US0001M + 6.250%), 06/25/2042 | 1,156,662 | 0.1 |
| 5,564,506 | (1) | Fannie Mae REMIC Trust 2012-142 BI, 3.000%, 11/25/2027 | 310,763 | 0.0 |
| 3,472,323 | (1) | Fannie Mae REMIC Trust 2012-154 PI, 4.000%, 05/25/2042 | 407,081 | 0.0 |
| 2,674,096 | (1) | Fannie Mae REMIC Trust 2012-68 SD, 5.753%, (-1.000*US0001M + 6.700%), 06/25/2032 | 518,157 | 0.0 |
| 3,457,000 | Fannie Mae REMIC Trust 2012-97 PC, 3.500%, 09/25/2042 | 4,113,366 | 0.3 | |
| 1,077,355 | (1) | Fannie Mae REMIC Trust 2013-13 PI, 3.500%, 04/25/2042 | 113,728 | 0.0 |
| 3,214,111 | (1) | Fannie Mae REMIC Trust 2013-54 ID, 3.000%, 01/25/2033 | 192,856 | 0.0 |
| 372,631 | Fannie Mae REMICS 2004-89 ES, 11.476%, (-1.850*US0001M + 13.228%), 08/25/2034 | 386,445 | 0.0 | |
| 5,113 | (3) | Fannie Mae REMICS 2006-44 P, 0.000%, 12/25/2033 | 4,816 | 0.0 |
| 1,000,000 | Fannie Mae REMICS 2010-87 PL, 4.000%, 06/25/2040 | 1,152,151 | 0.1 | |
| 2,358,961 | Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041 | 2,730,907 | 0.2 | |
| 5,228,832 | (1) | Fannie Mae REMICS 2012-137 EI, 3.000%, 12/25/2027 | 329,695 | 0.0 |
| 10,081,177 | Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042 | 11,281,635 | 0.9 | |
See Accompanying Notes to Financial Statements
| 3 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,500,000 | Fannie Mae REMICS 2012-40 MY, 3.500%, 04/25/2042 | 2,870,206 | 0.2 | |
| 3,239,952 | (3) | Fannie Mae REMICS 2013-135 PO, 0.000%, 01/25/2044 | 2,997,651 | 0.2 |
| 1,227,211 | Fannie Mae REMICS 2013-55 VZ, 3.000%, 06/25/2043 | 1,279,060 | 0.1 | |
| 18,038,564 | (1) | Fannie Mae REMICS 2019-49 IG, 3.000%, 03/25/2033 | 1,333,080 | 0.1 |
| 5,699,532 | Fannie Mae Series 2016-51 S, 4.973%, (-1.000*US0001M + 5.920%), 10/25/2043 | 6,282,559 | 0.5 | |
| 2,571,308 | (2) | Fannie Mae Trust 2004-W2 3A, 4.165%, 02/25/2044 | 2,700,134 | 0.2 |
| 2,488,326 | (2) | Fannie Mae Trust 2004-W2 4A, 4.139%, 02/25/2044 | 2,606,967 | 0.2 |
| 1,857,332 | Fannie Mae REMICS 2010-26 F, 1.717%, (US0001M + 0.770%), 11/25/2036 | 1,869,014 | 0.2 | |
| 1,994,338 | Fannie Mae REMICS 2010-39 FN, 1.777%, (US0001M + 0.830%), 05/25/2040 | 2,009,486 | 0.2 | |
| 4,845,867 | Fannie Mae REMICS 2017-22 DZ, 4.000%, 04/25/2047 | 5,712,027 | 0.4 | |
| 2,649,939 | Freddie Mac 3770 GA, 4.500%, 10/15/2040 | 3,163,990 | 0.3 | |
| 2,850,574 | Freddie Mac REMIC Trust 2005-S001 2A2, 1.777%, (US0001M + 0.150%), 09/25/2045 | 2,818,009 | 0.2 | |
| 524,640 | Freddie Mac REMIC Trust 2653 SC, 6.122%, (-0.500*US0001M + 6.800%), 07/15/2033 | 599,379 | 0.1 | |
| 1,390,511 | Freddie Mac REMIC Trust 2767 ZW, 6.000%, 03/15/2034 | 1,691,948 | 0.1 | |
| 166,937 | Freddie Mac REMIC Trust 3012 ST, 19.423%, (-3.600*US0001M + 21.960%), 04/15/2035 | 242,621 | 0.0 | |
| 359,887 | Freddie Mac REMIC Trust 3065 DC, 17.746%, (-3.000*US0001M + 19.860%), 03/15/2035 | 513,036 | 0.0 | |
| 671,028 | Freddie Mac REMIC Trust 3158 NE, 5.500%, 05/15/2036 | 784,087 | 0.1 | |
| 4,592,523 | (1) | Freddie Mac REMIC Trust 3181 TA, 0.500%, (-0.794*US0001M + 5.635%), 07/15/2036 | 95,701 | 0.0 |
| 377,804 | (1) | Freddie Mac REMIC Trust 3507 IA, 5.500%, 09/15/2035 | 70,182 | 0.0 |
| 35,913 | (1) | Freddie Mac REMIC Trust 3753 PS, 5.395%, (-1.000*US0001M + 6.100%), 06/15/2040 | 520 | 0.0 |
| 493,624 | Freddie Mac REMIC Trust 3864 NT, 5.500%, (-9.167*US0001M + 60.500%), 03/15/2039 | 534,263 | 0.0 | |
| 2,980,256 | Freddie Mac REMIC Trust 3888 ZG, 4.000%, 07/15/2041 | 3,325,011 | 0.3 | |
| 1,153,151 | (1) | Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040 | 63,211 | 0.0 |
| 3,135,844 | Freddie Mac REMICS 3196 ZK, 6.500%, 04/15/2032 | 4,368,634 | 0.3 | |
| 1,303,471 | Freddie Mac REMICS 4097 ZA, 3.500%, 08/15/2042 | 1,412,009 | 0.1 | |
| 6,573,000 | Freddie Mac REMICS 4136 LU, 3.000%, 07/15/2032 | 6,921,408 | 0.5 | |
| 1,252,765 | Freddie Mac Series 4040 UZ, 5.000%, 05/15/2042 | 1,684,659 | 0.1 | |
| 1,689,170 | (2) | Freddie Mac Structured Pass-Through Certificates T-54 2A, 4.062%, 07/25/2033 | 1,769,914 | 0.1 |
| 1,101,151 | (2) | Freddie Mac Structured Pass-Through Certificates T-54 4A, 4.122%, 02/25/2043 | 1,172,477 | 0.1 |
| 134,807 | (1) | Freddie Mac-Ginnie Mae Series 21 SA, 7.053%, (-1.000*US0001M + 8.000%), 10/25/2023 | 13,929 | 0.0 |
| 969,345 | Freddie Mac REMICS 3658 CZ, 5.000%, 04/15/2040 | 1,210,787 | 0.1 | |
| 4,369,480 | Freddie Mac REMICS 4249 CS, 3.633%, (-0.750*US0001M + 4.650%), 09/15/2043 | 4,352,639 | 0.3 | |
| 6,648,772 | Freddie Mac REMICS 4480 ZX, 4.000%, 11/15/2044 | 7,419,886 | 0.6 | |
| 9,318,150 | Freddie Mac REMICS 4764 CJ, 4.000%, 06/15/2045 | 9,810,699 | 0.8 | |
| 6,473,979 | Freddie Mac REMICS 4764 DA, 4.000%, 07/15/2045 | 6,806,902 | 0.5 | |
| 1,301,531 | Ginnie Mae 2004-65 ZG, 5.500%, 07/20/2034 | 1,504,681 | 0.1 | |
| 5,342,518 | Ginnie Mae 2009-110 ZA, 5.500%, 11/16/2039 | 6,877,507 | 0.5 | |
| 742,950 | Ginnie Mae 2009-32 QZ, 5.500%, 05/16/2039 | 960,098 | 0.1 | |
| 575,105 | Ginnie Mae 2009-32 YZ, 7.000%, 05/16/2039 | 821,417 | 0.1 | |
| 3,261,044 | Ginnie Mae 2009-50 MZ, 6.000%, 07/16/2039 | 4,036,642 | 0.3 | |
| 725,715 | Ginnie Mae 2009-54 HZ, 5.000%, 07/20/2039 | 835,985 | 0.1 | |
| 1,893,215 | Ginnie Mae 2009-H01 FA, 1.923%, (US0001M + 1.150%), 11/20/2059 | 1,910,773 | 0.2 | |
| 2,000,000 | Ginnie Mae 2010-116 PB, 5.000%, 06/16/2040 | 2,439,678 | 0.2 | |
| 3,984,213 | Ginnie Mae 2010-125 BZ, 4.500%, 09/16/2040 | 4,405,375 | 0.3 |
See Accompanying Notes to Financial Statements
| 4 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 5,054,853 | (3) | Ginnie Mae 2011-70 PO, 0.000%, 05/16/2041 | 4,713,795 | 0.4 |
| 3,938,954 | (1) | Ginnie Mae 2014-107 XS, 4.895%, (-1.000*US0001M + 5.600%), 07/16/2044 | 718,510 | 0.1 |
| 1,925,909 | (1) | Ginnie Mae 2014-96 SQ, 4.895%, (-1.000*US0001M + 5.600%), 07/16/2044 | 338,237 | 0.0 |
| 3,385,962 | Ginnie Mae 2015-H13 FG, 2.062%, (US0001M + 0.400%), 04/20/2065 | 3,345,010 | 0.3 | |
| 22,052,580 | (1) | Ginnie Mae 2016-120 IM, 3.500%, 07/20/2046 | 2,657,111 | 0.2 |
| 2,185,344 | (1) | Ginnie Mae 2016-84 IO, 5.000%, 12/20/2040 | 138,999 | 0.0 |
| 19,988,807 | Ginnie Mae 2016-H20 FB, 2.212%, (US0001M + 0.550%), 09/20/2066 | 19,758,764 | 1.5 | |
| 2,890,000 | Ginnie Mae 2017-162 PL, 3.000%, 10/20/2047 | 3,103,138 | 0.2 | |
| 1,567,532 | (1) | Ginnie Mae 2018-78 IC, 4.000%, 02/20/2047 | 200,263 | 0.0 |
| 3,566,566 | Ginnie Mae Series 2003-86 ZC, 4.500%, 10/20/2033 | 3,957,979 | 0.3 | |
| 131,889 | Ginnie Mae Series 2004-16 AE, 5.500%, 02/20/2034 | 151,160 | 0.0 | |
| 1,248,305 | Ginnie Mae Series 2004-17 MZ, 5.500%, 03/16/2034 | 1,417,421 | 0.1 | |
| 840,362 | Ginnie Mae Series 2004-28 CZ, 5.500%, 04/20/2034 | 975,285 | 0.1 | |
| 409,090 | (3) | Ginnie Mae Series 2004-37 OA, 0.000%, 04/17/2034 | 386,502 | 0.0 |
| 3,164,192 | Ginnie Mae Series 2004-4 MG, 5.000%, 01/16/2034 | 3,569,644 | 0.3 | |
| 3,298,420 | Ginnie Mae Series 2004-81 Z, 5.000%, 10/20/2034 | 3,720,057 | 0.3 | |
| 1,276,279 | (1) | Ginnie Mae Series 2004-98 SA, 5.927%, (-1.000*US0001M + 6.700%), 11/20/2034 | 323,818 | 0.0 |
| 1,110,414 | Ginnie Mae Series 2005-21 Z, 5.000%, 03/20/2035 | 1,269,878 | 0.1 | |
| 322,400 | (1) | Ginnie Mae Series 2005-25 SI, 6.000%, (-6.000*US0001M + 43.200%), 01/20/2034 | 50,046 | 0.0 |
| 842,624 | (1) | Ginnie Mae Series 2005-7 AH, 6.065%, (-1.000*US0001M + 6.770%), 02/16/2035 | 178,772 | 0.0 |
| 1,002,557 | (1) | Ginnie Mae Series 2005-73 IM, 5.500%, 09/20/2035 | 186,087 | 0.0 |
| 578,838 | Ginnie Mae Series 2005-80 Z, 5.000%, 10/20/2035 | 657,323 | 0.1 | |
| 281,749 | Ginnie Mae Series 2005-91 UP, 12.891%, (-2.000*US0001M + 14.300%), 09/16/2031 | 356,566 | 0.0 | |
| 8,203,598 | Ginnie Mae Series 2006-10 ZT, 6.000%, 03/20/2036 | 9,596,221 | 0.7 | |
| 1,756,969 | Ginnie Mae Series 2006-17 TW, 6.000%, 04/20/2036 | 2,052,975 | 0.2 | |
| 9,140,135 | (1) | Ginnie Mae Series 2006-26 TB, 0.250%, (-1.000*US0001M + 6.500%), 06/20/2036 | 87,411 | 0.0 |
| 2,882,752 | Ginnie Mae Series 2006-7 ZA, 5.500%, 02/20/2036 | 3,342,063 | 0.3 | |
| 1,959,919 | (1) | Ginnie Mae Series 2007-17 CI, 7.500%, 04/16/2037 | 512,551 | 0.0 |
| 36,601 | Ginnie Mae Series 2007-37 S, 22.716%, (-3.667*US0001M + 25.300%), 04/16/2037 | 39,735 | 0.0 | |
| 2,047,956 | (3) | Ginnie Mae Series 2007-41 OL, 0.000%, 07/20/2037 | 1,865,095 | 0.2 |
| 120,449 | Ginnie Mae Series 2007-45 PE, 5.500%, 07/16/2037 | 138,685 | 0.0 | |
| 368,869 | Ginnie Mae Series 2007-48 SY, 18.136%, (-3.000*US0001M + 20.250%), 08/16/2037 | 544,333 | 0.1 | |
| 2,208,882 | (1) | Ginnie Mae Series 2007-53 SC, 5.727%, (-1.000*US0001M + 6.500%), 09/20/2037 | 545,244 | 0.1 |
| 65,210 | Ginnie Mae Series 2007-53 SW, 17.886%, (-3.000*US0001M + 20.205%), 09/20/2037 | 97,558 | 0.0 | |
| 1,222,671 | Ginnie Mae Series 2007-60 YZ, 5.500%, 10/20/2037 | 1,381,648 | 0.1 | |
| 2,932,573 | Ginnie Mae Series 2008-20 PZ, 6.000%, 03/20/2038 | 3,556,196 | 0.3 | |
| 648,609 | (1) | Ginnie Mae Series 2008-3 SA, 5.777%, (-1.000*US0001M + 6.550%), 01/20/2038 | 157,367 | 0.0 |
| 1,284,493 | (1) | Ginnie Mae Series 2008-40 PS, 5.795%, (-1.000*US0001M + 6.500%), 05/16/2038 | 267,694 | 0.0 |
| 2,891,421 | (1) | Ginnie Mae Series 2008-82 SA, 5.227%, (-1.000*US0001M + 6.000%), 09/20/2038 | 629,297 | 0.1 |
| 5,627,237 | (1) | Ginnie Mae Series 2009-110 SA, 5.645%, (-1.000*US0001M + 6.350%), 04/16/2039 | 656,802 | 0.1 |
| 795,315 | Ginnie Mae Series 2009-110 ZC, 4.500%, 11/16/2039 | 956,691 | 0.1 | |
| 1,697,272 | Ginnie Mae Series 2009-121 ZQ, 5.500%, 09/20/2039 | 1,957,927 | 0.2 | |
| 1,029,000 | Ginnie Mae Series 2009-31 BP, 5.000%, 05/20/2039 | 1,250,281 | 0.1 |
See Accompanying Notes to Financial Statements
| 5 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,043,493 | Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039 | 3,492,192 | 0.3 | |
| 2,864,828 | Ginnie Mae Series 2009-34 Z, 4.500%, 05/16/2039 | 3,213,897 | 0.3 | |
| 3,090,732 | Ginnie Mae Series 2009-53 ZB, 6.000%, 07/16/2039 | 3,622,957 | 0.3 | |
| 303,845 | (1) | Ginnie Mae Series 2009-55 BI, 1.000%, (-25.000*US0001M + 162.500%), 06/16/2037 | 11,943 | 0.0 |
| 1,918,733 | Ginnie Mae Series 2009-61 EZ, 7.500%, 08/20/2039 | 2,625,574 | 0.2 | |
| 5,712,159 | Ginnie Mae Series 2009-61 PZ, 7.500%, 08/20/2039 | 8,443,051 | 0.7 | |
| 3,304,781 | Ginnie Mae Series 2009-61 ZQ, 6.000%, 08/16/2039 | 4,390,383 | 0.3 | |
| 1,921,601 | (1) | Ginnie Mae Series 2009-66 QS, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2039 | 256,522 | 0.0 |
| 1,016,935 | (1) | Ginnie Mae Series 2009-77 SA, 5.445%, (-1.000*US0001M + 6.150%), 09/16/2039 | 217,893 | 0.0 |
| 3,558,459 | Ginnie Mae Series 2009-77 ZB, 5.500%, 09/16/2039 | 4,255,724 | 0.3 | |
| 1,002,849 | Ginnie Mae Series 2009-87 WZ, 6.000%, 10/20/2039 | 1,382,828 | 0.1 | |
| 606,810 | Ginnie Mae Series 2009-92 DZ, 4.500%, 10/16/2039 | 726,312 | 0.1 | |
| 1,429,368 | Ginnie Mae Series 2009-98 MZ, 5.000%, 10/16/2039 | 1,787,507 | 0.1 | |
| 2,249,719 | (1) | Ginnie Mae Series 2010-106 IP, 5.000%, 03/20/2040 | 273,505 | 0.0 |
| 10,371,000 | Ginnie Mae Series 2010-113 BE, 4.500%, 09/20/2040 | 12,155,233 | 0.9 | |
| 1,846,270 | (1) | Ginnie Mae Series 2010-116 NS, 5.945%, (-1.000*US0001M + 6.650%), 09/16/2040 | 381,346 | 0.0 |
| 187,225 | (1) | Ginnie Mae Series 2010-130 KI, 5.500%, 09/16/2040 | 15,944 | 0.0 |
| 1,500,000 | Ginnie Mae Series 2010-14 B, 4.500%, 02/16/2040 | 1,740,476 | 0.1 | |
| 3,483,005 | Ginnie Mae Series 2010-146 NL, 4.000%, 10/16/2039 | 3,748,985 | 0.3 | |
| 1,475,393 | (1) | Ginnie Mae Series 2010-158 SA, 5.277%, (-1.000*US0001M + 6.050%), 12/20/2040 | 274,904 | 0.0 |
| 20,065,715 | (1) | Ginnie Mae Series 2010-166 GS, 5.227%, (-1.000*US0001M + 6.000%), 12/20/2040 | 3,602,998 | 0.3 |
| 1,862,755 | (1) | Ginnie Mae Series 2010-166 NI, 4.500%, 04/20/2039 | 138,932 | 0.0 |
| 2,298,391 | Ginnie Mae Series 2010-169 AW, 4.500%, 12/20/2040 | 2,541,525 | 0.2 | |
| 3,776,934 | Ginnie Mae Series 2010-169 JZ, 4.000%, 12/20/2040 | 4,118,489 | 0.3 | |
| 512,740 | (1) | Ginnie Mae Series 2010-19 LI, 5.000%, 07/16/2039 | 51,061 | 0.0 |
| 2,138,000 | Ginnie Mae Series 2010-31 BP, 5.000%, 03/20/2040 | 2,445,509 | 0.2 | |
| 2,123,551 | (1) | Ginnie Mae Series 2010-4 WI, 6.000%, 01/16/2040 | 367,379 | 0.0 |
| 5,392,928 | Ginnie Mae Series 2010-42 VZ, 5.500%, 10/20/2039 | 6,582,190 | 0.5 | |
| 1,727,658 | Ginnie Mae Series 2010-59 ZA, 4.500%, 05/20/2040 | 1,951,516 | 0.2 | |
| 200,363 | (1) | Ginnie Mae Series 2010-9 SB, 5.727%, (-1.000*US0001M + 6.500%), 09/20/2038 | 1,972 | 0.0 |
| 4,804,941 | Ginnie Mae Series 2010-H01 FA, 2.433%, (US0001M + 0.820%), 01/20/2060 | 4,794,949 | 0.4 | |
| 10,754,397 | Ginnie Mae Series 2010-H10 FB, 2.613%, (US0001M + 1.000%), 05/20/2060 | 10,774,606 | 0.8 | |
| 6,819,211 | Ginnie Mae Series 2010-H10 FC, 2.613%, (US0001M + 1.000%), 05/20/2060 | 6,830,569 | 0.5 | |
| 398,556 | (1) | Ginnie Mae Series 2011-123 QI, 5.000%, 05/20/2041 | 54,202 | 0.0 |
| 4,408,987 | (1) | Ginnie Mae Series 2011-141 PS, 5.995%, (-1.000*US0001M + 6.700%), 06/16/2041 | 891,743 | 0.1 |
| 125,009 | Ginnie Mae Series 2011-169 BC, 7.000%, 05/16/2032 | 141,933 | 0.0 | |
| 292,444 | (2) | Ginnie Mae Series 2011-169 BG, 5.435%, 04/16/2039 | 335,002 | 0.0 |
| 7,181,984 | Ginnie Mae Series 2011-25 Z, 4.000%, 02/20/2041 | 7,995,395 | 0.6 | |
| 1,863,394 | Ginnie Mae Series 2011-59 QC, 4.000%, 12/20/2040 | 2,059,933 | 0.2 | |
| 4,983,013 | (1) | Ginnie Mae Series 2011-73 LS, 5.917%, (-1.000*US0001M + 6.690%), 08/20/2039 | 413,007 | 0.0 |
| 4,575,893 | Ginnie Mae Series 2011-89 Z, 3.500%, 06/20/2041 | 5,000,394 | 0.4 | |
| 1,224,221 | Ginnie Mae Series 2011-H07 FA, 2.162%, (US0001M + 0.500%), 02/20/2061 | 1,216,012 | 0.1 |
See Accompanying Notes to Financial Statements
| 6 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,928,572 | (1) | Ginnie Mae Series 2012-102 TI, 4.000%, 08/20/2039 | 64,640 | 0.0 |
| 2,610,529 | (1) | Ginnie Mae Series 2012-103 IC, 3.500%, 08/16/2040 | 188,692 | 0.0 |
| 654,835 | (1) | Ginnie Mae Series 2012-124 MI, 4.000%, 03/20/2042 | 47,722 | 0.0 |
| 7,530,599 | (1) | Ginnie Mae Series 2012-146 AI, 3.000%, 10/20/2037 | 416,067 | 0.0 |
| 582,331 | (1) | Ginnie Mae Series 2012-34 MS, 5.995%, (-1.000*US0001M + 6.700%), 04/16/2041 | 89,066 | 0.0 |
| 90,793 | Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041 | 93,068 | 0.0 | |
| 4,775,200 | (1) | Ginnie Mae Series 2012-48 SA, 5.945%, (-1.000*US0001M + 6.650%), 04/16/2042 | 1,199,661 | 0.1 |
| 6,808,873 | (1) | Ginnie Mae Series 2012-60 SG, 5.395%, (-1.000*US0001M + 6.100%), 05/16/2042 | 1,584,288 | 0.1 |
| 1,630,280 | (1) | Ginnie Mae Series 2012-98 EI, 4.000%, 04/20/2041 | 188,673 | 0.0 |
| 2,045,229 | Ginnie Mae Series 2012-H11 VA, 2.312%, (US0001M + 0.650%), 05/20/2062 | 2,026,367 | 0.2 | |
| 21,029,088 | Ginnie Mae Series 2012-H12 FB, 2.712%, (US0001M + 1.050%), 02/20/2062 | 21,086,828 | 1.6 | |
| 3,000,025 | Ginnie Mae Series 2012-H20 BA, 2.222%, (US0001M + 0.560%), 09/20/2062 | 2,979,919 | 0.2 | |
| 7,000,000 | Ginnie Mae Series 2013-147 BE, 4.000%, 12/20/2039 | 8,201,185 | 0.6 | |
| 1,369,425 | Ginnie Mae Series 2013-167 Z, 3.000%, 10/16/2043 | 1,480,838 | 0.1 | |
| 1,900,000 | (1) | Ginnie Mae Series 2013-186 UI, 2.500%, 11/20/2043 | 406,904 | 0.0 |
| 1,295,321 | (1) | Ginnie Mae Series 2013-186 VI, 4.000%, 12/20/2042 | 139,451 | 0.0 |
| 6,375,186 | (1) | Ginnie Mae Series 2013-20 LI, 4.500%, 12/16/2042 | 938,713 | 0.1 |
| 2,828,123 | (1) | Ginnie Mae Series 2013-41 PI, 3.500%, 04/20/2040 | 131,891 | 0.0 |
| 2,641,648 | Ginnie Mae Series 2013-H08 BF, 2.062%, (US0001M + 0.400%), 03/20/2063 | 2,610,412 | 0.2 | |
| 3,569,215 | Ginnie Mae Series 2013-H10 FT, 1.950%, (H15T1Y + 0.450%), 04/20/2063 | 3,545,614 | 0.3 | |
| 5,299,933 | Ginnie Mae Series 2013-H14 FC, 2.132%, (US0001M + 0.470%), 06/20/2063 | 5,251,972 | 0.4 | |
| 952,018 | Ginnie Mae Series 2013-H18 BA, 2.262%, (US0001M + 0.600%), 07/20/2063 | 945,184 | 0.1 | |
| 3,170,800 | Ginnie Mae Series 2013-H19 DF, 2.312%, (US0001M + 0.650%), 05/20/2063 | 3,148,134 | 0.3 | |
| 2,953,654 | Ginnie Mae Series 2013-H20 FB, 2.662%, (US0001M + 1.000%), 08/20/2063 | 2,958,172 | 0.2 | |
| 3,843,874 | Ginnie Mae Series 2013-H23 FA, 2.962%, (US0001M + 1.300%), 09/20/2063 | 3,871,835 | 0.3 | |
| 530,485 | Ginnie Mae Series 2013-H24 FB, 2.392%, (US0001M + 0.730%), 09/20/2063 | 528,774 | 0.0 | |
| 2,793,200 | Ginnie Mae Series 2014-115 EM, 4.000%, 08/20/2044 | 3,307,464 | 0.3 | |
| 12,628,860 | Ginnie Mae Series 2014-118 ZP, 4.000%, 08/20/2044 | 13,697,720 | 1.1 | |
| 2,007,547 | (1) | Ginnie Mae Series 2014-183 IM, 5.000%, 06/20/2035 | 349,097 | 0.0 |
| 3,251,655 | (1) | Ginnie Mae Series 2014-30 ES, 4.227%, (-1.000*US0001M + 5.000%), 03/20/2040 | 490,591 | 0.0 |
| 10,371,041 | (2) | Ginnie Mae Series 2015-10 Q, 2.315%, 10/20/2044 | 10,840,532 | 0.8 |
| 2,364,266 | (1) | Ginnie Mae Series 2015-141 IX, 1.013%, (-0.714*US0001M + 2.142%), 06/20/2045 | 225,978 | 0.0 |
| 12,125,000 | Ginnie Mae Series 2015-143 B, 3.500%, 04/20/2045 | 13,598,923 | 1.1 | |
| 3,023,928 | (1) | Ginnie Mae Series 2015-157 PI, 4.000%, 03/20/2044 | 332,039 | 0.0 |
| 8,914,528 | Ginnie Mae Series 2015-27 PB, 3.000%, 08/20/2044 | 9,502,306 | 0.7 | |
| 3,974,858 | Ginnie Mae Series 2015-H31 FT, 2.312%, (US0001M + 0.650%), 11/20/2065 | 3,995,295 | 0.3 | |
| 13,346,878 | (1) | Ginnie Mae Series 2016-145 IU, 3.500%, 10/20/2046 | 1,504,077 | 0.1 |
| 6,000,070 | (2) | Ginnie Mae Series 2016-5 AB, 4.678%, 01/20/2046 | 6,813,728 | 0.5 |
| 8,841,663 | Ginnie Mae Series 2016-H08 FT, 1.619%, (US0001M + 0.720%), 02/20/2066 | 8,795,458 | 0.7 |
See Accompanying Notes to Financial Statements
| 7 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 38,872,544 | Ginnie Mae Series 2017-H23 FC, 2.112%, (US0001M + 0.450%), 11/20/2067 | 38,408,235 | 3.0 | |
| 3,406,378 | Ginnie Mae Series 2018-112 AL, 3.500%, 08/20/2048 | 3,614,004 | 0.3 | |
| 2,025,085 | Ginnie Mae Series 2019-29 AI, 5.000%, 07/20/2048 | 329,581 | 0.0 | |
| 3,268,659 | Ginnie Mae Series 2009-118 XZ, 5.000%, 12/20/2039 | 3,749,328 | 0.3 | |
| 6,832,572 | Ginnie Mae Series 2010-117 ZQ, 4.500%, 09/20/2040 | 8,189,625 | 0.6 | |
| 7,529,368 | Ginnie Mae Series 2011-69 HW, 4.000%, 04/20/2040 | 8,035,011 | 0.6 | |
| 3,023,308 | Ginnie Mae Series 2011-H03 FA, 2.162%, (US0001M + 0.500%), 01/20/2061 | 2,991,144 | 0.2 | |
| 1,410,091 | (1) | Ginnie Mae Series 2012-93 NS, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2042 | 278,014 | 0.0 |
| 4,909,512 | Ginnie Mae Series 2012-H08 FB, 2.262%, (US0001M + 0.600%), 03/20/2062 | 4,878,931 | 0.4 | |
| 2,436,106 | Ginnie Mae Series 2013-119 TZ, 3.000%, 08/20/2043 | 2,632,828 | 0.2 | |
| 1,552,863 | (1) | Ginnie Mae Series 2013-88 AI, 4.269%, (-1.000*US0001M + 5.850%), 06/20/2043 | 297,021 | 0.0 |
| 2,129,273 | (1) | Ginnie Mae Series 2013-99 SK, 4.319%, (-1.000*US0001M + 5.900%), 07/20/2043 | 387,695 | 0.0 |
| 2,443,578 | Ginnie Mae Series 2013-H02 FD, 2.002%, (US0001M + 0.340%), 12/20/2062 | 2,414,511 | 0.2 | |
| 2,773,275 | (1) | Ginnie Mae Series 2014-129 WS, 4.319%, (-1.000*US0001M + 5.900%), 09/20/2044 | 509,433 | 0.0 |
| 2,589,548 | (1) | Ginnie Mae Series 2014-161 WS, 4.319%, (-1.000*US0001M + 5.900%), 11/20/2044 | 456,388 | 0.0 |
| 1,566,095 | Ginnie Mae Series 2014-H21 FA, 2.312%, (US0001M + 0.650%), 10/20/2064 | 1,544,047 | 0.1 | |
| 3,789,570 | Ginnie Mae Series 2015-165 ZA, 3.500%, 07/20/2045 | 4,283,073 | 0.3 | |
| 1,382,892 | Ginnie Mae Series 2015-H26 FA, 2.182%, (US0001M + 0.520%), 10/20/2065 | 1,360,452 | 0.1 | |
| 10,442,727 | (1) | Ginnie Mae Series 2016-20 BS, 5.327%, (-1.000*US0001M + 6.100%), 02/20/2046 | 2,056,838 | 0.2 |
| 1,392,724 | Ginnie Mae Series 2016-H11 FE, 2.512%, (US0001M + 0.850%), 04/20/2066 | 1,382,641 | 0.1 | |
| 583,499 | Ginnie Mae Series 2016-H20 FG, 2.362%, (US0001M + 0.700%), 08/20/2066 | 580,378 | 0.1 | |
| 3,032,447 | Ginnie Mae Series 2017-56 HM, 3.000%, 12/20/2046 | 3,218,456 | 0.3 | |
| 5,590,494 | Ginnie Mae Series 2019-1 Z, 4.000%, 01/20/2049 | 6,148,877 | 0.5 | |
| 5,723,936 | Ginnie Mae Series 2019-H05 FL, 2.142%, (US0001M + 0.480%), 03/20/2069 | 5,732,639 | 0.4 | |
| 1,690,028 | Vendee Mortgage Trust 2011-2 DZ, 3.750%, 10/15/2041 | 1,844,232 | 0.1 | |
| Total Collateralized Mortgage Obligations | ||||
| (Cost $613,163,710) | 641,373,880 | 49.3 | ||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 75.2% | ||||
| Federal Home Loan Mortgage Corporation: 2.6%(4) | ||||
| 3,383,960 | 3.500%,07/01/2047 | 3,595,730 | 0.3 | |
| 4,457,501 | 3.500%,12/01/2047 | 4,790,867 | 0.4 | |
| 6,752,747 | 3.500%,03/01/2048 | 7,257,024 | 0.6 | |
| 7,784,230 | 3.500%,11/01/2048 | 8,365,423 | 0.7 | |
| 4,410,977 | 4.000%,07/01/2047 | 4,737,788 | 0.4 | |
| 1,491,662 | 4.500%,08/01/2047 | 1,620,110 | 0.1 | |
| 145,801 | 5.290%,10/01/2037 | 158,781 | 0.0 | |
| 26,814 | 5.410%,07/01/2037 | 29,328 | 0.0 | |
| 26,031 | 5.410%,08/01/2037 | 28,463 | 0.0 | |
| 16,815 | 5.410%,08/01/2037 | 18,373 | 0.0 | |
| 63,210 | 5.440%,01/01/2037 | 69,132 | 0.0 | |
| 21,608 | 5.440%,02/01/2037 | 23,637 | 0.0 | |
| 51,301 | 5.440%,04/01/2037 | 56,138 | 0.0 | |
| 31,581 | 5.440%,09/01/2037 | 34,531 | 0.0 | |
| 30,204 | 5.440%,02/01/2038 | 33,047 | 0.0 | |
| 1,095 | 5.440%,06/01/2038 | 1,186 | 0.0 | |
| 139,213 | 5.450%,12/01/2037 | 150,827 | 0.0 | |
| 107,219 | 5.450%,12/01/2037 | 116,654 | 0.0 | |
| 75,869 | 5.460%,05/01/2037 | 83,016 | 0.0 | |
| 35,814 | 5.460%,08/01/2037 | 39,205 | 0.0 | |
| 39,317 | 5.460%,01/01/2038 | 42,780 | 0.0 | |
| 84,229 | 5.480%,08/01/2037 | 92,192 | 0.0 | |
| 76,608 | 5.480%,10/01/2037 | 83,213 | 0.0 | |
| 128,024 | 5.500%,08/01/2037 | 142,431 | 0.0 | |
| 94,628 | 5.500%,11/01/2037 | 103,630 | 0.0 | |
| 28,868 | 5.500%,04/01/2038 | 31,645 | 0.0 | |
| 18,191 | 5.520%,10/01/2037 | 19,965 | 0.0 | |
| 64,714 | 5.620%,12/01/2036 | 71,076 | 0.0 | |
| 98,611 | 5.620%,03/01/2037 | 108,572 | 0.0 | |
| 68,949 | 5.620%,08/01/2037 | 75,732 | 0.0 | |
| 287,137 | 5.625%,12/01/2036 | 317,896 | 0.0 | |
| 201,498 | 5.625%,01/01/2037 | 221,492 | 0.0 | |
| 22,997 | 5.625%,02/01/2037 | 25,276 | 0.0 | |
| 176,032 | 5.625%,03/01/2037 | 193,425 | 0.0 | |
| 95,158 | 5.625%,06/01/2037 | 104,518 | 0.0 | |
| 84,974 | 5.625%,07/01/2037 | 93,392 | 0.0 | |
| 47,096 | 5.625%,02/01/2038 | 51,810 | 0.0 | |
| 742,030 | 5.750%,09/01/2037 | 845,857 | 0.1 | |
| 81,301 | 5.750%,10/01/2037 | 89,656 | 0.0 | |
| 153,703 | 5.750%,11/01/2037 | 169,451 | 0.0 | |
| 54,831 | 5.750%,12/01/2037 | 60,467 | 0.0 | |
See Accompanying Notes to Financial Statements
| 8 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 99,462 | 6.090%,12/01/2037 | 110,265 | 0.0 | |
| 7,557 | 7.500%,01/01/2030 | 8,930 | 0.0 | |
| 8,664 | 8.000%,01/01/2030 | 8,699 | 0.0 | |
| 34,281,630 | 2.6 | |||
| Federal National Mortgage Association: 1.0%(4) | ||||
| 8,326,245 | 4.000%,07/01/2056 | 9,277,488 | 0.7 | |
| 380,884 | 5.290%,09/01/2037 | 425,378 | 0.1 | |
| 343,545 | 5.290%,09/01/2037 | 372,048 | 0.1 | |
| 303,910 | 5.290%,11/01/2037 | 335,936 | 0.0 | |
| 84,726 | 5.290%,12/01/2037 | 88,102 | 0.0 | |
| 272,136 | 5.290%,04/01/2038 | 294,057 | 0.0 | |
| 56,544 | 5.350%,04/01/2029 | 62,317 | 0.0 | |
| 40,948 | 5.350%,09/01/2029 | 45,297 | 0.0 | |
| 71,068 | 5.390%,05/01/2038 | 80,720 | 0.0 | |
| 282,710 | 5.440%,08/01/2047 | 305,221 | 0.0 | |
| 168,092 | 5.440%,08/01/2047 | 178,362 | 0.0 | |
| 163,283 | 5.440%,08/01/2047 | 176,391 | 0.0 | |
| 292,451 | 5.440%,08/01/2047 | 310,665 | 0.0 | |
| 179,454 | 5.440%,09/01/2047 | 190,489 | 0.0 | |
| 482,837 | 5.440%,10/01/2047 | 522,630 | 0.1 | |
| 95,746 | 5.440%,05/01/2048 | 103,323 | 0.0 | |
| 108,791 | 5.620%,12/01/2036 | 118,455 | 0.0 | |
| 186,778 | 5.740%,08/01/2037 | 197,989 | 0.0 | |
| 48,495 | 5.875%,06/01/2035 | 50,174 | 0.0 | |
| 151,169 | 5.890%,07/01/2047 | 161,664 | 0.0 | |
| 105,224 | 5.890%,08/01/2047 | 112,527 | 0.0 | |
| 113,616 | 5.890%,10/01/2047 | 122,061 | 0.0 | |
| 24,483 | 5.900%,09/01/2028 | 26,566 | 0.0 | |
| 77,385 | 6.600%,07/01/2027 | 84,023 | 0.0 | |
| 40,430 | 6.600%,09/01/2027 | 41,625 | 0.0 | |
| 31,527 | 6.600%,11/01/2027 | 31,948 | 0.0 | |
| 26,614 | 6.600%,06/01/2028 | 26,794 | 0.0 | |
| 13,742,250 | 1.0 | |||
| Government National Mortgage Association: 65.0% | ||||
| 160,796,000 | (5) | 3.000%,05/01/2043 | 169,884,060 | 13.1 |
| 2,071,571 | 3.000%,04/20/2045 | 2,228,626 | 0.2 | |
| 428,533 | 3.000%,11/20/2045 | 456,378 | 0.1 | |
| 388,601 | 3.000%,12/20/2045 | 412,418 | 0.0 | |
| 340,961 | 3.000%,12/20/2045 | 364,330 | 0.0 | |
| 117,860 | 3.000%,12/20/2045 | 124,987 | 0.0 | |
| 403,277 | 3.000%,01/20/2046 | 430,304 | 0.0 | |
| 2,543,522 | 3.000%,04/20/2046 | 2,725,152 | 0.2 | |
| 3,980,702 | 3.000%,01/20/2050 | 4,225,079 | 0.3 | |
| 3,800,314 | 3.000%,02/20/2050 | 4,030,032 | 0.3 | |
| 2,160,400 | 3.500%,04/20/2043 | 2,313,818 | 0.2 | |
| 2,612,141 | 3.500%,06/20/2045 | 2,809,597 | 0.2 | |
| 8,619,840 | 3.500%,04/20/2046 | 9,195,551 | 0.7 | |
| 9,768,654 | 3.500%,03/20/2047 | 10,456,007 | 0.8 | |
| 1,993,883 | 3.500%,07/20/2047 | 2,148,898 | 0.2 | |
| 2,012,695 | 3.500%,07/20/2047 | 2,144,161 | 0.2 | |
| 54,438,715 | 3.500%,12/20/2047 | 58,383,665 | 4.5 | |
| 16,729,559 | 3.500%,01/20/2048 | 17,923,250 | 1.4 | |
| 11,742,654 | 3.500%,02/20/2048 | 12,568,980 | 1.0 | |
| 6,511,395 | 3.500%,02/20/2048 | 7,035,811 | 0.6 | |
| 23,362,155 | 3.500%,03/20/2048 | 25,128,567 | 1.9 | |
| 13,918,958 | 3.500%,01/20/2050 | 14,740,197 | 1.1 | |
| 4,802,122 | 3.750%,05/20/2042 | 5,167,950 | 0.4 | |
| 4,585,701 | 3.750%,05/20/2042 | 4,941,162 | 0.4 | |
| 108,957 | 4.000%,05/20/2033 | 117,406 | 0.0 | |
| 23,509 | 4.000%,08/15/2033 | 25,019 | 0.0 | |
| 37,609 | 4.000%,01/15/2034 | 40,093 | 0.0 | |
| 22,143 | 4.000%,03/15/2034 | 23,579 | 0.0 | |
| 1,266,708 | 4.000%,05/20/2034 | 1,356,640 | 0.1 | |
| 1,438,989 | 4.000%,07/20/2034 | 1,542,258 | 0.1 | |
| 1,032,414 | 4.000%,07/20/2034 | 1,106,635 | 0.1 | |
| 133,872 | 4.000%,08/20/2035 | 142,735 | 0.0 | |
| 168,224 | 4.000%,05/15/2040 | 179,299 | 0.0 | |
| 2,000,938 | 4.000%,09/20/2040 | 2,159,890 | 0.2 | |
| 2,873,840 | 4.000%,07/20/2041 | 3,200,255 | 0.3 | |
| 10,318,141 | 4.000%,08/20/2042 | 11,266,593 | 0.9 | |
| 453,914 | 4.000%,09/15/2042 | 485,378 | 0.1 | |
| 1,896,856 | 4.000%,10/20/2043 | 2,054,881 | 0.2 | |
| 2,947,336 | 4.000%,12/20/2044 | 3,188,583 | 0.3 | |
| 2,854,262 | 4.000%,01/20/2045 | 3,089,579 | 0.3 | |
| 828,017 | 4.000%,06/20/2045 | 904,058 | 0.1 | |
| 3,717,460 | 4.000%,07/20/2045 | 4,058,834 | 0.3 | |
| 4,505,970 | 4.000%,09/20/2045 | 4,919,362 | 0.4 | |
| 365,768 | 4.000%,12/20/2045 | 391,536 | 0.0 | |
| 713,836 | 4.000%,01/20/2046 | 768,236 | 0.1 | |
| 6,065,313 | 4.000%,01/20/2046 | 6,542,248 | 0.5 | |
| 195,086 | 4.000%,02/20/2046 | 211,916 | 0.0 | |
| 4,666,416 | 4.000%,03/20/2046 | 5,043,207 | 0.4 | |
| 2,426,412 | 4.000%,04/20/2046 | 2,632,977 | 0.2 | |
| 1,060,692 | 4.000%,08/20/2046 | 1,145,322 | 0.1 | |
| 9,400,019 | 4.000%,09/20/2047 | 10,043,782 | 0.8 | |
| 26,206,658 | 4.000%,04/20/2048 | 28,226,191 | 2.2 | |
| 2,406,449 | 4.000%,10/20/2049 | 2,562,165 | 0.2 | |
| 21,505,884 | 4.000%,11/20/2049 | 22,905,393 | 1.8 | |
| 27,330,842 | 4.000%,12/20/2049 | 29,307,714 | 2.3 | |
| 13,197 | 4.500%,07/20/2036 | 14,082 | 0.0 | |
| 11,048 | 4.500%,08/20/2036 | 11,778 | 0.0 | |
| 1,049,059 | 4.500%,10/15/2039 | 1,176,370 | 0.1 | |
| 595,575 | 4.500%,11/15/2039 | 667,648 | 0.1 | |
| 691,221 | 4.500%,11/15/2039 | 775,120 | 0.1 | |
| 208,453 | 4.500%,12/15/2039 | 233,711 | 0.0 | |
| 563,909 | 4.500%,01/15/2040 | 625,599 | 0.1 | |
| 73,975 | 4.500%,01/20/2040 | 79,829 | 0.0 | |
| 2,205,347 | 4.500%,02/15/2040 | 2,445,242 | 0.2 | |
| 494,921 | 4.500%,06/15/2040 | 546,082 | 0.1 | |
| 92,594 | 4.500%,07/20/2040 | 99,873 | 0.0 | |
| 396,822 | 4.500%,08/20/2040 | 427,961 | 0.0 | |
| 1,305,468 | 4.500%,09/20/2041 | 1,440,744 | 0.1 | |
| 25,819,882 | 4.500%,11/20/2049 | 27,698,804 | 2.1 | |
| 32,819,105 | 4.500%,12/20/2049 | 35,100,889 | 2.7 | |
| 754,086 | 4.750%,06/15/2029 | 830,814 | 0.1 | |
| 185,869 | 4.750%,01/15/2030 | 204,503 | 0.0 | |
| 357,220 | 4.750%,09/15/2034 | 393,638 | 0.0 | |
| 26,288 | 5.000%,03/20/2024 | 28,353 | 0.0 | |
| 1,036,666 | 5.000%,04/20/2030 | 1,124,299 | 0.1 | |
| 197,293 | 5.000%,07/15/2033 | 214,184 | 0.0 | |
| 70,390 | 5.000%,03/15/2034 | 77,597 | 0.0 | |
| 62,487 | 5.000%,04/15/2034 | 67,691 | 0.0 | |
| 70,466 | 5.000%,01/15/2035 | 76,252 | 0.0 | |
| 165,616 | 5.000%,03/15/2035 | 179,562 | 0.0 | |
| 19,056 | 5.000%,03/15/2035 | 20,919 | 0.0 | |
| 289,611 | 5.000%,04/15/2035 | 323,500 | 0.0 | |
| 66,060 | 5.000%,04/15/2035 | 73,325 | 0.0 | |
| 51,446 | 5.000%,04/15/2035 | 55,757 | 0.0 | |
| 30,945 | 5.000%,05/15/2035 | 34,782 | 0.0 | |
| 83,029 | 5.000%,05/20/2035 | 92,273 | 0.0 | |
| 418,252 | 5.000%,11/20/2035 | 464,624 | 0.1 | |
| 207,790 | 5.000%,04/20/2036 | 230,966 | 0.0 | |
| 147,159 | 5.000%,02/15/2038 | 159,537 | 0.0 | |
| 44,524 | 5.000%,06/20/2038 | 46,316 | 0.0 | |
| 40,541 | 5.000%,08/20/2038 | 43,409 | 0.0 | |
| 180,544 | 5.000%,10/20/2038 | 190,704 | 0.0 | |
| 32,043 | 5.000%,11/20/2038 | 33,160 | 0.0 | |
| 208,131 | 5.000%,01/20/2039 | 219,363 | 0.0 | |
| 170,385 | 5.000%,02/15/2039 | 184,797 | 0.0 | |
| 227,239 | 5.000%,03/15/2039 | 247,764 | 0.0 | |
| 195,793 | 5.000%,11/15/2039 | 212,433 | 0.0 | |
| 786,354 | 5.000%,11/15/2039 | 892,196 | 0.1 | |
| 897,526 | 5.000%,11/15/2039 | 1,017,881 | 0.1 | |
| 145,400 | 5.000%,04/15/2040 | 160,454 | 0.0 | |
| 872,758 | 5.000%,09/15/2040 | 973,709 | 0.1 | |
| 955,698 | 5.000%,07/20/2041 | 1,058,025 | 0.1 | |
| 28,366 | 5.250%,01/15/2024 | 30,871 | 0.0 | |
See Accompanying Notes to Financial Statements
| 9 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 49,892 | 5.250%,06/15/2028 | 54,876 | 0.0 | |
| 76,252 | 5.250%,06/15/2029 | 83,861 | 0.0 | |
| 1,080,868 | 5.250%,01/20/2036 | 1,199,199 | 0.1 | |
| 120,869 | 5.290%,07/20/2037 | 129,941 | 0.0 | |
| 174,762 | 5.290%,08/20/2037 | 187,699 | 0.0 | |
| 138,625 | 5.290%,08/20/2037 | 149,740 | 0.0 | |
| 104,691 | 5.290%,09/20/2037 | 112,548 | 0.0 | |
| 389,551 | 5.290%,09/20/2037 | 419,768 | 0.0 | |
| 121,452 | 5.290%,01/20/2038 | 130,557 | 0.0 | |
| 9,212 | 5.350%,01/15/2029 | 10,006 | 0.0 | |
| 21,015 | 5.350%,01/20/2029 | 22,590 | 0.0 | |
| 3,030 | 5.350%,02/20/2029 | 3,207 | 0.0 | |
| 68,484 | 5.350%,04/20/2029 | 73,633 | 0.0 | |
| 35,135 | 5.350%,06/20/2029 | 37,813 | 0.0 | |
| 43,987 | 5.350%,10/20/2029 | 47,342 | 0.0 | |
| 126,510 | 5.390%,05/15/2038 | 137,781 | 0.0 | |
| 154,607 | 5.390%,08/20/2038 | 171,416 | 0.0 | |
| 162,085 | 5.390%,09/15/2038 | 176,522 | 0.0 | |
| 97,100 | 5.390%,02/15/2040 | 107,962 | 0.0 | |
| 52,519 | 5.500%,08/15/2024 | 55,066 | 0.0 | |
| 23,408 | 5.500%,08/20/2024 | 25,259 | 0.0 | |
| 688 | 5.500%,04/20/2029 | 743 | 0.0 | |
| 283,829 | 5.500%,09/15/2029 | 308,604 | 0.0 | |
| 167,189 | 5.500%,10/15/2029 | 181,790 | 0.0 | |
| 42,744 | 5.500%,12/20/2032 | 48,266 | 0.0 | |
| 146,580 | 5.500%,08/20/2033 | 165,398 | 0.0 | |
| 67,763 | 5.500%,11/20/2033 | 69,342 | 0.0 | |
| 41,287 | 5.500%,12/20/2033 | 46,606 | 0.0 | |
| 68,597 | 5.500%,03/20/2034 | 70,210 | 0.0 | |
| 199,359 | 5.500%,04/20/2034 | 215,664 | 0.0 | |
| 245,448 | 5.500%,04/20/2034 | 277,004 | 0.0 | |
| 181,938 | 5.500%,06/20/2034 | 196,684 | 0.0 | |
| 89,197 | 5.500%,06/20/2034 | 92,068 | 0.0 | |
| 91,297 | 5.500%,07/20/2034 | 98,631 | 0.0 | |
| 111,551 | 5.500%,01/20/2035 | 117,378 | 0.0 | |
| 191,887 | 5.500%,05/15/2035 | 209,106 | 0.0 | |
| 56,316 | 5.500%,05/20/2035 | 60,832 | 0.0 | |
| 45,218 | 5.500%,06/20/2035 | 48,785 | 0.0 | |
| 375,364 | 5.500%,07/15/2035 | 414,456 | 0.0 | |
| 317,568 | 5.500%,08/15/2035 | 350,810 | 0.0 | |
| 222,388 | 5.500%,09/20/2035 | 241,494 | 0.0 | |
| 159,248 | 5.500%,04/15/2036 | 173,585 | 0.0 | |
| 54,963 | 5.500%,06/20/2036 | 61,661 | 0.0 | |
| 13,099 | 5.500%,06/20/2038 | 14,255 | 0.0 | |
| 23,902 | 5.500%,08/20/2038 | 26,017 | 0.0 | |
| 24,129 | 5.500%,09/20/2038 | 26,185 | 0.0 | |
| 2,771 | 5.500%,10/20/2038 | 2,956 | 0.0 | |
| 44,660 | 5.500%,11/20/2038 | 48,661 | 0.0 | |
| 3,753 | 5.500%,12/20/2038 | 4,064 | 0.0 | |
| 90,906 | 5.500%,01/15/2039 | 99,095 | 0.0 | |
| 6,134 | 5.500%,01/20/2039 | 6,528 | 0.0 | |
| 85,302 | 5.500%,03/20/2039 | 91,075 | 0.0 | |
| 30,334 | 5.500%,06/15/2039 | 33,061 | 0.0 | |
| 17,382 | 5.500%,06/20/2039 | 18,576 | 0.0 | |
| 41,417 | 5.500%,10/20/2039 | 46,360 | 0.0 | |
| 263,730 | 5.500%,09/15/2040 | 290,104 | 0.0 | |
| 131,943 | 5.740%,08/20/2037 | 143,415 | 0.0 | |
| 85,884 | 5.740%,09/20/2037 | 93,335 | 0.0 | |
| 351,196 | 5.740%,09/20/2037 | 381,480 | 0.0 | |
| 261,710 | 5.740%,09/20/2037 | 284,410 | 0.0 | |
| 406,610 | 5.740%,10/20/2037 | 451,980 | 0.0 | |
| 97,218 | 5.740%,04/20/2038 | 105,645 | 0.0 | |
| 81,201 | 5.750%,11/15/2024 | 85,628 | 0.0 | |
| 737,249 | 5.750%,07/15/2029 | 799,728 | 0.1 | |
| 541,804 | 5.750%,08/15/2029 | 586,708 | 0.1 | |
| 79,446 | 5.750%,11/15/2029 | 86,080 | 0.0 | |
| 588,607 | 5.750%,11/15/2029 | 638,061 | 0.1 | |
| 12,063 | 5.900%,03/20/2028 | 13,139 | 0.0 | |
| 36,094 | 5.900%,05/20/2028 | 39,361 | 0.0 | |
| 36,934 | 5.900%,09/20/2028 | 40,266 | 0.0 | |
| 1,327,605 | 5.970%,11/15/2031 | 1,325,950 | 0.1 | |
| 18,799 | 6.000%,01/20/2024 | 19,061 | 0.0 | |
| 80,060 | 6.000%,10/15/2025 | 88,845 | 0.0 | |
| 166,844 | 6.000%,04/15/2026 | 180,817 | 0.0 | |
| 41,586 | 6.000%,10/20/2027 | 45,455 | 0.0 | |
| 149,672 | 6.000%,05/15/2029 | 163,845 | 0.0 | |
| 165,152 | 6.000%,07/15/2029 | 180,304 | 0.0 | |
| 76,604 | 6.000%,10/20/2034 | 87,513 | 0.0 | |
| 158,615 | 6.000%,03/15/2037 | 180,516 | 0.0 | |
| 14,541 | 6.000%,05/20/2038 | 15,742 | 0.0 | |
| 111,588 | 6.000%,08/20/2038 | 121,180 | 0.0 | |
| 16,501 | 6.000%,09/20/2038 | 17,907 | 0.0 | |
| 55,834 | 6.000%,10/20/2038 | 66,322 | 0.0 | |
| 75,048 | 6.000%,11/15/2038 | 83,050 | 0.0 | |
| 79,161 | 6.000%,12/15/2038 | 87,605 | 0.0 | |
| 163,074 | 6.000%,12/15/2038 | 180,718 | 0.0 | |
| 360,313 | 6.000%,08/15/2039 | 400,138 | 0.0 | |
| 327,040 | 6.000%,08/15/2039 | 366,704 | 0.0 | |
| 30,915 | 6.490%,01/15/2028 | 34,121 | 0.0 | |
| 27,759 | 6.500%,07/20/2029 | 32,232 | 0.0 | |
| 49,477 | 6.500%,07/20/2032 | 51,123 | 0.0 | |
| 135,384 | 6.500%,02/15/2034 | 148,399 | 0.0 | |
| 421 | 6.500%,09/20/2034 | 452 | 0.0 | |
| 9,379 | 7.500%,08/20/2027 | 10,948 | 0.0 | |
| 229,500,000 | (5) | 2.500%,05/01/2050 | 239,450,978 | 18.4 |
| 845,370,135 | 65.0 | |||
| Uniform Mortgage-Backed Securities: 6.6% | ||||
| 5,294,101 | 2.500%,04/01/2050 | 5,496,562 | 0.4 | |
| 20,433,246 | 3.000%,10/01/2049 | 21,465,058 | 1.7 | |
| 4,135,536 | 3.000%,12/01/2049 | 4,342,394 | 0.4 | |
| 9,411,067 | 3.500%,12/01/2047 | 10,001,412 | 0.8 | |
| 8,548,233 | 3.500%,05/01/2048 | 9,081,498 | 0.7 | |
| 11,190,884 | 4.000%,05/01/2042 | 12,200,919 | 1.0 | |
| 1,286,980 | 4.000%,05/01/2045 | 1,394,148 | 0.1 | |
| 3,930,382 | 4.000%,06/01/2048 | 4,200,524 | 0.3 | |
| 8,698,282 | 4.000%,03/01/2049 | 9,285,687 | 0.7 | |
| 492,994 | 4.250%,08/01/2035 | 533,753 | 0.1 | |
| 259,703 | 4.750%,11/01/2034 | 281,050 | 0.0 | |
| 464,430 | 4.750%,11/01/2034 | 508,590 | 0.1 | |
| 364,657 | 4.750%,02/01/2035 | 398,252 | 0.0 | |
| 630,337 | 4.750%,04/01/2035 | 694,780 | 0.1 | |
| 574,009 | 4.750%,05/01/2035 | 629,482 | 0.1 | |
| 135,285 | 4.750%,07/01/2035 | 145,872 | 0.0 | |
| 823,249 | 4.750%,07/01/2035 | 910,177 | 0.1 | |
| 139,846 | 5.000%,02/01/2033 | 151,363 | 0.0 | |
| 100,353 | 5.000%,07/01/2033 | 108,577 | 0.0 | |
| 87,278 | 5.000%,03/01/2036 | 94,349 | 0.0 | |
| 281,838 | 5.000%,05/01/2036 | 306,736 | 0.0 | |
| 97,130 | 5.030%,05/01/2037 | 105,127 | 0.0 | |
| 150,763 | 5.030%,09/01/2037 | 163,042 | 0.0 | |
| 49,557 | 5.155%,11/01/2036 | 53,846 | 0.0 | |
| 164,692 | 5.155%,01/01/2037 | 178,833 | 0.0 | |
| 146,912 | 5.250%,04/01/2032 | 160,340 | 0.0 | |
| 74,411 | 5.250%,04/01/2032 | 81,059 | 0.0 | |
| 27,987 | 5.280%,11/01/2036 | 30,481 | 0.0 | |
| 130,069 | 5.280%,11/01/2036 | 141,763 | 0.0 | |
| 47,239 | 5.280%,01/01/2037 | 51,432 | 0.0 | |
| 205,017 | 5.290%,08/01/2037 | 223,532 | 0.0 | |
| 334,267 | 5.290%,09/01/2037 | 364,988 | 0.0 | |
| 76,969 | 5.290%,09/01/2037 | 83,931 | 0.0 | |
| 54,192 | 5.300%,09/01/2036 | 59,033 | 0.0 | |
| 22,338 | 5.300%,10/01/2036 | 24,358 | 0.0 | |
| 32,220 | 5.300%,10/01/2036 | 35,101 | 0.0 | |
| 91,540 | 5.300%,12/01/2036 | 99,675 | 0.0 | |
| 125,071 | 5.300%,12/01/2036 | 136,244 | 0.0 | |
| 69,237 | 5.300%,02/01/2037 | 75,446 | 0.0 | |
| 83,372 | 5.300%,05/01/2037 | 90,924 | 0.0 | |
| 336,432 | 5.300%,08/01/2037 | 369,691 | 0.0 | |
| 132,952 | 5.390%,12/01/2037 | 145,201 | 0.0 | |
See Accompanying Notes to Financial Statements
| 10 |
| Voya GNMA Income Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 267,154 | 5.405%,11/01/2036 | 292,659 | 0.0 | |
| 238,875 | 5.405%,02/01/2037 | 261,288 | 0.0 | |
| 97,204 | 5.740%,07/01/2037 | 107,140 | 0.0 | |
| 133,250 | 5.740%,08/01/2037 | 146,974 | 0.0 | |
| 16,140 | 7.500%,05/01/2028 | 16,193 | 0.0 | |
| 85,729,484 | 6.6 | |||
| Total U.S. Government Agency Obligations | ||||
| (Cost $952,752,838) | 979,123,499 | 75.2 | ||
| ASSET-BACKED SECURITIES: 0.2% | ||||
| Other Asset-Backed Securities: 0.2% | ||||
| 256,646 | (2) | Fannie Mae Grantor Trust 2003-T4 2A6, 4.625%, 07/26/2033 | 281,002 | 0.0 |
| 97,628 | (2) | Fannie Mae REMIC Trust 2001-W4 AF6, 5.610%, 01/25/2032 | 105,578 | 0.0 |
| 46,522 | (2) | Fannie Mae REMIC Trust 2002-W12 AF6, 5.066%, 02/25/2033 | 48,232 | 0.0 |
| 59,160 | (2) | Fannie Mae REMIC Trust 2002-W2 AF6, 6.483%, 05/25/2032 | 63,354 | 0.0 |
| 2,150,205 | Fannie Mae Grantor Trust 2001-T9 A1, 1.167%, (US0001M + 0.220%), 09/25/2031 | 2,116,968 | 0.2 | |
| Total Asset-Backed Securities | ||||
| (Cost $2,590,858) | 2,615,134 | 0.2 | ||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 0.2% | ||||
| 456,250 | (2) | Ginnie Mae 2004-23 Z, 5.547%, 03/16/2044 | 501,503 | 0.0 |
| 6,103,899 | (1),(2) | Ginnie Mae 2006-67 IO, 0.533%, 11/16/2046 | 20,030 | 0.0 |
| 622,506 | (2) | Ginnie Mae 2007-52 Z, 4.350%, 01/16/2048 | 675,499 | 0.1 |
| 652,613 | Ginnie Mae 2008-39 Z, 4.500%, 02/16/2048 | 693,691 | 0.1 | |
| 236,711 | (1),(2) | Ginnie Mae 2008-45 IO, 0.852%, 02/16/2048 | 451 | 0.0 |
| 436,729 | (2) | Ginnie Mae 2009-115 D, 4.593%, 01/16/2050 | 457,014 | 0.0 |
| 2,341,969 | (1),(2) | Ginnie Mae 2010-122 IO, 0.297%, 02/16/2044 | 9,531 | 0.0 |
| 63,497 | (1),(2) | Ginnie Mae 2010-123 IA, 2.050%, 10/16/2052 | 859 | 0.0 |
| 20,811,598 | (1),(2) | Ginnie Mae 2011-47 IO, 0.081%, 01/16/2051 | 52,857 | 0.0 |
| 232,222 | (2) | Ginnie Mae 2011-53 B, 3.924%, 05/16/2051 | 238,498 | 0.0 |
| Total Commercial Mortgage-Backed Securities | ||||
| (Cost $2,893,943) | 2,649,933 | 0.2 | ||
| Total Long-Term Investments | ||||
| (Cost $1,571,401,349) | 1,625,762,446 | 124.9 | ||
| SHORT-TERM INVESTMENTS: 5.0% | ||||
| U.S. Treasury Bills: 5.0% | ||||
| 58,000,000 | (6) | United States Treasury Bill, 0.030%, 04/28/2020 | 57,998,586 | 4.5 |
| 6,301,000 | (6) | United States Treasury Bill, 0.060%, 04/07/2020 | 6,300,933 | 0.5 |
| Total U.S. Treasury Bills | ||||
| Total Short-Term Investments | ||||
| (Cost $64,298,746) | 64,299,519 | 5.0 | ||
| Total Investments in Securities (Cost $1,635,700,095) |
$ 1,690,061,965 | 129.9 | ||
| Liabilities in Excess of Other Assets | (388,638,922) | (29.9) | ||
| Net Assets | $ 1,301,423,043 | 100.0 | ||
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | 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. |
| (2) | Variable rate security. Rate shown is the rate in effect as of March 31, 2020. |
| (3) | 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. |
| (4) | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| (5) | Settlement is on a when-issued or delayed-delivery basis. |
| (6) | Represents a zero coupon bond. Rate shown reflects the effective yield as of March 31, 2020. |
| Reference Rate Abbreviations: | |
| H15T1Y | U.S. Treasury 1-Year Constant Maturity |
| US0001M | 1-month LIBOR |
See Accompanying Notes to Financial Statements
| 11 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 |
| Principal Amount† |
Value | Percentage of Net Assets | ||
| CORPORATE BONDS/NOTES: 92.8% | ||||
| Basic Materials: 5.1% | ||||
| 1,510,000 | (1) | Aruba Investments, Inc., 8.750%, 02/15/2023 | $ 1,477,905 | 0.3 |
| 1,400,000 | CF Industries, Inc., 5.375%, 03/15/2044 | 1,344,462 | 0.3 | |
| 315,000 | (2) | Cleveland-Cliffs, Inc., 5.750%, 03/01/2025 | 245,700 | 0.0 |
| 1,760,000 | (1) | Cleveland-Cliffs, Inc., 6.750%, 03/15/2026 | 1,565,300 | 0.3 |
| 1,175,000 | (1) | Compass Minerals International, Inc., 6.750%, 12/01/2027 | 1,067,252 | 0.2 |
| 1,200,000 | (1) | Constellium SE, 5.750%, 05/15/2024 | 1,081,614 | 0.2 |
| 500,000 | (1),(2) | Constellium SE, 5.875%, 02/15/2026 | 438,787 | 0.1 |
| 750,000 | (1) | Constellium SE, 6.625%, 03/01/2025 | 680,602 | 0.1 |
| 1,185,000 | (1) | First Quantum Minerals Ltd., 6.500%, 03/01/2024 | 990,962 | 0.2 |
| 1,500,000 | Freeport-McMoRan, Inc., 4.550%, 11/14/2024 | 1,425,908 | 0.3 | |
| 2,600,000 | Freeport-McMoRan, Inc., 4.125%, 03/01/2028 | 2,285,764 | 0.5 | |
| 350,000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 305,393 | 0.1 | |
| 1,475,000 | Hecla Mining Co., 7.250%, 02/15/2028 | 1,298,738 | 0.3 | |
| 2,225,000 | (1) | Novelis Corp., 5.875%, 09/30/2026 | 2,199,040 | 0.5 |
| 1,250,000 | (1) | OCI NV, 5.250%, 11/01/2024 | 1,093,750 | 0.2 |
| 2,100,000 | (1) | OCI NV, 6.625%, 04/15/2023 | 1,932,000 | 0.4 |
| 1,100,000 | Olin Corp., 5.125%, 09/15/2027 | 990,586 | 0.2 | |
| 1,950,000 | (1) | Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026 | 1,956,908 | 0.4 |
| 1,135,000 | (1) | SPCM SA, 4.875%, 09/15/2025 | 1,081,053 | 0.2 |
| 1,875,000 | (1),(2) | Tronox, Inc., 6.500%, 04/15/2026 | 1,701,703 | 0.3 |
| 25,163,427 | 5.1 | |||
| Communications: 22.9% | ||||
| 1,400,000 | (1) | Altice France SA/France, 8.125%, 02/01/2027 | 1,467,270 | 0.3 |
| 1,375,000 | (1),(2) | Altice Finco SA, 7.625%, 02/15/2025 | 1,318,274 | 0.3 |
| 1,625,000 | AMC Networks, Inc., 4.750%, 08/01/2025 | 1,590,477 | 0.3 | |
| 1,600,000 | (1) | Block Communications, Inc., 4.875%, 03/01/2028 | 1,497,000 | 0.3 |
| 2,275,000 | (1) | C&W Senior Financing DAC, 7.500%, 10/15/2026 | 2,099,899 | 0.4 |
| 1,325,000 | Cablevision Systems Corp., 5.875%, 09/15/2022 | 1,345,325 | 0.3 | |
| 2,725,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 2,757,754 | 0.6 |
| 1,250,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 1,261,950 | 0.3 |
| 1,600,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 1,631,308 | 0.3 |
| 2,700,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026 | 2,743,065 | 0.6 |
| 355,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 348,193 | 0.1 |
| 750,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 03/01/2030 | 752,287 | 0.2 |
| 1,125,000 | CenturyLink, Inc., 5.625%, 04/01/2020 | 1,125,000 | 0.2 | |
| 675,000 | CenturyLink, Inc., 5.625%, 04/01/2025 | 682,590 | 0.1 | |
| 675,000 | CenturyLink, Inc., 5.800%, 03/15/2022 | 684,895 | 0.1 | |
| 1,600,000 | (1) | Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024 | 1,386,008 | 0.3 |
| 2,675,000 | (1) | CommScope Tech Finance LLC, 6.000%, 06/15/2025 | 2,468,222 | 0.5 |
| 300,000 | (1) | CommScope Technologies LLC, 5.000%, 03/15/2027 | 262,522 | 0.1 |
| 2,075,000 | (1) | Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026 | 1,722,250 | 0.4 |
| 1,775,000 | (2) | Consolidated Communications, Inc., 6.500%, 10/01/2022 | 1,566,437 | 0.3 |
| 3,275,000 | (2) | CSC Holdings LLC, 5.250%, 06/01/2024 | 3,303,640 | 0.7 |
| 2,245,000 | (1) | CSC Holdings LLC, 5.500%, 05/15/2026 | 2,337,758 | 0.5 |
| 1,195,000 | (1) | CSC Holdings LLC, 5.750%, 01/15/2030 | 1,209,591 | 0.2 |
| 825,000 | (1) | CSC Holdings LLC, 7.500%, 04/01/2028 | 884,720 | 0.2 |
| 1,675,000 | (1) | Cumulus Media New Holdings, Inc., 6.750%, 07/01/2026 | 1,508,542 | 0.3 |
| 900,000 | (1) | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026 | 736,328 | 0.2 |
| 2,075,000 | (1),(2) | Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 08/15/2027 | 1,399,172 | 0.3 |
| 625,000 | DISH DBS Corp., 5.000%, 03/15/2023 | 604,700 | 0.1 | |
| 1,575,000 | DISH DBS Corp., 5.875%, 07/15/2022 | 1,542,177 | 0.3 | |
See Accompanying Notes to Financial Statements
| 12 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,900,000 | DISH DBS Corp., 5.875%, 11/15/2024 | 1,862,161 | 0.4 | |
| 1,625,000 | Embarq Corp., 7.995%, 06/01/2036 | 1,617,403 | 0.3 | |
| 1,325,000 | (1),(2) | Entercom Media Corp., 7.250%, 11/01/2024 | 1,117,962 | 0.2 |
| 2,810,000 | (1) | Front Range BidCo, Inc., 6.125%, 03/01/2028 | 2,685,306 | 0.5 |
| 925,000 | (1) | Frontier Communications Corp., 8.000%, 04/01/2027 | 917,443 | 0.2 |
| 1,900,000 | (1),(2) | Gray Television, Inc., 5.125%, 10/15/2024 | 1,847,759 | 0.4 |
| 1,200,000 | (1) | Gray Television, Inc., 7.000%, 05/15/2027 | 1,200,660 | 0.2 |
| 1,050,000 | (1) | GTT Communications, Inc., 7.875%, 12/31/2024 | 685,125 | 0.1 |
| 1,500,000 | (2) | Hughes Satellite Systems Corp., 6.625%, 08/01/2026 | 1,532,186 | 0.3 |
| 525,000 | (1) | iHeartCommunications, Inc., 5.250%, 08/15/2027 | 460,399 | 0.1 |
| 2,075,000 | (2) | iHeartCommunications, Inc., 8.375%, 05/01/2027 | 1,778,171 | 0.4 |
| 1,915,000 | (1),(2) | Intelsat Jackson Holdings SA, 8.500%, 10/15/2024 | 1,217,854 | 0.2 |
| 1,775,000 | Intelsat Luxembourg SA, 8.125%, 06/01/2023 | 377,187 | 0.1 | |
| 935,000 | (1) | Lamar Media Corp., 3.750%, 02/15/2028 | 883,463 | 0.2 |
| 370,000 | (1) | Lamar Media Corp., 4.000%, 02/15/2030 | 346,875 | 0.1 |
| 2,025,000 | (1) | LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027 | 2,005,864 | 0.4 |
| 975,000 | Level 3 Financing, Inc., 5.125%, 05/01/2023 | 964,026 | 0.2 | |
| 1,100,000 | Level 3 Financing, Inc., 5.250%, 03/15/2026 | 1,105,418 | 0.2 | |
| 755,000 | (1) | Match Group, Inc., 4.125%, 08/01/2030 | 679,028 | 0.1 |
| 1,600,000 | (1) | MDC Partners, Inc., 6.500%, 05/01/2024 | 1,212,000 | 0.2 |
| 1,225,000 | (1) | Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 08/15/2027 | 1,196,528 | 0.2 |
| 375,000 | (1),(2) | Netflix, Inc., 4.875%, 06/15/2030 | 382,763 | 0.1 |
| 2,375,000 | Netflix, Inc., 5.875%, 11/15/2028 | 2,554,431 | 0.5 | |
| 1,475,000 | (1) | Nexstar Broadcasting, Inc., 5.625%, 08/01/2024 | 1,397,555 | 0.3 |
| 1,675,000 | (1) | Nexstar Broadcasting, Inc., 5.625%, 07/15/2027 | 1,646,609 | 0.3 |
| 1,650,000 | (1) | Altice France SA/France, 7.375%, 05/01/2026 | 1,675,658 | 0.3 |
| 405,000 | (1),(2) | Sinclair Television Group, Inc., 5.125%, 02/15/2027 | 345,685 | 0.1 |
| 975,000 | (1) | Sirius XM Radio, Inc., 4.625%, 07/15/2024 | 995,655 | 0.2 |
| 2,550,000 | (1) | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | 2,602,148 | 0.5 |
| 1,050,000 | (1),(2) | Sprint Corp., 7.250%, 02/01/2028 | 1,059,188 | 0.2 |
| 2,375,000 | Sprint Communications, Inc., 6.000%, 11/15/2022 | 2,484,108 | 0.5 | |
| 5,025,000 | Sprint Corp., 7.125%, 06/15/2024 | 5,552,550 | 1.1 | |
| 2,075,000 | Sprint Corp., 7.625%, 03/01/2026 | 2,360,001 | 0.5 | |
| 750,000 | Sprint Nextel Corp., 6.875%, 11/15/2028 | 860,813 | 0.2 | |
| 355,000 | (1) | TEGNA, Inc., 4.625%, 03/15/2028 | 313,953 | 0.1 |
| 1,575,000 | (1) | TEGNA, Inc., 5.000%, 09/15/2029 | 1,423,406 | 0.3 |
| 1,025,000 | Telecom Italia Capital SA, 6.000%, 09/30/2034 | 1,021,892 | 0.2 | |
| 1,225,000 | Telecom Italia Capital SA, 6.375%, 11/15/2033 | 1,250,174 | 0.3 | |
| 1,475,000 | (1) | Telesat Canada / Telesat LLC, 6.500%, 10/15/2027 | 1,424,186 | 0.3 |
| 2,075,000 | (1) | Terrier Media Buyer, Inc., 8.875%, 12/15/2027 | 1,758,563 | 0.4 |
| 2,200,000 | T-Mobile USA, Inc., 5.125%, 04/15/2025 | 2,265,868 | 0.5 | |
| 2,650,000 | T-Mobile USA, Inc., 5.375%, 04/15/2027 | 2,747,964 | 0.6 | |
| 1,525,000 | (1),(2) | Townsquare Media, Inc., 6.500%, 04/01/2023 | 1,477,336 | 0.3 |
| 1,600,000 | (2),(3) | ViacomCBS, Inc., 6.250%, 02/28/2057 | 1,384,520 | 0.3 |
| 1,675,000 | (1) | ViaSat, Inc., 5.625%, 09/15/2025 | 1,576,435 | 0.3 |
| 400,000 | (1),(2) | ViaSat, Inc., 5.625%, 04/15/2027 | 397,220 | 0.1 |
| 1,350,000 | (1) | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 | 1,357,493 | 0.3 |
| 950,000 | (1),(2) | Ziggo Bond Co. BV, 5.125%, 02/28/2030 | 936,344 | 0.2 |
| 475,000 | (1),(2) | Ziggo BV, 4.875%, 01/15/2030 | 465,929 | 0.1 |
| 111,648,619 | 22.9 | |||
| Consumer, Cyclical: 16.2% | ||||
| 3,900,000 | (1) | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 | 3,748,855 | 0.8 |
| 1,080,000 | (1) | Adams Homes, Inc., 7.500%, 02/15/2025 | 1,039,500 | 0.2 |
| 1,475,000 | (1) | Adient Global Holdings Ltd., 4.875%, 08/15/2026 | 1,021,327 | 0.2 |
| 1,505,000 | (1) | Allison Transmission, Inc., 5.875%, 06/01/2029 | 1,485,386 | 0.3 |
| 2,745,000 | AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026 | 1,158,301 | 0.2 | |
| 1,450,000 | (1) | American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/2028 | 1,327,547 | 0.3 |
| 900,000 | (1) | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 | 771,750 | 0.2 |
| 1,120,000 | (1) | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | 960,400 | 0.2 |
| 375,000 | (1) | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 01/15/2028 | 299,062 | 0.1 |
See Accompanying Notes to Financial Statements
| 13 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,000,000 | (1) | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.750%, 08/01/2025 | 808,745 | 0.2 |
| 2,025,000 | (1) | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 | 1,477,642 | 0.3 |
| 1,215,000 | (1) | CCM Merger, Inc., 6.000%, 03/15/2022 | 1,005,412 | 0.2 |
| 1,145,000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 06/01/2024 | 1,040,513 | 0.2 | |
| 1,405,000 | (1),(2) | Cedar Fair L.P., 5.250%, 07/15/2029 | 1,195,023 | 0.2 |
| 2,225,000 | Century Communities, Inc., 5.875%, 07/15/2025 | 1,925,771 | 0.4 | |
| 350,000 | (1),(4) | Core & Main Holdings L.P., 8.625% (PIK Rate 9.375%, Cash Rate 8.625%), 09/15/2024 | 323,311 | 0.1 |
| 1,575,000 | (1) | Core & Main L.P., 6.125%, 08/15/2025 | 1,476,515 | 0.3 |
| 2,500,000 | Dana, Inc., 5.500%, 12/15/2024 | 2,203,137 | 0.4 | |
| 950,000 | Delta Air Lines, Inc., 2.900%, 10/28/2024 | 762,716 | 0.2 | |
| 1,000,000 | Ford Motor Credit Co. LLC, 4.250%, 09/20/2022 | 942,200 | 0.2 | |
| 1,100,000 | Ford Motor Credit Co. LLC, 5.113%, 05/03/2029 | 943,250 | 0.2 | |
| 750,000 | Ford Motor Credit Co. LLC, 4.542%, 08/01/2026 | 660,000 | 0.1 | |
| 1,000,000 | Ford Motor Credit Co. LLC, 5.584%, 03/18/2024 | 932,500 | 0.2 | |
| 1,215,000 | (1) | Golden Entertainment, Inc., 7.625%, 04/15/2026 | 810,548 | 0.2 |
| 2,275,000 | (1) | Golden Nugget, Inc., 6.750%, 10/15/2024 | 1,449,994 | 0.3 |
| 2,600,000 | H&E Equipment Services, Inc., 5.625%, 09/01/2025 | 2,427,763 | 0.5 | |
| 1,125,000 | (1) | IAA, Inc., 5.500%, 06/15/2027 | 1,094,681 | 0.2 |
| 1,500,000 | (1) | Installed Building Products, Inc., 5.750%, 02/01/2028 | 1,441,564 | 0.3 |
| 900,000 | (1) | International Game Technology PLC, 6.250%, 02/15/2022 | 832,365 | 0.2 |
| 1,465,000 | (1),(2) | International Game Technology PLC, 6.500%, 02/15/2025 | 1,307,307 | 0.3 |
| 2,850,000 | L Brands, Inc., 6.750%, 07/01/2036 | 2,074,230 | 0.4 | |
| 425,000 | Lennar Corp., 8.375%, 01/15/2021 | 435,072 | 0.1 | |
| 1,925,000 | Lennar Corp., 5.250%, 06/01/2026 | 1,931,242 | 0.4 | |
| 540,000 | Lennar Corp., 5.375%, 10/01/2022 | 555,355 | 0.1 | |
| 1,475,000 | (1) | Lions Gate Capital Holdings LLC, 5.875%, 11/01/2024 | 1,269,319 | 0.3 |
| 1,350,000 | (1) | M/I Homes, Inc., 4.950%, 02/01/2028 | 1,155,937 | 0.2 |
| 525,000 | M/I Homes, Inc., 5.625%, 08/01/2025 | 474,466 | 0.1 | |
| 250,000 | Mattel, Inc., 5.450%, 11/01/2041 | 200,076 | 0.0 | |
| 2,025,000 | (1),(2) | Mattel, Inc., 5.875%, 12/15/2027 | 2,076,739 | 0.4 |
| 1,175,000 | Meritage Homes Corp., 5.125%, 06/06/2027 | 1,114,537 | 0.2 | |
| 1,275,000 | Meritage Homes Corp., 7.000%, 04/01/2022 | 1,285,756 | 0.3 | |
| 327,000 | (2) | MGM Resorts International, 5.500%, 04/15/2027 | 299,385 | 0.1 |
| 837,000 | (2) | MGM Resorts International, 5.750%, 06/15/2025 | 755,367 | 0.2 |
| 1,175,000 | MGM Resorts International, 6.000%, 03/15/2023 | 1,141,225 | 0.2 | |
| 1,350,000 | (1),(2) | Michaels Stores, Inc., 8.000%, 07/15/2027 | 1,006,492 | 0.2 |
| 1,300,000 | (1),(2) | Motion Bondco DAC, 6.625%, 11/15/2027 | 942,500 | 0.2 |
| 1,350,000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 1,273,117 | 0.3 | |
| 450,000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 444,754 | 0.1 | |
| 1,450,000 | (1) | Navistar International Corp., 6.625%, 11/01/2025 | 1,216,195 | 0.2 |
| 1,475,000 | (1),(2) | Penn National Gaming, Inc., 5.625%, 01/15/2027 | 1,106,858 | 0.2 |
| 1,300,000 | (1) | Performance Food Group, Inc., 5.500%, 10/15/2027 | 1,215,598 | 0.2 |
| 1,075,000 | (1) | PetSmart, Inc., 5.875%, 06/01/2025 | 1,066,938 | 0.2 |
| 2,825,000 | (1) | PetSmart, Inc., 7.125%, 03/15/2023 | 2,682,337 | 0.5 |
| 1,150,000 | (1),(2) | Scientific Games International, Inc., 5.000%, 10/15/2025 | 1,009,125 | 0.2 |
| 800,000 | Scientific Games International, Inc., 6.625%, 05/15/2021 | 645,040 | 0.1 | |
| 750,000 | (1) | Scientific Games International, Inc., 7.000%, 05/15/2028 | 465,413 | 0.1 |
| 800,000 | (1) | Scientific Games International, Inc., 8.250%, 03/15/2026 | 516,586 | 0.1 |
| 2,000,000 | Sonic Automotive, Inc., 6.125%, 03/15/2027 | 1,777,085 | 0.4 | |
| 965,000 | (1) | Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/01/2027 | 875,738 | 0.2 |
| 675,000 | (1) | Station Casinos LLC, 4.500%, 02/15/2028 | 551,813 | 0.1 |
| 1,825,000 | (1),(2) | Station Casinos LLC, 5.000%, 10/01/2025 | 1,533,566 | 0.3 |
| 1,175,000 | (1) | Taylor Morrison Communities, Inc., 5.750%, 01/15/2028 | 1,059,213 | 0.2 |
| 1,975,000 | (2) | Tempur Sealy International, Inc., 5.500%, 06/15/2026 | 1,739,383 | 0.4 |
See Accompanying Notes to Financial Statements
| 14 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 825,000 | (2) | Tenneco, Inc., 5.000%, 07/15/2026 | 523,937 | 0.1 |
| 1,200,000 | (1) | Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027 | 1,098,660 | 0.2 |
| 1,950,000 | (1) | Viking Cruises Ltd., 5.875%, 09/15/2027 | 1,151,787 | 0.2 |
| 450,000 | (1) | VOC Escrow Ltd., 5.000%, 02/15/2028 | 331,515 | 0.1 |
| 1,400,000 | (1) | William Carter Co/The, 5.625%, 03/15/2027 | 1,351,746 | 0.3 |
| 500,000 | (1) | WMG Acquisition Corp., 5.000%, 08/01/2023 | 500,623 | 0.1 |
| 1,575,000 | (1) | Wolverine World Wide, Inc., 5.000%, 09/01/2026 | 1,514,363 | 0.3 |
| 79,242,173 | 16.2 | |||
| Consumer, Non-cyclical: 19.6% | ||||
| 435,000 | Acadia Healthcare Co., Inc., 5.125%, 07/01/2022 | 418,280 | 0.1 | |
| 960,000 | Acadia Healthcare Co., Inc., 5.625%, 02/15/2023 | 910,699 | 0.2 | |
| 200,000 | Acadia Healthcare Co., Inc., 6.500%, 03/01/2024 | 196,251 | 0.0 | |
| 725,000 | (1) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030 | 723,187 | 0.1 |
| 1,625,000 | (1) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | 1,662,944 | 0.3 |
| 2,150,000 | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.625%, 06/15/2024 | 2,198,310 | 0.4 | |
| 1,050,000 | (1) | Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026 | 1,033,597 | 0.2 |
| 1,900,000 | (1) | Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027 | 1,803,798 | 0.4 |
| 1,400,000 | (1) | AMN Healthcare, Inc., 4.625%, 10/01/2027 | 1,338,399 | 0.3 |
| 3,800,000 | (1) | Bausch Health Americas, Inc., 8.500%, 01/31/2027 | 3,992,090 | 0.8 |
| 1,475,000 | (1) | Bausch Health Cos, Inc., 5.250%, 01/30/2030 | 1,390,187 | 0.3 |
| 375,000 | (1) | Bausch Health Cos, Inc., 5.500%, 11/01/2025 | 381,208 | 0.1 |
| 1,025,000 | (1) | Bausch Health Cos, Inc., 6.125%, 04/15/2025 | 1,016,036 | 0.2 |
| 1,100,000 | (1) | Bausch Health Cos, Inc., 7.000%, 01/15/2028 | 1,146,805 | 0.2 |
| 1,375,000 | (1) | Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, 05/01/2025 | 1,318,274 | 0.3 |
| 1,425,000 | (1) | Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027 | 1,390,159 | 0.3 |
| 350,000 | (1) | Centene Corp., 3.375%, 02/15/2030 | 326,812 | 0.1 |
| 2,400,000 | (1) | Centene Corp., 4.625%, 12/15/2029 | 2,425,320 | 0.5 |
| 1,100,000 | Centene Corp., 4.750%, 01/15/2025 | 1,120,630 | 0.2 | |
| 925,000 | (1) | Centene Corp., 4.750%, 01/15/2025 | 942,348 | 0.2 |
| 700,000 | (1) | Centene Corp., 5.375%, 06/01/2026 | 724,962 | 0.1 |
| 730,000 | (1) | Chobani LLC / Chobani Finance Corp., Inc., 7.500%, 04/15/2025 | 669,753 | 0.1 |
| 2,050,000 | CHS/Community Health Systems, Inc., 6.250%, 03/31/2023 | 1,961,594 | 0.4 | |
| 1,900,000 | (1) | CHS/Community Health Systems, Inc., 6.625%, 02/15/2025 | 1,771,750 | 0.4 |
| 1,575,000 | (1),(2) | Cott Holdings, Inc., 5.500%, 04/01/2025 | 1,537,602 | 0.3 |
| 1,250,000 | DaVita, Inc., 5.125%, 07/15/2024 | 1,254,069 | 0.3 | |
| 1,300,000 | (1) | Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025 | 894,959 | 0.2 |
| 2,850,000 | (1) | Garda World Security Corp., 8.750%, 05/15/2025 | 2,643,289 | 0.5 |
| 1,910,000 | (1) | Graham Holdings Co., 5.750%, 06/01/2026 | 1,888,116 | 0.4 |
| 1,000,000 | HCA, Inc., 3.500%, 09/01/2030 | 911,371 | 0.2 | |
| 4,500,000 | HCA, Inc., 5.375%, 02/01/2025 | 4,606,853 | 0.9 | |
| 825,000 | HCA, Inc., 5.625%, 09/01/2028 | 868,106 | 0.2 | |
| 760,000 | (1) | Hertz Corp./The, 6.000%, 01/15/2028 | 403,218 | 0.1 |
| 800,000 | (1) | Hertz Corp./The, 7.125%, 08/01/2026 | 423,340 | 0.1 |
| 112,000 | (1) | Hertz Corp./The, 7.625%, 06/01/2022 | 91,560 | 0.0 |
| 1,275,000 | (1) | Hertz Corp., 5.500%, 10/15/2024 | 724,895 | 0.1 |
| 1,250,000 | (1) | Hill-Rom Holdings, Inc., 4.375%, 09/15/2027 | 1,241,928 | 0.3 |
| 2,125,000 | (1) | Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 6.375%, 08/01/2023 | 2,178,061 | 0.4 |
| 1,675,000 | (1) | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 | 1,702,219 | 0.3 |
| 1,200,000 | (1),(2) | JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028 | 1,287,660 | 0.3 |
| 1,250,000 | (1) | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.500%, 01/15/2030 | 1,297,563 | 0.3 |
| 1,510,000 | (1) | KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026 | 1,526,044 | 0.3 |
| 2,000,000 | Kraft Heinz Foods Co., 4.375%, 06/01/2046 | 1,813,248 | 0.4 | |
| 4,275,000 | Kraft Heinz Foods Co., 5.000%, 07/15/2035 | 4,278,857 | 0.9 | |
| 1,525,000 | Kraft Heinz Foods Co., 5.000%, 06/04/2042 | 1,452,117 | 0.3 | |
| 1,825,000 | (1) | LifePoint Health, Inc., 4.375%, 02/15/2027 | 1,732,838 | 0.4 |
See Accompanying Notes to Financial Statements
| 15 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,875,000 | Molina Healthcare, Inc., 5.375%, 11/15/2022 | 1,866,263 | 0.4 | |
| 2,600,000 | (1) | MPH Acquisition Holdings LLC, 7.125%, 06/01/2024 | 2,281,578 | 0.5 |
| 1,200,000 | New Albertsons L.P., 7.450%, 08/01/2029 | 1,174,251 | 0.2 | |
| 1,250,000 | (1) | Par Pharmaceutical, Inc., 7.500%, 04/01/2027 | 1,253,219 | 0.3 |
| 1,075,000 | (1) | Pilgrim's Pride Corp., 5.750%, 03/15/2025 | 1,087,099 | 0.2 |
| 1,100,000 | (1) | Pilgrim's Pride Corp., 5.875%, 09/30/2027 | 1,102,145 | 0.2 |
| 650,000 | (1),(2),(4) | Polaris Intermediate Corp., 8.500% (PIK Rate 9.250%, Cash Rate 8.500%), 12/01/2022 | 508,612 | 0.1 |
| 3,675,000 | (1) | Post Holdings, Inc., 5.625%, 01/15/2028 | 3,759,709 | 0.8 |
| 2,200,000 | (1) | Select Medical Corp., 6.250%, 08/15/2026 | 2,212,111 | 0.5 |
| 2,150,000 | Spectrum Brands, Inc., 5.750%, 07/15/2025 | 2,026,311 | 0.4 | |
| 1,300,000 | Tenet Healthcare Corp., 5.125%, 05/01/2025 | 1,238,250 | 0.3 | |
| 2,700,000 | Tenet Healthcare Corp., 6.750%, 06/15/2023 | 2,507,639 | 0.5 | |
| 575,000 | Tenet Healthcare Corp., 8.125%, 04/01/2022 | 546,446 | 0.1 | |
| 1,025,000 | (2) | Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 04/15/2024 | 1,013,464 | 0.2 |
| 1,625,000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 1,585,269 | 0.3 | |
| 635,000 | United Rentals North America, Inc., 5.250%, 01/15/2030 | 638,334 | 0.1 | |
| 1,125,000 | United Rentals North America, Inc., 5.500%, 07/15/2025 | 1,109,537 | 0.2 | |
| 1,325,000 | United Rentals North America, Inc., 6.500%, 12/15/2026 | 1,352,229 | 0.3 | |
| 1,325,000 | (1) | Vizient, Inc., 6.250%, 05/15/2027 | 1,333,556 | 0.3 |
| 1,600,000 | (1) | West Street Merger Sub, Inc., 6.375%, 09/01/2025 | 1,406,672 | 0.3 |
| 95,624,000 | 19.6 | |||
| Energy: 4.1% | ||||
| 725,000 | (1) | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 505,687 | 0.1 |
| 450,000 | (1),(2) | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | 322,680 | 0.1 |
| 1,145,000 | (1) | Baytex Energy Corp., 8.750%, 04/01/2027 | 445,405 | 0.1 |
| 330,550 | (1) | Calfrac Holdings L.P., 10.875%, 03/15/2026 | 99,165 | 0.0 |
| 1,700,000 | Callon Petroleum Co., 6.250%, 04/15/2023 | 416,449 | 0.1 | |
| 1,844,000 | (2) | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025 | 1,069,575 | 0.2 |
| 825,000 | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.250%, 04/01/2023 | 467,325 | 0.1 | |
| 2,200,000 | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025 | 2,158,761 | 0.4 | |
| 950,000 | Diamond Offshore Drilling, Inc., 4.875%, 11/01/2043 | 138,040 | 0.0 | |
| 2,125,000 | (1) | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026 | 2,087,812 | 0.4 |
| 700,000 | (1) | Hess Midstream Operations L.P., 5.125%, 06/15/2028 | 494,585 | 0.1 |
| 1,153,000 | (1) | Hess Midstream Operations L.P., 5.625%, 02/15/2026 | 822,126 | 0.2 |
| 1,355,000 | (1) | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026 | 846,875 | 0.2 |
| 1,460,000 | Montage Resources Corp., 8.875%, 07/15/2023 | 996,406 | 0.2 | |
| 1,405,000 | (1) | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 | 419,452 | 0.1 |
| 750,000 | Murphy Oil Corp., 5.875%, 12/01/2027 | 394,913 | 0.1 | |
| 1,050,000 | Murphy Oil Corp., 5.750%, 08/15/2025 | 568,423 | 0.1 | |
| 525,000 | (1) | Noble Holding International Ltd., 7.875%, 02/01/2026 | 130,485 | 0.0 |
| 500,000 | (1) | Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027 | 355,275 | 0.1 |
| 2,725,000 | PBF Logistics L.P. / PBF Logistics Finance Corp., 6.875%, 05/15/2023 | 1,699,147 | 0.3 | |
| 500,000 | Sunoco L.P. / Sunoco Finance Corp., 4.875%, 01/15/2023 | 487,208 | 0.1 | |
| 45,000 | Sunoco L.P. / Sunoco Finance Corp., 5.500%, 02/15/2026 | 39,322 | 0.0 | |
| 45,000 | Sunoco L.P. / Sunoco Finance Corp., 5.875%, 03/15/2028 | 37,734 | 0.0 | |
| 1,550,000 | (1) | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028 | 816,800 | 0.2 |
| 340,000 | (1) | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.500%, 03/01/2030 | 265,625 | 0.1 |
See Accompanying Notes to Financial Statements
| 16 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 625,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.500%, 07/15/2027 | 537,500 | 0.1 | |
| 1,185,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.875%, 01/15/2029 | 962,813 | 0.2 | |
| 2,125,000 | Transocean, Inc., 6.800%, 03/15/2038 | 505,325 | 0.1 | |
| 1,150,000 | (1) | Viper Energy Partners L.P., 5.375%, 11/01/2027 | 972,383 | 0.2 |
| 600,000 | WPX Energy, Inc., 4.500%, 01/15/2030 | 328,050 | 0.1 | |
| 1,300,000 | WPX Energy, Inc., 5.250%, 10/15/2027 | 722,215 | 0.1 | |
| 20,113,561 | 4.1 | |||
| Financial: 5.4% | ||||
| 255,000 | (1) | AG Issuer LLC, 6.250%, 03/01/2028 | 216,113 | 0.0 |
| 2,025,000 | Ally Financial, Inc., 5.750%, 11/20/2025 | 1,996,043 | 0.4 | |
| 1,225,000 | (1) | Altice France Holding SA, 6.000%, 02/15/2028 | 1,086,796 | 0.2 |
| 2,375,000 | (1) | Altice France Holding SA, 10.500%, 05/15/2027 | 2,517,500 | 0.5 |
| 225,000 | CIT Group, Inc., 5.250%, 03/07/2025 | 220,782 | 0.1 | |
| 775,000 | CIT Group, Inc., 6.125%, 03/09/2028 | 735,120 | 0.2 | |
| 1,850,000 | (1) | ESH Hospitality, Inc., 5.250%, 05/01/2025 | 1,565,572 | 0.3 |
| 1,005,000 | (1) | Freedom Mortgage Corp., 8.250%, 04/15/2025 | 796,432 | 0.2 |
| 2,975,000 | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.250%, 05/15/2026 | 2,828,100 | 0.6 | |
| 1,585,000 | (3) | JPMorgan Chase & Co., 4.600%, 12/31/2199 | 1,389,173 | 0.3 |
| 1,250,000 | (1) | LPL Holdings, Inc., 4.625%, 11/15/2027 | 1,152,650 | 0.2 |
| 1,775,000 | MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc., 5.625%, 05/01/2024 | 1,715,103 | 0.4 | |
| 675,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029 | 624,797 | 0.1 | |
| 1,625,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 1,588,559 | 0.3 | |
| 450,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.500%, 05/01/2024 | 439,313 | 0.1 | |
| 600,000 | (2) | Navient Corp., 5.000%, 03/15/2027 | 520,320 | 0.1 |
| 925,000 | Navient Corp., 7.250%, 09/25/2023 | 913,410 | 0.2 | |
| 1,875,000 | (1) | Quicken Loans, Inc., 5.250%, 01/15/2028 | 1,846,439 | 0.4 |
| 1,200,000 | (1) | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 | 1,124,100 | 0.2 |
| 1,575,000 | (1),(2) | SBA Communications Corp., 3.875%, 02/15/2027 | 1,590,750 | 0.3 |
| 375,000 | Springleaf Finance Corp., 5.375%, 11/15/2029 | 345,401 | 0.1 | |
| 575,000 | Springleaf Finance Corp., 6.125%, 03/15/2024 | 572,171 | 0.1 | |
| 425,000 | Springleaf Finance Corp., 7.125%, 03/15/2026 | 418,359 | 0.1 | |
| 26,203,003 | 5.4 | |||
| Industrial: 12.0% | ||||
| 2,030,000 | (1) | Advanced Disposal Services, Inc., 5.625%, 11/15/2024 | 2,073,127 | 0.4 |
| 2,275,000 | AECOM, 5.875%, 10/15/2024 | 2,238,043 | 0.5 | |
| 1,125,000 | (1) | Amsted Industries, Inc., 5.625%, 07/01/2027 | 1,104,140 | 0.2 |
| 2,500,000 | (1),(4) | ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027 | 2,161,125 | 0.4 |
| 1,750,000 | (1) | ATS Automation Tooling Systems, Inc., 6.500%, 06/15/2023 | 1,717,179 | 0.4 |
| 2,225,000 | (1),(2) | Berry Global, Inc., 5.625%, 07/15/2027 | 2,315,546 | 0.5 |
| 2,075,000 | (1) | BMC East LLC, 5.500%, 10/01/2024 | 2,020,521 | 0.4 |
| 650,000 | (1),(2) | Bombardier, Inc., 6.000%, 10/15/2022 | 492,375 | 0.1 |
| 1,650,000 | (1) | Bombardier, Inc., 7.875%, 04/15/2027 | 1,150,999 | 0.2 |
| 1,675,000 | (1) | Bombardier, Inc., 8.750%, 12/01/2021 | 1,401,556 | 0.3 |
| 1,350,000 | (1) | Builders FirstSource, Inc., 6.750%, 06/01/2027 | 1,334,532 | 0.3 |
| 1,950,000 | (1) | Builders FirstSource, Inc., 5.000%, 03/01/2030 | 1,765,969 | 0.4 |
| 1,250,000 | (1) | Cargo Aircraft Management, Inc., 4.750%, 02/01/2028 | 1,168,750 | 0.2 |
| 2,000,000 | (1) | Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028 | 1,925,000 | 0.4 |
| 1,025,000 | (1) | Clean Harbors, Inc., 4.875%, 07/15/2027 | 1,009,061 | 0.2 |
| 475,000 | (1) | Clean Harbors, Inc., 5.125%, 07/15/2029 | 445,808 | 0.1 |
| 930,000 | (1) | FXI Holdings, Inc., 7.875%, 11/01/2024 | 635,023 | 0.1 |
| 810,000 | (1) | GFL Environmental, Inc., 8.500%, 05/01/2027 | 818,302 | 0.2 |
| 825,000 | (1) | GFL Environmental, Inc., 7.000%, 06/01/2026 | 805,577 | 0.2 |
| 875,000 | (1) | Granite US Holdings Corp., 11.000%, 10/01/2027 | 758,150 | 0.2 |
See Accompanying Notes to Financial Statements
| 17 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,250,000 | (1) | Itron, Inc., 5.000%, 01/15/2026 | 2,156,721 | 0.4 |
| 2,050,000 | (1) | James Hardie International Finance DAC, 4.750%, 01/15/2025 | 1,950,073 | 0.4 |
| 1,875,000 | (1),(2) | Koppers, Inc., 6.000%, 02/15/2025 | 1,514,006 | 0.3 |
| 1,050,000 | (1) | Masonite International Corp., 5.375%, 02/01/2028 | 1,037,768 | 0.2 |
| 1,025,000 | (1) | Masonite International Corp., 5.750%, 09/15/2026 | 1,013,256 | 0.2 |
| 930,000 | (1),(2) | Mauser Packaging Solutions Holding Co., 7.250%, 04/15/2025 | 711,478 | 0.1 |
| 1,800,000 | (1),(2) | Norbord, Inc., 5.750%, 07/15/2027 | 1,658,624 | 0.3 |
| 525,000 | (1),(2) | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 | 517,784 | 0.1 |
| 1,450,000 | (1),(2) | Owens-Brockway Glass Container, Inc., 6.375%, 08/15/2025 | 1,388,375 | 0.3 |
| 1,850,000 | (1) | PGT Innovations, Inc., 6.750%, 08/01/2026 | 1,760,196 | 0.4 |
| 1,600,000 | (1) | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 07/15/2023 | 1,597,992 | 0.3 |
| 725,000 | (1) | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024 | 740,859 | 0.2 |
| 1,000,000 | (1) | Sealed Air Corp., 4.000%, 12/01/2027 | 937,600 | 0.2 |
| 1,125,000 | (1) | Sealed Air Corp., 5.500%, 09/15/2025 | 1,148,912 | 0.2 |
| 1,300,000 | (1) | Silgan Holdings, Inc., 4.125%, 02/01/2028 | 1,209,000 | 0.3 |
| 1,625,000 | (1) | SSL Robotics LLC, 9.750%, 12/31/2023 | 1,685,938 | 0.3 |
| 3,225,000 | (1) | Standard Industries, Inc./NJ, 6.000%, 10/15/2025 | 3,193,621 | 0.7 |
| 1,590,000 | (1),(2) | Stevens Holding Co., Inc., 6.125%, 10/01/2026 | 1,584,367 | 0.3 |
| 600,000 | (1) | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 | 563,247 | 0.1 |
| 1,175,000 | (1) | Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027 | 1,120,412 | 0.2 |
| 1,215,000 | (1) | TransDigm, Inc., 5.500%, 11/15/2027 | 1,097,206 | 0.2 |
| 1,400,000 | TransDigm, Inc., 6.375%, 06/15/2026 | 1,348,270 | 0.3 | |
| 1,050,000 | TransDigm, Inc., 6.500%, 05/15/2025 | 1,004,068 | 0.2 | |
| 422,000 | (1) | Zekelman Industries, Inc., 9.875%, 06/15/2023 | 410,131 | 0.1 |
| 58,690,687 | 12.0 | |||
| Technology: 5.2% | ||||
| 2,350,000 | (1) | Ascend Learning LLC, 6.875%, 08/01/2025 | 2,300,051 | 0.5 |
| 1,100,000 | (1) | Castle US Holding Corp., 9.500%, 02/15/2028 | 1,051,187 | 0.2 |
| 950,000 | CDW LLC / CDW Finance Corp., 5.000%, 09/01/2025 | 984,727 | 0.2 | |
| 1,675,000 | (2) | CDW LLC / CDW Finance Corp., 5.500%, 12/01/2024 | 1,756,313 | 0.4 |
| 2,725,000 | (1) | Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/2025 | 2,540,981 | 0.5 |
| 315,000 | (1) | Dell International LLC / EMC Corp., 5.875%, 06/15/2021 | 315,000 | 0.1 |
| 3,575,000 | (1),(2) | Dell International LLC / EMC Corp., 7.125%, 06/15/2024 | 3,704,594 | 0.7 |
| 1,525,000 | (2) | Donnelley Financial Solutions, Inc., 8.250%, 10/15/2024 | 1,446,836 | 0.3 |
| 900,000 | (1) | MSCI, Inc., 4.000%, 11/15/2029 | 899,037 | 0.2 |
| 380,000 | (1) | MSCI, Inc., 5.750%, 08/15/2025 | 395,135 | 0.1 |
| 1,075,000 | (1) | MTS Systems Corp., 5.750%, 08/15/2027 | 1,006,246 | 0.2 |
| 375,000 | (1) | Open Text Corp., 3.875%, 02/15/2028 | 354,258 | 0.1 |
| 650,000 | (1) | Open Text Corp., 5.875%, 06/01/2026 | 685,392 | 0.1 |
| 700,000 | (1) | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 662,113 | 0.1 |
| 1,575,000 | (1) | RP Crown Parent LLC, 7.375%, 10/15/2024 | 1,514,433 | 0.3 |
| 1,405,000 | (1) | Science Applications International Corp., 4.875%, 04/01/2028 | 1,356,703 | 0.3 |
| 2,450,000 | (1) | Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.750%, 06/01/2025 | 2,260,199 | 0.5 |
| 2,475,000 | (1),(2) | Veritas US, Inc. / Veritas Bermuda Ltd.., 10.500%, 02/01/2024 | 2,106,831 | 0.4 |
| 25,340,036 | 5.2 | |||
| Utilities: 2.3% | ||||
| 2,225,000 | Calpine Corp., 5.750%, 01/15/2025 | 2,074,812 | 0.4 | |
| 1,100,000 | (1) | Clearway Energy Operating LLC, 4.750%, 03/15/2028 | 1,024,375 | 0.2 |
| 2,025,000 | (1) | Drax Finco PLC, 6.625%, 11/01/2025 | 2,042,729 | 0.4 |
| 1,850,000 | (1) | LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/2023 | 1,750,553 | 0.4 |
| 950,000 | (2) | NRG Energy, Inc., 5.750%, 01/15/2028 | 974,273 | 0.2 |
| 1,250,000 | NRG Energy, Inc., 6.625%, 01/15/2027 | 1,306,938 | 0.3 | |
| 725,000 | (1) | Vistra Operations Co. LLC, 5.500%, 09/01/2026 | 751,801 | 0.1 |
See Accompanying Notes to Financial Statements
| 18 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,200,000 | (1) | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | 1,244,160 | 0.3 |
| 11,169,641 | 2.3 | |||
| Total Corporate Bonds/Notes | ||||
| (Cost $488,004,605) | 453,195,147 | 92.8 | ||
| BANK LOANS: 1.0% | ||||
| Consumer, Non-cyclical: 0.3% | ||||
| 1,012,188 | Bellring Brands LLC - TL B 1L, 6.000%, (US0001M + 5.000%), 10/10/2024 | 956,517 | 0.2 | |
| 945,214 | Envision Healthcare Corporation 2018 1st Lien Term Loan, 4.739%, (US0003M + 3.750%), 09/28/2025 | 506,635 | 0.1 | |
| 1,463,152 | 0.3 | |||
| Containers & Glass Products: 0.2% | ||||
| 852,896 | Reynolds Group Holdings Inc. USD 2017 Term Loan, 3.739%, (US0001M + 2.750%), 02/05/2023 | 813,450 | 0.2 | |
| Electronics/Electrical: 0.3% | ||||
| 1,922,123 | Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 4.762%, (US0003M + 3.000%), 11/03/2023 | 1,725,105 | 0.3 | |
| Health Care: 0.2% | ||||
| 845,625 | Bausch Health Companies, Inc. 2018 Term Loan B, 3.612%, (US0001M + 3.000%), 06/02/2025 | 810,390 | 0.2 | |
| Total Bank Loans | ||||
| (Cost $5,245,790) | 4,812,097 | 1.0 | ||
| CONVERTIBLE BONDS/NOTES: 0.1% | ||||
| Communications: 0.1% | ||||
| 625,000 | DISH Network Corp., 3.375%, 08/15/2026 | 508,970 | 0.1 | |
| Total Convertible Bonds/Notes | ||||
| (Cost $619,800) | 508,970 | 0.1 | ||
| Shares | Value | Percentage of Net Assets | ||
| COMMON STOCK: 0.2% | ||||
| Consumer Staples: 0.2% | ||||
| 27,789 | (5),(6) | Southeastern Grocers, Inc. | 889,248 | 0.2 |
| Total Common Stock | ||||
| (Cost $848,084) | 889,248 | 0.2 | ||
| Total Long-Term Investments | ||||
| (Cost $494,718,279) | 459,405,462 | 94.1 | ||
| Principal Amount† | Value | Percentage of Net Assets | ||
| SHORT-TERM INVESTMENTS: 12.4% | ||||
| Commercial Paper: 1.4% | ||||
| 1,500,000 | American Electric Power Co., Inc., 3.190%, 04/13/2020 | 1,498,300 | 0.2 | |
| 2,000,000 | Dominion Resources, Inc., 2.790%, 04/06/2020 | 1,999,085 | 0.4 | |
| 950,000 | (7) | Exxon Mobil Corp., 1.600%, 06/03/2020 | 946,424 | 0.2 |
| 950,000 | (7) | Federal Republic of Germany, 1.620%, 05/21/2020 | 948,654 | 0.2 |
| 950,000 | (7) | LMA Americas LLC, 1.660%, 04/07/2020 | 949,797 | 0.2 |
| 950,000 | (7) | Pfizer Inc., 1.630%, 06/15/2020 | 946,410 | 0.2 |
| Total Commercial Paper | ||||
| (Cost $7,290,050) | 7,288,670 | 1.4 | ||
| Floating Rate Notes: 3.6% | ||||
| 825,000 | (7) | Australia & New Zealand Banking Group Ltd., 1.220%, 04/09/2020 | 825,129 | 0.2 |
| 250,000 | (7) | Bank of America Corp., 1.200%, 05/07/2020 | 249,845 | 0.0 |
| 525,000 | (7) | Bank of Montreal, 0.210%, 07/13/2020 | 523,328 | 0.1 |
| 275,000 | (7) | Bank of Montreal, 0.980%, 08/26/2020 | 275,003 | 0.1 |
| 900,000 | (7) | Bank of Nova Scotia, 1.240%, 05/08/2020 | 900,311 | 0.2 |
| 950,000 | (7) | Canadian Imperial Bank of Commerce, 0.240%, 08/28/2020 | 945,010 | 0.2 |
| 700,000 | (7) | Commonwealth Bank of Australia, 0.950%, 06/10/2020 | 699,396 | 0.1 |
| 250,000 | (7) | Commonwealth Bank of Australia, 1.200%, 07/06/2020 | 249,830 | 0.0 |
| 700,000 | (7) | Coöperatieve Rabobank U.A., 0.990%, 04/20/2020 | 700,176 | 0.1 |
| 625,000 | (7) | Crédit Industriel et Commercial, 1.140%, 04/24/2020 | 625,175 | 0.1 |
| 775,000 | (7) | Credit Suisse Group AG, 0.360%, 04/17/2020 | 774,972 | 0.2 |
| 700,000 | (7) | HSBC Bank PLC, 1.520%, 06/03/2020 | 699,468 | 0.1 |
| 325,000 | (7) | J.P. Morgan Securities LLC, 1.190%, 07/08/2020 | 324,834 | 0.1 |
| 950,000 | (7) | Lloyds Bank PLC, 1.080%, 07/31/2020 | 949,454 | 0.2 |
| 700,000 | (7) | Mizuho Financial Group Inc., 1.140%, 05/22/2020 | 700,216 | 0.1 |
| 250,000 | (7) | Mizuho Financial Group Inc., 1.640%, 05/05/2020 | 250,118 | 0.1 |
| 700,000 | (7) | National Bank of Canada, 1.840%, 05/01/2020 | 699,761 | 0.1 |
| 950,000 | (7) | Oversea-Chinese Banking Corp., Ltd., 0.820%, 07/15/2020 | 949,286 | 0.2 |
See Accompanying Notes to Financial Statements
| 19 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 800,000 | (7) | Royal Bank of Canada, 0.960%, 07/17/2020 | 799,316 | 0.2 |
| 975,000 | (7) | Skandinaviska Enskilda Banken AB, 1.780%, 05/11/2020 | 974,532 | 0.2 |
| 950,000 | (7) | Societe Generale, 0.290%, 09/04/2020 | 946,093 | 0.2 |
| 300,000 | (7) | Sumitomo Mitsui Trust Holdings, Inc., 1.190%, 04/24/2020 | 300,092 | 0.1 |
| 950,000 | (7) | Svenska Handelsbanken AB, 1.160%, 07/07/2020 | 949,597 | 0.2 |
| 800,000 | (7) | The Norinchukin Bank, 1.200%, 04/24/2020 | 800,091 | 0.2 |
| 475,000 | (7) | The Sumitomo Mitsui Financial Group, 1.020%, 08/25/2020 | 474,476 | 0.1 |
| 450,000 | (7) | The Sumitomo Mitsui Financial Group, 1.040%, 05/12/2020 | 450,247 | 0.1 |
| 400,000 | (7) | Westpac Banking Corp, 1.520%, 06/03/2020 | 399,696 | 0.1 |
| Total Floating Rate Notes | ||||
| (Cost $17,435,452) | 17,435,452 | 3.6 | ||
| Repurchase Agreements: 3.3% | ||||
| 3,797,254 | (7) | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $3,797,256, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,873,199, due 05/01/20-02/20/70) | 3,797,254 | 0.8 |
| 1,635,005 | (7) | CF Secured LLC, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,635,006, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,667,707, due 12/15/21-11/20/66) | 1,635,005 | 0.3 |
| 1,250,790 | (7) | Citadel Securities LLC, Repurchase Agreement dated 03/31/20, 0.09%, due 04/01/20 (Repurchase Amount $1,250,793, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $1,275,809, due 04/07/20-02/15/50) | 1,250,790 | 0.3 |
| 1,362,412 | (7) | Industrial & Comm. Bank of China, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,362,413, collateralized by various U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,389,660, due 04/02/20-03/01/50) | 1,362,412 | 0.3 |
| 8,075,752 | (7) | Royal Bank of Canada (NY), Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $8,075,754, collateralized by various U.S. Government/U.S. Government Agency Obligations, 2.500%-5.000%, Market Value plus accrued interest $8,237,267, due 08/01/23-06/01/51) | 8,075,752 | 1.6 |
| Total Repurchase Agreements | ||||
| (Cost $16,121,213) | 16,121,213 | 3.3 | ||
| Certificates of Deposit: 0.2% | ||||
| 550,000 | (7) | Landesbank Baden-Wurttemberg, 1.630%, 04/24/2020 | 550,294 | 0.1 |
| 400,000 | (7) | Landesbank Baden-Wurttemberg, 1.640%, 04/21/2020 | 400,211 | 0.1 |
| Total Certificates of Deposit | ||||
| (Cost $950,505) | 950,505 | 0.2 | ||
| Shares | Value | Percentage of Net Assets | ||
| Mutual Funds: 3.9% | ||||
| 940,000 | (7) | Fidelity Investments Money Market Government Portfolio - Institutional Class, 0.380% | 940,000 | 0.2 |
| 16,330,000 | (8) | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.340% | 16,330,000 | 3.3 |
| 970,000 | (7),(8) | Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 0.490% | 970,000 | 0.2 |
See Accompanying Notes to Financial Statements
| 20 |
| Voya High Yield Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 768,000 | (7),(8) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.250% | 768,000 | 0.2 |
| Total Mutual Funds | ||||
| (Cost $19,008,000) | 19,008,000 | 3.9 | ||
| Total Short-Term Investments | ||||
| (Cost $60,805,220) | 60,803,840 | 12.4 | ||
| Total Investments in Securities (Cost $555,523,499) |
$ 520,209,302 | 106.5 | ||
| Liabilities in Excess of Other Assets | (31,886,197) | (6.5) | ||
| Net Assets | $ 488,323,105 | 100.0 | ||
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of March 31, 2020. |
| (4) | 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. |
| (5) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (6) | Non-income producing security. |
| (7) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (8) | Rate shown is the 7-day yield as of March 31, 2020. |
| Reference Rate Abbreviations: | |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
See Accompanying Notes to Financial Statements
| 21 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 |
| Principal Amount† |
Value | Percentage of Net Assets | ||
| CORPORATE BONDS/NOTES: 32.5% | ||||
| Basic Materials: 1.0% | ||||
| 1,377,000 | (1) | Anglo American Capital PLC, 3.625%, 09/11/2024 | $ 1,298,205 | 0.0 |
| 2,746,000 | (1) | Anglo American Capital PLC, 4.875%, 05/14/2025 | 2,669,217 | 0.0 |
| 1,846,000 | (1) | Anglo American Capital PLC, 5.625%, 04/01/2030 | 1,877,489 | 0.0 |
| 750,000 | (1) | Braskem Netherlands Finance BV, 4.500%, 01/31/2030 | 586,500 | 0.0 |
| 4,505,000 | Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027 | 3,930,804 | 0.1 | |
| 3,410,000 | (1) | Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. L.P., 3.700%, 06/01/2028 | 3,463,457 | 0.1 |
| 5,485,000 | CNAC HK Finbridge Co. Ltd., 5.125%, 03/14/2028 | 6,082,062 | 0.1 | |
| 3,000,000 | CNAC HK Finbridge Co. Ltd., 3.875%, 06/19/2029 | 3,088,125 | 0.0 | |
| 2,984,000 | Dow Chemical Co/The, 4.250%, 10/01/2034 | 2,948,419 | 0.0 | |
| 1,534,000 | Dow Chemical Co/The, 5.550%, 11/30/2048 | 1,731,089 | 0.0 | |
| 3,104,000 | FMC Corp., 3.200%, 10/01/2026 | 3,131,874 | 0.0 | |
| 1,788,000 | FMC Corp., 3.450%, 10/01/2029 | 1,800,074 | 0.0 | |
| 9,260,000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 8,079,813 | 0.1 | |
| 1,960,000 | (1) | Georgia-Pacific LLC, 3.163%, 11/15/2021 | 1,987,912 | 0.0 |
| 1,996,000 | International Flavors & Fragrances, Inc., 3.400%, 09/25/2020 | 2,005,133 | 0.0 | |
| 2,280,000 | International Paper Co., 4.400%, 08/15/2047 | 2,302,480 | 0.0 | |
| 4,087,000 | Inversiones CMPC SA, 4.375%, 04/04/2027 | 3,846,082 | 0.1 | |
| 5,352,000 | Mosaic Co/The, 5.450%, 11/15/2033 | 5,203,074 | 0.1 | |
| 7,120,000 | (1) | Newcrest Finance Pty Ltd., 4.450%, 11/15/2021 | 7,305,384 | 0.1 |
| 87,000 | Newmont Corp., 3.700%, 03/15/2023 | 87,506 | 0.0 | |
| 4,300,000 | (1) | Novelis Corp., 4.750%, 01/30/2030 | 3,851,187 | 0.1 |
| 2,000,000 | Nutrien Ltd., 3.625%, 03/15/2024 | 2,019,273 | 0.0 | |
| 4,825,000 | Suzano Austria GmbH, 6.000%, 01/15/2029 | 4,540,530 | 0.1 | |
| 1,750,000 | Teck Resources Ltd., 6.125%, 10/01/2035 | 1,612,211 | 0.0 | |
| 2,360,000 | Teck Resources Ltd., 6.000%, 08/15/2040 | 2,033,866 | 0.0 | |
| 7,180,000 | (1),(2) | Valvoline, Inc., 4.250%, 02/15/2030 | 6,717,788 | 0.1 |
| 84,199,554 | 1.0 | |||
| Communications: 2.8% | ||||
| 2,455,000 | Alibaba Group Holding Ltd., 3.600%, 11/28/2024 | 2,595,774 | 0.0 | |
| 2,130,000 | AT&T, Inc., 2.950%, 07/15/2026 | 2,100,077 | 0.0 | |
| 3,876,000 | AT&T, Inc., 4.300%, 02/15/2030 | 4,180,087 | 0.1 | |
| 3,047,000 | AT&T, Inc., 4.500%, 03/09/2048 | 3,322,889 | 0.0 | |
| 10,276,000 | AT&T, Inc., 4.550%, 03/09/2049 | 11,113,516 | 0.1 | |
| 3,275,000 | AT&T, Inc., 5.150%, 11/15/2046 | 3,869,034 | 0.1 | |
| 5,275,000 | (2) | AT&T, Inc., 5.150%, 02/15/2050 | 6,329,281 | 0.1 |
| 4,725,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.464%, 07/23/2022 | 4,886,445 | 0.1 | |
| 3,860,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.800%, 03/01/2050 | 4,041,170 | 0.1 | |
| 5,882,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 07/23/2025 | 6,347,958 | 0.1 | |
| 5,000,000 | (2) | Comcast Corp., 2.650%, 02/01/2030 | 5,160,803 | 0.1 |
| 3,288,000 | Comcast Corp., 3.900%, 03/01/2038 | 3,710,524 | 0.0 | |
| 6,289,000 | Comcast Corp., 3.950%, 10/15/2025 | 6,937,666 | 0.1 | |
| 2,932,000 | Comcast Corp., 3.999%, 11/01/2049 | 3,479,261 | 0.0 | |
| 6,080,000 | Comcast Corp., 4.000%, 03/01/2048 | 7,042,937 | 0.1 | |
| 3,250,000 | Comcast Corp., 4.600%, 10/15/2038 | 4,062,237 | 0.1 | |
| 9,425,000 | (1),(2) | CommScope Technologies LLC, 5.000%, 03/15/2027 | 8,247,582 | 0.1 |
| 1,690,000 | Corning, Inc., 5.450%, 11/15/2079 | 1,749,929 | 0.0 | |
| 8,250,000 | (1) | CSC Holdings LLC, 5.750%, 01/15/2030 | 8,350,732 | 0.1 |
| 1,875,000 | (1),(2) | Deutsche Telekom AG, 3.625%, 01/21/2050 | 1,874,551 | 0.0 |
| 5,480,000 | (2) | Discovery Communications LLC, 2.950%, 03/20/2023 | 5,475,346 | 0.1 |
See Accompanying Notes to Financial Statements
| 22 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,750,000 | Discovery Communications LLC, 5.200%, 09/20/2047 | 3,849,557 | 0.0 | |
| 4,340,000 | (2) | DISH DBS Corp., 5.875%, 11/15/2024 | 4,253,569 | 0.1 |
| 3,110,000 | Expedia Group, Inc., 3.250%, 02/15/2030 | 2,550,648 | 0.0 | |
| 826,000 | Fox Corp., 3.500%, 04/08/2030 | 824,340 | 0.0 | |
| 9,075,000 | (1) | Front Range BidCo, Inc., 4.000%, 03/01/2027 | 8,734,688 | 0.1 |
| 8,075,000 | (1) | Gray Television, Inc., 7.000%, 05/15/2027 | 8,079,441 | 0.1 |
| 2,770,000 | Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021 | 2,798,464 | 0.0 | |
| 4,583,000 | Interpublic Group of Cos, Inc./The, 4.750%, 03/30/2030 | 4,564,422 | 0.1 | |
| 4,425,000 | (1) | Match Group, Inc., 4.125%, 08/01/2030 | 3,979,734 | 0.1 |
| 9,365,000 | (1) | NBCUniversal Enterprise, Inc., 5.250%, 12/31/2199 | 9,366,264 | 0.1 |
| 1,848,000 | Omnicom Group, Inc., 4.200%, 06/01/2030 | 1,909,494 | 0.0 | |
| 3,835,000 | (1),(2) | Sinclair Television Group, Inc., 5.125%, 02/15/2027 | 3,273,335 | 0.0 |
| 3,990,000 | (1) | Sirius XM Radio, Inc., 5.500%, 07/01/2029 | 4,091,945 | 0.1 |
| 3,775,000 | Sprint Nextel Corp., 6.875%, 11/15/2028 | 4,332,756 | 0.1 | |
| 6,075,000 | (2) | Telecom Italia Capital SA, 7.721%, 06/04/2038 | 6,469,936 | 0.1 |
| 3,420,000 | (1) | Tencent Holdings Ltd., 2.985%, 01/19/2023 | 3,491,800 | 0.0 |
| 2,350,000 | Time Warner Cable LLC, 5.500%, 09/01/2041 | 2,468,098 | 0.0 | |
| 2,829,000 | Time Warner Cable LLC, 5.875%, 11/15/2040 | 2,993,569 | 0.0 | |
| 4,610,000 | Verizon Communications, Inc., 3.850%, 11/01/2042 | 5,173,022 | 0.1 | |
| 7,999,000 | Verizon Communications, Inc., 4.016%, 12/03/2029 | 9,072,186 | 0.1 | |
| 1,159,000 | (2) | Verizon Communications, Inc., 4.000%, 03/22/2050 | 1,381,829 | 0.0 |
| 6,432,000 | Verizon Communications, Inc., 4.812%, 03/15/2039 | 7,952,409 | 0.1 | |
| 3,668,000 | ViacomCBS, Inc., 4.375%, 03/15/2043 | 3,270,069 | 0.0 | |
| 3,167,000 | ViacomCBS, Inc., 4.950%, 01/15/2031 | 3,141,426 | 0.0 | |
| 2,090,000 | ViacomCBS, Inc., 5.500%, 05/15/2033 | 2,245,961 | 0.0 | |
| 5,195,000 | (1),(2) | ViaSat, Inc., 5.625%, 04/15/2027 | 5,158,895 | 0.1 |
| 1,093,000 | Walt Disney Co/The, 2.000%, 09/01/2029 | 1,068,975 | 0.0 | |
| 2,075,000 | Walt Disney Co/The, 3.000%, 09/15/2022 | 2,146,779 | 0.0 | |
| 5,230,000 | Walt Disney Co/The, 4.750%, 11/15/2046 | 6,717,216 | 0.1 | |
| 230,238,626 | 2.8 | |||
| Consumer, Cyclical: 1.9% | ||||
| 6,225,000 | (1) | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 | 5,983,750 | 0.1 |
| 4,750,000 | (2) | AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026 | 2,004,346 | 0.0 |
| 1,437,130 | American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025 | 1,218,794 | 0.0 | |
| 236,633 | American Airlines 2016-1 Class B Pass Through Trust, 5.250%, 07/15/2025 | 238,461 | 0.0 | |
| 4,699,750 | American Airlines 2016-2 Class AA Pass Through Trust, 3.200%, 12/15/2029 | 5,123,055 | 0.1 | |
| 2,052,320 | American Airlines 2016-3 Class B Pass Through Trust, 3.750%, 04/15/2027 | 1,654,514 | 0.0 | |
| 2,601,121 | American Airlines 2019-1 Class B Pass Through Trust, 3.850%, 08/15/2029 | 2,022,666 | 0.0 | |
| 5,115,000 | (1),(2) | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | 4,386,112 | 0.1 |
| 4,205,000 | (1) | BMW US Capital LLC, 3.400%, 08/13/2021 | 4,200,632 | 0.1 |
| 4,340,000 | (1) | BMW US Capital LLC, 3.450%, 04/12/2023 | 4,316,651 | 0.1 |
| 5,195,000 | (1),(2) | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 | 3,790,791 | 0.1 |
| 935,108 | Continental Airlines 2012-1 Class A Pass Through Trust, 4.150%, 10/11/2025 | 1,009,306 | 0.0 | |
| 4,640,000 | (1) | Daimler Finance North America LLC, 2.125%, 03/10/2025 | 4,279,127 | 0.1 |
| 5,659,000 | (1) | Daimler Finance North America LLC, 2.300%, 02/12/2021 | 5,517,695 | 0.1 |
| 6,383,000 | (1) | Daimler Finance North America LLC, 2.550%, 08/15/2022 | 6,128,016 | 0.1 |
| 3,060,000 | (1) | Dana Financing Luxembourg Sarl, 6.500%, 06/01/2026 | 2,719,422 | 0.0 |
| 5,460,000 | Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029 | 4,980,761 | 0.1 | |
| 5,534,000 | Delta Air Lines 2020-1 Class AA Pass Through Trust, 2.000%, 12/10/2029 | 5,067,713 | 0.1 | |
See Accompanying Notes to Financial Statements
| 23 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,578,281 | Delta Air Lines 2002-1 Class G-1 Pass Through Trust, 6.718%, 07/02/2024 | 1,578,034 | 0.0 | |
| 1,430,252 | Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.625%, 01/30/2029 | 1,303,965 | 0.0 | |
| 3,970,000 | DR Horton, Inc., 4.750%, 02/15/2023 | 4,000,071 | 0.1 | |
| 1,642,000 | Ford Motor Credit Co. LLC, 3.664%, 09/08/2024 | 1,469,590 | 0.0 | |
| 3,266,000 | Ford Motor Credit Co. LLC, 4.134%, 08/04/2025 | 2,913,272 | 0.0 | |
| 2,200,000 | General Motors Co., 5.400%, 04/01/2048 | 1,610,606 | 0.0 | |
| 3,665,000 | (2) | General Motors Financial Co., Inc., 4.150%, 06/19/2023 | 3,337,808 | 0.0 |
| 1,732,000 | General Motors Financial Co., Inc., 4.350%, 01/17/2027 | 1,433,975 | 0.0 | |
| 1,315,000 | Hasbro, Inc., 2.600%, 11/19/2022 | 1,299,049 | 0.0 | |
| 4,240,000 | Home Depot, Inc./The, 3.300%, 04/15/2040 | 4,357,815 | 0.1 | |
| 3,250,000 | Home Depot, Inc./The, 4.500%, 12/06/2048 | 4,007,720 | 0.1 | |
| 6,500,000 | JetBlue 2019-1 Class AA Pass Through Trust, 2.750%, 11/15/2033 | 5,775,032 | 0.1 | |
| 5,451,000 | Lowe's Cos, Inc., 3.700%, 04/15/2046 | 5,075,444 | 0.1 | |
| 2,495,000 | Lowe's Cos, Inc., 5.000%, 04/15/2040 | 2,832,550 | 0.0 | |
| 2,795,000 | (2) | McDonald's Corp., 3.500%, 07/01/2027 | 2,952,431 | 0.0 |
| 595,000 | McDonald's Corp., 3.625%, 05/01/2043 | 578,578 | 0.0 | |
| 2,325,000 | McDonald's Corp., 3.625%, 09/01/2049 | 2,387,416 | 0.0 | |
| 3,095,000 | McDonald's Corp., 4.450%, 09/01/2048 | 3,457,764 | 0.0 | |
| 2,930,000 | (2) | MGM Resorts International, 4.625%, 09/01/2026 | 2,511,794 | 0.0 |
| 1,399,000 | (2) | NIKE, Inc., 2.750%, 03/27/2027 | 1,463,270 | 0.0 |
| 1,685,000 | NIKE, Inc., 3.250%, 03/27/2040 | 1,763,211 | 0.0 | |
| 6,440,000 | (1),(2) | PetSmart, Inc., 5.875%, 06/01/2025 | 6,391,700 | 0.1 |
| 1,650,000 | SACI Falabella, 3.750%, 10/30/2027 | 1,419,044 | 0.0 | |
| 3,080,000 | (1),(2) | Six Flags Entertainment Corp., 5.500%, 04/15/2027 | 2,611,994 | 0.0 |
| 930,000 | Southwest Airlines Co., 3.450%, 11/16/2027 | 837,544 | 0.0 | |
| 1,756,023 | Spirit Airlines Pass Through Trust 2017-1AA, 3.375%, 08/15/2031 | 1,647,441 | 0.0 | |
| 2,638,000 | TJX Cos, Inc./The, 3.750%, 04/15/2027 | 2,712,946 | 0.0 | |
| 4,238,000 | Toyota Motor Credit Corp., 2.150%, 02/13/2030 | 3,950,576 | 0.1 | |
| 1,582,000 | Toyota Motor Credit Corp., 3.375%, 04/01/2030 | 1,603,910 | 0.0 | |
| 270,689 | United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024 | 253,543 | 0.0 | |
| 3,678,940 | United Airlines 2016-1 Class AA Pass Through Trust, 3.100%, 01/07/2030 | 3,425,497 | 0.0 | |
| 911,574 | United Airlines 2016-1 Class B Pass Through Trust, 3.650%, 07/07/2027 | 745,301 | 0.0 | |
| 4,471,380 | United Airlines 2016-2 Class AA Pass Through Trust, 2.875%, 04/07/2030 | 4,162,748 | 0.1 | |
| 1,155,243 | United Airlines 2016-2 Class B Pass Through Trust, 3.650%, 04/07/2027 | 972,379 | 0.0 | |
| 3,570,000 | Walmart, Inc., 2.350%, 12/15/2022 | 3,686,146 | 0.0 | |
| 2,805,000 | WW Grainger, Inc., 1.850%, 02/15/2025 | 2,813,894 | 0.0 | |
| 157,985,870 | 1.9 | |||
| Consumer, Non-cyclical: 5.6% | ||||
| 1,275,000 | Abbott Laboratories, 2.950%, 03/15/2025 | 1,327,699 | 0.0 | |
| 2,740,000 | (1) | AbbVie, Inc., 2.300%, 11/21/2022 | 2,741,312 | 0.0 |
| 5,636,000 | (1) | AbbVie, Inc., 2.600%, 11/21/2024 | 5,737,335 | 0.1 |
| 2,210,000 | AbbVie, Inc., 2.900%, 11/06/2022 | 2,238,574 | 0.0 | |
| 3,188,000 | (1) | AbbVie, Inc., 2.950%, 11/21/2026 | 3,255,749 | 0.0 |
| 2,763,000 | (1) | AbbVie, Inc., 3.200%, 11/21/2029 | 2,835,875 | 0.0 |
| 1,599,000 | AbbVie, Inc., 3.375%, 11/14/2021 | 1,631,191 | 0.0 | |
| 3,172,000 | (1) | AbbVie, Inc., 4.050%, 11/21/2039 | 3,342,194 | 0.1 |
| 3,810,000 | AbbVie, Inc., 4.300%, 05/14/2036 | 4,176,761 | 0.1 | |
| 2,526,000 | AbbVie, Inc., 4.450%, 05/14/2046 | 2,696,874 | 0.0 | |
| 2,005,000 | AbbVie, Inc., 4.500%, 05/14/2035 | 2,314,184 | 0.0 | |
| 1,849,000 | Aetna, Inc., 2.800%, 06/15/2023 | 1,862,830 | 0.0 | |
| 1,764,000 | Aetna, Inc., 4.500%, 05/15/2042 | 1,893,385 | 0.0 | |
| 3,975,000 | (1) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.625%, 01/15/2027 | 3,977,186 | 0.1 |
| 4,145,000 | (1),(2) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | 4,241,786 | 0.1 |
See Accompanying Notes to Financial Statements
| 24 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,440,000 | (1) | Alcon Finance Corp., 3.800%, 09/23/2049 | 3,464,262 | 0.1 |
| 2,298,000 | Allergan Finance LLC, 4.625%, 10/01/2042 | 2,901,063 | 0.0 | |
| 2,895,000 | Altria Group, Inc., 4.800%, 02/14/2029 | 3,035,532 | 0.0 | |
| 1,325,000 | Altria Group, Inc., 5.800%, 02/14/2039 | 1,456,930 | 0.0 | |
| 1,326,000 | (2) | Altria Group, Inc., 5.950%, 02/14/2049 | 1,549,583 | 0.0 |
| 9,003,000 | AmerisourceBergen Corp., 3.400%, 05/15/2024 | 9,209,121 | 0.1 | |
| 2,417,000 | AmerisourceBergen Corp., 3.450%, 12/15/2027 | 2,433,398 | 0.0 | |
| 968,000 | (2) | Amgen, Inc., 1.900%, 02/21/2025 | 977,569 | 0.0 |
| 1,045,000 | Amgen, Inc., 2.450%, 02/21/2030 | 1,043,689 | 0.0 | |
| 3,732,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.700%, 02/01/2036 | 3,911,352 | 0.1 | |
| 12,818,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.900%, 02/01/2046 | 14,053,789 | 0.2 | |
| 1,960,000 | Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/2048 | 2,011,805 | 0.0 | |
| 2,170,000 | Anheuser-Busch InBev Worldwide, Inc., 5.450%, 01/23/2039 | 2,533,891 | 0.0 | |
| 4,460,000 | Anthem, Inc., 3.300%, 01/15/2023 | 4,527,010 | 0.1 | |
| 1,598,000 | Anthem, Inc., 3.500%, 08/15/2024 | 1,642,682 | 0.0 | |
| 1,293,000 | (2) | Anthem, Inc., 3.700%, 09/15/2049 | 1,303,308 | 0.0 |
| 873,000 | Anthem, Inc., 4.101%, 03/01/2028 | 941,713 | 0.0 | |
| 4,159,000 | Anthem, Inc., 5.100%, 01/15/2044 | 4,953,812 | 0.1 | |
| 5,220,000 | AstraZeneca PLC, 2.375%, 11/16/2020 | 5,207,864 | 0.1 | |
| 7,854,000 | AstraZeneca PLC, 3.375%, 11/16/2025 | 8,282,039 | 0.1 | |
| 2,316,000 | Avery Dennison Corp., 2.650%, 04/30/2030 | 2,169,711 | 0.0 | |
| 3,580,000 | BAT Capital Corp., 3.222%, 08/15/2024 | 3,602,796 | 0.1 | |
| 1,005,000 | BAT Capital Corp., 3.215%, 09/06/2026 | 957,828 | 0.0 | |
| 7,473,000 | BAT Capital Corp., 3.557%, 08/15/2027 | 7,054,047 | 0.1 | |
| 4,970,000 | (1) | Bausch Health Cos, Inc., 5.250%, 01/30/2030 | 4,684,225 | 0.1 |
| 3,275,000 | (1),(2) | Bausch Health Cos, Inc., 6.125%, 04/15/2025 | 3,246,360 | 0.0 |
| 6,336,000 | Baxalta, Inc., 4.000%, 06/23/2025 | 6,758,535 | 0.1 | |
| 6,487,000 | Becton Dickinson and Co., 2.894%, 06/06/2022 | 6,497,586 | 0.1 | |
| 2,720,000 | Becton Dickinson and Co., 3.363%, 06/06/2024 | 2,730,966 | 0.0 | |
| 4,662,000 | (1) | Bristol-Myers Squibb Co., 3.875%, 08/15/2025 | 5,067,617 | 0.1 |
| 2,250,000 | (1) | Bristol-Myers Squibb Co., 2.550%, 05/14/2021 | 2,277,045 | 0.0 |
| 3,421,000 | (1) | Bristol-Myers Squibb Co., 4.125%, 06/15/2039 | 4,144,794 | 0.1 |
| 5,406,000 | (1) | Bristol-Myers Squibb Co., 4.550%, 02/20/2048 | 6,881,975 | 0.1 |
| 3,870,000 | Bunge Ltd. Finance Corp., 4.350%, 03/15/2024 | 4,016,228 | 0.1 | |
| 5,377,000 | (1) | Cargill, Inc., 3.875%, 05/23/2049 | 6,534,099 | 0.1 |
| 4,450,000 | (1) | Centene Corp., 3.375%, 02/15/2030 | 4,155,188 | 0.1 |
| 6,698,000 | (1) | Cigna Corp., 3.050%, 11/30/2022 | 6,875,548 | 0.1 |
| 17,370,000 | Cigna Corp., 3.200%, 09/17/2020 | 17,396,447 | 0.2 | |
| 3,471,000 | (1) | Cigna Corp., 3.250%, 04/15/2025 | 3,549,189 | 0.1 |
| 2,145,000 | Cigna Corp., 3.400%, 03/15/2050 | 2,071,498 | 0.0 | |
| 1,882,000 | Cigna Corp., 4.800%, 08/15/2038 | 2,126,885 | 0.0 | |
| 4,165,000 | Cigna Corp., 4.900%, 12/15/2048 | 5,059,126 | 0.1 | |
| 1,840,000 | Coca-Cola Co/The, 4.125%, 03/25/2040 | 2,271,680 | 0.0 | |
| 2,587,000 | (2) | CVS Health Corp., 3.700%, 03/09/2023 | 2,696,318 | 0.0 |
| 2,465,000 | CVS Health Corp., 3.875%, 07/20/2025 | 2,551,610 | 0.0 | |
| 4,783,000 | CVS Health Corp., 4.300%, 03/25/2028 | 5,089,609 | 0.1 | |
| 9,602,000 | CVS Health Corp., 5.050%, 03/25/2048 | 10,946,709 | 0.1 | |
| 7,379,000 | (1) | Danone SA, 2.947%, 11/02/2026 | 7,386,050 | 0.1 |
| 5,872,000 | DH Europe Finance II Sarl, 3.400%, 11/15/2049 | 5,800,765 | 0.1 | |
| 3,460,000 | General Mills, Inc., 3.700%, 10/17/2023 | 3,527,920 | 0.1 | |
| 4,340,000 | General Mills, Inc., 4.000%, 04/17/2025 | 4,685,114 | 0.1 | |
| 7,000,000 | Gilead Sciences, Inc., 4.400%, 12/01/2021 | 7,233,211 | 0.1 | |
| 3,420,000 | GlaxoSmithKline Capital PLC, 2.875%, 06/01/2022 | 3,502,233 | 0.1 | |
| 11,343,000 | Global Payments, Inc., 2.650%, 02/15/2025 | 11,266,346 | 0.1 | |
| 3,076,000 | (2) | HCA, Inc., 4.500%, 02/15/2027 | 3,174,136 | 0.0 |
| 1,449,000 | HCA, Inc., 5.250%, 04/15/2025 | 1,522,957 | 0.0 | |
| 2,194,000 | HCA, Inc., 5.250%, 06/15/2049 | 2,358,120 | 0.0 | |
| 2,657,000 | HCA, Inc., 5.500%, 06/15/2047 | 2,912,465 | 0.0 |
See Accompanying Notes to Financial Statements
| 25 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,671,000 | IHS Markit Ltd., 4.250%, 05/01/2029 | 1,773,365 | 0.0 | |
| 2,290,000 | (1) | Imperial Brands Finance PLC, 3.750%, 07/21/2022 | 2,292,034 | 0.0 |
| 1,140,000 | Johnson & Johnson, 4.375%, 12/05/2033 | 1,496,479 | 0.0 | |
| 5,375,000 | Kaiser Foundation Hospitals, 3.266%, 11/01/2049 | 5,378,689 | 0.1 | |
| 3,200,000 | Keurig Dr Pepper, Inc., 4.057%, 05/25/2023 | 3,336,899 | 0.0 | |
| 1,789,000 | Keurig Dr Pepper, Inc., 4.417%, 05/25/2025 | 1,910,169 | 0.0 | |
| 915,000 | Kimberly-Clark Corp., 2.875%, 02/07/2050 | 896,049 | 0.0 | |
| 3,849,000 | (1) | Kraft Heinz Foods Co., 4.875%, 02/15/2025 | 3,858,139 | 0.1 |
| 1,500,000 | Kroger Co., 3.875%, 10/15/2046 | 1,479,058 | 0.0 | |
| 1,309,000 | (2) | Kroger Co/The, 4.650%, 01/15/2048 | 1,487,177 | 0.0 |
| 251,000 | Kroger Co/The, 5.150%, 08/01/2043 | 297,440 | 0.0 | |
| 2,414,000 | Laboratory Corp. of America Holdings, 3.250%, 09/01/2024 | 2,481,414 | 0.0 | |
| 5,806,000 | Laboratory Corp. of America Holdings, 3.750%, 08/23/2022 | 5,993,566 | 0.1 | |
| 1,280,000 | Laboratory Corp. of America Holdings, 4.700%, 02/01/2045 | 1,461,818 | 0.0 | |
| 992,000 | (1) | Mars, Inc., 3.200%, 04/01/2030 | 1,038,814 | 0.0 |
| 1,321,000 | (1) | Mars, Inc., 3.875%, 04/01/2039 | 1,410,594 | 0.0 |
| 3,336,000 | (1) | Mars, Inc., 4.125%, 04/01/2054 | 3,794,840 | 0.1 |
| 1,484,000 | Medtronic, Inc., 4.375%, 03/15/2035 | 1,854,366 | 0.0 | |
| 960,000 | Moody's Corp., 3.750%, 03/24/2025 | 1,009,677 | 0.0 | |
| 170,000 | Mylan NV, 3.750%, 12/15/2020 | 169,040 | 0.0 | |
| 4,946,000 | Mylan, Inc., 5.200%, 04/15/2048 | 4,458,310 | 0.1 | |
| 7,470,000 | PayPal Holdings, Inc., 2.850%, 10/01/2029 | 7,460,457 | 0.1 | |
| 1,215,000 | PepsiCo, Inc., 3.875%, 03/19/2060 | 1,532,008 | 0.0 | |
| 3,795,000 | Pfizer, Inc., 3.200%, 09/15/2023 | 4,008,808 | 0.1 | |
| 1,689,000 | Philip Morris International, Inc., 3.875%, 08/21/2042 | 1,805,958 | 0.0 | |
| 2,555,000 | Philip Morris International, Inc., 4.375%, 11/15/2041 | 2,929,350 | 0.0 | |
| 6,665,000 | (1),(2) | Pilgrim's Pride Corp., 5.875%, 09/30/2027 | 6,677,997 | 0.1 |
| 8,405,000 | (1) | Post Holdings, Inc., 5.500%, 12/15/2029 | 8,765,154 | 0.1 |
| 6,443,000 | RELX Capital, Inc., 4.000%, 03/18/2029 | 6,671,191 | 0.1 | |
| 1,903,000 | Reynolds American, Inc., 5.850%, 08/15/2045 | 2,056,022 | 0.0 | |
| 818,000 | Reynolds American, Inc., 6.150%, 09/15/2043 | 892,127 | 0.0 | |
| 2,250,000 | (1) | SC Johnson & Son, Inc., 4.750%, 10/15/2046 | 2,680,041 | 0.0 |
| 3,698,000 | Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021 | 3,687,078 | 0.1 | |
| 2,110,000 | Sysco Corp., 5.950%, 04/01/2030 | 2,225,922 | 0.0 | |
| 7,240,000 | Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021 | 7,338,439 | 0.1 | |
| 8,680,000 | (1) | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 8,321,950 | 0.1 |
| 9,510,000 | Unilever Capital Corp., 3.000%, 03/07/2022 | 9,835,267 | 0.1 | |
| 10,039,000 | Unilever Capital Corp., 3.250%, 03/07/2024 | 10,622,432 | 0.1 | |
| 4,500,000 | (2) | United Rentals North America, Inc., 4.000%, 07/15/2030 | 4,044,375 | 0.1 |
| 4,325,000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 4,219,254 | 0.1 | |
| 848,000 | UnitedHealth Group, Inc., 2.875%, 08/15/2029 | 895,897 | 0.0 | |
| 2,117,000 | UnitedHealth Group, Inc., 3.500%, 08/15/2039 | 2,287,951 | 0.0 | |
| 1,483,000 | UnitedHealth Group, Inc., 3.875%, 08/15/2059 | 1,623,839 | 0.0 | |
| 2,310,000 | UnitedHealth Group, Inc., 4.200%, 01/15/2047 | 2,749,660 | 0.0 | |
| 2,025,000 | Zimmer Biomet Holdings, Inc., 3.550%, 03/20/2030 | 2,028,238 | 0.0 | |
| 457,733,635 | 5.6 | |||
| Energy: 3.3% | ||||
| 2,430,000 | Apache Corp., 4.750%, 04/15/2043 | 1,080,050 | 0.0 | |
| 4,713,000 | Apache Corp., 5.250%, 02/01/2042 | 2,136,555 | 0.0 | |
| 3,266,000 | BP Capital Markets America, Inc., 3.000%, 02/24/2050 | 3,062,794 | 0.0 | |
| 5,828,000 | BP Capital Markets America, Inc., 3.216%, 11/28/2023 | 5,998,902 | 0.1 | |
| 4,856,000 | BP Capital Markets America, Inc., 3.224%, 04/14/2024 | 4,975,847 | 0.1 | |
| 3,280,000 | BP Capital Markets PLC, 4.742%, 03/11/2021 | 3,303,217 | 0.1 | |
| 3,000,000 | Cenovus Energy, Inc., 3.800%, 09/15/2023 | 1,583,646 | 0.0 | |
| 2,725,000 | Cenovus Energy, Inc., 6.750%, 11/15/2039 | 1,323,838 | 0.0 | |
See Accompanying Notes to Financial Statements
| 26 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 4,095,000 | (1) | Cheniere Corpus Christi Holdings LLC, 3.700%, 11/15/2029 | 3,079,943 | 0.1 |
| 2,150,000 | Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/2025 | 1,961,959 | 0.0 | |
| 5,664,000 | Cimarex Energy Co., 3.900%, 05/15/2027 | 4,116,825 | 0.1 | |
| 1,680,000 | Cimarex Energy Co., 4.375%, 06/01/2024 | 1,326,506 | 0.0 | |
| 1,609,000 | (2) | Cimarex Energy Co., 4.375%, 03/15/2029 | 1,080,537 | 0.0 |
| 4,032,000 | Continental Resources, Inc./OK, 3.800%, 06/01/2024 | 2,041,254 | 0.0 | |
| 5,525,000 | (1) | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.625%, 05/01/2027 | 3,079,000 | 0.0 |
| 3,055,000 | (2) | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025 | 1,771,992 | 0.0 |
| 3,662,000 | Diamondback Energy, Inc., 2.875%, 12/01/2024 | 2,566,184 | 0.0 | |
| 1,580,000 | Diamondback Energy, Inc., 3.250%, 12/01/2026 | 1,119,760 | 0.0 | |
| 4,650,000 | Diamondback Energy, Inc., 3.500%, 12/01/2029 | 3,298,115 | 0.1 | |
| 7,100,000 | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | 6,669,144 | 0.1 | |
| 400,000 | (1) | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | 375,726 | 0.0 |
| 5,582,000 | (2) | Enable Midstream Partners L.P., 4.150%, 09/15/2029 | 2,574,224 | 0.0 |
| 2,960,000 | (3) | Enbridge, Inc., 6.250%, 03/01/2078 | 2,225,165 | 0.0 |
| 1,217,000 | Energy Transfer Operating L.P., 4.650%, 06/01/2021 | 1,185,989 | 0.0 | |
| 645,000 | Energy Transfer Operating L.P., 4.900%, 03/15/2035 | 509,218 | 0.0 | |
| 8,457,000 | Energy Transfer Operating L.P., 5.300%, 04/15/2047 | 6,465,154 | 0.1 | |
| 1,263,000 | Energy Transfer Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/2023 | 1,146,091 | 0.0 | |
| 3,140,000 | Enterprise Products Operating LLC, 3.500%, 02/01/2022 | 3,099,982 | 0.1 | |
| 3,220,000 | (2) | Enterprise Products Operating LLC, 3.700%, 01/31/2051 | 2,911,504 | 0.0 |
| 1,389,000 | Enterprise Products Operating LLC, 3.950%, 01/31/2060 | 1,185,115 | 0.0 | |
| 519,000 | Enterprise Products Operating LLC, 4.200%, 01/31/2050 | 492,021 | 0.0 | |
| 3,800,000 | (2),(3) | Enterprise Products Operating LLC, 4.875%, 08/16/2077 | 2,616,471 | 0.0 |
| 2,185,000 | Enterprise Products Operating LLC, 4.900%, 05/15/2046 | 2,112,279 | 0.0 | |
| 1,301,000 | (3) | Enterprise Products Operating LLC, 5.375%, 02/15/2078 | 912,970 | 0.0 |
| 1,510,000 | (2) | Exxon Mobil Corp., 2.726%, 03/01/2023 | 1,560,425 | 0.0 |
| 1,970,000 | Exxon Mobil Corp., 2.995%, 08/16/2039 | 1,982,657 | 0.0 | |
| 3,794,000 | (2) | Exxon Mobil Corp., 3.095%, 08/16/2049 | 3,866,384 | 0.1 |
| 1,850,000 | Exxon Mobil Corp., 4.227%, 03/19/2040 | 2,146,982 | 0.0 | |
| 5,050,000 | Gazprom PJSC Via Gaz Capital SA, 4.950%, 03/23/2027 | 5,258,767 | 0.1 | |
| 3,450,000 | Gazprom PJSC Via Gaz Capital SA, 4.950%, 02/06/2028 | 3,608,000 | 0.1 | |
| 9,050,000 | Gazprom PJSC Via Gaz Finance PLC, 3.250%, 02/25/2030 | 8,380,300 | 0.1 | |
| 163,000 | Halliburton Co., 3.500%, 08/01/2023 | 153,889 | 0.0 | |
| 136,000 | Halliburton Co., 3.800%, 11/15/2025 | 120,943 | 0.0 | |
| 5,735,000 | Halliburton Co., 4.850%, 11/15/2035 | 4,465,021 | 0.1 | |
| 5,775,000 | KazMunayGas National Co. JSC, 4.750%, 04/19/2027 | 5,560,239 | 0.1 | |
| 2,650,000 | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | 2,620,850 | 0.0 | |
| 1,575,000 | (1) | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | 1,557,675 | 0.0 |
| 1,295,000 | Kinder Morgan Energy Partners L.P., 4.250%, 09/01/2024 | 1,262,764 | 0.0 | |
| 2,663,000 | Marathon Petroleum Corp., 5.125%, 04/01/2024 | 2,488,347 | 0.0 | |
| 1,443,000 | Marathon Petroleum Corp., 5.000%, 09/15/2054 | 1,110,436 | 0.0 | |
| 1,020,000 | (1) | MPLX L.P., 5.250%, 01/15/2025 | 899,462 | 0.0 |
| 2,833,000 | Newfield Exploration Co., 5.375%, 01/01/2026 | 1,484,764 | 0.0 | |
| 265,000 | Noble Energy, Inc., 3.250%, 10/15/2029 | 155,820 | 0.0 | |
| 4,468,000 | Noble Energy, Inc., 4.200%, 10/15/2049 | 2,433,863 | 0.0 | |
| 2,013,000 | Noble Energy, Inc., 4.950%, 08/15/2047 | 1,222,873 | 0.0 | |
| 4,867,000 | Occidental Petroleum Corp., 2.900%, 08/15/2024 | 2,657,411 | 0.0 |
See Accompanying Notes to Financial Statements
| 27 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 816,000 | Occidental Petroleum Corp., 3.500%, 08/15/2029 | 384,348 | 0.0 | |
| 803,000 | (2) | Occidental Petroleum Corp., 4.400%, 08/15/2049 | 348,255 | 0.0 |
| 2,023,000 | ONEOK Partners L.P., 3.375%, 10/01/2022 | 1,883,465 | 0.0 | |
| 1,910,000 | ONEOK, Inc., 2.200%, 09/15/2025 | 1,479,418 | 0.0 | |
| 1,754,000 | ONEOK, Inc., 3.100%, 03/15/2030 | 1,326,763 | 0.0 | |
| 796,000 | ONEOK, Inc., 4.500%, 03/15/2050 | 605,794 | 0.0 | |
| 5,585,000 | Pertamina Persero PT, 3.100%, 01/21/2030 | 4,970,286 | 0.1 | |
| 10,650,000 | (1),(2) | Pertamina Persero PT, 3.100%, 01/21/2030 | 9,477,806 | 0.1 |
| 750,000 | Pertamina Persero PT, 5.625%, 05/20/2043 | 764,900 | 0.0 | |
| 10,500,000 | Petrobras Global Finance BV, 5.750%, 02/01/2029 | 9,959,775 | 0.1 | |
| 4,750,000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 4,363,124 | 0.1 | |
| 4,000,000 | (1) | Petroleos del Peru SA, 4.750%, 06/19/2032 | 3,674,210 | 0.1 |
| 12,600,000 | (1) | Petroleos Mexicanos, 5.950%, 01/28/2031 | 8,726,760 | 0.1 |
| 8,500,000 | Petroleos Mexicanos, 6.500%, 03/13/2027 | 6,363,461 | 0.1 | |
| 2,225,000 | Petroleos Mexicanos, 6.500%, 01/23/2029 | 1,626,570 | 0.0 | |
| 2,225,000 | Petroleos Mexicanos, 6.875%, 08/04/2026 | 1,710,007 | 0.0 | |
| 10,116,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 3.550%, 12/15/2029 | 6,950,942 | 0.1 | |
| 662,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.500%, 12/15/2026 | 536,118 | 0.0 | |
| 3,468,000 | Plains All American Pipeline L.P. / PAA Finance Corp., 4.650%, 10/15/2025 | 2,812,185 | 0.0 | |
| 1,890,000 | Sabine Pass Liquefaction LLC, 4.200%, 03/15/2028 | 1,626,863 | 0.0 | |
| 2,203,000 | Sabine Pass Liquefaction LLC, 5.000%, 03/15/2027 | 1,877,559 | 0.0 | |
| 5,205,000 | Sabine Pass Liquefaction LLC, 5.625%, 02/01/2021 | 5,122,370 | 0.1 | |
| 5,190,000 | (1) | Schlumberger Investment SA, 2.400%, 08/01/2022 | 5,093,153 | 0.1 |
| 1,656,000 | (1) | Schlumberger Oilfield UK PLC, 4.200%, 01/15/2021 | 1,677,750 | 0.0 |
| 4,235,000 | Shell International Finance BV, 3.250%, 05/11/2025 | 4,451,750 | 0.1 | |
| 3,245,000 | Shell International Finance BV, 4.125%, 05/11/2035 | 3,732,332 | 0.1 | |
| 4,432,000 | Shell International Finance BV, 4.000%, 05/10/2046 | 4,988,083 | 0.1 | |
| 2,528,000 | Spectra Energy Partners L.P., 5.950%, 09/25/2043 | 2,808,675 | 0.0 | |
| 325,000 | Sunoco Logistics Partners Operations L.P., 4.250%, 04/01/2024 | 287,249 | 0.0 | |
| 1,003,000 | Sunoco Logistics Partners Operations L.P., 5.350%, 05/15/2045 | 791,480 | 0.0 | |
| 4,143,000 | Total Capital Canada Ltd., 2.750%, 07/15/2023 | 4,207,652 | 0.1 | |
| 6,241,000 | Total Capital International SA, 3.461%, 07/12/2049 | 6,400,549 | 0.1 | |
| 10,875,000 | Williams Cos, Inc./The, 4.000%, 09/15/2025 | 9,566,058 | 0.1 | |
| 4,884,000 | Williams Cos, Inc./The, 5.400%, 03/04/2044 | 4,333,155 | 0.1 | |
| 1,846,000 | Williams Partners L.P., 3.600%, 03/15/2022 | 1,790,728 | 0.0 | |
| 2,768,000 | Williams Partners L.P., 3.750%, 06/15/2027 | 2,543,233 | 0.0 | |
| 8,255,000 | (2) | WPX Energy, Inc., 5.750%, 06/01/2026 | 4,762,867 | 0.1 |
| 272,411,542 | 3.3 | |||
| Financial: 10.3% | ||||
| 9,100,000 | (1) | ABN AMRO Bank NV, 4.750%, 07/28/2025 | 9,175,892 | 0.1 |
| 2,109,000 | Aflac, Inc., 3.600%, 04/01/2030 | 2,139,326 | 0.0 | |
| 4,050,000 | American International Group, Inc., 4.500%, 07/16/2044 | 4,157,936 | 0.1 | |
| 3,975,000 | Air Lease Corp., 3.500%, 01/15/2022 | 3,625,264 | 0.1 | |
| 3,795,000 | American Express Co., 3.700%, 08/03/2023 | 3,994,399 | 0.1 | |
| 1,147,000 | American International Group, Inc., 4.375%, 01/15/2055 | 1,121,815 | 0.0 | |
| 1,488,000 | American International Group, Inc., 4.750%, 04/01/2048 | 1,578,526 | 0.0 | |
| 1,897,000 | (3) | American International Group, Inc., 5.750%, 04/01/2048 | 1,666,965 | 0.0 |
| 1,955,000 | American Tower Corp., 2.750%, 01/15/2027 | 1,896,721 | 0.0 | |
| 3,085,000 | American Tower Corp., 3.700%, 10/15/2049 | 2,989,125 | 0.0 | |
| 2,465,000 | (1),(2) | ANZ New Zealand Int'l Ltd./London, 2.550%, 02/13/2030 | 2,407,056 | 0.0 |
| 3,420,000 | (1) | ANZ New Zealand Int'l Ltd./London, 3.400%, 03/19/2024 | 3,546,776 | 0.0 |
| 3,460,000 | Assurant, Inc., 3.700%, 02/22/2030 | 3,401,808 | 0.0 | |
| 4,643,000 | Assurant, Inc., 4.900%, 03/27/2028 | 5,266,585 | 0.1 | |
See Accompanying Notes to Financial Statements
| 28 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 4,600,000 | (1),(2) | Banco Bradesco SA/Cayman Islands, 3.200%, 01/27/2025 | 4,214,796 | 0.1 |
| 4,250,000 | Banco de Bogota SA, 6.250%, 05/12/2026 | 4,054,319 | 0.1 | |
| 764,000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.375%, 10/14/2025 | 713,381 | 0.0 | |
| 4,600,000 | Banco Santander SA, 3.125%, 02/23/2023 | 4,566,538 | 0.1 | |
| 4,175,000 | Bancolombia SA, 3.000%, 01/29/2025 | 3,756,498 | 0.1 | |
| 3,615,000 | (2),(3) | Bank of America Corp., 2.496%, 02/13/2031 | 3,481,828 | 0.0 |
| 3,625,000 | (3) | Bank of America Corp., 3.194%, 07/23/2030 | 3,709,172 | 0.1 |
| 2,750,000 | (3) | Bank of America Corp., 3.419%, 12/20/2028 | 2,845,207 | 0.0 |
| 10,041,000 | (3) | Bank of America Corp., 3.499%, 05/17/2022 | 10,163,465 | 0.1 |
| 2,300,000 | (3) | Bank of America Corp., 3.550%, 03/05/2024 | 2,387,486 | 0.0 |
| 1,941,000 | Bank of America Corp., 3.950%, 04/21/2025 | 2,044,910 | 0.0 | |
| 1,718,000 | (3) | Bank of America Corp., 3.970%, 03/05/2029 | 1,858,024 | 0.0 |
| 2,645,000 | (3) | Bank of America Corp., 4.078%, 04/23/2040 | 2,976,755 | 0.0 |
| 7,307,000 | Bank of America Corp., 4.183%, 11/25/2027 | 7,570,007 | 0.1 | |
| 4,495,000 | Bank of America Corp., 4.250%, 10/22/2026 | 4,807,427 | 0.1 | |
| 9,614,000 | (3) | Bank of America Corp., 4.271%, 07/23/2029 | 10,451,954 | 0.1 |
| 594,000 | (3) | Bank of America Corp., 5.125%, 12/31/2199 | 564,713 | 0.0 |
| 1,495,000 | (2),(3) | Bank of America Corp., 2.015%, 02/13/2026 | 1,466,409 | 0.0 |
| 5,000,000 | (3) | Bank of America Corp., 2.884%, 10/22/2030 | 5,003,325 | 0.1 |
| 5,594,000 | (3) | Bank of Montreal, 3.803%, 12/15/2032 | 5,438,039 | 0.1 |
| 2,940,000 | (2) | Bank of Nova Scotia/The, 2.200%, 02/03/2025 | 2,937,591 | 0.0 |
| 2,417,000 | (2) | Bank of Nova Scotia/The, 2.700%, 08/03/2026 | 2,443,241 | 0.0 |
| 7,130,000 | Bank of Nova Scotia/The, 3.125%, 04/20/2021 | 7,207,193 | 0.1 | |
| 3,962,000 | Bank of Nova Scotia, 4.500%, 12/16/2025 | 4,080,600 | 0.1 | |
| 3,395,000 | (1) | Banque Federative du Credit Mutuel SA, 2.375%, 11/21/2024 | 3,330,849 | 0.0 |
| 2,980,000 | (1) | Barclays Bank PLC, 10.179%, 06/12/2021 | 3,168,064 | 0.0 |
| 4,548,000 | (3) | Barclays PLC, 3.932%, 05/07/2025 | 4,371,125 | 0.1 |
| 2,475,000 | (3) | Barclays PLC, 4.610%, 02/15/2023 | 2,520,402 | 0.0 |
| 5,060,000 | Berkshire Hathaway Finance Corp., 4.250%, 01/15/2049 | 6,259,042 | 0.1 | |
| 2,394,000 | Berkshire Hathaway, Inc., 2.750%, 03/15/2023 | 2,494,838 | 0.0 | |
| 3,500,000 | BlackRock, Inc., 2.400%, 04/30/2030 | 3,505,611 | 0.0 | |
| 9,060,000 | (1),(3) | BNP Paribas SA, 2.819%, 11/19/2025 | 8,966,122 | 0.1 |
| 2,000,000 | (1),(3) | BNP Paribas SA, 3.052%, 01/13/2031 | 1,902,302 | 0.0 |
| 4,499,000 | (1) | BNP Paribas SA, 3.375%, 01/09/2025 | 4,477,820 | 0.1 |
| 8,130,000 | (1),(2) | BPCE SA, 2.700%, 10/01/2029 | 7,732,702 | 0.1 |
| 2,094,000 | (1) | BPCE SA, 5.150%, 07/21/2024 | 2,211,627 | 0.0 |
| 7,020,000 | (1) | BPCE SA, 5.700%, 10/22/2023 | 7,225,544 | 0.1 |
| 4,814,000 | Brookfield Finance LLC, 3.450%, 04/15/2050 | 3,882,488 | 0.1 | |
| 11,000,000 | (2) | Canadian Imperial Bank of Commerce, 2.250%, 01/28/2025 | 10,908,720 | 0.1 |
| 12,153,000 | (3) | Canadian Imperial Bank of Commerce, 2.606%, 07/22/2023 | 12,270,281 | 0.2 |
| 2,002,000 | (2) | Canadian Imperial Bank of Commerce, 3.100%, 04/02/2024 | 2,073,233 | 0.0 |
| 2,160,000 | Charles Schwab Corp./The, 3.250%, 05/22/2029 | 2,141,265 | 0.0 | |
| 9,025,000 | (2) | Charles Schwab Corp./The, 3.550%, 02/01/2024 | 9,495,439 | 0.1 |
| 3,245,000 | Chubb INA Holdings, Inc., 2.875%, 11/03/2022 | 3,297,287 | 0.0 | |
| 5,310,000 | Citibank NA, 3.400%, 07/23/2021 | 5,394,996 | 0.1 | |
| 3,170,000 | (3) | Citigroup, Inc., 2.876%, 07/24/2023 | 3,199,124 | 0.0 |
| 4,915,000 | Citigroup, Inc., 5.500%, 09/13/2025 | 5,470,273 | 0.1 | |
| 1,147,000 | (1),(2) | Citizens Financial Group, Inc., 4.150%, 09/28/2022 | 1,175,788 | 0.0 |
| 1,201,000 | Columbia Property Trust Operating Partnership L.P., 3.650%, 08/15/2026 | 1,070,108 | 0.0 | |
| 638,000 | Columbia Property Trust Operating Partnership L.P., 4.150%, 04/01/2025 | 661,649 | 0.0 |
See Accompanying Notes to Financial Statements
| 29 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,520,000 | (1) | Commonwealth Bank of Australia, 3.743%, 09/12/2039 | 1,289,144 | 0.0 |
| 6,000,000 | Cooperatieve Rabobank UA, 3.950%, 11/09/2022 | 6,043,124 | 0.1 | |
| 9,163,000 | Cooperatieve Rabobank UA, 4.375%, 08/04/2025 | 9,404,351 | 0.1 | |
| 1,500,000 | Cooperatieve Rabobank UA, 4.625%, 12/01/2023 | 1,554,027 | 0.0 | |
| 3,150,000 | Corp Financiera de Desarrollo SA, 4.750%, 07/15/2025 | 3,083,078 | 0.0 | |
| 4,330,000 | (1) | Credit Agricole SA/London, 2.375%, 07/01/2021 | 4,261,594 | 0.1 |
| 4,000,000 | (1) | Credit Agricole SA/London, 2.375%, 01/22/2025 | 3,922,556 | 0.1 |
| 4,068,000 | (1) | Credit Suisse AG, 6.500%, 08/08/2023 | 4,158,741 | 0.1 |
| 6,870,000 | (1),(3) | Credit Suisse Group AG, 2.997%, 12/14/2023 | 6,697,187 | 0.1 |
| 1,170,000 | (1),(3) | Credit Suisse Group AG, 3.869%, 01/12/2029 | 1,186,702 | 0.0 |
| 3,166,000 | (1),(3) | Credit Suisse Group AG, 4.194%, 04/01/2031 | 3,249,807 | 0.0 |
| 1,441,000 | (1) | Credit Suisse Group AG, 4.282%, 01/09/2028 | 1,478,702 | 0.0 |
| 2,470,000 | Credit Suisse Group Funding Guernsey Ltd., 3.450%, 04/16/2021 | 2,486,382 | 0.0 | |
| 3,190,000 | Credit Suisse Group Funding Guernsey Ltd., 3.800%, 09/15/2022 | 3,247,395 | 0.0 | |
| 1,033,000 | Crown Castle International Corp., 4.150%, 07/01/2050 | 1,021,637 | 0.0 | |
| 8,650,000 | (1) | Danske Bank A/S, 2.800%, 03/10/2021 | 8,641,725 | 0.1 |
| 2,005,000 | (1) | Danske Bank A/S, 5.000%, 01/12/2022 | 2,054,423 | 0.0 |
| 2,897,000 | Discover Bank, 4.250%, 03/13/2026 | 2,908,705 | 0.0 | |
| 2,404,000 | (3) | Discover Bank, 4.682%, 08/09/2028 | 2,449,736 | 0.0 |
| 805,000 | Discover Financial Services, 3.850%, 11/21/2022 | 822,536 | 0.0 | |
| 6,000,000 | ERP Operating L.P., 2.500%, 02/15/2030 | 5,585,131 | 0.1 | |
| 8,775,000 | (1),(2) | ESH Hospitality, Inc., 4.625%, 10/01/2027 | 6,893,201 | 0.1 |
| 4,085,000 | Essex Portfolio L.P., 3.000%, 01/15/2030 | 3,882,011 | 0.1 | |
| 1,862,000 | (2) | Essex Portfolio L.P., 3.250%, 05/01/2023 | 1,828,613 | 0.0 |
| 7,358,000 | Fairfax Financial Holdings Ltd., 4.850%, 04/17/2028 | 7,956,397 | 0.1 | |
| 2,931,000 | (1),(2) | Fairfax US, Inc., 4.875%, 08/13/2024 | 3,090,588 | 0.0 |
| 4,670,000 | (1) | Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025 | 4,529,095 | 0.1 |
| 13,105,000 | (1),(2) | Federation des Caisses Desjardins du Quebec, 2.250%, 10/30/2020 | 12,987,563 | 0.2 |
| 750,000 | Fondo MIVIVIENDA SA, 3.500%, 01/31/2023 | 713,629 | 0.0 | |
| 1,516,000 | GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020 | 1,507,644 | 0.0 | |
| 4,509,000 | GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035 | 4,890,901 | 0.1 | |
| 2,426,000 | Goldman Sachs Group, Inc./The, 2.625%, 04/25/2021 | 2,428,502 | 0.0 | |
| 5,493,000 | Goldman Sachs Group, Inc., 4.250%, 10/21/2025 | 5,786,326 | 0.1 | |
| 1,680,000 | Goldman Sachs Group, Inc., 5.150%, 05/22/2045 | 1,995,462 | 0.0 | |
| 792,000 | Goldman Sachs Group, Inc., 6.750%, 10/01/2037 | 1,068,123 | 0.0 | |
| 3,135,000 | (1),(3) | Harborwalk Funding Trust, 5.077%, 02/15/2069 | 3,709,803 | 0.1 |
| 5,115,000 | (2) | Healthpeak Properties, Inc., 3.000%, 01/15/2030 | 4,811,496 | 0.1 |
| 4,791,000 | (1) | HSBC Bank PLC, 4.125%, 08/12/2020 | 4,805,219 | 0.1 |
| 1,308,000 | (3) | HSBC Holdings PLC, 2.633%, 11/07/2025 | 1,271,272 | 0.0 |
| 3,435,000 | (3) | HSBC Holdings PLC, 3.803%, 03/11/2025 | 3,581,380 | 0.0 |
| 3,140,000 | (3) | HSBC Holdings PLC, 3.950%, 05/18/2024 | 3,221,997 | 0.0 |
| 2,924,000 | (3) | HSBC Holdings PLC, 3.973%, 05/22/2030 | 3,008,756 | 0.0 |
| 4,593,000 | (3) | HSBC Holdings PLC, 4.041%, 03/13/2028 | 4,684,475 | 0.1 |
| 4,085,000 | HSBC Holdings PLC, 4.300%, 03/08/2026 | 4,369,923 | 0.1 | |
| 4,831,000 | (3) | HSBC Holdings PLC, 6.000%, 12/31/2199 | 4,581,406 | 0.1 |
| 1,883,000 | HSBC Holdings PLC, 4.950%, 03/31/2030 | 2,079,131 | 0.0 | |
| 6,599,000 | ING Groep NV, 3.550%, 04/09/2024 | 6,644,165 | 0.1 | |
| 3,818,000 | Intercontinental Exchange, Inc., 4.250%, 09/21/2048 | 4,205,651 | 0.1 | |
| 2,500,000 | (1),(2) | Itau Unibanco Holding SA/Cayman Island, 3.250%, 01/24/2025 | 2,343,000 | 0.0 |
| 5,000,000 | (3) | JPMorgan Chase & Co., 2.301%, 10/15/2025 | 5,009,093 | 0.1 |
See Accompanying Notes to Financial Statements
| 30 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,604,000 | JPMorgan Chase & Co., 2.550%, 10/29/2020 | 3,611,875 | 0.0 | |
| 8,459,000 | (3) | JPMorgan Chase & Co., 3.207%, 04/01/2023 | 8,628,217 | 0.1 |
| 9,040,000 | (3) | JPMorgan Chase & Co., 3.514%, 06/18/2022 | 9,183,331 | 0.1 |
| 10,000 | (2),(3) | JPMorgan Chase & Co., 3.559%, 04/23/2024 | 10,402 | 0.0 |
| 4,270,000 | (3) | JPMorgan Chase & Co., 3.797%, 07/23/2024 | 4,475,259 | 0.1 |
| 3,700,000 | JPMorgan Chase & Co., 3.875%, 09/10/2024 | 3,914,162 | 0.1 | |
| 4,361,000 | (3) | JPMorgan Chase & Co., 3.882%, 07/24/2038 | 4,888,883 | 0.1 |
| 2,774,000 | (3) | JPMorgan Chase & Co., 3.897%, 01/23/2049 | 3,222,084 | 0.0 |
| 4,145,000 | (3) | JPMorgan Chase & Co., 4.452%, 12/05/2029 | 4,659,931 | 0.1 |
| 4,236,000 | (3) | JPMorgan Chase & Co., 5.000%, 12/31/2199 | 3,974,194 | 0.1 |
| 2,200,000 | (3) | JPMorgan Chase & Co., 4.493%, 03/24/2031 | 2,555,604 | 0.0 |
| 11,251,000 | (3) | JPMorgan Chase & Co., 4.600%, 12/31/2199 | 9,860,939 | 0.1 |
| 2,990,000 | Kilroy Realty L.P., 3.450%, 12/15/2024 | 2,939,968 | 0.0 | |
| 3,846,000 | Kimco Realty Corp., 3.700%, 10/01/2049 | 3,151,076 | 0.0 | |
| 2,838,000 | (1) | KKR Group Finance Co. VII LLC, 3.625%, 02/25/2050 | 2,354,924 | 0.0 |
| 6,322,000 | (1) | Liberty Mutual Group, Inc., 3.951%, 10/15/2050 | 5,894,021 | 0.1 |
| 2,545,000 | (3) | Lloyds Banking Group PLC, 2.438%, 02/05/2026 | 2,408,481 | 0.0 |
| 2,849,000 | (3) | Lloyds Banking Group PLC, 2.907%, 11/07/2023 | 2,849,260 | 0.0 |
| 2,495,000 | Mastercard, Inc., 3.300%, 03/26/2027 | 2,715,364 | 0.0 | |
| 4,479,000 | (2) | Mitsubishi UFJ Financial Group, Inc., 2.193%, 02/25/2025 | 4,444,018 | 0.1 |
| 5,494,000 | (2) | Mitsubishi UFJ Financial Group, Inc., 2.559%, 02/25/2030 | 5,300,867 | 0.1 |
| 725,000 | Mitsubishi UFJ Financial Group, Inc., 2.757%, 09/13/2026 | 731,864 | 0.0 | |
| 4,700,000 | (2) | Mitsubishi UFJ Financial Group, Inc., 3.218%, 03/07/2022 | 4,768,705 | 0.1 |
| 5,500,000 | Mizuho Financial Group Cayman 2 Ltd., 4.200%, 07/18/2022 | 5,706,558 | 0.1 | |
| 3,080,000 | (1) | Mizuho Financial Group, Inc., 2.632%, 04/12/2021 | 3,081,448 | 0.0 |
| 660,000 | (1),(2) | Mizuho Financial Group, Inc., 3.477%, 04/12/2026 | 652,438 | 0.0 |
| 6,933,000 | Morgan Stanley, 2.750%, 05/19/2022 | 7,012,243 | 0.1 | |
| 3,840,000 | Morgan Stanley, 3.700%, 10/23/2024 | 4,064,687 | 0.1 | |
| 3,210,000 | Morgan Stanley, 3.875%, 04/29/2024 | 3,374,463 | 0.0 | |
| 3,524,000 | Morgan Stanley, 4.000%, 07/23/2025 | 3,778,772 | 0.1 | |
| 2,439,000 | (3) | Morgan Stanley, 4.457%, 04/22/2039 | 2,781,100 | 0.0 |
| 4,155,000 | Morgan Stanley, 5.500%, 07/28/2021 | 4,316,784 | 0.1 | |
| 1,970,000 | (3) | Morgan Stanley, 5.597%, 03/24/2051 | 2,794,372 | 0.0 |
| 5,540,000 | MUFG Union Bank NA, 3.150%, 04/01/2022 | 5,543,687 | 0.1 | |
| 2,990,000 | (1),(3) | National Australia Bank Ltd., 3.933%, 08/02/2034 | 2,950,206 | 0.0 |
| 5,105,000 | (1) | Nationwide Building Society, 2.000%, 01/27/2023 | 5,003,589 | 0.1 |
| 4,500,000 | (2) | Navient Corp., 5.000%, 03/15/2027 | 3,902,400 | 0.1 |
| 1,000,000 | (1),(2),(3) | NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199 | 945,000 | 0.0 |
| 3,915,000 | (1),(2) | New York Life Global Funding, 2.875%, 04/10/2024 | 4,026,762 | 0.1 |
| 1,345,000 | (1),(2),(3) | Nordea Bank ABP, 6.125%, 12/31/2199 | 1,197,312 | 0.0 |
| DKK 6 | (4) | Nordea Kredit Realkreditaktieselskab, 6.000%, 07/01/2029 | – | – |
| 4,068,000 | (1) | Northwestern Mutual Life Insurance Co/The, 3.625%, 09/30/2059 | 3,591,846 | 0.0 |
| 7,860,000 | ORIX Corp., 3.250%, 12/04/2024 | 8,274,431 | 0.1 | |
| 1,580,000 | Piedmont Operating Partnership L.P., 4.450%, 03/15/2024 | 1,604,664 | 0.0 | |
| 2,000,000 | Power Sector Assets & Liabilities Management Corp., 7.390%, 12/02/2024 | 2,348,697 | 0.0 | |
| 2,626,000 | (2) | Prologis L.P., 2.250%, 04/15/2030 | 2,412,071 | 0.0 |
| 2,335,000 | Prologis L.P., 3.000%, 04/15/2050 | 2,034,776 | 0.0 | |
| 4,200,000 | (1) | Quicken Loans, Inc., 5.250%, 01/15/2028 | 4,136,023 | 0.1 |
| 3,152,000 | Regency Centers L.P., 2.950%, 09/15/2029 | 2,978,800 | 0.0 | |
| 1,250,000 | Retail Opportunity Investments Partnership L.P., 5.000%, 12/15/2023 | 1,321,958 | 0.0 | |
| 9,225,000 | Royal Bank of Canada, 2.250%, 11/01/2024 | 9,335,739 | 0.1 |
See Accompanying Notes to Financial Statements
| 31 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 4,410,000 | Royal Bank of Canada, 2.560%, (US0003M + 0.660%), 10/05/2023 | 4,371,906 | 0.1 | |
| 5,550,000 | Royal Bank of Canada, 3.700%, 10/05/2023 | 5,853,998 | 0.1 | |
| 9,148,000 | Royal Bank of Scotland Group PLC, 3.875%, 09/12/2023 | 9,258,508 | 0.1 | |
| 459,000 | (3) | Royal Bank of Scotland Group PLC, 4.269%, 03/22/2025 | 472,291 | 0.0 |
| 3,017,000 | (3) | Royal Bank of Scotland Group PLC, 4.519%, 06/25/2024 | 3,042,231 | 0.0 |
| 5,930,000 | (1) | Societe Generale SA, 3.000%, 01/22/2030 | 5,457,357 | 0.1 |
| 6,240,000 | State Street Corp., 2.400%, 01/24/2030 | 6,117,250 | 0.1 | |
| 5,250,000 | (3) | State Street Corp., 3.031%, 11/01/2034 | 5,081,306 | 0.1 |
| 2,217,000 | Sumitomo Mitsui Financial Group, Inc., 2.442%, 10/19/2021 | 2,222,900 | 0.0 | |
| 3,225,000 | Sumitomo Mitsui Financial Group, Inc., 2.448%, 09/27/2024 | 3,221,903 | 0.0 | |
| 300,000 | Sumitomo Mitsui Financial Group, Inc., 3.010%, 10/19/2026 | 312,895 | 0.0 | |
| 2,878,000 | Toronto-Dominion Bank/The, 2.650%, 06/12/2024 | 2,943,717 | 0.0 | |
| 5,920,000 | (2) | Toronto-Dominion Bank/The, 3.150%, 09/17/2020 | 5,948,014 | 0.1 |
| 9,340,000 | Toronto-Dominion Bank/The, 3.250%, 03/11/2024 | 9,779,143 | 0.1 | |
| 6,822,000 | (2) | Toronto-Dominion Bank/The, 3.500%, 07/19/2023 | 7,048,477 | 0.1 |
| 4,600,000 | (2) | Truist Bank, 2.250%, 03/11/2030 | 4,223,282 | 0.1 |
| 3,293,000 | Truist Bank, 3.200%, 04/01/2024 | 3,407,820 | 0.0 | |
| 10,893,000 | (3) | Truist Financial Corp., 4.800%, 12/31/2199 | 9,375,551 | 0.1 |
| 4,125,000 | (1) | Turkiye Vakiflar Bankasi TAO, 5.250%, 02/05/2025 | 3,476,550 | 0.0 |
| 7,760,000 | (1) | UBS AG/London, 2.450%, 12/01/2020 | 7,741,229 | 0.1 |
| 1,470,000 | UBS AG/Stamford CT, 7.625%, 08/17/2022 | 1,514,820 | 0.0 | |
| 3,180,000 | UBS AG, 5.125%, 05/15/2024 | 3,211,800 | 0.0 | |
| 7,779,000 | (1),(3) | UBS Group AG, 2.859%, 08/15/2023 | 7,722,130 | 0.1 |
| 2,565,000 | (1),(3) | UBS Group AG, 3.126%, 08/13/2030 | 2,507,577 | 0.0 |
| 5,000,000 | US Bank NA/Cincinnati OH, 2.050%, 01/21/2025 | 4,984,746 | 0.1 | |
| 9,435,000 | (3) | Wells Fargo & Co., 2.406%, 10/30/2025 | 9,313,037 | 0.1 |
| 10,000,000 | (3) | Wells Fargo & Co., 2.879%, 10/30/2030 | 9,936,917 | 0.1 |
| 6,670,000 | Wells Fargo & Co., 3.750%, 01/24/2024 | 7,074,832 | 0.1 | |
| 4,723,000 | Wells Fargo & Co., 4.125%, 08/15/2023 | 4,878,339 | 0.1 | |
| 2,631,000 | Wells Fargo & Co., 4.750%, 12/07/2046 | 3,051,032 | 0.0 | |
| 2,660,000 | (3) | Wells Fargo & Co., 4.478%, 04/04/2031 | 3,020,016 | 0.0 |
| 3,115,000 | (3) | Wells Fargo & Co., 5.013%, 04/04/2051 | 3,983,438 | 0.1 |
| 4,455,000 | (3) | Wells Fargo Bank NA, 2.082%, 09/09/2022 | 4,437,364 | 0.1 |
| 12,450,000 | Wells Fargo Bank NA, 3.625%, 10/22/2021 | 12,800,518 | 0.2 | |
| 2,270,000 | Westpac Banking Corp., 2.350%, 02/19/2025 | 2,293,701 | 0.0 | |
| 5,180,000 | XLIT Ltd., 4.450%, 03/31/2025 | 5,360,060 | 0.1 | |
| 2,000,000 | XLIT Ltd., 5.250%, 12/15/2043 | 2,277,255 | 0.0 | |
| 2,511,000 | XLIT Ltd., 5.500%, 03/31/2045 | 2,918,748 | 0.0 | |
| 844,706,189 | 10.3 | |||
| Industrial: 2.0% | ||||
| 1,335,000 | 3M Co., 3.700%, 04/15/2050 | 1,498,029 | 0.0 | |
| 4,000,000 | AECOM, 5.125%, 03/15/2027 | 3,634,170 | 0.1 | |
| 8,620,000 | (1) | Airbus Finance BV, 2.700%, 04/17/2023 | 8,446,989 | 0.1 |
| 5,435,000 | Amphenol Corp., 2.800%, 02/15/2030 | 4,979,850 | 0.1 | |
| 2,530,000 | (3) | BNSF Funding Trust I, 6.613%, 12/15/2055 | 2,483,815 | 0.0 |
| 8,465,000 | (1) | Builders FirstSource, Inc., 5.000%, 03/01/2030 | 7,666,116 | 0.1 |
| 4,885,000 | Burlington Northern Santa Fe LLC, 3.900%, 08/01/2046 | 5,508,444 | 0.1 | |
| 1,165,000 | Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043 | 1,384,334 | 0.0 | |
| 2,728,000 | Burlington Northern Santa Fe LLC, 5.150%, 09/01/2043 | 3,559,212 | 0.1 | |
| 2,350,000 | (1) | Carrier Global Corp., 2.242%, 02/15/2025 | 2,302,830 | 0.0 |
| 3,290,000 | (1) | Carrier Global Corp., 2.493%, 02/15/2027 | 3,155,593 | 0.0 |
| 2,965,000 | (1) | Carrier Global Corp., 2.722%, 02/15/2030 | 2,745,536 | 0.0 |
| 3,085,000 | (1) | Carrier Global Corp., 3.577%, 04/05/2050 | 2,786,900 | 0.0 |
| 5,615,000 | Caterpillar Financial Services Corp., 3.150%, 09/07/2021 | 5,718,356 | 0.1 | |
| 3,185,000 | Caterpillar, Inc., 3.250%, 09/19/2049 | 3,219,915 | 0.1 | |
| 200,000 | Cemex SAB de CV, 6.125%, 05/05/2025 | 178,749 | 0.0 | |
| 2,715,000 | CSX Corp., 4.650%, 03/01/2068 | 2,974,146 | 0.0 | |
| 890,000 | CSX Corp., 4.500%, 08/01/2054 | 1,011,695 | 0.0 | |
| 1,957,000 | Deere & Co., 3.750%, 04/15/2050 | 2,287,357 | 0.0 | |
See Accompanying Notes to Financial Statements
| 32 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,428,000 | FedEx Corp., 3.900%, 02/01/2035 | 1,401,847 | 0.0 | |
| 4,000,000 | FedEx Corp., 4.050%, 02/15/2048 | 3,540,007 | 0.1 | |
| 2,647,000 | FedEx Corp., 4.400%, 01/15/2047 | 2,423,621 | 0.0 | |
| 1,475,000 | (1) | FXI Holdings, Inc., 7.875%, 11/01/2024 | 1,007,159 | 0.0 |
| 5,327,000 | General Dynamics Corp., 3.500%, 04/01/2027 | 5,737,832 | 0.1 | |
| 4,250,000 | Keysight Technologies, Inc., 3.000%, 10/30/2029 | 4,039,996 | 0.1 | |
| 4,940,000 | Lockheed Martin Corp., 4.070%, 12/15/2042 | 5,797,939 | 0.1 | |
| 3,379,000 | Norfolk Southern Corp., 3.650%, 08/01/2025 | 3,496,312 | 0.1 | |
| 434,000 | Northrop Grumman Corp., 2.930%, 01/15/2025 | 442,634 | 0.0 | |
| 3,975,000 | (1),(2) | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 | 3,920,364 | 0.1 |
| 2,395,000 | (2) | Packaging Corp. of America, 4.050%, 12/15/2049 | 2,406,684 | 0.0 |
| 2,335,000 | Rockwell Collins, Inc., 3.200%, 03/15/2024 | 2,413,296 | 0.0 | |
| 3,686,000 | Rockwell Collins, Inc., 3.500%, 03/15/2027 | 3,842,729 | 0.0 | |
| 5,565,000 | (1),(2) | Sealed Air Corp., 4.000%, 12/01/2027 | 5,217,744 | 0.1 |
| 2,570,000 | (1) | SMBC Aviation Capital Finance DAC, 2.650%, 07/15/2021 | 2,549,307 | 0.0 |
| 2,540,000 | (1),(2) | SMBC Aviation Capital Finance DAC, 3.550%, 04/15/2024 | 2,715,990 | 0.0 |
| 1,125,000 | (1) | Standard Industries, Inc./NJ, 4.750%, 01/15/2028 | 1,043,907 | 0.0 |
| 2,885,000 | (1),(2) | Standard Industries, Inc./NJ, 5.000%, 02/15/2027 | 2,645,451 | 0.0 |
| 6,290,000 | Stanley Black & Decker, Inc., 2.900%, 11/01/2022 | 6,298,218 | 0.1 | |
| 4,150,000 | (1) | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 | 3,895,792 | 0.1 |
| 2,720,000 | Textron, Inc., 3.000%, 06/01/2030 | 2,551,177 | 0.0 | |
| 5,745,000 | (1) | TTX Co., 3.600%, 01/15/2025 | 6,071,147 | 0.1 |
| 1,000,000 | Union Pacific Corp., 2.400%, 02/05/2030 | 979,552 | 0.0 | |
| 2,700,000 | Union Pacific Corp., 3.250%, 02/05/2050 | 2,660,922 | 0.0 | |
| 1,148,000 | Union Pacific Corp., 3.750%, 02/05/2070 | 1,206,728 | 0.0 | |
| 3,920,000 | United Parcel Service, Inc., 2.050%, 04/01/2021 | 3,916,559 | 0.1 | |
| 951,000 | (2) | United Parcel Service, Inc., 2.500%, 04/01/2023 | 994,574 | 0.0 |
| 2,431,000 | (2) | United Parcel Service, Inc., 2.800%, 11/15/2024 | 2,531,278 | 0.0 |
| 3,155,000 | United Parcel Service, Inc., 3.400%, 09/01/2049 | 3,193,408 | 0.0 | |
| 721,000 | United Technologies Corp., 3.650%, 08/16/2023 | 759,490 | 0.0 | |
| 6,000,000 | United Technologies Corp., 4.500%, 06/01/2042 | 6,998,352 | 0.1 | |
| 534,000 | United Technologies Corp., 5.400%, 05/01/2035 | 657,935 | 0.0 | |
| 792,000 | United Technologies Corp., 6.125%, 07/15/2038 | 1,149,076 | 0.0 | |
| 2,209,000 | (1) | Vinci SA, 3.750%, 04/10/2029 | 2,390,498 | 0.0 |
| 166,439,561 | 2.0 | |||
| Technology: 1.6% | ||||
| 562,000 | Analog Devices, Inc., 3.500%, 12/05/2026 | 569,792 | 0.0 | |
| 5,675,000 | Apple, Inc., 2.400%, 01/13/2023 | 5,856,424 | 0.1 | |
| 4,128,000 | Apple, Inc., 3.450%, 02/09/2045 | 4,683,410 | 0.1 | |
| 7,492,000 | Apple, Inc., 3.750%, 09/12/2047 | 8,857,399 | 0.1 | |
| 5,095,000 | Apple, Inc., 3.750%, 11/13/2047 | 6,122,371 | 0.1 | |
| 963,000 | Apple, Inc., 4.450%, 05/06/2044 | 1,246,111 | 0.0 | |
| 3,840,000 | Broadridge Financial Solutions, Inc., 2.900%, 12/01/2029 | 3,618,141 | 0.1 | |
| 2,143,000 | (1) | Dell International LLC / EMC Corp., 6.020%, 06/15/2026 | 2,284,810 | 0.0 |
| 2,695,000 | Fiserv, Inc., 2.750%, 07/01/2024 | 2,684,966 | 0.0 | |
| 8,847,000 | Fiserv, Inc., 3.200%, 07/01/2026 | 9,126,072 | 0.1 | |
| 2,895,000 | (2) | HP, Inc., 4.050%, 09/15/2022 | 3,029,151 | 0.0 |
| 5,885,000 | HP, Inc., 4.300%, 06/01/2021 | 6,132,110 | 0.1 | |
| 2,000,000 | IBM Credit LLC, 3.000%, 02/06/2023 | 2,070,638 | 0.0 | |
| 2,289,000 | (2) | International Business Machines Corp., 2.875%, 11/09/2022 | 2,371,171 | 0.0 |
| 7,595,000 | International Business Machines Corp., 3.300%, 05/15/2026 | 8,163,879 | 0.1 | |
| 1,975,000 | Intel Corp., 3.100%, 02/15/2060 | 2,164,632 | 0.0 | |
| 11,150,000 | Intel Corp., 3.250%, 11/15/2049 | 12,134,439 | 0.2 | |
| 6,701,000 | Microsoft Corp., 2.400%, 08/08/2026 | 7,102,767 | 0.1 | |
| 9,677,000 | Microsoft Corp., 3.700%, 08/08/2046 | 11,529,005 | 0.2 | |
See Accompanying Notes to Financial Statements
| 33 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 6,002,000 | Microsoft Corp., 4.450%, 11/03/2045 | 7,924,312 | 0.1 | |
| 1,820,000 | NVIDIA Corp., 3.500%, 04/01/2040 | 1,940,329 | 0.0 | |
| 2,425,000 | NVIDIA Corp., 3.500%, 04/01/2050 | 2,654,930 | 0.0 | |
| 1,855,000 | NVIDIA Corp., 3.700%, 04/01/2060 | 2,015,853 | 0.0 | |
| 3,692,000 | Oracle Corp., 3.600%, 04/01/2040 | 3,688,254 | 0.1 | |
| 370,000 | Oracle Corp., 3.850%, 07/15/2036 | 387,721 | 0.0 | |
| 8,841,000 | Oracle Corp., 4.000%, 11/15/2047 | 9,752,561 | 0.1 | |
| 1,865,000 | Texas Instruments, Inc., 3.875%, 03/15/2039 | 2,155,026 | 0.0 | |
| 130,266,274 | 1.6 | |||
| Utilities: 4.0% | ||||
| 1,059,000 | (2) | AEP Texas, Inc., 3.450%, 01/15/2050 | 957,391 | 0.0 |
| 2,639,000 | AEP Transmission Co. LLC, 3.650%, 04/01/2050 | 2,729,546 | 0.0 | |
| 3,770,000 | Alabama Power Co., 3.375%, 10/01/2020 | 3,700,789 | 0.1 | |
| 2,480,000 | (2) | Alabama Power Co., 3.450%, 10/01/2049 | 2,535,239 | 0.0 |
| 1,927,000 | Ameren Corp., 2.700%, 11/15/2020 | 1,921,546 | 0.0 | |
| 1,443,000 | Ameren Corp., 3.500%, 01/15/2031 | 1,439,580 | 0.0 | |
| 3,136,000 | American Electric Power Co., Inc., 3.250%, 03/01/2050 | 2,762,794 | 0.0 | |
| 7,500,000 | (1) | American Transmission Systems, Inc., 5.000%, 09/01/2044 | 8,533,098 | 0.1 |
| 5,385,000 | (1) | American Transmission Systems, Inc., 5.250%, 01/15/2022 | 5,731,769 | 0.1 |
| 2,595,000 | Arizona Public Service Co., 4.200%, 08/15/2048 | 2,665,609 | 0.0 | |
| 4,801,000 | Avangrid, Inc., 3.800%, 06/01/2029 | 4,925,304 | 0.1 | |
| 2,510,000 | (2) | Baltimore Gas & Electric Co., 3.200%, 09/15/2049 | 2,403,404 | 0.0 |
| 1,000,000 | Baltimore Gas & Electric Co., 3.350%, 07/01/2023 | 1,031,233 | 0.0 | |
| 3,250,000 | Black Hills Corp., 3.050%, 10/15/2029 | 3,139,886 | 0.0 | |
| 1,720,000 | Black Hills Corp., 4.250%, 11/30/2023 | 1,807,338 | 0.0 | |
| 2,750,000 | Black Hills Corp., 4.350%, 05/01/2033 | 3,372,290 | 0.1 | |
| 566,000 | CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/2042 | 589,058 | 0.0 | |
| 6,300,000 | (1),(2) | Centrais Eletricas Brasileiras SA, 3.625%, 02/04/2025 | 5,610,213 | 0.1 |
| 2,166,000 | (1) | Cleveland Electric Illuminating Co/The, 3.500%, 04/01/2028 | 2,052,052 | 0.0 |
| 4,990,000 | Commonwealth Edison Co., 3.750%, 08/15/2047 | 5,422,291 | 0.1 | |
| 1,864,000 | Consolidated Edison Co. of New York, Inc., 4.000%, 11/15/2057 | 1,937,636 | 0.0 | |
| 2,591,000 | Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/2054 | 2,915,596 | 0.0 | |
| 831,000 | Consolidated Edison Co. of New York, Inc., 5.300%, 03/01/2035 | 985,842 | 0.0 | |
| 633,000 | Delmarva Power & Light Co., 3.500%, 11/15/2023 | 652,942 | 0.0 | |
| 3,185,000 | Dominion Energy Gas Holdings LLC, 2.500%, 11/15/2024 | 3,100,685 | 0.0 | |
| 4,865,000 | (3) | Dominion Energy, Inc., 4.650%, 12/31/2199 | 4,375,119 | 0.1 |
| 3,860,000 | DTE Electric Co., 2.250%, 03/01/2030 | 3,748,981 | 0.1 | |
| 7,263,000 | (2) | DTE Electric Co., 2.950%, 03/01/2050 | 6,834,485 | 0.1 |
| 1,790,000 | DTE Electric Co., 3.950%, 03/01/2049 | 1,961,608 | 0.0 | |
| 1,210,000 | DTE Electric Co., 4.050%, 05/15/2048 | 1,379,568 | 0.0 | |
| 1,539,000 | Duke Energy Carolinas LLC, 2.950%, 12/01/2026 | 1,612,317 | 0.0 | |
| 4,390,000 | (2) | Duke Energy Carolinas LLC, 3.200%, 08/15/2049 | 4,455,920 | 0.1 |
| 2,340,000 | Duke Energy Carolinas LLC, 3.700%, 12/01/2047 | 2,585,676 | 0.0 | |
| 2,185,000 | Duke Energy Carolinas LLC, 4.000%, 09/30/2042 | 2,471,503 | 0.0 | |
| 2,155,000 | (3) | Duke Energy Corp., 4.875%, 12/31/2199 | 1,811,698 | 0.0 |
| 3,030,000 | Duke Energy Florida LLC, 4.200%, 07/15/2048 | 3,469,397 | 0.1 | |
| 3,500,000 | Duke Energy Indiana LLC, 3.250%, 10/01/2049 | 3,553,768 | 0.1 | |
| 3,723,000 | Duke Energy Progress LLC, 3.700%, 10/15/2046 | 4,034,046 | 0.1 | |
| 3,677,000 | Duke Energy Progress LLC, 4.200%, 08/15/2045 | 4,225,567 | 0.1 | |
| 1,200,000 | Duke Energy Indiana LLC, 3.750%, 05/15/2046 | 1,310,519 | 0.0 | |
| 4,000,000 | Duke Energy Progress LLC, 4.100%, 05/15/2042 | 4,599,773 | 0.1 | |
| 3,323,000 | Entergy Corp., 2.950%, 09/01/2026 | 3,301,398 | 0.0 | |
| 3,860,000 | Entergy Gulf States Louisiana LLC, 3.950%, 10/01/2020 | 3,841,073 | 0.1 | |
See Accompanying Notes to Financial Statements
| 34 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 7,875,000 | Entergy Louisiana LLC, 4.200%, 04/01/2050 | 9,074,298 | 0.1 | |
| 2,172,000 | Entergy Texas, Inc., 4.000%, 03/30/2029 | 2,375,028 | 0.0 | |
| 1,758,000 | Entergy Louisiana LLC, 2.900%, 03/15/2051 | 1,556,451 | 0.0 | |
| 6,480,000 | Entergy Louisiana LLC, 4.050%, 09/01/2023 | 6,632,480 | 0.1 | |
| 3,038,000 | Entergy Louisiana LLC, 4.200%, 09/01/2048 | 3,464,979 | 0.1 | |
| 2,882,000 | Evergy Kansas Central, Inc., 3.250%, 09/01/2049 | 2,945,913 | 0.0 | |
| 6,159,000 | Eversource Energy, 2.900%, 10/01/2024 | 6,329,023 | 0.1 | |
| 2,871,000 | (2) | Eversource Energy, 3.450%, 01/15/2050 | 2,621,109 | 0.0 |
| 3,617,000 | Exelon Corp., 3.497%, 06/01/2022 | 3,504,166 | 0.1 | |
| 1,060,000 | Exelon Corp., 4.050%, 04/15/2030 | 1,051,949 | 0.0 | |
| 1,585,000 | Exelon Corp., 4.700%, 04/15/2050 | 1,662,327 | 0.0 | |
| 3,475,000 | FirstEnergy Corp., 2.850%, 07/15/2022 | 3,393,089 | 0.1 | |
| 1,519,000 | FirstEnergy Corp., 4.250%, 03/15/2023 | 1,553,212 | 0.0 | |
| 1,725,000 | Fortis, Inc./Canada, 3.055%, 10/04/2026 | 1,656,355 | 0.0 | |
| 3,055,000 | Georgia Power Co., 2.200%, 09/15/2024 | 2,871,579 | 0.0 | |
| 2,124,000 | Georgia Power Co., 5.750%, 04/15/2023 | 2,259,796 | 0.0 | |
| 1,444,000 | Idaho Power Co., 4.200%, 03/01/2048 | 1,682,245 | 0.0 | |
| 6,060,000 | Inkia Energy Ltd., 5.875%, 11/09/2027 | 5,363,100 | 0.1 | |
| 4,400,000 | Interstate Power & Light Co., 3.250%, 12/01/2024 | 4,457,738 | 0.1 | |
| 11,576,000 | IPALCO Enterprises, Inc., 3.450%, 07/15/2020 | 11,575,115 | 0.2 | |
| 3,199,000 | (1) | Jersey Central Power & Light Co., 4.300%, 01/15/2026 | 3,426,674 | 0.1 |
| 3,950,000 | (1) | Kallpa Generacion SA, 4.125%, 08/16/2027 | 3,582,857 | 0.1 |
| 2,862,000 | (2) | LG&E & KU Energy LLC, 3.750%, 11/15/2020 | 2,842,738 | 0.0 |
| 1,950,000 | (1) | Metropolitan Edison Co., 3.500%, 03/15/2023 | 2,032,264 | 0.0 |
| 2,430,000 | MidAmerican Energy Co., 3.150%, 04/15/2050 | 2,475,669 | 0.0 | |
| 1,702,000 | MidAmerican Energy Co., 3.500%, 10/15/2024 | 1,794,650 | 0.0 | |
| 5,027,000 | Mississippi Power Co., 4.250%, 03/15/2042 | 4,841,139 | 0.1 | |
| 375,000 | Mississippi Power Co., 4.750%, 10/15/2041 | 363,121 | 0.0 | |
| 2,880,000 | (3) | National Rural Utilities Cooperative Finance Corp., 4.750%, 04/30/2043 | 2,872,570 | 0.0 |
| 5,049,000 | NextEra Energy Capital Holdings, Inc., 3.150%, 04/01/2024 | 5,176,481 | 0.1 | |
| 1,901,000 | NiSource, Inc., 5.950%, 06/15/2041 | 2,207,604 | 0.0 | |
| 4,760,000 | (2) | NiSource, Inc., 3.650%, 06/15/2023 | 4,880,621 | 0.1 |
| 3,175,000 | (2) | NRG Energy, Inc., 5.750%, 01/15/2028 | 3,256,121 | 0.0 |
| 555,000 | NSTAR Electric Co., 2.375%, 10/15/2022 | 580,354 | 0.0 | |
| 1,137,000 | Ohio Power Co., 5.375%, 10/01/2021 | 1,189,775 | 0.0 | |
| 1,138,000 | PECO Energy Co., 4.150%, 10/01/2044 | 1,279,065 | 0.0 | |
| 750,000 | (1) | Perusahaan Listrik Negara PT, 5.375%, 01/25/2029 | 786,407 | 0.0 |
| 2,675,000 | Perusahaan Listrik Negara PT, 5.450%, 05/21/2028 | 2,807,051 | 0.0 | |
| 4,500,000 | (1) | Perusahaan Listrik Negara PT, 5.450%, 05/21/2028 | 4,722,143 | 0.1 |
| 3,035,000 | Pinnacle West Capital Corp., 2.250%, 11/30/2020 | 3,039,420 | 0.0 | |
| 7,000,000 | PNM Resources, Inc., 3.250%, 03/09/2021 | 7,046,586 | 0.1 | |
| 6,952,000 | Public Service Electric & Gas Co., 3.000%, 05/15/2025 | 7,155,453 | 0.1 | |
| 5,924,000 | Public Service Electric & Gas Co., 3.250%, 09/01/2023 | 6,111,138 | 0.1 | |
| 2,758,000 | (2) | San Diego Gas & Electric Co., 3.000%, 08/15/2021 | 2,780,799 | 0.0 |
| 3,937,000 | Sempra Energy, 3.800%, 02/01/2038 | 3,710,329 | 0.1 | |
| 5,750,000 | (2) | Sierra Pacific Power Co., 2.600%, 05/01/2026 | 5,761,933 | 0.1 |
| 435,000 | Southern California Edison Co., 2.400%, 02/01/2022 | 424,107 | 0.0 | |
| 2,415,000 | (2) | Southern California Edison Co., 3.650%, 02/01/2050 | 2,356,867 | 0.0 |
| 980,000 | (2) | Southern California Edison Co., 3.875%, 06/01/2021 | 971,602 | 0.0 |
| 813,000 | Southern California Edison Co., 4.050%, 03/15/2042 | 851,337 | 0.0 | |
| 1,444,000 | Southern Co. Gas Capital Corp., 4.400%, 05/30/2047 | 1,437,938 | 0.0 | |
| 1,680,000 | Southern Co. Gas Capital Corp., 5.875%, 03/15/2041 | 1,911,582 | 0.0 | |
| 3,690,000 | Tampa Electric Co., 5.400%, 05/15/2021 | 3,790,526 | 0.1 |
See Accompanying Notes to Financial Statements
| 35 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,710,000 | Tucson Electric Power Co., 4.850%, 12/01/2048 | 1,939,100 | 0.0 | |
| 2,500,000 | Union Electric Co., 3.250%, 10/01/2049 | 2,286,369 | 0.0 | |
| 1,945,000 | (2) | Union Electric Co., 3.500%, 03/15/2029 | 2,071,413 | 0.0 |
| 2,260,000 | Union Electric Co., 3.900%, 09/15/2042 | 2,458,802 | 0.0 | |
| 5,165,000 | Virginia Electric & Power Co., 3.800%, 09/15/2047 | 5,544,800 | 0.1 | |
| 1,476,000 | (2) | Virginia Electric & Power Co., 2.875%, 07/15/2029 | 1,472,514 | 0.0 |
| 1,915,000 | Virginia Electric & Power Co., 3.450%, 09/01/2022 | 1,945,641 | 0.0 | |
| 3,485,000 | Washington Gas Light Co., 3.650%, 09/15/2049 | 3,188,323 | 0.0 | |
| 763,000 | WEC Energy Group, Inc., 3.100%, 03/08/2022 | 772,560 | 0.0 | |
| 328,671,942 | 4.0 | |||
| Total Corporate Bonds/Notes | ||||
| (Cost $2,735,430,477) | 2,672,653,193 | 32.5 | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS: 20.8% | ||||
| 1,009,817 | (1),(3) | Agate Bay Mortgage Trust 2014-2 B4, 3.880%, 09/25/2044 | 952,106 | 0.0 |
| 2,808,625 | Alternative Loan Trust 2004-J7 MI, 1.967%, (US0001M + 1.020%), 10/25/2034 | 2,572,445 | 0.0 | |
| 2,774,073 | Alternative Loan Trust 2005-10CB 1A1, 1.447%, (US0001M + 0.500%), 05/25/2035 | 2,100,714 | 0.0 | |
| 2,309,395 | Alternative Loan Trust 2005-51 3A2A, 3.256%, (12MTA + 1.290%), 11/20/2035 | 1,913,236 | 0.0 | |
| 704,090 | Alternative Loan Trust 2005-65CB 2A4, 5.500%, 12/25/2035 | 598,304 | 0.0 | |
| 893,376 | Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035 | 816,060 | 0.0 | |
| 1,659,243 | Alternative Loan Trust 2005-J2 1A12, 1.347%, (US0001M + 0.400%), 04/25/2035 | 1,290,796 | 0.0 | |
| 783,274 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 543,207 | 0.0 | |
| 176,465 | Alternative Loan Trust 2006-18CB A10, 1.347%, (US0001M + 0.400%), 07/25/2036 | 81,358 | 0.0 | |
| 1,058,299 | Alternative Loan Trust 2006-19CB A28, 1.547%, (US0001M + 0.600%), 08/25/2036 | 577,435 | 0.0 | |
| 937,939 | Alternative Loan Trust 2006-HY11 A1, 1.067%, (US0001M + 0.120%), 06/25/2036 | 799,309 | 0.0 | |
| 1,142,482 | Alternative Loan Trust 2007-23CB A3, 1.447%, (US0001M + 0.500%), 09/25/2037 | 452,191 | 0.0 | |
| 2,925,053 | Alternative Loan Trust 2007-2CB 2A1, 1.547%, (US0001M + 0.600%), 03/25/2037 | 1,443,026 | 0.0 | |
| 1,117,926 | Alternative Loan Trust 2007-3T1 1A11, 6.000%, 04/25/2037 | 717,808 | 0.0 | |
| 1,084,858 | Alternative Loan Trust 2007-8CB A3, 1.447%, (US0001M + 0.500%), 05/25/2037 | 531,262 | 0.0 | |
| 1,955,652 | American Home Mortgage Assets Trust 2007-4 A4, 1.237%, (US0001M + 0.290%), 08/25/2037 | 1,515,851 | 0.0 | |
| 2,473,473 | (1),(3) | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | 2,361,507 | 0.0 |
| 1,011,229 | Banc of America Funding 2007-2 1A16 Trust, 1.547%, (US0001M + 0.600%), 03/25/2037 | 722,249 | 0.0 | |
| 1,038,114 | (5) | Banc of America Mortgage 2007-2 A8 Trust, 6.000%, 05/25/2037 | 224,577 | 0.0 |
| 1,408,823 | (3) | Bear Stearns ALT-A Trust 2005-4 23A1, 3.882%, 05/25/2035 | 1,275,098 | 0.0 |
| 1,851,058 | (3) | Bear Stearns ALT-A Trust 2005-7 21A1, 4.253%, 09/25/2035 | 1,590,728 | 0.0 |
| 4,530,504 | Bear Stearns Mortgage Funding Trust 2006-AR5 2A1, 1.137%, (US0001M + 0.190%), 01/25/2037 | 3,801,036 | 0.1 | |
| 1,905,745 | (1),(3) | Chase Mortgage Finance Corp. 2019-1 B2, 3.967%, 03/25/2050 | 1,543,022 | 0.0 |
| 2,226,180 | (1),(3) | Chase Mortgage Finance Corp. 2019-1 B3, 3.967%, 03/25/2050 | 2,153,804 | 0.0 |
| 1,891,847 | (3) | CHL Mortgage Pass-Through Trust 2004-22 A3, 3.826%, 11/25/2034 | 1,713,430 | 0.0 |
| 691,157 | CHL Mortgage Pass-Through Trust 2007-7 A7, 5.750%, 06/25/2037 | 517,893 | 0.0 | |
| 1,369,284 | (1),(3) | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 1,363,593 | 0.0 |
| 1,302,190 | (1),(3) | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 | 1,329,424 | 0.0 |
See Accompanying Notes to Financial Statements
| 36 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 6,446,246 | (1),(3) | CIM Trust 2019-J1 1A2, 3.500%, 08/25/2049 | 6,495,930 | 0.1 |
| 2,973,518 | (1),(3) | CIM Trust 2019-J2 B2, 3.856%, 10/25/2049 | 2,417,323 | 0.0 |
| 991,173 | (1),(3) | CIM Trust 2019-J2 B3, 3.856%, 10/25/2049 | 768,378 | 0.0 |
| 2,600,000 | (1),(3) | CIM Trust 2019-R5 M2, 3.250%, 09/25/2059 | 2,333,228 | 0.0 |
| 1,329,532 | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 | 1,275,699 | 0.0 | |
| 1,535,698 | (3) | Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.344%, 11/25/2036 | 1,162,947 | 0.0 |
| 627,015 | (3) | Citigroup Mortgage Loan Trust 2007-10 22AA, 4.128%, 09/25/2037 | 553,392 | 0.0 |
| 1,575,907 | (1),(3) | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | 1,507,829 | 0.0 |
| 1,680,000 | (1),(3) | COLT 2018-2 M1 Mortgage Loan Trust, 4.189%, 07/27/2048 | 1,621,315 | 0.0 |
| 1,550,000 | (1),(3) | COLT 2018-3 M1 Mortgage Loan Trust, 4.283%, 10/26/2048 | 1,501,773 | 0.0 |
| 2,000,000 | (1),(3) | COLT 2019-1 M1 Mortgage Loan Trust, 4.518%, 03/25/2049 | 1,850,676 | 0.0 |
| 1,887,464 | (1),(3) | COLT 2019-4 A3 Mortgage Loan Trust, 2.988%, 11/25/2049 | 1,852,027 | 0.0 |
| 7,550,000 | (1) | Connecticut Avenue Securities Trust 2020-R02 2M2, 2.947%, (US0001M + 2.000%), 01/25/2040 | 5,002,444 | 0.1 |
| 543,897 | Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.447%, (US0001M + 0.500%), 11/25/2035 | 242,990 | 0.0 | |
| 5,912,165 | Countrywide Asset-Backed Certificates 2005-IM1 M1, 1.667%, (US0001M + 0.720%), 11/25/2035 | 5,550,257 | 0.1 | |
| 1,814,939 | (1) | CSMC Series 2008-2R 1A1, 6.000%, 07/25/2037 | 1,607,394 | 0.0 |
| 1,616,914 | (1),(3) | CSMC Trust 2015-2 B3, 3.922%, 02/25/2045 | 1,600,823 | 0.0 |
| 1,800,000 | (1),(3) | Deephave Residential Mortgage Trust 2019-2A M1, 3.921%, 04/25/2059 | 1,698,039 | 0.0 |
| 1,360,000 | (1),(3) | Deephaven Residential Mortgage Trust 2018-1A M1, 3.939%, 12/25/2057 | 1,321,474 | 0.0 |
| 1,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2018-2A M1, 4.375%, 04/25/2058 | 965,474 | 0.0 |
| 2,300,000 | (1),(3) | Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058 | 2,188,068 | 0.0 |
| 1,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2019-4 M1, 3.484%, 10/25/2059 | 859,780 | 0.0 |
| 3,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2020-1 M1, 3.010%, 01/25/2060 | 2,454,764 | 0.0 |
| 90,711,977 | (3),(5) | Deutsche ALT-A Securities, Inc. ALT 07-AB1 X, 0.845%, 04/25/2037 | 4,253,566 | 0.1 |
| 3,251,458 | (1),(3) | Ellington Financial Mortgage Trust 2019-2 A3, 3.046%, 11/25/2059 | 3,151,980 | 0.1 |
| 4,535,593 | (5) | Fannie Mae 2008-12 SC, 5.403%, (-1.000*US0001M + 6.350%), 03/25/2038 | 965,944 | 0.0 |
| 8,358,699 | Fannie Mae 2011-99 CZ, 4.500%, 10/25/2041 | 9,800,132 | 0.1 | |
| 866,058 | Fannie Mae 2012-110 CA, 3.000%, 10/25/2042 | 922,331 | 0.0 | |
| 5,919,751 | Fannie Mae 2012-66 EP, 4.000%, 06/25/2042 | 7,136,981 | 0.1 | |
| 5,237,793 | Fannie Mae 2013-116 UB, 4.000%, 11/25/2043 | 5,757,126 | 0.1 | |
| 4,084,276 | Fannie Mae 2013-20 DL, 4.000%, 03/25/2033 | 4,600,030 | 0.1 | |
| 27,023,469 | (5) | Fannie Mae 2016-82 SD, 5.103%, (-1.000*US0001M + 6.050%), 11/25/2046 | 6,067,028 | 0.1 |
| 5,704,946 | Fannie Mae 2016-88 EA, 3.500%, 01/25/2045 | 6,161,501 | 0.1 | |
| 16,055,858 | (5) | Fannie Mae 2018-86 US, 5.643%, (-1.000*US0001M + 6.590%), 09/25/2040 | 3,932,667 | 0.1 |
| 21,016,364 | Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 5.197%, (US0001M + 4.250%), 04/25/2029 | 20,455,553 | 0.3 | |
| 7,008,840 | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.947%, (US0001M + 4.000%), 05/25/2025 | 6,584,888 | 0.1 |
See Accompanying Notes to Financial Statements
| 37 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 200,324 | Fannie Mae Connecticut Avenue Securities 2015-C02 2M2, 4.947%, (US0001M + 4.000%), 05/25/2025 | 190,908 | 0.0 | |
| 1,388,668 | Fannie Mae Connecticut Avenue Securities 2015-C03 2M2, 5.947%, (US0001M + 5.000%), 07/25/2025 | 1,352,312 | 0.0 | |
| 10,078,792 | Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 6.497%, (US0001M + 5.550%), 04/25/2028 | 9,435,315 | 0.1 | |
| 3,317,584 | Fannie Mae Connecticut Avenue Securities 2015-CO1 1M2, 5.247%, (US0001M + 4.300%), 02/25/2025 | 3,158,764 | 0.1 | |
| 626,661 | Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 7.897%, (US0001M + 6.950%), 08/25/2028 | 632,370 | 0.0 | |
| 15,039,496 | Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 5.197%, (US0001M + 4.250%), 01/25/2029 | 14,300,971 | 0.2 | |
| 18,690,686 | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 | 18,037,927 | 0.2 | |
| 11,342,749 | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 | 10,941,318 | 0.1 | |
| 3,577,926 | Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 4.497%, (US0001M + 3.550%), 07/25/2029 | 3,312,547 | 0.1 | |
| 16,484,000 | Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 4.597%, (US0001M + 3.650%), 09/25/2029 | 12,032,354 | 0.2 | |
| 4,750,000 | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 | 4,269,044 | 0.1 | |
| 10,900,000 | Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 3.797%, (US0001M + 2.850%), 11/25/2029 | 9,646,761 | 0.1 | |
| 13,762,512 | Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.147%, (US0001M + 2.200%), 01/25/2030 | 12,311,610 | 0.2 | |
| 1,430,351 | Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 3.597%, (US0001M + 2.650%), 02/25/2030 | 1,274,661 | 0.0 | |
| 13,855,000 | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 | 12,496,027 | 0.2 | |
| 8,568,497 | Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 3.447%, (US0001M + 2.500%), 05/25/2030 | 7,497,457 | 0.1 | |
| 10,865,013 | Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 3.747%, (US0001M + 2.800%), 02/25/2030 | 9,183,639 | 0.1 | |
| 13,769,786 | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 | 11,531,033 | 0.2 | |
| 5,550,000 | Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.097%, (US0001M + 2.150%), 10/25/2030 | 4,679,096 | 0.1 | |
| 11,529,897 | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 | 9,577,636 | 0.1 | |
| 19,615,000 | Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 3.297%, (US0001M + 2.350%), 01/25/2031 | 16,709,008 | 0.2 | |
| 13,861,818 | Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.947%, (US0001M + 2.000%), 03/25/2031 | 12,346,103 | 0.2 |
See Accompanying Notes to Financial Statements
| 38 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 12,658,696 | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 | 10,768,844 | 0.1 | |
| 20,015,652 | Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 3.197%, (US0001M + 2.250%), 07/25/2030 | 17,539,434 | 0.2 | |
| 5,297,283 | (1) | Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.247%, (US0001M + 2.300%), 08/25/2031 | 4,439,046 | 0.1 |
| 4,050,000 | (1) | Fannie Mae Connecticut Avenue Securities 2019-R04 2M2, 3.047%, (US0001M + 2.100%), 06/25/2039 | 3,340,676 | 0.1 |
| 11,372,170 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 3.347%, (US0001M + 2.400%), 04/25/2031 | 9,846,772 | 0.1 |
| 3,300,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.997%, (US0001M + 2.050%), 01/25/2040 | 2,008,500 | 0.0 |
| 7,402,991 | Fannie Mae Connecticut Avenue Securities, 6.647%, (US0001M + 5.700%), 04/25/2028 | 7,412,703 | 0.1 | |
| 16,519 | Fannie Mae Grantor Trust 1998-T2 A6, 0.108%, (US0001M + 0.550%), 01/25/2032 | 17,019 | 0.0 | |
| 14,107 | (5) | Fannie Mae Interest Strip Series 104 2, 9.500%, 10/25/2021 | 726 | 0.0 |
| 458,540 | (5) | Fannie Mae Interest Strip Series 418 20, 3.000%, 05/25/2043 | 35,314 | 0.0 |
| 1,306,108 | (5) | Fannie Mae Interest Strip Series 418 59, 3.000%, 08/25/2028 | 83,616 | 0.0 |
| 484 | (5) | Fannie Mae Interest Strip Series 83 2, 9.500%, 09/25/2020 | 6 | 0.0 |
| 147,686 | Fannie Mae REMIC Trust 1999-33 Z, 6.000%, 07/25/2029 | 166,265 | 0.0 | |
| 153,831 | (5) | Fannie Mae REMIC Trust 1999-6 SE, 6.885%, (-1.000*US0001M + 7.685%), 02/17/2029 | 12,975 | 0.0 |
| 1,202,523 | Fannie Mae REMIC Trust 2003-105 AZ, 5.500%, 10/25/2033 | 1,396,448 | 0.0 | |
| 424,091 | Fannie Mae REMIC Trust 2003-45 FJ, 3.081%, (US0001M + 1.500%), 06/25/2033 | 436,757 | 0.0 | |
| 1,591,075 | (5) | Fannie Mae REMIC Trust 2003-66 SA, 6.703%, (-1.000*US0001M + 7.650%), 07/25/2033 | 397,889 | 0.0 |
| 287,847 | (5) | Fannie Mae REMIC Trust 2003-74 IO, 6.000%, 08/25/2033 | 61,554 | 0.0 |
| 784,421 | Fannie Mae REMIC Trust 2003-84 PZ, 5.000%, 09/25/2033 | 899,317 | 0.0 | |
| 1,139,787 | Fannie Mae REMIC Trust 2004-50 VZ, 5.500%, 07/25/2034 | 1,300,499 | 0.0 | |
| 23,647 | Fannie Mae REMIC Trust 2004-56 FE, 1.397%, (US0001M + 0.450%), 10/25/2033 | 23,530 | 0.0 | |
| 599,202 | Fannie Mae REMIC Trust 2004-7 Z, 5.500%, 02/25/2034 | 670,675 | 0.0 | |
| 1,222,242 | Fannie Mae REMIC Trust 2004-75 ZG, 4.500%, 10/25/2034 | 1,343,843 | 0.0 | |
| 3,059,543 | Fannie Mae REMIC Trust 2005-25 Z, 5.000%, 04/25/2035 | 3,484,611 | 0.1 | |
| 153,901 | Fannie Mae REMIC Trust 2006-104 ES, 28.717%, (-5.000*US0001M + 33.450%), 11/25/2036 | 296,276 | 0.0 | |
| 2,703,758 | (5) | Fannie Mae REMIC Trust 2006-12 SD, 5.803%, (-1.000*US0001M + 6.750%), 10/25/2035 | 556,883 | 0.0 |
| 833,604 | (5) | Fannie Mae REMIC Trust 2006-123 UI, 5.793%, (-1.000*US0001M + 6.740%), 01/25/2037 | 212,296 | 0.0 |
| 209,699 | (5) | Fannie Mae REMIC Trust 2006-72 HS, 5.753%, (-1.000*US0001M + 6.700%), 08/25/2026 | 29,063 | 0.0 |
| 30,943 | Fannie Mae REMIC Trust 2007-10 Z, 6.000%, 02/25/2037 | 35,762 | 0.0 | |
| 4,439,512 | (5) | Fannie Mae REMIC Trust 2007-91 AS, 5.453%, (-1.000*US0001M + 6.400%), 10/25/2037 | 1,152,793 | 0.0 |
| 1,906,726 | Fannie Mae REMIC Trust 2009-19 PW, 4.500%, 10/25/2036 | 2,147,125 | 0.0 | |
| 9,174,214 | (3) | Fannie Mae REMIC Trust 2009-50 HZ, 5.544%, 02/25/2049 | 10,416,910 | 0.1 |
| 2,146,141 | (5) | Fannie Mae REMIC Trust 2009-90 TS, 5.203%, (-1.000*US0001M + 6.150%), 11/25/2039 | 444,965 | 0.0 |
See Accompanying Notes to Financial Statements
| 39 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,561,459 | (5) | Fannie Mae REMIC Trust 2010-118 GS, 5.003%, (-1.000*US0001M + 5.950%), 10/25/2039 | 196,925 | 0.0 |
| 5,790,269 | (5) | Fannie Mae REMIC Trust 2010-123 SL, 5.123%, (-1.000*US0001M + 6.070%), 11/25/2040 | 1,103,674 | 0.0 |
| 6,445,773 | (5) | Fannie Mae REMIC Trust 2010-41 SB, 5.453%, (-1.000*US0001M + 6.400%), 05/25/2040 | 1,348,539 | 0.0 |
| 1,861,021 | (5) | Fannie Mae REMIC Trust 2010-43 VS, 5.503%, (-1.000*US0001M + 6.450%), 05/25/2040 | 377,580 | 0.0 |
| 11,049,000 | Fannie Mae REMIC Trust 2010-59 PC, 5.000%, 06/25/2040 | 12,763,336 | 0.2 | |
| 2,023,823 | (5) | Fannie Mae REMIC Trust 2011-102 SA, 5.653%, (-1.000*US0001M + 6.600%), 10/25/2041 | 377,060 | 0.0 |
| 3,181,332 | Fannie Mae REMIC Trust 2011-30 ZA, 5.000%, 04/25/2041 | 3,585,085 | 0.1 | |
| 2,894,212 | (5) | Fannie Mae REMIC Trust 2011-93 GS, 5.603%, (-1.000*US0001M + 6.550%), 04/25/2039 | 742,691 | 0.0 |
| 985,556 | (5) | Fannie Mae REMIC Trust 2012-103 IT, 4.000%, 04/25/2041 | 27,465 | 0.0 |
| 7,695,842 | (5) | Fannie Mae REMIC Trust 2012-122 SB, 5.203%, (-1.000*US0001M + 6.150%), 11/25/2042 | 1,406,162 | 0.0 |
| 3,968,536 | (5) | Fannie Mae REMIC Trust 2012-128 LI, 3.500%, 06/25/2042 | 351,242 | 0.0 |
| 7,329,592 | (5) | Fannie Mae REMIC Trust 2012-133 AS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2042 | 1,470,530 | 0.0 |
| 1,132,719 | (5) | Fannie Mae REMIC Trust 2012-149 GI, 3.500%, 06/25/2042 | 126,109 | 0.0 |
| 4,798,222 | (5) | Fannie Mae REMIC Trust 2012-15 SP, 5.673%, (-1.000*US0001M + 6.620%), 06/25/2040 | 402,110 | 0.0 |
| 2,584,843 | (5) | Fannie Mae REMIC Trust 2012-24 HS, 5.603%, (-1.000*US0001M + 6.550%), 09/25/2040 | 321,433 | 0.0 |
| 6,152,487 | (5) | Fannie Mae REMIC Trust 2012-30 QS, 5.653%, (-1.000*US0001M + 6.600%), 04/25/2031 | 518,468 | 0.0 |
| 1,663,732 | (5) | Fannie Mae REMIC Trust 2012-68 YS, 5.753%, (-1.000*US0001M + 6.700%), 07/25/2042 | 286,605 | 0.0 |
| 2,707,490 | (5) | Fannie Mae REMIC Trust 2013-26 JS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2032 | 291,684 | 0.0 |
| 9,495,243 | (5) | Fannie Mae REMIC Trust 2013-60 DS, 5.253%, (-1.000*US0001M + 6.200%), 06/25/2033 | 1,392,651 | 0.0 |
| 8,123,643 | (5) | Fannie Mae REMIC Trust 2013-9 SM, 5.303%, (-1.000*US0001M + 6.250%), 02/25/2033 | 1,483,766 | 0.0 |
| 5,645,367 | (5) | Fannie Mae REMIC Trust 2014-17 DS, 5.253%, (-1.000*US0001M + 6.200%), 02/25/2043 | 626,138 | 0.0 |
| 2,845,877 | (5) | Fannie Mae REMIC Trust 2014-28 BS, 5.253%, (-1.000*US0001M + 6.200%), 08/25/2043 | 439,503 | 0.0 |
| 3,019,000 | Fannie Mae REMIC Trust 2015-17 MK, 2.500%, 12/25/2041 | 3,303,815 | 0.1 | |
| 53,796,685 | (5) | Fannie Mae REMIC Trust 2015-79 SA, 5.303%, (-1.000*US0001M + 6.250%), 11/25/2045 | 11,744,204 | 0.2 |
| 21,970,122 | (5) | Fannie Mae REMIC Trust 2015-9 IO, 5.500%, 03/25/2045 | 4,556,184 | 0.1 |
| 37,766,350 | (5) | Fannie Mae REMICS 16-60 SB, 5.153%, (-1.000*US0001M + 6.100%), 09/25/2046 | 7,886,600 | 0.1 |
| 4 | Fannie Mae REMICS 1990-59 K, 1184.190%, 06/25/2020 | 6 | 0.0 | |
| 147,729 | (5) | Fannie Mae REMICS 1997-18 SG, 7.300%, (-1.000*US0001M + 8.100%), 03/17/2027 | 19,788 | 0.0 |
| 96,610 | (5) | Fannie Mae REMICS 1997-91 FC, 0.000%, (US0001M + (8.500)%), 11/25/2023 | 0 | – |
| 10,424 | (5) | Fannie Mae REMICS 1999-57 SC, 8.950%, (-1.000*US0001M + 9.750%), 11/17/2029 | 274 | 0.0 |
| 5,199 | (5) | Fannie Mae REMICS 2000-38 SK, 8.400%, (-1.000*US0001M + 9.200%), 10/17/2030 | 68 | 0.0 |
| 323,758 | (5) | Fannie Mae REMICS 2001-72 SC, 1.000%, (-1.000*US0001M + 8.500%), 12/25/2031 | 12,002 | 0.0 |
See Accompanying Notes to Financial Statements
| 40 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 108,840 | (5) | Fannie Mae REMICS 2001-8 SK, 8.138%, (-1.000*US0001M + 8.750%), 03/18/2031 | 17,140 | 0.0 |
| 78 | (5) | Fannie Mae REMICS 2001-8 SO, 9.027%, (-1.000*US0001M + 9.800%), 02/20/2031 | 2 | 0.0 |
| 690,504 | (5) | Fannie Mae REMICS 2003-49 SW, 6.053%, (-1.000*US0001M + 7.000%), 01/25/2033 | 141,901 | 0.0 |
| 5,600,642 | (5) | Fannie Mae REMICS 2004-54 SN, 6.103%, (-1.000*US0001M + 7.050%), 07/25/2034 | 1,270,540 | 0.0 |
| 297,538 | (5) | Fannie Mae REMICS 2004-88 JH, 5.653%, (-1.000*US0001M + 6.600%), 06/25/2033 | 4,688 | 0.0 |
| 1,458,912 | (5) | Fannie Mae REMICS 2005-75 SP, 5.803%, (-1.000*US0001M + 6.750%), 08/25/2035 | 266,508 | 0.0 |
| 2,909,309 | (5) | Fannie Mae REMICS 2006-56 SM, 5.803%, (-1.000*US0001M + 6.750%), 07/25/2036 | 601,254 | 0.0 |
| 542,718 | (5) | Fannie Mae REMICS 2007-21 SB, 5.453%, (-1.000*US0001M + 6.400%), 03/25/2037 | 68,464 | 0.0 |
| 1,447,827 | (5) | Fannie Mae REMICS 2007-52 NS, 5.503%, (-1.000*US0001M + 6.450%), 06/25/2037 | 305,229 | 0.0 |
| 1,771,840 | (5) | Fannie Mae REMICS 2007-85 SM, 5.513%, (-1.000*US0001M + 6.460%), 09/25/2037 | 365,697 | 0.0 |
| 517,529 | Fannie Mae REMICS 2008-16 Z, 5.500%, 03/25/2038 | 600,632 | 0.0 | |
| 640 | (5) | Fannie Mae REMICS 2010-112 SG, 5.413%, (-1.000*US0001M + 6.360%), 06/25/2021 | 9 | 0.0 |
| 9,068,550 | (5) | Fannie Mae REMICS 2010-150 SJ, 5.533%, (-1.000*US0001M + 6.480%), 01/25/2041 | 2,239,721 | 0.0 |
| 1,498,014 | (5) | Fannie Mae REMICS 2010-35 CS, 5.503%, (-1.000*US0001M + 6.450%), 04/25/2050 | 284,839 | 0.0 |
| 2,132,138 | Fannie Mae REMICS 2011-10 ZC, 5.000%, 02/25/2041 | 2,468,320 | 0.0 | |
| 6,166,562 | Fannie Mae REMICS 2011-101 DB, 4.000%, 10/25/2041 | 7,241,911 | 0.1 | |
| 670,996 | Fannie Mae REMICS 2011-116 ZA, 3.500%, 11/25/2041 | 744,392 | 0.0 | |
| 132,000 | Fannie Mae REMICS 2011-127 UY, 3.500%, 12/25/2041 | 146,314 | 0.0 | |
| 12,049,455 | (5) | Fannie Mae REMICS 2011-47 GS, 4.983%, (-1.000*US0001M + 5.930%), 06/25/2041 | 2,267,241 | 0.0 |
| 3,266,386 | Fannie Mae REMICS 2011-8 ZA, 4.000%, 02/25/2041 | 3,613,507 | 0.1 | |
| 7,722,506 | (5) | Fannie Mae REMICS 2012-111 SL, 5.153%, (-1.000*US0001M + 6.100%), 05/25/2041 | 933,862 | 0.0 |
| 5,900,546 | Fannie Mae REMICS 2012-111 ZK, 3.500%, 10/25/2042 | 6,602,808 | 0.1 | |
| 10,370,725 | (5) | Fannie Mae REMICS 2012-120 WI, 3.000%, 11/25/2027 | 632,658 | 0.0 |
| 3,000,000 | Fannie Mae REMICS 2012-134 KV, 3.000%, 07/25/2031 | 3,153,658 | 0.1 | |
| 10,219,555 | Fannie Mae REMICS 2012-17 QZ, 4.000%, 03/25/2042 | 11,436,492 | 0.2 | |
| 5,815,272 | Fannie Mae REMICS 2012-2 HE, 4.000%, 02/25/2042 | 6,740,752 | 0.1 | |
| 1,896,253 | Fannie Mae REMICS 2012-30 AB, 4.000%, 04/25/2042 | 2,111,866 | 0.0 | |
| 2,649,113 | Fannie Mae REMICS 2012-33 BW, 4.000%, 04/25/2042 | 3,045,204 | 0.0 | |
| 1,058,948 | Fannie Mae REMICS 2012-44 KW, 3.500%, 05/25/2032 | 1,123,323 | 0.0 | |
| 5,897,347 | Fannie Mae REMICS 2012-55 PC, 3.500%, 05/25/2042 | 6,394,503 | 0.1 | |
| 500,000 | Fannie Mae REMICS 2012-80 MY, 3.250%, 08/25/2042 | 570,405 | 0.0 | |
| 2,700,000 | Fannie Mae REMICS 2013-111 BA, 3.000%, 11/25/2033 | 3,000,704 | 0.0 | |
| 1,403,000 | Fannie Mae REMICS 2013-13 BE, 4.000%, 03/25/2043 | 1,779,264 | 0.0 | |
| 1,187,997 | Fannie Mae REMICS 2013-16 GD, 3.000%, 03/25/2033 | 1,243,518 | 0.0 | |
| 10,534,357 | (5) | Fannie Mae REMICS 2013-40 LS, 5.203%, (-1.000*US0001M + 6.150%), 05/25/2043 | 1,845,118 | 0.0 |
| 10,978,302 | (5) | Fannie Mae REMICS 2013-70 BI, 3.000%, 07/25/2033 | 852,492 | 0.0 |
| 12,269,147 | (5) | Fannie Mae REMICS 2014-15 SB, 5.703%, (-1.000*US0001M + 6.650%), 04/25/2044 | 3,145,973 | 0.1 |
| 8,456,293 | (5) | Fannie Mae REMICS 2014-20 HI, 4.000%, 01/25/2040 | 209,665 | 0.0 |
| 970,000 | Fannie Mae REMICS 2014-61 PY, 3.500%, 10/25/2044 | 1,163,166 | 0.0 |
See Accompanying Notes to Financial Statements
| 41 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 16,528,536 | Fannie Mae REMICS 2015-20 EZ, 3.500%, 04/25/2045 | 19,402,590 | 0.2 | |
| 1,160,327 | Fannie Mae REMICS 2015-45 EY, 2.500%, 12/25/2040 | 1,186,726 | 0.0 | |
| 9,245,261 | (5) | Fannie Mae REMICS 2015-56 IC, 6.000%, 08/25/2045 | 1,732,765 | 0.0 |
| 2,000,000 | Fannie Mae REMICS 2015-67 AV, 3.500%, 01/25/2036 | 2,296,192 | 0.0 | |
| 5,000,000 | Fannie Mae REMICS 2015-67 QV, 3.000%, 12/25/2040 | 5,361,299 | 0.1 | |
| 3,928,140 | (5) | Fannie Mae REMICS 2015-76 PI, 6.000%, 09/25/2045 | 625,268 | 0.0 |
| 9,275,791 | (5) | Fannie Mae REMICS 2016-52 MI, 4.000%, 12/25/2045 | 1,388,018 | 0.0 |
| 848,247 | Fannie Mae REMICS 2016-9 D, 3.000%, 03/25/2046 | 906,783 | 0.0 | |
| 8,946,855 | Fannie Mae REMICS 2017-54 D, 3.000%, 07/25/2047 | 9,501,424 | 0.1 | |
| 52,833,422 | (5) | Fannie Mae REMICS 2018-15 SC, 5.353%, (-1.000*US0001M + 6.300%), 03/25/2048 | 11,531,037 | 0.2 |
| 5,200,952 | Fannie Mae REMICS 2018-38 LA, 3.000%, 06/25/2048 | 5,438,134 | 0.1 | |
| 27,423,526 | Fannie Mae REMICS 2018-73 AB, 3.000%, 10/25/2048 | 29,486,622 | 0.4 | |
| 4,953,640 | Fannie Mae REMICS 2018-8 AB, 3.500%, 10/25/2047 | 5,314,158 | 0.1 | |
| 68,106,715 | (5) | Fannie Mae REMICS 2018-82 SA, 5.253%, (-1.000*US0001M + 6.200%), 11/25/2048 | 14,152,126 | 0.2 |
| 65,902,916 | (5) | Fannie Mae REMICS 2018-86 SM, 5.253%, (-1.000*US0001M + 6.200%), 12/25/2048 | 13,595,917 | 0.2 |
| 57,357,290 | (5) | Fannie Mae REMICS 2018-91 SB, 5.153%, (-1.000*US0001M + 6.100%), 12/25/2058 | 9,984,218 | 0.1 |
| 18,846,832 | (5) | Fannie Mae REMICS 2019-21 AI, 5.000%, 05/25/2059 | 3,511,287 | 0.1 |
| 21,589,297 | (5) | Fannie Mae REMICS 2019-30 SB, 5.153%, (-1.000*US0001M + 6.100%), 07/25/2049 | 4,035,672 | 0.1 |
| 17,274,340 | Fannie Mae REMICS 2019-37 CA, 3.000%, 10/25/2047 | 18,201,913 | 0.2 | |
| 19,930,710 | (5) | Fannie Mae REMICS 2019-39 SA, 5.153%, (-1.000*US0001M + 6.100%), 08/25/2049 | 3,397,730 | 0.1 |
| 104,782,552 | (5) | Fannie Mae REMICS 2019-41 S, 5.053%, (-1.000*US0001M + 6.000%), 08/25/2059 | 17,484,247 | 0.2 |
| 12,803,541 | (5) | Fannie Mae REMICS 2019-47 SB, 5.153%, (-1.000*US0001M + 6.100%), 05/25/2040 | 2,221,236 | 0.0 |
| 17 | Fannie Mae REMICS G-9 G, 509.000%, 04/25/2021 | 37 | 0.0 | |
| 6,060 | Fannie Mae REMICS G93-35 ZQ, 6.500%, 11/25/2023 | 6,463 | 0.0 | |
| 4,046,342 | Fannie Mae REMICS Trust 2010-53 JZ, 5.000%, 07/25/2040 | 4,593,036 | 0.1 | |
| 37,175,034 | (5) | Fannie Mae Series 2013-44 DI, 3.000%, 05/25/2033 | 3,024,576 | 0.0 |
| 1,974,286 | (5) | Fannie Mae Series 2013-72 YS, 5.203%, (-1.000*US0001M + 6.150%), 07/25/2033 | 290,803 | 0.0 |
| 800,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 4.513%, (US0001M + 3.650%), 02/25/2040 | 547,451 | 0.0 |
| 1,000,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 5.047%, (US0001M + 4.100%), 07/25/2039 | 545,151 | 0.0 |
| 3,550,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2019-R06 2M2, 3.047%, (US0001M + 2.100%), 09/25/2039 | 2,791,410 | 0.0 |
| 500,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 4.513%, (US0001M + 3.650%), 02/25/2040 | 342,157 | 0.0 |
| 5,488,529 | Fannie Mae REMICS 2011-136 PZ, 4.000%, 01/25/2042 | 6,496,757 | 0.1 | |
| 9,614,655 | Fannie Mae REMICS 2012-94 LZ, 3.500%, 09/25/2042 | 10,333,370 | 0.1 | |
| 5,273,851 | Fannie Mae REMICS 2017-41 MZ, 4.000%, 06/25/2057 | 6,139,806 | 0.1 | |
| 203,265 | (5) | FHLMC-GNMA 20 S, 7.953%, (-1.000*US0001M + 8.900%), 10/25/2023 | 22,043 | 0.0 |
| 710,655 | First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A11, 6.000%, 02/25/2037 | 464,656 | 0.0 | |
| 1,909,490 | (1),(3) | Flagstar Mortgage Trust 2018-1 B1, 4.026%, 03/25/2048 | 1,888,309 | 0.0 |
| 2,238,878 | (1),(3) | Flagstar Mortgage Trust 2018-1 B2, 4.026%, 03/25/2048 | 2,127,954 | 0.0 |
See Accompanying Notes to Financial Statements
| 42 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,489,976 | (1),(3) | Flagstar Mortgage Trust 2018-1 B3, 4.026%, 03/25/2048 | 2,289,698 | 0.0 |
| 1,271,152 | (1),(3) | Flagstar Mortgage Trust 2018-2 B2, 4.042%, 04/25/2048 | 1,205,711 | 0.0 |
| 3,649,614 | (1),(3) | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | 3,711,488 | 0.1 |
| 1,823,764 | (1),(3) | Flagstar Mortgage Trust 2018-5 B3, 4.536%, 09/25/2048 | 1,674,115 | 0.0 |
| 1,513,448 | (1),(3) | Flagstar Mortgage Trust 2019-2 B1, 4.184%, 12/25/2049 | 1,337,842 | 0.0 |
| 1,467,736 | (1),(3) | Flagstar Mortgage Trust 2019-2 B2, 4.184%, 12/25/2049 | 1,210,459 | 0.0 |
| 965,172 | (1),(3) | Flagstar Mortgage Trust 2018-4 B3, 4.322%, 07/25/2048 | 889,607 | 0.0 |
| 2,050,213 | (1),(3) | Flagstar Mortgage Trust 2020-1NV B1A, 4.356%, 03/25/2050 | 1,792,295 | 0.0 |
| 2,481,626 | (1),(3) | Flagstar Mortgage Trust 2020-1NV B2A, 4.356%, 03/25/2050 | 2,146,360 | 0.0 |
| 26,818,050 | Freddie Mac 326 350, 3.500%, 03/15/2044 | 29,627,832 | 0.4 | |
| 10,544,351 | (5) | Freddie Mac 3510 AS, 5.705%, (-1.000*US0001M + 6.410%), 04/15/2037 | 2,488,475 | 0.0 |
| 8,241,370 | (5) | Freddie Mac 4191 SA, 5.495%, (-1.000*US0001M + 6.200%), 03/15/2043 | 1,473,390 | 0.0 |
| 4,248,688 | Freddie Mac 4316 XZ, 4.500%, 03/15/2044 | 5,214,487 | 0.1 | |
| 5,000,000 | Freddie Mac 4800 KG, 3.500%, 11/15/2045 | 5,232,776 | 0.1 | |
| 816,786 | Freddie Mac Reference Series R007 ZA, 6.000%, 05/15/2036 | 972,755 | 0.0 | |
| 395,554 | Freddie Mac Reference Series R008 ZA, 6.000%, 07/15/2036 | 457,409 | 0.0 | |
| 114,292 | Freddie Mac REMIC Trust 2110 PG, 6.000%, 01/15/2029 | 129,843 | 0.0 | |
| 105,616 | Freddie Mac REMIC Trust 2114 ZM, 6.000%, 01/15/2029 | 116,955 | 0.0 | |
| 718,032 | Freddie Mac REMIC Trust 2143 ZB, 6.000%, 04/15/2029 | 812,402 | 0.0 | |
| 122,188 | Freddie Mac REMIC Trust 2528 KM, 5.500%, 11/15/2022 | 127,008 | 0.0 | |
| 299,190 | Freddie Mac REMIC Trust 2541 NE, 5.500%, 12/15/2032 | 346,275 | 0.0 | |
| 114,334 | (5) | Freddie Mac REMIC Trust 2594 IY, 6.000%, 04/15/2033 | 24,157 | 0.0 |
| 777,775 | Freddie Mac REMIC Trust 2845 QH, 5.000%, 08/15/2034 | 888,210 | 0.0 | |
| 155,584 | Freddie Mac REMIC Trust 2861 Z, 5.500%, 09/15/2034 | 183,727 | 0.0 | |
| 583,523 | (5) | Freddie Mac REMIC Trust 2866 GS, 5.895%, (-1.000*US0001M + 6.600%), 09/15/2034 | 17,725 | 0.0 |
| 253,798 | (5) | Freddie Mac REMIC Trust 2883 SD, 5.995%, (-1.000*US0001M + 6.700%), 10/15/2034 | 10,517 | 0.0 |
| 225,653 | Freddie Mac REMIC Trust 2930 ZL, 5.000%, 02/15/2035 | 257,601 | 0.0 | |
| 315,412 | Freddie Mac REMIC Trust 2931 ZY, 5.000%, 02/15/2035 | 360,376 | 0.0 | |
| 6,522,054 | (5) | Freddie Mac REMIC Trust 3045 DI, 6.025%, (-1.000*US0001M + 6.730%), 10/15/2035 | 1,465,529 | 0.0 |
| 1,167,835 | Freddie Mac REMIC Trust 3117 ZA, 5.500%, 02/15/2036 | 1,335,139 | 0.0 | |
| 33,656 | (6) | Freddie Mac REMIC Trust 3139 PO, 0.000%, 01/15/2036 | 33,612 | 0.0 |
| 1,383,444 | (5) | Freddie Mac REMIC Trust 3171 PS, 5.780%, (-1.000*US0001M + 6.485%), 06/15/2036 | 285,621 | 0.0 |
| 6,826,290 | (5) | Freddie Mac REMIC Trust 3199 S, 5.745%, (-1.000*US0001M + 6.450%), 08/15/2036 | 1,607,468 | 0.0 |
| 593,752 | Freddie Mac REMIC Trust 3351 ZC, 5.500%, 07/15/2037 | 694,045 | 0.0 | |
| 193,439 | Freddie Mac REMIC Trust 3394 ZY, 6.000%, 11/15/2037 | 221,627 | 0.0 | |
| 316,516 | (3),(5) | Freddie Mac REMIC Trust 3524 LA, 5.085%, 03/15/2033 | 359,687 | 0.0 |
| 32,247 | Freddie Mac REMIC Trust 3556 NT, 3.805%, (US0001M + 3.100%), 03/15/2038 | 32,887 | 0.0 | |
| 6,346,979 | Freddie Mac REMIC Trust 3639 ZN, 5.500%, 12/15/2034 | 7,393,481 | 0.1 | |
| 571,641 | Freddie Mac REMIC Trust 3662 ZB, 5.500%, 08/15/2036 | 670,896 | 0.0 | |
| 329,512 | (5) | Freddie Mac REMIC Trust 3710 SL, 5.295%, (-1.000*US0001M + 6.000%), 05/15/2036 | 2,925 | 0.0 |
| 435,429 | Freddie Mac REMIC Trust 3724 CM, 5.500%, 06/15/2037 | 510,323 | 0.0 |
See Accompanying Notes to Financial Statements
| 43 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,124,734 | Freddie Mac REMIC Trust 3747 HW, 4.500%, 05/15/2038 | 3,132,613 | 0.1 | |
| 997,649 | Freddie Mac REMIC Trust 3753 DC, 3.500%, 09/15/2039 | 1,047,804 | 0.0 | |
| 1,618,055 | (5) | Freddie Mac REMIC Trust 3856 KS, 5.845%, (-1.000*US0001M + 6.550%), 05/15/2041 | 303,315 | 0.0 |
| 1,235,818 | (5) | Freddie Mac REMIC Trust 3925 SD, 5.345%, (-1.000*US0001M + 6.050%), 07/15/2040 | 133,109 | 0.0 |
| 7,732,379 | (5) | Freddie Mac REMIC Trust 3925 SL, 5.345%, (-1.000*US0001M + 6.050%), 01/15/2041 | 760,312 | 0.0 |
| 367,535 | Freddie Mac REMIC Trust 4000 PA, 4.500%, 01/15/2042 | 414,569 | 0.0 | |
| 1,729,727 | (5) | Freddie Mac REMIC Trust 4027 QI, 4.500%, 12/15/2040 | 94,817 | 0.0 |
| 2,089,851 | (5) | Freddie Mac REMIC Trust 4088 CS, 5.295%, (-1.000*US0001M + 6.000%), 08/15/2042 | 369,467 | 0.0 |
| 7,495,836 | (5) | Freddie Mac REMIC Trust 4161 WI, 3.000%, 02/15/2033 | 698,270 | 0.0 |
| 3,943,196 | (5) | Freddie Mac REMIC Trust 4194 GI, 4.000%, 04/15/2043 | 553,246 | 0.0 |
| 4,017,818 | Freddie Mac REMIC Trust 4203 BN, 3.000%, 04/15/2033 | 4,325,934 | 0.1 | |
| 1,339,040 | Freddie Mac REMIC Trust 4246 ZX, 4.500%, 04/15/2041 | 1,574,548 | 0.0 | |
| 1,938,333 | (5) | Freddie Mac REMIC Trust 4293 KI, 4.500%, 08/15/2043 | 211,137 | 0.0 |
| 4,961,702 | Freddie Mac REMIC Trust 4335 ZX, 4.250%, 05/15/2044 | 5,842,754 | 0.1 | |
| 6,660,118 | Freddie Mac REMIC Trust 435 XZ, 4.250%, 05/15/2044 | 7,890,665 | 0.1 | |
| 1,916,000 | Freddie Mac REMIC Trust 4370 AD, 3.000%, 08/15/2040 | 2,004,385 | 0.0 | |
| 6,638,211 | (5) | Freddie Mac REMIC Trust 4386 LS, 5.395%, (-1.000*US0001M + 6.100%), 09/15/2044 | 1,136,810 | 0.0 |
| 4 | Freddie Mac REMICS 1006 I, 860.000%, 10/15/2020 | 7 | 0.0 | |
| 19 | Freddie Mac REMICS 1023 C, 508.500%, 12/15/2020 | 36 | 0.0 | |
| 42 | Freddie Mac REMICS 1094 L, 1141.844%, 06/15/2021 | 227 | 0.0 | |
| 18 | Freddie Mac REMICS 1159 D, 1029.473%, 11/15/2021 | 87 | 0.0 | |
| 10 | Freddie Mac REMICS 1278 L, 1127.368%, 05/15/2022 | 53 | 0.0 | |
| 1,120 | (5) | Freddie Mac REMICS 1368 S, 8.795%, (-1.000*US0001M + 9.500%), 08/15/2022 | 29 | 0.0 |
| 63,126 | (5) | Freddie Mac REMICS 2074 S, 7.900%, (-1.000*US0001M + 8.700%), 07/17/2028 | 6,504 | 0.0 |
| 59,687 | (5) | Freddie Mac REMICS 2232 SA, 7.800%, (-1.000*US0001M + 8.600%), 05/17/2030 | 4,137 | 0.0 |
| 22,442 | (5) | Freddie Mac REMICS 2301 SP, 8.545%, (-1.000*US0001M + 9.250%), 04/15/2031 | 3,061 | 0.0 |
| 1,683,221 | (5) | Freddie Mac REMICS 2953 LS, 5.995%, (-1.000*US0001M + 6.700%), 12/15/2034 | 109,368 | 0.0 |
| 1,774,818 | (5) | Freddie Mac REMICS 2993 GS, 5.445%, (-1.000*US0001M + 6.150%), 06/15/2025 | 155,493 | 0.0 |
| 924,637 | (5) | Freddie Mac REMICS 3006 SI, 6.035%, (-1.000*US0001M + 6.740%), 07/15/2035 | 189,874 | 0.0 |
| 1,066,993 | (5) | Freddie Mac REMICS 3006 YI, 6.035%, (-1.000*US0001M + 6.740%), 07/15/2035 | 233,300 | 0.0 |
| 6,321,494 | (5) | Freddie Mac REMICS 3213 JS, 6.495%, (-1.000*US0001M + 7.200%), 09/15/2036 | 1,688,974 | 0.0 |
| 1,404,517 | (5) | Freddie Mac REMICS 3375 QI, 0.600%, (-10.000*US0001M + 64.600%), 10/15/2037 | 36,525 | 0.0 |
| 4,369,517 | Freddie Mac REMICS 3736 ZP, 4.000%, 10/15/2040 | 4,924,926 | 0.1 | |
| 4,662,551 | Freddie Mac REMICS 3740 KE, 4.000%, 10/15/2040 | 5,177,679 | 0.1 | |
| 21,290,731 | Freddie Mac REMICS 3753 KZ, 4.500%, 11/15/2040 | 25,012,542 | 0.3 | |
| 6,372,812 | Freddie Mac REMICS 3775 GZ, 4.500%, 12/15/2040 | 7,244,894 | 0.1 | |
| 1,900,000 | Freddie Mac REMICS 3820 NC, 4.500%, 03/15/2041 | 2,264,959 | 0.0 | |
| 708,418 | Freddie Mac REMICS 3843 JZ, 5.100%, 04/15/2041 | 925,122 | 0.0 | |
| 500,000 | Freddie Mac REMICS 3848 WX, 5.000%, 04/15/2041 | 588,626 | 0.0 |
See Accompanying Notes to Financial Statements
| 44 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,650,000 | Freddie Mac REMICS 3890 ME, 5.000%, 07/15/2041 | 3,223,594 | 0.1 | |
| 5,000,000 | Freddie Mac REMICS 3893 PU, 4.000%, 07/15/2041 | 5,658,683 | 0.1 | |
| 7,000,000 | Freddie Mac REMICS 3919 BY, 4.000%, 09/15/2041 | 7,878,620 | 0.1 | |
| 9,344,112 | Freddie Mac REMICS 3919 ZB, 4.000%, 09/15/2041 | 10,725,366 | 0.1 | |
| 3,790,000 | Freddie Mac REMICS 3923 GY, 4.000%, 09/15/2041 | 4,516,473 | 0.1 | |
| 3,000,000 | Freddie Mac REMICS 3934 CB, 4.000%, 10/15/2041 | 3,362,285 | 0.1 | |
| 420,000 | Freddie Mac REMICS 3934 KB, 5.000%, 10/15/2041 | 495,360 | 0.0 | |
| 1,500,000 | Freddie Mac REMICS 3997 PB, 4.000%, 02/15/2042 | 1,708,922 | 0.0 | |
| 2,756,359 | Freddie Mac REMICS 4000 ZT, 3.500%, 01/15/2042 | 3,212,023 | 0.1 | |
| 9,108,799 | (5) | Freddie Mac REMICS 4057 SN, 5.945%, (-1.000*US0001M + 6.650%), 12/15/2041 | 1,299,270 | 0.0 |
| 3,146,604 | Freddie Mac REMICS 4057 ZB, 3.500%, 06/15/2042 | 3,405,636 | 0.1 | |
| 14,804,327 | Freddie Mac REMICS 4084 TZ, 4.000%, 07/15/2042 | 16,657,818 | 0.2 | |
| 2,930,546 | (5) | Freddie Mac REMICS 4090 SN, 5.995%, (-1.000*US0001M + 6.700%), 08/15/2032 | 513,605 | 0.0 |
| 1,620,994 | Freddie Mac REMICS 4100 JA, 3.500%, 10/15/2041 | 1,738,864 | 0.0 | |
| 2,128,000 | Freddie Mac REMICS 4193 BP, 4.000%, 04/15/2043 | 2,692,548 | 0.0 | |
| 10,325,701 | Freddie Mac REMICS 4199 BZ, 3.500%, 05/15/2043 | 11,178,300 | 0.1 | |
| 310,000 | Freddie Mac REMICS 4235 QD, 3.000%, 08/15/2033 | 345,500 | 0.0 | |
| 47,135,510 | (5) | Freddie Mac REMICS 4301 SD, 5.395%, (-1.000*US0001M + 6.100%), 07/15/2037 | 9,490,231 | 0.1 |
| 6,247,838 | Freddie Mac REMICS 4310 BZ, 4.000%, 02/15/2044 | 7,119,283 | 0.1 | |
| 3,102,000 | Freddie Mac REMICS 4401 BL, 3.500%, 10/15/2034 | 3,628,022 | 0.1 | |
| 25,552,588 | (5) | Freddie Mac REMICS 4461 AS, 4.895%, (-1.000*US0001M + 5.600%), 04/15/2045 | 5,003,473 | 0.1 |
| 3,124,000 | Freddie Mac REMICS 4492 VB, 3.500%, 05/15/2035 | 3,603,912 | 0.1 | |
| 946,247 | Freddie Mac REMICS 4500 HC, 3.000%, 11/15/2042 | 995,408 | 0.0 | |
| 2,913,000 | Freddie Mac REMICS 4505 PB, 3.000%, 08/15/2045 | 3,243,296 | 0.1 | |
| 29,277,089 | (5) | Freddie Mac REMICS 4574 ST, 5.295%, (-1.000*US0001M + 6.000%), 04/15/2046 | 4,956,008 | 0.1 |
| 7,313,376 | Freddie Mac REMICS 4608 JV, 3.500%, 01/15/2055 | 7,748,812 | 0.1 | |
| 719,506 | Freddie Mac REMICS 4673 WA, 3.500%, 09/15/2043 | 755,004 | 0.0 | |
| 32,265,802 | Freddie Mac REMICS 4771 HZ, 3.500%, 03/15/2048 | 37,006,274 | 0.5 | |
| 2,457,000 | Freddie Mac REMICS 4772 VG, 4.500%, 08/15/2036 | 2,820,871 | 0.0 | |
| 1,350,000 | Freddie Mac REMICS 4787 PY, 4.000%, 05/15/2048 | 1,475,507 | 0.0 | |
| 13,474,764 | Freddie Mac REMICS 4795 D, 5.000%, 05/15/2048 | 16,234,006 | 0.2 | |
| 1,632,872 | Freddie Mac REMICS 4904 HB, 3.000%, 08/25/2049 | 1,751,224 | 0.0 | |
| 606,535 | Freddie Mac REMICS 4914 DB, 3.000%, 09/25/2049 | 676,009 | 0.0 | |
| 11,606,176 | Freddie Mac Series 4348 ZX, 4.250%, 06/15/2044 | 13,665,211 | 0.2 | |
| 9,500,000 | (1) | Freddie Mac STACR Trust 2018-DNA2 M2, 3.097%, (US0001M + 2.150%), 12/25/2030 | 7,846,813 | 0.1 |
| 4,000,000 | (1) | Freddie Mac STACR Trust 2018-DNA3 M2, 3.047%, (US0001M + 2.100%), 09/25/2048 | 3,341,904 | 0.1 |
| 6,000,000 | (1) | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 | 4,972,423 | 0.1 |
| 6,892,611 | Freddie Mac Strips 277 30, 3.000%, 09/15/2042 | 7,271,368 | 0.1 | |
| 6,892,641 | (5) | Freddie Mac Strips 303 C17, 3.500%, 01/15/2043 | 904,164 | 0.0 |
| 4,940,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA2 M3, 4.847%, (US0001M + 3.900%), 12/25/2027 | 4,872,321 | 0.1 |
See Accompanying Notes to Financial Statements
| 45 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 5,750,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.647%, (US0001M + 4.700%), 04/25/2028 | 5,349,821 | 0.1 | |
| 2,872,721 | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQ1 M3, 4.747%, (US0001M + 3.800%), 03/25/2025 | 2,759,543 | 0.0 | |
| 14,050,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 6.497%, (US0001M + 5.550%), 07/25/2028 | 13,696,249 | 0.2 | |
| 7,300,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3, 6.097%, (US0001M + 5.150%), 11/25/2028 | 7,006,361 | 0.1 | |
| 750,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 4.797%, (US0001M + 3.850%), 03/25/2029 | 677,869 | 0.0 | |
| 5,600,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 4.397%, (US0001M + 3.450%), 10/25/2029 | 5,064,665 | 0.1 | |
| 8,200,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 3.447%, (US0001M + 2.500%), 03/25/2030 | 7,170,831 | 0.1 | |
| 6,800,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 4.497%, (US0001M + 3.550%), 08/25/2029 | 5,406,174 | 0.1 | |
| 12,300,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.597%, (US0001M + 2.650%), 12/25/2029 | 10,800,875 | 0.1 | |
| 11,058,277 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 3.297%, (US0001M + 2.350%), 04/25/2030 | 9,626,686 | 0.1 | |
| 9,200,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 2.747%, (US0001M + 1.800%), 07/25/2030 | 7,656,906 | 0.1 | |
| 1,787,558 | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.247%, (US0001M + 2.300%), 09/25/2030 | 1,526,155 | 0.0 | |
| 6,550,000 | (1) | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA1 M2, 3.597%, (US0001M + 2.650%), 01/25/2049 | 5,849,109 | 0.1 |
| 8,169,000 | (1) | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-HQA2 M2, 2.997%, (US0001M + 2.050%), 04/25/2049 | 6,859,734 | 0.1 |
| 1,057,887 | (3) | Freddie Mac Structured Pass Through Certificates T-48 1A, 4.879%, 07/25/2033 | 1,180,269 | 0.0 |
| 60,017,189 | (5) | Freddie Mac REMICS 4585 AS, 5.395%, (-1.000*US0001M + 6.100%), 05/15/2046 | 12,227,362 | 0.2 |
| 1,324,499 | Freddie Mac REMICS 4612 JZ, 3.000%, 09/15/2046 | 1,324,554 | 0.0 | |
| 6,351,283 | Freddie Mac REMICS 4682 HZ, 3.500%, 04/15/2047 | 6,916,832 | 0.1 | |
| 21,662,859 | Freddie Mac REMICS 4776 AZ, 4.000%, 07/15/2047 | 24,078,047 | 0.3 | |
| 68,863,637 | (5) | Freddie Mac REMICS 4879 DS, 5.395%, (-1.000*US0001M + 6.100%), 08/15/2034 | 13,559,794 | 0.2 |
| 4,500,000 | (1) | Freddie Mac STACR Remic Trust 2020-DNA2 M2, 2.797%, (US0001M + 1.850%), 02/25/2050 | 2,927,503 | 0.0 |
| 6,900,000 | (1) | Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 2.847%, (US0001M + 1.900%), 01/25/2050 | 4,408,700 | 0.1 |
| 1,700,000 | (1) | Freddie Mac Stacr Remic Trust 2020-HQA2 M2, 3.911%, (US0001M + 3.100%), 03/25/2050 | 1,116,794 | 0.0 |
| 988,522 | (1),(3) | Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/2059 | 972,170 | 0.0 |
| 3,594,582 | (1),(3) | Galton Funding Mortgage Trust 2018-1 B1, 3.800%, 11/25/2057 | 3,380,108 | 0.1 |
| 3,924,585 | (1),(3) | Galton Funding Mortgage Trust 2018-2 B2, 4.750%, 10/25/2058 | 3,770,008 | 0.1 |
See Accompanying Notes to Financial Statements
| 46 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,500,000 | (1),(3) | Galton Funding Mortgage Trust 2018-2 A51, 4.500%, 10/25/2058 | 2,471,137 | 0.0 |
| 1,975,586 | (5) | Ginnie Mae 2005-37 SI, 5.377%, (-1.000*US0001M + 6.150%), 05/20/2035 | 362,534 | 0.0 |
| 2,007,194 | (5) | Ginnie Mae 2007-23 ST, 5.427%, (-1.000*US0001M + 6.200%), 04/20/2037 | 330,357 | 0.0 |
| 2,284,589 | (5) | Ginnie Mae 2007-40 SE, 5.977%, (-1.000*US0001M + 6.750%), 07/20/2037 | 530,804 | 0.0 |
| 1,616,560 | (5) | Ginnie Mae 2007-7 EI, 5.427%, (-1.000*US0001M + 6.200%), 02/20/2037 | 342,503 | 0.0 |
| 5,445,509 | (5) | Ginnie Mae 2010-11 SA, 5.715%, (-1.000*US0001M + 6.420%), 01/16/2040 | 1,245,958 | 0.0 |
| 2,319,094 | (5) | Ginnie Mae 2010-14 SB, 6.027%, (-1.000*US0001M + 6.800%), 11/20/2035 | 522,338 | 0.0 |
| 1,907,535 | (5) | Ginnie Mae 2010-99 IT, 5.000%, 08/16/2040 | 333,599 | 0.0 |
| 913,473 | Ginnie Mae 2013-69 KA, 1.250%, 08/20/2042 | 899,828 | 0.0 | |
| 2,218,616 | Ginnie Mae 2015-3 ZD, 4.000%, 01/20/2045 | 2,560,955 | 0.0 | |
| 57,445,031 | (5) | Ginnie Mae 2018-167 CS, 5.327%, (-1.000*US0001M + 6.100%), 12/20/2048 | 7,931,837 | 0.1 |
| 630,874 | (5) | Ginnie Mae Series 2005-7 AH, 6.065%, (-1.000*US0001M + 6.770%), 02/16/2035 | 133,847 | 0.0 |
| 12,287,739 | (5) | Ginnie Mae Series 2007-41 SL, 5.927%, (-1.000*US0001M + 6.700%), 07/20/2037 | 3,046,102 | 0.0 |
| 1,312,813 | (5) | Ginnie Mae Series 2008-2 SW, 5.777%, (-1.000*US0001M + 6.550%), 01/20/2038 | 343,023 | 0.0 |
| 777,168 | (5) | Ginnie Mae Series 2008-35 SN, 5.627%, (-1.000*US0001M + 6.400%), 04/20/2038 | 133,626 | 0.0 |
| 443,694 | (5) | Ginnie Mae Series 2008-40 PS, 5.795%, (-1.000*US0001M + 6.500%), 05/16/2038 | 92,468 | 0.0 |
| 1,096,036 | (5) | Ginnie Mae Series 2009-25 KS, 5.427%, (-1.000*US0001M + 6.200%), 04/20/2039 | 241,144 | 0.0 |
| 865,603 | Ginnie Mae Series 2009-29 PB, 4.750%, 05/20/2039 | 984,590 | 0.0 | |
| 929,956 | Ginnie Mae Series 2009-31 ZL, 4.500%, 05/20/2039 | 1,067,059 | 0.0 | |
| 1,439,104 | (5) | Ginnie Mae Series 2009-33 SN, 5.527%, (-1.000*US0001M + 6.300%), 05/20/2039 | 51,207 | 0.0 |
| 12,083,146 | Ginnie Mae Series 2009-33 ZB, 6.000%, 05/20/2039 | 13,809,624 | 0.2 | |
| 1,909,885 | Ginnie Mae Series 2009-34 Z, 4.500%, 05/16/2039 | 2,142,598 | 0.0 | |
| 192,878 | (5) | Ginnie Mae Series 2009-43 HS, 5.427%, (-1.000*US0001M + 6.200%), 06/20/2038 | 5,868 | 0.0 |
| 2,600,663 | Ginnie Mae Series 2009-98 DA, 3.250%, 07/16/2039 | 2,777,505 | 0.0 | |
| 5,155,446 | Ginnie Mae Series 2010-108 WL, 4.000%, 04/16/2040 | 5,681,101 | 0.1 | |
| 2,087,088 | (5) | Ginnie Mae Series 2010-116 NS, 5.945%, (-1.000*US0001M + 6.650%), 09/16/2040 | 431,087 | 0.0 |
| 5,946,065 | (5) | Ginnie Mae Series 2010-116 SK, 5.847%, (-1.000*US0001M + 6.620%), 08/20/2040 | 1,389,573 | 0.0 |
| 8,824,633 | (5) | Ginnie Mae Series 2010-149 HS, 5.395%, (-1.000*US0001M + 6.100%), 05/16/2040 | 1,108,158 | 0.0 |
| 480,000 | Ginnie Mae Series 2010-164 MD, 4.000%, 12/20/2040 | 554,511 | 0.0 | |
| 1,781,055 | (5) | Ginnie Mae Series 2010-168 BI, 5.000%, 04/20/2040 | 421,687 | 0.0 |
| 1,711,158 | (5) | Ginnie Mae Series 2010-68 MS, 5.077%, (-1.000*US0001M + 5.850%), 06/20/2040 | 325,765 | 0.0 |
| 3,893,620 | Ginnie Mae Series 2011-52 PA, 4.250%, 02/16/2041 | 4,276,402 | 0.1 | |
| 4,656,439 | (5) | Ginnie Mae Series 2011-72 SA, 4.645%, (-1.000*US0001M + 5.350%), 05/16/2041 | 779,364 | 0.0 |
| 4,983,013 | (5) | Ginnie Mae Series 2011-73 LS, 5.917%, (-1.000*US0001M + 6.690%), 08/20/2039 | 413,007 | 0.0 |
| 73,151 | Ginnie Mae Series 2012-43 MA, 4.000%, 10/20/2041 | 74,984 | 0.0 | |
| 1,189,731 | (5) | Ginnie Mae Series 2012-91 QI, 4.500%, 09/20/2041 | 93,850 | 0.0 |
| 1,388,000 | Ginnie Mae Series 2013-116 KB, 3.500%, 12/20/2042 | 1,514,685 | 0.0 | |
| 8,505,246 | (5) | Ginnie Mae Series 2013-167 PI, 5.500%, 11/20/2043 | 1,545,852 | 0.0 |
See Accompanying Notes to Financial Statements
| 47 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 666,693 | Ginnie Mae Series 2013-27 KA, 2.250%, 02/20/2043 | 691,320 | 0.0 | |
| 1,866,766 | (5) | Ginnie Mae Series 2014-10 GI, 4.500%, 01/16/2029 | 142,130 | 0.0 |
| 5,316,013 | (5) | Ginnie Mae Series 2014-185 SB, 4.827%, (-1.000*US0001M + 5.600%), 12/20/2044 | 1,032,051 | 0.0 |
| 5,121,927 | (5) | Ginnie Mae Series 2014-3 QS, 5.377%, (-1.000*US0001M + 6.150%), 03/20/2043 | 707,594 | 0.0 |
| 8,930,697 | (5) | Ginnie Mae Series 2014-3 SU, 5.277%, (-1.000*US0001M + 6.050%), 07/20/2039 | 1,913,379 | 0.0 |
| 7,429,758 | (5) | Ginnie Mae Series 2014-56 SP, 5.495%, (-1.000*US0001M + 6.200%), 12/16/2039 | 1,099,495 | 0.0 |
| 12,037,543 | (5) | Ginnie Mae Series 2014-58 SG, 4.895%, (-1.000*US0001M + 5.600%), 04/16/2044 | 1,791,634 | 0.0 |
| 41,411,717 | (5) | Ginnie Mae Series 2015-110 MS, 4.937%, (-1.000*US0001M + 5.710%), 08/20/2045 | 6,604,279 | 0.1 |
| 2,198,621 | Ginnie Mae Series 2015-27 PB, 3.000%, 08/20/2044 | 2,343,587 | 0.0 | |
| 28,739,960 | (5) | Ginnie Mae Series 2016-160 GS, 5.327%, (-1.000*US0001M + 6.100%), 11/20/2046 | 5,784,538 | 0.1 |
| 2,235,042 | Ginnie Mae Series 2016-44 JA, 3.500%, 03/20/2046 | 2,409,913 | 0.0 | |
| 299,760 | Ginnie Mae Series 2018-104 HZ, 3.500%, 08/20/2048 | 331,263 | 0.0 | |
| 6,495,085 | Ginnie Mae Series 2018-120 DE, 3.500%, 09/20/2048 | 6,929,504 | 0.1 | |
| 179,366 | Ginnie Mae Series 2018-122 GZ, 3.500%, 09/20/2048 | 205,555 | 0.0 | |
| 4,977,225 | Ginnie Mae Series 2018-126 A, 3.500%, 09/20/2048 | 5,311,148 | 0.1 | |
| 178,056 | Ginnie Mae Series 2018-147 KZ, 3.750%, 10/20/2048 | 207,915 | 0.0 | |
| 176,532 | Ginnie Mae Series 2019-100 JB, 3.000%, 08/20/2049 | 187,140 | 0.0 | |
| 532,322 | Ginnie Mae Series 2019-100 KB, 3.000%, 08/20/2049 | 564,008 | 0.0 | |
| 1,349,931 | Ginnie Mae Series 2019-100 MC, 3.000%, 08/20/2049 | 1,424,070 | 0.0 | |
| 1,081,376 | Ginnie Mae Series 2019-23 NG, 3.500%, 02/20/2049 | 1,210,605 | 0.0 | |
| 71,326 | Ginnie Mae Series 2019-54 AB, 3.000%, 04/20/2049 | 76,610 | 0.0 | |
| 798,785 | Ginnie Mae Series 2019-78 MB, 3.000%, 06/20/2049 | 846,754 | 0.0 | |
| 416,445 | Ginnie Mae Series 2019-89 KB, 3.000%, 07/20/2049 | 438,244 | 0.0 | |
| 299,424 | Ginnie Mae Series 2019-89 WB, 3.000%, 07/20/2049 | 314,827 | 0.0 | |
| 2,059,629 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/01/2050 | 2,095,530 | 0.0 |
| 3,303,252 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/01/2050 | 3,346,014 | 0.1 |
| 2,100,000 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/01/2050 | 1,997,213 | 0.0 |
| 5,990,521 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 6,081,056 | 0.1 |
| 2,963,200 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.496%, 11/25/2049 | 2,734,940 | 0.0 |
| 1,190,135 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 4.095%, 03/25/2050 | 1,176,568 | 0.0 |
| 7,253,939 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2020-PJ2 A4, 3.500%, 07/25/2050 | 7,276,202 | 0.1 |
| 3,253 | GSR Mortgage Loan Trust 2005-5F 8A1, 1.447%, (US0001M + 0.500%), 06/25/2035 | 2,959 | 0.0 | |
| 213,505 | GSR Mortgage Loan Trust 2007-1F 3A13, 6.000%, 01/25/2037 | 185,296 | 0.0 | |
| 2,662,384 | HarborView Mortgage Loan Trust 2007-5 A1A, 0.940%, (US0001M + 0.190%), 09/19/2037 | 2,180,367 | 0.0 | |
| 146,863 | HomeBanc Mortgage Trust 2004-1 2A, 1.807%, (US0001M + 0.860%), 08/25/2029 | 131,884 | 0.0 | |
| 2,000,000 | HomeBanc Mortgage Trust 2005-4 M1, 1.417%, (US0001M + 0.470%), 10/25/2035 | 1,772,422 | 0.0 | |
| 1,940,951 | (1),(3) | Homeward Opportunities Fund I Trust 2019-2 A3, 3.007%, 09/25/2059 | 1,878,866 | 0.0 |
| 1,157,501 | Impac CMB Trust Series 2005-1 M1, 1.637%, (US0001M + 0.690%), 04/25/2035 | 990,969 | 0.0 |
See Accompanying Notes to Financial Statements
| 48 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,705,471 | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.157%, (US0001M + 0.210%), 04/25/2046 | 1,379,438 | 0.0 | |
| 2,498,453 | IndyMac INDX Mortgage Loan Trust 2006-AR2 2A1, 1.157%, (US0001M + 0.210%), 02/25/2046 | 1,838,327 | 0.0 | |
| 2,802,412 | (1),(3) | JP Morgan Mortgage Trust 2019-6 B1, 4.250%, 12/25/2049 | 2,567,440 | 0.0 |
| 5,181,558 | (1),(3) | JP Morgan Mortgage Trust 2020-1 A15, 3.500%, 06/25/2050 | 5,240,713 | 0.1 |
| 2,300,000 | (1),(3) | JP Morgan Mortgage Trust 2020-1 A7, 3.500%, 06/25/2050 | 2,219,049 | 0.0 |
| 6,000,000 | (1),(3) | JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050 | 5,864,080 | 0.1 |
| 965,335 | (1),(3) | J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049 | 986,627 | 0.0 |
| 380,969 | JP Morgan Alternative Loan Trust 2005-S1 1A1, 5.500%, 12/25/2035 | 255,096 | 0.0 | |
| 2,519,201 | (3) | JP Morgan Mortgage Trust 2005-A4 B1, 4.301%, 07/25/2035 | 2,173,672 | 0.0 |
| 4,320,587 | (1),(3) | JP Morgan Mortgage Trust 2016-1 B3, 3.868%, 05/25/2046 | 4,125,964 | 0.1 |
| 1,104,794 | (1),(3) | JP Morgan Mortgage Trust 2017-1 B4, 3.529%, 01/25/2047 | 1,004,419 | 0.0 |
| 5,736,713 | (1),(3) | JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047 | 5,653,415 | 0.1 |
| 3,479,878 | (1),(3) | JP Morgan Mortgage Trust 2017-3 B1, 3.834%, 08/25/2047 | 3,295,047 | 0.1 |
| 1,988,368 | (1),(3) | JP Morgan Mortgage Trust 2017-3 B2, 3.834%, 08/25/2047 | 1,856,115 | 0.0 |
| 1,431,875 | (1),(3) | JP Morgan Mortgage Trust 2017-6 B3, 3.818%, 12/25/2048 | 1,341,620 | 0.0 |
| 954,583 | (1),(3) | JP Morgan Mortgage Trust 2017-6 B4, 3.818%, 12/25/2048 | 864,384 | 0.0 |
| 2,066,124 | (1),(3) | JP Morgan Mortgage Trust 2018-1 B1, 3.738%, 06/25/2048 | 2,038,541 | 0.0 |
| 1,988,823 | (1),(3) | JP Morgan Mortgage Trust 2018-1 B2, 3.738%, 06/25/2048 | 1,856,407 | 0.0 |
| 2,625,361 | (1),(3) | JP Morgan Mortgage Trust 2018-1 B3, 3.738%, 06/25/2048 | 2,370,393 | 0.0 |
| 2,539,243 | (1),(3) | JP Morgan Mortgage Trust 2018-3 B1, 3.763%, 09/25/2048 | 2,343,901 | 0.0 |
| 2,187,402 | (1),(3) | JP Morgan Mortgage Trust 2018-4 B2, 3.773%, 10/25/2048 | 1,983,675 | 0.0 |
| 1,744,795 | (1),(3) | JP Morgan Mortgage Trust 2018-6C B2, 3.950%, 12/25/2048 | 1,602,981 | 0.0 |
| 2,936,710 | (1),(3) | JP Morgan Mortgage Trust 2018-9 B3, 4.462%, 02/25/2049 | 2,777,096 | 0.0 |
| 2,270,756 | (1),(3) | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 2,315,175 | 0.0 |
| 3,199,066 | (1),(3) | JP Morgan Mortgage Trust 2019-1 B1, 4.515%, 05/25/2049 | 3,045,527 | 0.0 |
| 3,111,748 | (1),(3) | JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049 | 3,172,715 | 0.1 |
| 4,230,821 | (1),(3) | JP Morgan Mortgage Trust 2019-6 B2, 4.250%, 12/25/2049 | 4,050,566 | 0.1 |
| 2,615,236 | (1),(3) | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 2,630,444 | 0.0 |
| 4,509,714 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049 | 4,652,986 | 0.1 |
| 3,604,602 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.824%, 12/25/2049 | 3,127,237 | 0.1 |
| 7,617,817,917 | (1),(5) | L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048 | 7,825,023 | 0.1 |
| 15,717,603 | (5) | Lehman Mortgage Trust 2006-7 2A4, 5.603%, (-1.000*US0001M + 6.550%), 11/25/2036 | 4,888,714 | 0.1 |
| 11,017,563 | (5) | Lehman Mortgage Trust 2006-9 2A5, 5.673%, (-1.000*US0001M + 6.620%), 01/25/2037 | 1,008,787 | 0.0 |
| 1,506,045 | Lehman XS Trust Series 2005-5N 1A2, 1.307%, (US0001M + 0.360%), 11/25/2035 | 1,099,711 | 0.0 | |
| 4,695,654 | Morgan Stanley Mortgage Loan Trust 2007-13 6A1, 6.000%, 10/25/2037 | 3,313,939 | 0.1 | |
| 2,712,237 | (1),(3) | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 | 2,655,282 | 0.0 |
| 2,130,209 | (1),(3) | OBX 2019-EXP1 1A3 Trust, 4.000%, 01/25/2059 | 2,128,736 | 0.0 |
| 1,920,898 | (1),(3) | OBX 2019-EXP2 1A3 Trust, 4.000%, 07/25/2059 | 1,936,909 | 0.0 |
| 2,425,078 | (1),(3) | OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049 | 2,486,065 | 0.0 |
| 9,826,000 | Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates 2005-4 M2, 1.447%, (US0001M + 0.500%), 11/25/2035 | 8,008,829 | 0.1 |
See Accompanying Notes to Financial Statements
| 49 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 140,675 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 121,295 | 0.0 | |
| 985,853 | (1),(3) | PSMC 2020-1 A1 Trust, 3.500%, 01/25/2050 | 1,000,758 | 0.0 |
| 5,539,108 | (1),(3) | RCKT Mortgage Trust 2019-1 A13, 3.500%, 09/25/2049 | 5,619,489 | 0.1 |
| 2,000,000 | (1),(3) | RCKT Mortgage Trust 2020-1 A13, 3.000%, 02/25/2050 | 1,979,054 | 0.0 |
| 9,338,295 | Seasoned Credit Risk Transfer Trust Series 2018-2 MV, 3.500%, 11/25/2057 | 10,090,298 | 0.1 | |
| 1,724,448 | (1),(3) | Sequoia Mortgage Trust 2014-3 B3, 3.938%, 10/25/2044 | 1,652,780 | 0.0 |
| 1,756,845 | (1),(3) | Sequoia Mortgage Trust 2014-4 B3, 3.865%, 11/25/2044 | 1,680,817 | 0.0 |
| 1,817,161 | (1),(3) | Sequoia Mortgage Trust 2015-2 B3, 3.736%, 05/25/2045 | 1,712,270 | 0.0 |
| 1,582,122 | (1),(3) | Sequoia Mortgage Trust 2015-3 B3, 3.703%, 07/25/2045 | 1,414,194 | 0.0 |
| 3,300,000 | (1),(3) | Sequoia Mortgage Trust 2017-CH2 A13, 4.000%, 12/25/2047 | 3,268,778 | 0.1 |
| 1,578,584 | (1),(3) | Sequoia Mortgage Trust 2018-CH1 A19, 4.000%, 02/25/2048 | 1,581,194 | 0.0 |
| 2,601,425 | (1),(3) | Sequoia Mortgage Trust 2018-CH1 B2B, 4.477%, 02/25/2048 | 2,475,823 | 0.0 |
| 1,534,356 | (1),(3) | Sequoia Mortgage Trust 2019-1 A1, 4.000%, 02/25/2049 | 1,518,357 | 0.0 |
| 3,799,750 | (1),(3) | Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049 | 3,842,919 | 0.1 |
| 3,765,863 | (1),(3) | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 3,809,886 | 0.1 |
| 1,437,709 | (1),(3) | Sequoia Mortgage Trust 2019-5 A19, 3.500%, 12/25/2049 | 1,465,397 | 0.0 |
| 1,409,971 | (1),(3) | Sequoia Mortgage Trust 2019-CH1 A1, 4.500%, 03/25/2049 | 1,409,081 | 0.0 |
| 4,496,197 | (1),(3) | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | 4,503,227 | 0.1 |
| 5,278,376 | (1),(3) | Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050 | 5,391,809 | 0.1 |
| 5,200,000 | (1),(3) | Sequoia Mortgage Trust 2020-1 A7, 3.500%, 02/25/2050 | 4,987,198 | 0.1 |
| 4,373,811 | (1),(3) | Sequoia Mortgage Trust 2020-2 A19, 3.500%, 03/25/2050 | 4,407,575 | 0.1 |
| 1,996,698 | (1),(3) | Sequoia Mortgage Trust 2020-2 B2, 3.675%, 03/25/2050 | 1,594,768 | 0.0 |
| 2,690,000 | (1),(3) | Sequoia Mortgage Trust 2020-3 B2, 3.442%, 04/25/2050 | 2,110,337 | 0.0 |
| 1,893,046 | (1),(3) | Shellpoint Co-Originator Trust 2017-2 B2, 3.714%, 10/25/2047 | 1,844,002 | 0.0 |
| 2,457,097 | (1),(3) | Starwood Mortgage Residential Trust 2019-1 A3, 3.299%, 06/25/2049 | 2,455,712 | 0.0 |
| 21,640 | (3) | Structured Adjustable Rate Mortgage Loan Trust 2004-12 7A3, 4.088%, 09/25/2034 | 19,373 | 0.0 |
| 1,360,000 | (1) | Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047 | 1,246,702 | 0.0 |
| 1,773,000 | (1),(3) | Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058 | 1,613,305 | 0.0 |
| 1,231,000 | (1),(3) | Verus Securitization Trust 2018-2 B1, 4.426%, 06/01/2058 | 1,114,605 | 0.0 |
| 2,460,159 | (1),(7) | Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 07/25/2023), 07/25/2059 | 2,366,210 | 0.0 |
| 925,174 | (1),(7) | Verus Securitization Trust 2019-4 A3, 3.000% (Step Rate @ 4.000% on 10/25/2023), 11/25/2059 | 938,558 | 0.0 |
| 2,617,962 | (1),(3) | Verus Securitization Trust 2019-INV2 A2, 3.117%, 07/25/2059 | 2,589,761 | 0.0 |
| 989,346 | (3) | Wachovia Mortgage Loan LLC Series 2005-B 2A1, 4.284%, 10/20/2035 | 887,431 | 0.0 |
| 382,152 | (3) | WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.206%, 10/25/2036 | 310,910 | 0.0 |
| 4,632,449 | (3) | WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 4.464%, 06/25/2034 | 4,132,635 | 0.1 |
| 2,630,823 | WaMu Mortgage Pass-Through Certificates Series 2005-AR11 A1C3, 1.457%, (US0001M + 0.510%), 08/25/2045 | 2,459,192 | 0.0 | |
| 81,296,415 | (3),(5) | WaMu Mortgage Pass-Through Certificates Series 2005-AR11 X, 1.263%, 08/25/2045 | 4,140,134 | 0.1 |
| 2,061,973 | WaMu Mortgage Pass-Through Certificates Series 2005-AR13 A1C3, 1.437%, (US0001M + 0.490%), 10/25/2045 | 1,815,167 | 0.0 |
See Accompanying Notes to Financial Statements
| 50 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 395,614 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.694%, 10/25/2036 | 348,912 | 0.0 |
| 878,506 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.270%, 11/25/2036 | 739,554 | 0.0 |
| 1,098,075 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A1, 3.333%, 12/25/2036 | 920,326 | 0.0 |
| 2,538,631 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 2A3, 3.333%, 12/25/2036 | 2,127,695 | 0.0 |
| 1,682,927 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.523%, 12/25/2036 | 1,399,177 | 0.0 |
| 1,363,647 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.890%, 08/25/2046 | 1,219,116 | 0.0 |
| 1,977,200 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.740%, 12/25/2036 | 1,711,462 | 0.0 |
| 505,534 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.237%, 03/25/2037 | 408,898 | 0.0 |
| 1,274,709 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.428%, 04/25/2037 | 1,021,122 | 0.0 |
| 1,691,206 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 1.847%, (US0001M + 0.900%), 11/25/2035 | 1,287,968 | 0.0 | |
| 1,074,804 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035 | 981,317 | 0.0 | |
| 467,226 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035 | 432,061 | 0.0 | |
| 4,497,180 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.926%, (12MTA + 0.960%), 08/25/2046 | 2,864,881 | 0.0 | |
| 747,143 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A3, 1.177%, (US0001M + 0.230%), 01/25/2047 | 610,334 | 0.0 | |
| 1,547,855 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2007-OC1 A4, 1.267%, (US0001M + 0.320%), 01/25/2047 | 1,264,721 | 0.0 | |
| 1,642,683 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036 | 1,416,961 | 0.0 | |
| 1,005,212 | Wells Fargo Alternative Loan 2007-PA2 2A1, 1.377%, (US0001M + 0.430%), 06/25/2037 | 757,207 | 0.0 | |
| 1,151,359 | Wells Fargo Alternative Loan 2007-PA3 3A1, 6.250%, 07/25/2037 | 1,064,771 | 0.0 | |
| 359,210 | (3) | Wells Fargo Mortgage Backed Securities 2006-AR4 2A4, 4.093%, 04/25/2036 | 346,081 | 0.0 |
| 2,025,285 | (1),(3) | Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.596%, 09/25/2049 | 1,614,417 | 0.0 |
| 3,488,320 | (1),(3) | Wells Fargo Mortgage Backed Securities 2020-1 A17 Trust, 3.000%, 12/25/2049 | 3,470,845 | 0.1 |
| 1,800,800 | (1),(3) | WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045 | 1,685,805 | 0.0 |
| Total Collateralized Mortgage Obligations | ||||
| (Cost $1,711,193,594) | 1,708,802,457 | 20.8 | ||
| U.S. TREASURY OBLIGATIONS: 7.0% | ||||
| Treasury Inflation Indexed Protected Securities: 2.3% | ||||
| 181,844,231 | 0.125%,01/15/2030 | 187,624,176 | 2.3 | |
| U.S. Treasury Bonds: 1.9% | ||||
| 46,424,000 | 2.375%,11/15/2049 | 57,981,037 | 0.7 | |
| 67,450,000 | 3.500%,02/15/2039 | 96,047,746 | 1.2 | |
| 154,028,783 | 1.9 | |||
| U.S. Treasury Notes: 2.8% | ||||
| 2,502,000 | 1.500%,02/15/2030 | 2,697,615 | 0.0 | |
| 54,483,000 | 0.375%,03/31/2022 | 54,633,041 | 0.7 | |
| 68,697,000 | 0.500%,03/15/2023 | 69,134,407 | 0.8 | |
| 40,651,000 | 0.500%,03/31/2025 | 40,912,215 | 0.5 | |
See Accompanying Notes to Financial Statements
| 51 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 67,576,000 | 0.625%,03/31/2027 | 67,960,074 | 0.8 | |
| 235,337,352 | 2.8 | |||
| Total U.S. Treasury Obligations | ||||
| (Cost $576,279,030) | 576,990,311 | 7.0 | ||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 16.6% | ||||
| Federal Home Loan Mortgage Corporation: 5.2%(8) | ||||
| 675,821 | 2.500%,05/01/2030 | 703,597 | 0.0 | |
| 1,009,554 | 2.500%,05/01/2030 | 1,055,959 | 0.0 | |
| 1,180,479 | 2.500%,06/01/2030 | 1,234,768 | 0.0 | |
| 1,569,278 | 3.000%,11/01/2042 | 1,664,386 | 0.0 | |
| 1,628,344 | 3.000%,02/01/2043 | 1,725,182 | 0.0 | |
| 1,961,076 | 3.000%,03/01/2045 | 2,077,567 | 0.0 | |
| 2,107,084 | 3.000%,03/01/2045 | 2,232,013 | 0.0 | |
| 4,896,773 | 3.000%,04/01/2045 | 5,186,775 | 0.1 | |
| 5,130,369 | 3.000%,04/01/2045 | 5,434,868 | 0.1 | |
| 2,191,361 | 3.000%,10/01/2046 | 2,321,632 | 0.0 | |
| 20,772,321 | 3.000%,10/01/2046 | 21,964,489 | 0.3 | |
| 8,101,210 | 3.000%,03/01/2048 | 8,563,186 | 0.1 | |
| 7,041,651 | 3.000%,03/01/2048 | 7,443,219 | 0.1 | |
| 26,317,160 | 3.000%,08/01/2048 | 27,742,162 | 0.3 | |
| 8,342,382 | 3.500%,01/01/2045 | 8,933,977 | 0.1 | |
| 2,649,939 | 3.500%,03/01/2045 | 2,836,023 | 0.0 | |
| 11,104,790 | 3.500%,12/01/2046 | 11,936,004 | 0.2 | |
| 22,322,925 | 3.500%,12/01/2046 | 23,835,582 | 0.3 | |
| 9,053,290 | 3.500%,04/01/2047 | 9,764,121 | 0.1 | |
| 14,067,432 | 3.500%,07/01/2047 | 14,947,775 | 0.2 | |
| 12,167,816 | 3.500%,10/01/2047 | 12,952,152 | 0.2 | |
| 35,056,116 | 3.500%,01/01/2048 | 37,288,819 | 0.5 | |
| 4,056,367 | 3.500%,03/01/2048 | 4,315,325 | 0.1 | |
| 59,045,357 | 3.500%,03/01/2048 | 63,454,712 | 0.8 | |
| 39,786,063 | 3.500%,11/01/2048 | 42,756,608 | 0.5 | |
| 1,042,716 | 4.000%,10/01/2041 | 1,129,304 | 0.0 | |
| 1,692,218 | 4.000%,12/01/2041 | 1,833,033 | 0.0 | |
| 2,846,094 | 4.000%,08/01/2044 | 3,086,462 | 0.0 | |
| 1,332,380 | 4.000%,07/01/2045 | 1,444,276 | 0.0 | |
| 2,516,746 | 4.000%,09/01/2045 | 2,729,065 | 0.0 | |
| 4,748,072 | 4.000%,09/01/2045 | 5,147,991 | 0.1 | |
| 2,955,235 | 4.000%,09/01/2045 | 3,187,438 | 0.1 | |
| 28,670,679 | 4.000%,11/01/2045 | 31,076,670 | 0.4 | |
| 3,543,133 | 4.000%,05/01/2046 | 3,831,831 | 0.1 | |
| 3,773,118 | 4.000%,05/01/2047 | 4,066,091 | 0.1 | |
| 17,000,504 | 4.000%,11/01/2047 | 18,251,401 | 0.2 | |
| 973,019 | 4.000%,03/01/2048 | 1,043,762 | 0.0 | |
| 8,797,935 | 4.000%,06/01/2048 | 9,666,328 | 0.1 | |
| 873,330 | 4.500%,08/01/2041 | 957,902 | 0.0 | |
| 1,285,504 | 4.500%,09/01/2041 | 1,410,178 | 0.0 | |
| 1,117,969 | 4.500%,10/01/2041 | 1,226,777 | 0.0 | |
| 1,611,994 | 4.500%,03/01/2044 | 1,766,624 | 0.0 | |
| 6,069,435 | 4.500%,02/01/2048 | 6,567,128 | 0.1 | |
| 1,750,097 | 4.500%,06/01/2048 | 1,889,061 | 0.0 | |
| 3,436 | 4.670%, (US0012M + 1.773%),05/01/2037 | 3,469 | 0.0 | |
| 114,194 | 5.000%,01/01/2041 | 126,963 | 0.0 | |
| 968,165 | 5.000%,04/01/2041 | 1,075,862 | 0.0 | |
| 29,258 | 5.500%,07/01/2037 | 33,243 | 0.0 | |
| 1,539,564 | 5.500%,11/01/2038 | 1,750,381 | 0.0 | |
| 1,289 | 6.000%,12/01/2028 | 1,430 | 0.0 | |
| 15,437 | 6.000%,01/01/2029 | 17,111 | 0.0 | |
| 3,805 | 6.500%,01/01/2024 | 4,222 | 0.0 | |
| 4,844 | 6.500%,12/01/2031 | 5,546 | 0.0 | |
| 470,671 | 6.500%,09/01/2034 | 544,123 | 0.0 | |
| 951 | 7.000%,03/01/2032 | 1,013 | 0.0 | |
| 426,245,586 | 5.2 | |||
| Federal National Mortgage Association: 0.4%(8) | ||||
| 5,692,239 | 3.500%,01/01/2044 | 6,092,149 | 0.1 | |
| 8,612,251 | 4.000%,12/01/2046 | 9,473,119 | 0.1 | |
| 84,046 | 4.029%, (US0012M + 1.486%),07/01/2035 | 85,223 | 0.0 | |
| 15,589,687 | 5.000%,08/01/2056 | 17,948,476 | 0.2 | |
| 174,147 | 6.000%,05/01/2038 | 198,429 | 0.0 | |
| 33,797,396 | 0.4 | |||
| Government National Mortgage Association: 2.4% | ||||
| 3,760,379 | 3.000%,04/20/2046 | 4,028,902 | 0.1 | |
| 659,308 | 3.000%,01/20/2047 | 705,943 | 0.0 | |
| 15,274,034 | 3.000%,10/20/2049 | 16,435,176 | 0.2 | |
| 9,061,079 | 3.000%,11/20/2049 | 9,749,892 | 0.1 | |
| 7,970,254 | 3.500%,07/20/2046 | 8,530,537 | 0.1 | |
| 1,251,091 | 3.500%,07/20/2046 | 1,339,099 | 0.0 | |
| 1,795,338 | 3.500%,10/20/2046 | 1,948,809 | 0.0 | |
| 1,091,915 | 3.500%,02/20/2047 | 1,160,192 | 0.0 | |
| 713,451 | 3.500%,03/20/2047 | 761,397 | 0.0 | |
| 1,207,617 | 3.500%,07/20/2047 | 1,286,497 | 0.0 | |
| 1,572,632 | 3.500%,08/20/2047 | 1,683,151 | 0.0 | |
| 3,452,224 | 3.500%,09/20/2047 | 3,691,469 | 0.0 | |
| 16,223,458 | 3.500%,12/20/2047 | 17,399,105 | 0.2 | |
| 8,364,780 | 3.500%,01/20/2048 | 8,961,625 | 0.1 | |
| 6,766,063 | 3.500%,02/20/2048 | 7,242,188 | 0.1 | |
| 13,059,112 | 3.500%,02/20/2048 | 14,110,871 | 0.2 | |
| 1,308,609 | 3.500%,03/20/2048 | 1,399,181 | 0.0 | |
| 32,707,017 | 3.500%,03/20/2048 | 35,179,994 | 0.4 | |
| 295,246 | 4.000%,11/20/2040 | 322,431 | 0.0 | |
| 1,893,770 | 4.000%,03/20/2046 | 2,046,683 | 0.0 | |
| 34,016,976 | 4.000%,09/20/2047 | 36,725,159 | 0.5 | |
| 19,621,334 | 4.000%,11/20/2049 | 20,898,205 | 0.3 | |
| 398,091 | 4.500%,10/15/2039 | 446,402 | 0.0 | |
| 255,440 | 4.500%,11/15/2039 | 286,445 | 0.0 | |
| 252,701 | 4.500%,11/15/2039 | 283,282 | 0.0 | |
| 85,652 | 4.500%,12/15/2039 | 96,031 | 0.0 | |
| 78,506 | 4.500%,08/20/2041 | 86,655 | 0.0 | |
| 4,588,939 | 4.500%,09/15/2047 | 5,023,580 | 0.1 | |
| 35,016 | (3) | 5.140%,10/20/2060 | 35,034 | 0.0 |
| 16,991 | (3) | 5.500%,03/20/2060 | 18,033 | 0.0 |
| 201,881,968 | 2.4 | |||
| Uniform Mortgage-Backed Securities: 8.6% | ||||
| 15,850,985 | 3.000%,01/01/2050 | 16,646,267 | 0.2 | |
| 29,275,429 | 3.500%,11/01/2047 | 31,501,602 | 0.4 | |
| 1,711,033 | 3.500%,12/01/2047 | 1,809,978 | 0.0 | |
| 26,055,601 | 3.500%,09/01/2049 | 27,676,666 | 0.3 | |
| 3,467,069 | 3.500%,10/01/2049 | 3,736,993 | 0.1 | |
| 2,033,278 | 4.000%,11/01/2045 | 2,216,715 | 0.0 | |
| 7,363,638 | 4.000%,08/01/2047 | 7,910,108 | 0.1 | |
| 1,918,416 | 4.000%,08/01/2047 | 2,059,377 | 0.0 | |
| 34,393,913 | 4.000%,04/01/2049 | 37,094,010 | 0.5 | |
| 1,579,505 | 2.500%,05/01/2030 | 1,649,872 | 0.0 | |
| 3,532,960 | 2.500%,06/01/2030 | 3,681,924 | 0.1 | |
| 2,468,734 | 2.500%,06/01/2030 | 2,572,853 | 0.0 | |
| 1,432,979 | 2.500%,07/01/2030 | 1,493,406 | 0.0 | |
| 16,785,094 | 2.500%,04/01/2037 | 17,570,730 | 0.2 | |
| 2,053,656 | 3.000%,08/01/2030 | 2,162,763 | 0.0 | |
| 1,145,085 | 3.000%,09/01/2030 | 1,207,673 | 0.0 | |
| 4,234,296 | 3.000%,04/01/2043 | 4,483,969 | 0.1 | |
| 3,414,448 | 3.000%,07/01/2043 | 3,615,913 | 0.1 | |
| 875,339 | 3.000%,08/01/2043 | 928,775 | 0.0 | |
| 795,063 | 3.000%,09/01/2043 | 842,075 | 0.0 | |
| 10,824,167 | 3.000%,04/01/2045 | 11,464,747 | 0.1 | |
| 2,164,518 | 3.000%,08/01/2046 | 2,291,046 | 0.0 | |
| 5,347,478 | 3.000%,08/01/2046 | 5,657,329 | 0.1 | |
| 1,066,012 | 3.000%,11/01/2046 | 1,131,128 | 0.0 | |
See Accompanying Notes to Financial Statements
| 52 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 14,165,946 | 3.000%,12/01/2046 | 14,979,223 | 0.2 | |
| 4,310,884 | 3.000%,12/01/2046 | 4,556,213 | 0.1 | |
| 34,559,682 | 3.000%,01/01/2047 | 36,488,289 | 0.5 | |
| 7,824,987 | 3.000%,02/01/2047 | 8,227,626 | 0.1 | |
| 8,411,759 | 3.000%,03/01/2047 | 8,883,108 | 0.1 | |
| 8,639,014 | 3.000%,07/01/2047 | 9,125,392 | 0.1 | |
| 32,080,928 | 3.000%,12/01/2049 | 33,685,605 | 0.4 | |
| 44,310,259 | 3.500%,06/01/2034 | 47,024,836 | 0.6 | |
| 5,455,629 | 3.500%,10/01/2042 | 5,866,577 | 0.1 | |
| 1,818,720 | 3.500%,04/01/2043 | 1,956,679 | 0.0 | |
| 5,365,250 | 3.500%,08/01/2043 | 5,772,250 | 0.1 | |
| 3,394,695 | 3.500%,03/01/2044 | 3,651,836 | 0.1 | |
| 409,251 | 3.500%,01/01/2046 | 439,761 | 0.0 | |
| 620,611 | 3.500%,02/01/2046 | 666,801 | 0.0 | |
| 296,098 | 3.500%,02/01/2046 | 318,175 | 0.0 | |
| 24,750,188 | 3.500%,08/01/2046 | 26,595,685 | 0.3 | |
| 3,009,276 | 3.500%,08/01/2047 | 3,196,216 | 0.0 | |
| 3,971,275 | 3.500%,09/01/2047 | 4,219,069 | 0.1 | |
| 2,758,525 | 3.500%,02/01/2048 | 2,932,232 | 0.0 | |
| 4,158,600 | 3.500%,05/01/2048 | 4,418,026 | 0.1 | |
| 17,745,864 | 3.500%,07/01/2048 | 19,066,095 | 0.2 | |
| 76,337,605 | 3.500%,09/01/2049 | 80,825,151 | 1.0 | |
| 34,543,325 | 3.500%,02/01/2050 | 36,569,089 | 0.5 | |
| 464,992 | 4.000%,03/01/2042 | 504,192 | 0.0 | |
| 1,964,460 | 4.000%,07/01/2042 | 2,129,509 | 0.0 | |
| 2,172,500 | 4.000%,07/01/2042 | 2,355,962 | 0.0 | |
| 371,414 | 4.000%,07/01/2042 | 402,763 | 0.0 | |
| 1,036,149 | 4.000%,09/01/2043 | 1,133,716 | 0.0 | |
| 15,956,069 | 4.000%,01/01/2045 | 17,653,144 | 0.2 | |
| 2,198,845 | 4.000%,01/01/2045 | 2,371,236 | 0.0 | |
| 1,521,857 | 4.000%,03/01/2045 | 1,650,067 | 0.0 | |
| 12,712,732 | 4.000%,05/01/2045 | 13,771,330 | 0.2 | |
| 2,282,941 | 4.000%,06/01/2045 | 2,475,268 | 0.0 | |
| 6,789,455 | 4.000%,02/01/2046 | 7,369,345 | 0.1 | |
| 14,364,144 | 4.000%,07/01/2047 | 15,495,496 | 0.2 | |
| 838,324 | 4.000%,03/01/2048 | 897,699 | 0.0 | |
| 2,518,639 | 4.000%,03/01/2048 | 2,699,272 | 0.0 | |
| 12,274,593 | 4.000%,09/01/2048 | 13,247,179 | 0.2 | |
| 2,232,829 | 4.250%,11/01/2043 | 2,431,895 | 0.0 | |
| 233,474 | 4.500%,11/01/2040 | 256,273 | 0.0 | |
| 446,613 | 4.500%,11/01/2040 | 490,277 | 0.0 | |
| 3,416,591 | 4.500%,11/01/2040 | 3,750,823 | 0.1 | |
| 4,184 | 4.500%,12/01/2040 | 4,593 | 0.0 | |
| 7,246 | 4.500%,12/01/2040 | 7,955 | 0.0 | |
| 7,234 | 4.500%,01/01/2041 | 7,941 | 0.0 | |
| 9,884 | 4.500%,01/01/2041 | 10,849 | 0.0 | |
| 443,795 | 4.500%,10/01/2041 | 483,740 | 0.0 | |
| 549,931 | 4.500%,10/01/2044 | 596,549 | 0.0 | |
| 1,409,359 | 4.500%,12/01/2045 | 1,546,897 | 0.0 | |
| 2,044,909 | 4.500%,04/01/2047 | 2,232,541 | 0.0 | |
| 3,870,340 | 4.500%,04/01/2047 | 4,197,585 | 0.1 | |
| 3,990,916 | 4.500%,04/01/2047 | 4,360,007 | 0.1 | |
| 4,555,517 | 4.500%,04/01/2047 | 4,999,139 | 0.1 | |
| 3,041,352 | 4.500%,04/01/2047 | 3,320,815 | 0.0 | |
| 2,178,862 | 4.500%,05/01/2047 | 2,391,043 | 0.0 | |
| 2,584,943 | 4.500%,05/01/2047 | 2,831,606 | 0.0 | |
| 1,917,216 | 4.500%,05/01/2047 | 2,103,910 | 0.0 | |
| 7,534,803 | 4.500%,05/01/2047 | 8,185,593 | 0.1 | |
| 1,587,196 | 4.500%,05/01/2047 | 1,741,758 | 0.0 | |
| 4,388,054 | 4.500%,06/01/2047 | 4,769,405 | 0.1 | |
| 3,566,343 | 4.500%,06/01/2047 | 3,862,880 | 0.1 | |
| 1,191,740 | 4.500%,06/01/2047 | 1,307,793 | 0.0 | |
| 5,694,102 | 4.500%,07/01/2047 | 6,169,460 | 0.1 | |
| 2,992,118 | 4.500%,08/01/2047 | 3,240,098 | 0.0 | |
| 116,344 | 5.000%,06/01/2033 | 129,230 | 0.0 | |
| 24,009 | 5.000%,09/01/2033 | 26,669 | 0.0 | |
| 69,785 | 5.000%,11/01/2033 | 77,519 | 0.0 | |
| 24,023 | 5.000%,03/01/2034 | 26,682 | 0.0 | |
| 21,324 | 5.000%,03/01/2034 | 23,684 | 0.0 | |
| 162,942 | 5.000%,02/01/2035 | 180,935 | 0.0 | |
| 106,038 | 5.000%,06/01/2035 | 117,774 | 0.0 | |
| 6,106 | 5.000%,06/01/2035 | 6,781 | 0.0 | |
| 61,224 | 5.000%,07/01/2035 | 67,997 | 0.0 | |
| 360,393 | 5.000%,08/01/2035 | 400,631 | 0.0 | |
| 21,718 | 5.000%,10/01/2035 | 23,904 | 0.0 | |
| 524,569 | 5.000%,10/01/2035 | 584,103 | 0.0 | |
| 293,651 | 5.000%,02/01/2036 | 327,707 | 0.0 | |
| 4,292 | 5.000%,03/01/2036 | 4,791 | 0.0 | |
| 54,531 | 5.000%,03/01/2036 | 60,855 | 0.0 | |
| 8,925 | 5.000%,05/01/2036 | 9,962 | 0.0 | |
| 5,676 | 5.000%,06/01/2036 | 6,332 | 0.0 | |
| 223,199 | 5.000%,07/01/2036 | 247,946 | 0.0 | |
| 177,620 | 5.000%,11/01/2040 | 197,250 | 0.0 | |
| 61,442 | 5.000%,05/01/2041 | 68,320 | 0.0 | |
| 397,092 | 5.000%,06/01/2041 | 440,331 | 0.0 | |
| 278,679 | 5.000%,06/01/2041 | 309,875 | 0.0 | |
| 147,025 | 5.500%,03/01/2037 | 167,022 | 0.0 | |
| 149,398 | 5.500%,06/01/2039 | 169,731 | 0.0 | |
| 1,431,318 | 5.500%,10/01/2039 | 1,626,547 | 0.0 | |
| 45,354 | 6.000%,09/01/2036 | 50,299 | 0.0 | |
| 323 | 6.500%,02/01/2028 | 358 | 0.0 | |
| 565 | 6.500%,09/01/2031 | 627 | 0.0 | |
| 147 | 6.500%,09/01/2031 | 164 | 0.0 | |
| 16,057 | 6.500%,11/01/2031 | 18,841 | 0.0 | |
| 7,482 | 6.500%,04/01/2032 | 8,514 | 0.0 | |
| 1,331 | 6.500%,08/01/2032 | 1,534 | 0.0 | |
| 4,303 | 6.500%,08/01/2032 | 4,888 | 0.0 | |
| 6,555 | 7.000%,12/01/2027 | 6,685 | 0.0 | |
| 899 | 7.000%,10/01/2031 | 922 | 0.0 | |
| 2,959 | 7.000%,03/01/2032 | 3,453 | 0.0 | |
| 1,126 | 7.500%,09/01/2030 | 1,335 | 0.0 | |
| 3,684 | 7.500%,09/01/2031 | 4,459 | 0.0 | |
| 14,688 | 7.500%,02/01/2032 | 17,228 | 0.0 | |
| 705,749,341 | 8.6 | |||
| Total U.S. Government Agency Obligations | ||||
| (Cost $1,303,264,501) | 1,367,674,291 | 16.6 | ||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.1% | ||||
| 10,647,000 | (1),(3) | BAMLL Re-REMIC Trust 2016-FRR16 B, 0.998%, 05/27/2021 | 9,954,666 | 0.1 |
| 4,390,000 | (1) | Bancorp Commercial Mortgage 2018 CRE4 D Trust, 2.805%, (US0001M + 2.100%), 09/15/2035 | 3,387,229 | 0.0 |
| 24,811,172 | (3),(5) | BANK 2017-BNK4 XA, 1.421%, 05/15/2050 | 1,724,108 | 0.0 |
| 167,655,000 | (3),(5) | BANK 2017-BNK8 XB, 0.175%, 11/15/2050 | 2,053,204 | 0.0 |
| 204,729,308 | (3),(5) | BANK 2018-BNK14 XA, 0.521%, 09/15/2060 | 6,543,783 | 0.1 |
| 19,110,000 | (1),(3),(5) | BANK 2018-BNK14 XD, 1.602%, 09/15/2060 | 2,082,143 | 0.0 |
| 24,696,456 | (3),(5) | BANK 2019-BNK16 XA, 0.966%, 02/15/2052 | 1,579,879 | 0.0 |
| 5,210,000 | (1) | BANK 2019-BNK18 D, 3.000%, 05/15/2062 | 3,269,321 | 0.0 |
| 6,580,000 | (3) | Bank 2019-BNK19 C, 4.035%, 08/15/2061 | 5,519,716 | 0.1 |
| 100,701,485 | (3),(5) | Bank 2019-BNK19 XA, 0.964%, 08/15/2061 | 6,987,535 | 0.1 |
See Accompanying Notes to Financial Statements
| 53 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 92,840,000 | (1),(3),(5) | BBCCRE Trust 2015-GTP XA, 0.597%, 08/10/2033 | 2,740,089 | 0.0 |
| 2,400,000 | (1) | BDS 2018-FL2 D, 3.350%, (US0001M + 2.550%), 08/15/2035 | 2,048,221 | 0.0 |
| 2,620,000 | (1),(3) | BENCHMARK 2018-B3 D Mortgage Trust, 3.057%, 04/10/2051 | 1,755,712 | 0.0 |
| 54,451,680 | (3),(5) | Benchmark 2019-B12 XA Mortgage Trust, 1.068%, 08/15/2052 | 3,692,260 | 0.0 |
| 7,470,000 | (1) | Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052 | 4,760,381 | 0.1 |
| 36,649,740 | (3),(5) | Benchmark 2019-B9 XA Mortgage Trust, 1.047%, 03/15/2052 | 2,644,737 | 0.0 |
| 6,420,000 | (1) | Benchmark 2020-B17 D Mortgage Trust, 2.250%, 03/15/2053 | 4,079,667 | 0.1 |
| 92,730,000 | (3),(5) | Benchmark 2020-B17 XA Mortgage Trust, 1.542%, 03/15/2053 | 8,709,100 | 0.1 |
| 7,540,000 | (1) | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 | 6,324,508 | 0.1 |
| 7,570,000 | (1) | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 | 6,145,317 | 0.1 |
| 5,392,484 | BMD2 2019-FRR1, 2.870%, 05/25/2052 | 5,025,825 | 0.1 | |
| 9,101,360 | BMD2 RE-REMIC TR 2019 3.6, 3.665%, 09/25/2022 | 8,930,157 | 0.1 | |
| 8,025,365 | (1) | BX Commercial Mortgage Trust 2019-XL A, 1.625%, (US0001M + 0.920%), 10/15/2036 | 7,749,129 | 0.1 |
| 24,572,902 | (1) | BX Commercial Mortgage Trust 2019-XL G, 3.005%, (US0001M + 2.300%), 10/15/2036 | 21,250,768 | 0.3 |
| 24,572,902 | (1) | BX Commercial Mortgage Trust 2019-XL J, 3.355%, (US0001M + 2.650%), 10/15/2036 | 21,280,185 | 0.3 |
| 21,390,000 | (1) | BX Commercial Mortgage Trust 2020-BXLP G, 3.205%, (US0001M + 2.500%), 12/15/2029 | 18,239,364 | 0.2 |
| 5,150,000 | (1) | BX Trust 2019-MMP E, 2.605%, (US0001M + 1.900%), 08/15/2036 | 4,986,387 | 0.1 |
| 6,000,000 | (1) | BX Trust 2019-OC11 A, 3.202%, 12/09/2041 | 5,565,600 | 0.1 |
| 10,660,000 | (1),(3) | BX Trust 2019-OC11 E, 4.076%, 12/09/2041 | 8,201,742 | 0.1 |
| 7,290,000 | Cantor Commercial Real Estate Lending 2019-CF2 A5, 2.874%, 11/15/2052 | 7,662,201 | 0.1 | |
| 3,340,000 | (3) | CCUBS Commercial Mortgage Trust 2017-C1 C, 4.393%, 11/15/2050 | 2,741,754 | 0.0 |
| 93,522,520 | (3),(5) | CCUBS Commercial Mortgage Trust 2017-C1 XA, 1.012%, 11/15/2050 | 4,751,720 | 0.1 |
| 24,835,436 | (3),(5) | CD 2016-CD1 Mortgage Trust XA, 1.404%, 08/10/2049 | 1,582,425 | 0.0 |
| 45,113,000 | (1),(3),(5) | CD 2016-CD1 Mortgage Trust XB, 0.678%, 08/10/2049 | 1,755,609 | 0.0 |
| 33,730,709 | (3),(5) | CD 2017-CD4 Mortgage Trust XA, 1.306%, 05/10/2050 | 2,114,558 | 0.0 |
| 4,280,000 | (3) | CD 2017-CD6 Mortgage Trust C, 4.267%, 11/13/2050 | 3,478,625 | 0.0 |
| 7,453,264 | (1),(3) | CFCRE Commercial Mortgage Trust 2011-C1 E, 6.089%, 04/15/2044 | 7,047,710 | 0.1 |
| 4,139,000 | (3) | Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046 | 3,889,314 | 0.1 |
| 3,910,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2014-GC19, 5.092%, 03/10/2047 | 3,479,049 | 0.0 |
| 7,745,000 | (1) | Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049 | 5,025,195 | 0.1 |
| 40,776,675 | (3),(5) | Citigroup Commercial Mortgage Trust 2016-P4 XA, 1.975%, 07/10/2049 | 3,460,965 | 0.0 |
| 82,540,015 | (3),(5) | Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.106%, 10/12/2050 | 4,510,556 | 0.1 |
| 3,940,000 | (3) | Citigroup Commercial Mortgage Trust 2017-P8 C, 4.269%, 09/15/2050 | 3,219,294 | 0.0 |
| 40,211,727 | (3),(5) | Citigroup Commercial Mortgage Trust 2017-P8 XA, 0.914%, 09/15/2050 | 2,072,195 | 0.0 |
| 88,795,092 | (3),(5) | Citigroup Commercial Mortgage Trust 2018-C5 XA, 0.599%, 06/10/2051 | 3,788,363 | 0.0 |
| 7,480,000 | Citigroup Commercial Mortgage Trust 2019-GC43 A4, 3.038%, 11/10/2052 | 7,687,803 | 0.1 | |
| 9,645,000 | (1),(3) | COMM 2013-CR10 F Mortgage Trust, 4.789%, 08/10/2046 | 7,818,257 | 0.1 |
| 2,180,000 | (3) | Commercial Mortgage Pass Through Certificates 2016-CR28 D, 3.896%, 02/10/2049 | 1,712,462 | 0.0 |
See Accompanying Notes to Financial Statements
| 54 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 28,378,644 | (3),(5) | COMM 2012-CR2 XA, 1.633%, 08/15/2045 | 826,593 | 0.0 |
| 31,075,230 | (3),(5) | COMM 2012-CR4 XA, 1.697%, 10/15/2045 | 1,004,398 | 0.0 |
| 27,260,000 | (1),(3),(5) | COMM 2012-CR4 XB, 0.614%, 10/15/2045 | 415,388 | 0.0 |
| 48,200,568 | (1),(3),(5) | COMM 2012-LC4 XA, 2.101%, 12/10/2044 | 1,390,625 | 0.0 |
| 4,640,000 | (1),(3) | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 | 3,938,649 | 0.1 |
| 3,310,000 | (3) | COMM 2015-CCRE26 D Mortgage Trust, 3.484%, 10/10/2048 | 2,571,648 | 0.0 |
| 129,372,029 | (1),(3),(5) | COMM 2015-PC1 XA, 0.660%, 07/10/2050 | 3,004,885 | 0.0 |
| 920,000 | (3) | COMM 2016-COR1 C, 4.383%, 10/10/2049 | 776,622 | 0.0 |
| 68,703,910 | (3),(5) | COMM 2016-CR28 XA, 0.693%, 02/10/2049 | 1,934,269 | 0.0 |
| 36,126,734 | (3),(5) | COMM 2017-COR2 XA, 1.171%, 09/10/2050 | 2,399,032 | 0.0 |
| 12,420,000 | COMM 2018-COR3 A3 Mortgage Trust, 4.228%, 05/10/2051 | 13,758,439 | 0.2 | |
| 14,010,000 | (1),(3) | COMM 2020-CBM F Mortgage Trust, 3.633%, 11/13/2039 | 8,719,149 | 0.1 |
| 15,420,000 | (1) | Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 3.355%, (US0001M + 2.650%), 05/15/2036 | 11,954,087 | 0.1 |
| 6,670,000 | (3) | Csail 2015-C2 C Commercial Mortgage Trust, 4.192%, 06/15/2057 | 5,804,497 | 0.1 |
| 4,340,000 | (1),(3) | CSAIL 2017-CX10 D Commercial Mortgage Trust, 4.111%, 11/15/2050 | 3,216,942 | 0.0 |
| 19,066,000 | (3) | CSAIL 2018-CX11 A5 Commercial Mortgage Trust, 4.033%, 04/15/2051 | 20,760,659 | 0.3 |
| 6,407,012 | (1) | CSWF 2018-TOP E, 2.955%, (US0001M + 2.250%), 08/15/2035 | 5,286,074 | 0.1 |
| 6,056,423 | (1) | CSWF 2018-TOP F, 3.455%, (US0001M + 2.750%), 08/15/2035 | 4,802,439 | 0.1 |
| 4,460,000 | (1),(3) | DBJPM 16-C3 Mortgage Trust, 3.491%, 08/10/2049 | 3,318,826 | 0.0 |
| 5,000,000 | (1),(3) | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 | 4,814,766 | 0.1 |
| 12,519,000 | (1) | DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044 | 11,950,517 | 0.1 |
| 4,480,000 | (1) | Exantas Capital Corp. 2019-RSO7 C Ltd., 2.850%, (US0001M + 2.050%), 04/15/2036 | 3,315,178 | 0.0 |
| 10,520,000 | (1) | Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036 | 7,007,305 | 0.1 |
| 16,840,000 | (3),(5) | Freddie Mac Multifamily Structured Pass Through Certificates K008 X3, 5.298%, 08/25/2020 | 162,769 | 0.0 |
| 77,599,012 | (3),(5) | Freddie Mac Multifamily Structured Pass Through Certificates K013 X3, 2.815%, 01/25/2043 | 1,241,491 | 0.0 |
| 42,047,111 | (3),(5) | Freddie Mac Multifamily Structured Pass Through Certificates K020 X3, 1.872%, 05/25/2040 | 1,526,398 | 0.0 |
| 31,879,545 | (3),(5) | Freddie Mac Multifamily Structured Pass Through Certificates K029 X3, 1.592%, 05/25/2041 | 1,388,692 | 0.0 |
| 187,773,113 | (1),(5) | FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044 | 237,308 | 0.0 |
| 223,355,545 | (3),(5) | Freddie Mac Multifamily Structured Pass Through Certificates KHG2 X, 0.406%, 02/25/2030 | 5,671,690 | 0.1 |
| 4,580,000 | (1) | GS Mortgage Securities Corp. II 2018-RIVR E, 2.255%, (US0001M + 1.550%), 07/15/2035 | 4,358,764 | 0.1 |
| 4,400,000 | (1) | GS Mortgage Securities Corp. II 2018-RIVR F, 2.805%, (US0001M + 2.100%), 07/15/2035 | 4,294,441 | 0.1 |
| 12,770,000 | (1) | GS Mortgage Securities Corp. Trust 2019-70P E, 2.905%, (US0001M + 2.200%), 10/15/2036 | 10,084,754 | 0.1 |
| 5,110,000 | (1) | GS Mortgage Securities Corp. Trust 2019-70P F, 3.355%, (US0001M + 2.650%), 10/15/2036 | 4,002,374 | 0.1 |
| 3,400,000 | (1),(3) | GS Mortgage Securities Trust 2010-C2 D, 5.180%, 12/10/2043 | 3,332,968 | 0.0 |
| 8,190,000 | (1),(3) | GS Mortgage Securities Trust 2010-C2 E, 4.548%, 12/10/2043 | 7,839,314 | 0.1 |
| 3,710,000 | (1),(3) | GS Mortgage Securities Trust 2010-C2 F, 4.548%, 12/10/2043 | 3,510,603 | 0.0 |
| 5,340,000 | (1),(3) | GS Mortgage Securities Trust 2010-C2 G, 4.548%, 12/10/2043 | 5,097,608 | 0.1 |
See Accompanying Notes to Financial Statements
| 55 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 6,140,000 | (1) | GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046 | 4,689,591 | 0.1 |
| 46,973,078 | (3),(5) | GS Mortgage Securities Trust 2013-GC16 XA, 1.032%, 11/10/2046 | 1,440,331 | 0.0 |
| 65,288,551 | (3),(5) | GS Mortgage Securities Trust 2014-GC22 XA, 0.985%, 06/10/2047 | 1,727,065 | 0.0 |
| 81,824,745 | (3),(5) | GS Mortgage Securities Trust 2016-GS4 XA, 0.567%, 11/10/2049 | 1,987,228 | 0.0 |
| 69,921,372 | (3),(5) | GS Mortgage Securities Trust 2017-GS6 XA, 1.041%, 05/10/2050 | 4,118,949 | 0.1 |
| 6,310,000 | GS Mortgage Securities Trust 2019-GC38 A4, 3.968%, 02/10/2052 | 6,969,425 | 0.1 | |
| 78,390,308 | (3),(5) | GS Mortgage Securities Trust 2019-GC38 XA, 0.963%, 02/10/2052 | 5,004,296 | 0.1 |
| 13,220,000 | (1),(3) | GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052 | 12,393,312 | 0.2 |
| 10,120,000 | (1),(3) | GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052 | 9,281,040 | 0.1 |
| 11,820,000 | GS Mortgage Securities Trust 2019-GSA1 A4, 3.048%, 11/10/2052 | 12,156,606 | 0.2 | |
| 7,690,000 | (1),(3) | Hudson Yards 2019-55HY F Mortgage Trust, 2.943%, 12/10/2041 | 6,574,129 | 0.1 |
| 14,030,000 | (1),(3) | Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039 | 8,138,326 | 0.1 |
| 2,400,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 E, 5.541%, 07/15/2046 | 2,330,803 | 0.0 |
| 4,500,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046 | 4,248,637 | 0.1 |
| 73,538,575 | (3),(5) | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.476%, 06/15/2045 | 1,382,466 | 0.0 |
| 5,550,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 | 4,662,278 | 0.1 |
| 93,754,062 | (3),(5) | JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP4 XA, 0.729%, 12/15/2049 | 2,719,046 | 0.0 |
| 10,720,000 | (1) | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038 | 8,453,547 | 0.1 |
| 6,363,797 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 | 5,738,397 | 0.1 |
| 7,840,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.892%, 01/15/2047 | 6,942,750 | 0.1 |
| 6,470,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047 | 4,698,517 | 0.1 |
| 10,865,151 | (3),(5) | JPMBB Commercial Mortgage Securities Trust 2014-C19 XA, 0.750%, 04/15/2047 | 207,913 | 0.0 |
| 3,080,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2014-C26 D, 3.882%, 01/15/2048 | 2,522,325 | 0.0 |
| 1,416,065 | (3),(5) | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.057%, 10/15/2048 | 47,765 | 0.0 |
| 12,440,000 | JPMCC Commercial Mortgage Securities Trust 2019-COR4 A5, 4.029%, 03/10/2052 | 14,040,603 | 0.2 | |
| 5,000,000 | JPMDB Commercial Mortgage Securities Trust 2019-COR6 A4, 3.057%, 11/13/2052 | 5,311,050 | 0.1 | |
| 2,000,000 | (1) | KNDL 2019-KNSQ F Mortgage Trust, 2.705%, (US0001M + 2.000%), 05/15/2036 | 1,502,436 | 0.0 |
| 4,110,201 | (1),(3),(5) | LB-UBS Commercial Mortgage Trust 2006-C7 XW, 0.600%, 11/15/2038 | 13,510 | 0.0 |
| 46,415,798 | (1),(3),(5) | LSTAR Commercial Mortgage Trust 2017-5 X, 1.000%, 03/10/2050 | 1,672,584 | 0.0 |
| 4,340,000 | (1),(3) | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 D, 4.909%, 11/15/2046 | 3,859,498 | 0.0 |
| 74,669,036 | (3),(5) | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047 | 2,633,472 | 0.0 |
| 3,970,000 | (1),(3) | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 D, 4.909%, 04/15/2047 | 3,485,626 | 0.0 |
See Accompanying Notes to Financial Statements
| 56 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 10,600,000 | (1) | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048 | 7,973,994 | 0.1 |
| 3,090,000 | (1),(3) | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 | 2,686,978 | 0.0 |
| 14,914,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 J, 4.193%, 09/15/2047 | 14,522,618 | 0.2 |
| 7,864,000 | (1),(3) | Morgan Stanley Capital I Trust 2016-BNK2 E, 3.905%, 11/15/2049 | 4,838,181 | 0.1 |
| 7,455,000 | Morgan Stanley Capital I Trust 2019-H6 A4, 3.417%, 06/15/2052 | 8,057,042 | 0.1 | |
| 490,000 | (1) | Morgan Stanley Capital I Trust 2019-H7 D, 3.000%, 07/15/2052 | 305,152 | 0.0 |
| 2,500,000 | (1) | Morgan Stanley Capital I Trust 2019-PLND E, 2.855%, (US0001M + 2.150%), 05/15/2036 | 2,008,679 | 0.0 |
| 4,670,000 | Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050 | 3,065,878 | 0.0 | |
| 46,534,350 | (3),(5) | Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.793%, 12/15/2050 | 2,151,064 | 0.0 |
| 6,820,000 | (1) | MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036 | 6,207,103 | 0.1 |
| 12,790,000 | (1) | MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036 | 11,166,882 | 0.1 |
| 14,680,000 | (1) | One Bryant Park Trust 2019-OBP A, 2.516%, 09/13/2049 | 14,990,388 | 0.2 |
| 8,262,000 | (1) | Shelter Growth CRE 2018-FL1 D Issuer Ltd., 3.705%, (US0001M + 3.000%), 01/15/2035 | 7,451,512 | 0.1 |
| 7,680,000 | UBS Commercial Mortgage Trust 2019-C17 A4, 2.921%, 09/15/2052 | 8,160,257 | 0.1 | |
| 5,280,000 | (1),(3) | UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.476%, 12/10/2045 | 4,818,310 | 0.1 |
| 9,020,000 | (1),(3) | UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.476%, 12/10/2045 | 7,501,973 | 0.1 |
| 6,239,500 | (1) | Wells Fargo Commercial Mortgage Trust 2010-C1 E, 4.000%, 11/15/2043 | 6,037,211 | 0.1 |
| 8,780,000 | (1) | Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043 | 8,435,388 | 0.1 |
| 4,830,000 | (3) | Wells Fargo Commercial Mortgage Trust 2017-C40 C, 4.330%, 10/15/2050 | 3,957,373 | 0.1 |
| 8,660,000 | Wells Fargo Commercial Mortgage Trust 2018-C44 A5, 4.212%, 05/15/2051 | 9,808,202 | 0.1 | |
| 1,264,000 | (1) | Wells Fargo Commercial Mortgage Trust 2019-C49 D, 3.000%, 03/15/2052 | 802,379 | 0.0 |
| 6,000,000 | (1),(6) | Wells Fargo Re-REMIC Trust 2013-FRR1 BK26, 0.000%, 01/27/2045 | 4,950,924 | 0.1 |
| 3,270,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2011-C5 E, 5.661%, 11/15/2044 | 3,119,093 | 0.0 |
| 13,339,543 | (1),(3),(5) | WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.807%, 08/15/2045 | 418,089 | 0.0 |
| 9,610,970 | (1),(3),(5) | WFRBS Commercial Mortgage Trust 2012-C9 XA, 1.892%, 11/15/2045 | 371,962 | 0.0 |
| 3,920,000 | (1) | WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046 | 2,985,465 | 0.0 |
| 81,728,062 | (3),(5) | WFRBS Commercial Mortgage Trust 2014-C25 XA, 0.816%, 11/15/2047 | 2,487,296 | 0.0 |
| 12,946,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2013-C11 F, 4.258%, 03/15/2045 | 9,150,070 | 0.1 |
| Total Commercial Mortgage-Backed Securities | ||||
| (Cost $833,271,252) | 750,131,933 | 9.1 | ||
| SOVEREIGN BONDS: 2.6% | ||||
| 2,750,000 | Argentine Republic Government International Bond, 5.625%, 01/26/2022 | 811,250 | 0.0 | |
| 4,960,000 | Argentine Republic Government International Bond, 6.875%, 04/22/2021 | 1,450,800 | 0.0 | |
| 2,900,000 | (2) | Argentine Republic Government International Bond, 6.875%, 01/26/2027 | 812,029 | 0.0 |
| BRL 95,000,000 | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 01/01/2027 | 21,176,094 | 0.3 | |
See Accompanying Notes to Financial Statements
| 57 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| BRL 52,000,000 | Brazil Notas do Tesouro Nacional Series F, 10.000%, 01/01/2023 | 11,363,897 | 0.2 | |
| 5,900,000 | (2) | Brazilian Government International Bond, 4.625%, 01/13/2028 | 6,307,100 | 0.1 |
| 2,500,000 | Brazilian Government International Bond, 6.000%, 04/07/2026 | 2,848,750 | 0.1 | |
| 3,000,000 | (2) | Colombia Government International Bond, 3.000%, 01/30/2030 | 2,748,000 | 0.0 |
| 5,225,000 | Colombia Government International Bond, 3.875%, 04/25/2027 | 5,206,935 | 0.1 | |
| 2,500,000 | Croatia Government International Bond, 5.500%, 04/04/2023 | 2,627,600 | 0.0 | |
| 272,000 | Croatia Government International Bond, 6.375%, 03/24/2021 | 278,757 | 0.0 | |
| 7,900,000 | (1),(2) | Dominican Republic International Bond, 4.500%, 01/30/2030 | 6,908,550 | 0.1 |
| 300,000 | (1) | Dominican Republic International Bond, 5.500%, 01/27/2025 | 290,623 | 0.0 |
| 270,000 | Dominican Republic International Bond, 5.875%, 04/18/2024 | 268,311 | 0.0 | |
| 900,000 | Dominican Republic International Bond, 5.950%, 01/25/2027 | 858,557 | 0.0 | |
| 300,000 | (1),(2) | Dominican Republic International Bond, 6.600%, 01/28/2024 | 296,626 | 0.0 |
| 4,825,000 | Dominican Republic International Bond, 6.875%, 01/29/2026 | 4,842,093 | 0.1 | |
| 2,675,000 | Egypt Government International Bond, 5.875%, 06/11/2025 | 2,414,768 | 0.0 | |
| 250,000 | (1),(2) | Egypt Government International Bond, 5.875%, 06/11/2025 | 225,679 | 0.0 |
| 1,300,000 | Egypt Government International Bond, 6.588%, 02/21/2028 | 1,113,125 | 0.0 | |
| 9,150,000 | Egypt Government International Bond, 7.500%, 01/31/2027 | 8,356,933 | 0.1 | |
| 1,240,000 | (1),(2) | Gabon Government International Bond, 6.625%, 02/06/2031 | 767,356 | 0.0 |
| 12,725,000 | (1) | Ghana Government International Bond, 6.375%, 02/11/2027 | 9,384,687 | 0.1 |
| IDR 132,518,000,000 | Indonesia Treasury Bond, 8.375%, 04/15/2039 | 8,151,114 | 0.1 | |
| 3,288,330 | (3) | Ivory Coast Government International Bond, 5.750%, 12/31/2032 | 2,980,421 | 0.1 |
| 1,000,000 | Jordan Government International Bond, 6.125%, 01/29/2026 | 915,770 | 0.0 | |
| 1,200,000 | (1) | Kenya Government International Bond, 7.000%, 05/22/2027 | 1,113,000 | 0.0 |
| MXN 170,290,000 | Mexican Bonos, 7.750%, 11/13/2042 | 7,020,923 | 0.1 | |
| 2,250,000 | Morocco Government International Bond, 4.250%, 12/11/2022 | 2,239,918 | 0.0 | |
| 600,000 | (1) | Morocco Government International Bond, 4.250%, 12/11/2022 | 597,311 | 0.0 |
| 850,000 | Namibia International Bonds, 5.500%, 11/03/2021 | 821,011 | 0.0 | |
| 3,400,000 | Oman Government International Bond, 6.000%, 08/01/2029 | 2,454,239 | 0.0 | |
| 693,000 | Panama Government International Bond, 6.700%, 01/26/2036 | 896,787 | 0.0 | |
| 1,000,000 | Panama Government International Bond, 9.375%, 04/01/2029 | 1,426,052 | 0.0 | |
| 600,000 | Paraguay Government International Bond, 4.625%, 01/25/2023 | 609,006 | 0.0 | |
| 600,000 | (1),(2) | Paraguay Government International Bond, 4.625%, 01/25/2023 | 609,006 | 0.0 |
| PEN 14,129,000 | (1) | Peru Government Bond, 6.150%, 08/12/2032 | 4,430,843 | 0.1 |
| PEN 14,130,000 | Peru Government Bond, 6.850%, 02/12/2042 | 4,648,440 | 0.1 | |
| 2,675,000 | Perusahaan Penerbit SBSN Indonesia III, 4.150%, 03/29/2027 | 2,690,488 | 0.0 | |
| 4,000,000 | (1) | Perusahaan Penerbit SBSN Indonesia III, 4.400%, 03/01/2028 | 4,052,280 | 0.1 |
| 4,200,000 | Philippine Government International Bond, 3.750%, 01/14/2029 | 4,683,762 | 0.1 | |
| 3,450,000 | Republic of South Africa Government International Bond, 4.300%, 10/12/2028 | 2,844,546 | 0.0 | |
| 12,300,000 | Republic of South Africa Government International Bond, 4.850%, 09/30/2029 | 10,147,648 | 0.1 | |
| RUB 815,784,000 | Russian Federal Bond - OFZ, 7.250%, 05/10/2034 | 10,860,345 | 0.1 | |
| 3,600,000 | Russian Foreign Bond - Eurobond, 4.250%, 06/23/2027 | 3,781,548 | 0.1 | |
| 2,600,000 | Russian Foreign Bond - Eurobond, 4.750%, 05/27/2026 | 2,767,700 | 0.0 | |
| 2,925,000 | (1) | Saudi Government International Bond, 4.500%, 04/17/2030 | 3,159,796 | 0.1 |
| 1,200,000 | Sri Lanka Government International Bond, 6.350%, 06/28/2024 | 756,000 | 0.0 |
See Accompanying Notes to Financial Statements
| 58 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 22,225,000 | Turkey Government International Bond, 4.875%, 10/09/2026 | 18,850,134 | 0.2 | |
| 1,000,000 | Turkey Government International Bond, 5.125%, 02/17/2028 | 840,595 | 0.0 | |
| 1,000,000 | Turkey Government International Bond, 6.125%, 10/24/2028 | 882,890 | 0.0 | |
| 200,000 | Turkey Government International Bond, 6.250%, 09/26/2022 | 195,354 | 0.0 | |
| 2,625,000 | Turkey Government International Bond, 7.250%, 12/23/2023 | 2,574,944 | 0.0 | |
| 2,083,000 | Turkey Government International Bond, 7.375%, 02/05/2025 | 2,052,599 | 0.0 | |
| 2,726,000 | Ukraine Government AID Bonds, 1.847%, 05/29/2020 | 2,740,966 | 0.0 | |
| 1,500,000 | Ukraine Government International Bond, 7.750%, 09/01/2023 | 1,412,212 | 0.0 | |
| 10,400,000 | Ukraine Government International Bond, 7.750%, 09/01/2025 | 9,505,600 | 0.1 | |
| Total Sovereign Bonds | ||||
| (Cost $256,902,262) | 215,071,768 | 2.6 | ||
| ASSET-BACKED SECURITIES: 10.0% | ||||
| Automobile Asset-Backed Securities: 0.9% | ||||
| 5,950,000 | Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024 | 4,858,471 | 0.1 | |
| 8,440,000 | Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025 | 8,449,728 | 0.1 | |
| 5,750,000 | AmeriCredit Automobile Receivables Trust 2019-3 C, 2.320%, 07/18/2025 | 5,680,906 | 0.1 | |
| 5,050,000 | AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025 | 4,790,730 | 0.1 | |
| 8,300,000 | AmeriCredit Automobile Receivables Trust 2020-1 D, 1.800%, 12/18/2025 | 7,786,455 | 0.1 | |
| 750,000 | CarMax Auto Owner Trust 2017-4 D, 3.300%, 05/15/2024 | 742,908 | 0.0 | |
| 1,500,000 | Carmax Auto Owner Trust 2018-4 D, 4.150%, 04/15/2025 | 1,392,921 | 0.0 | |
| 600,000 | GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021 | 600,253 | 0.0 | |
| 6,150,000 | (1) | Oscar US Funding XI LLC 2019-2A A4, 2.680%, 09/10/2026 | 6,355,623 | 0.1 |
| 500,000 | Santander Drive Auto Receivables Trust 2018-1 D, 3.320%, 03/15/2024 | 485,312 | 0.0 | |
| 9,100,000 | Santander Drive Auto Receivables Trust 2018-4 D, 3.980%, 12/15/2025 | 9,127,893 | 0.1 | |
| 2,850,000 | Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025 | 2,761,467 | 0.0 | |
| 7,550,000 | Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025 | 7,217,589 | 0.1 | |
| 9,850,000 | (1) | Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023 | 9,702,709 | 0.1 |
| 164,798 | (1) | Tesla Auto Lease Trust 2018-A D, 3.300%, 05/20/2020 | 164,155 | 0.0 |
| 4,150,000 | (1) | Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021 | 4,075,418 | 0.0 |
| 74,192,538 | 0.9 | |||
| Credit Card Asset-Backed Securities: 0.0% | ||||
| 600,000 | Synchrony Credit Card Master Note Trust 2017-2 C, 3.010%, 10/15/2025 | 606,763 | 0.0 | |
| Home Equity Asset-Backed Securities: 0.3% | ||||
| 3,449,486 | (1),(3) | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 | 3,123,558 | 0.1 |
| 6,826,145 | Freddie Mac Structured Pass Through Certificates T-31 A7, 1.072%, (US0001M + 0.250%), 05/25/2031 | 6,791,067 | 0.1 | |
| 5,952,104 | (3) | GSAA Home Equity Trust 2006-4 4A3, 3.729%, 03/25/2036 | 4,251,220 | 0.1 |
| 3,714,586 | (3) | GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046 | 2,030,202 | 0.0 |
| 269,463 | (3) | HSI Asset Loan Obligation Trust 2007-WF1 A6, 4.869%, 12/25/2036 | 206,747 | 0.0 |
| 881,685 | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A3, 1.267%, (US0001M + 0.160%), 02/25/2037 | 694,953 | 0.0 | |
See Accompanying Notes to Financial Statements
| 59 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,073,159 | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 1.407%, (US0001M + 0.230%), 02/25/2037 | 855,073 | 0.0 | |
| 2,884,193 | (3) | Renaissance Home Equity Loan Trust 2005-3 AF4, 5.140%, 11/25/2035 | 2,925,233 | 0.0 |
| 20,878,053 | 0.3 | |||
| Other Asset-Backed Securities: 8.2% | ||||
| 2,862,787 | (1) | Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058 | 2,712,487 | 0.0 |
| 10,000,000 | (1) | Allegany Park CLO Ltd. 2019-1A A, 3.164%, (US0003M + 1.330%), 01/20/2033 | 9,362,560 | 0.1 |
| 1,073,505 | (1),(3),(4),(5) | American Homes 4 Rent 2015-SFR1 XS, 0.000%, 04/17/2052 | – | – |
| 10,000,000 | (1) | AMMC CLO 15 Ltd. 2014-15A ARR, 3.091%, (US0003M + 1.260%), 01/15/2032 | 9,331,510 | 0.1 |
| 3,900,000 | (1) | Apidos CLO XII 2013-12A AR, 2.911%, (US0003M + 1.080%), 04/15/2031 | 3,668,566 | 0.1 |
| 500,000 | (1) | Apidos CLO XII 2013-12A CR, 3.631%, (US0003M + 1.800%), 04/15/2031 | 422,381 | 0.0 |
| 20,000,000 | (1) | Apidos CLO XXXII 2019-32A A1, 3.003%, (US0003M + 1.320%), 01/20/2033 | 18,770,320 | 0.2 |
| 4,450,000 | (1) | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/07/2049 | 4,052,837 | 0.1 |
| 2,050,000 | (1) | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/07/2049 | 1,773,086 | 0.0 |
| 4,659,403 | (1) | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 | 4,646,345 | 0.1 |
| 10,000,000 | (1) | ARES XLVI CLO Ltd. 2017-46A A2, 3.061%, (US0003M + 1.230%), 01/15/2030 | 9,145,380 | 0.1 |
| 3,890,000 | (1) | Babson CLO Ltd. 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/18/2029 | 3,623,270 | 0.0 |
| 6,361,000 | (1) | Babson CLO Ltd. 2018-3A A2, 3.119%, (US0003M + 1.300%), 07/20/2029 | 5,893,575 | 0.1 |
| 1,650,000 | (1) | Bain Capital Credit CLO 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/20/2030 | 1,538,665 | 0.0 |
| 3,750,000 | (1) | Barings Clo Ltd. 2019-4A C, 4.703%, (US0003M + 2.800%), 01/15/2033 | 3,156,870 | 0.0 |
| 7,500,000 | (1) | Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033 | 7,009,320 | 0.1 |
| 8,770,000 | (1) | Benefit Street Partners CLO II Ltd. 2013-IIA A1R, 3.081%, (US0003M + 1.250%), 07/15/2029 | 8,405,107 | 0.1 |
| 7,500,000 | (1) | Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.019%, (US0003M + 1.200%), 01/20/2031 | 6,655,642 | 0.1 |
| 5,000,000 | (1) | Benefit Street Partners CLO XIV Ltd. 2018-14A A2, 2.969%, (US0003M + 1.150%), 04/20/2031 | 4,522,170 | 0.1 |
| 17,350,000 | (1) | Benefit Street Partners CLO XIX Ltd. 2019-19A A, 3.228%, (US0003M + 1.350%), 01/15/2033 | 16,073,474 | 0.2 |
| 4,070,000 | (1) | BlueMountain CLO 2015-1A BR, 4.348%, (US0003M + 2.500%), 04/13/2027 | 3,895,849 | 0.1 |
| 10,000,000 | (1) | Carbone CLO Ltd. 2017-1A A1, 2.967%, (US0003M + 1.140%), 01/20/2031 | 9,404,320 | 0.1 |
| 700,000 | (1) | Carlyle Global Market Strategies CLO 2014-2RA A1 Ltd., 2.742%, (US0003M + 1.050%), 05/15/2031 | 658,897 | 0.0 |
| 3,250,000 | (1) | Carlyle Global Market Strategies CLO Ltd. 2014-1A A2R2, 2.966%, (US0003M + 1.130%), 04/17/2031 | 2,935,839 | 0.0 |
| 3,530,000 | (1) | Cedar Funding VIII Clo Ltd. 2017-8A A1, 3.086%, (US0003M + 1.250%), 10/17/2030 | 3,314,885 | 0.0 |
| 37,149 | Chase Funding Trust Series 2003-5 2A2, 1.547%, (US0001M + 0.600%), 07/25/2033 | 32,866 | 0.0 | |
| 4,050,000 | (1) | CIFC Funding 2013-2A A1LR, 3.037%, (US0003M + 1.210%), 10/18/2030 | 3,864,429 | 0.1 |
| 2,150,000 | (1) | CIFC Funding 2017-2A C, 4.169%, (US0003M + 2.350%), 04/20/2030 | 1,884,914 | 0.0 |
| 7,400,000 | (1) | CIFC Funding 2017-4 A1, 3.051%, (US0003M + 1.250%), 10/24/2030 | 7,009,524 | 0.1 |
| 3,000,000 | (1) | CIFC Funding 2017-5A A1, 3.016%, (US0003M + 1.180%), 11/16/2030 | 2,840,202 | 0.0 |
See Accompanying Notes to Financial Statements
| 60 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 11,380,000 | (1) | CIFC Funding 2019-6A A1 Ltd., 3.237%, (US0003M + 1.330%), 01/16/2033 | 10,691,635 | 0.1 |
| 3,000,000 | (1) | CIFC Funding 2019-6A A2 Ltd., 3.657%, (US0003M + 1.750%), 01/16/2033 | 2,789,127 | 0.0 |
| 4,675,000 | (1) | Cole Park CLO Ltd. 2015-1A CR, 3.819%, (US0003M + 2.000%), 10/20/2028 | 4,219,061 | 0.1 |
| 7,425,000 | Countrywide Asset-Backed Certificates 2005-AB2 M1, 1.652%, (US0001M + 0.705%), 09/25/2035 | 6,548,324 | 0.1 | |
| 9,874,233 | Credit-Based Asset Servicing & Securitization LLC 2006-CB8 A2C, 1.097%, (US0001M + 0.150%), 10/25/2036 | 7,984,201 | 0.1 | |
| 4,714,375 | (1) | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 | 4,546,904 | 0.1 |
| 2,431,625 | (1) | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 | 2,365,182 | 0.0 |
| 4,200,000 | (1) | Deer Creek Clo Ltd. 2017-1A A, 2.999%, (US0003M + 1.180%), 10/20/2030 | 3,972,469 | 0.1 |
| 7,000,000 | (1) | Dewolf Park Clo Ltd. 2017-1A A, 3.041%, (US0003M + 1.210%), 10/15/2030 | 6,634,845 | 0.1 |
| 635,375 | (1) | Domino's Pizza Master Issuer LLC 2017-1A A2II, 3.082%, 07/25/2047 | 622,033 | 0.0 |
| 6,832,875 | (1) | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 6,102,236 | 0.1 |
| 2,610,250 | (1) | Domino's Pizza Master Issuer LLC 2018-1A A211, 4.328%, 07/25/2048 | 2,501,442 | 0.0 |
| 5,791,500 | (1) | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | 5,547,736 | 0.1 |
| 2,308,875 | (1) | Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048 | 2,261,487 | 0.0 |
| 6,660,000 | (1) | Dryden Senior Loan Fund 2017-47A A2, 3.181%, (US0003M + 1.350%), 04/15/2028 | 6,115,372 | 0.1 |
| 5,565,000 | (1) | Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 2.892%, (US0003M + 1.200%), 08/15/2030 | 5,335,650 | 0.1 |
| 7,000,000 | (1) | Dryden 78 CLO Ltd. 2020-78A A, 2.447%, (US0003M + 1.180%), 04/17/2033 | 6,510,000 | 0.1 |
| 8,000,000 | (1) | Eaton Vance Clo 2015-1A A2R Ltd., 3.069%, (US0003M + 1.250%), 01/20/2030 | 7,223,776 | 0.1 |
| 4,228,050 | (1) | Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047 | 4,452,695 | 0.1 |
| 4,250,000 | (1) | Galaxy XIX CLO Ltd. 2015-19A A1R, 3.021%, (US0003M + 1.220%), 07/24/2030 | 4,040,670 | 0.1 |
| 2,500,000 | (1) | Galaxy XV CLO Ltd. 2013-15A AR, 3.031%, (US0003M + 1.200%), 10/15/2030 | 2,361,297 | 0.0 |
| 11,150,000 | (1) | Galaxy XXI CLO Ltd. 2015-21A AR, 2.839%, (US0003M + 1.020%), 04/20/2031 | 10,411,926 | 0.1 |
| 2,300,000 | (1) | Gilbert Park CLO Ltd. 2017-1A A, 3.021%, (US0003M + 1.190%), 10/15/2030 | 2,179,326 | 0.0 |
| 7,000,000 | (1) | Goldentree Loan Management US Clo 2 Ltd. 2017-2A A, 2.969%, (US0003M + 1.150%), 11/28/2030 | 6,610,996 | 0.1 |
| 4,727,499 | (1) | Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048 | 4,289,837 | 0.1 |
| 1,281,642 | (1) | HERO Funding Trust 2015-2A A, 3.990%, 09/20/2040 | 1,343,903 | 0.0 |
| 1,219,708 | (1) | HERO Funding Trust 2016-2A A, 3.750%, 09/20/2041 | 1,255,546 | 0.0 |
| 3,020,285 | (1) | HERO Funding Trust 2016-4A A2, 4.290%, 09/20/2047 | 3,211,499 | 0.0 |
| 1,250,000 | (1) | Home Partners of America 2018-1 E Trust, 2.650%, (US0001M + 1.850%), 07/17/2037 | 1,102,254 | 0.0 |
| 7,750,000 | (1) | Jay Park CLO Ltd. 2016-1A BR, 3.819%, (US0003M + 2.000%), 10/20/2027 | 6,867,817 | 0.1 |
| 7,300,000 | (1) | Jersey Mike's Funding 2019-1A A2, 4.433%, 02/15/2050 | 6,477,290 | 0.1 |
| 4,328,213 | (1) | JG Wentworth XLII LLC 2018-2A A, 3.960%, 10/15/2075 | 4,436,656 | 0.1 |
| 3,111,030 | (1) | JGWPT XXXIII LLC 2014-3A A, 3.500%, 06/15/2077 | 3,095,083 | 0.0 |
| 10,050,000 | (1) | Kayne CLO 6 Ltd. 2019-6A A1, 3.131%, (US0003M + 1.380%), 01/20/2033 | 9,380,167 | 0.1 |
| 6,000,000 | (1) | Kayne CLO 6 Ltd. 2019-6A A2, 3.601%, (US0003M + 1.850%), 01/20/2033 | 5,560,572 | 0.1 |
See Accompanying Notes to Financial Statements
| 61 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 4,250,000 | (1) | Kayne CLO 7 Ltd. 2020-7A A1, 2.651%, (US0003M + 1.200%), 04/17/2033 | 3,591,250 | 0.0 |
| 6,000,000 | (1),(9) | KKR CLO 21 A Ltd., 2.831%, (US0003M + 1.000%), 04/15/2031 | 5,580,216 | 0.1 |
| 6,000,000 | (1) | LCM 26A A2 Ltd., 3.069%, (US0003M + 1.250%), 01/20/2031 | 5,480,364 | 0.1 |
| 1,867,000 | (1) | LCM XIV L.P. 14A AR, 2.867%, (US0003M + 1.040%), 07/20/2031 | 1,741,060 | 0.0 |
| 5,000,000 | (1) | LCM XVIII L.P. 18A A2R, 3.039%, (US0003M + 1.220%), 04/20/2031 | 4,537,885 | 0.1 |
| 5,400,000 | (1) | Madison Park Funding XV Ltd. 2014-15A B1R, 3.994%, (US0003M + 2.200%), 01/27/2026 | 5,123,417 | 0.1 |
| 3,600,000 | (1) | Madison Park Funding XXI Ltd. 2016-21A BR, 4.681%, (US0003M + 2.850%), 10/15/2032 | 2,972,927 | 0.0 |
| 1,400,000 | (1) | Madison Park Funding XXVII Ltd. 2018-27A B, 3.619%, (US0003M + 1.800%), 04/20/2030 | 1,176,028 | 0.0 |
| 13,150,000 | (1) | Magnetite XXII Ltd. 2019-22A A2, 3.481%, (US0003M + 1.650%), 04/15/2031 | 12,219,204 | 0.2 |
| 3,400,000 | (1) | Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028 | 3,344,691 | 0.0 |
| 3,488,000 | (1) | Marlette Funding Trust 2018-4A C, 4.910%, 12/15/2028 | 3,245,711 | 0.0 |
| 500,000 | (1) | Marlette Funding Trust 2019-2 A2A, 3.530%, 07/16/2029 | 407,377 | 0.0 |
| 4,200,000 | (1) | Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029 | 3,135,780 | 0.0 |
| 1,100,000 | (1),(3) | Mill City Mortgage Loan Trust 2017-1 M2, 3.250%, 11/25/2058 | 1,079,441 | 0.0 |
| 3,200,000 | (1),(3) | Mill City Mortgage Loan Trust 2017-2 M2, 3.250%, 07/25/2059 | 3,022,023 | 0.0 |
| 2,482,000 | (1),(3) | Mill City Mortgage Trust 2015-2 B2, 3.820%, 09/25/2057 | 2,065,753 | 0.0 |
| 1,241,902 | (1) | Mill City Solar Loan 2019-1A A Ltd., 4.340%, 03/20/2043 | 1,211,825 | 0.0 |
| 6,361,877 | (1) | Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043 | 6,023,798 | 0.1 |
| 4,819,560 | (1) | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 4,633,576 | 0.1 |
| 7,924,800 | (1) | Mosaic Solar Loan Trust 2018-2-GS A, 4.200%, 02/22/2044 | 8,001,984 | 0.1 |
| 2,024,885 | (1) | Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044 | 1,856,797 | 0.0 |
| 7,028,345 | (1) | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 | 6,784,575 | 0.1 |
| 2,993,822 | (1) | Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043 | 2,995,769 | 0.0 |
| 3,250,000 | (1) | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 4.590%, (US0003M + 2.450%), 10/16/2032 | 2,691,253 | 0.0 |
| 12,250,000 | (1) | Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 3.243%, (US0003M + 1.340%), 01/19/2033 | 11,599,892 | 0.1 |
| 2,500,000 | (1) | OCP CLO 2015-8 Ltd. 2015-8A BR, 3.686%, (US0003M + 1.850%), 04/17/2027 | 2,315,722 | 0.0 |
| 9,470,000 | (1) | Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.139%, (US0003M + 1.320%), 03/17/2030 | 8,991,869 | 0.1 |
| 3,000,000 | (1) | Octagon Investment Partners Ltd. 2017-1A A2, 3.181%, (US0003M + 1.350%), 07/15/2029 | 2,784,759 | 0.0 |
| 5,520,000 | (1) | Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.206%, (US0003M + 1.375%), 07/15/2029 | 4,975,088 | 0.1 |
| 4,060,000 | (1) | Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.169%, (US0003M + 1.350%), 07/19/2030 | 3,759,150 | 0.1 |
| 20,000,000 | (1) | Octagon Loan Funding Ltd. 2014-1A ARR, 2.872%, (US0003M + 1.180%), 11/18/2031 | 18,709,280 | 0.2 |
| 17,700,000 | (1) | OHA Loan Funding 2015-1A A1R2 Ltd., 3.032%, (US0003M + 1.340%), 11/15/2032 | 16,602,494 | 0.2 |
| 3,550,000 | (1) | Palmer Square CLO 2014-1A A1R2 Ltd., 2.966%, (US0003M + 1.130%), 01/17/2031 | 3,383,381 | 0.0 |
| 10,000,000 | (1) | Palmer Square CLO 2018-1A A1 Ltd., 2.849%, (US0003M + 1.030%), 04/18/2031 | 9,427,440 | 0.1 |
| 6,700,000 | (1) | Palmer Square Loan Funding 2018-1A B Ltd., 3.231%, (US0003M + 1.400%), 04/15/2026 | 5,833,127 | 0.1 |
| 4,000,000 | (1) | Palmer Square Loan Funding 2018-1A C Ltd., 3.681%, (US0003M + 1.850%), 04/15/2026 | 3,160,048 | 0.0 |
See Accompanying Notes to Financial Statements
| 62 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,000,000 | (1),(9) | Palmer Square Loan Funding 2018-2A C Ltd., 3.781%, (US0003M + 1.950%), 07/15/2026 | 772,683 | 0.0 |
| 6,600,000 | (1) | Palmer Square CLO 2015-2A A1R2 Ltd., 2.919%, (US0003M + 1.100%), 07/20/2030 | 6,256,430 | 0.1 |
| 6,107,000 | (1) | Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048 | 5,829,928 | 0.1 |
| 572,544 | (3) | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.741%, 01/25/2036 | 558,385 | 0.0 |
| 5,037,375 | (1) | Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 | 4,651,572 | 0.1 |
| 2,000,000 | (1),(3) | Sofi Consumer Loan Program 2016-4 C LLC, 5.920%, 11/25/2025 | 1,898,317 | 0.0 |
| 5,101,000 | (1) | SoFi Consumer Loan Program 2017-3 B, 3.850%, 05/25/2026 | 4,588,757 | 0.1 |
| 1,585,000 | (1) | Sofi Consumer Loan Program 2017-6 B LLC, 3.520%, 11/25/2026 | 1,485,066 | 0.0 |
| 7,000,000 | (1) | Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027 | 5,772,003 | 0.1 |
| 7,190,000 | (1) | Sofi Consumer Loan Program 2018-2 B Trust, 3.790%, 04/26/2027 | 6,871,592 | 0.1 |
| 3,700,000 | (1) | Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027 | 3,456,547 | 0.0 |
| 9,950,000 | (1) | Sofi Consumer Loan Program 2018-3 C Trust, 4.670%, 08/25/2027 | 8,823,264 | 0.1 |
| 3,450,000 | (1) | SoFi Consumer Loan Program 2018-4 B Trust, 3.960%, 11/26/2027 | 3,238,545 | 0.0 |
| 2,000,000 | (1) | SoFi Consumer Loan Program 2019-2 C Trust, 3.460%, 04/25/2028 | 1,544,610 | 0.0 |
| 2,000,000 | (1) | SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028 | 1,403,413 | 0.0 |
| 4,100,000 | (1) | SoFi Consumer Loan Program 2019-4 C Trust, 2.840%, 08/25/2028 | 3,353,076 | 0.0 |
| 1,300,000 | (1) | SoFi Consumer Loan Program 2019-4 D Trust, 3.480%, 08/25/2028 | 1,054,221 | 0.0 |
| 345,333 | (1) | Sonic Capital LLC 2018-1A A2, 4.026%, 02/20/2048 | 349,715 | 0.0 |
| 7,293,917 | (1) | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 7,098,033 | 0.1 |
| 22,060,000 | (1) | Sound Point CLO XXV Ltd. 2019-4A A1A, 3.231%, (US0003M + 1.400%), 01/15/2033 | 20,042,503 | 0.2 |
| 4,819,982 | (1) | Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049 | 4,311,191 | 0.1 |
| 4,729,670 | (1) | Sunrun Xanadu Issuer 2019-1A A LLC, 3.980%, 06/30/2054 | 3,646,765 | 0.1 |
| 6,073,125 | (1) | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 | 5,983,382 | 0.1 |
| 7,200,000 | (1) | TES LLC 2017-1A B, 7.740%, 10/20/2047 | 6,152,972 | 0.1 |
| 7,000,000 | (1) | THL Credit Wind River 2013-2A AR CLO Ltd., 3.049%, (US0003M + 1.230%), 10/18/2030 | 6,582,380 | 0.1 |
| 12,250,000 | (1) | THL Credit Wind River 2016-2A A1R CLO Ltd., 2.953%, (US0003M + 1.190%), 11/01/2031 | 11,448,348 | 0.1 |
| 7,080,000 | (1) | THL Credit Wind River 2017-2A A CLO Ltd., 3.049%, (US0003M + 1.230%), 07/20/2030 | 6,714,736 | 0.1 |
| 7,500,000 | (1) | Tiaa Clo III Ltd. 2017-2A A, 2.993%, (US0003M + 1.150%), 01/16/2031 | 6,935,325 | 0.1 |
| 1,400,000 | (1),(3) | Towd Point Mortgage Trust 2015-2 1B1, 3.757%, 11/25/2060 | 1,282,058 | 0.0 |
| 2,640,000 | (1),(3) | Towd Point Mortgage Trust 2015-2 2B2, 4.449%, 11/25/2057 | 2,537,215 | 0.0 |
| 4,346,000 | (1),(3) | Towd Point Mortgage Trust 2016-2 M1, 3.000%, 08/25/2055 | 4,055,934 | 0.1 |
| 3,200,000 | (1),(3) | Towd Point Mortgage Trust 2017-1 M1, 3.750%, 10/25/2056 | 3,047,983 | 0.0 |
| 2,200,000 | (1),(3) | Towd Point Mortgage Trust 2017-3 M1, 3.500%, 07/25/2057 | 1,983,729 | 0.0 |
| 3,000,000 | (1) | Trafigura Securitisation Finance PLC 2018-1A B, 4.290%, 03/15/2022 | 3,020,350 | 0.0 |
| 7,250,000 | (1) | Venture XX CLO Ltd. 2015-20A CR, 3.731%, (US0003M + 1.900%), 04/15/2027 | 6,234,855 | 0.1 |
| 1,955,000 | (1) | Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048 | 1,786,655 | 0.0 |
| 3,606,975 | (1) | Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | 3,269,795 | 0.0 |
| 678,161,591 | 8.2 |
See Accompanying Notes to Financial Statements
| 63 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| Student Loan Asset-Backed Securities: 0.6% | ||||
| 831,351 | (1) | Commonbond Student Loan Trust 2016-B, 4.000%, 10/25/2040 | 856,751 | 0.0 |
| 2,300,000 | (1) | Commonbond Student Loan Trust 2017-BGS B, 3.260%, 09/25/2042 | 2,360,574 | 0.0 |
| 240,353 | (1) | Commonbond Student Loan Trust 2018-A-GS C, 3.820%, 02/25/2044 | 246,828 | 0.0 |
| 255,319 | (1) | Earnest Student Loan Program, LLC 2016-A B, 2.500%, 01/25/2039 | 252,132 | 0.0 |
| 327,188 | (1),(3) | Earnest Student Loan Program, LLC 2016-B B, 4.810%, 09/25/2036 | 338,549 | 0.0 |
| 252,967 | (1) | Earnest Student Loan Program, LLC 2016-C B, 4.460%, 01/26/2037 | 256,917 | 0.0 |
| 504,691 | (1) | Laurel Road Prime Student Loan Trust 2017-B A4, 3.020%, 08/25/2042 | 492,754 | 0.0 |
| 2,700,000 | (1) | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 2,642,843 | 0.0 |
| 1,450,000 | (1) | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 1,505,786 | 0.0 |
| 4,100,000 | (1),(3) | SoFi Professional Loan Program 2016-E C, 4.430%, 10/25/2041 | 4,341,007 | 0.1 |
| 3,000,000 | (1),(3) | SoFi Professional Loan Program 2017-C B, 3.560%, 07/25/2040 | 3,060,552 | 0.0 |
| 3,900,000 | (1) | SoFi Professional Loan Program 2017-F BFX LLC, 3.620%, 01/25/2041 | 3,883,325 | 0.1 |
| 3,250,000 | (1) | Sofi Professional Loan Program 2018-A B LLC, 3.610%, 02/25/2042 | 3,159,921 | 0.1 |
| 8,000,000 | (1) | Sofi Professional Loan Program 2018-B BFX Trust, 3.830%, 08/25/2047 | 7,503,729 | 0.1 |
| 5,800,000 | (1) | Sofi Professional Loan Program 2018-C BFX Trust, 4.130%, 01/25/2048 | 5,897,000 | 0.1 |
| 6,000,000 | (1) | Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048 | 6,192,755 | 0.1 |
| 3,000,000 | (1) | Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048 | 3,133,155 | 0.0 |
| 46,124,578 | 0.6 | |||
| Total Asset-Backed Securities | ||||
| (Cost $877,196,585) | 819,963,523 | 10.0 | ||
| CONVERTIBLE BONDS/NOTES: 0.0% | ||||
| Financial: 0.0% | ||||
| 1,690,000 | Santander UK PLC, 3.400%, 06/01/2021 | 1,693,664 | 0.0 | |
| Total Convertible Bonds/Notes | ||||
| (Cost $1,679,961) | 1,693,664 | 0.0 | ||
| Value | Percentage of Net Assets | |||
| PURCHASED OPTIONS (10): 0.1% | ||||
| Total Purchased Options | ||||
| (Cost $896,417) | 9,754,777 | 0.1 | ||
| Total Long-Term Investments | ||||
| (Cost $8,296,114,079) | 8,122,735,917 | 98.7 | ||
| Principal Amount† |
Value | Percentage of Net Assets | ||
| SHORT-TERM INVESTMENTS: 2.2% | ||||
| Commercial Paper: 0.2% | ||||
| 1,825,000 | (11) | DBS Bank Ltd., 1.700%, 04/03/2020 | 1,824,954 | 0.0 |
| 4,670,000 | (11) | Exxon Mobil Corp., 1.600%, 06/03/2020 | 4,652,422 | 0.1 |
| 4,775,000 | (11) | Federal Republic of Germany, 1.620%, 05/21/2020 | 4,768,234 | 0.1 |
| 950,000 | (11) | Matchpoint Finance PLC, 1.680%, 05/11/2020 | 948,280 | 0.0 |
| 4,625,000 | (11) | Pfizer Inc., 1.630%, 06/15/2020 | 4,607,522 | 0.0 |
| Total Commercial Paper | ||||
| (Cost $16,801,412) | 16,801,412 | 0.2 | ||
| Floating Rate Notes: 1.2% | ||||
| 4,600,000 | (11) | Australia & New Zealand Banking Group Ltd., 0.950%, 05/20/2020 | 4,600,847 | 0.1 |
| 3,250,000 | (11) | Australia & New Zealand Banking Group Ltd., 1.220%, 04/09/2020 | 3,250,510 | 0.1 |
| 2,900,000 | (11) | Bank of America Corp., 1.200%, 05/07/2020 | 2,898,198 | 0.0 |
| 2,100,000 | (11) | Bank of Montreal, 0.210%, 07/13/2020 | 2,093,311 | 0.0 |
| 1,250,000 | (11) | Bank of Montreal, 0.980%, 08/26/2020 | 1,250,012 | 0.0 |
| 2,100,000 | (11) | Bank of Nova Scotia, 0.830%, 08/20/2020 | 2,098,726 | 0.0 |
| 2,425,000 | (11) | Bank of Nova Scotia, 1.240%, 05/08/2020 | 2,425,837 | 0.0 |
| 2,200,000 | (11) | Canadian Imperial Bank of Commerce, 0.240%, 08/28/2020 | 2,188,445 | 0.0 |
| 3,200,000 | (11) | Citibank N.A., 1.810%, 05/01/2020 | 3,198,058 | 0.1 |
| 2,250,000 | (11) | Commonwealth Bank of Australia, 0.950%, 06/10/2020 | 2,248,059 | 0.0 |
See Accompanying Notes to Financial Statements
| 64 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,000,000 | (11) | Coöperatieve Rabobank U.A., 0.990%, 04/20/2020 | 3,000,752 | 0.1 |
| 2,100,000 | (11) | Crédit Agricole Group, 0.190%, 06/12/2020 | 2,095,374 | 0.0 |
| 1,600,000 | (11) | Crédit Industriel et Commercial, 1.140%, 04/24/2020 | 1,600,449 | 0.0 |
| 3,375,000 | (11) | Credit Suisse Group AG, 0.150%, 08/14/2020 | 3,360,584 | 0.1 |
| 3,450,000 | (11) | Credit Suisse Group AG, 0.360%, 04/17/2020 | 3,449,874 | 0.1 |
| 2,925,000 | (11) | HSBC Bank PLC, 1.520%, 06/03/2020 | 2,922,779 | 0.0 |
| 2,925,000 | (11) | JPMorgan Chase & Co., 1.740%, 08/07/2020 | 2,920,047 | 0.0 |
| 450,000 | (11) | Lloyds Bank PLC, 0.110%, 08/24/2020 | 448,734 | 0.0 |
| 875,000 | (11) | Lloyds Bank PLC, 0.110%, 08/25/2020 | 872,518 | 0.0 |
| 925,000 | (11) | Lloyds Bank PLC, 0.220%, 09/08/2020 | 922,536 | 0.0 |
| 950,000 | (11) | Lloyds Bank PLC, 1.100%, 08/07/2020 | 949,207 | 0.0 |
| 1,125,000 | (11) | Mizuho Financial Group Inc., 0.870%, 08/13/2020 | 1,124,072 | 0.0 |
| 1,800,000 | (11) | Mizuho Financial Group Inc., 1.140%, 05/22/2020 | 1,800,554 | 0.0 |
| 3,900,000 | (11) | Mizuho Financial Group Inc., 1.140%, 05/26/2020 | 3,901,124 | 0.1 |
| 2,750,000 | (11) | National Bank of Canada, 1.840%, 05/01/2020 | 2,749,060 | 0.0 |
| 2,700,000 | (11) | National Bank of Canada, 1.840%, 07/16/2020 | 2,695,730 | 0.0 |
| 2,600,000 | (11) | Royal Bank of Canada, 0.960%, 07/17/2020 | 2,597,778 | 0.0 |
| 4,175,000 | (11) | Skandinaviska Enskilda Banken AB, 1.150%, 05/26/2020 | 4,176,150 | 0.1 |
| 4,325,000 | (11) | Skandinaviska Enskilda Banken AB, 1.780%, 05/11/2020 | 4,322,924 | 0.1 |
| 2,325,000 | (11) | Societe Generale, 0.290%, 09/04/2020 | 2,315,439 | 0.0 |
| 825,000 | (11) | Sumitomo Mitsui Trust Holdings, Inc., 0.760%, 06/15/2020 | 824,530 | 0.0 |
| 2,750,000 | (11) | Sumitomo Mitsui Trust Holdings, Inc., 0.870%, 05/11/2020 | 2,750,616 | 0.0 |
| 2,550,000 | (11) | Sumitomo Mitsui Trust Holdings, Inc., 1.280%, 05/07/2020 | 2,551,113 | 0.0 |
| 2,900,000 | (11) | Svenska Handelsbanken AB, 0.970%, 05/20/2020 | 2,900,615 | 0.0 |
| 3,000,000 | (11) | Svenska Handelsbanken AB, 1.160%, 07/07/2020 | 2,998,726 | 0.1 |
| 3,175,000 | (11) | The Norinchukin Bank, 1.200%, 04/24/2020 | 3,175,362 | 0.1 |
| 2,250,000 | (11) | The Sumitomo Mitsui Financial Group, 1.020%, 08/25/2020 | 2,247,518 | 0.0 |
| 2,075,000 | (11) | The Sumitomo Mitsui Financial Group, 1.040%, 05/12/2020 | 2,076,140 | 0.0 |
| 350,000 | (11) | The Sumitomo Mitsui Financial Group, 1.270%, 05/06/2020 | 350,145 | 0.0 |
| 3,200,000 | (11) | Toronto-Dominion Bank, 1.140%, 04/30/2020 | 3,200,740 | 0.1 |
| 1,450,000 | (11) | Toyota Motor Corp., 1.680%, 04/17/2020 | 1,449,374 | 0.0 |
| Total Floating Rate Notes | ||||
| (Cost $99,002,567) | 99,002,567 | 1.2 | ||
| Repurchase Agreements: 0.5% | ||||
| 3,428,319 | (11) | BNP Paribas S.A., Repurchase Agreement dated 03/31/20, 0.33%, due 04/01/20 (Repurchase Amount $3,428,350, collateralized by various U.S. Government Securities, 2.125%-6.875%, Market Value plus accrued interest $3,599,743, due 06/15/20-03/15/39) | 3,428,319 | 0.0 |
| 3,907,311 | (11) | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $3,907,313, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $3,985,457, due 05/01/20-02/20/70) | 3,907,311 | 0.1 |
| 1,682,394 | (11) | CF Secured LLC, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,682,395, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-6.500%, Market Value plus accrued interest $1,716,044, due 12/15/21-11/20/66) | 1,682,394 | 0.0 |
See Accompanying Notes to Financial Statements
| 65 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,203,929 | (11) | Citadel Securities LLC, Repurchase Agreement dated 03/31/20, 0.09%, due 04/01/20 (Repurchase Amount $1,203,932, collateralized by various U.S. Government Securities, 0.000%-8.125%, Market Value plus accrued interest $1,228,011, due 04/07/20-02/15/50) | 1,203,929 | 0.0 |
| 8,309,810 | (11) | Citigroup, Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $8,309,812, collateralized by various U.S. Government Agency Obligations, 0.150%-8.500%, Market Value plus accrued interest $8,476,006, due 04/15/21-09/20/69) | 8,309,810 | 0.1 |
| 1,401,898 | (11) | Industrial & Comm. Bank of China, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,401,899, collateralized by various U.S. Government Agency Obligations, 0.000%-9.500%, Market Value plus accrued interest $1,429,936, due 04/02/20-03/01/50) | 1,401,898 | 0.0 |
| 12,200,000 | (11) | MUFG Securities America Inc., Repurchase Agreement dated 03/03/20, 0.35%, due 05/05/20 (Repurchase Amount $12,207,370, collateralized by various U.S. Government Securities, 0.000%-8.500%, Market Value plus accrued interest $12,809,993, due 10/15/20-09/09/49) | 12,200,000 | 0.2 |
| 1,511,908 | (11) | Royal Bank of Canada, Repurchase Agreement dated 03/31/20, 0.38%, due 04/01/20 (Repurchase Amount $1,511,924, collateralized by various U.S. Government Securities, 1.493%-10.200%, Market Value plus accrued interest $1,577,735, due 04/17/20-03/15/40) | 1,511,908 | 0.0 |
| 8,176,813 | (11) | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/20, 0.16%, due 04/01/20 (Repurchase Amount $8,176,849, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $8,360,308, due 04/01/20-09/09/49) | 8,176,813 | 0.1 |
| Total Repurchase Agreements | ||||
| (Cost $41,822,382) | 41,822,382 | 0.5 | ||
| Certificates of Deposit: 0.1% | ||||
| 350,000 | (11) | Dz Bank Ag Deutsche Zentral-Genossenschaftsbank, 1.640%, 05/12/2020 | 350,174 | 0.0 |
| 2,950,000 | (11) | Group BPCE, 1.790%, 04/13/2020 | 2,950,646 | 0.1 |
| 2,525,000 | (11) | Landesbank Baden-Wurttemberg, 1.630%, 04/24/2020 | 2,526,351 | 0.0 |
| 1,900,000 | (11) | Landesbank Baden-Wurttemberg, 1.640%, 04/21/2020 | 1,901,003 | 0.0 |
| 2,850,000 | (11) | The Norinchukin Bank, 1.650%, 06/18/2020 | 2,852,841 | 0.0 |
| Total Certificates of Deposit | ||||
| (Cost $10,581,015) | 10,581,015 | 0.1 | ||
| Shares | Value | Percentage of Net Assets | ||
| Mutual Funds: 0.2% | ||||
| 12,049,000 | (12) | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.340% | ||
| (Cost $12,049,000) | 12,049,000 | 0.2 | ||
| Total Short-Term Investments | ||||
| (Cost $180,256,376) | 180,256,376 | 2.2 | ||
| Total Investments in Securities (Cost $8,476,370,455) |
$ 8,302,992,293 | 100.9 | ||
| Liabilities in Excess of Other Assets | (74,013,594) | (0.9) | ||
| Net Assets | $ 8,228,978,699 | 100.0 | ||
See Accompanying Notes to Financial Statements
| 66 |
| Voya Intermediate Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of March 31, 2020. |
| (4) | For fair value measurement disclosure purposes, security is categorized as Level 3, whose value was determined using significant unobservable inputs. |
| (5) | 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. |
| (6) | 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. |
| (7) | 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, 2020. |
| (8) | 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. |
| (9) | Settlement is on a when-issued or delayed-delivery basis. |
| (10) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (11) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (12) | Rate shown is the 7-day yield as of March 31, 2020. |
| Currency Abbreviations: | |
| BRL | Brazilian Real |
| DKK | Danish Krone |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| PEN | Peruvian Nuevo Sol |
| RUB | Russian Ruble |
| Reference Rate Abbreviations: | |
| 12MTA | 12-month Treasury Average |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
| US0012M | 12-month LIBOR |
See Accompanying Notes to Financial Statements
| 67 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 |
| Principal Amount† | Value | Percentage of Net Assets | ||
| CORPORATE BONDS/NOTES: 46.3% | ||||
| Basic Materials: 1.8% | ||||
| 613,000 | (1) | Anglo American Capital PLC, 4.125%, 04/15/2021 | $ 604,241 | 0.3 |
| 29,000 | Ashland LLC, 4.750%, 08/15/2022 | 28,782 | 0.0 | |
| 300,000 | CF Industries, Inc., 3.450%, 06/01/2023 | 297,012 | 0.2 | |
| 293,000 | (1) | Cleveland-Cliffs, Inc., 4.875%, 01/15/2024 | 270,657 | 0.2 |
| 235,000 | Dow Chemical Co/The, 3.150%, 05/15/2024 | 231,901 | 0.1 | |
| 231,000 | Eastman Chemical Co., 3.500%, 12/01/2021 | 238,020 | 0.1 | |
| 300,000 | Freeport-McMoRan, Inc., 3.875%, 03/15/2023 | 287,626 | 0.2 | |
| 231,000 | (1) | Georgia-Pacific LLC, 5.400%, 11/01/2020 | 233,230 | 0.1 |
| 300,000 | Nutrien Ltd., 3.150%, 10/01/2022 | 300,485 | 0.2 | |
| 300,000 | (1) | OCI NV, 6.625%, 04/15/2023 | 276,000 | 0.2 |
| 300,000 | (1) | WR Grace & Co-Conn, 5.125%, 10/01/2021 | 305,790 | 0.2 |
| 3,073,744 | 1.8 | |||
| Communications: 3.4% | ||||
| 230,000 | Alibaba Group Holding Ltd., 2.800%, 06/06/2023 | 234,176 | 0.1 | |
| 250,000 | AMC Networks, Inc., 5.000%, 04/01/2024 | 241,250 | 0.1 | |
| 210,000 | AT&T, Inc., 4.050%, 12/15/2023 | 221,526 | 0.1 | |
| 285,000 | Baidu, Inc., 3.875%, 09/29/2023 | 295,951 | 0.2 | |
| 200,000 | Cablevision Systems Corp., 5.875%, 09/15/2022 | 203,068 | 0.1 | |
| 150,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 09/30/2022 | 148,176 | 0.1 | |
| 283,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 3.579%, 07/23/2020 | 282,138 | 0.2 | |
| 22,000 | (1) | CommScope, Inc., 5.000%, 06/15/2021 | 21,971 | 0.0 |
| 200,000 | (1) | CSC Holdings LLC, 5.375%, 07/15/2023 | 203,251 | 0.1 |
| 300,000 | DISH DBS Corp., 5.125%, 05/01/2020 | 298,742 | 0.2 | |
| 121,000 | Fox Corp., 3.050%, 04/07/2025 | 120,806 | 0.1 | |
| 188,000 | (1) | Fox Corp., 4.030%, 01/25/2024 | 195,695 | 0.1 |
| 250,000 | Hughes Satellite Systems Corp., 7.625%, 06/15/2021 | 256,365 | 0.2 | |
| 40,000 | Interpublic Group of Cos, Inc./The, 3.500%, 10/01/2020 | 39,396 | 0.0 | |
| 248,000 | Interpublic Group of Cos, Inc./The, 3.750%, 10/01/2021 | 250,548 | 0.1 | |
| 300,000 | Level 3 Financing, Inc., 5.375%, 01/15/2024 | 302,624 | 0.2 | |
| 250,000 | (1) | Plantronics, Inc., 5.500%, 05/31/2023 | 183,743 | 0.1 |
| 250,000 | (1) | Sirius XM Radio, Inc., 3.875%, 08/01/2022 | 250,932 | 0.1 |
| 300,000 | Sprint Communications, Inc., 6.000%, 11/15/2022 | 313,782 | 0.2 | |
| 250,000 | T-Mobile USA, Inc., 4.000%, 04/15/2022 | 252,495 | 0.2 | |
| 802,000 | Verizon Communications, Inc., 3.125%, 03/16/2022 | 825,483 | 0.5 | |
| 204,000 | ViacomCBS, Inc., 2.500%, 02/15/2023 | 200,721 | 0.1 | |
| 318,000 | ViacomCBS, Inc., 4.250%, 09/01/2023 | 324,787 | 0.2 | |
| 220,000 | Walt Disney Co/The, 4.000%, 10/01/2023 | 235,498 | 0.1 | |
| 5,903,124 | 3.4 | |||
| Consumer, Cyclical: 4.8% | ||||
| 250,000 | (1) | 1011778 BC ULC / New Red Finance, Inc., 4.250%, 05/15/2024 | 250,936 | 0.1 |
| 350,000 | (1) | Allison Transmission, Inc., 5.000%, 10/01/2024 | 342,114 | 0.2 |
| 211,396 | American Airlines 2015-2 Class B Pass Through Trust, 4.400%, 03/22/2025 | 179,280 | 0.1 | |
| 350,000 | American Axle & Manufacturing, Inc., 6.625%, 10/15/2022 | 293,453 | 0.2 | |
| 265,000 | American Honda Finance Corp., 2.050%, 01/10/2023 | 261,319 | 0.1 | |
| 203,000 | AutoZone, Inc., 4.000%, 11/15/2020 | 202,984 | 0.1 | |
| 313,000 | (1) | BMW US Capital LLC, 3.400%, 08/13/2021 | 312,675 | 0.2 |
| 514,000 | (1) | Daimler Finance North America LLC, 3.400%, 02/22/2022 | 499,925 | 0.3 |
| 157,000 | Delta Air Lines 2020-1 Class A Pass Through Trust, 2.500%, 12/10/2029 | 143,220 | 0.1 | |
| 125,000 | Delta Air Lines 2020-1 Class AA Pass Through Trust, 2.000%, 12/10/2029 | 114,468 | 0.1 | |
See Accompanying Notes to Financial Statements
| 68 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 160,000 | Delta Air Lines 2019-1 Class A Pass Through Trust, 3.404%, 10/25/2025 | 154,916 | 0.1 | |
| 300,000 | Fiat Chrysler Automobiles NV, 4.500%, 04/15/2020 | 300,859 | 0.2 | |
| 796,000 | Ford Motor Credit Co. LLC, 3.157%, 08/04/2020 | 780,199 | 0.4 | |
| 300,000 | Goodyear Tire & Rubber Co., 5.125%, 11/15/2023 | 285,834 | 0.2 | |
| 300,000 | KB Home, 7.625%, 05/15/2023 | 304,123 | 0.2 | |
| 300,000 | Lennar Corp., 4.500%, 04/30/2024 | 295,288 | 0.2 | |
| 200,000 | L Brands, Inc., 6.625%, 04/01/2021 | 189,740 | 0.1 | |
| 250,000 | (1) | Lions Gate Capital Holdings LLC, 6.375%, 02/01/2024 | 221,868 | 0.1 |
| 300,000 | MGM Resorts International, 6.000%, 03/15/2023 | 291,377 | 0.2 | |
| 306,000 | (1) | Nissan Motor Acceptance Corp., 2.150%, 09/28/2020 | 300,539 | 0.2 |
| 285,000 | (1) | Panasonic Corp., 2.536%, 07/19/2022 | 280,965 | 0.2 |
| 250,000 | (1) | Six Flags Entertainment Corp., 4.875%, 07/31/2024 | 213,439 | 0.1 |
| 250,000 | (1) | Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 5.625%, 03/01/2024 | 237,186 | 0.1 |
| 250,000 | Tempur Sealy International, Inc., 5.625%, 10/15/2023 | 234,061 | 0.1 | |
| 400,000 | Toll Brothers Finance Corp., 5.875%, 02/15/2022 | 402,000 | 0.2 | |
| 200,000 | (1) | Toyota Industries Corp., 3.110%, 03/12/2022 | 202,363 | 0.1 |
| 110,000 | Toyota Motor Credit Corp., 2.950%, 04/13/2021 | 110,451 | 0.1 | |
| 510,000 | Toyota Motor Credit Corp., 1.832%, (US0003M + 0.125%), 08/13/2021 | 487,851 | 0.3 | |
| 99,911 | United Airlines 2014-2 Class B Pass Through Trust, 4.625%, 03/03/2024 | 93,582 | 0.1 | |
| 250,000 | (1) | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.250%, 05/30/2023 | 234,368 | 0.1 |
| 8,221,383 | 4.8 | |||
| Consumer, Non-cyclical: 7.3% | ||||
| 490,000 | (1) | AbbVie, Inc., 2.150%, 11/19/2021 | 488,390 | 0.3 |
| 245,000 | (1) | AbbVie, Inc., 2.300%, 11/21/2022 | 245,117 | 0.1 |
| 220,000 | AbbVie, Inc., 2.500%, 05/14/2020 | 220,019 | 0.1 | |
| 85,000 | AbbVie, Inc., 2.900%, 11/06/2022 | 86,099 | 0.0 | |
| 198,000 | AbbVie, Inc., 3.375%, 11/14/2021 | 201,986 | 0.1 | |
| 250,000 | Acadia Healthcare Co., Inc., 6.500%, 03/01/2024 | 245,314 | 0.1 | |
| 300,000 | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.625%, 06/15/2024 | 306,741 | 0.2 | |
| 285,000 | Altria Group, Inc., 2.850%, 08/09/2022 | 286,700 | 0.2 | |
| 117,000 | Altria Group, Inc., 3.490%, 02/14/2022 | 118,376 | 0.1 | |
| 195,000 | Anthem, Inc., 2.375%, 01/15/2025 | 192,804 | 0.1 | |
| 375,000 | BAT Capital Corp., 3.222%, 08/15/2024 | 377,388 | 0.2 | |
| 550,000 | Becton Dickinson and Co., 2.404%, 06/05/2020 | 548,306 | 0.3 | |
| 300,000 | Centene Corp., 4.750%, 05/15/2022 | 303,102 | 0.2 | |
| 413,000 | Cigna Corp., 3.200%, 09/17/2020 | 413,629 | 0.2 | |
| 635,000 | CVS Health Corp., 3.700%, 03/09/2023 | 661,833 | 0.4 | |
| 490,000 | DH Europe Finance II Sarl, 2.050%, 11/15/2022 | 481,204 | 0.3 | |
| 111,000 | Express Scripts Holding Co., 3.900%, 02/15/2022 | 115,539 | 0.1 | |
| 235,000 | Express Scripts Holding Co., 4.750%, 11/15/2021 | 247,082 | 0.1 | |
| 712,000 | General Mills, Inc., 3.150%, 12/15/2021 | 721,607 | 0.4 | |
| 127,000 | Gilead Sciences, Inc., 2.500%, 09/01/2023 | 127,041 | 0.1 | |
| 146,000 | GlaxoSmithKline Capital PLC, 2.875%, 06/01/2022 | 149,511 | 0.1 | |
| 100,000 | (1),(2) | Hertz Corp., 5.500%, 10/15/2024 | 56,855 | 0.0 |
| 210,000 | (1) | Imperial Brands Finance PLC, 2.950%, 07/21/2020 | 209,611 | 0.1 |
| 200,000 | (1) | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 | 203,250 | 0.1 |
| 304,000 | Keurig Dr Pepper, Inc., 3.551%, 05/25/2021 | 307,784 | 0.2 | |
| 586,000 | Keurig Dr Pepper, Inc., 4.057%, 05/25/2023 | 611,070 | 0.4 | |
| 231,000 | McKesson Corp., 3.650%, 11/30/2020 | 232,696 | 0.1 | |
| 300,000 | Molina Healthcare, Inc., 5.375%, 11/15/2022 | 298,602 | 0.2 | |
| 101,000 | Mylan, Inc., 4.200%, 11/29/2023 | 96,431 | 0.1 | |
| 300,000 | (1) | Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/2022 | 278,148 | 0.2 |
| 235,000 | PayPal Holdings, Inc., 2.200%, 09/26/2022 | 234,162 | 0.1 | |
| 300,000 | (1) | Prestige Brands, Inc., 6.375%, 03/01/2024 | 309,377 | 0.2 |
See Accompanying Notes to Financial Statements
| 69 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 507,000 | (1) | Seven & i Holdings Co. Ltd., 3.350%, 09/17/2021 | 514,952 | 0.3 |
| 824,000 | Shire Acquisitions Investments Ireland DAC, 2.400%, 09/23/2021 | 821,566 | 0.5 | |
| 252,000 | (1) | Takeda Pharmaceutical Co. Ltd., 2.450%, 01/18/2022 | 256,450 | 0.1 |
| 200,000 | Takeda Pharmaceutical Co. Ltd., 4.000%, 11/26/2021 | 202,719 | 0.1 | |
| 250,000 | (1) | TreeHouse Foods, Inc., 6.000%, 02/15/2024 | 249,686 | 0.1 |
| 291,000 | Unilever Capital Corp., 3.000%, 03/07/2022 | 300,953 | 0.2 | |
| 602,000 | UnitedHealth Group, Inc., 3.350%, 07/15/2022 | 623,815 | 0.4 | |
| 297,000 | Zoetis, Inc., 3.250%, 08/20/2021 | 301,254 | 0.2 | |
| 12,647,169 | 7.3 | |||
| Energy: 3.9% | ||||
| 345,000 | Apache Corp., 3.250%, 04/15/2022 | 265,782 | 0.2 | |
| 54,000 | BP Capital Markets America, Inc., 3.216%, 11/28/2023 | 55,583 | 0.0 | |
| 318,000 | Canadian Natural Resources Ltd., 2.950%, 01/15/2023 | 275,832 | 0.2 | |
| 217,000 | Columbia Pipeline Group, Inc., 3.300%, 06/01/2020 | 216,125 | 0.1 | |
| 250,000 | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.250%, 04/01/2023 | 141,614 | 0.1 | |
| 300,000 | (2) | DCP Midstream Operating L.P., 3.875%, 03/15/2023 | 242,151 | 0.1 |
| 663,000 | Energy Transfer Partners L.P. / Regency Energy Finance Corp., 5.875%, 03/01/2022 | 623,266 | 0.4 | |
| 491,000 | Enterprise Products Operating LLC, 2.850%, 04/15/2021 | 485,369 | 0.3 | |
| 130,000 | Enterprise Products Operating LLC, 5.200%, 09/01/2020 | 128,733 | 0.1 | |
| 437,000 | Husky Energy, Inc., 3.950%, 04/15/2022 | 395,989 | 0.2 | |
| 434,000 | Kinder Morgan Energy Partners L.P., 5.000%, 10/01/2021 | 425,086 | 0.2 | |
| 290,000 | Marathon Petroleum Corp., 5.125%, 04/01/2024 | 270,980 | 0.2 | |
| 125,000 | (1) | MPLX L.P., 3.500%, 12/01/2022 | 119,808 | 0.1 |
| 498,000 | (1) | NGPL PipeCo LLC, 4.375%, 08/15/2022 | 475,734 | 0.3 |
| 370,000 | Occidental Petroleum Corp., 2.700%, 08/15/2022 | 263,970 | 0.1 | |
| 361,000 | ONEOK Partners L.P., 3.375%, 10/01/2022 | 336,100 | 0.2 | |
| 250,000 | PBF Logistics L.P. / PBF Logistics Finance Corp., 6.875%, 05/15/2023 | 155,885 | 0.1 | |
| 434,000 | Sabine Pass Liquefaction LLC, 5.625%, 02/01/2021 | 427,110 | 0.2 | |
| 170,000 | (1) | Schlumberger Finance Canada Ltd., 2.200%, 11/20/2020 | 167,806 | 0.1 |
| 936,000 | Shell International Finance BV, 1.750%, 09/12/2021 | 932,128 | 0.5 | |
| 355,000 | Total Capital International SA, 2.218%, 07/12/2021 | 356,120 | 0.2 | |
| 6,761,171 | 3.9 | |||
| Financial: 16.1% | ||||
| 400,000 | (1) | ABN AMRO Bank NV, 3.400%, 08/27/2021 | 400,752 | 0.2 |
| 283,000 | American International Group, Inc., 3.300%, 03/01/2021 | 283,290 | 0.2 | |
| 300,000 | Ally Financial, Inc., 3.875%, 05/21/2024 | 271,877 | 0.2 | |
| 506,000 | American Express Co., 3.375%, 05/17/2021 | 512,010 | 0.3 | |
| 209,000 | American Express Co., 3.700%, 11/05/2021 | 215,700 | 0.1 | |
| 145,000 | American Express Co., 3.700%, 08/03/2023 | 152,619 | 0.1 | |
| 50,000 | American International Group, Inc., 6.400%, 12/15/2020 | 51,432 | 0.0 | |
| 176,000 | American Tower Corp., 3.500%, 01/31/2023 | 177,486 | 0.1 | |
| 121,000 | Ameriprise Financial, Inc., 3.000%, 04/02/2025 | 120,536 | 0.1 | |
| 300,000 | Ameriprise Financial, Inc., 4.000%, 10/15/2023 | 319,137 | 0.2 | |
| 377,000 | Aon Corp., 5.000%, 09/30/2020 | 380,827 | 0.2 | |
| 255,000 | Assurant, Inc., 4.200%, 09/27/2023 | 271,400 | 0.2 | |
| 285,000 | (1) | Athene Global Funding, 2.750%, 04/20/2020 | 284,382 | 0.2 |
| 400,000 | Banco Santander SA, 3.500%, 04/11/2022 | 395,956 | 0.2 | |
| 682,000 | (3) | Bank of America Corp., 3.004%, 12/20/2023 | 695,740 | 0.4 |
| 103,000 | Bank of Montreal, 3.300%, 02/05/2024 | 107,768 | 0.1 | |
| 275,000 | Bank of New York Mellon Corp./The, 1.950%, 08/23/2022 | 276,842 | 0.2 | |
| 75,000 | Bank of New York Mellon Corp./The, 2.950%, 01/29/2023 | 76,772 | 0.0 | |
| 140,000 | Bank of Nova Scotia/The, 3.125%, 04/20/2021 | 141,516 | 0.1 | |
| 255,000 | Bank of Nova Scotia/The, 1.950%, 02/01/2023 | 253,844 | 0.2 | |
See Accompanying Notes to Financial Statements
| 70 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 260,000 | (1) | Banque Federative du Credit Mutuel SA, 2.125%, 11/21/2022 | 241,765 | 0.1 |
| 200,000 | (1) | Banque Federative du Credit Mutuel SA, 2.200%, 07/20/2020 | 199,653 | 0.1 |
| 500,000 | BBVA USA, 3.500%, 06/11/2021 | 497,492 | 0.3 | |
| 800,000 | (1) | BPCE SA, 2.750%, 01/11/2023 | 789,846 | 0.5 |
| 215,000 | Brookfield Finance, Inc., 4.000%, 04/01/2024 | 217,682 | 0.1 | |
| 170,000 | (3) | Canadian Imperial Bank of Commerce, 2.606%, 07/22/2023 | 171,641 | 0.1 |
| 490,000 | Capital One Financial Corp., 3.200%, 01/30/2023 | 484,947 | 0.3 | |
| 250,000 | (3) | Capital One Bank USA NA, 2.014%, 01/27/2023 | 244,351 | 0.1 |
| 395,000 | Capital One NA, 2.650%, 08/08/2022 | 391,678 | 0.2 | |
| 345,000 | Chubb INA Holdings, Inc., 2.875%, 11/03/2022 | 350,559 | 0.2 | |
| 300,000 | CIT Group, Inc., 5.000%, 08/15/2022 | 294,756 | 0.2 | |
| 878,000 | Citigroup, Inc., 2.900%, 12/08/2021 | 886,668 | 0.5 | |
| 250,000 | Citizens Bank NA/Providence RI, 3.700%, 03/29/2023 | 256,400 | 0.2 | |
| 500,000 | Cooperatieve Rabobank UA, 3.950%, 11/09/2022 | 503,594 | 0.3 | |
| 220,000 | (1) | Danske Bank A/S, 2.000%, 09/08/2021 | 215,770 | 0.1 |
| 200,000 | (1) | Danske Bank A/S, 2.800%, 03/10/2021 | 199,809 | 0.1 |
| 305,000 | (1),(3) | Danske Bank A/S, 3.001%, 09/20/2022 | 302,189 | 0.2 |
| 260,000 | (1) | DNB Bank ASA, 2.150%, 12/02/2022 | 257,075 | 0.2 |
| 230,000 | (1) | Federation des Caisses Desjardins du Quebec, 2.050%, 02/10/2025 | 223,060 | 0.1 |
| 223,000 | GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/2020 | 221,771 | 0.1 | |
| 247,000 | Goldman Sachs Group, Inc./The, 2.350%, 11/15/2021 | 246,848 | 0.1 | |
| 200,000 | HSBC Holdings PLC, 5.100%, 04/05/2021 | 204,695 | 0.1 | |
| 200,000 | HSBC USA, Inc., 5.000%, 09/27/2020 | 201,233 | 0.1 | |
| 345,000 | Huntington National Bank/The, 3.550%, 10/06/2023 | 358,213 | 0.2 | |
| 300,000 | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 4.750%, 09/15/2024 | 276,375 | 0.2 | |
| 503,000 | ING Groep NV, 3.150%, 03/29/2022 | 505,655 | 0.3 | |
| 510,000 | Intercontinental Exchange, Inc., 3.450%, 09/21/2023 | 539,131 | 0.3 | |
| 355,000 | (3) | JPMorgan Chase & Co., 2.776%, 04/25/2023 | 359,816 | 0.2 |
| 698,000 | JPMorgan Chase & Co., 3.200%, 01/25/2023 | 719,050 | 0.4 | |
| 315,000 | JPMorgan Chase & Co., 4.500%, 01/24/2022 | 329,215 | 0.2 | |
| 200,000 | Lloyds Bank PLC, 2.700%, 08/17/2020 | 197,575 | 0.1 | |
| 281,000 | (1) | Lloyds Bank PLC, 6.500%, 09/14/2020 | 284,689 | 0.2 |
| 145,000 | M&T Bank Corp., 3.550%, 07/26/2023 | 152,887 | 0.1 | |
| 188,000 | Marsh & McLennan Cos, Inc., 3.500%, 12/29/2020 | 189,490 | 0.1 | |
| 290,000 | Marsh & McLennan Cos, Inc., 4.050%, 10/15/2023 | 304,751 | 0.2 | |
| 408,000 | (1) | Metropolitan Life Global Funding I, 3.375%, 01/11/2022 | 414,542 | 0.2 |
| 200,000 | MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc., 5.625%, 05/01/2024 | 193,251 | 0.1 | |
| 319,000 | Mitsubishi UFJ Financial Group, Inc., 2.190%, 09/13/2021 | 314,907 | 0.2 | |
| 200,000 | Mitsubishi UFJ Financial Group, Inc., 2.623%, 07/18/2022 | 199,961 | 0.1 | |
| 515,000 | Mizuho Financial Group, Inc., 2.309%, (US0003M + 0.630%), 05/25/2024 | 468,102 | 0.3 | |
| 641,000 | (1) | Mizuho Financial Group, Inc., 2.632%, 04/12/2021 | 641,301 | 0.4 |
| 600,000 | Morgan Stanley, 3.750%, 02/25/2023 | 626,070 | 0.4 | |
| 556,000 | Morgan Stanley, 5.500%, 07/28/2021 | 577,649 | 0.3 | |
| 250,000 | MUFG Union Bank NA, 2.100%, 12/09/2022 | 247,123 | 0.1 | |
| 614,000 | National Australia Bank Ltd./New York, 2.500%, 05/22/2022 | 620,198 | 0.4 | |
| 217,000 | (1) | Nationwide Financial Services, Inc., 5.375%, 03/25/2021 | 222,265 | 0.1 |
| 250,000 | Navient Corp., 5.000%, 10/26/2020 | 247,113 | 0.1 | |
| 130,000 | (1) | New York Life Global Funding, 2.950%, 01/28/2021 | 132,595 | 0.1 |
| 200,000 | (1) | Nordea Bank ABP, 4.875%, 05/13/2021 | 203,723 | 0.1 |
| 250,000 | PNC Bank NA, 2.700%, 11/01/2022 | 253,489 | 0.1 | |
| 346,000 | (1) | Protective Life Global Funding, 2.161%, 09/25/2020 | 343,763 | 0.2 |
| 175,000 | (1) | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 | 163,931 | 0.1 |
| 265,000 | Royal Bank of Canada, 1.950%, 01/17/2023 | 262,638 | 0.2 | |
| 210,000 | Royal Bank of Canada, 2.560%, (US0003M + 0.660%), 10/05/2023 | 208,186 | 0.1 |
See Accompanying Notes to Financial Statements
| 71 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 194,000 | Royal Bank of Canada, 3.700%, 10/05/2023 | 204,626 | 0.1 | |
| 399,000 | Royal Bank of Scotland Group PLC, 3.875%, 09/12/2023 | 403,820 | 0.2 | |
| 300,000 | Springleaf Finance Corp., 6.125%, 05/15/2022 | 306,660 | 0.2 | |
| 560,000 | (1) | Standard Chartered PLC, 2.250%, 04/17/2020 | 559,000 | 0.3 |
| 245,000 | (3) | State Street Corp., 2.354%, 11/01/2025 | 242,908 | 0.1 |
| 240,000 | Sumitomo Mitsui Financial Group, Inc., 2.348%, 01/15/2025 | 238,832 | 0.1 | |
| 607,000 | Svenska Handelsbanken AB, 3.350%, 05/24/2021 | 614,409 | 0.4 | |
| 286,000 | Truist Bank, 2.150%, 12/06/2024 | 283,865 | 0.2 | |
| 200,000 | (1) | UBS AG/London, 2.200%, 06/08/2020 | 199,852 | 0.1 |
| 355,000 | (1),(3) | UBS Group AG, 2.859%, 08/15/2023 | 352,405 | 0.2 |
| 250,000 | US Bank NA/Cincinnati OH, 3.400%, 07/24/2023 | 263,453 | 0.2 | |
| 145,000 | (3) | Wells Fargo & Co., 2.406%, 10/30/2025 | 143,126 | 0.1 |
| 91,000 | Wells Fargo & Co., 4.125%, 08/15/2023 | 93,993 | 0.1 | |
| 242,000 | Westpac Banking Corp., 2.100%, 05/13/2021 | 241,732 | 0.1 | |
| 27,699,703 | 16.1 | |||
| Industrial: 3.5% | ||||
| 341,000 | 3M Co., 2.000%, 02/14/2025 | 351,662 | 0.2 | |
| 300,000 | AECOM, 5.875%, 10/15/2024 | 295,126 | 0.2 | |
| 324,000 | Amphenol Corp., 2.200%, 04/01/2020 | 324,000 | 0.2 | |
| 300,000 | Ball Corp., 4.000%, 11/15/2023 | 304,491 | 0.2 | |
| 250,000 | Berry Global, Inc., 5.125%, 07/15/2023 | 252,418 | 0.1 | |
| 300,000 | (1) | BMC East LLC, 5.500%, 10/01/2024 | 292,124 | 0.2 |
| 265,000 | Caterpillar Financial Services Corp., 2.850%, 05/17/2024 | 270,881 | 0.2 | |
| 110,000 | Caterpillar Financial Services Corp., 3.150%, 09/07/2021 | 112,025 | 0.1 | |
| 140,000 | Caterpillar Financial Services Corp., 3.650%, 12/07/2023 | 148,593 | 0.1 | |
| 250,000 | (1) | Colfax Corp., 6.000%, 02/15/2024 | 250,314 | 0.1 |
| 250,000 | Crown Americas LLC / Crown Americas Capital Corp. IV, 4.500%, 01/15/2023 | 257,870 | 0.1 | |
| 43,000 | General Electric Co., 3.150%, 09/07/2022 | 43,496 | 0.0 | |
| 250,000 | Howmet Aerospace, Inc., 5.400%, 04/15/2021 | 247,981 | 0.1 | |
| 255,000 | John Deere Capital Corp., 2.050%, 01/09/2025 | 255,135 | 0.1 | |
| 231,000 | John Deere Capital Corp., 2.950%, 04/01/2022 | 236,080 | 0.1 | |
| 300,000 | (1) | Owens-Brockway Glass Container, Inc., 5.000%, 01/15/2022 | 304,647 | 0.2 |
| 93,000 | Rockwell Collins, Inc., 2.800%, 03/15/2022 | 94,029 | 0.1 | |
| 200,000 | (1) | Rolls-Royce PLC, 2.375%, 10/14/2020 | 188,490 | 0.1 |
| 305,000 | Roper Technologies, Inc., 3.125%, 11/15/2022 | 299,697 | 0.2 | |
| 101,000 | Ryder System, Inc., 3.500%, 06/01/2021 | 101,006 | 0.1 | |
| 300,000 | (1) | Sealed Air Corp., 5.250%, 04/01/2023 | 310,607 | 0.2 |
| 484,000 | (1) | SMBC Aviation Capital Finance DAC, 4.125%, 07/15/2023 | 523,039 | 0.3 |
| 72,000 | (1) | Standard Industries, Inc./NJ, 5.500%, 02/15/2023 | 70,018 | 0.0 |
| 492,000 | United Parcel Service, Inc., 2.050%, 04/01/2021 | 491,568 | 0.3 | |
| 6,025,297 | 3.5 | |||
| Technology: 1.4% | ||||
| 379,000 | Activision Blizzard, Inc., 2.600%, 06/15/2022 | 381,977 | 0.2 | |
| 133,000 | Applied Materials, Inc., 2.625%, 10/01/2020 | 133,310 | 0.1 | |
| 225,000 | (1) | Dell International LLC / EMC Corp., 4.420%, 06/15/2021 | 227,489 | 0.1 |
| 290,000 | Fiserv, Inc., 2.750%, 07/01/2024 | 288,920 | 0.2 | |
| 144,000 | Hewlett Packard Enterprise Co., 3.600%, 10/15/2020 | 144,186 | 0.1 | |
| 188,000 | HP, Inc., 4.300%, 06/01/2021 | 195,894 | 0.1 | |
| 300,000 | NCR Corp., 5.000%, 07/15/2022 | 283,125 | 0.2 | |
| 149,000 | Oracle Corp., 2.500%, 04/01/2025 | 152,285 | 0.1 | |
| 494,000 | salesforce.com, Inc., 3.250%, 04/11/2023 | 514,071 | 0.3 | |
| 2,321,257 | 1.4 | |||
| Utilities: 4.1% | ||||
| 188,000 | Ameren Illinois Co., 2.700%, 09/01/2022 | 183,921 | 0.1 | |
| 152,000 | Arizona Public Service Co., 3.350%, 06/15/2024 | 153,590 | 0.1 | |
| 248,000 | Berkshire Hathaway Energy Co., 2.375%, 01/15/2021 | 248,728 | 0.1 | |
| 449,000 | Dominion Energy, Inc., 2.579%, 07/01/2020 | 448,485 | 0.3 | |
| 300,000 | (3),(4) | Dominion Energy, Inc., 2.715%, 08/15/2021 | 296,169 | 0.2 |
| 550,000 | DTE Energy Co., 2.600%, 06/15/2022 | 548,243 | 0.3 | |
See Accompanying Notes to Financial Statements
| 72 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 525,000 | Duke Energy Corp., 1.800%, 09/01/2021 | 521,825 | 0.3 | |
| 289,000 | Duke Energy Corp., 2.400%, 08/15/2022 | 288,833 | 0.2 | |
| 120,000 | Duke Energy Progress LLC, 3.375%, 09/01/2023 | 125,064 | 0.1 | |
| 91,000 | Edison International, 4.950%, 04/15/2025 | 90,790 | 0.1 | |
| 230,000 | Entergy Arkansas LLC, 3.050%, 06/01/2023 | 220,247 | 0.1 | |
| 160,000 | Entergy Louisiana LLC, 4.050%, 09/01/2023 | 163,765 | 0.1 | |
| 165,000 | Evergy, Inc., 4.850%, 06/01/2021 | 166,802 | 0.1 | |
| 245,000 | Eversource Energy, 2.500%, 03/15/2021 | 245,968 | 0.1 | |
| 245,000 | FirstEnergy Corp., 4.250%, 03/15/2023 | 250,518 | 0.2 | |
| 387,000 | National Rural Utilities Cooperative Finance Corp., 2.300%, 09/15/2022 | 384,015 | 0.2 | |
| 300,000 | National Rural Utilities Cooperative Finance Corp., 2.350%, 06/15/2020 | 300,014 | 0.2 | |
| 195,000 | NextEra Energy Capital Holdings, Inc., 2.403%, 09/01/2021 | 194,813 | 0.1 | |
| 140,000 | NextEra Energy Capital Holdings, Inc., 3.150%, 04/01/2024 | 143,535 | 0.1 | |
| 220,000 | (1) | Niagara Mohawk Power Corp., 2.721%, 11/28/2022 | 224,446 | 0.1 |
| 225,000 | Oncor Electric Delivery Co. LLC, 2.750%, 06/01/2024 | 217,705 | 0.1 | |
| 105,000 | Oncor Electric Delivery Co. LLC, 4.100%, 06/01/2022 | 107,042 | 0.1 | |
| 204,000 | PNM Resources, Inc., 3.250%, 03/09/2021 | 205,358 | 0.1 | |
| 180,000 | Public Service Electric & Gas Co., 3.750%, 03/15/2024 | 186,294 | 0.1 | |
| 235,000 | (2) | San Diego Gas & Electric Co., 3.000%, 08/15/2021 | 236,943 | 0.1 |
| 199,000 | Southern California Edison Co., 2.400%, 02/01/2022 | 194,017 | 0.1 | |
| 188,000 | Southern Co. Gas Capital Corp., 2.450%, 10/01/2023 | 190,530 | 0.1 | |
| 300,000 | Vistra Energy Corp., 5.875%, 06/01/2023 | 301,491 | 0.2 | |
| 60,000 | Wisconsin Power & Light Co., 2.250%, 11/15/2022 | 60,573 | 0.0 | |
| 220,000 | Wisconsin Public Service Corp., 3.350%, 11/21/2021 | 223,589 | 0.1 | |
| 7,123,313 | 4.1 | |||
| Total Corporate Bonds/Notes | ||||
| (Cost $81,464,296) | 79,776,161 | 46.3 | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS: 7.5% | ||||
| 380,882 | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 | 367,580 | 0.2 | |
| 461,164 | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 | 444,843 | 0.3 | |
| 600,000 | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 | 539,248 | 0.3 | |
| 600,000 | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 | 541,149 | 0.3 | |
| 599,373 | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 | 501,924 | 0.3 | |
| 880,705 | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 | 731,583 | 0.4 | |
| 292,846 | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 | 249,126 | 0.1 | |
| 190,297 | Fannie Mae Interest Strip Series 404 8, 3.000%, 05/25/2040 | 194,980 | 0.1 | |
| 2,370 | Fannie Mae REMIC Trust 2009-49 KB, 5.000%, 07/25/2024 | 2,378 | 0.0 | |
| 88,739 | Fannie Mae REMIC Trust 2010-137 XP, 4.500%, 10/25/2040 | 96,688 | 0.1 | |
| 22,431 | Fannie Mae REMIC Trust 2010-19 PB, 3.000%, 12/25/2039 | 22,598 | 0.0 | |
| 155,999 | Fannie Mae REMIC Trust 2010-54 LC, 3.000%, 04/25/2040 | 162,141 | 0.1 | |
| 1,087,215 | Fannie Mae REMICS 2013-114 NA, 3.000%, 08/25/2032 | 1,145,333 | 0.7 | |
| 1,897,783 | Freddie Mac 3049 XF, 1.055%, (US0001M + 0.350%), 05/15/2033 | 1,876,302 | 1.1 | |
| 340,400 | Freddie Mac REMIC Trust 2103 TE, 6.000%, 12/15/2028 | 391,235 | 0.2 | |
| 807,351 | Freddie Mac REMICS 3255 FA, 0.985%, (US0001M + 0.280%), 12/15/2036 | 795,280 | 0.5 | |
| 105,232 | Freddie Mac REMICS 3747 FA, 1.205%, (US0001M + 0.500%), 10/15/2040 | 104,174 | 0.1 | |
See Accompanying Notes to Financial Statements
| 73 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 683,786 | Freddie Mac REMICS 3878 FA, 1.055%, (US0001M + 0.350%), 04/15/2041 | 682,347 | 0.4 | |
| 100,000 | (1) | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 | 82,874 | 0.0 |
| 300,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA4 M3, 4.747%, (US0001M + 3.800%), 03/25/2029 | 282,195 | 0.2 | |
| 147,246 | Ginnie Mae Series 2012-52 PV, 2.500%, 12/20/2039 | 150,624 | 0.1 | |
| 826,732 | Ginnie Mae Series 2014-3 EP, 2.750%, 02/16/2043 | 874,024 | 0.5 | |
| 465,110 | (3) | Ginnie Mae Series 2014-53 JM, 7.110%, 04/20/2039 | 551,498 | 0.3 |
| 1,314,079 | Ginnie Mae Series 2016-H23 F, 2.412%, (US0001M + 0.750%), 10/20/2066 | 1,299,407 | 0.7 | |
| 900,968 | Ginnie Mae Series 2017-H19 FA, 2.112%, (US0001M + 0.450%), 08/20/2067 | 892,892 | 0.5 | |
| Total Collateralized Mortgage Obligations | ||||
| (Cost $13,482,674) | 12,982,423 | 7.5 | ||
| U.S. TREASURY OBLIGATIONS: 4.4% | ||||
| U.S. Treasury Notes: 4.4% | ||||
| 4,868,000 | 0.375%,03/31/2022 | 4,881,406 | 2.8 | |
| 2,176,000 | 0.500%,03/15/2023 | 2,189,855 | 1.3 | |
| 404,000 | 0.500%,03/31/2025 | 406,596 | 0.3 | |
| Total U.S. Treasury Obligations | ||||
| (Cost $7,456,706) | 7,477,857 | 4.4 | ||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 20.5% | ||||
| 270,000 | (1) | Austin Fairmont Hotel Trust 2019-FAIR C, 2.155%, (US0001M + 1.450%), 09/15/2032 | 220,946 | 0.1 |
| 66,282 | (3) | Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9 C, 5.055%, 09/11/2042 | 66,127 | 0.0 |
| 560,000 | (1) | BFLD 2019-DPLO A, 1.795%, (US0001M + 1.090%), 10/15/2034 | 475,101 | 0.3 |
| 670,000 | (1) | BHP Trust 2019-BXHP A, 1.680%, (US0001M + 0.975%), 08/15/2036 | 572,762 | 0.3 |
| 220,000 | (1) | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 | 184,535 | 0.1 |
| 220,000 | (1) | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 | 178,596 | 0.1 |
| 360,000 | (1) | CGDB Commercial Mortgage Trust 2019-MOB F, 3.255%, (US0001M + 2.550%), 11/15/2036 | 274,671 | 0.2 |
| 90,000 | (3) | Citigroup Commercial Mortgage Trust 2013-GC17 C, 5.110%, 11/10/2046 | 84,571 | 0.0 |
| 260,525 | Citigroup Commercial Mortgage Trust 2015-GC27 AAB, 2.944%, 02/10/2048 | 266,869 | 0.2 | |
| 293,077 | Citigroup/Deutsche Bank Commercial Mortgage Trust 2006-CD3 AM, 5.648%, 10/15/2048 | 300,899 | 0.2 | |
| 530,000 | (1) | CLNY Trust 2019-IKPR A, 1.834%, (US0001M + 1.227%), 11/15/2038 | 485,305 | 0.3 |
| 540,000 | COMM 2012-CR5 A4 Mortgage Trust, 2.771%, 12/10/2045 | 545,005 | 0.3 | |
| 990,000 | (1),(3) | COMM 2013-CR10 D Mortgage Trust, 4.789%, 08/10/2046 | 887,332 | 0.5 |
| 178,111 | COMM 2012-CCRE1 A3 Mortgage Trust, 3.391%, 05/15/2045 | 180,962 | 0.1 | |
| 120,000 | (1),(3) | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 | 101,862 | 0.1 |
| 680,000 | (1),(3) | COMM 2013-SFS A2 Mortgage Trust, 2.987%, 04/12/2035 | 683,377 | 0.4 |
| 1,100,000 | (1) | Credit Suisse Mortgage Capital Certificates 2019-ICE4 B, 1.935%, (US0001M + 1.230%), 05/15/2036 | 1,039,315 | 0.6 |
| 210,353 | (1) | CSWF 2018-TOP C, 2.155%, (US0001M + 1.450%), 08/15/2035 | 175,014 | 0.1 |
| 1,120,000 | (1),(3) | DBRR 2011-LC2 A4B Trust, 4.537%, 07/12/2044 | 1,131,241 | 0.7 |
| 793,000 | (1),(3) | DBUBS 2011-LC1A E, 5.689%, 11/10/2046 | 763,243 | 0.4 |
| 530,000 | (1),(3) | DBUBS 2011-LC2A D, 5.530%, 07/10/2044 | 516,494 | 0.3 |
| 1,000,000 | (1),(3) | DBUBS 2017-BRBK E Mortgage Trust, 3.530%, 10/10/2034 | 796,527 | 0.5 |
| 1,000,000 | (1),(3) | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 | 962,953 | 0.6 |
| 51,089 | (3) | Ginnie Mae 2011-53 B, 3.924%, 05/16/2051 | 52,470 | 0.0 |
| 219,858 | Ginnie Mae 2015-183 AC, 2.350%, 07/16/2056 | 223,822 | 0.1 | |
| 51,011 | (3) | Ginnie Mae 2015-21 AF, 2.078%, 07/16/2048 | 51,383 | 0.0 |
| 174,998 | Ginnie Mae 2016-110 AB, 2.000%, 05/16/2049 | 176,660 | 0.1 | |
| 74,986 | Ginnie Mae 2016-86 AB, 2.500%, 09/16/2056 | 76,094 | 0.0 | |
| 376,451 | Ginnie Mae 2017-100 AB, 2.300%, 04/16/2052 | 380,796 | 0.2 | |
See Accompanying Notes to Financial Statements
| 74 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 183,891 | Ginnie Mae 2017-51 AB, 2.350%, 04/16/2057 | 186,150 | 0.1 | |
| 78,626 | Ginnie Mae 2017-69 AB, 2.350%, 05/16/2053 | 79,635 | 0.0 | |
| 140,545 | Ginnie Mae 2017-70 A, 2.500%, 10/16/2057 | 142,744 | 0.1 | |
| 502,504 | Ginnie Mae 2017-86 AB, 2.300%, 11/16/2051 | 509,111 | 0.3 | |
| 331,760 | Ginnie Mae 2017-89 A, 2.500%, 08/16/2057 | 337,091 | 0.2 | |
| 142,457 | Ginnie Mae 2018-41 A, 2.400%, 09/16/2058 | 144,385 | 0.1 | |
| 250,000 | (1),(3) | GRACE 2014-GRCE F Mortgage Trust, 3.590%, 06/10/2028 | 247,938 | 0.1 |
| 800,000 | (1) | Great Wolf Trust 2019-WOLF A, 1.739%, (US0001M + 1.034%), 12/15/2029 | 738,974 | 0.4 |
| 330,000 | (1) | GS Mortgage Securities Corp. Trust 2017-GPTX B, 3.104%, 05/10/2034 | 313,593 | 0.2 |
| 1,039,000 | (1),(3) | GS Mortgage Securities Corp. Trust 2017-SLP E, 4.591%, 10/10/2032 | 905,486 | 0.5 |
| 1,070,000 | (1) | GS Mortgage Securities Corp. Trust 2019-70P C, 2.205%, (US0001M + 1.500%), 10/15/2036 | 952,111 | 0.6 |
| 870,000 | (1),(3) | GS Mortgage Securities Trust 2011-GC3 D, 5.637%, 03/10/2044 | 861,529 | 0.5 |
| 290,000 | (1),(3) | GS Mortgage Securities Trust 2012-GC6 C, 5.651%, 01/10/2045 | 285,916 | 0.2 |
| 320,000 | (1) | GS Mortgage Securities Trust 2018-HART A, 1.795%, (US0001M + 1.090%), 10/15/2031 | 310,460 | 0.2 |
| 464,920 | GS Mortgage Securities Trust 2020-GC45 A1, 2.019%, 02/13/2053 | 464,889 | 0.3 | |
| 1,030,000 | (1) | Hawaii Hotel Trust 2019-MAUI E, 2.864%, (US0001M + 2.350%), 05/15/2038 | 762,073 | 0.4 |
| 330,000 | (1) | Houston Galleria Mall Trust 2015-HGLR A1A2, 3.087%, 03/05/2037 | 325,662 | 0.2 |
| 700,000 | (1),(3) | Irvine Core Office Trust 2013-IRV A2, 3.173%, 05/15/2048 | 710,417 | 0.4 |
| 384,770 | JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8 A3, 2.829%, 10/15/2045 | 391,868 | 0.2 | |
| 370,000 | JPMBB Commercial Mortgage Securities Trust 2015-C32 ASB, 3.358%, 11/15/2048 | 383,048 | 0.2 | |
| 280,906 | (1) | JP Morgan Chase Commercial Mortgage Securities Corp. 2012-HSBC A, 3.093%, 07/05/2032 | 282,322 | 0.2 |
| 730,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2010-C2 C, 5.636%, 11/15/2043 | 643,585 | 0.4 |
| 1,040,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 B, 5.419%, 08/15/2046 | 1,062,002 | 0.6 |
| 500,000 | (3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 B, 3.674%, 12/15/2047 | 498,658 | 0.3 |
| 210,000 | (3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 C, 4.113%, 12/15/2047 | 195,022 | 0.1 |
| 900,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 | 756,045 | 0.4 |
| 300,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2015-UES D, 3.621%, 09/05/2032 | 295,530 | 0.2 |
| 1,539 | JPMBB Commercial Mortgage Securities Trust 2 2014-C19 A2, 3.046%, 04/15/2047 | 1,550 | 0.0 | |
| 1,100,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 | 991,898 | 0.6 |
| 820,000 | (3) | JPMBB Commercial Mortgage Securities Trust 2014-C19 C, 4.679%, 04/15/2047 | 750,706 | 0.4 |
| 226,104 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8 ASB, 2.699%, 12/15/2048 | 227,677 | 0.1 | |
| 97,238 | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14 A3, 3.669%, 02/15/2047 | 97,908 | 0.1 | |
| 330,000 | (3) | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 C, 4.909%, 04/15/2047 | 305,288 | 0.2 |
| 164,598 | Morgan Stanley Capital I 2011-C3 A4, 4.118%, 07/15/2049 | 167,574 | 0.1 | |
| 600,000 | (1),(3) | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 | 521,743 | 0.3 |
| 290,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 J, 4.193%, 09/15/2047 | 282,390 | 0.2 |
| 910,000 | Morgan Stanley Capital I Trust 2019-H6 A2, 3.228%, 06/15/2052 | 951,744 | 0.6 | |
| 610,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2012-C5 A4, 3.176%, 08/15/2045 | 619,330 | 0.4 | |
| 720,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7 A4, 2.918%, 02/15/2046 | 729,233 | 0.4 |
See Accompanying Notes to Financial Statements
| 75 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 399,468 | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 ASB, 3.326%, 12/15/2047 | 414,644 | 0.2 | |
| 550,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 G, 4.193%, 09/15/2047 | 444,632 | 0.3 |
| 600,000 | Morgan Stanley Capital I Trust 2017-H1 A2, 3.089%, 06/15/2050 | 613,572 | 0.4 | |
| 390,000 | (3) | TIAA Seasoned Commercial Mortgage Trust 2007-C4 C, 5.521%, 08/15/2039 | 389,149 | 0.2 |
| 340,000 | (1),(3) | Wells Fargo Commercial Mortgage Trust 2010-C1 B, 5.276%, 11/15/2043 | 341,243 | 0.2 |
| 224,000 | Wells Fargo Commercial Mortgage Trust 2017-RC1 A2, 3.118%, 01/15/2060 | 228,393 | 0.1 | |
| 1,198,986 | WFRBS Commercial Mortgage Trust 2011-C5 A4, 3.667%, 11/15/2044 | 1,222,156 | 0.7 | |
| 567,391 | (1) | West Town Mall Trust 2017-KNOX A, 3.823%, 07/05/2030 | 572,771 | 0.3 |
| 465,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2012-C6 D, 5.579%, 04/15/2045 | 445,711 | 0.3 |
| 270,000 | (3) | WFRBS Commercial Mortgage Trust 2013-C18 A5, 4.162%, 12/15/2046 | 286,560 | 0.2 |
| Total Commercial Mortgage-Backed Securities | ||||
| (Cost $37,876,500) | 35,247,048 | 20.5 | ||
| ASSET-BACKED SECURITIES: 19.5% | ||||
| Automobile Asset-Backed Securities: 7.6% | ||||
| 200,000 | Ally Auto Receivables Trust 2018-3 A4, 3.120%, 07/17/2023 | 204,134 | 0.1 | |
| 100,000 | Ally Auto Receivables Trust 2019-1 A4, 3.020%, 04/15/2024 | 101,763 | 0.1 | |
| 350,000 | Americredit Automobile Receivables Trust 2019-1 B, 3.130%, 02/18/2025 | 352,032 | 0.2 | |
| 400,000 | AmeriCredit Automobile Receivables Trust 2019-3 B, 2.130%, 07/18/2025 | 410,241 | 0.2 | |
| 700,000 | AmeriCredit Automobile Receivables Trust 2020-1 A3, 1.110%, 08/19/2024 | 686,638 | 0.4 | |
| 400,000 | AmeriCredit Automobile Receivables Trust 2020-1 C, 1.590%, 10/20/2025 | 375,836 | 0.2 | |
| 500,000 | Capital One Prime Auto Receivables Trust 2019-1 A4, 2.560%, 10/15/2024 | 507,233 | 0.3 | |
| 350,000 | Capital One Prime Auto Receivables Trust 2020-1 A4, 1.630%, 08/15/2025 | 346,991 | 0.2 | |
| 450,000 | CarMax Auto Owner Trust 2017-3 A4, 2.220%, 11/15/2022 | 450,320 | 0.3 | |
| 100,000 | Carmax Auto Owner Trust 2019-2 A4, 2.770%, 12/16/2024 | 100,576 | 0.1 | |
| 500,000 | Carmax Auto Owner Trust 2019-3 A4, 2.300%, 04/15/2025 | 497,175 | 0.3 | |
| 550,000 | Carmax Auto Owner Trust 2019-4 A4, 2.130%, 07/15/2025 | 538,673 | 0.3 | |
| 250,000 | Ford Credit Auto Lease Trust 2018-B A4, 3.300%, 02/15/2022 | 252,320 | 0.1 | |
| 250,000 | Ford Credit Auto Lease Trust 2020-A A4, 1.880%, 05/15/2023 | 250,039 | 0.1 | |
| 500,000 | GM Financial Automobile Leasing Trust 2018-1 B, 2.870%, 12/20/2021 | 500,211 | 0.3 | |
| 850,000 | GM Financial Automobile Leasing Trust 2019-2 A4, 2.720%, 03/20/2023 | 852,492 | 0.5 | |
| 300,000 | GM Financial Automobile Leasing Trust 2019-4 A4, 1.760%, 01/16/2025 | 296,370 | 0.2 | |
| 300,000 | GM Financial Consumer Automobile Receivables Trust 2019-3 A3, 2.180%, 04/16/2024 | 302,293 | 0.2 | |
| 200,000 | Honda Auto Receivables 2018-4 A4 Owner Trust, 3.300%, 07/15/2025 | 203,892 | 0.1 | |
| 350,000 | (1) | Hyundai Auto Lease Securitization Trust 2019-B A4, 2.030%, 06/15/2023 | 348,926 | 0.2 |
| 93,920 | Mercedes-Benz Auto Lease Trust 2019-A A2, 3.010%, 02/16/2021 | 94,024 | 0.0 | |
| 150,000 | Mercedes-Benz Auto Lease Trust 2019-A A4, 3.250%, 10/15/2024 | 151,340 | 0.1 | |
| 200,000 | Mercedes-Benz Auto Receivables Trust 2018-1 A4, 3.150%, 10/15/2024 | 203,106 | 0.1 | |
| 300,000 | Mercedes-Benz Auto Lease Trust 2020-A A4, 1.880%, 09/15/2025 | 297,832 | 0.2 | |
| 350,000 | Nissan Auto Receivables 2018-C A4 Owner Trust, 3.270%, 06/16/2025 | 365,368 | 0.2 | |
| 250,000 | Nissan Auto Lease Trust 2020-A A4, 1.880%, 04/15/2025 | 244,590 | 0.1 | |
| 266,655 | (1) | OSCAR US Funding Trust VII LLC 2017-2A A3, 2.450%, 12/10/2021 | 267,098 | 0.2 |
| 400,000 | Santander Drive Auto Receivables Trust 2019-1 B, 3.210%, 09/15/2023 | 399,666 | 0.2 | |
See Accompanying Notes to Financial Statements
| 76 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 550,000 | Santander Drive Auto Receivables Trust 2019-2 B, 2.790%, 01/16/2024 | 545,239 | 0.3 | |
| 150,000 | (1) | Santander Retail Auto Lease Trust 2017-A A4, 2.370%, 01/20/2022 | 149,913 | 0.1 |
| 78,140 | (1) | Santander Retail Auto Lease Trust 2019-A A2, 2.720%, 01/20/2022 | 78,204 | 0.0 |
| 300,000 | (1) | Santander Retail Auto Lease Trust 2019-B A3, 2.300%, 01/20/2023 | 297,787 | 0.2 |
| 300,000 | (1) | Santander Retail Auto Lease Trust 2019-B A4, 2.380%, 08/21/2023 | 266,534 | 0.2 |
| 900,000 | (1) | Santander Retail Auto Lease Trust 2019-C A4, 1.930%, 11/20/2023 | 886,542 | 0.5 |
| 165,200 | (1) | Tesla Auto Lease Trust 2018-B A, 3.710%, 08/20/2021 | 166,179 | 0.1 |
| 800,000 | Toyota Auto Receivables 2019-B A4 Owner Trust, 2.600%, 11/15/2024 | 805,853 | 0.5 | |
| 350,000 | Toyota Auto Receivables 2019-C A4 Owner Trust, 1.880%, 11/15/2024 | 347,743 | 0.2 | |
| 13,145,173 | 7.6 | |||
| Credit Card Asset-Backed Securities: 1.5% | ||||
| 700,000 | BA Credit Card Trust 2019-A1 A1, 1.740%, 01/15/2025 | 710,397 | 0.4 | |
| 800,000 | Capital One Multi-Asset Execution Trust 2019-A2 A2, 1.720%, 08/15/2024 | 811,508 | 0.5 | |
| 450,000 | Discover Card Execution Note Trust 2017-A2 A2, 2.390%, 07/15/2024 | 459,266 | 0.3 | |
| 600,000 | (1) | Evergreen Credit Card Trust Series 2018-1 A, 2.950%, 03/15/2023 | 603,082 | 0.3 |
| 2,584,253 | 1.5 | |||
| Home Equity Asset-Backed Securities: 0.0% | ||||
| 4,729 | Chase Funding Loan Acquisition Trust Series 2003-C2 1A, 4.750%, 05/25/2020 | 4,740 | 0.0 | |
| Other Asset-Backed Securities: 9.6% | ||||
| 600,000 | (1) | Allegany Park CLO Ltd. 2019-1A A, 3.164%, (US0003M + 1.330%), 01/20/2033 | 561,754 | 0.3 |
| 700,000 | (1) | Apidos CLO XXXII 2019-32A A1, 3.003%, (US0003M + 1.320%), 01/20/2033 | 656,961 | 0.4 |
| 400,000 | (1) | Arbor Realty Commercial Real Estate Notes 2019-FL2 A Ltd., 1.905%, (US0001M + 1.200%), 06/15/2034 | 381,349 | 0.2 |
| 400,000 | (1) | ARES XLVI CLO Ltd. 2017-46A A2, 3.061%, (US0003M + 1.230%), 01/15/2030 | 365,815 | 0.2 |
| 250,000 | (1) | Babson CLO Ltd. 2017-1A A2, 3.169%, (US0003M + 1.350%), 07/18/2029 | 232,858 | 0.1 |
| 500,000 | (1) | Barings Clo Ltd. 2019-4A A1, 3.233%, (US0003M + 1.330%), 01/15/2033 | 466,644 | 0.3 |
| 600,000 | (1) | Beechwood Park CLO Ltd. 2019-1A A1, 3.233%, (US0003M + 1.330%), 01/17/2033 | 560,746 | 0.3 |
| 250,000 | (1) | Benefit Street Partners CLO VIII Ltd. 2015-8A A1BR, 3.019%, (US0003M + 1.200%), 01/20/2031 | 221,855 | 0.1 |
| 250,000 | (1) | Cedar Funding VIII Clo Ltd. 2017-8A A1, 3.086%, (US0003M + 1.250%), 10/17/2030 | 234,765 | 0.1 |
| 250,000 | (1) | CIFC Funding 2013-2A A1LR, 3.037%, (US0003M + 1.210%), 10/18/2030 | 238,545 | 0.2 |
| 250,000 | (1) | CIFC Funding 2015-IA ARR Ltd., 2.912%, (US0003M + 1.110%), 01/22/2031 | 235,674 | 0.1 |
| 600,000 | (1) | CIFC Funding 2019-6A A1 Ltd., 3.237%, (US0003M + 1.330%), 01/16/2033 | 563,707 | 0.3 |
| 250,000 | (1) | CIFC Funding 2019-6A A2 Ltd., 3.657%, (US0003M + 1.750%), 01/16/2033 | 232,427 | 0.1 |
| 150,000 | CNH Equipment Trust 2017-B A4, 2.170%, 04/17/2023 | 152,363 | 0.1 | |
| 250,000 | (1) | Deer Creek Clo Ltd. 2017-1A A, 2.999%, (US0003M + 1.180%), 10/20/2030 | 236,457 | 0.2 |
| 300,000 | (1) | Dryden 68 CLO Ltd. 2019-68A A, 3.141%, (US0003M + 1.310%), 07/15/2032 | 279,017 | 0.2 |
| 250,000 | (1) | Dryden Senior Loan Fund 2017-47A A2, 3.181%, (US0003M + 1.350%), 04/15/2028 | 229,556 | 0.1 |
| 360,000 | (1) | Dryden XXVIII Senior Loan Fund 2013-28A A1LR, 2.892%, (US0003M + 1.200%), 08/15/2030 | 345,163 | 0.2 |
| 250,000 | (1) | Eaton Vance Clo 2015-1A A2R Ltd., 3.069%, (US0003M + 1.250%), 01/20/2030 | 225,743 | 0.1 |
| 250,000 | (1) | Galaxy XIX CLO Ltd. 2015-19A A1R, 3.021%, (US0003M + 1.220%), 07/24/2030 | 237,687 | 0.2 |
See Accompanying Notes to Financial Statements
| 77 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 500,000 | (1) | Kayne CLO 6 Ltd. 2019-6A A1, 3.131%, (US0003M + 1.380%), 01/20/2033 | 466,675 | 0.3 |
| 500,000 | (1) | Kayne CLO 7 Ltd. 2020-7A A1, 2.651%, (US0003M + 1.200%), 04/17/2033 | 422,500 | 0.3 |
| 310,000 | (1) | LoanCore 2019-CRE2 A Issuer Ltd., 1.835%, (US0001M + 1.130%), 05/09/2036 | 290,193 | 0.2 |
| 600,000 | (1) | Madison Park Funding XXXVII Ltd. 2019-37A A1, 3.131%, (US0003M + 1.300%), 07/15/2032 | 563,890 | 0.3 |
| 250,000 | (1) | Magnetite XII Ltd. 2015-12A ARR, 2.931%, (US0003M + 1.100%), 10/15/2031 | 234,467 | 0.1 |
| 850,000 | (1) | Marlette Funding Trust 2020-1A B, 2.380%, 03/15/2030 | 711,229 | 0.4 |
| 340,000 | (1) | Neuberger Berman Loan Advisers CLO 35 Ltd. 2019-35A A1, 3.243%, (US0003M + 1.340%), 01/19/2033 | 321,956 | 0.2 |
| 700,000 | (1) | Niagara Park Clo Ltd. 2019-B A4, 3.136%, (US0003M + 1.300%), 07/17/2032 | 654,740 | 0.4 |
| 250,000 | (1) | OCP Clo 2019-17A C1 Ltd., 3.577%, (US0003M + 1.750%), 07/20/2032 | 226,667 | 0.1 |
| 250,000 | (1) | Octagon Investment Partners 30 Ltd. 2017-1A A1, 3.139%, (US0003M + 1.320%), 03/17/2030 | 237,378 | 0.2 |
| 250,000 | (1) | Octagon Investment Partners XIV Ltd. 2012-1A A1BR, 3.206%, (US0003M + 1.375%), 07/15/2029 | 225,321 | 0.1 |
| 250,000 | (1) | Octagon Investment Partners XV Ltd. 2013-1A A2R, 3.169%, (US0003M + 1.350%), 07/19/2030 | 231,475 | 0.1 |
| 600,000 | (1) | Octagon Loan Funding Ltd. 2014-1A ARR, 2.872%, (US0003M + 1.180%), 11/18/2031 | 561,278 | 0.3 |
| 500,000 | (1) | OHA Credit Funding 3 Ltd. 2019-3A A1, 3.139%, (US0003M + 1.320%), 07/20/2032 | 472,475 | 0.3 |
| 500,000 | (1) | OHA Loan Funding 2015-1A A1R2 Ltd., 3.032%, (US0003M + 1.340%), 11/15/2032 | 468,997 | 0.3 |
| 250,000 | (1) | Palmer Square CLO 2013-2A AARR Ltd., 3.036%, (US0003M + 1.200%), 10/17/2031 | 233,935 | 0.1 |
| 500,000 | (1) | Palmer Square CLO 2015-2A A1R2 Ltd., 2.919%, (US0003M + 1.100%), 07/20/2030 | 473,972 | 0.3 |
| 191,289 | (1) | SoFi Consumer Loan Program 2019-2 A Trust, 3.010%, 04/25/2028 | 185,794 | 0.1 |
| 211,466 | (1) | SoFi Consumer Loan Program 2019-3 A Trust, 2.900%, 05/25/2028 | 205,279 | 0.1 |
| 476,304 | (1) | SoFi Consumer Loan Program 2020-1 A Trust, 2.020%, 01/25/2029 | 475,503 | 0.3 |
| 590,000 | (1) | Sound Point CLO XXV Ltd. 2019-4A A1A, 3.231%, (US0003M + 1.400%), 01/15/2033 | 536,042 | 0.3 |
| 400,000 | (1) | Symphony CLO XXI Ltd. 2019-21A A, 3.742%, (US0003M + 1.380%), 07/15/2032 | 375,454 | 0.2 |
| 250,000 | (1) | THL Credit Wind River 2017-2A A CLO Ltd., 3.049%, (US0003M + 1.230%), 07/20/2030 | 237,102 | 0.2 |
| 400,000 | (1) | THL Credit Wind River 2019-2A A2 Clo Ltd., 3.501%, (US0003M + 1.650%), 01/15/2033 | 369,950 | 0.2 |
| 300,000 | (1) | Trafigura Securitisation Finance PLC 2018-1A A2, 3.730%, 03/15/2022 | 302,597 | 0.2 |
| 200,000 | Verizon Owner Trust 2018-A A1A, 3.230%, 04/20/2023 | 202,838 | 0.1 | |
| 100,000 | (1) | Volvo Financial Equipment LLC Series 2017-1A A4, 2.210%, 11/15/2021 | 99,661 | 0.1 |
| 16,446,454 | 9.6 | |||
| Student Loan Asset-Backed Securities: 0.8% | ||||
| 167,817 | (1) | DRB Prime Student Loan Trust 2017-A A2B, 2.850%, 05/27/2042 | 171,898 | 0.1 |
| 384,805 | (1) | Laurel Road Prime Student Loan Trust 2018-B A2FX, 3.540%, 05/26/2043 | 378,543 | 0.2 |
| 300,000 | (1) | Navient Private Education Loan Trust 2014-AA A3, 2.305%, (US0001M + 1.600%), 10/15/2031 | 288,503 | 0.2 |
| 500,000 | (1) | Navient Private Education Refi Loan Trust 2019-FA A2, 2.600%, 08/15/2068 | 505,997 | 0.3 |
| 1,344,941 | 0.8 | |||
| Total Asset-Backed Securities | ||||
| (Cost $34,741,917) | 33,525,561 | 19.5 | ||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.4% | ||||
| Federal Home Loan Mortgage Corporation: 0.3%(5) | ||||
| 35,291 | 5.500%,01/01/2037 | 38,718 | 0.0 | |
| 30,238 | 5.500%,08/01/2038 | 33,169 | 0.0 | |
See Accompanying Notes to Financial Statements
| 78 |
| Voya Short Term Bond Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 9,663 | 5.500%,10/01/2038 | 10,598 | 0.0 | |
| 5,010 | 5.500%,10/01/2038 | 5,493 | 0.0 | |
| 228,236 | 5.500%,11/01/2038 | 259,489 | 0.2 | |
| 108,011 | 5.500%,02/01/2039 | 118,492 | 0.1 | |
| 465,959 | 0.3 | |||
| Uniform Mortgage-Backed Securities: 0.1% | ||||
| 101,051 | 5.000%,03/01/2027 | 106,555 | 0.0 | |
| 128,847 | 5.000%,07/01/2034 | 143,112 | 0.1 | |
| 249,667 | 0.1 | |||
| Total U.S. Government Agency Obligations | ||||
| (Cost $690,845) | 715,626 | 0.4 | ||
| SUPRANATIONAL BONDS: 0.0% | ||||
| 58,000 | European Investment Bank, 1.750%, 05/15/2020 | 58,073 | 0.0 | |
| Total Supranational Bonds | ||||
| (Cost $57,829) | 58,073 | 0.0 | ||
| Total Long-Term Investments | ||||
| (Cost $175,770,767) | 169,782,749 | 98.6 | ||
| SHORT-TERM INVESTMENTS: 1.1% | ||||
| Repurchase Agreements: 0.1% | ||||
| 239,706 | (6) | Citigroup, Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $239,706, collateralized by various U.S. Government Agency Obligations, 0.150%-8.500%, Market Value plus accrued interest $244,500, due 04/15/21-09/20/69) | ||
| (Cost $239,706) | 239,706 | 0.1 | ||
| Shares | Value | Percentage of Net Assets | ||
| Mutual Funds: 1.0% | ||||
| 1,641,000 | (7) | Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.340% | ||
| (Cost $1,641,000) | 1,641,000 | 1.0 | ||
| Total Short-Term Investments | ||||
| (Cost $1,880,706) | 1,880,706 | 1.1 | ||
| Total Investments in Securities (Cost $177,651,473) |
$ 171,663,455 | 99.7 | ||
| Assets in Excess of Other Liabilities | 567,135 | 0.3 | ||
| Net Assets | $ 172,230,590 | 100.0 | ||
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of March 31, 2020. |
| (4) | 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, 2020. |
| (5) | The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies. |
| (6) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (7) | Rate shown is the 7-day yield as of March 31, 2020. |
| Reference Rate Abbreviations: | |
| US0001M | 1-month LIBOR |
| US0003M | 3-month LIBOR |
See Accompanying Notes to Financial Statements
| 79 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 |
| Principal Amount† |
Value | Percentage of Net Assets | ||
| CORPORATE BONDS/NOTES: 15.3% | ||||
| Basic Materials: 1.2% | ||||
| 1,250,000 | (1) | Alpek SAB de CV, 4.250%, 09/18/2029 | $ 1,025,962 | 0.0 |
| 1,925,000 | (1) | Anglo American Capital PLC, 3.625%, 09/11/2024 | 1,814,848 | 0.1 |
| 800,000 | (1) | Aruba Investments, Inc., 8.750%, 02/15/2023 | 782,996 | 0.0 |
| 250,000 | (1) | Braskem Netherlands Finance BV, 4.500%, 01/31/2030 | 195,500 | 0.0 |
| 1,350,000 | Celulosa Arauco y Constitucion SA, 3.875%, 11/02/2027 | 1,177,932 | 0.1 | |
| 1,500,000 | (1) | Celulosa Arauco y Constitucion SA, 4.250%, 04/30/2029 | 1,276,564 | 0.1 |
| 160,000 | (2) | Cleveland-Cliffs, Inc., 5.750%, 03/01/2025 | 124,800 | 0.0 |
| 260,000 | (1) | Cleveland-Cliffs, Inc., 6.750%, 03/15/2026 | 231,237 | 0.0 |
| 1,500,000 | CNAC HK Finbridge Co. Ltd., 5.125%, 03/14/2028 | 1,663,280 | 0.1 | |
| 1,050,000 | CNAC HK Finbridge Co. Ltd., 3.875%, 06/19/2029 | 1,080,844 | 0.1 | |
| 675,000 | (1) | Compass Minerals International, Inc., 6.750%, 12/01/2027 | 613,103 | 0.0 |
| 250,000 | (1) | Constellium SE, 5.750%, 05/15/2024 | 225,336 | 0.0 |
| 550,000 | (1) | Constellium SE, 6.625%, 03/01/2025 | 499,109 | 0.0 |
| 1,250,000 | (1) | Evraz PLC, 5.250%, 04/02/2024 | 1,270,619 | 0.1 |
| 800,000 | (1) | First Quantum Minerals Ltd., 6.500%, 03/01/2024 | 669,004 | 0.0 |
| 750,000 | Freeport-McMoRan, Inc., 4.550%, 11/14/2024 | 712,954 | 0.0 | |
| 1,175,000 | Freeport-McMoRan, Inc., 4.125%, 03/01/2028 | 1,032,990 | 0.0 | |
| 200,000 | Freeport-McMoRan, Inc., 4.250%, 03/01/2030 | 174,510 | 0.0 | |
| 750,000 | (1) | Gold Fields Orogen Holdings BVI Ltd., 5.125%, 05/15/2024 | 711,559 | 0.0 |
| 705,000 | Hecla Mining Co., 7.250%, 02/15/2028 | 620,753 | 0.0 | |
| 1,200,000 | International Paper Co., 4.350%, 08/15/2048 | 1,167,518 | 0.1 | |
| 2,000,000 | (1) | Inversiones CMPC SA, 3.850%, 01/13/2030 | 1,810,500 | 0.1 |
| 400,000 | Inversiones CMPC SA, 4.375%, 04/04/2027 | 376,421 | 0.0 | |
| 1,800,000 | (1) | MMK International Capital DAC, 4.375%, 06/13/2024 | 1,787,990 | 0.1 |
| 1,075,000 | (1) | Novelis Corp., 5.875%, 09/30/2026 | 1,062,457 | 0.1 |
| 700,000 | (1) | OCI NV, 5.250%, 11/01/2024 | 612,500 | 0.0 |
| 1,050,000 | (1) | OCI NV, 6.625%, 04/15/2023 | 966,000 | 0.0 |
| 650,000 | Olin Corp., 5.125%, 09/15/2027 | 585,346 | 0.0 | |
| 950,000 | (1) | Schweitzer-Mauduit International, Inc., 6.875%, 10/01/2026 | 953,365 | 0.0 |
| 2,500,000 | (1) | Severstal OAO Via Steel Capital SA, 3.150%, 09/16/2024 | 2,407,015 | 0.1 |
| 825,000 | Sherwin-Williams Co/The, 3.300%, 05/15/2050 | 784,004 | 0.0 | |
| 350,000 | Southern Copper Corp., 5.875%, 04/23/2045 | 373,169 | 0.0 | |
| 620,000 | (1) | SPCM SA, 4.875%, 09/15/2025 | 590,531 | 0.0 |
| 1,350,000 | Suzano Austria GmbH, 5.000%, 01/15/2030 | 1,195,088 | 0.1 | |
| 200,000 | Suzano Austria GmbH, 6.000%, 01/15/2029 | 188,209 | 0.0 | |
| 750,000 | Teck Resources Ltd., 5.200%, 03/01/2042 | 569,187 | 0.0 | |
| 600,000 | (1),(2) | Tronox, Inc., 6.500%, 04/15/2026 | 544,545 | 0.0 |
| 31,877,745 | 1.2 | |||
| Communications: 2.3% | ||||
| 450,000 | (1) | Altice France SA/France, 8.125%, 02/01/2027 | 471,622 | 0.0 |
| 550,000 | (1) | Altice Finco SA, 7.625%, 02/15/2025 | 527,310 | 0.0 |
| 950,000 | AMC Networks, Inc., 4.750%, 08/01/2025 | 929,817 | 0.1 | |
| 290,000 | AT&T, Inc., 3.400%, 05/15/2025 | 300,485 | 0.0 | |
| 1,068,000 | AT&T, Inc., 4.500%, 03/09/2048 | 1,164,702 | 0.1 | |
| 500,000 | AT&T, Inc., 5.150%, 02/15/2050 | 599,932 | 0.0 | |
| 775,000 | (1) | Block Communications, Inc., 4.875%, 03/01/2028 | 725,109 | 0.0 |
| 1,100,000 | (1) | C&W Senior Financing DAC, 7.500%, 10/15/2026 | 1,015,336 | 0.1 |
| 650,000 | Cablevision Systems Corp., 5.875%, 09/15/2022 | 659,971 | 0.0 | |
| 278,000 | ViacomCBS, Inc., 4.000%, 01/15/2026 | 287,261 | 0.0 | |
| 1,300,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 05/01/2027 | 1,315,626 | 0.1 |
| 600,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.000%, 02/01/2028 | 605,736 | 0.0 |
See Accompanying Notes to Financial Statements
| 80 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 750,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.500%, 05/01/2026 | 764,676 | 0.0 |
| 1,500,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 02/15/2026 | 1,523,925 | 0.1 |
| 180,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 4.500%, 05/01/2032 | 176,548 | 0.0 |
| 420,000 | (1) | CCO Holdings LLC / CCO Holdings Capital Corp., 4.750%, 03/01/2030 | 421,281 | 0.0 |
| 100,000 | CenturyLink, Inc., 5.625%, 04/01/2020 | 100,000 | 0.0 | |
| 395,000 | CenturyLink, Inc., 5.625%, 04/01/2025 | 399,442 | 0.0 | |
| 385,000 | CenturyLink, Inc., 5.800%, 03/15/2022 | 390,644 | 0.0 | |
| 950,000 | (1) | Clear Channel Worldwide Holdings, Inc., 9.250%, 02/15/2024 | 822,942 | 0.0 |
| 80,000 | Comcast Corp., 4.250%, 01/15/2033 | 94,432 | 0.0 | |
| 1,750,000 | Comcast Corp., 4.700%, 10/15/2048 | 2,272,217 | 0.1 | |
| 60,000 | Comcast Corp., 5.650%, 06/15/2035 | 81,344 | 0.0 | |
| 1,250,000 | (1) | CommScope Tech Finance LLC, 6.000%, 06/15/2025 | 1,153,375 | 0.1 |
| 500,000 | (1) | CommScope Technologies LLC, 5.000%, 03/15/2027 | 437,537 | 0.0 |
| 1,025,000 | (1) | Connect Finco SARL / Connect US Finco LLC, 6.750%, 10/01/2026 | 850,750 | 0.0 |
| 1,650,000 | (2) | CSC Holdings LLC, 5.250%, 06/01/2024 | 1,664,429 | 0.1 |
| 1,175,000 | (1) | CSC Holdings LLC, 5.500%, 05/15/2026 | 1,223,548 | 0.1 |
| 600,000 | (1) | CSC Holdings LLC, 5.750%, 01/15/2030 | 607,326 | 0.0 |
| 400,000 | (1) | CSC Holdings LLC, 7.500%, 04/01/2028 | 428,955 | 0.0 |
| 825,000 | (1) | Cumulus Media New Holdings, Inc., 6.750%, 07/01/2026 | 743,013 | 0.0 |
| 550,000 | (1) | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 08/15/2026 | 449,978 | 0.0 |
| 1,225,000 | (1),(2) | Diamond Sports Group LLC / Diamond Sports Finance Co., 6.625%, 08/15/2027 | 826,017 | 0.0 |
| 1,282,000 | Discovery Communications LLC, 2.950%, 03/20/2023 | 1,280,911 | 0.1 | |
| 650,000 | DISH DBS Corp., 5.000%, 03/15/2023 | 628,888 | 0.0 | |
| 400,000 | DISH DBS Corp., 5.875%, 07/15/2022 | 391,664 | 0.0 | |
| 1,000,000 | DISH DBS Corp., 5.875%, 11/15/2024 | 980,085 | 0.1 | |
| 800,000 | Embarq Corp., 7.995%, 06/01/2036 | 796,260 | 0.0 | |
| 750,000 | (1),(2) | Entercom Media Corp., 7.250%, 11/01/2024 | 632,809 | 0.0 |
| 375,000 | (1) | Frontier Communications Corp., 8.000%, 04/01/2027 | 371,936 | 0.0 |
| 900,000 | (1) | Gray Television, Inc., 5.125%, 10/15/2024 | 875,254 | 0.1 |
| 575,000 | (1) | Gray Television, Inc., 7.000%, 05/15/2027 | 575,316 | 0.0 |
| 645,000 | (1) | GTT Communications, Inc., 7.875%, 12/31/2024 | 420,862 | 0.0 |
| 900,000 | Hughes Satellite Systems Corp., 6.625%, 08/01/2026 | 919,312 | 0.1 | |
| 325,000 | (1) | iHeartCommunications, Inc., 5.250%, 08/15/2027 | 285,009 | 0.0 |
| 1,000,000 | iHeartCommunications, Inc., 8.375%, 05/01/2027 | 856,950 | 0.0 | |
| 775,000 | (1) | Intelsat Jackson Holdings SA, 8.500%, 10/15/2024 | 492,865 | 0.0 |
| 600,000 | (2) | Intelsat Luxembourg SA, 8.125%, 06/01/2023 | 127,500 | 0.0 |
| 500,000 | (1) | Lamar Media Corp., 3.750%, 02/15/2028 | 472,440 | 0.0 |
| 175,000 | (1) | Lamar Media Corp., 4.000%, 02/15/2030 | 164,063 | 0.0 |
| 1,000,000 | (1) | LCPR Senior Secured Financing DAC, 6.750%, 10/15/2027 | 990,550 | 0.1 |
| 225,000 | Level 3 Financing, Inc., 5.125%, 05/01/2023 | 222,468 | 0.0 | |
| 850,000 | Level 3 Financing, Inc., 5.250%, 03/15/2026 | 854,186 | 0.0 | |
| 425,000 | (1) | Match Group, Inc., 4.125%, 08/01/2030 | 382,234 | 0.0 |
| 950,000 | (1) | MDC Partners, Inc., 6.500%, 05/01/2024 | 719,625 | 0.0 |
| 475,000 | (1) | Midcontinent Communications / Midcontinent Finance Corp., 5.375%, 08/15/2027 | 463,960 | 0.0 |
| 225,000 | (1) | Netflix, Inc., 4.875%, 06/15/2030 | 229,658 | 0.0 |
| 1,150,000 | Netflix, Inc., 5.875%, 11/15/2028 | 1,236,883 | 0.1 | |
| 875,000 | (1) | Nexstar Broadcasting, Inc., 5.625%, 08/01/2024 | 829,058 | 0.0 |
| 825,000 | (1) | Nexstar Broadcasting, Inc., 5.625%, 07/15/2027 | 811,016 | 0.0 |
| 450,000 | (1) | Altice France SA/France, 7.375%, 05/01/2026 | 456,998 | 0.0 |
| 245,000 | (1) | Sinclair Television Group, Inc., 5.125%, 02/15/2027 | 209,118 | 0.0 |
| 475,000 | (1) | Sirius XM Radio, Inc., 4.625%, 07/15/2024 | 485,063 | 0.0 |
| 1,225,000 | (1) | Sirius XM Radio, Inc., 5.000%, 08/01/2027 | 1,250,051 | 0.1 |
See Accompanying Notes to Financial Statements
| 81 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 385,000 | (1) | Sprint Corp., 7.250%, 02/01/2028 | 388,369 | 0.0 |
| 1,175,000 | Sprint Communications, Inc., 6.000%, 11/15/2022 | 1,228,980 | 0.1 | |
| 1,500,000 | Sprint Corp., 7.125%, 06/15/2024 | 1,657,478 | 0.1 | |
| 800,000 | Sprint Corp., 7.625%, 03/01/2026 | 909,880 | 0.1 | |
| 210,000 | (1) | TEGNA, Inc., 4.625%, 03/15/2028 | 185,719 | 0.0 |
| 775,000 | (1) | TEGNA, Inc., 5.000%, 09/15/2029 | 700,406 | 0.0 |
| 1,300,000 | Telecom Italia Capital SA, 6.375%, 11/15/2033 | 1,326,715 | 0.1 | |
| 700,000 | (1) | Telesat Canada / Telesat LLC, 6.500%, 10/15/2027 | 675,885 | 0.0 |
| 1,025,000 | (1) | Terrier Media Buyer, Inc., 8.875%, 12/15/2027 | 868,688 | 0.1 |
| 1,250,000 | T-Mobile USA, Inc., 5.375%, 04/15/2027 | 1,296,209 | 0.1 | |
| 750,000 | (1) | Townsquare Media, Inc., 6.500%, 04/01/2023 | 726,559 | 0.0 |
| 1,975,000 | Verizon Communications, Inc., 4.125%, 08/15/2046 | 2,296,589 | 0.1 | |
| 775,000 | (3) | ViacomCBS, Inc., 6.250%, 02/28/2057 | 670,627 | 0.0 |
| 725,000 | (1) | ViaSat, Inc., 5.625%, 09/15/2025 | 682,337 | 0.0 |
| 265,000 | (1) | ViaSat, Inc., 5.625%, 04/15/2027 | 263,158 | 0.0 |
| 600,000 | (1) | Virgin Media Secured Finance PLC, 5.500%, 05/15/2029 | 603,330 | 0.0 |
| 350,000 | (1) | Ziggo Bond Co. BV, 5.125%, 02/28/2030 | 344,969 | 0.0 |
| 200,000 | (1) | Ziggo BV, 4.875%, 01/15/2030 | 196,181 | 0.0 |
| 58,470,357 | 2.3 | |||
| Consumer, Cyclical: 1.7% | ||||
| 1,750,000 | (1) | 1011778 BC ULC / New Red Finance, Inc., 5.000%, 10/15/2025 | 1,682,179 | 0.1 |
| 625,000 | (1) | Adams Homes, Inc., 7.500%, 02/15/2025 | 601,562 | 0.0 |
| 700,000 | (1) | Adient Global Holdings Ltd., 4.875%, 08/15/2026 | 484,697 | 0.0 |
| 725,000 | (1) | Allison Transmission, Inc., 5.875%, 06/01/2029 | 715,551 | 0.0 |
| 1,050,000 | AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026 | 443,066 | 0.0 | |
| 450,000 | (1) | American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/2028 | 411,997 | 0.0 |
| 525,000 | (1) | Asbury Automotive Group, Inc., 4.500%, 03/01/2028 | 450,187 | 0.0 |
| 470,000 | (1) | Asbury Automotive Group, Inc., 4.750%, 03/01/2030 | 403,025 | 0.0 |
| 200,000 | (1) | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.625%, 01/15/2028 | 159,500 | 0.0 |
| 600,000 | (1) | Ashton Woods USA LLC / Ashton Woods Finance Co., 6.750%, 08/01/2025 | 485,247 | 0.0 |
| 1,220,000 | (1) | Caesars Resort Collection LLC / CRC Finco, Inc., 5.250%, 10/15/2025 | 890,234 | 0.1 |
| 475,000 | (1) | CCM Merger, Inc., 6.000%, 03/15/2022 | 393,062 | 0.0 |
| 400,000 | Cedar Fair L.P. / Canada's Wonderland Co. / Magnum Management Corp., 5.375%, 06/01/2024 | 363,498 | 0.0 | |
| 850,000 | (1) | Cedar Fair L.P., 5.250%, 07/15/2029 | 722,967 | 0.0 |
| 1,075,000 | Century Communities, Inc., 5.875%, 07/15/2025 | 930,429 | 0.1 | |
| 225,000 | (1),(4) | Core & Main Holdings L.P., 8.625% (PIK Rate 9.375%, Cash Rate 8.625%), 09/15/2024 | 207,843 | 0.0 |
| 925,000 | (1) | Core & Main L.P., 6.125%, 08/15/2025 | 867,160 | 0.1 |
| 1,200,000 | Dana, Inc., 5.500%, 12/15/2024 | 1,057,506 | 0.1 | |
| 735,000 | (1) | Golden Entertainment, Inc., 7.625%, 04/15/2026 | 490,331 | 0.0 |
| 1,375,000 | (1) | Golden Nugget, Inc., 6.750%, 10/15/2024 | 876,370 | 0.1 |
| 1,250,000 | H&E Equipment Services, Inc., 5.625%, 09/01/2025 | 1,167,194 | 0.1 | |
| 800,000 | Home Depot, Inc./The, 3.125%, 12/15/2049 | 810,705 | 0.0 | |
| 675,000 | (1) | IAA, Inc., 5.500%, 06/15/2027 | 656,809 | 0.0 |
| 725,000 | (1) | Installed Building Products, Inc., 5.750%, 02/01/2028 | 696,756 | 0.0 |
| 600,000 | (1) | International Game Technology PLC, 6.250%, 02/15/2022 | 554,910 | 0.0 |
| 1,000,000 | (1) | International Game Technology PLC, 6.500%, 02/15/2025 | 892,360 | 0.1 |
| 1,400,000 | L Brands, Inc., 6.750%, 07/01/2036 | 1,018,920 | 0.1 | |
| 950,000 | Lennar Corp., 5.250%, 06/01/2026 | 953,080 | 0.1 | |
| 575,000 | Lennar Corp., 5.375%, 10/01/2022 | 591,351 | 0.0 | |
| 875,000 | (1) | Lions Gate Capital Holdings LLC, 5.875%, 11/01/2024 | 752,986 | 0.0 |
| 1,714,000 | Lowe's Cos, Inc., 3.700%, 04/15/2046 | 1,595,911 | 0.1 | |
| 625,000 | (1) | M/I Homes, Inc., 4.950%, 02/01/2028 | 535,156 | 0.0 |
See Accompanying Notes to Financial Statements
| 82 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 325,000 | M/I Homes, Inc., 5.625%, 08/01/2025 | 293,717 | 0.0 | |
| 1,225,000 | (1) | Mattel, Inc., 5.875%, 12/15/2027 | 1,256,299 | 0.1 |
| 675,000 | McDonald's Corp., 3.625%, 05/01/2043 | 656,370 | 0.0 | |
| 825,000 | McDonald's Corp., 3.625%, 09/01/2049 | 847,147 | 0.1 | |
| 600,000 | Meritage Homes Corp., 5.125%, 06/06/2027 | 569,125 | 0.0 | |
| 500,000 | Meritage Homes Corp., 6.000%, 06/01/2025 | 465,622 | 0.0 | |
| 180,000 | (2) | MGM Resorts International, 5.500%, 04/15/2027 | 164,799 | 0.0 |
| 329,000 | (2) | MGM Resorts International, 5.750%, 06/15/2025 | 296,913 | 0.0 |
| 650,000 | MGM Resorts International, 6.000%, 03/15/2023 | 631,316 | 0.0 | |
| 800,000 | (1),(2) | Michaels Stores, Inc., 8.000%, 07/15/2027 | 596,440 | 0.0 |
| 650,000 | (1) | Motion Bondco DAC, 6.625%, 11/15/2027 | 471,250 | 0.0 |
| 775,000 | Murphy Oil USA, Inc., 4.750%, 09/15/2029 | 730,864 | 0.0 | |
| 265,000 | Murphy Oil USA, Inc., 5.625%, 05/01/2027 | 261,911 | 0.0 | |
| 750,000 | (1) | Navistar International Corp., 6.625%, 11/01/2025 | 629,066 | 0.0 |
| 880,000 | (1) | Penn National Gaming, Inc., 5.625%, 01/15/2027 | 660,363 | 0.0 |
| 675,000 | (1) | Performance Food Group, Inc., 5.500%, 10/15/2027 | 631,176 | 0.0 |
| 495,000 | (1) | PetSmart, Inc., 5.875%, 06/01/2025 | 491,288 | 0.0 |
| 1,000,000 | (1) | PetSmart, Inc., 7.125%, 03/15/2023 | 949,500 | 0.1 |
| 600,000 | SACI Falabella, 3.750%, 10/30/2027 | 516,016 | 0.0 | |
| 685,000 | (1) | Scientific Games International, Inc., 5.000%, 10/15/2025 | 601,088 | 0.0 |
| 485,000 | Scientific Games International, Inc., 6.625%, 05/15/2021 | 391,056 | 0.0 | |
| 475,000 | (1) | Scientific Games International, Inc., 7.000%, 05/15/2028 | 294,761 | 0.0 |
| 825,000 | (1) | Scientific Games International, Inc., 8.250%, 03/15/2026 | 532,729 | 0.0 |
| 800,000 | Sonic Automotive, Inc., 6.125%, 03/15/2027 | 710,834 | 0.0 | |
| 475,000 | (1) | Speedway Motorsports LLC / Speedway Funding II, Inc., 4.875%, 11/01/2027 | 431,063 | 0.0 |
| 415,000 | (1) | Station Casinos LLC, 4.500%, 02/15/2028 | 339,263 | 0.0 |
| 1,085,000 | (1) | Station Casinos LLC, 5.000%, 10/01/2025 | 911,736 | 0.1 |
| 575,000 | (1) | Taylor Morrison Communities, Inc., 5.750%, 01/15/2028 | 518,338 | 0.0 |
| 950,000 | Tempur Sealy International, Inc., 5.500%, 06/15/2026 | 836,665 | 0.1 | |
| 475,000 | (2) | Tenneco, Inc., 5.000%, 07/15/2026 | 301,661 | 0.0 |
| 725,000 | (1) | Univar Solutions USA, Inc./Washington, 5.125%, 12/01/2027 | 663,774 | 0.0 |
| 975,000 | (1) | Viking Cruises Ltd., 5.875%, 09/15/2027 | 575,894 | 0.0 |
| 675,000 | (1) | William Carter Co/The, 5.625%, 03/15/2027 | 651,734 | 0.0 |
| 250,000 | (1) | WMG Acquisition Corp., 5.000%, 08/01/2023 | 250,311 | 0.0 |
| 950,000 | (1) | Wolverine World Wide, Inc., 5.000%, 09/01/2026 | 913,425 | 0.1 |
| 42,906,063 | 1.7 | |||
| Consumer, Non-cyclical: 2.2% | ||||
| 1,000,000 | AbbVie, Inc., 4.875%, 11/14/2048 | 1,171,251 | 0.1 | |
| 250,000 | Acadia Healthcare Co., Inc., 5.625%, 02/15/2023 | 237,161 | 0.0 | |
| 675,000 | Acadia Healthcare Co., Inc., 6.500%, 03/01/2024 | 662,347 | 0.0 | |
| 875,000 | (1) | Adani Ports & Special Economic Zone Ltd., 4.375%, 07/03/2029 | 757,026 | 0.0 |
| 425,000 | (1) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 4.875%, 02/15/2030 | 423,937 | 0.0 |
| 725,000 | (1) | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 5.875%, 02/15/2028 | 741,929 | 0.0 |
| 1,050,000 | Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC, 6.625%, 06/15/2024 | 1,073,594 | 0.1 | |
| 525,000 | (1) | Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 07/15/2026 | 516,798 | 0.0 |
| 700,000 | (1) | Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.750%, 07/15/2027 | 664,557 | 0.0 |
| 2,000,000 | Altria Group, Inc., 4.500%, 05/02/2043 | 1,904,641 | 0.1 | |
| 140,000 | Amgen, Inc., 3.200%, 11/02/2027 | 151,795 | 0.0 | |
| 675,000 | (1) | AMN Healthcare, Inc., 4.625%, 10/01/2027 | 645,300 | 0.0 |
| 1,200,000 | Anheuser-Busch InBev Worldwide, Inc., 4.600%, 04/15/2048 | 1,277,272 | 0.1 | |
| 750,000 | Anthem, Inc., 3.700%, 09/15/2049 | 755,979 | 0.0 | |
| 1,250,000 | BAT Capital Corp., 4.540%, 08/15/2047 | 1,146,723 | 0.1 | |
See Accompanying Notes to Financial Statements
| 83 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,850,000 | (1) | Bausch Health Americas, Inc., 8.500%, 01/31/2027 | 1,943,518 | 0.1 |
| 530,000 | (1) | Bausch Health Cos, Inc., 5.250%, 01/30/2030 | 499,525 | 0.0 |
| 675,000 | (1) | Bausch Health Cos, Inc., 5.500%, 11/01/2025 | 686,175 | 0.0 |
| 475,000 | (1) | Bausch Health Cos, Inc., 6.125%, 04/15/2025 | 470,846 | 0.0 |
| 525,000 | (1) | Bausch Health Cos, Inc., 7.000%, 01/15/2028 | 547,339 | 0.0 |
| 1,200,000 | (1) | Bristol-Myers Squibb Co., 4.550%, 02/20/2048 | 1,527,630 | 0.1 |
| 750,000 | (1) | Cardtronics, Inc. / Cardtronics USA, Inc., 5.500%, 05/01/2025 | 719,059 | 0.0 |
| 415,000 | (1) | Catalent Pharma Solutions, Inc., 5.000%, 07/15/2027 | 404,853 | 0.0 |
| 200,000 | (1) | Centene Corp., 3.375%, 02/15/2030 | 186,750 | 0.0 |
| 625,000 | (1) | Centene Corp., 4.625%, 12/15/2029 | 631,594 | 0.0 |
| 1,325,000 | Centene Corp., 4.750%, 01/15/2025 | 1,349,850 | 0.1 | |
| 295,000 | (1) | Centene Corp., 4.750%, 01/15/2025 | 300,533 | 0.0 |
| 425,000 | (1) | Centene Corp., 5.375%, 06/01/2026 | 440,156 | 0.0 |
| 950,000 | CHS/Community Health Systems, Inc., 6.250%, 03/31/2023 | 909,031 | 0.1 | |
| 950,000 | (1) | CHS/Community Health Systems, Inc., 6.625%, 02/15/2025 | 885,875 | 0.1 |
| 1,250,000 | Cigna Corp., 4.900%, 12/15/2048 | 1,518,345 | 0.1 | |
| 925,000 | (1) | Cott Holdings, Inc., 5.500%, 04/01/2025 | 903,036 | 0.1 |
| 239,000 | CVS Health Corp., 3.875%, 07/20/2025 | 247,397 | 0.0 | |
| 1,250,000 | CVS Health Corp., 5.050%, 03/25/2048 | 1,425,056 | 0.1 | |
| 600,000 | DaVita, Inc., 5.125%, 07/15/2024 | 601,953 | 0.0 | |
| 1,325,000 | (1) | DP World Crescent Ltd., 3.750%, 01/30/2030 | 1,105,050 | 0.1 |
| 1,050,000 | DP World Crescent Ltd., 3.875%, 07/18/2029 | 885,150 | 0.0 | |
| 625,000 | (1) | Endo Ltd. / Endo Finance LLC / Endo Finco, Inc., 6.000%, 02/01/2025 | 430,269 | 0.0 |
| 1,250,000 | (1) | Garda World Security Corp., 8.750%, 05/15/2025 | 1,159,338 | 0.1 |
| 1,075,000 | (1) | Graham Holdings Co., 5.750%, 06/01/2026 | 1,062,683 | 0.1 |
| 2,775,000 | HCA, Inc., 5.375%, 02/01/2025 | 2,840,892 | 0.1 | |
| 375,000 | HCA, Inc., 5.625%, 09/01/2028 | 394,594 | 0.0 | |
| 475,000 | (1) | Hertz Corp./The, 6.000%, 01/15/2028 | 252,011 | 0.0 |
| 475,000 | (1) | Hertz Corp./The, 7.125%, 08/01/2026 | 251,358 | 0.0 |
| 775,000 | (1) | Hertz Corp., 5.500%, 10/15/2024 | 440,622 | 0.0 |
| 445,000 | (1) | Hill-Rom Holdings, Inc., 4.375%, 09/15/2027 | 442,126 | 0.0 |
| 800,000 | (1) | JBS USA LUX SA / JBS USA Finance, Inc., 5.875%, 07/15/2024 | 813,000 | 0.0 |
| 725,000 | (1) | JBS USA LUX SA / JBS USA Finance, Inc., 6.750%, 02/15/2028 | 777,961 | 0.0 |
| 750,000 | (1) | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.500%, 01/15/2030 | 778,538 | 0.0 |
| 500,000 | (1) | KeHE Distributors LLC / KeHE Finance Corp., 8.625%, 10/15/2026 | 505,313 | 0.0 |
| 35,000 | Kraft Heinz Foods Co., 2.800%, 07/02/2020 | 34,742 | 0.0 | |
| 665,000 | Kraft Heinz Foods Co., 4.375%, 06/01/2046 | 602,905 | 0.0 | |
| 1,440,000 | Kraft Heinz Foods Co., 5.000%, 07/15/2035 | 1,441,299 | 0.1 | |
| 330,000 | Kraft Heinz Foods Co., 5.000%, 06/04/2042 | 314,229 | 0.0 | |
| 520,000 | (1) | LifePoint Health, Inc., 4.375%, 02/15/2027 | 493,740 | 0.0 |
| 850,000 | Molina Healthcare, Inc., 5.375%, 11/15/2022 | 846,039 | 0.0 | |
| 1,025,000 | (1) | MPH Acquisition Holdings LLC, 7.125%, 06/01/2024 | 899,468 | 0.1 |
| 725,000 | New Albertsons L.P., 7.450%, 08/01/2029 | 709,443 | 0.0 | |
| 750,000 | (1) | Par Pharmaceutical, Inc., 7.500%, 04/01/2027 | 751,931 | 0.0 |
| 525,000 | (1) | Pilgrim's Pride Corp., 5.750%, 03/15/2025 | 530,909 | 0.0 |
| 550,000 | (1) | Pilgrim's Pride Corp., 5.875%, 09/30/2027 | 551,073 | 0.0 |
| 380,000 | (1),(4) | Polaris Intermediate Corp., 8.500% (PIK Rate 9.250%, Cash Rate 8.500%), 12/01/2022 | 297,343 | 0.0 |
| 1,375,000 | (1) | Post Holdings, Inc., 5.625%, 01/15/2028 | 1,406,694 | 0.1 |
| 263,000 | Reynolds American, Inc., 4.450%, 06/12/2025 | 268,299 | 0.0 | |
| 1,070,000 | (1) | Select Medical Corp., 6.250%, 08/15/2026 | 1,075,890 | 0.1 |
| 925,000 | Spectrum Brands, Inc., 5.750%, 07/15/2025 | 871,785 | 0.0 | |
| 630,000 | Tenet Healthcare Corp., 5.125%, 05/01/2025 | 600,075 | 0.0 | |
| 95,000 | (1) | Tenet Healthcare Corp., 5.125%, 11/01/2027 | 91,081 | 0.0 |
| 1,300,000 | Tenet Healthcare Corp., 6.750%, 06/15/2023 | 1,207,382 | 0.1 |
See Accompanying Notes to Financial Statements
| 84 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 350,000 | Tenet Healthcare Corp., 8.125%, 04/01/2022 | 332,619 | 0.0 | |
| 400,000 | Teva Pharmaceutical Finance Netherlands III BV, 6.000%, 04/15/2024 | 395,498 | 0.0 | |
| 800,000 | United Rentals North America, Inc., 4.875%, 01/15/2028 | 780,440 | 0.0 | |
| 375,000 | United Rentals North America, Inc., 5.250%, 01/15/2030 | 376,969 | 0.0 | |
| 550,000 | United Rentals North America, Inc., 5.500%, 07/15/2025 | 542,440 | 0.0 | |
| 650,000 | United Rentals North America, Inc., 6.500%, 12/15/2026 | 663,358 | 0.0 | |
| 475,000 | (1) | Vizient, Inc., 6.250%, 05/15/2027 | 478,067 | 0.0 |
| 770,000 | (1) | West Street Merger Sub, Inc., 6.375%, 09/01/2025 | 676,961 | 0.0 |
| 57,708,415 | 2.2 | |||
| Energy: 2.5% | ||||
| 425,000 | (1) | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.250%, 04/01/2028 | 296,437 | 0.0 |
| 275,000 | (1) | Archrock Partners L.P. / Archrock Partners Finance Corp., 6.875%, 04/01/2027 | 197,194 | 0.0 |
| 605,000 | (1) | Baytex Energy Corp., 8.750%, 04/01/2027 | 235,345 | 0.0 |
| 161,700 | (1) | Calfrac Holdings L.P., 10.875%, 03/15/2026 | 48,510 | 0.0 |
| 1,025,000 | (2) | Callon Petroleum Co., 6.250%, 04/15/2023 | 251,094 | 0.0 |
| 2,000,000 | Cenovus Energy, Inc., 5.250%, 06/15/2037 | 899,382 | 0.1 | |
| 2,550,000 | CNOOC Finance 2013 Ltd., 2.875%, 09/30/2029 | 2,621,385 | 0.1 | |
| 250,000 | Continental Resources, Inc./OK, 4.500%, 04/15/2023 | 137,764 | 0.0 | |
| 975,000 | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 5.750%, 04/01/2025 | 565,529 | 0.0 | |
| 500,000 | Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.250%, 04/01/2023 | 283,227 | 0.0 | |
| 850,000 | Delek Logistics Partners L.P. / Delek Logistics Finance Corp., 6.750%, 05/15/2025 | 834,067 | 0.0 | |
| 455,000 | Diamond Offshore Drilling, Inc., 4.875%, 11/01/2043 | 66,114 | 0.0 | |
| 1,800,000 | Ecopetrol SA, 5.375%, 06/26/2026 | 1,764,976 | 0.1 | |
| 500,000 | Empresa Nacional del Petroleo, 3.750%, 08/05/2026 | 469,658 | 0.0 | |
| 1,200,000 | Empresa Nacional del Petroleo, 5.250%, 11/06/2029 | 1,190,824 | 0.1 | |
| 340,000 | (1) | Empresa Nacional del Petroleo, 5.250%, 11/06/2029 | 337,400 | 0.0 |
| 1,075,000 | Energy Transfer Operating L.P., 4.900%, 02/01/2024 | 963,867 | 0.1 | |
| 1,750,000 | Energy Transfer Operating L.P., 6.000%, 06/15/2048 | 1,474,810 | 0.1 | |
| 5,725,000 | (3) | Energy Transfer Operating L.P., 7.125%, 12/31/2199 | 3,452,633 | 0.1 |
| 1,025,000 | (1) | Enviva Partners L.P. / Enviva Partners Finance Corp., 6.500%, 01/15/2026 | 1,007,062 | 0.1 |
| 2,031,000 | (2) | Exxon Mobil Corp., 3.095%, 08/16/2049 | 2,069,748 | 0.1 |
| 3,600,000 | Gazprom PJSC Via Gaz Capital SA, 4.950%, 03/23/2027 | 3,748,824 | 0.2 | |
| 750,000 | Gazprom PJSC Via Gaz Capital SA, 4.950%, 02/06/2028 | 784,348 | 0.0 | |
| 2,700,000 | Gazprom PJSC Via Gaz Finance PLC, 3.250%, 02/25/2030 | 2,500,200 | 0.1 | |
| 400,000 | (1) | Hess Midstream Operations L.P., 5.125%, 06/15/2028 | 282,620 | 0.0 |
| 700,000 | (1) | Hess Midstream Operations L.P., 5.625%, 02/15/2026 | 499,123 | 0.0 |
| 2,625,000 | KazMunayGas National Co. JSC, 4.750%, 04/19/2027 | 2,527,382 | 0.1 | |
| 2,550,000 | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | 2,521,950 | 0.1 | |
| 300,000 | (1) | KazMunayGas National Co. JSC, 5.375%, 04/24/2030 | 296,700 | 0.0 |
| 1,250,000 | Kinder Morgan, Inc., 5.200%, 03/01/2048 | 1,326,254 | 0.1 | |
| 595,000 | (1) | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.000%, 08/01/2026 | 371,875 | 0.0 |
| 575,000 | Montage Resources Corp., 8.875%, 07/15/2023 | 392,420 | 0.0 | |
| 700,000 | (1) | Moss Creek Resources Holdings, Inc., 7.500%, 01/15/2026 | 208,980 | 0.0 |
| 1,047,000 | MPLX L.P., 3.375%, 03/15/2023 | 969,161 | 0.1 | |
| 450,000 | Murphy Oil Corp., 5.875%, 12/01/2027 | 236,947 | 0.0 | |
| 640,000 | Murphy Oil Corp., 5.750%, 08/15/2025 | 346,467 | 0.0 | |
See Accompanying Notes to Financial Statements
| 85 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 270,000 | (1) | Noble Holding International Ltd., 7.875%, 02/01/2026 | 67,106 | 0.0 |
| 50,000 | (1) | Parsley Energy LLC / Parsley Finance Corp., 5.625%, 10/15/2027 | 35,528 | 0.0 |
| 1,325,000 | PBF Logistics L.P. / PBF Logistics Finance Corp., 6.875%, 05/15/2023 | 826,191 | 0.0 | |
| 2,100,000 | Pertamina Persero PT, 3.100%, 01/21/2030 | 1,868,863 | 0.1 | |
| 3,375,000 | (1) | Pertamina Persero PT, 3.100%, 01/21/2030 | 3,003,530 | 0.1 |
| 750,000 | (1),(2) | Pertamina Persero PT, 3.100%, 08/25/2030 | 668,425 | 0.0 |
| 7,350,000 | Petrobras Global Finance BV, 5.750%, 02/01/2029 | 6,971,843 | 0.3 | |
| 775,000 | Petrobras Global Finance BV, 7.375%, 01/17/2027 | 796,739 | 0.0 | |
| 1,400,000 | Petroleos del Peru SA, 4.750%, 06/19/2032 | 1,285,974 | 0.1 | |
| 7,450,000 | (1) | Petroleos Mexicanos, 5.950%, 01/28/2031 | 5,159,870 | 0.2 |
| 575,000 | Petroleos Mexicanos, 6.500%, 01/23/2029 | 420,349 | 0.0 | |
| 230,000 | Sunoco L.P. / Sunoco Finance Corp., 4.875%, 01/15/2023 | 224,115 | 0.0 | |
| 10,000 | Sunoco L.P. / Sunoco Finance Corp., 5.500%, 02/15/2026 | 8,738 | 0.0 | |
| 10,000 | Sunoco L.P. / Sunoco Finance Corp., 5.875%, 03/15/2028 | 8,385 | 0.0 | |
| 925,000 | (1) | Tallgrass Energy Partners L.P. / Tallgrass Energy Finance Corp., 5.500%, 01/15/2028 | 487,445 | 0.0 |
| 200,000 | (1) | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 5.500%, 03/01/2030 | 156,250 | 0.0 |
| 375,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.500%, 07/15/2027 | 322,500 | 0.0 | |
| 725,000 | Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 6.875%, 01/15/2029 | 589,063 | 0.0 | |
| 3,951,000 | (3) | Transcanada Trust, 5.500%, 09/15/2079 | 3,029,410 | 0.1 |
| 1,250,000 | Transocean, Inc., 6.800%, 03/15/2038 | 297,250 | 0.0 | |
| 700,000 | (1) | Viper Energy Partners L.P., 5.375%, 11/01/2027 | 591,885 | 0.0 |
| 350,000 | WPX Energy, Inc., 4.500%, 01/15/2030 | 191,363 | 0.0 | |
| 775,000 | WPX Energy, Inc., 5.250%, 10/15/2027 | 430,551 | 0.0 | |
| 63,621,650 | 2.5 | |||
| Financial: 1.9% | ||||
| 150,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/30/2020 | 145,522 | 0.0 | |
| 115,000 | (1) | AG Issuer LLC, 6.250%, 03/01/2028 | 97,462 | 0.0 |
| 975,000 | Ally Financial, Inc., 5.750%, 11/20/2025 | 961,057 | 0.0 | |
| 600,000 | (1) | Altice France Holding SA, 6.000%, 02/15/2028 | 532,308 | 0.0 |
| 1,200,000 | (1) | Altice France Holding SA, 10.500%, 05/15/2027 | 1,272,000 | 0.1 |
| 1,730,000 | American International Group, Inc., 3.900%, 04/01/2026 | 1,806,226 | 0.1 | |
| 2,730,000 | American International Group, Inc., 4.375%, 01/15/2055 | 2,670,058 | 0.1 | |
| 1,600,000 | (1) | Banco Bradesco SA/Cayman Islands, 3.200%, 01/27/2025 | 1,466,016 | 0.1 |
| 1,550,000 | Banco de Bogota SA, 6.250%, 05/12/2026 | 1,478,634 | 0.1 | |
| 1,550,000 | (1) | Banco Internacional del Peru SAA Interbank, 3.250%, 10/04/2026 | 1,375,048 | 0.1 |
| 1,200,000 | (1) | Banco Votorantim SA, 4.500%, 09/24/2024 | 1,083,612 | 0.1 |
| 1,500,000 | Bancolombia SA, 3.000%, 01/29/2025 | 1,349,640 | 0.1 | |
| 327,000 | Bank of America Corp., 2.625%, 10/19/2020 | 327,540 | 0.0 | |
| 425,000 | BBVA Bancomer SA/Texas, 6.750%, 09/30/2022 | 424,082 | 0.0 | |
| 409,000 | (1) | BPCE SA, 4.500%, 03/15/2025 | 406,640 | 0.0 |
| 1,220,000 | Brookfield Finance LLC, 3.450%, 04/15/2050 | 983,929 | 0.0 | |
| 281,000 | Chubb INA Holdings, Inc., 3.350%, 05/03/2026 | 298,224 | 0.0 | |
| 175,000 | CIT Group, Inc., 5.250%, 03/07/2025 | 171,720 | 0.0 | |
| 475,000 | CIT Group, Inc., 6.125%, 03/09/2028 | 450,558 | 0.0 | |
| 1,000,000 | Citigroup, Inc., 4.750%, 05/18/2046 | 1,150,471 | 0.1 | |
| 1,000,000 | Corp Financiera de Desarrollo SA, 4.750%, 07/15/2025 | 978,755 | 0.0 | |
| 1,125,000 | (1) | ESH Hospitality, Inc., 5.250%, 05/01/2025 | 952,037 | 0.0 |
| 550,000 | (1) | Freedom Mortgage Corp., 8.250%, 04/15/2025 | 435,858 | 0.0 |
| 403,000 | GE Capital International Funding Co. Unlimited Co., 3.373%, 11/15/2025 | 405,913 | 0.0 | |
See Accompanying Notes to Financial Statements
| 86 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 665,000 | GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035 | 721,324 | 0.0 | |
| 279,000 | Goldman Sachs Group, Inc., 4.250%, 10/21/2025 | 293,899 | 0.0 | |
| 281,000 | Healthpeak Properties, Inc., 4.000%, 06/01/2025 | 287,681 | 0.0 | |
| 1,450,000 | Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.250%, 05/15/2026 | 1,378,402 | 0.1 | |
| 1,500,000 | (1) | Itau Unibanco Holding SA/Cayman Island, 3.250%, 01/24/2025 | 1,405,800 | 0.1 |
| 277,000 | JPMorgan Chase & Co., 4.250%, 10/01/2027 | 305,728 | 0.0 | |
| 6,800,000 | (3) | JPMorgan Chase & Co., 4.600%, 12/31/2199 | 5,959,860 | 0.2 |
| 1,050,000 | (1),(3) | Kookmin Bank, 4.350%, 12/31/2199 | 1,010,107 | 0.1 |
| 400,000 | Lloyds Banking Group PLC, 4.582%, 12/10/2025 | 412,440 | 0.0 | |
| 740,000 | (1) | LPL Holdings, Inc., 4.625%, 11/15/2027 | 682,369 | 0.0 |
| 1,075,000 | MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc., 5.625%, 05/01/2024 | 1,038,724 | 0.1 | |
| 268,000 | Morgan Stanley, 4.000%, 07/23/2025 | 287,375 | 0.0 | |
| 400,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 4.625%, 08/01/2029 | 370,250 | 0.0 | |
| 775,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.000%, 10/15/2027 | 757,621 | 0.0 | |
| 250,000 | MPT Operating Partnership L.P. / MPT Finance Corp., 5.500%, 05/01/2024 | 244,062 | 0.0 | |
| 475,000 | Navient Corp., 5.000%, 03/15/2027 | 411,920 | 0.0 | |
| 950,000 | Navient Corp., 7.250%, 09/25/2023 | 938,096 | 0.0 | |
| 1,100,000 | (1),(3) | NBK Tier 1 Financing 2 Ltd., 4.500%, 12/31/2199 | 1,039,500 | 0.1 |
| 950,000 | (1) | QNB Finansbank AS, 6.875%, 09/07/2024 | 881,305 | 0.0 |
| 900,000 | (1) | Quicken Loans, Inc., 5.250%, 01/15/2028 | 886,291 | 0.0 |
| 725,000 | (1) | Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/2021 | 679,144 | 0.0 |
| 725,000 | (1) | SBA Communications Corp., 3.875%, 02/15/2027 | 732,250 | 0.0 |
| 970,000 | Simon Property Group L.P., 3.375%, 12/01/2027 | 963,485 | 0.0 | |
| 225,000 | Springleaf Finance Corp., 5.375%, 11/15/2029 | 207,241 | 0.0 | |
| 650,000 | Springleaf Finance Corp., 6.125%, 03/15/2024 | 646,802 | 0.0 | |
| 1,125,000 | Springleaf Finance Corp., 7.125%, 03/15/2026 | 1,107,422 | 0.1 | |
| 2,000,000 | (1) | Turkiye Vakiflar Bankasi TAO, 5.250%, 02/05/2025 | 1,685,600 | 0.1 |
| 550,000 | (1) | Turkiye Vakiflar Bankasi TAO, 8.125%, 03/28/2024 | 526,807 | 0.0 |
| 200,000 | (1) | UBS Group AG, 2.950%, 09/24/2020 | 200,353 | 0.0 |
| 500,000 | Vnesheconombank Via VEB Finance PLC, 6.025%, 07/05/2022 | 507,265 | 0.0 | |
| 269,000 | Wells Fargo & Co., 4.300%, 07/22/2027 | 288,988 | 0.0 | |
| 1,750,000 | Wells Fargo & Co., 4.750%, 12/07/2046 | 2,029,383 | 0.1 | |
| 50,110,804 | 1.9 | |||
| Industrial: 1.4% | ||||
| 520,000 | (1) | Advanced Disposal Services, Inc., 5.625%, 11/15/2024 | 531,047 | 0.0 |
| 1,125,000 | AECOM, 5.875%, 10/15/2024 | 1,106,724 | 0.1 | |
| 650,000 | (1) | Amsted Industries, Inc., 5.625%, 07/01/2027 | 637,947 | 0.0 |
| 1,225,000 | (1),(4) | ARD Finance SA, 6.500% (PIK Rate 7.250%, Cash Rate 6.500%), 06/30/2027 | 1,058,951 | 0.1 |
| 410,000 | (1) | ATS Automation Tooling Systems, Inc., 6.500%, 06/15/2023 | 402,310 | 0.0 |
| 665,000 | (1) | Berry Global, Inc., 5.625%, 07/15/2027 | 692,062 | 0.0 |
| 700,000 | (1) | BMC East LLC, 5.500%, 10/01/2024 | 681,622 | 0.0 |
| 2,796,000 | (3) | BNSF Funding Trust I, 6.613%, 12/15/2055 | 2,744,959 | 0.1 |
| 500,000 | (1) | Bombardier, Inc., 6.000%, 10/15/2022 | 378,750 | 0.0 |
| 275,000 | (1) | Bombardier, Inc., 7.875%, 04/15/2027 | 191,833 | 0.0 |
| 900,000 | (1) | Bombardier, Inc., 8.750%, 12/01/2021 | 753,075 | 0.1 |
| 607,000 | (1) | Builders FirstSource, Inc., 6.750%, 06/01/2027 | 600,045 | 0.0 |
| 745,000 | (1) | Builders FirstSource, Inc., 5.000%, 03/01/2030 | 674,691 | 0.0 |
| 410,000 | Burlington Northern Santa Fe LLC, 4.450%, 03/15/2043 | 487,190 | 0.0 | |
| 725,000 | (1) | Cargo Aircraft Management, Inc., 4.750%, 02/01/2028 | 677,875 | 0.0 |
See Accompanying Notes to Financial Statements
| 87 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 675,000 | (1) | Cascades, Inc./Cascades USA, Inc., 5.375%, 01/15/2028 | 649,688 | 0.0 |
| 500,000 | Cemex SAB de CV, 6.125%, 05/05/2025 | 446,873 | 0.0 | |
| 575,000 | (1) | Clean Harbors, Inc., 4.875%, 07/15/2027 | 566,059 | 0.0 |
| 350,000 | (1) | Clean Harbors, Inc., 5.125%, 07/15/2029 | 328,490 | 0.0 |
| 1,000,000 | CSX Corp., 4.500%, 08/01/2054 | 1,136,736 | 0.1 | |
| 603,000 | FedEx Corp., 4.000%, 01/15/2024 | 630,411 | 0.0 | |
| 1,000,000 | FedEx Corp., 4.950%, 10/17/2048 | 982,880 | 0.1 | |
| 420,000 | (1) | FXI Holdings, Inc., 7.875%, 11/01/2024 | 286,784 | 0.0 |
| 420,000 | (1) | GFL Environmental, Inc., 8.500%, 05/01/2027 | 424,305 | 0.0 |
| 116,000 | (1) | GFL Environmental, Inc., 7.000%, 06/01/2026 | 113,269 | 0.0 |
| 525,000 | (1) | Granite US Holdings Corp., 11.000%, 10/01/2027 | 454,890 | 0.0 |
| 2,775,000 | (1) | Indian Railway Finance Corp. Ltd., 3.249%, 02/13/2030 | 2,471,595 | 0.1 |
| 1,100,000 | (1) | Itron, Inc., 5.000%, 01/15/2026 | 1,054,397 | 0.1 |
| 1,000,000 | (1) | James Hardie International Finance DAC, 4.750%, 01/15/2025 | 951,255 | 0.1 |
| 1,550,000 | (1),(2) | Klabin Austria GmbH, 5.750%, 04/03/2029 | 1,414,468 | 0.1 |
| 900,000 | (1) | Koppers, Inc., 6.000%, 02/15/2025 | 726,723 | 0.0 |
| 200,000 | Lockheed Martin Corp., 3.550%, 01/15/2026 | 216,723 | 0.0 | |
| 520,000 | (1) | Masonite International Corp., 5.375%, 02/01/2028 | 513,942 | 0.0 |
| 500,000 | (1) | Masonite International Corp., 5.750%, 09/15/2026 | 494,271 | 0.0 |
| 545,000 | (1) | Mauser Packaging Solutions Holding Co., 7.250%, 04/15/2025 | 416,941 | 0.0 |
| 725,000 | (1) | Norbord, Inc., 5.750%, 07/15/2027 | 668,057 | 0.0 |
| 650,000 | (1) | Owens-Brockway Glass Container, Inc., 5.875%, 08/15/2023 | 641,066 | 0.0 |
| 325,000 | (1) | Owens-Brockway Glass Container, Inc., 6.375%, 08/15/2025 | 311,188 | 0.0 |
| 885,000 | (1) | PGT Innovations, Inc., 6.750%, 08/01/2026 | 842,040 | 0.1 |
| 725,000 | (1) | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.125%, 07/15/2023 | 724,090 | 0.0 |
| 200,000 | (1) | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.000%, 07/15/2024 | 204,375 | 0.0 |
| 650,000 | (1) | Sealed Air Corp., 5.500%, 09/15/2025 | 663,816 | 0.0 |
| 390,000 | (1) | Silgan Holdings, Inc., 4.125%, 02/01/2028 | 362,700 | 0.0 |
| 725,000 | (1) | SSL Robotics LLC, 9.750%, 12/31/2023 | 752,188 | 0.1 |
| 600,000 | (1) | Standard Industries, Inc./NJ, 5.000%, 02/15/2027 | 550,181 | 0.0 |
| 975,000 | (1) | Standard Industries, Inc./NJ, 6.000%, 10/15/2025 | 965,513 | 0.1 |
| 750,000 | (1) | Stevens Holding Co., Inc., 6.125%, 10/01/2026 | 747,343 | 0.0 |
| 400,000 | (1) | Summit Materials LLC / Summit Materials Finance Corp., 5.125%, 06/01/2025 | 375,498 | 0.0 |
| 690,000 | (1) | Summit Materials LLC / Summit Materials Finance Corp., 6.500%, 03/15/2027 | 657,944 | 0.0 |
| 750,000 | (1) | TransDigm, Inc., 5.500%, 11/15/2027 | 677,288 | 0.0 |
| 700,000 | TransDigm, Inc., 6.375%, 06/15/2026 | 674,135 | 0.0 | |
| 1,000,000 | TransDigm, Inc., 6.500%, 05/15/2025 | 956,255 | 0.1 | |
| 181,000 | (1) | Zekelman Industries, Inc., 9.875%, 06/15/2023 | 175,909 | 0.0 |
| 36,849,367 | 1.4 | |||
| Technology: 0.5% | ||||
| 950,000 | (1) | Ascend Learning LLC, 6.875%, 08/01/2025 | 929,808 | 0.1 |
| 650,000 | (1) | Castle US Holding Corp., 9.500%, 02/15/2028 | 621,156 | 0.0 |
| 675,000 | CDW LLC / CDW Finance Corp., 5.000%, 09/01/2025 | 699,675 | 0.0 | |
| 650,000 | CDW LLC / CDW Finance Corp., 5.500%, 12/01/2024 | 681,554 | 0.0 | |
| 1,300,000 | (1) | Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 03/01/2025 | 1,212,211 | 0.1 |
| 345,000 | (1) | Dell International LLC / EMC Corp., 7.125%, 06/15/2024 | 357,506 | 0.0 |
| 1,000,000 | (1) | Dell International LLC / EMC Corp., 8.350%, 07/15/2046 | 1,179,118 | 0.1 |
| 750,000 | Donnelley Financial Solutions, Inc., 8.250%, 10/15/2024 | 711,559 | 0.0 | |
| 450,000 | (1) | MSCI, Inc., 5.750%, 08/15/2025 | 467,923 | 0.0 |
| 650,000 | (1) | MTS Systems Corp., 5.750%, 08/15/2027 | 608,428 | 0.0 |
See Accompanying Notes to Financial Statements
| 88 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 250,000 | (1) | Open Text Corp., 3.875%, 02/15/2028 | 236,172 | 0.0 |
| 350,000 | (1) | Open Text Corp., 5.875%, 06/01/2026 | 369,057 | 0.0 |
| 425,000 | (1) | Open Text Holdings, Inc., 4.125%, 02/15/2030 | 401,997 | 0.0 |
| 350,000 | Oracle Corp., 3.250%, 11/15/2027 | 361,482 | 0.0 | |
| 550,000 | (1) | RP Crown Parent LLC, 7.375%, 10/15/2024 | 528,850 | 0.0 |
| 430,000 | (1) | Science Applications International Corp., 4.875%, 04/01/2028 | 415,219 | 0.0 |
| 1,175,000 | (1) | Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.750%, 06/01/2025 | 1,083,973 | 0.1 |
| 655,000 | Texas Instruments, Inc., 3.875%, 03/15/2039 | 756,859 | 0.0 | |
| 1,150,000 | (1),(2) | Veritas US, Inc. / Veritas Bermuda Ltd.., 10.500%, 02/01/2024 | 978,932 | 0.1 |
| 12,601,479 | 0.5 | |||
| Utilities: 1.6% | ||||
| 1,114,000 | American Electric Power Co., Inc., 3.250%, 03/01/2050 | 981,426 | 0.1 | |
| 1,075,000 | Calpine Corp., 5.750%, 01/15/2025 | 1,002,438 | 0.1 | |
| 2,275,000 | (1) | Centrais Eletricas Brasileiras SA, 3.625%, 02/04/2025 | 2,025,910 | 0.1 |
| 550,000 | (1) | Clearway Energy Operating LLC, 4.750%, 03/15/2028 | 512,188 | 0.0 |
| 1,850,000 | (1) | Colbun SA, 3.150%, 03/06/2030 | 1,623,375 | 0.1 |
| 5,670,000 | (3) | Dominion Energy, Inc., 4.650%, 12/31/2199 | 5,099,059 | 0.2 |
| 1,050,000 | (1) | Drax Finco PLC, 6.625%, 11/01/2025 | 1,059,193 | 0.1 |
| 1,415,000 | Duke Energy Carolinas LLC, 3.200%, 08/15/2049 | 1,436,247 | 0.1 | |
| 3,935,000 | (3) | Duke Energy Corp., 4.875%, 12/31/2199 | 3,308,135 | 0.1 |
| 1,355,000 | Duke Energy Indiana LLC, 3.750%, 05/15/2046 | 1,479,794 | 0.1 | |
| 614,000 | Entergy Louisiana LLC, 2.900%, 03/15/2051 | 543,607 | 0.0 | |
| 3,175,000 | Inkia Energy Ltd., 5.875%, 11/09/2027 | 2,809,875 | 0.1 | |
| 500,000 | (1) | Israel Electric Corp. Ltd., 4.250%, 08/14/2028 | 512,308 | 0.0 |
| 2,500,000 | Kallpa Generacion SA, 4.125%, 08/16/2027 | 2,267,631 | 0.1 | |
| 575,000 | (1) | Kallpa Generacion SA, 4.125%, 08/16/2027 | 521,555 | 0.0 |
| 650,000 | (1) | LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/2023 | 615,059 | 0.0 |
| 2,500,000 | Mississippi Power Co., 4.250%, 03/15/2042 | 2,407,569 | 0.1 | |
| 2,875,000 | (3) | NextEra Energy Capital Holdings, Inc., 5.650%, 05/01/2079 | 2,658,564 | 0.1 |
| 925,000 | NRG Energy, Inc., 5.750%, 01/15/2028 | 948,634 | 0.0 | |
| 400,000 | NRG Energy, Inc., 6.625%, 01/15/2027 | 418,220 | 0.0 | |
| 2,325,000 | (1) | Perusahaan Listrik Negara PT, 3.875%, 07/17/2029 | 2,182,111 | 0.1 |
| 1,000,000 | Perusahaan Listrik Negara PT, 4.125%, 05/15/2027 | 972,158 | 0.0 | |
| 2,950,000 | Perusahaan Listrik Negara PT, 5.450%, 05/21/2028 | 3,095,627 | 0.1 | |
| 845,000 | Southern California Edison Co., 3.650%, 02/01/2050 | 824,659 | 0.0 | |
| 425,000 | (1) | Vistra Operations Co. LLC, 5.500%, 09/01/2026 | 440,711 | 0.0 |
| 575,000 | (1) | Vistra Operations Co. LLC, 5.625%, 02/15/2027 | 596,160 | 0.0 |
| 40,342,213 | 1.6 | |||
| Total Corporate Bonds/Notes | ||||
| (Cost $437,559,837) | 394,488,093 | 15.3 | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS: 29.2% | ||||
| 192,890 | Adjustable Rate Mortgage Trust 2005-7 7A21, 1.447%, (US0001M + 0.500%), 10/25/2035 | 190,857 | 0.0 | |
| 366,842 | (3) | Adjustable Rate Mortgage Trust 2006-2 1A1, 4.074%, 05/25/2036 | 319,472 | 0.0 |
| 1,235,488 | (1),(3) | Agate Bay Mortgage Trust 2014-1 B4, 3.868%, 07/25/2044 | 1,183,462 | 0.1 |
| 4,593,424 | (1),(3) | Agate Bay Mortgage Trust 2014-2 B2, 3.880%, 09/25/2044 | 4,407,763 | 0.2 |
| 1,884,306 | (1),(3) | Agate Bay Mortgage Trust 2014-2 B4, 3.880%, 09/25/2044 | 1,776,618 | 0.1 |
| 2,705,769 | (1),(3) | Agate Bay Mortgage Trust 2015-2 B3, 3.723%, 03/25/2045 | 2,578,668 | 0.1 |
| 1,218,542 | (1),(3) | Agate Bay Mortgage Trust 2015-4 B3, 3.573%, 06/25/2045 | 1,117,777 | 0.0 |
| 2,597,597 | (1),(3) | Agate Bay Mortgage Trust 2016-1 B3, 3.772%, 12/25/2045 | 2,423,532 | 0.1 |
| 1,000,000 | (1),(3) | Agate Bay Mortgage Trust 2016-1 B4, 3.772%, 12/25/2045 | 761,337 | 0.0 |
| 1,137,085 | (1),(3) | Agate Bay Mortgage Trust 2016-2 B4, 3.795%, 03/25/2046 | 849,839 | 0.0 |
| 724,807 | Alternative Loan Trust 2004-J7 MI, 1.967%, (US0001M + 1.020%), 10/25/2034 | 663,857 | 0.0 | |
See Accompanying Notes to Financial Statements
| 89 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 135,461 | Alternative Loan Trust 2005-10CB 1A1, 1.447%, (US0001M + 0.500%), 05/25/2035 | 102,580 | 0.0 | |
| 540,404 | Alternative Loan Trust 2005-10CB 1A2, 1.397%, (US0001M + 0.450%), 05/25/2035 | 408,295 | 0.0 | |
| 568,540 | Alternative Loan Trust 2005-23CB A15, 5.500%, 07/25/2035 | 517,217 | 0.0 | |
| 191,658 | Alternative Loan Trust 2005-51 3A2A, 3.256%, (12MTA + 1.290%), 11/20/2035 | 158,780 | 0.0 | |
| 61,790 | Alternative Loan Trust 2005-6CB 1A3, 5.250%, 04/25/2035 | 56,442 | 0.0 | |
| 289,669 | Alternative Loan Trust 2005-J2 1A12, 1.347%, (US0001M + 0.400%), 04/25/2035 | 225,346 | 0.0 | |
| 38,209 | Alternative Loan Trust 2006-13T1 A9, 6.000%, 05/25/2036 | 26,498 | 0.0 | |
| 705,858 | Alternative Loan Trust 2006-18CB A10, 1.347%, (US0001M + 0.400%), 07/25/2036 | 325,430 | 0.0 | |
| 168,133 | Alternative Loan Trust 2006-19CB A12, 1.347%, (US0001M + 0.400%), 08/25/2036 | 89,537 | 0.0 | |
| 712,005 | Alternative Loan Trust 2006-19CB A28, 1.547%, (US0001M + 0.600%), 08/25/2036 | 388,488 | 0.0 | |
| 1,194,923 | Alternative Loan Trust 2006-27CB A5, 6.000%, 11/25/2036 | 948,335 | 0.0 | |
| 450,985 | Alternative Loan Trust 2006-HY11 A1, 1.067%, (US0001M + 0.120%), 06/25/2036 | 384,328 | 0.0 | |
| 1,250,225 | Alternative Loan Trust 2007-15CB A5, 5.750%, 07/25/2037 | 991,237 | 0.0 | |
| 182,915 | Alternative Loan Trust 2007-2CB 2A1, 1.547%, (US0001M + 0.600%), 03/25/2037 | 90,238 | 0.0 | |
| 321,734 | Alternative Loan Trust 2007-HY8C A1, 1.107%, (US0001M + 0.160%), 09/25/2047 | 269,609 | 0.0 | |
| 908,176 | Alternative Loan Trust 2007-OA4 A1, 1.117%, (US0001M + 0.170%), 05/25/2047 | 750,272 | 0.0 | |
| 1,648,982 | (1),(3) | Arroyo Mortgage Trust 2019-3 A3, 3.416%, 10/25/2048 | 1,574,338 | 0.1 |
| 536,518 | Banc of America Funding 2007-2 1A16 Trust, 1.547%, (US0001M + 0.600%), 03/25/2037 | 383,197 | 0.0 | |
| 2,559,545 | Banc of America Funding 2007-C 7A1 Trust, 0.983%, (US0001M + 0.210%), 05/20/2047 | 2,314,979 | 0.1 | |
| 370,364 | (3) | Bear Stearns ALT-A Trust 2005-3 4A3, 3.568%, 04/25/2035 | 338,164 | 0.0 |
| 634,059 | (3) | Bear Stearns ALT-A Trust 2006-6 31A1, 3.877%, 11/25/2036 | 524,818 | 0.0 |
| 754,316 | (3) | Bear Stearns ALT-A Trust 2006-6 32A1, 3.775%, 11/25/2036 | 568,716 | 0.0 |
| 168,161 | (3) | Bear Stearns Structured Products, Inc. Trust 2007-R6 1A1, 3.726%, 01/26/2036 | 134,783 | 0.0 |
| 2,500,000 | (1),(3) | Chase Home Lending Mortgage Trust 2019-ATR1 A5, 4.000%, 04/25/2049 | 2,420,553 | 0.1 |
| 992,059 | (1),(3) | Chase Mortgage Finance Corp. 2019-1 B2, 3.967%, 03/25/2050 | 803,239 | 0.0 |
| 1,289,677 | (1),(3) | Chase Mortgage Finance Corp. 2019-1 B3, 3.967%, 03/25/2050 | 1,247,748 | 0.1 |
| 580,560 | (3) | Chase Mortgage Finance Trust Series 2006-A1 2A3, 4.300%, 09/25/2036 | 470,293 | 0.0 |
| 686,896 | (1),(3) | Chase Home Lending Mortgage Trust 2019-ATR2 A3, 3.500%, 07/25/2049 | 696,715 | 0.0 |
| 79,020 | (3) | CHL Mortgage Pass-Through Trust 2004-22 A3, 3.826%, 11/25/2034 | 71,567 | 0.0 |
| 565,325 | CHL Mortgage Pass-Through Trust 2005-HYB9 2A1, 3.939%, (US0012M + 1.750%), 02/20/2036 | 493,467 | 0.0 | |
| 1,867,206 | (1),(3) | CIM Trust 2019-INV1 A1, 4.000%, 02/25/2049 | 1,859,446 | 0.1 |
| 1,382,433 | (1),(3) | CIM Trust 2019-INV2 A3, 4.000%, 05/25/2049 | 1,384,781 | 0.1 |
| 868,126 | (1),(3) | CIM Trust 2019-INV3 A15, 3.500%, 08/25/2049 | 840,676 | 0.0 |
| 1,302,190 | (1),(3) | CIM Trust 2019-INV3 A3, 3.500%, 08/25/2049 | 1,329,424 | 0.1 |
| 2,593,318 | (1),(3) | CIM Trust 2019-J1 1A2, 3.500%, 08/25/2049 | 2,613,305 | 0.1 |
| 3,223,294 | (1),(3) | CIM Trust 2019-J2 B2, 3.856%, 10/25/2049 | 2,620,378 | 0.1 |
| 2,023,975 | (1),(3) | CIM Trust 2019-J2 B3, 3.856%, 10/25/2049 | 1,569,029 | 0.1 |
| 1,799,180 | (1),(3) | CIM Trust 2019-J1 B3, 4.010%, 08/25/2049 | 1,436,395 | 0.1 |
See Accompanying Notes to Financial Statements
| 90 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 710,239 | Citicorp Mortgage Securities Trust Series 2006-3 1A4, 6.000%, 06/25/2036 | 681,481 | 0.0 | |
| 114,378 | (3) | Citigroup Mortgage Loan Trust 2006-AR2 1A1, 3.982%, 03/25/2036 | 93,976 | 0.0 |
| 78,633 | (3) | Citigroup Mortgage Loan Trust 2006-AR9 2A, 4.344%, 11/25/2036 | 59,547 | 0.0 |
| 350,202 | (1),(3) | Citigroup Mortgage Loan Trust 2015-A B2, 4.500%, 06/25/2058 | 335,073 | 0.0 |
| 235,154 | (3) | Citigroup Mortgage Loan Trust, Inc. 2005-4 A, 4.592%, 08/25/2035 | 219,107 | 0.0 |
| 644,209 | Citigroup Mortgage Loan Trust, Inc. 2005-9 22A2, 6.000%, 11/25/2035 | 620,207 | 0.0 | |
| 1,000,000 | (1),(3) | COLT 2019-1 M1 Mortgage Loan Trust, 4.518%, 03/25/2049 | 925,338 | 0.0 |
| 4,057,318 | (1),(3) | COLT 2019-4 A3 Mortgage Loan Trust, 2.988%, 11/25/2049 | 3,981,142 | 0.2 |
| 6,000,000 | (1) | Connecticut Avenue Securities Trust 2019-R07 1M2, 3.047%, (US0001M + 2.100%), 10/25/2039 | 4,933,070 | 0.2 |
| 3,000,000 | (1) | Connecticut Avenue Securities Trust 2020-R02 2M2, 2.947%, (US0001M + 2.000%), 01/25/2040 | 1,987,726 | 0.1 |
| 26,377 | Countrywide Alternative Loan Trust 2005-53T2 2A6, 1.447%, (US0001M + 0.500%), 11/25/2035 | 11,784 | 0.0 | |
| 915,432 | Countrywide Asset-Backed Certificates 2005-IM1 M1, 1.667%, (US0001M + 0.720%), 11/25/2035 | 859,395 | 0.0 | |
| 4,022,249 | (1),(5) | CSMC 2019-AFC1 A3 Trust, 2.877% (Step Rate @ 3.877% on 0), 07/25/2049 | 3,886,352 | 0.2 |
| 800,000 | (1),(3) | CSMC 2017-HL1 A12 Trust, 3.500%, 06/25/2047 | 763,827 | 0.0 |
| 480,089 | CSMC Series 2007-2 3A6, 5.400%, 03/25/2037 | 377,687 | 0.0 | |
| 1,670,168 | (1),(3) | CSMC Trust 2013-7 A11, 3.500%, 08/25/2043 | 1,720,328 | 0.1 |
| 1,500,000 | (1),(3) | Deephave Residential Mortgage Trust 2019-2A M1, 3.921%, 04/25/2059 | 1,415,032 | 0.1 |
| 1,400,000 | (1),(3) | Deephaven Residential Mortgage Trust 2018-2A M1, 4.375%, 04/25/2058 | 1,351,664 | 0.1 |
| 2,126,000 | (1),(3) | Deephaven Residential Mortgage Trust 2018-3 M1, 4.357%, 08/25/2058 | 2,063,739 | 0.1 |
| 2,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2019-1A M1, 4.402%, 08/25/2058 | 1,902,668 | 0.1 |
| 2,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2019-4 M1, 3.484%, 10/25/2059 | 1,719,559 | 0.1 |
| 2,000,000 | (1),(3) | Deephaven Residential Mortgage Trust 2020-1 M1, 3.010%, 01/25/2060 | 1,636,509 | 0.1 |
| 648,499 | Deutsche ALT-A Securities, Inc. ALT 2007-AB1 A1, 1.247%, (US0001M + 0.300%), 04/25/2037 | 397,689 | 0.0 | |
| 144,326 | (1),(3) | Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2007-WM1 A1, 3.802%, 06/27/2037 | 127,883 | 0.0 |
| 2,289,759 | (1),(3) | Ellington Financial Mortgage Trust 2019-2 A3, 3.046%, 11/25/2059 | 2,219,705 | 0.1 |
| 753,365 | (6) | Fannie Mae 2007-18 BS, 5.653%, (-1.000*US0001M + 6.600%), 06/25/2035 | 148,370 | 0.0 |
| 2,193,589 | (6) | Fannie Mae 2008-94 SI, 4.553%, (-1.000*US0001M + 5.500%), 04/25/2036 | 564,922 | 0.0 |
| 723,095 | (6) | Fannie Mae 2009-95 HI, 6.000%, 12/25/2038 | 17,946 | 0.0 |
| 301,270 | Fannie Mae 2010-15 FD, 1.687%, (US0001M + 0.740%), 03/25/2040 | 302,749 | 0.0 | |
| 804,663 | Fannie Mae 2011-47 GF, 1.517%, (US0001M + 0.570%), 06/25/2041 | 802,704 | 0.0 | |
| 225,037 | Fannie Mae 2012-10 UF, 1.497%, (US0001M + 0.550%), 02/25/2042 | 225,219 | 0.0 | |
| 300,951 | (6) | Fannie Mae 2012-84 KI, 6.000%, (US0001M + 6.000%), 08/25/2042 | 60,307 | 0.0 |
| 1,096,703 | (6) | Fannie Mae 2012-93 IL, 3.000%, 09/25/2027 | 67,216 | 0.0 |
| 6,570,135 | (6) | Fannie Mae 2013-67 AI, 3.000%, 07/25/2028 | 419,705 | 0.0 |
| 1,698,350 | (6) | Fannie Mae 2015-56 DI, 3.000%, 12/25/2032 | 40,838 | 0.0 |
| 36,711,724 | (6) | Fannie Mae 2018-86 US, 5.253%, (-1.000*US0001M + 6.200%), 12/25/2048 | 7,365,598 | 0.3 |
| 3,050,000 | Fannie Mae Connecticut Avenue Securities 16-C06 1M2, 5.197%, (US0001M + 4.250%), 04/25/2029 | 2,968,612 | 0.1 |
See Accompanying Notes to Financial Statements
| 91 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 121,246 | Fannie Mae Connecticut Avenue Securities 2014-CO4 1M2, 5.847%, (US0001M + 4.900%), 11/25/2024 | 116,788 | 0.0 | |
| 2,024,945 | Fannie Mae Connecticut Avenue Securities 2015-C02 1M2, 4.947%, (US0001M + 4.000%), 05/25/2025 | 1,902,459 | 0.1 | |
| 1,542,709 | Fannie Mae Connecticut Avenue Securities 2015-C03 2M2, 5.947%, (US0001M + 5.000%), 07/25/2025 | 1,502,321 | 0.1 | |
| 2,074,450 | Fannie Mae Connecticut Avenue Securities 2015-C04 2M2, 6.497%, (US0001M + 5.550%), 04/25/2028 | 1,942,008 | 0.1 | |
| 4,739,406 | Fannie Mae Connecticut Avenue Securities 2015-CO1 1M2, 5.247%, (US0001M + 4.300%), 02/25/2025 | 4,512,521 | 0.2 | |
| 1,566,653 | Fannie Mae Connecticut Avenue Securities 2016-C01 2M2, 7.897%, (US0001M + 6.950%), 08/25/2028 | 1,580,925 | 0.1 | |
| 4,824,509 | Fannie Mae Connecticut Avenue Securities 2016-C04 1M2, 5.197%, (US0001M + 4.250%), 01/25/2029 | 4,587,598 | 0.2 | |
| 6,056,023 | Fannie Mae Connecticut Avenue Securities 2016-C05 2M2, 5.397%, (US0001M + 4.450%), 01/25/2029 | 5,844,521 | 0.2 | |
| 8,147,224 | Fannie Mae Connecticut Avenue Securities 2016-C07 2M2, 5.297%, (US0001M + 4.350%), 05/25/2029 | 7,858,886 | 0.3 | |
| 2,484,671 | Fannie Mae Connecticut Avenue Securities 2017-C01 1M2, 4.497%, (US0001M + 3.550%), 07/25/2029 | 2,300,380 | 0.1 | |
| 4,900,000 | Fannie Mae Connecticut Avenue Securities 2017-C02 2M2, 4.597%, (US0001M + 3.650%), 09/25/2029 | 3,576,713 | 0.1 | |
| 8,500,000 | Fannie Mae Connecticut Avenue Securities 2017-C03 1M2, 3.947%, (US0001M + 3.000%), 10/25/2029 | 7,639,342 | 0.3 | |
| 1,400,000 | Fannie Mae Connecticut Avenue Securities 2017-C04 2M2, 3.797%, (US0001M + 2.850%), 11/25/2029 | 1,239,033 | 0.1 | |
| 6,210,682 | Fannie Mae Connecticut Avenue Securities 2017-C05 1M2, 3.147%, (US0001M + 2.200%), 01/25/2030 | 5,555,926 | 0.2 | |
| 4,927,295 | Fannie Mae Connecticut Avenue Securities 2017-C06 1M2, 3.597%, (US0001M + 2.650%), 02/25/2030 | 4,390,972 | 0.2 | |
| 4,450,000 | Fannie Mae Connecticut Avenue Securities 2017-C07 1M2, 3.347%, (US0001M + 2.400%), 05/28/2030 | 4,013,520 | 0.2 | |
| 5,762,875 | Fannie Mae Connecticut Avenue Securities 2017-C07 2M2, 3.447%, (US0001M + 2.500%), 05/25/2030 | 5,042,531 | 0.2 | |
| 5,133,077 | Fannie Mae Connecticut Avenue Securities 2017-CO6 2M2, 3.747%, (US0001M + 2.800%), 02/25/2030 | 4,338,727 | 0.2 | |
| 4,010,839 | Fannie Mae Connecticut Avenue Securities 2018-C02 2M2, 3.147%, (US0001M + 2.200%), 08/25/2030 | 3,358,739 | 0.1 | |
| 3,200,000 | Fannie Mae Connecticut Avenue Securities 2018-C03 1M2, 3.097%, (US0001M + 2.150%), 10/25/2030 | 2,697,857 | 0.1 | |
| 7,632,777 | Fannie Mae Connecticut Avenue Securities 2018-C04 2M2, 3.497%, (US0001M + 2.550%), 12/25/2030 | 6,340,383 | 0.3 | |
| 12,200,000 | Fannie Mae Connecticut Avenue Securities 2018-C05 1M2, 3.297%, (US0001M + 2.350%), 01/25/2031 | 10,392,552 | 0.4 | |
| 6,403,855 | Fannie Mae Connecticut Avenue Securities 2018-C06 1M2, 2.947%, (US0001M + 2.000%), 03/25/2031 | 5,703,628 | 0.2 | |
| 4,295,076 | Fannie Mae Connecticut Avenue Securities 2018-C06 2M2, 3.047%, (US0001M + 2.100%), 03/25/2031 | 3,653,852 | 0.1 | |
| 8,540,000 | Fannie Mae Connecticut Avenue Securities 2018-CO1 1M2, 3.197%, (US0001M + 2.250%), 07/25/2030 | 7,483,482 | 0.3 | |
| 6,971,255 | (1) | Fannie Mae Connecticut Avenue Securities 2019-R02 1M2, 3.247%, (US0001M + 2.300%), 08/25/2031 | 5,841,811 | 0.2 |
See Accompanying Notes to Financial Statements
| 92 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,000,000 | (1) | Fannie Mae Connecticut Avenue Securities 2019-R04 2M2, 3.047%, (US0001M + 2.100%), 06/25/2039 | 2,474,575 | 0.1 |
| 2,454,425 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2018-R07 1M2, 3.347%, (US0001M + 2.400%), 04/25/2031 | 2,125,203 | 0.1 |
| 5,894,116 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2019-R01 2M2, 3.397%, (US0001M + 2.450%), 07/25/2031 | 4,947,212 | 0.2 |
| 1,500,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-R01 1M2, 2.997%, (US0001M + 2.050%), 01/25/2040 | 912,955 | 0.0 |
| 5,255,571 | Fannie Mae Connecticut Avenue Securities, 6.647%, (US0001M + 5.700%), 04/25/2028 | 5,262,467 | 0.2 | |
| 4,371,194 | Fannie Mae Connecticut Avenue Securities, 6.847%, (US0001M + 5.900%), 10/25/2028 | 4,308,995 | 0.2 | |
| 173,855 | (6) | Fannie Mae REMIC Trust 2000-26 SP, 7.553%, (-1.000*US0001M + 8.500%), 08/25/2030 | 42,851 | 0.0 |
| 219,633 | (6) | Fannie Mae REMIC Trust 2002-13 SR, 5.653%, (-1.000*US0001M + 6.600%), 03/25/2032 | 39,026 | 0.0 |
| 120,533 | (6) | Fannie Mae REMIC Trust 2004-64 SW, 6.103%, (-1.000*US0001M + 7.050%), 08/25/2034 | 26,039 | 0.0 |
| 85,308 | (6) | Fannie Mae REMIC Trust 2004-66 SE, 5.553%, (-1.000*US0001M + 6.500%), 09/25/2034 | 16,765 | 0.0 |
| 432,621 | (6) | Fannie Mae REMIC Trust 2009-25 SN, 5.603%, (-1.000*US0001M + 6.550%), 04/25/2039 | 110,375 | 0.0 |
| 179,209 | (6) | Fannie Mae REMIC Trust 2012-146 LI, 4.500%, 10/25/2041 | 7,484 | 0.0 |
| 19,508,490 | (6) | Fannie Mae REMIC Trust 2012-66 IB, 0.050%, (-1.000*US0001M + 6.050%), 06/25/2042 | 33,112 | 0.0 |
| 921,145 | (6) | Fannie Mae REMIC Trust 2013-116 SC, 5.253%, (-1.000*US0001M + 6.200%), 04/25/2033 | 68,903 | 0.0 |
| 1,972,566 | (6) | Fannie Mae REMICS 2004-53 UC, 6.603%, (-1.000*US0001M + 7.550%), 07/25/2034 | 482,912 | 0.0 |
| 2,150,893 | (6) | Fannie Mae REMICS 2005-59 NS, 5.803%, (-1.000*US0001M + 6.750%), 05/25/2035 | 282,502 | 0.0 |
| 6,931,902 | (6) | Fannie Mae REMICS 2007-22 SD, 5.453%, (-1.000*US0001M + 6.400%), 03/25/2037 | 1,591,252 | 0.1 |
| 5,233,818 | (6) | Fannie Mae REMICS 2007-30 IE, 5.793%, (-1.000*US0001M + 6.740%), 04/25/2037 | 1,448,803 | 0.1 |
| 3,606,912 | (6) | Fannie Mae REMICS 2007-55 S, 5.813%, (-1.000*US0001M + 6.760%), 06/25/2037 | 810,124 | 0.0 |
| 7,733,501 | (6) | Fannie Mae REMICS 2011-123 SD, 5.653%, (-1.000*US0001M + 6.600%), 08/25/2039 | 666,782 | 0.0 |
| 24,947,450 | (6) | Fannie Mae REMICS 2012-111 UI, 3.000%, 10/25/2027 | 1,608,327 | 0.1 |
| 20,285,178 | (6) | Fannie Mae REMICS 2012-128 KI, 3.000%, 11/25/2027 | 1,352,804 | 0.1 |
| 6,941,173 | (6) | Fannie Mae REMICS 2012-150 PS, 5.203%, (-1.000*US0001M + 6.150%), 01/25/2043 | 1,336,209 | 0.1 |
| 20,653,008 | (6) | Fannie Mae REMICS 2013-1 LI, 2.500%, 02/25/2028 | 1,199,894 | 0.1 |
| 7,931,512 | (6) | Fannie Mae REMICS 2013-21 KI, 3.000%, 03/25/2028 | 500,502 | 0.0 |
| 8,890,495 | (6) | Fannie Mae REMICS 2013-32 EI, 2.500%, 04/25/2033 | 648,387 | 0.0 |
| 6,013,955 | (6) | Fannie Mae REMICS 2013-97 JS, 5.203%, (-1.000*US0001M + 6.150%), 04/25/2038 | 1,108,851 | 0.0 |
| 13,714,612 | (6) | Fannie Mae REMICS 2019-15 AI, 4.000%, 04/25/2059 | 2,081,028 | 0.1 |
| 29,726,133 | (6) | Fannie Mae REMICS 2019-17 SA, 5.153%, (-1.000*US0001M + 6.100%), 04/25/2049 | 6,058,364 | 0.2 |
| 28,913,769 | (6) | Fannie Mae REMICS 2019-8 SB, 5.153%, (-1.000*US0001M + 6.100%), 03/25/2049 | 5,664,150 | 0.2 |
| 609,562 | Fannie Mae Series 2006-11 FA, 1.247%, (US0001M + 0.300%), 03/25/2036 | 602,178 | 0.0 |
See Accompanying Notes to Financial Statements
| 93 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,700,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 1M2, 4.513%, (US0001M + 3.650%), 02/25/2040 | 1,163,334 | 0.1 |
| 1,000,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2019-R05 1B1, 5.047%, (US0001M + 4.100%), 07/25/2039 | 545,151 | 0.0 |
| 1,800,000 | (1) | Fannie Mae Connecticut Avenue Securities Trust 2020-SBT1 2M2, 4.513%, (US0001M + 3.650%), 02/25/2040 | 1,231,765 | 0.1 |
| 915,578 | (6) | Fannie Mae Interest Strip Series 346 6, 5.000%, 10/25/2033 | 146,883 | 0.0 |
| 183,586 | Fannie Mae REMICS 2006-46 SP, 20.729%, (-3.667*US0001M + 24.200%), 06/25/2036 | 276,552 | 0.0 | |
| 615,582 | (6) | Fannie Mae REMICS 2010-102 DI, 4.000%, 06/25/2029 | 13,809 | 0.0 |
| 577,888 | (6) | Fannie Mae REMICS 2011-48 HI, 4.000%, 10/25/2038 | 20,638 | 0.0 |
| 2,045,697 | (6) | Fannie Mae REMICS 2012-121 DI, 2.500%, 11/25/2027 | 101,219 | 0.0 |
| 5,174,247 | (6) | Fannie Mae REMICS 2012-148 IB, 3.500%, 01/25/2028 | 393,575 | 0.0 |
| 2,723,443 | (6) | Fannie Mae REMICS 2013-137 PI, 5.000%, 10/25/2041 | 383,792 | 0.0 |
| 20,308,686 | (6) | Fannie Mae REMICS 2013-19 JS, 5.253%, (-1.000*US0001M + 6.200%), 10/25/2041 | 2,593,500 | 0.1 |
| 2,311,886 | (6) | Fannie Mae REMICS 2013-2 NI, 4.000%, 02/25/2043 | 325,689 | 0.0 |
| 2,902,176 | (6) | Fannie Mae REMICS 2013-41 BI, 3.000%, 05/25/2028 | 170,116 | 0.0 |
| 2,684,107 | (6) | Fannie Mae REMICS 2013-69 PI, 3.000%, 04/25/2033 | 214,658 | 0.0 |
| 12,765,220 | (6) | Fannie Mae REMICS 2016-19 SB, 5.153%, (-1.000*US0001M + 6.100%), 04/25/2046 | 2,508,405 | 0.1 |
| 3,641,274 | (6) | Fannie Mae REMICS 2016-4 BI, 4.000%, 02/25/2046 | 589,410 | 0.0 |
| 2,480,974 | (6) | Fannie Mae REMICS 2016-61 PI, 4.500%, 01/25/2046 | 405,437 | 0.0 |
| 86,116 | First Horizon Alternative Mortgage Securities Trust 2006-FA8 1A7, 6.000%, 02/25/2037 | 56,307 | 0.0 | |
| 800,000 | (1),(3) | Flagstar Mortgage Trust 2017-2 A7, 3.500%, 10/25/2047 | 766,695 | 0.0 |
| 668,322 | (1),(3) | Flagstar Mortgage Trust 2018-1 B3, 4.026%, 03/25/2048 | 614,566 | 0.0 |
| 4,807,685 | (1),(3) | Flagstar Mortgage Trust 2018-2 B2, 4.042%, 04/25/2048 | 4,560,178 | 0.2 |
| 3,721,058 | (1),(3) | Flagstar Mortgage Trust 2018-3INV A3, 4.000%, 05/25/2048 | 3,784,143 | 0.2 |
| 971,120 | (1),(3) | Flagstar Mortgage Trust 2018-5 B3, 4.536%, 09/25/2048 | 891,435 | 0.0 |
| 675,000 | (1),(3) | Flagstar Mortgage Trust 2018-6RR 1A7, 4.000%, 10/25/2048 | 690,640 | 0.0 |
| 3,674,581 | (1),(3) | Flagstar Mortgage Trust 2018-6RR B1, 5.004%, 10/25/2048 | 3,254,343 | 0.1 |
| 1,490,592 | (1),(3) | Flagstar Mortgage Trust 2019-2 B1, 4.184%, 12/25/2049 | 1,317,639 | 0.1 |
| 2,086,829 | (1),(3) | Flagstar Mortgage Trust 2019-2 B2, 4.184%, 12/25/2049 | 1,721,032 | 0.1 |
| 3,860,690 | (1),(3) | Flagstar Mortgage Trust 2018-4 B3, 4.322%, 07/25/2048 | 3,558,428 | 0.1 |
| 3,495,248 | (1),(3) | Flagstar Mortgage Trust 2020-1NV B2A, 4.356%, 03/25/2050 | 3,023,043 | 0.1 |
| 3,000,000 | (1),(3) | Flagstar Mortgage Trust 2020-1NV B3, 4.356%, 03/25/2050 | 2,567,231 | 0.1 |
| 1,645,076 | (6) | Freddie Mac 2009-70 PS, 5.803%, (-1.000*US0001M + 6.750%), 01/25/2037 | 416,504 | 0.0 |
| 260,941 | (6) | Freddie Mac 2524 SH, 6.795%, (-1.000*US0001M + 7.500%), 11/15/2032 | 27,537 | 0.0 |
| 442,042 | (6) | Freddie Mac 2525 SM, 7.295%, (-1.000*US0001M + 8.000%), 02/15/2032 | 108,403 | 0.0 |
| 425,625 | (6) | Freddie Mac 2981 CS, 6.015%, (-1.000*US0001M + 6.720%), 05/15/2035 | 82,847 | 0.0 |
| 236,955 | (6) | Freddie Mac 2989 HS, 6.445%, (-1.000*US0001M + 7.150%), 08/15/2034 | 112,562 | 0.0 |
| 230,684 | (6) | Freddie Mac 3018 SM, 6.495%, (-1.000*US0001M + 7.200%), 08/15/2035 | 55,349 | 0.0 |
| 2,251,728 | (6) | Freddie Mac 3222 SN, 5.895%, (-1.000*US0001M + 6.600%), 09/15/2036 | 477,869 | 0.0 |
| 410,018 | (3),(6) | Freddie Mac 324 144, 6.000%, 06/15/2039 | 80,087 | 0.0 |
| 828,028 | (6) | Freddie Mac 3523 SA, 5.295%, (-1.000*US0001M + 6.000%), 09/15/2036 | 171,718 | 0.0 |
See Accompanying Notes to Financial Statements
| 94 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 707,221 | (6) | Freddie Mac 3582 MS, 5.445%, (-1.000*US0001M + 6.150%), 10/15/2039 | 155,342 | 0.0 |
| 1,108,650 | (6) | Freddie Mac 3688 BI, 5.000%, 07/15/2040 | 185,137 | 0.0 |
| 4,593,134 | (6) | Freddie Mac 4186 IA, 3.000%, 03/15/2033 | 356,638 | 0.0 |
| 171,995 | (6) | Freddie Mac 4333 AI, 5.500%, 02/15/2044 | 27,934 | 0.0 |
| 8,274,433 | (6) | Freddie Mac 4813 IO, 5.500%, 08/15/2048 | 1,660,869 | 0.1 |
| 124,584 | (6) | Freddie Mac REMIC Trust 2266 S, 7.845%, (-1.000*US0001M + 8.550%), 11/15/2030 | 24,774 | 0.0 |
| 205,291 | (6) | Freddie Mac REMIC Trust 2374 S, 7.395%, (-1.000*US0001M + 8.100%), 06/15/2031 | 50,819 | 0.0 |
| 114,261 | (6) | Freddie Mac REMIC Trust 2417 SY, 7.695%, (-1.000*US0001M + 8.400%), 12/15/2031 | 30,249 | 0.0 |
| 227,979 | (6) | Freddie Mac REMIC Trust 2577 SA, 6.745%, (-1.000*US0001M + 7.450%), 02/15/2033 | 55,621 | 0.0 |
| 1,631 | Freddie Mac REMIC Trust 2973 SB, 15.750%, (-3.667*US0001M + 18.333%), 05/15/2035 | 1,642 | 0.0 | |
| 109,965 | (6) | Freddie Mac REMIC Trust 2981 SU, 7.095%, (-1.000*US0001M + 7.800%), 05/15/2030 | 25,662 | 0.0 |
| 167,386 | Freddie Mac REMIC Trust 3031 BP, 8.000%, (-6.723*US0001M + 44.975%), 08/15/2035 | 190,893 | 0.0 | |
| 753,101 | (6) | Freddie Mac REMIC Trust 3049 PI, 5.945%, (-1.000*US0001M + 6.650%), 10/15/2035 | 169,564 | 0.0 |
| 61,296 | Freddie Mac REMIC Trust 3085 SK, 57.544%, (-12.000*US0001M + 66.000%), 12/15/2035 | 200,340 | 0.0 | |
| 84,019 | (7) | Freddie Mac REMIC Trust 3151 PO, 0.000%, 05/15/2036 | 78,941 | 0.0 |
| 115,017 | (6) | Freddie Mac REMIC Trust 3590 PI, 6.000%, 07/15/2039 | 3,345 | 0.0 |
| 211,787 | (6) | Freddie Mac REMIC Trust 3624 TS, 4.095%, (-1.000*US0001M + 4.800%), 01/15/2040 | 32,561 | 0.0 |
| 332,480 | (6) | Freddie Mac REMIC Trust 4261 ID, 6.500%, 06/15/2032 | 46,303 | 0.0 |
| 1,155,590 | (6) | Freddie Mac REMIC Trust 4287 CI, 4.500%, 07/15/2041 | 128,702 | 0.0 |
| 2,025,894 | (6) | Freddie Mac REMICS 2781 SB, 6.445%, (-1.000*US0001M + 7.150%), 04/15/2034 | 456,394 | 0.0 |
| 658,409 | Freddie Mac REMICS 2921 PF, 1.055%, (US0001M + 0.350%), 01/15/2035 | 650,654 | 0.0 | |
| 4,924,872 | (6) | Freddie Mac REMICS 3128 JI, 5.925%, (-1.000*US0001M + 6.630%), 03/15/2036 | 1,210,899 | 0.1 |
| 20,481,376 | (6) | Freddie Mac REMICS 4120 TI, 2.500%, 10/15/2027 | 1,095,100 | 0.0 |
| 10,035,967 | (6) | Freddie Mac REMICS 4182 IL, 3.000%, 03/15/2028 | 668,795 | 0.0 |
| 47,452,501 | (6) | Freddie Mac REMICS 4273 PS, 5.395%, (-1.000*US0001M + 6.100%), 11/15/2043 | 9,975,669 | 0.4 |
| 3,954,947 | (6) | Freddie Mac REMICS 4290 EI, 5.000%, 12/15/2043 | 566,289 | 0.0 |
| 1,260,530 | Freddie Mac REMICS Trust 3740 FB, 1.205%, (US0001M + 0.500%), 10/15/2040 | 1,248,827 | 0.1 | |
| 3,300,000 | (1) | Freddie Mac STACR Trust 2018-DNA2 M2, 3.097%, (US0001M + 2.150%), 12/25/2030 | 2,725,735 | 0.1 |
| 2,200,000 | (1) | Freddie Mac STACR Trust 2018-DNA3 M2, 3.047%, (US0001M + 2.100%), 09/25/2048 | 1,838,047 | 0.1 |
| 2,000,000 | (1) | Freddie Mac Stacr Trust 2018-HQA2 M2, 3.247%, (US0001M + 2.300%), 10/25/2048 | 1,657,474 | 0.1 |
| 1,502,435 | (6) | Freddie Mac Strips Series 224 IO, 6.000%, 03/01/2033 | 321,606 | 0.0 |
| 767,141 | (6) | Freddie Mac Strips Series 237 S23, 6.395%, (-1.000*US0001M + 7.100%), 05/15/2036 | 177,737 | 0.0 |
| 1,126,716 | (6) | Freddie Mac Strips Series 260 33, 4.000%, 05/15/2039 | 126,980 | 0.0 |
| 1,092,445 | Freddie Mac Structured Agency Credit Risk Debt Notes 2014-DN3 M3, 4.947%, (US0001M + 4.000%), 08/25/2024 | 1,048,626 | 0.0 | |
| 1,200,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-DNA3 M3, 5.647%, (US0001M + 4.700%), 04/25/2028 | 1,116,484 | 0.0 | |
| 487,675 | Freddie Mac Structured Agency Credit Risk Debt Notes 2015-HQA1 M3, 5.647%, (US0001M + 4.700%), 03/25/2028 | 466,961 | 0.0 |
See Accompanying Notes to Financial Statements
| 95 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 6,200,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-DNA1 M3, 6.497%, (US0001M + 5.550%), 07/25/2028 | 6,043,896 | 0.2 | |
| 4,665,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA2 M3, 6.097%, (US0001M + 5.150%), 11/25/2028 | 4,477,353 | 0.2 | |
| 500,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2016-HQA3 M3, 4.797%, (US0001M + 3.850%), 03/25/2029 | 451,913 | 0.0 | |
| 7,910,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA2 M2, 4.397%, (US0001M + 3.450%), 10/25/2029 | 7,153,839 | 0.3 | |
| 2,750,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA3 M2, 3.447%, (US0001M + 2.500%), 03/25/2030 | 2,404,852 | 0.1 | |
| 8,800,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA1 M2, 4.497%, (US0001M + 3.550%), 08/25/2029 | 6,996,225 | 0.3 | |
| 5,550,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA2 M2, 3.597%, (US0001M + 2.650%), 12/25/2029 | 4,873,565 | 0.2 | |
| 3,592,626 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-HQA3 M2, 3.297%, (US0001M + 2.350%), 04/25/2030 | 3,127,529 | 0.1 | |
| 1,000,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-DNA1 M2, 2.747%, (US0001M + 1.800%), 07/25/2030 | 832,272 | 0.0 | |
| 3,277,189 | Freddie Mac Structured Agency Credit Risk Debt Notes 2018-HQA1 M2, 3.247%, (US0001M + 2.300%), 09/25/2030 | 2,797,950 | 0.1 | |
| 5,600,000 | (1) | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA1 M2, 3.597%, (US0001M + 2.650%), 01/25/2049 | 5,000,765 | 0.2 |
| 10,100,000 | (1) | Freddie Mac Structured Agency Credit Risk Debt Notes 2019-HQA2 M2, 2.997%, (US0001M + 2.050%), 04/25/2049 | 8,481,248 | 0.3 |
| 2,346,192 | (6) | Freddie Mac REMICS 3298 S, 5.405%, (-1.000*US0001M + 6.110%), 04/15/2037 | 501,270 | 0.0 |
| 95,162 | (6) | Freddie Mac REMICS 3759 DI, 4.000%, 10/15/2029 | 1,006 | 0.0 |
| 268,933 | (6) | Freddie Mac REMICS 3763 AI, 3.500%, 06/15/2025 | 6,445 | 0.0 |
| 2,392,428 | (6) | Freddie Mac REMICS 3851 PI, 4.000%, 08/15/2038 | 50,476 | 0.0 |
| 6,204,047 | (6) | Freddie Mac REMICS 4097 IC, 2.500%, 08/15/2027 | 305,636 | 0.0 |
| 1,558,271 | (6) | Freddie Mac REMICS 4116 IL, 4.500%, 05/15/2042 | 245,563 | 0.0 |
| 2,978,103 | (6) | Freddie Mac REMICS 4136 QI, 3.000%, 11/15/2032 | 218,526 | 0.0 |
| 2,224,229 | (6) | Freddie Mac REMICS 4143 IK, 4.000%, 10/15/2041 | 167,111 | 0.0 |
| 2,225,854 | (6) | Freddie Mac REMICS 4153 YI, 3.000%, 09/15/2042 | 110,229 | 0.0 |
| 3,785,716 | (6) | Freddie Mac REMICS 4157 IH, 3.500%, 01/15/2043 | 442,536 | 0.0 |
| 2,562,484 | (6) | Freddie Mac REMICS 4162 DI, 2.000%, 02/15/2028 | 108,876 | 0.0 |
| 2,009,868 | (6) | Freddie Mac REMICS 4266 LI, 3.500%, 06/15/2028 | 103,987 | 0.0 |
| 1,046,048 | Freddie Mac REMICS 4385 LS, 6.170%, (-2.333*US0001M + 9.333%), 07/15/2037 | 1,435,918 | 0.1 | |
| 4,155,622 | (6) | Freddie Mac REMICS 4494 LI, 5.000%, 12/15/2043 | 517,328 | 0.0 |
| 11,458,428 | (6) | Freddie Mac REMICS 4618 SA, 5.295%, (-1.000*US0001M + 6.000%), 09/15/2046 | 2,280,237 | 0.1 |
| 5,506,476 | Freddie Mac REMICS 4625 BI, 3.500%, 06/15/2046 | 457,048 | 0.0 | |
| 4,070,428 | (6) | Freddie Mac REMICS 4708 KI, 4.500%, 11/15/2046 | 561,471 | 0.0 |
| 54,616,638 | (6) | Freddie Mac REMICS 4903 NS, 5.395%, (-1.000*US0001M + 6.100%), 08/25/2049 | 10,518,449 | 0.4 |
| 26,985,830 | (6) | Freddie Mac REMICS 4909 SJ, 5.345%, (-1.000*US0001M + 6.050%), 09/25/2049 | 4,634,268 | 0.2 |
| 8,859,663 | (6) | Freddie Mac REMICS 4910 SD, 5.345%, (-1.000*US0001M + 6.050%), 06/15/2049 | 1,682,004 | 0.1 |
| 25,939,171 | (6) | Freddie Mac REMICS 4910 SH, 5.345%, (-1.000*US0001M + 6.050%), 09/25/2049 | 5,122,203 | 0.2 |
| 36,329,521 | (6) | Freddie Mac REMICS 4924 SY, 5.345%, (-1.000*US0001M + 6.050%), 10/25/2049 | 6,219,937 | 0.2 |
See Accompanying Notes to Financial Statements
| 96 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,000,000 | (1) | Freddie Mac STACR Remic Trust 2020-DNA2 M2, 2.797%, (US0001M + 1.850%), 02/25/2050 | 1,301,113 | 0.1 |
| 6,000,000 | (1) | Freddie Mac STACR REMIC Trust 2020-HQA1 M2, 2.847%, (US0001M + 1.900%), 01/25/2050 | 3,833,652 | 0.2 |
| 3,069,110 | (6) | Freddie Mac Strips 287 IO, 3.000%, 10/15/2027 | 192,848 | 0.0 |
| 2,840,000 | Freddie Mac Structured Agency Credit Risk Debt Notes 2017-DNA1 M2, 4.197%, (US0001M + 3.250%), 07/25/2029 | 2,536,921 | 0.1 | |
| 2,465,199 | (1),(3) | Galton Funding Mortgage Trust 2019-1 B1, 4.250%, 02/25/2059 | 2,235,603 | 0.1 |
| 1,972,159 | (1),(3) | Galton Funding Mortgage Trust 2019-1 B2, 4.500%, 02/25/2059 | 1,853,971 | 0.1 |
| 659,015 | (1),(3) | Galton Funding Mortgage Trust 2017-2 A21, 4.000%, 06/25/2059 | 648,113 | 0.0 |
| 1,644,892 | (1),(3) | Galton Funding Mortgage Trust 2018-2 B2, 4.750%, 10/25/2058 | 1,580,105 | 0.1 |
| 6,100,682 | (6) | Ginnie Mae 2007-59 SC, 5.727%, (-1.000*US0001M + 6.500%), 07/20/2037 | 1,369,462 | 0.1 |
| 230,824 | (6) | Ginnie Mae 2011-101 EI, 6.000%, (-19.355*US0001M + 109.161%), 10/16/2039 | 57,434 | 0.0 |
| 37,691,753 | (6) | Ginnie Mae 2013-130 SB, 3.469%, (-1.000*US0001M + 5.050%), 09/16/2043 | 6,184,101 | 0.2 |
| 541,603 | (6) | Ginnie Mae Series 2008-40 SA, 5.695%, (-1.000*US0001M + 6.400%), 05/16/2038 | 118,000 | 0.0 |
| 952,224 | (6) | Ginnie Mae Series 2009-116 SJ, 5.775%, (-1.000*US0001M + 6.480%), 12/16/2039 | 231,484 | 0.0 |
| 932,887 | (6) | Ginnie Mae Series 2010-4 SL, 5.695%, (-1.000*US0001M + 6.400%), 01/16/2040 | 205,901 | 0.0 |
| 248,626 | (6) | Ginnie Mae Series 2010-98 QS, 5.827%, (-1.000*US0001M + 6.600%), 01/20/2040 | 23,471 | 0.0 |
| 2,519,968 | (6) | Ginnie Mae Series 2011-101 BI, 0.650%, (-1.000*US0001M + 6.650%), 11/20/2037 | 57,668 | 0.0 |
| 7,687,663 | (6) | Ginnie Mae Series 2011-25 AS, 5.287%, (-1.000*US0001M + 6.060%), 02/20/2041 | 1,573,149 | 0.1 |
| 48,391 | (6) | Ginnie Mae Series 2012-149 BI, 3.500%, 10/20/2041 | 3,258 | 0.0 |
| 3,780,021 | (6) | Ginnie Mae Series 2013-103 DS, 5.377%, (-1.000*US0001M + 6.150%), 07/20/2043 | 715,801 | 0.0 |
| 154,502 | (6) | Ginnie Mae Series 2013-134 DS, 5.327%, (-1.000*US0001M + 6.100%), 09/20/2043 | 29,133 | 0.0 |
| 349,939 | (6) | Ginnie Mae Series 2013-44 LI, 4.500%, 01/16/2043 | 54,815 | 0.0 |
| 31,511,530 | (6) | Ginnie Mae Series 2015-144 SA, 5.427%, (-1.000*US0001M + 6.200%), 10/20/2045 | 6,933,898 | 0.3 |
| 5,661,837 | (6) | Ginnie Mae Series 2015-69 IL, 0.200%, (-1.000*US0001M + 6.700%), 07/20/2034 | 41,260 | 0.0 |
| 311,282 | (6) | Ginnie Mae Series 2015-98 IU, 4.000%, 08/20/2044 | 45,638 | 0.0 |
| 948,371 | (6) | Ginnie Mae Series 2016-8 PI, 4.000%, 10/20/2044 | 105,754 | 0.0 |
| 11,683,186 | (6) | Ginnie Mae Series 2018-153 SQ, 5.427%, (-1.000*US0001M + 6.200%), 11/20/2048 | 2,477,154 | 0.1 |
| 1,567,310 | (6) | Ginnie Mae Series 2010-143 JI, 4.000%, 08/16/2039 | 128,212 | 0.0 |
| 2,025,211 | (6) | Ginnie Mae Series 2010-143 PI, 4.000%, 11/16/2037 | 40,859 | 0.0 |
| 2,466,538 | (6) | Ginnie Mae Series 2010-4 IP, 5.000%, 01/16/2039 | 279,100 | 0.0 |
| 2,750,000 | (6) | Ginnie Mae Series 2011-124 KI, 4.000%, 08/20/2039 | 311,184 | 0.0 |
| 1,131,859 | Ginnie Mae Series 2011-159 CI, 5.000%, 06/16/2040 | 28,420 | 0.0 | |
| 4,216,521 | (6) | Ginnie Mae Series 2012-148 IP, 3.500%, 04/20/2041 | 324,597 | 0.0 |
| 3,802,598 | (6) | Ginnie Mae Series 2012-39 PI, 4.000%, 03/16/2042 | 508,499 | 0.0 |
| 1,931,579 | (6) | Ginnie Mae Series 2013-81 IO, 4.500%, 01/16/2040 | 182,267 | 0.0 |
| 4,851,119 | (6) | Ginnie Mae Series 2014-84 PI, 4.500%, 04/20/2043 | 500,032 | 0.0 |
| 4,863,304 | (6) | Ginnie Mae Series 2015-132 BI, 4.000%, 11/20/2044 | 551,544 | 0.0 |
| 34,439,345 | (6) | Ginnie Mae Series 2018-93 SJ, 5.427%, (-1.000*US0001M + 6.200%), 07/20/2048 | 5,376,367 | 0.2 |
| 896,870 | (6) | Ginnie Mae Series 2019-111 TI, 5.000%, 09/20/2049 | 105,257 | 0.0 |
See Accompanying Notes to Financial Statements
| 97 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 194,549 | (6) | Ginnie Mae Series 2019-86 GI, 6.500%, 07/20/2049 | 35,994 | 0.0 |
| 1,365,719 | (6) | Ginnie Mae Series 2019-86 HI, 5.500%, 07/20/2049 | 185,029 | 0.0 |
| 22,660,142 | (6) | Ginnie Mae Series 2019-89 SC, 5.327%, (-1.000*US0001M + 6.100%), 07/20/2049 | 4,768,394 | 0.2 |
| 1,667,319 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A1, 3.500%, 05/01/2050 | 1,696,381 | 0.1 |
| 2,648,094 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A4, 3.500%, 05/01/2050 | 2,682,374 | 0.1 |
| 1,700,000 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 A8, 3.500%, 05/01/2050 | 1,616,791 | 0.1 |
| 3,770,367 | (1),(3) | GS Mortage-Backed Securities Trust 2020-PJ1 B3, 3.694%, 05/01/2050 | 2,716,577 | 0.1 |
| 804,775 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 A1, 4.000%, 08/25/2049 | 815,328 | 0.0 |
| 1,803,937 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ1 B3, 4.333%, 08/25/2049 | 1,753,488 | 0.1 |
| 1,198,104 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 A1, 4.000%, 11/25/2049 | 1,216,211 | 0.1 |
| 3,971,676 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B2, 4.496%, 11/25/2049 | 3,843,416 | 0.2 |
| 3,950,934 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ2 B3, 4.496%, 11/25/2049 | 3,646,586 | 0.1 |
| 495,890 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B1, 4.095%, 03/25/2050 | 490,237 | 0.0 |
| 495,890 | (1),(3) | GS Mortgage-Backed Securities Corp. Trust 2019-PJ3 B2, 4.095%, 03/25/2050 | 464,934 | 0.0 |
| 504,270 | HarborView Mortgage Loan Trust 2006-14 2A1A, 0.900%, (US0001M + 0.150%), 01/25/2047 | 399,544 | 0.0 | |
| 591,641 | HarborView Mortgage Loan Trust 2007-5 A1A, 0.940%, (US0001M + 0.190%), 09/19/2037 | 484,526 | 0.0 | |
| 2,734 | HomeBanc Mortgage Trust 2004-1 2A, 1.807%, (US0001M + 0.860%), 08/25/2029 | 2,455 | 0.0 | |
| 20,236 | HomeBanc Mortgage Trust 2005-3 A2, 1.257%, (US0001M + 0.310%), 07/25/2035 | 19,895 | 0.0 | |
| 1,785,675 | (1),(3) | Homeward Opportunities Fund I Trust 2019-2 A3, 3.007%, 09/25/2059 | 1,728,557 | 0.1 |
| 83,952 | IndyMac INDX Mortgage Loan Trust 2006-AR2 1A1B, 1.157%, (US0001M + 0.210%), 04/25/2046 | 67,903 | 0.0 | |
| 882,517 | (1),(3) | JP Morgan Mortgage Trust 2014-5 B3, 2.959%, 10/25/2029 | 740,403 | 0.0 |
| 2,967,609 | (1),(3) | JP Morgan Mortgage Trust 2019-6 B1, 4.250%, 12/25/2049 | 2,718,786 | 0.1 |
| 1,781,169 | (1),(3) | JP Morgan Mortgage Trust 2019-7 B2A, 3.220%, 02/25/2050 | 1,536,142 | 0.1 |
| 992,061 | (1),(3) | JP Morgan Mortgage Trust 2019-8 B3A, 3.476%, 03/25/2050 | 743,425 | 0.0 |
| 4,188,838 | (1),(3) | JP Morgan Mortgage Trust 2019-INV3 B3, 4.556%, 05/25/2050 | 3,508,182 | 0.1 |
| 3,703,320 | (1),(3) | JP Morgan Mortgage Trust 2020-LTV1 A15, 3.500%, 06/25/2050 | 3,760,360 | 0.2 |
| 4,900,000 | (1),(3) | JP Morgan Mortgage Trust 2020-LTV1 A5, 3.500%, 06/25/2050 | 4,788,999 | 0.2 |
| 1,181,834 | (1),(3) | JP Morgan Trust 2015-3 B3, 3.664%, 05/25/2045 | 1,111,775 | 0.0 |
| 1,316,365 | (1),(3) | J.P. Morgan Mortgage Trust 2019-2 A3, 4.000%, 08/25/2049 | 1,345,401 | 0.1 |
| 1,114,105 | (1),(3) | J.P. Morgan Mortgage Trust 2019-2 B1, 4.651%, 08/25/2049 | 1,139,207 | 0.0 |
| 2,699,374 | (1),(3) | J.P. Morgan Mortgage Trust 2019-2 B2, 4.651%, 08/25/2049 | 2,517,043 | 0.1 |
| 3,210,261 | (1),(3) | J.P. Morgan Mortgage Trust 2019-LTV1 A3, 4.000%, 06/25/2049 | 3,289,706 | 0.1 |
| 2,356,330 | (1),(3) | J.P. Morgan Mortgage Trust 2019-LTV1 B1, 4.900%, 06/25/2049 | 2,382,587 | 0.1 |
| 1,865,428 | (1),(3) | J.P. Morgan Mortgage Trust 2019-LTV1 B2, 4.900%, 06/25/2049 | 1,768,881 | 0.1 |
| 2,130,740 | (3) | JP Morgan Mortgage Trust 2005-A4 B1, 4.301%, 07/25/2035 | 1,838,492 | 0.1 |
| 90,967 | JP Morgan Mortgage Trust 2005-S3 1A10, 6.000%, 01/25/2036 | 63,454 | 0.0 | |
| 218,048 | JP Morgan Mortgage Trust 2006-S2 1A18, 6.000%, 07/25/2036 | 163,923 | 0.0 | |
| 529,187 | JP Morgan Mortgage Trust 2006-S3 1A30, 6.500%, 08/25/2036 | 328,810 | 0.0 |
See Accompanying Notes to Financial Statements
| 98 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 631,401 | (1),(3) | JP Morgan Mortgage Trust 2016-1 B3, 3.868%, 05/25/2046 | 602,959 | 0.0 |
| 2,095,000 | (1),(3) | JP Morgan Mortgage Trust 2016-1 B4, 3.868%, 05/25/2046 | 1,604,730 | 0.1 |
| 1,916,223 | (1),(3) | JP Morgan Mortgage Trust 2016-4 A13, 3.500%, 10/25/2046 | 1,887,707 | 0.1 |
| 930,744 | (1),(3) | JP Morgan Mortgage Trust 2017-1 B4, 3.529%, 01/25/2047 | 846,183 | 0.0 |
| 3,468,417 | (1),(3) | JP Morgan Mortgage Trust 2017-3 1A13, 3.500%, 08/25/2047 | 3,418,054 | 0.1 |
| 1,515,838 | (1),(3) | JP Morgan Mortgage Trust 2017-3 B1, 3.834%, 08/25/2047 | 1,435,326 | 0.1 |
| 1,122,843 | (1),(3) | JP Morgan Mortgage Trust 2017-3 B2, 3.834%, 08/25/2047 | 1,048,159 | 0.0 |
| 500,000 | (1),(3) | JP Morgan Mortgage Trust 2017-4 A7, 3.500%, 11/25/2048 | 474,208 | 0.0 |
| 1,944,686 | (1),(3) | JP Morgan Mortgage Trust 2017-5 B1, 3.147%, 10/26/2048 | 1,692,979 | 0.1 |
| 572,750 | (1),(3) | JP Morgan Mortgage Trust 2017-6 B3, 3.818%, 12/25/2048 | 536,648 | 0.0 |
| 1,610,382 | (1),(3) | JP Morgan Mortgage Trust 2017-6 B4, 3.818%, 12/25/2048 | 1,458,217 | 0.1 |
| 2,354,332 | (1),(3) | JP Morgan Mortgage Trust 2018-1 B2, 3.738%, 06/25/2048 | 2,197,579 | 0.1 |
| 3,832,820 | (1),(3) | JP Morgan Mortgage Trust 2018-3 B1, 3.763%, 09/25/2048 | 3,537,964 | 0.1 |
| 2,395,513 | (1),(3) | JP Morgan Mortgage Trust 2018-3 B3, 3.763%, 09/25/2048 | 2,160,588 | 0.1 |
| 480,537 | (1),(3) | JP Morgan Mortgage Trust 2018-4 B1, 3.773%, 10/25/2048 | 440,898 | 0.0 |
| 480,537 | (1),(3) | JP Morgan Mortgage Trust 2018-4 B2, 3.773%, 10/25/2048 | 435,781 | 0.0 |
| 1,932,725 | (1),(3) | JP MORGAN MORTGAGE TRUST 2018-5 A13, 3.500%, 10/25/2048 | 1,896,089 | 0.1 |
| 907,975 | (1),(3) | JP Morgan Mortgage Trust 2018-6 1A10, 3.500%, 12/25/2048 | 921,977 | 0.0 |
| 1,920,523 | (1),(3) | JP Morgan Mortgage Trust 2018-6C B2, 3.950%, 12/25/2048 | 1,764,426 | 0.1 |
| 2,431,895 | (1),(3) | JP Morgan Mortgage Trust 2018-8 A3, 4.000%, 01/25/2049 | 2,494,740 | 0.1 |
| 8,330,041 | (1),(3) | JP Morgan Mortgage Trust 2018-8 B1, 4.202%, 01/25/2049 | 7,824,601 | 0.3 |
| 3,882,111 | (1),(3) | JP Morgan Mortgage Trust 2018-8 B2, 4.202%, 01/25/2049 | 3,604,569 | 0.1 |
| 984,730 | (1),(3) | JP Morgan Mortgage Trust 2018-9 B2, 4.462%, 02/25/2049 | 947,915 | 0.0 |
| 1,942,269 | (1),(3) | JP Morgan Mortgage Trust 2018-9 B3, 4.462%, 02/25/2049 | 1,836,704 | 0.1 |
| 1,527,316 | (1),(3) | JP Morgan Mortgage Trust 2018-LTV1 B1, 4.773%, 04/25/2049 | 1,533,835 | 0.1 |
| 2,468,213 | (1),(3) | JP Morgan Mortgage Trust 2019-1 A3, 4.000%, 05/25/2049 | 2,516,494 | 0.1 |
| 1,780,171 | (1),(3) | JP Morgan Mortgage Trust 2019-3 A3, 4.000%, 09/25/2049 | 1,809,702 | 0.1 |
| 6,027,764 | (1),(3) | JP Morgan Mortgage Trust 2019-5 A3, 4.000%, 11/25/2049 | 6,185,856 | 0.2 |
| 2,958,407 | (1),(3) | JP Morgan Mortgage Trust 2019-5 B1, 4.466%, 11/25/2049 | 2,981,520 | 0.1 |
| 4,930,678 | (1),(3) | JP Morgan Mortgage Trust 2019-5 B2, 4.466%, 11/25/2049 | 4,688,149 | 0.2 |
| 1,447,325 | (1),(3) | JP Morgan Mortgage Trust 2019-6 A3, 3.500%, 12/25/2049 | 1,475,681 | 0.1 |
| 6,429,818 | (1),(3) | JP Morgan Mortgage Trust 2019-6 B2, 4.250%, 12/25/2049 | 6,155,875 | 0.2 |
| 989,538 | (1),(3) | JP Morgan Mortgage Trust 2019-7 B3A, 3.470%, 12/31/2049 | 853,012 | 0.0 |
| 4,068,146 | (1),(3) | JP Morgan Mortgage Trust 2019-8 A15, 3.500%, 03/25/2050 | 4,091,801 | 0.2 |
| 3,946,704 | (1),(3) | JP Morgan Mortgage Trust 2019-INV1 B2, 5.130%, 10/25/2049 | 3,725,490 | 0.2 |
| 1,634,963 | (1),(3) | JP Morgan Mortgage Trust 2019-INV2 A15, 3.500%, 02/25/2050 | 1,619,177 | 0.1 |
| 5,035,848 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV2 A18, 4.000%, 12/25/2049 | 5,195,835 | 0.2 |
| 1,950,063 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV2 B2, 4.824%, 12/25/2049 | 1,839,226 | 0.1 |
| 1,976,749 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV2 B3, 4.824%, 12/25/2049 | 1,714,964 | 0.1 |
| 2,773,744 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV3 B2, 4.571%, 12/31/2049 | 2,639,122 | 0.1 |
| 6,456,342 | (1),(3) | JP Morgan Mortgage Trust 2019-LTV3 B3, 4.571%, 12/31/2049 | 5,987,955 | 0.2 |
| 2,076,342 | (1),(3) | JP Morgan Trust 2015-3 B4, 3.664%, 05/25/2045 | 1,860,613 | 0.1 |
| 5,503,234,817 | (1),(6) | L Street Securities 2017-PM1 XIO, 0.000%, 10/25/2048 | 5,652,923 | 0.2 |
| 74,310 | Lehman XS Trust Series 2005-5N 1A2, 1.307%, (US0001M + 0.360%), 11/25/2035 | 54,261 | 0.0 |
See Accompanying Notes to Financial Statements
| 99 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 706,648 | (1),(3) | Mello Mortgage Capital Acceptance 2018-MTG2 A1, 4.481%, 10/25/2048 | 729,500 | 0.0 |
| 1,091,757 | (1),(3) | Mello Mortgage Capital Acceptance 2018-MTG2 B1, 4.481%, 10/25/2048 | 1,108,040 | 0.0 |
| 655,000 | Morgan Stanley Mortgage Loan Trust 2005-5AR 1B1, 2.747%, (US0001M + 1.800%), 09/25/2035 | 566,265 | 0.0 | |
| 1,264,598 | Morgan Stanley Mortgage Loan Trust 2006-9AR A2, 1.097%, (US0001M + 0.150%), 08/25/2036 | 508,890 | 0.0 | |
| 423,787 | (1),(3) | New Residential Mortgage Loan Trust 2017-3A B2, 4.750%, 04/25/2057 | 414,888 | 0.0 |
| 1,400,000 | (1),(3) | New Residential Mortgage Loan Trust 2019-NQM2 M1, 4.267%, 04/25/2049 | 1,317,733 | 0.1 |
| 922,196 | (1),(3) | New Residential Mortgage Loan Trust 2019-NQM3 A3, 3.086%, 07/25/2049 | 906,506 | 0.0 |
| 1,863,933 | (1),(3) | OBX 2019-EXP1 1A3 Trust, 4.000%, 01/25/2059 | 1,862,644 | 0.1 |
| 768,359 | (1),(3) | OBX 2019-EXP2 1A3 Trust, 4.000%, 07/25/2059 | 774,763 | 0.0 |
| 1,255,832 | (1),(3) | OBX 2019-EXP3 1A9 Trust, 3.500%, 10/25/2059 | 1,243,081 | 0.1 |
| 2,771,518 | (1),(3) | OBX 2019-INV2 A25 Trust, 4.000%, 05/27/2049 | 2,841,217 | 0.1 |
| 1,460,400 | (1),(3) | OBX 2020-INV1 A21 Trust, 3.500%, 05/25/2049 | 1,488,012 | 0.1 |
| 34,164 | Prime Mortgage Trust 2007-1 A4, 5.500%, 03/25/2037 | 29,457 | 0.0 | |
| 1,000,000 | (1),(3) | PSMC 2019-3 A12 Trust, 3.500%, 11/25/2049 | 944,655 | 0.0 |
| 3,817,424 | (1),(3) | RCKT Mortgage Trust 2019-1 B1A, 3.929%, 09/25/2049 | 3,217,797 | 0.1 |
| 2,478,551 | (1),(3) | RCKT Mortgage Trust 2019-1 B2A, 3.929%, 09/25/2049 | 2,034,061 | 0.1 |
| 3,500,000 | (1),(3) | RCKT Mortgage Trust 2020-1 A13, 3.000%, 02/25/2050 | 3,463,345 | 0.1 |
| 1,648,000 | (1),(3) | RCKT Mortgage Trust 2020-1 B2A, 3.538%, 02/25/2050 | 1,292,038 | 0.1 |
| 2,487,587 | (3) | Sequoia Mortgage Trust 2013-3 B3, 3.513%, 03/25/2043 | 2,378,073 | 0.1 |
| 470,475 | (1) | Sequoia Mortgage Trust 2013-9 B1, 3.500%, 07/25/2043 | 452,884 | 0.0 |
| 2,716,710 | (1) | Sequoia Mortgage Trust 2013-9 B2, 3.500%, 07/25/2043 | 2,604,507 | 0.1 |
| 1,550,157 | (1),(3) | Sequoia Mortgage Trust 2015-1 B1, 3.875%, 01/25/2045 | 1,510,540 | 0.1 |
| 1,202,404 | (1),(3) | Sequoia Mortgage Trust 2018-6 B1, 4.199%, 07/25/2048 | 1,148,192 | 0.1 |
| 767,948 | (1),(3) | Sequoia Mortgage Trust 2018-CH1 B1B, 4.477%, 02/25/2048 | 741,600 | 0.0 |
| 575,961 | (1),(3) | Sequoia Mortgage Trust 2018-CH1 B2B, 4.477%, 02/25/2048 | 548,153 | 0.0 |
| 3,400,000 | (1),(3) | Sequoia Mortgage Trust 2018-CH4 A13, 4.500%, 10/25/2048 | 3,341,271 | 0.1 |
| 1,438,458 | (1),(3) | Sequoia Mortgage Trust 2019-1 A1, 4.000%, 02/25/2049 | 1,423,459 | 0.1 |
| 1,772,197 | (1),(3) | Sequoia Mortgage Trust 2019-2 B2, 4.246%, 06/25/2049 | 1,621,940 | 0.1 |
| 1,673,307 | (1),(3) | Sequoia Mortgage Trust 2019-2 B3, 4.246%, 06/25/2049 | 1,470,253 | 0.1 |
| 4,711,690 | (1),(3) | Sequoia Mortgage Trust 2019-3 A2, 3.500%, 09/25/2049 | 4,765,219 | 0.2 |
| 5,648,795 | (1),(3) | Sequoia Mortgage Trust 2019-4 A19, 3.500%, 11/25/2049 | 5,714,829 | 0.2 |
| 1,916,945 | (1),(3) | Sequoia Mortgage Trust 2019-5 A19, 3.500%, 12/25/2049 | 1,953,863 | 0.1 |
| 2,160,100 | (1),(3) | Sequoia Mortgage Trust 2019-5 B2, 3.776%, 12/25/2049 | 1,766,415 | 0.1 |
| 2,161,093 | (1),(3) | Sequoia Mortgage Trust 2019-5 B3, 3.776%, 12/25/2049 | 1,687,069 | 0.1 |
| 2,654,037 | (1),(3) | Sequoia Mortgage Trust 2019-CH1 B1B, 5.052%, 03/25/2049 | 2,522,900 | 0.1 |
| 981,886 | (1),(3) | Sequoia Mortgage Trust 2019-CH1 B2B, 5.052%, 03/25/2049 | 997,097 | 0.0 |
| 3,166,336 | (1),(3) | Sequoia Mortgage Trust 2019-CH2 A1, 4.500%, 08/25/2049 | 3,171,287 | 0.1 |
| 600,000 | (1),(3) | Sequoia Mortgage Trust 2019-CH3 A13, 4.000%, 09/25/2049 | 599,688 | 0.0 |
| 1,982,564 | (1),(3) | Sequoia Mortgage Trust 2019-CH3 B1B, 4.534%, 09/25/2049 | 1,937,732 | 0.1 |
| 1,598,273 | (1),(3) | Sequoia Mortgage Trust 2017-1 B2, 3.622%, 02/25/2047 | 1,507,489 | 0.1 |
| 959,705 | (1),(3) | Sequoia Mortgage Trust 2020-1 A1, 3.500%, 02/25/2050 | 984,412 | 0.0 |
| 4,318,671 | (1),(3) | Sequoia Mortgage Trust 2020-1 A19, 3.500%, 02/25/2050 | 4,411,480 | 0.2 |
| 1,988,096 | (1),(3) | Sequoia Mortgage Trust 2020-2 A19, 3.500%, 03/25/2050 | 2,003,443 | 0.1 |
See Accompanying Notes to Financial Statements
| 100 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,497,524 | (1),(3) | Sequoia Mortgage Trust 2020-2 B3, 3.675%, 03/25/2050 | 1,138,003 | 0.0 |
| 2,391,864 | (1),(3) | Shellpoint Co-Originator Trust 2017-2 B2, 3.714%, 10/25/2047 | 2,329,897 | 0.1 |
| 3,170,852 | (1),(3) | Shellpoint Co-Originator Trust 2017-2 B3, 3.714%, 10/25/2047 | 2,921,975 | 0.1 |
| 3,042,837 | (1),(3) | Starwood Mortgage Residential Trust 2019-1 A3, 3.299%, 06/25/2049 | 3,041,122 | 0.1 |
| 66,853 | (3) | Structured Adjustable Rate Mortgage Loan Trust 2005-4 3A1, 3.960%, 03/25/2035 | 63,107 | 0.0 |
| 600,000 | (1) | Verus Securitization Trust 2017-SG1A B1, 3.615%, 11/25/2047 | 550,016 | 0.0 |
| 4,000,000 | (1),(3) | Verus Securitization Trust 2018-1 B1, 3.801%, 01/25/2058 | 3,639,718 | 0.1 |
| 2,100,000 | (1),(3) | Verus Securitization Trust 2018-2 B1, 4.426%, 06/01/2058 | 1,901,439 | 0.1 |
| 3,000,000 | (1),(3) | Verus Securitization Trust 2018-3 M1, 4.595%, 10/25/2058 | 2,909,971 | 0.1 |
| 2,489,136 | (1),(3) | Verus Securitization Trust 2019-1 A2, 3.938%, 02/25/2059 | 2,418,222 | 0.1 |
| 3,127,983 | (1),(5) | Verus Securitization Trust 2019-3 A2, 2.938% (Step Rate @ 3.938% on 0), 07/25/2059 | 3,008,531 | 0.1 |
| 3,410,331 | (1),(3) | Verus Securitization Trust 2019-INV2 A2, 3.117%, 07/25/2059 | 3,373,595 | 0.1 |
| 127,745 | (3) | WaMu Mortgage Pass Through Certificates Series 2006-AR12 2A3, 3.206%, 10/25/2036 | 103,930 | 0.0 |
| 261,318 | (3) | WaMu Mortgage Pass-Through Certificates Series 2004-AR4 A6 Trust, 4.464%, 06/25/2034 | 233,123 | 0.0 |
| 1,652,232 | (3) | WaMu Mortgage Pass-Through Certificates Series 2004-AR7 A6, 4.534%, 07/25/2034 | 1,547,833 | 0.1 |
| 132,866,546 | (3) | WaMu Mortgage Pass-Through Certificates Series 2005-AR1 X Trust, 1.416%, 01/25/2045 | 4,177,032 | 0.2 |
| 285,396 | (3) | WaMu Mortgage Pass-Through Certificates Series 2005-AR10 1A3, 4.121%, 09/25/2035 | 272,517 | 0.0 |
| 43,113,306 | (3) | WaMu Mortgage Pass-Through Certificates Series 2005-AR2 X Trust, 1.394%, 01/25/2045 | 2,529,807 | 0.1 |
| 19,502 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR12 1A1, 3.694%, 10/25/2036 | 17,200 | 0.0 |
| 130,360 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A3, 3.270%, 11/25/2036 | 109,741 | 0.0 |
| 500,986 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR14 1A4, 3.270%, 11/25/2036 | 421,746 | 0.0 |
| 74,838 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 3A1, 3.523%, 12/25/2036 | 62,220 | 0.0 |
| 67,677 | (3) | WaMu Mortgage Pass-Through Certificates Series 2006-AR8 1A4, 3.890%, 08/25/2046 | 60,504 | 0.0 |
| 121,588 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY2 1A1, 3.740%, 12/25/2036 | 105,246 | 0.0 |
| 582,939 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY3 1A1, 3.237%, 03/25/2037 | 471,507 | 0.0 |
| 12,470 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY4 1A1, 3.428%, 04/25/2037 | 9,989 | 0.0 |
| 69,346 | (3) | WaMu Mortgage Pass-Through Certificates Series 2007-HY7 2A2, 3.612%, 07/25/2037 | 54,610 | 0.0 |
| 730,293 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A3, 1.847%, (US0001M + 0.900%), 11/25/2035 | 556,168 | 0.0 | |
| 774,485 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-10 2A9, 6.000%, 11/25/2035 | 687,466 | 0.0 | |
| 946,742 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-5 CB3, 5.500%, 07/25/2035 | 864,394 | 0.0 | |
| 180,288 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-8 1A2, 5.500%, 10/25/2035 | 166,719 | 0.0 | |
| 868,868 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-5 2CB2, 1.547%, (US0001M + 0.600%), 07/25/2036 | 437,047 | 0.0 |
See Accompanying Notes to Financial Statements
| 101 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,220,678 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR5 3A Trust, 2.906%, (12MTA + 0.940%), 07/25/2046 | 1,380,368 | 0.1 | |
| 958,352 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2006-AR6 2A, 2.926%, (12MTA + 0.960%), 08/25/2046 | 610,508 | 0.0 | |
| 754,620 | Washington Mutual Mortgage Pass-Through Certificates WMALT Series 2005-11 A1, 5.750%, 01/25/2036 | 650,928 | 0.0 | |
| 49,640 | Wells Fargo Alternative Loan 2007-PA2 2A1, 1.377%, (US0001M + 0.430%), 06/25/2037 | 37,393 | 0.0 | |
| 1,168,677 | (3) | Wells Fargo Mortgage Backed Securities 2006-AR12 1A1, 4.715%, 09/25/2036 | 1,052,965 | 0.0 |
| 201,494 | (3) | Wells Fargo Mortgage Backed Securities 2007-AR7 A1, 4.353%, 12/28/2037 | 184,874 | 0.0 |
| 3,256,169 | (1),(3) | Wells Fargo Mortgage Backed Securities 2018-1 B1, 3.691%, 07/25/2047 | 3,039,202 | 0.1 |
| 1,444,404 | (1),(3) | Wells Fargo Mortgage Backed Securities 2018-1 B3, 3.691%, 07/25/2047 | 1,299,787 | 0.1 |
| 1,588,459 | (1),(3) | Wells Fargo Mortgage Backed Securities 2019-4 B3 Trust, 3.596%, 09/25/2049 | 1,266,209 | 0.1 |
| 1,996,520 | (1),(3) | Wells Fargo Mortgage Backed Securities 2020-1 B3 Trust, 3.474%, 12/25/2049 | 1,734,388 | 0.1 |
| 720,320 | (1),(3) | WinWater Mortgage Loan Trust 2015-5 B4, 3.774%, 08/20/2045 | 674,322 | 0.0 |
| Total Collateralized Mortgage Obligations | ||||
| (Cost $806,207,910) | 753,643,797 | 29.2 | ||
| COMMERCIAL MORTGAGE-BACKED SECURITIES: 20.6% | ||||
| 5,000,000 | (1) | Atrium Hotel Portfolio Trust 2018-ATRM C, 2.355%, (US0001M + 1.650%), 06/15/2035 | 3,650,435 | 0.1 |
| 5,000,000 | (1) | Austin Fairmont Hotel Trust 2019-FAIR E, 2.955%, (US0001M + 2.250%), 09/15/2032 | 4,040,421 | 0.2 |
| 3,670,000 | (1),(3) | BAMLL Re-REMIC Trust 2016-FRR16 B, 0.998%, 05/27/2021 | 3,431,354 | 0.1 |
| 6,700,000 | (1) | BANK 2017-BNK4 E, 3.357%, 05/15/2050 | 3,628,092 | 0.1 |
| 5,320,000 | (1),(3),(6) | BANK 2017-BNK4 XE, 1.468%, 05/15/2050 | 464,616 | 0.0 |
| 1,500,000 | (1),(3) | BANK 2017-BNK5 D, 3.078%, 06/15/2060 | 1,037,916 | 0.0 |
| 1,600,000 | (1),(3) | BANK 2017-BNK6 E, 2.649%, 07/15/2060 | 869,806 | 0.0 |
| 16,600,000 | (1),(3),(6) | BANK 2017-BNK6 XE, 1.500%, 07/15/2060 | 1,369,307 | 0.1 |
| 4,500,000 | (1) | BANK 2018-BNK14 D, 3.000%, 09/15/2060 | 2,913,016 | 0.1 |
| 51,159,818 | (3),(6) | BANK 2019-BN17 XA, 1.036%, 04/15/2052 | 3,733,475 | 0.1 |
| 10,280,248 | (3),(6) | BANK 2019-BNK16 XA, 0.966%, 02/15/2052 | 657,647 | 0.0 |
| 29,395,695 | (3),(6) | Bank 2019-BNK19 XA, 0.964%, 08/15/2061 | 2,039,726 | 0.1 |
| 4,380,000 | (1) | BANK 2017-BNK6 D, 3.100%, 07/15/2060 | 3,023,419 | 0.1 |
| 58,714,626 | (3),(6) | BANK 2019-BNK22 XA, 0.604%, 11/15/2062 | 2,687,198 | 0.1 |
| 4,590,000 | (1) | BANK 2020-BNK25 D, 2.500%, 01/15/2063 | 3,086,099 | 0.1 |
| 3,799,000 | (1),(3) | BAMLL Commercial Mortgage Securities Trust 2016-FR14 C, 1.321%, 02/27/2048 | 3,578,047 | 0.1 |
| 1,000,000 | (1),(3) | BAMLL RE-Remic Trust 2014-FRR8 A, 2.150%, 11/26/2047 | 803,296 | 0.0 |
| 104,415,810 | (3),(6) | Benchmark 2018-B7 XA Mortgage Trust, 0.445%, 05/15/2053 | 3,002,967 | 0.1 |
| 53,257,680 | (3),(6) | BENCHMARK 2019-B10 XA Mortgage Trust, 1.231%, 03/15/2062 | 4,330,238 | 0.2 |
| 42,285,000 | (1),(3),(6) | BENCHMARK 2019-B10 XB Mortgage Trust, 0.900%, 03/15/2062 | 2,969,523 | 0.1 |
| 43,898,797 | (3),(6) | Benchmark 2019-B12 XA Mortgage Trust, 1.068%, 08/15/2052 | 2,976,690 | 0.1 |
| 3,090,000 | (1) | Benchmark 2019-B9 D Mortgage Trust, 3.000%, 03/15/2052 | 1,969,154 | 0.1 |
| 7,330,000 | (1),(3),(6) | Benchmark 2019-B9 XD Mortgage Trust, 2.002%, 03/15/2052 | 1,020,768 | 0.0 |
| 77,310,347 | (3),(6) | BMARK 2018-B4 XA, 0.538%, 07/15/2051 | 2,424,708 | 0.1 |
| 3,020,000 | (1) | Benchmark 2019-B14 D Mortgage Trust, 2.500%, 12/15/2061 | 1,758,381 | 0.1 |
| 2,420,000 | (1) | BHP Trust 2019-BXHP D, 2.476%, (US0001M + 1.771%), 08/15/2036 | 2,029,882 | 0.1 |
| 6,190,000 | (1) | BHP Trust 2019-BXHP E, 3.272%, (US0001M + 2.568%), 08/15/2036 | 5,025,035 | 0.2 |
| 1,933,155 | BMD2 2019-FRR1, 2.870%, 05/25/2052 | 1,801,711 | 0.1 | |
| 3,565,159 | BMD2 RE-REMIC TR 2019 3.6, 3.665%, 09/25/2022 | 3,498,096 | 0.1 | |
See Accompanying Notes to Financial Statements
| 102 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 8,235,553 | (1) | BX Commercial Mortgage Trust 2019-XL G, 3.005%, (US0001M + 2.300%), 10/15/2036 | 7,122,147 | 0.3 |
| 8,235,553 | (1) | BX Commercial Mortgage Trust 2019-XL J, 3.355%, (US0001M + 2.650%), 10/15/2036 | 7,132,006 | 0.3 |
| 7,680,000 | (1) | BX Commercial Mortgage Trust 2020-BXLP G, 3.205%, (US0001M + 2.500%), 12/15/2029 | 6,548,776 | 0.3 |
| 1,650,000 | (1) | BX Trust 2019-MMP E, 2.605%, (US0001M + 1.900%), 08/15/2036 | 1,597,580 | 0.1 |
| 3,710,000 | (1),(3) | BX Trust 2019-OC11 E, 4.076%, 12/09/2041 | 2,854,452 | 0.1 |
| 4,990,000 | (1),(3) | CALI Mortgage Trust 2019-101C E, 4.324%, 03/10/2039 | 5,047,568 | 0.2 |
| 92,346,523 | (3),(6) | Cantor Commercial Real Estate Lending 2019-CF1 XA, 1.144%, 05/15/2052 | 6,708,024 | 0.3 |
| 40,648,290 | (3),(6) | Cantor Commercial Real Estate Lending 2019-CF2 XA, 1.376%, 11/15/2052 | 3,244,262 | 0.1 |
| 8,122,160 | (3),(6) | CD 2016-CD1 Mortgage Trust XA, 1.404%, 08/10/2049 | 517,515 | 0.0 |
| 14,660,000 | (1),(3),(6) | CD 2016-CD1 Mortgage Trust XB, 0.678%, 08/10/2049 | 570,506 | 0.0 |
| 2,140,256 | (1),(3) | CFCRE Commercial Mortgage Trust 2011-C1 E, 6.089%, 04/15/2044 | 2,023,798 | 0.1 |
| 5,060,000 | (1) | CGDB Commercial Mortgage Trust 2019-MOB E, 2.705%, (US0001M + 2.000%), 11/15/2036 | 3,850,762 | 0.2 |
| 4,640,000 | (1) | CGDB Commercial Mortgage Trust 2019-MOB F, 3.255%, (US0001M + 2.550%), 11/15/2036 | 3,540,202 | 0.1 |
| 1,000,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2013-GC17 D, 5.110%, 11/10/2046 | 897,504 | 0.0 |
| 4,826,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2014-GC19 E, 4.592%, 03/10/2047 | 3,895,151 | 0.2 |
| 6,030,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2014-GC19 F, 3.665%, 03/10/2047 | 4,494,991 | 0.2 |
| 2,130,000 | (1) | Citigroup Commercial Mortgage Trust 2016-C2 E, 4.594%, 08/10/2049 | 1,382,010 | 0.1 |
| 3,080,000 | (1) | Citigroup Commercial Mortgage Trust 2016-P5 D, 3.000%, 10/10/2049 | 2,194,643 | 0.1 |
| 27,584,598 | (3),(6) | Citigroup Commercial Mortgage Trust 2017-C4 XA, 1.106%, 10/12/2050 | 1,507,413 | 0.1 |
| 34,050,379 | (3),(6) | Citigroup Commercial Mortgage Trust 2019-C7 XA, 0.881%, 12/15/2072 | 2,105,985 | 0.1 |
| 12,040,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2016-P4 E, 4.723%, 07/10/2049 | 8,403,798 | 0.3 |
| 5,790,000 | (1),(3) | Citigroup Commercial Mortgage Trust 2016-P4 F, 4.723%, 07/10/2049 | 3,669,542 | 0.1 |
| 40,945,117 | (3),(6) | Citigroup Commercial Mortgage Trust 2019-GC41 XA, 1.190%, 08/10/2056 | 2,819,059 | 0.1 |
| 3,460,000 | (1),(3) | COMM 2013-CR10 F Mortgage Trust, 4.789%, 08/10/2046 | 2,804,683 | 0.1 |
| 8,380,000 | (1),(3) | COMM 2013-GAM F, 3.418%, 02/10/2028 | 7,999,965 | 0.3 |
| 3,000,000 | (3) | COMM 2012-CCRE2 C Mortgage Trust, 4.831%, 08/15/2045 | 2,883,625 | 0.1 |
| 10,974,289 | (3),(6) | COMM 2012-CR3 XA, 1.857%, 10/15/2045 | 381,628 | 0.0 |
| 863,403 | (3),(6) | COMM 2012-CR4 XA, 1.697%, 10/15/2045 | 27,906 | 0.0 |
| 6,936,612 | (1),(3),(6) | COMM 2012-LTRT XA, 0.920%, 10/05/2030 | 117,135 | 0.0 |
| 1,670,000 | (1),(3) | COMM 2013-CR10 E Mortgage Trust, 4.789%, 08/10/2046 | 1,417,574 | 0.1 |
| 2,200,000 | (1),(3) | COMM 2013-LC6 D Mortgage Trust, 4.342%, 01/10/2046 | 1,988,703 | 0.1 |
| 11,060,000 | (1),(3) | COMM 2014-LC15 D Mortgage Trust, 4.984%, 04/10/2047 | 9,775,172 | 0.4 |
| 11,063,359 | (3),(6) | COMM 2016-COR1 XA, 1.432%, 10/10/2049 | 690,567 | 0.0 |
| 2,806,410 | (3),(6) | COMM 2016-CR28 XA, 0.693%, 02/10/2049 | 79,011 | 0.0 |
| 1,000,000 | (3) | COMM 2017-COR2 C, 4.561%, 09/10/2050 | 835,982 | 0.0 |
| 21,430,778 | (3),(6) | COMM 2017-COR2 XA, 1.171%, 09/10/2050 | 1,423,132 | 0.1 |
| 5,000,000 | (1),(3) | COMM 2020-CBM F Mortgage Trust, 3.633%, 11/13/2039 | 3,111,759 | 0.1 |
| 3,840,000 | (1) | Credit Suisse Mortgage Capital Certificates 2019-ICE4 F, 3.355%, (US0001M + 2.650%), 05/15/2036 | 2,976,893 | 0.1 |
| 1,430,000 | (3) | Csail 2015-C2 C Commercial Mortgage Trust, 4.192%, 06/15/2057 | 1,244,442 | 0.1 |
See Accompanying Notes to Financial Statements
| 103 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,023,829 | (1) | CSWF 2018-TOP F, 3.455%, (US0001M + 2.750%), 08/15/2035 | 2,397,745 | 0.1 |
| 2,314,968 | (1),(3) | DBUBS 2011-LC1A F Mortgage Trust, 5.689%, 11/10/2046 | 2,198,757 | 0.1 |
| 5,000,000 | (1),(3) | DBUBS 2011-LC2A D, 5.530%, 07/10/2044 | 4,872,586 | 0.2 |
| 2,300,000 | (1),(3) | DBUBS 2017-BRBK E Mortgage Trust, 3.530%, 10/10/2034 | 1,832,013 | 0.1 |
| 6,080,000 | (1),(3) | DBUBS 2011-LC2 E Mortgage Trust, 5.530%, 07/10/2044 | 5,854,755 | 0.2 |
| 4,500,000 | (1) | DBUBS 2011-LC2A F Mortgage Trust, 4.000%, (US0001M + 3.650%), 07/10/2044 | 4,295,657 | 0.2 |
| 5,000,000 | (1) | DBWF 2018-GLKS D Mortgage Trust, 3.150%, (US0001M + 2.400%), 11/19/2035 | 3,881,456 | 0.2 |
| 4,800,000 | (1),(3) | DBJPM 16-C3 F Mortgage Trust, 4.241%, 08/10/2049 | 2,728,381 | 0.1 |
| 4,160,000 | (1) | Exantas Capital Corp. 2019-RSO7 D Ltd., 3.500%, (US0001M + 2.700%), 04/15/2036 | 2,828,755 | 0.1 |
| 3,680,000 | (1) | Fontainebleau Miami Beach Trust 2019-FBLU F, 4.095%, 12/10/2036 | 2,451,224 | 0.1 |
| 8,937,711 | (3),(6) | Freddie Mac Multifamily Structured Pass Through Certificates K715 X3, 2.014%, 02/25/2041 | 146,220 | 0.0 |
| 628,416 | (1),(6) | FREMF Mortgage Trust 2012-K17 X2A, 0.100%, 12/25/2044 | 794 | 0.0 |
| 203,197,429 | (1),(6) | FREMF Mortgage Trust 2014-K714 X2B, 0.100%, 01/25/2047 | 57,261 | 0.0 |
| 159,355 | (1) | GPT 2018-GPP E Mortgage Trust, 3.175%, (US0001M + 2.470%), 06/15/2035 | 159,910 | 0.0 |
| 2,000,000 | (1) | GS Mortgage Securities Corp. II 2018-RIVR F, 2.805%, (US0001M + 2.100%), 07/15/2035 | 1,952,019 | 0.1 |
| 3,500,000 | (1) | GS Mortgage Securities Corp. II 2018-RIVR G, 3.305%, (US0001M + 2.600%), 07/15/2035 | 2,597,980 | 0.1 |
| 4,230,000 | (1) | GS Mortgage Securities Corp. Trust 2019-70P E, 2.905%, (US0001M + 2.200%), 10/15/2036 | 3,340,525 | 0.1 |
| 1,690,000 | (1) | GS Mortgage Securities Corp. Trust 2019-70P F, 3.355%, (US0001M + 2.650%), 10/15/2036 | 1,323,681 | 0.1 |
| 1,010,000 | (1),(3) | GS Mortgage Securities Trust 2010-C2 E, 4.548%, 12/10/2043 | 966,753 | 0.0 |
| 3,080,000 | (3) | GS Mortgage Securities Trust 2012-GCJ7 C, 5.708%, 05/10/2045 | 3,021,994 | 0.1 |
| 15,518,000 | (1),(3) | GS Mortgage Securities Trust 2012-GCJ7 E, 5.000%, 05/10/2045 | 9,974,750 | 0.4 |
| 1,330,000 | (1) | GS Mortgage Securities Trust 2013-GC16 G, 3.500%, 11/10/2046 | 1,015,824 | 0.0 |
| 6,670,000 | (1),(3) | GS Mortgage Securities Trust 2016-GS4 D, 3.233%, 11/10/2049 | 4,808,187 | 0.2 |
| 15,420,815 | (3),(6) | GS Mortgage Securities Trust 2019-GC38 XA, 0.963%, 02/10/2052 | 984,437 | 0.0 |
| 4,830,000 | (1),(3) | GS Mortgage Securities Trust 2019-GC40 DBD, 3.550%, 07/10/2052 | 4,527,965 | 0.2 |
| 3,710,000 | (1),(3) | GS Mortgage Securities Trust 2019-GC40 DBE, 3.550%, 07/10/2052 | 3,402,437 | 0.1 |
| 41,143,567 | (3),(6) | GS Mortgage Securities Trust 2019-GC40 XA, 1.093%, 07/10/2052 | 2,910,636 | 0.1 |
| 4,460,000 | (1),(3) | GS Mortgage Securities Trust 2020-GC45 SWC, 3.219%, 12/13/2039 | 2,520,006 | 0.1 |
| 84,876,230 | (3),(6) | GS Mortgage Securities Trust 2019-GSA1 XA, 0.834%, 11/10/2052 | 5,058,004 | 0.2 |
| 6,200,000 | (1) | Hawaii Hotel Trust 2019-MAUI F, 3.455%, (US0001M + 3.000%), 05/15/2038 | 4,435,791 | 0.2 |
| 2,670,000 | (1),(3) | Hudson Yards 2019-55HY F Mortgage Trust, 2.943%, 12/10/2041 | 2,282,565 | 0.1 |
| 180,000 | (1),(3) | IMT Trust 2017-APTS EFX, 3.497%, 06/15/2034 | 155,025 | 0.0 |
| 4,860,000 | (1),(3) | Jackson Park Trust 2019-LIC F, 3.242%, 10/14/2039 | 2,819,121 | 0.1 |
| 1,800,000 | (1) | JP Morgan Chase Commercial Mortgage Securities Corp. 2019-BKWD E, 3.305%, (US0001M + 2.600%), 09/15/2029 | 1,753,891 | 0.1 |
| 2,845,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 D, 5.419%, 08/15/2046 | 2,754,239 | 0.1 |
See Accompanying Notes to Financial Statements
| 104 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,640,000 | (1) | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP F, 3.862%, 12/05/2038 | 2,601,102 | 0.1 |
| 3,760,000 | (1),(3) | JPMCC Re-REMIC Trust 2015-FRR2 AK36, 2.195%, 12/27/2046 | 3,683,317 | 0.1 |
| 5,910,000 | (1) | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-WPT FFX, 5.542%, 07/05/2033 | 4,553,691 | 0.2 |
| 5,440,000 | (1) | J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP E, 2.865%, (US0001M + 2.160%), 07/15/2036 | 4,662,002 | 0.2 |
| 6,150,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 F, 3.873%, 07/15/2046 | 5,823,673 | 0.2 |
| 5,000,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 G, 3.873%, 07/15/2046 | 4,720,708 | 0.2 |
| 5,240,179 | (3),(6) | JP Morgan Chase Commercial Mortgage Securities Trust 2012-CIBX XA, 1.476%, 06/15/2045 | 98,511 | 0.0 |
| 2,000,000 | (3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 D, 4.113%, 12/15/2047 | 1,788,373 | 0.1 |
| 5,500,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 E, 3.500%, 12/15/2047 | 4,426,463 | 0.2 |
| 3,630,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 E, 3.986%, 01/15/2046 | 3,049,382 | 0.1 |
| 7,470,000 | (1),(3) | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 F, 3.986%, 01/15/2046 | 5,331,720 | 0.2 |
| 23,978,037 | (3),(6) | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 XA, 0.945%, 07/15/2047 | 537,134 | 0.0 |
| 3,810,000 | (1) | JP Morgan Chase Commercial Mortgage Securities Trust 2020-LOOP E, 3.862%, 12/05/2038 | 3,004,479 | 0.1 |
| 1,000,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C15 D, 5.198%, 11/15/2045 | 901,725 | 0.0 |
| 2,549,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C17 D, 4.892%, 01/15/2047 | 2,257,279 | 0.1 |
| 9,560,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C17 E, 3.867%, 01/15/2047 | 7,524,984 | 0.3 |
| 2,200,000 | (1),(3) | JPMBB Commercial Mortgage Securities Trust 2013-C17 F, 3.867%, 01/15/2047 | 1,597,641 | 0.1 |
| 1,405,000 | (3) | JPMBB Commercial Mortgage Securities Trust 2014-C21 C, 4.657%, 08/15/2047 | 1,276,920 | 0.1 |
| 2,440,000 | (1) | JPMBB Commercial Mortgage Securities Trust 2014-C26 E, 4.000%, 01/15/2048 | 1,716,994 | 0.1 |
| 50,278,540 | (3),(6) | JPMBB Commercial Mortgage Securities Trust 2015-C27 XA, 1.169%, 02/15/2048 | 2,311,883 | 0.1 |
| 56,139,836 | (3),(6) | JPMBB Commercial Mortgage Securities Trust 2015-C28 XA, 1.057%, 10/15/2048 | 1,893,630 | 0.1 |
| 21,428,263 | (3),(6) | JPMDB Commercial Mortgage Securities Trust 2017-C7 XA, 0.902%, 10/15/2050 | 1,020,170 | 0.0 |
| 915,005 | (3) | LB-UBS Commercial Mortgage Trust 2005-C3 F, 5.013%, 07/15/2040 | 905,562 | 0.0 |
| 12,759,871 | (1),(3),(6) | LSTAR Commercial Mortgage Trust 2017-5 X, 1.000%, 03/10/2050 | 459,799 | 0.0 |
| 6,737,000 | (1) | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 F, 3.707%, 11/15/2046 | 5,225,070 | 0.2 |
| 11,679,276 | (3),(6) | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 XA, 0.980%, 11/15/2046 | 327,089 | 0.0 |
| 13,998,453 | (3),(6) | Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 XA, 1.003%, 12/15/2047 | 493,706 | 0.0 |
| 5,649,000 | (1) | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 D, 3.389%, 10/15/2047 | 4,552,121 | 0.2 |
| 1,000,000 | (3) | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 C, 4.462%, 02/15/2048 | 889,365 | 0.0 |
| 8,220,000 | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 D, 3.068%, 10/15/2048 | 6,213,293 | 0.2 | |
| 4,300,000 | (1) | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C26 D, 3.060%, 10/15/2048 | 3,234,733 | 0.1 |
See Accompanying Notes to Financial Statements
| 105 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 15,697,129 | (3),(6) | Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34 XA, 0.813%, 11/15/2052 | 698,050 | 0.0 |
| 270,000 | (1),(3) | Morgan Stanley Capital I Trust 2011-C1 D, 5.375%, 09/15/2047 | 234,784 | 0.0 |
| 5,970,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 K, 4.193%, 09/15/2047 | 5,782,232 | 0.2 |
| 4,268,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 L, 4.193%, 09/15/2047 | 4,047,467 | 0.2 |
| 4,220,000 | (1) | Morgan Stanley Capital I Trust 2011-C1 M, 4.193%, 09/15/2047 | 3,971,202 | 0.2 |
| 4,841,000 | (1),(3) | Morgan Stanley Capital I Trust 2016-BNK2 D, 3.000%, 11/15/2049 | 3,430,201 | 0.1 |
| 25,660,000 | (1),(3),(6) | Morgan Stanley Capital I Trust 2018-L1 XD, 1.796%, 10/15/2051 | 3,062,970 | 0.1 |
| 910,000 | Morgan Stanley Capital I, Inc. 2017-HR2 D, 2.730%, 12/15/2050 | 597,419 | 0.0 | |
| 38,427,307 | (3),(6) | Morgan Stanley Capital I, Inc. 2017-HR2 XA, 0.793%, 12/15/2050 | 1,776,314 | 0.1 |
| 2,370,000 | (1) | MRCD 2019-PARK E Mortgage Trust, 2.718%, 12/15/2036 | 2,157,014 | 0.1 |
| 4,450,000 | (1) | MRCD 2019-PARK F Mortgage Trust, 2.718%, 12/15/2036 | 3,885,272 | 0.2 |
| 790,000 | (1) | Prima Capital CRE Securitization 2019-RK1 CD Ltd., 3.500%, 04/15/2038 | 718,650 | 0.0 |
| 10,151,000 | (1) | Prima Capital CRE Securitization 2019-RK1 DD Ltd., 3.500%, 04/15/2038 | 9,116,692 | 0.4 |
| 15,000,000 | (1) | Prima Capital CRE Securitization 2019-7A D Ltd., 4.250%, 12/25/2050 | 15,628,551 | 0.6 |
| 4,470,000 | (1),(3) | Ready Capital Mortgage Trust 2019-5 D, 5.504%, 02/25/2052 | 3,012,043 | 0.1 |
| 5,310,000 | (1),(3) | ReadyCap Commercial Mortgage Trust 2018-4 D, 5.338%, 02/27/2051 | 3,680,567 | 0.1 |
| 2,673,000 | (1) | Shelter Growth CRE 2018-FL1 D Issuer Ltd., 3.705%, (US0001M + 3.000%), 01/15/2035 | 2,410,783 | 0.1 |
| 1,000,000 | (1),(3) | UBS Commercial Mortgage Trust 2017-C5, 4.316%, 11/15/2050 | 750,354 | 0.0 |
| 26,351,798 | (3),(6) | UBS Commercial Mortgage Trust 2019-C16 XA, 1.561%, 04/15/2052 | 2,534,832 | 0.1 |
| 1,900,000 | (1),(3) | UBS-Barclays Commercial Mortgage Trust 2012-C4 D, 4.476%, 12/10/2045 | 1,733,862 | 0.1 |
| 3,240,000 | (1),(3) | UBS-Barclays Commercial Mortgage Trust 2012-C4 E, 4.476%, 12/10/2045 | 2,694,722 | 0.1 |
| 1,616,500 | (1) | Wells Fargo Commercial Mortgage Trust 2010-C1 E, 4.000%, 11/15/2043 | 1,564,092 | 0.1 |
| 3,448,000 | (1) | Wells Fargo Commercial Mortgage Trust 2010-C1 F, 4.000%, 11/15/2043 | 3,312,667 | 0.1 |
| 8,190,000 | (1),(3) | Wells Fargo Commercial Mortgage Trust 2015-C30 D, 4.497%, 09/15/2058 | 6,748,599 | 0.3 |
| 8,329,649 | (1) | Wells Fargo Commercial Mortgage Trust 2015-C30 E, 3.250%, 09/15/2058 | 5,199,059 | 0.2 |
| 78,780,000 | (3),(6) | Wells Fargo Commercial Mortgage Trust 2016-NXS6 XB, 0.527%, 11/15/2049 | 2,397,677 | 0.1 |
| 20,748,388 | (3),(6) | Wells Fargo Commercial Mortgage Trust 2017-C40 XA, 0.969%, 10/15/2050 | 1,041,635 | 0.0 |
| 2,321,869 | (1) | Wells Fargo Commercial Mortgage Trust 2018-BXI E, 2.861%, (US0001M + 2.157%), 12/15/2036 | 1,882,921 | 0.1 |
| 8,430,000 | (1) | Wells Fargo Commercial Mortgage Trust 2019-C49 D, 3.000%, 03/15/2052 | 5,351,308 | 0.2 |
| 374,852 | (1),(3),(6) | WFRBS Commercial Mortgage Trust 2012-C8 XA, 1.807%, 08/15/2045 | 11,749 | 0.0 |
| 2,894,184 | (1),(3),(6) | WFRBS Commercial Mortgage Trust 2012-C9 XA, 1.892%, 11/15/2045 | 112,010 | 0.0 |
| 9,230,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2013-C11 E, 4.258%, 03/15/2045 | 7,555,811 | 0.3 |
| 10,350,000 | (1) | WFRBS Commercial Mortgage Trust 2013-C12 E, 3.500%, 03/15/2048 | 8,178,523 | 0.3 |
| 5,950,000 | (1) | WFRBS Commercial Mortgage Trust 2013-C12 F, 3.500%, 03/15/2048 | 4,519,165 | 0.2 |
| 4,691,143 | (1),(3),(6) | WFRBS Commercial Mortgage Trust 2013-C12 XA, 1.215%, 03/15/2048 | 130,161 | 0.0 |
| 9,000,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2013-C17 D, 5.041%, 12/15/2046 | 8,050,047 | 0.3 |
| 760,000 | (1) | WFRBS Commercial Mortgage Trust 2013-C17 E, 3.500%, 12/15/2046 | 578,815 | 0.0 |
See Accompanying Notes to Financial Statements
| 106 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,000,000 | (1) | WFRBS Commercial Mortgage Trust 2013-C17 F, 3.500%, 12/15/2046 | 2,182,412 | 0.1 |
| 10,940,000 | (1) | Wells Fargo Commercial Mortgage Trust 2015-NXS3 D, 3.153%, 09/15/2057 | 8,308,519 | 0.3 |
| 39,904,284 | (3),(6) | Wells Fargo Commercial Mortgage Trust 2019-C52 XA, 1.623%, 08/15/2052 | 4,035,345 | 0.2 |
| 7,735,000 | (1),(3) | West Town Mall Trust 2017-KNOX E, 4.346%, 07/05/2030 | 6,985,539 | 0.3 |
| 1,500,000 | (1),(3) | WFLD 2014-MONT D Mortgage Trust, 3.755%, 08/10/2031 | 1,286,665 | 0.1 |
| 960,000 | (1),(3) | WFRBS Commercial Mortgage Trust 2013-C11 F, 4.258%, 03/15/2045 | 678,516 | 0.0 |
| 41,965,049 | (3),(6) | WFRBS Commercial Mortgage Trust 2013-UBS1 XA, 0.848%, 03/15/2046 | 825,134 | 0.0 |
| Total Commercial Mortgage-Backed Securities | ||||
| (Cost $609,205,464) | 529,961,107 | 20.6 | ||
| U.S. TREASURY OBLIGATIONS: 0.6% | ||||
| Treasury Inflation Indexed Protected Securities: 0.6% | ||||
| 13,897,909 | 0.125%,01/15/2030 | 14,339,655 | 0.6 | |
| U.S. Treasury Notes: 0.0% | ||||
| 298,000 | 1.500%,02/15/2030 | 321,299 | 0.0 | |
| Total U.S. Treasury Obligations | ||||
| (Cost $15,031,977) | 14,660,954 | 0.6 | ||
| SOVEREIGN BONDS: 3.2% | ||||
| 1,075,000 | Argentine Republic Government International Bond, 6.875%, 01/26/2027 | 301,011 | 0.0 | |
| 1,500,000 | Brazilian Government International Bond, 6.000%, 04/07/2026 | 1,709,250 | 0.1 | |
| 1,650,000 | Colombia Government International Bond, 3.000%, 01/30/2030 | 1,511,400 | 0.1 | |
| 2,700,000 | Colombia Government International Bond, 3.875%, 04/25/2027 | 2,690,665 | 0.1 | |
| EUR 1,875,000 | Croatia Government International Bond, 1.125%, 06/19/2029 | 1,897,933 | 0.1 | |
| 800,000 | Croatia Government International Bond, 5.500%, 04/04/2023 | 840,832 | 0.0 | |
| 2,825,000 | (1) | Dominican Republic International Bond, 4.500%, 01/30/2030 | 2,470,462 | 0.1 |
| 500,000 | Dominican Republic International Bond, 6.000%, 07/19/2028 | 478,196 | 0.0 | |
| 1,725,000 | Dominican Republic International Bond, 6.875%, 01/29/2026 | 1,731,111 | 0.1 | |
| 300,000 | (2) | Ecuador Government International Bond, 7.875%, 01/23/2028 | 84,966 | 0.0 |
| 1,700,000 | (2) | Egypt Government International Bond, 5.875%, 06/11/2025 | 1,534,619 | 0.1 |
| 1,900,000 | Egypt Government International Bond, 6.588%, 02/21/2028 | 1,626,875 | 0.1 | |
| 4,200,000 | Egypt Government International Bond, 7.500%, 01/31/2027 | 3,835,969 | 0.2 | |
| 1,400,000 | (1) | Export-Import Bank of India, 3.250%, 01/15/2030 | 1,250,362 | 0.1 |
| 440,000 | (1) | Gabon Government International Bond, 6.625%, 02/06/2031 | 272,288 | 0.0 |
| 4,525,000 | (1) | Ghana Government International Bond, 6.375%, 02/11/2027 | 3,337,187 | 0.1 |
| 2,100,000 | (2) | Indonesia Government International Bond, 2.850%, 02/14/2030 | 2,047,032 | 0.1 |
| IDR 32,649,000,000 | Indonesia Treasury Bond, 8.375%, 04/15/2039 | 2,008,223 | 0.1 | |
| 1,303,875 | Ivory Coast Government International Bond, 5.750%, 12/31/2032 | 1,181,784 | 0.0 | |
| 650,000 | Jordan Government International Bond, 6.125%, 01/29/2026 | 595,251 | 0.0 | |
| 1,350,000 | (1) | Kenya Government International Bond, 7.000%, 05/22/2027 | 1,252,125 | 0.1 |
| 500,000 | (1) | KSA Sukuk Ltd., 3.628%, 04/20/2027 | 508,319 | 0.0 |
| 1,200,000 | Mexico Government International Bond, 3.250%, 04/16/2030 | 1,127,700 | 0.0 | |
| 1,600,000 | Mexico Government International Bond, 4.500%, 04/22/2029 | 1,647,216 | 0.1 | |
| 600,000 | Oman Government International Bond, 6.000%, 08/01/2029 | 433,101 | 0.0 | |
| 600,000 | Panama Government International Bond, 3.160%, 01/23/2030 | 602,706 | 0.0 | |
| 500,000 | Panama Government International Bond, 9.375%, 04/01/2029 | 713,026 | 0.0 | |
| PEN 9,681,000 | (1) | Peru Government Bond, 6.150%, 08/12/2032 | 3,035,954 | 0.1 |
| PEN 9,681,000 | Peru Government Bond, 6.850%, 02/12/2042 | 3,184,823 | 0.1 | |
| 750,000 | (1) | Perusahaan Penerbit SBSN Indonesia III, 4.150%, 03/29/2027 | 754,343 | 0.0 |
See Accompanying Notes to Financial Statements
| 107 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,800,000 | (1) | Perusahaan Penerbit SBSN Indonesia III, 4.450%, 02/20/2029 | 1,844,285 | 0.1 |
| 450,000 | Nigeria Government International Bond, 6.500%, 11/28/2027 | 314,924 | 0.0 | |
| 700,000 | Republic of South Africa Government International Bond, 4.300%, 10/12/2028 | 577,154 | 0.0 | |
| 5,750,000 | Republic of South Africa Government International Bond, 4.850%, 09/30/2029 | 4,743,819 | 0.2 | |
| RUB 557,160,000 | Russian Federal Bond - OFZ, 7.250%, 05/10/2034 | 7,417,343 | 0.3 | |
| 800,000 | Russian Foreign Bond - Eurobond, 4.375%, 03/21/2029 | 857,950 | 0.0 | |
| 500,000 | Saudi Government International Bond, 3.625%, 03/04/2028 | 510,000 | 0.0 | |
| 2,000,000 | Saudi Government International Bond, 4.500%, 04/17/2030 | 2,150,000 | 0.1 | |
| 1,300,000 | South Africa Government International Bond, 5.875%, 09/16/2025 | 1,253,961 | 0.1 | |
| 950,000 | Sri Lanka Government International Bond, 6.350%, 06/28/2024 | 598,500 | 0.0 | |
| 11,475,000 | Turkey Government International Bond, 4.875%, 10/09/2026 | 9,732,521 | 0.4 | |
| 1,100,000 | Turkey Government International Bond, 5.600%, 11/14/2024 | 1,012,961 | 0.0 | |
| 325,000 | Turkey Government International Bond, 7.250%, 12/23/2023 | 318,803 | 0.0 | |
| 550,000 | Turkey Government International Bond, 7.375%, 02/05/2025 | 541,973 | 0.0 | |
| 450,000 | Ukraine Government International Bond, 7.375%, 09/25/2032 | 407,531 | 0.0 | |
| 975,000 | Ukraine Government International Bond, 7.750%, 09/01/2023 | 917,938 | 0.0 | |
| 4,550,000 | Ukraine Government International Bond, 7.750%, 09/01/2025 | 4,158,700 | 0.2 | |
| Total Sovereign Bonds | ||||
| (Cost $94,013,144) | 82,023,092 | 3.2 | ||
| ASSET-BACKED SECURITIES: 12.0% | ||||
| Automobile Asset-Backed Securities: 1.3% | ||||
| 1,075,000 | Americredit Automobile Receivables Trust 2018-2 D, 4.010%, 07/18/2024 | 877,791 | 0.0 | |
| 2,000,000 | Americredit Automobile Receivables Trust 2019-1 D, 3.620%, 03/18/2025 | 2,002,305 | 0.1 | |
| 2,800,000 | AmeriCredit Automobile Receivables Trust 2019-3 C, 2.320%, 07/18/2025 | 2,766,354 | 0.1 | |
| 2,450,000 | AmeriCredit Automobile Receivables Trust 2019-3 D, 2.580%, 09/18/2025 | 2,324,215 | 0.1 | |
| 4,400,000 | AmeriCredit Automobile Receivables Trust 2020-1 D, 1.800%, 12/18/2025 | 4,127,759 | 0.2 | |
| 3,000,000 | Carmax Auto Owner Trust 2019-2 D, 3.410%, 10/15/2025 | 3,008,907 | 0.1 | |
| 2,500,000 | (1) | Santander Drive Auto Receivables Trust 2018-1 E, 4.370%, 05/15/2025 | 2,160,459 | 0.1 |
| 1,000,000 | Santander Drive Auto Receivables Trust 2018-2 D, 3.880%, 02/15/2024 | 998,406 | 0.0 | |
| 4,450,000 | Santander Drive Auto Receivables Trust 2019-2 D, 3.220%, 07/15/2025 | 4,403,604 | 0.2 | |
| 2,250,000 | Santander Drive Auto Receivables Trust 2019-3 C, 2.490%, 10/15/2025 | 2,180,106 | 0.1 | |
| 6,000,000 | Santander Drive Auto Receivables Trust 2019-3 D, 2.680%, 10/15/2025 | 5,735,832 | 0.2 | |
| 850,000 | (1) | Tesla Auto Lease Trust 2018-B C, 4.360%, 10/20/2021 | 834,724 | 0.0 |
| 3,800,000 | (1) | Tesla Auto Lease Trust 2019-A C, 2.680%, 01/20/2023 | 3,683,662 | 0.1 |
| 35,104,124 | 1.3 | |||
| Home Equity Asset-Backed Securities: 0.3% | ||||
| 2,682,934 | (1),(3) | ACE Securities Corp. Mortgage Loan Trust Series 2007-D1 A2, 6.336%, 02/25/2038 | 2,429,434 | 0.1 |
| 463,175 | GSAA Home Equity Trust 2006-3 A3, 1.247%, (US0001M + 0.300%), 03/25/2036 | 296,826 | 0.0 | |
| 2,874,772 | (3) | GSAA Home Equity Trust 2006-4 4A3, 3.729%, 03/25/2036 | 2,053,272 | 0.1 |
| 1,048,741 | GSAA Home Equity Trust 2007-1 1A1, 1.027%, (US0001M + 0.080%), 02/25/2037 | 418,921 | 0.0 | |
| 1,148,589 | (3) | GSAA Trust 2006-7 AF2, 5.995%, 03/25/2046 | 627,760 | 0.0 |
| 1,125,984 | (3) | Morgan Stanley Mortgage Loan Trust 2007-10XS A2, 6.250%, 02/25/2037 | 658,338 | 0.1 |
See Accompanying Notes to Financial Statements
| 108 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 652,046 | Nomura Home Equity Loan, Inc. Home Equity Loan Trust Series 2007-1 2A4A, 1.407%, (US0001M + 0.230%), 02/25/2037 | 519,538 | 0.0 | |
| 7,004,089 | 0.3 | |||
| Other Asset-Backed Securities: 9.2% | ||||
| 2,806,691 | (1) | Ajax Mortgage Loan Trust 2018-A A, 3.850%, 04/25/2058 | 2,659,336 | 0.1 |
| 3,331,074 | (1),(3) | Ajax Mortgage Loan Trust 2018-C A, 4.360%, 09/25/2065 | 3,303,484 | 0.1 |
| 3,089,000 | (1) | Ajax Mortgage Loan Trust 2019-D A2, 3.500%, 09/25/2065 | 2,695,483 | 0.1 |
| 4,234,000 | (1) | Ajax Mortgage Loan Trust 2019-F A2, 3.500%, 09/25/2059 | 3,855,637 | 0.2 |
| 2,500,000 | (1) | AMMC CLO 16 Ltd. 2015-16A CR, 4.188%, (US0003M + 2.350%), 04/14/2029 | 2,212,145 | 0.1 |
| 2,000,000 | (1) | AMMC CLO XI Ltd. 2012-11A CR2, 3.670%, (US0003M + 1.900%), 04/30/2031 | 1,639,058 | 0.1 |
| 4,750,000 | (1) | Apidos CLO XI 2012-11A CRR, 4.336%, (US0003M + 2.500%), 10/17/2030 | 4,082,582 | 0.2 |
| 9,000,000 | (1) | Apidos CLO XXII 2015-22A BR, 0.340%, (US0003M + 1.950%), 04/20/2031 | 7,477,983 | 0.3 |
| 1,650,000 | (1) | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2I, 4.194%, 06/07/2049 | 1,502,737 | 0.1 |
| 750,000 | (1) | Applebee's Funding LLC / IHOP Funding LLC 2019-1A A2II, 4.723%, 06/07/2049 | 648,690 | 0.0 |
| 2,287,343 | (1) | Aqua Finance Trust 2019-A A, 3.140%, 07/16/2040 | 2,280,933 | 0.1 |
| 1,100,000 | (1) | Ares XLII Clo Ltd. 2017-42A C, 4.002%, (US0003M + 2.200%), 01/22/2028 | 956,585 | 0.0 |
| 750,000 | (1) | Atrium CDO Corp. 12A CR, 3.452%, (US0003M + 1.650%), 04/22/2027 | 690,442 | 0.0 |
| 1,250,000 | (1) | Atrium CDO Corp. 12A DR, 4.602%, (US0003M + 2.800%), 04/22/2027 | 1,014,759 | 0.0 |
| 2,000,000 | (1) | Babson CLO Ltd. 2018-3A C, 3.719%, (US0003M + 1.900%), 07/20/2029 | 1,757,334 | 0.1 |
| 5,000,000 | (1) | Barings CLO Ltd 2018-3A D, 4.719%, (US0003M + 2.900%), 07/20/2029 | 3,855,745 | 0.2 |
| 6,000,000 | (1) | Barings Clo Ltd. 2019-4A C, 4.703%, (US0003M + 2.800%), 01/15/2033 | 5,050,992 | 0.2 |
| 2,000,000 | (1) | Benefit Street Partners CLO V-B Ltd. 2018-5BA B, 3.969%, (US0003M + 2.150%), 04/20/2031 | 1,636,394 | 0.1 |
| 500,000 | (1) | Benefit Street Partners CLO VII Ltd. 2015-VIIA CR, 4.219%, (US0003M + 2.400%), 07/18/2027 | 415,486 | 0.0 |
| 2,750,000 | (1) | BlueMountain CLO 2012-2A DR2 Ltd., 4.595%, (US0003M + 2.900%), 11/20/2028 | 2,168,776 | 0.1 |
| 1,000,000 | (1) | BlueMountain CLO 2013-2A CR, 3.752%, (US0003M + 1.950%), 10/22/2030 | 855,654 | 0.0 |
| 1,000,000 | (1) | BlueMountain CLO 2015-4 CR Ltd., 3.719%, (US0003M + 1.900%), 04/20/2030 | 842,546 | 0.0 |
| 2,250,000 | (1) | BlueMountain CLO 2016-1 Ltd. 2016-1A DR, 4.469%, (US0003M + 2.650%), 04/20/2027 | 1,752,251 | 0.1 |
| 3,750,000 | (1) | BlueMountain CLO XXV Ltd. 2019-25A C, 4.281%, (US0003M + 2.450%), 07/15/2032 | 3,132,041 | 0.1 |
| 250,000 | (1) | Bowman Park CLO Ltd. 2014-1A E, 7.083%, (US0003M + 5.400%), 11/23/2025 | 195,938 | 0.0 |
| 4,000,000 | (1) | Bristol Park CLO Ltd. 2016-1A CR, 3.577%, (US0003M + 1.950%), 04/15/2029 | 3,510,036 | 0.1 |
| 750,000 | (1) | Buttermilk Park CLO Ltd. 2018-1A C, 3.931%, (US0003M + 2.100%), 10/15/2031 | 627,143 | 0.0 |
| 2,000,000 | (1) | Carlyle Global Market Strategies CLO 2015-2A CR Ltd., 4.044%, (US0003M + 2.250%), 04/27/2027 | 1,631,220 | 0.1 |
| 250,000 | (1) | Carlyle Global Market Strategies CLO 2015-2A DR Ltd., 6.144%, (US0003M + 4.350%), 04/27/2027 | 175,817 | 0.0 |
| 1,500,000 | (1) | Carlyle Global Market Strategies CLO 2015-3A CR Ltd., 4.645%, (US0003M + 2.850%), 07/28/2028 | 1,204,683 | 0.1 |
| 1,500,000 | (1) | Carlyle US CLO 2016-4A BR Ltd., 3.919%, (US0003M + 2.100%), 10/20/2027 | 1,301,004 | 0.1 |
| 1,000,000 | (1) | Cent CLO C17A BR Ltd., 3.620%, (US0003M + 1.850%), 04/30/2031 | 851,682 | 0.0 |
See Accompanying Notes to Financial Statements
| 109 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,500,000 | (1) | CIFC Funding 2013-IA BR Ltd., 4.243%, (US0003M + 2.400%), 07/16/2030 | 1,271,049 | 0.1 |
| 2,000,000 | (1) | Cifc Funding 2014-4RA B Ltd., 4.036%, (US0003M + 2.200%), 10/17/2030 | 1,748,172 | 0.1 |
| 6,250,000 | (1) | CIFC Funding 2017-2A C, 4.169%, (US0003M + 2.350%), 04/20/2030 | 5,479,400 | 0.2 |
| 1,100,000 | Countrywide Asset-Backed Certificates 2005-AB2 M1, 1.652%, (US0001M + 0.705%), 09/25/2035 | 970,122 | 0.0 | |
| 1,750,000 | (1) | Cumberland Park CLO Ltd. 2015-2A CR, 3.619%, (US0003M + 1.800%), 07/20/2028 | 1,590,092 | 0.1 |
| 500,000 | (1) | Cumberland Park CLO Ltd. 2015-2A DR, 4.519%, (US0003M + 2.700%), 07/20/2028 | 407,143 | 0.0 |
| 843,625 | (1) | DB Master Finance LLC 2019-1A A23, 4.352%, 05/20/2049 | 813,656 | 0.0 |
| 446,625 | (1) | DB Master Finance LLC 2019-1A A2II, 4.021%, 05/20/2049 | 434,421 | 0.0 |
| 579,000 | (1) | Domino's Pizza Master Issuer LLC 2015-1A A1II, 4.474%, 10/25/2045 | 562,649 | 0.0 |
| 1,075,250 | (1) | Domino's Pizza Master Issuer LLC 2017-1A A23, 4.118%, 07/25/2047 | 1,053,936 | 0.0 |
| 3,079,125 | (1) | Domino's Pizza Master Issuer LLC 2017-1A A2II, 3.082%, 07/25/2047 | 3,014,467 | 0.1 |
| 2,324,600 | (1) | Domino's Pizza Master Issuer LLC 2018-1A A2I, 4.116%, 07/25/2048 | 2,273,423 | 0.1 |
| 3,541,125 | (1) | Domino's Pizza Master Issuer LLC 2019-1A A2, 3.668%, 10/25/2049 | 3,162,473 | 0.1 |
| 2,178,000 | (1) | Driven Brands Funding LLC 2019-1A A2, 4.641%, 04/20/2049 | 2,086,328 | 0.1 |
| 1,228,125 | (1) | Driven Brands Funding, LLC 2018-1A A2, 4.739%, 04/20/2048 | 1,202,919 | 0.0 |
| 2,750,000 | (1) | Dryden 30 Senior Loan Fund 2013-30A DR, 4.292%, (US0003M + 2.600%), 11/15/2028 | 2,114,995 | 0.1 |
| 1,750,000 | (1) | Dryden 55 CLO Ltd. 2018-55A C, 3.731%, (US0003M + 1.900%), 04/15/2031 | 1,488,204 | 0.1 |
| 1,150,000 | (1) | Dryden XXV Senior Loan Fund 2012-25A DRR, 4.831%, (US0003M + 3.000%), 10/15/2027 | 940,403 | 0.0 |
| 3,061,863 | (1) | Five Guys Holdings, Inc. 2017-1A A2, 4.600%, 07/25/2047 | 3,224,545 | 0.1 |
| 750,000 | (1) | Galaxy XXII CLO Ltd. 2016-22A DR, 4.943%, (US0003M + 3.100%), 07/16/2028 | 605,750 | 0.0 |
| 945,500 | (1) | Helios Issuer, LLC 2018-1A A, 4.870%, 07/20/2048 | 857,967 | 0.0 |
| 3,553,439 | (1) | Helios Issuer, LLC 2018-1A B, 7.710%, 07/20/2048 | 1,969,638 | 0.1 |
| 1,000,000 | (1) | Invitation Homes 2018-SFR1 D Trust, 2.250%, (US0001M + 1.450%), 03/17/2037 | 859,377 | 0.0 |
| 4,500,000 | (1) | Jay Park CLO Ltd. 2016-1A BR, 3.819%, (US0003M + 2.000%), 10/20/2027 | 3,987,765 | 0.2 |
| 3,750,000 | (1) | Jersey Mike's Funding 2019-1A A2, 4.433%, 02/15/2050 | 3,327,375 | 0.1 |
| 1,000,000 | (1) | JG Wentworth XLII LLC 2018-2A B, 4.700%, 10/15/2077 | 973,103 | 0.0 |
| 1,350,000 | (1) | LCM XVIII L.P. 18A CR, 3.669%, (US0003M + 1.850%), 04/20/2031 | 1,129,946 | 0.0 |
| 1,000,000 | (1) | LCM XX L.P. 20A-CR, 3.769%, (US0003M + 1.950%), 10/20/2027 | 891,771 | 0.0 |
| 1,500,000 | (1) | LCM XX L.P. 20A-DR, 4.619%, (US0003M + 2.800%), 10/20/2027 | 1,194,270 | 0.0 |
| 2,800,000 | (1) | LCM XXII Ltd. 22A CR, 4.619%, (US0003M + 2.800%), 10/20/2028 | 2,121,616 | 0.1 |
| 944,101 | (1) | LCSS Financing 2018-A A LLC, 4.700%, 12/15/2062 | 986,502 | 0.0 |
| 1,000,000 | (1) | Madison Park Funding XIII Ltd. 2014-13A CR2, 3.719%, (US0003M + 1.900%), 04/19/2030 | 880,963 | 0.0 |
| 6,000,000 | (1) | Madison Park Funding XXI Ltd. 2016-21A BR, 4.681%, (US0003M + 2.850%), 10/15/2032 | 4,954,878 | 0.2 |
| 2,500,000 | (1) | Madison Park Funding XIX Ltd. 2015-19A B1R2, 2.717%, (US0003M + 1.850%), 01/22/2028 | 2,263,048 | 0.1 |
| 1,000,000 | (1) | Magnetite VIII Ltd. 2014-8A CR2, 3.681%, (US0003M + 1.850%), 04/15/2031 | 875,584 | 0.0 |
| 1,500,000 | (1) | Marlette Funding Trust 2018-1A C, 3.690%, 03/15/2028 | 1,475,599 | 0.1 |
| 1,700,000 | (1) | Marlette Funding Trust 2018-4A C, 4.910%, 12/15/2028 | 1,581,912 | 0.1 |
| 1,700,000 | (1) | Marlette Funding Trust 2019-1A B, 3.940%, 04/16/2029 | 1,539,412 | 0.1 |
See Accompanying Notes to Financial Statements
| 110 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,000,000 | (1) | Marlette Funding Trust 2019-2A C, 4.110%, 07/16/2029 | 1,493,228 | 0.1 |
| 4,050,000 | (1) | Marlette Funding Trust 2019-3A C, 3.790%, 09/17/2029 | 2,967,610 | 0.1 |
| 1,950,000 | (1) | Marlette Funding Trust 2019-4A B, 2.950%, 12/17/2029 | 1,717,079 | 0.1 |
| 1,600,000 | (1) | Marlette Funding Trust 2020-1A C, 2.800%, 03/15/2030 | 1,241,776 | 0.0 |
| 2,797,421 | (1) | Mill City Solar Loan 2019-2GS A Ltd., 3.690%, 07/20/2043 | 2,648,762 | 0.1 |
| 987,750 | (1) | Mosaic Solar Loan Trust 2018-1A A, 4.010%, 06/22/2043 | 949,633 | 0.0 |
| 2,426,756 | (1) | Mosaic Solar Loan Trust 2018-2-GS B, 4.740%, 02/22/2044 | 2,225,308 | 0.1 |
| 2,250,280 | (1) | Mosaic Solar Loan Trust 2019-1A A, 4.370%, 12/21/2043 | 2,229,353 | 0.1 |
| 1,171,391 | (1) | Mosaic Solar Loan Trust 2019-2A A, 2.880%, 09/20/2040 | 1,130,763 | 0.0 |
| 1,796,293 | (1) | Mosaic Solar Loans 2017-2A A LLC, 3.820%, 06/22/2043 | 1,797,461 | 0.1 |
| 3,500,000 | (1) | Neuberger Berman Loan Advisers CLO 24 Ltd. 2017-24A CR, 3.822%, (US0003M + 1.950%), 04/19/2030 | 3,050,824 | 0.1 |
| 2,300,000 | (1) | Neuberger Berman Loan Advisers CLO 33 Ltd. 2019-33A C, 4.590%, (US0003M + 2.450%), 10/16/2032 | 1,904,579 | 0.1 |
| 700,000 | (1) | Ocean Trails CLO IV 2013-4A DR, 4.707%, (US0003M + 3.000%), 08/13/2025 | 623,860 | 0.0 |
| 2,450,000 | (1) | OCP CLO 2015-8 Ltd. 2015-8A BR, 3.686%, (US0003M + 1.850%), 04/17/2027 | 2,269,408 | 0.1 |
| 2,000,000 | (1) | Octagon Investment Partners 31 Ltd. 2017-1A C, 4.219%, (US0003M + 2.400%), 07/20/2030 | 1,710,704 | 0.1 |
| 2,250,000 | (1) | Octagon Investment Partners 32 Ltd. 2017-1A C, 4.081%, (US0003M + 2.250%), 07/15/2029 | 1,915,533 | 0.1 |
| 600,000 | (1) | Octagon Investment Partners 33 Ltd. 2017-1A B, 3.669%, (US0003M + 1.850%), 01/20/2031 | 501,382 | 0.0 |
| 1,000,000 | (1) | Octagon Investment Partners XXIII Ltd. 2015-1A CR, 3.681%, (US0003M + 1.850%), 07/15/2027 | 903,771 | 0.0 |
| 1,500,000 | (1) | OHA Credit Funding 3 Ltd. 2019-3A C, 4.269%, (US0003M + 2.450%), 07/20/2032 | 1,261,347 | 0.1 |
| 1,545,000 | (1) | OHA Credit Partners IX Ltd. 2013-9A DR, 5.119%, (US0003M + 3.300%), 10/20/2025 | 1,419,702 | 0.1 |
| 1,500,000 | (1) | Palmer Square Loan Funding 2018-1A D Ltd., 5.781%, (US0003M + 3.950%), 04/15/2026 | 996,456 | 0.0 |
| 1,000,000 | (1) | Palmer Square Loan Funding 2018-1A E Ltd., 7.731%, (US0003M + 5.900%), 04/15/2026 | 616,228 | 0.0 |
| 1,500,000 | (1),(8) | Palmer Square Loan Funding 2018-2A C Ltd., 3.781%, (US0003M + 1.950%), 07/15/2026 | 1,159,025 | 0.0 |
| 3,000,000 | (1) | Palmer Square Loan Funding 2018-4 D Ltd., 5.942%, (US0003M + 4.250%), 11/15/2026 | 2,015,955 | 0.1 |
| 1,576,000 | (1) | Planet Fitness Master Issuer LLC 2018-1A A2I, 4.262%, 09/05/2048 | 1,504,498 | 0.1 |
| 550,523 | (3) | Popular ABS Mortgage Pass-Through Trust 2005-D A5, 3.741%, 01/25/2036 | 536,908 | 0.0 |
| 2,443,875 | (1) | Primose Funding LLC 2019-1A A2, 4.475%, 07/30/2049 | 2,256,703 | 0.1 |
| 670,000 | (1) | Recette CLO Ltd. 2015-1A DR, 4.569%, (US0003M + 2.750%), 10/20/2027 | 560,103 | 0.0 |
| 3,000,000 | (1) | Shackleton CLO Ltd. 2019-15A C, 4.703%, (US0003M + 2.800%), 01/15/2030 | 2,625,537 | 0.1 |
| 1,985,000 | (1) | Sofi Consumer Loan Program 2018-1 C Trust, 3.970%, 02/25/2027 | 1,636,775 | 0.1 |
| 2,050,000 | (1) | Sofi Consumer Loan Program 2018-2 C Trust, 4.250%, 04/26/2027 | 1,915,114 | 0.1 |
| 3,000,000 | (1) | SoFi Consumer Loan Program 2018-4 D Trust, 4.760%, 11/26/2027 | 2,644,437 | 0.1 |
| 2,750,000 | (1) | SoFi Consumer Loan Program 2019-1 D Trust, 4.420%, 02/25/2028 | 2,398,326 | 0.1 |
| 3,000,000 | (1) | SoFi Consumer Loan Program 2019-2 D Trust, 4.200%, 04/25/2028 | 2,105,119 | 0.1 |
| 4,000,000 | (1) | SoFi Consumer Loan Program 2019-3 D Trust, 3.890%, 05/25/2028 | 3,328,853 | 0.1 |
See Accompanying Notes to Financial Statements
| 111 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,000,000 | (1) | SoFi Consumer Loan Program 2019-4 C Trust, 2.840%, 08/25/2028 | 1,635,647 | 0.1 |
| 600,000 | (1) | SoFi Consumer Loan Program 2019-4 D Trust, 3.480%, 08/25/2028 | 486,563 | 0.0 |
| 770,000 | (1),(3) | SoFi Consumer Loan Program 2017-1 B, 4.730%, 01/26/2026 | 738,216 | 0.0 |
| 2,100,000 | (1) | SoFi Consumer Loan Program 2020-1 C Trust, 2.500%, 01/25/2029 | 1,653,204 | 0.1 |
| 1,200,000 | (1) | SoFi Consumer Loan Program 2020-1 D Trust, 2.940%, 01/25/2029 | 941,112 | 0.0 |
| 1,948,375 | (1) | Sonic Capital LLC 2020-1A A2I, 3.845%, 01/20/2050 | 1,896,050 | 0.1 |
| 5,150,000 | (1) | Sunnova Sol Issuer LLC 2020-1A A, 3.350%, 02/01/2055 | 3,820,878 | 0.2 |
| 1,927,993 | (1) | Sunrun Athena Issuer 2018-1 A LLC, 5.310%, 04/30/2049 | 1,724,477 | 0.1 |
| 3,826,061 | (1) | Sunrun Atlas Issuer 2019-2 A LLC, 3.610%, 01/30/2055 | 3,367,156 | 0.1 |
| 1,200,000 | (1) | Symphony Credit Opportunities Fund Ltd. 2015-2A CR, 4.091%, (US0003M + 2.260%), 07/15/2028 | 1,094,200 | 0.0 |
| 1,086,250 | (1) | Taco Bell Funding LLC 2018-1A A2II, 4.940%, 11/25/2048 | 1,070,198 | 0.0 |
| 1,000,000 | (1) | TCI-Flatiron Clo 2017-1A C Ltd., 3.542%, (US0003M + 1.850%), 11/18/2030 | 849,842 | 0.0 |
| 4,000,000 | (1) | TES 2017-2A B LLC, 6.990%, 02/20/2048 | 2,789,574 | 0.1 |
| 3,450,000 | (1) | TES LLC 2017-1A B, 7.740%, 10/20/2047 | 2,948,299 | 0.1 |
| 2,000,000 | (1) | THL Credit Wind River 2014-1 CRR CLO Ltd., 3.769%, (US0003M + 1.950%), 07/18/2031 | 1,628,234 | 0.1 |
| 1,000,000 | (1) | THL Credit Wind River 2016-1A CR CLO Ltd., 3.931%, (US0003M + 2.100%), 07/15/2028 | 890,813 | 0.0 |
| 2,000,000 | (1),(3) | Towd Point Mortgage Trust 2015-6 M2, 3.750%, 04/25/2055 | 1,880,397 | 0.1 |
| 2,500,000 | (1),(3) | Towd Point Mortgage Trust 2017-6 A2, 3.000%, 10/25/2057 | 2,329,429 | 0.1 |
| 1,500,000 | (1) | Upland CLO Ltd. 2016-1A BR, 3.669%, (US0003M + 1.850%), 04/20/2031 | 1,252,982 | 0.1 |
| 1,795,000 | (1) | Venture XX CLO Ltd. 2015-20A CR, 3.731%, (US0003M + 1.900%), 04/15/2027 | 1,543,664 | 0.1 |
| 2,785,875 | (1) | Wendys Funding LLC 2018-1A A2I, 3.573%, 03/15/2048 | 2,545,983 | 0.1 |
| 977,500 | (1) | Wendy's Funding LLC 2018-1A A2II, 3.884%, 03/15/2048 | 886,123 | 0.0 |
| 3,357,500 | (1) | Wendy's Funding LLC 2019-1A A2I, 3.783%, 06/15/2049 | 3,198,623 | 0.1 |
| 2,000,000 | (1) | West CLO 2014-2A BR Ltd., 3.593%, (US0003M + 1.750%), 01/16/2027 | 1,858,172 | 0.1 |
| 235,591,425 | 9.2 | |||
| Student Loan Asset-Backed Securities: 1.2% | ||||
| 551,931 | (1) | Commonbond Student Loan Trust 2018-CGS C, 4.350%, 02/25/2046 | 561,262 | 0.0 |
| 4,779,820 | (1) | Commonbond Student Loan Trust 2019-A-GS A1, 2.540%, 01/25/2047 | 4,867,038 | 0.2 |
| 258,932 | (1) | Earnest Student Loan Program, LLC 2017-A C, 4.130%, 01/25/2041 | 258,663 | 0.0 |
| 1,086,000 | (1) | ELFI Graduate Loan Program 2018-A B LLC, 4.000%, 08/25/2042 | 1,112,601 | 0.1 |
| 2,150,000 | (1),(3) | ELFI Graduate Loan Program 2019-A B LLC, 2.940%, 03/25/2044 | 2,179,364 | 0.1 |
| 1,215,411 | (1) | Laurel Road Prime Student Loan Trust 2018-B BFX, 3.720%, 05/26/2043 | 1,181,778 | 0.1 |
| 4,000,000 | (1) | SMB Private Education Loan Trust 2014-A C, 4.500%, 09/15/2045 | 3,915,323 | 0.2 |
| 1,000,000 | (1) | SMB Private Education Loan Trust 2017-A B, 3.500%, 06/17/2041 | 1,038,473 | 0.0 |
| 2,250,000 | (1),(3) | SoFi Professional Loan Program 2017-A B LLC, 3.440%, 03/26/2040 | 2,317,394 | 0.1 |
| 1,000,000 | (1),(3) | SoFi Professional Loan Program 2017-A C, 4.430%, 03/26/2040 | 1,055,861 | 0.0 |
| 1,000,000 | (1),(3) | SoFi Professional Loan Program 2017-C C, 4.210%, 07/25/2040 | 1,046,712 | 0.0 |
| 1,000,000 | (1) | SoFi Professional Loan Program 2017-E C LLC, 4.160%, 11/26/2040 | 1,053,020 | 0.0 |
| 1,000,000 | (1) | Sofi Professional Loan Program 2018-D BFX Trust, 4.140%, 02/25/2048 | 1,032,126 | 0.0 |
| 2,000,000 | (1) | Sofi Professional Loan Program 2019-B BFX LLC, 3.730%, 08/17/2048 | 2,088,770 | 0.1 |
| 3,000,000 | (1) | Sofi Professional Loan Program 2019-C BFX LLC, 3.050%, 11/16/2048 | 3,025,433 | 0.1 |
See Accompanying Notes to Financial Statements
| 112 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 4,400,000 | (1) | SoFi Professional Loan Program 2020-B BFX Trust, 2.730%, 05/15/2046 | 4,407,927 | 0.2 |
| 31,141,745 | 1.2 | |||
| Total Asset-Backed Securities | ||||
| (Cost $348,224,383) | 308,841,383 | 12.0 | ||
| BANK LOANS: 13.5% | ||||
| Aerospace & Defense: 0.4% | ||||
| 1,324,402 | AI Convoy (Luxembourg) S.A.R.L USD Term Loan B, 5.340%, (US0003M + 3.500%), 01/17/2027 | 1,244,937 | 0.1 | |
| 1,395,099 | Amentum Government Services Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 02/01/2027 | 1,318,369 | 0.1 | |
| 2,327,328 | American Airlines, Inc. 2018 Term Loan B, 2.709%, (US0001M + 1.750%), 06/27/2025 | 1,920,046 | 0.1 | |
| 226,136 | Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2, 4.950%, (US0003M + 3.500%), 04/06/2026 | 178,195 | 0.0 | |
| 420,614 | Dynasty Acquisition Co., Inc. 2020 Term Loan B1, 4.950%, (US0003M + 3.500%), 04/06/2026 | 331,444 | 0.0 | |
| 1,260,817 | KBR, Inc. 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/2027 | 1,115,823 | 0.0 | |
| 933,068 | Maxar Technologies Ltd. Term Loan B, 3.739%, (US0003M + 2.750%), 10/04/2024 | 807,104 | 0.0 | |
| 655,000 | Science Applications International Corporation 2020 Incremental Term Loan B, 3.701%, (US0003M + 2.250%), 03/05/2027 | 623,887 | 0.0 | |
| 498,750 | TransDigm, Inc. 2020 Term Loan E, 3.239%, (US0001M + 2.250%), 05/30/2025 | 466,331 | 0.0 | |
| 1,286,998 | TransDigm, Inc. 2020 Term Loan F, 3.239%, (US0001M + 2.250%), 12/09/2025 | 1,203,343 | 0.0 | |
| 2,220,289 | TransDigm, Inc. 2020 Term Loan G, 3.239%, (US0001M + 2.250%), 08/22/2024 | 2,075,970 | 0.1 | |
| 11,285,449 | 0.4 | |||
| Auto Components: 0.0% | ||||
| 1,267,532 | Broadstreet Partners, Inc. 2020 Term Loan B, 4.294%, (US0001M + 3.250%), 01/27/2027 | 1,138,402 | 0.0 | |
| Automotive: 0.7% | ||||
| 3,337,774 | American Axle and Manufacturing, Inc. Term Loan B, 3.200%, (US0001M + 2.250%), 04/06/2024 | 2,828,764 | 0.1 | |
| 337,875 | Autokiniton US Holdings, Inc. Term Loan, 6.739%, (US0001M + 5.750%), 05/22/2025 | 277,902 | 0.0 | |
| 136,020 | Belron Finance US LLC 2018 Term Loan B, 3.957%, (US0003M + 2.250%), 11/13/2025 | 129,219 | 0.0 | |
| 1,136,364 | Belron Finance US LLC 2019 USD Term Loan B, 4.270%, (US0003M + 2.500%), 10/30/2026 | 1,079,545 | 0.0 | |
| 1,610,375 | Belron Finance US LLC USD Term Loan B, 3.992%, (US0003M + 2.250%), 11/07/2024 | 1,529,857 | 0.1 | |
| 492 | Bright Bidco B.V. 2018 Term Loan B, 4.573%, (US0006M + 3.500%), 06/30/2024 | 175 | 0.0 | |
| 1,182,038 | Dealer Tire, LLC 2020 Term Loan B, 5.239%, (US0001M + 4.250%), 12/12/2025 | 981,091 | 0.0 | |
| 3,104,601 | Gates Global LLC 2017 USD Repriced Term Loan B, 3.750%, (US0001M + 2.750%), 04/01/2024 | 2,794,141 | 0.1 | |
| 1,858,092 | Hertz Corporation, (The) 2016 Term Loan B, 3.739%, (US0001M + 2.750%), 06/30/2023 | 1,331,633 | 0.1 | |
| 148,500 | Holley Purchaser, Inc. Term Loan B, 6.777%, (US0003M + 5.000%), 10/24/2025 | 123,997 | 0.0 | |
| 525,000 | Innovative Xcessories & Services LLC 2020 Term Loan B, 6.451%, (US0003M + 5.000%), 02/26/2027 | 396,375 | 0.0 | |
| 1,761,016 | KAR Auction Services, Inc. 2019 Term Loan B6, 3.188%, (US0001M + 2.250%), 09/19/2026 | 1,637,745 | 0.1 | |
| 57,619 | Mister Car Wash Holdings, Inc. 2019 Delayed Draw Term Loan, 3.862%, (US0001M + 3.250%), 05/14/2026 | 48,304 | 0.0 | |
See Accompanying Notes to Financial Statements
| 113 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,143,739 | Mister Car Wash Holdings, Inc. 2019 Term Loan B, 3.862%, (US0001M + 3.250%), 05/14/2026 | 946,444 | 0.0 | |
| 1,756,175 | Panther BF Aggregator 2 LP USD Term Loan B, 4.441%, (US0001M + 3.500%), 04/30/2026 | 1,615,681 | 0.1 | |
| 1,636,966 | Truck Hero, Inc. 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 04/22/2024 | 1,257,735 | 0.1 | |
| 1,000,000 | Wand NewCo 3, Inc. 2020 Term Loan, 4.072%, (US0006M + 3.000%), 02/05/2026 | 915,000 | 0.0 | |
| 17,893,608 | 0.7 | |||
| Beverage & Tobacco: 0.1% | ||||
| 1,965,250 | Sunshine Investments B.V. USD Term Loan B3, 4.954%, (US0002M + 3.250%), 03/28/2025 | 1,827,682 | 0.1 | |
| Brokers, Dealers & Investment Houses: 0.1% | ||||
| 2,484,874 | Brookfield Property REIT Inc. 1st Lien Term Loan B, 3.489%, (US0001M + 2.500%), 08/27/2025 | 1,784,140 | 0.1 | |
| 941,225 | Forest City Enterprises, L.P. 2019 Term Loan B, 4.489%, (US0001M + 3.500%), 12/08/2025 | 809,453 | 0.0 | |
| 2,593,593 | 0.1 | |||
| Building & Development: 0.4% | ||||
| 427,418 | Advanced Drainage Systems Inc Term Loan B, 3.813%, (US0001M + 2.250%), 07/31/2026 | 399,635 | 0.0 | |
| 690,000 | Arconic Rolled Products Corporation Term Loan B, 4.213%, (US0003M + 2.750%), 02/04/2027 | 631,350 | 0.0 | |
| 2,130,826 | Core & Main LP 2017 Term Loan B, 4.331%, (US0001M + 2.750%), 08/01/2024 | 1,885,781 | 0.1 | |
| 1,822,720 | GYP Holdings III Corp. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 06/01/2025 | 1,658,675 | 0.1 | |
| 989,155 | Henry Company LLC Term Loan B, 5.000%, (US0001M + 4.000%), 10/05/2023 | 849,024 | 0.0 | |
| 147,750 | Interior Logic Group Holdings IV LLC 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 05/30/2025 | 128,543 | 0.0 | |
| 1,879,141 | MX Holdings US, Inc. 2018 USD Term Loan B1C, 3.739%, (US0001M + 2.750%), 07/31/2025 | 1,625,457 | 0.1 | |
| 1,895,250 | Quikrete Holdings Inc Term Loan, 3.489%, (US0001M + 2.500%), 02/01/2027 | 1,648,868 | 0.1 | |
| 644,080 | Werner FinCo LP 2017 Term Loan, 5.000%, (US0001M + 4.000%), 07/24/2024 | 570,011 | 0.0 | |
| 1,500,000 | Zekelman Industries, Inc. 2020 Term Loan, 3.209%, (US0001M + 2.250%), 01/24/2027 | 1,402,500 | 0.0 | |
| 10,799,844 | 0.4 | |||
| Business Equipment & Services: 1.2% | ||||
| 442,261 | 24-7 Intouch Inc 2018 Term Loan, 5.739%, (US0001M + 4.750%), 08/25/2025 | 373,711 | 0.0 | |
| 2,561,345 | AlixPartners, LLP 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 04/04/2024 | 2,388,454 | 0.1 | |
| 640,547 | Ascend Learning, LLC 2017 Term Loan B, 4.000%, (US0001M + 3.000%), 07/12/2024 | 580,763 | 0.0 | |
| 215,899 | Big Ass Fans, LLC 2018 Term Loan, 5.200%, (US0003M + 3.750%), 05/21/2024 | 189,991 | 0.0 | |
| 755,000 | Castle US Holding Corporation USD Term Loan B, 5.200%, (US0001M + 3.750%), 01/29/2027 | 657,794 | 0.0 | |
| 584,594 | Colorado Buyer Inc Term Loan B, 4.000%, (US0001M + 3.000%), 05/01/2024 | 397,037 | 0.0 | |
| 1,140,115 | Convergint Technologies LLC 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/03/2025 | 986,200 | 0.0 | |
| 1,911,930 | EIG Investors Corp. 2018 1st Lien Term Loan, 5.388%, (US0003M + 3.750%), 02/09/2023 | 1,567,783 | 0.1 | |
| 921,610 | Ellie Mae, Inc. Term Loan, 5.200%, (US0003M + 3.750%), 04/17/2026 | 810,249 | 0.0 | |
| 787,479 | EVO Payments International LLC 2018 1st Lien Term Loan, 4.200%, (US0001M + 3.250%), 12/22/2023 | 685,107 | 0.0 | |
| 883,744 | GreenSky Holdings, LLC 2018 Term Loan B, 4.250%, (US0001M + 3.250%), 03/31/2025 | 729,089 | 0.0 | |
| 400,871 | ION Trading Technologies S.a.r.l. USD Incremental Term Loan B, 5.072%, (US0003M + 4.000%), 11/21/2024 | 304,662 | 0.0 | |
See Accompanying Notes to Financial Statements
| 114 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 146,512 | IQOR US Inc. Term Loan B, 6.909%, (US0003M + 5.000%), 04/01/2021 | 87,724 | 0.0 | |
| 1,731,401 | KUEHG Corp. 2018 Incremental Term Loan, 5.200%, (US0003M + 3.750%), 02/21/2025 | 1,302,879 | 0.1 | |
| 1,036,434 | Learning Care Group, Inc. 2018 1st Lien Term Loan, 4.984%, (US0003M + 3.250%), 03/13/2025 | 834,329 | 0.0 | |
| 100,000 | Learning Care Group, Inc. 2018 2nd Lien Term Loan, 9.294%, (US0003M + 7.500%), 03/13/2026 | 89,000 | 0.0 | |
| 1,385,054 | PI US MergerCo, Inc. USD 2017 1st Lien Term Loan, 4.700%, (US0003M + 3.250%), 01/03/2025 | 1,187,684 | 0.1 | |
| 1,624,587 | Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan, 4.239%, (US0001M + 3.250%), 05/01/2025 | 1,389,022 | 0.1 | |
| 1,489,383 | Prometric Holdings, Inc. 1st Lien Term Loan, 4.000%, (US0001M + 3.000%), 01/29/2025 | 1,154,271 | 0.1 | |
| 2,503,476 | Red Ventures, LLC 2020 Term Loan B, 3.489%, (US0001M + 2.500%), 11/08/2024 | 2,111,264 | 0.1 | |
| 641,715 | Renaissance Learning, Inc. 2018 Add On Term Loan, 4.239%, (US0001M + 3.250%), 05/30/2025 | 571,127 | 0.0 | |
| 1,144,074 | Research Now Group, Inc. 2017 1st Lien Term Loan, 7.263%, (US0003M + 5.500%), 12/20/2024 | 1,029,667 | 0.1 | |
| 265,000 | Rockwood Service Corporation 2020 Term Loan, 5.700%, (US0003M + 4.250%), 01/23/2027 | 241,481 | 0.0 | |
| 1,629,213 | Solera Holdings, Inc. USD Term Loan B, 4.363%, (US0003M + 2.750%), 03/03/2023 | 1,527,387 | 0.1 | |
| 261,173 | SSH Group Holdings, Inc. 2018 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 07/30/2025 | 210,897 | 0.0 | |
| 1,550,794 | Staples, Inc. 7 Year Term Loan, 6.515%, (US0001M + 5.000%), 04/16/2026 | 1,246,450 | 0.1 | |
| 665,000 | STG-Fairway Holdings, LLC Term Loan B, 4.572%, (US0006M + 3.500%), 01/31/2027 | 608,475 | 0.0 | |
| 364,432 | SurveyMonkey Inc. 2018 Term Loan B, 4.370%, (US0001W + 3.750%), 10/10/2025 | 300,657 | 0.0 | |
| 1,292,406 | Verifone Systems, Inc. 2018 1st Lien Term Loan, 5.695%, (US0003M + 4.000%), 08/20/2025 | 857,296 | 0.0 | |
| 1,111,832 | Verra Mobility Corporation 2020 Term Loan B, 4.239%, (US0001M + 3.250%), 02/28/2025 | 1,006,208 | 0.0 | |
| 2,006,981 | Verscend Holding Corp. 2018 Term Loan B, 5.489%, (US0001M + 4.500%), 08/27/2025 | 1,906,632 | 0.1 | |
| 610,000 | VS Buyer, LLC Term Loan B, 4.863%, (US0003M + 3.250%), 02/28/2027 | 588,650 | 0.0 | |
| 1,393,027 | West Corporation 2017 Term Loan, 5.450%, (US0003M + 4.000%), 10/10/2024 | 1,072,631 | 0.1 | |
| 686,550 | West Corporation 2018 Term Loan B1, 4.950%, (US0003M + 3.500%), 10/10/2024 | 516,285 | 0.0 | |
| 630,008 | Yak Access, LLC 2018 1st Lien Term Loan B, 6.450%, (US0003M + 5.000%), 07/11/2025 | 475,656 | 0.0 | |
| 100,000 | Yak Access, LLC 2018 2nd Lien Term Loan B, 11.204%, (US0003M + 10.000%), 07/10/2026 | 62,500 | 0.0 | |
| 30,049,012 | 1.2 | |||
| Cable & Satellite Television: 0.3% | ||||
| 2,038,112 | CSC Holdings, LLC 2019 Term Loan B5, 3.112%, (US0001M + 2.500%), 04/15/2027 | 1,973,572 | 0.1 | |
| 1,477,348 | Radiate Holdco, LLC 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 02/01/2024 | 1,370,978 | 0.0 | |
| 598,500 | Telesat Canada Term Loan B5, 3.740%, (US0001M + 2.750%), 12/07/2026 | 558,101 | 0.0 | |
| 1,110,000 | UPC Broadband Holding B.V. 2020 USD Term Loan B, 2.955%, (US0001M + 2.250%), 04/30/2028 | 1,008,250 | 0.0 | |
| 2,149,808 | Virgin Media Bristol LLC USD Term Loan N, 3.205%, (US0001M + 2.500%), 01/31/2028 | 2,047,692 | 0.1 | |
See Accompanying Notes to Financial Statements
| 115 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,994,885 | WideOpenWest Finance LLC 2017 Term Loan B, 4.250%, (US0001M + 3.250%), 08/18/2023 | 1,822,826 | 0.1 | |
| 8,781,419 | 0.3 | |||
| Chemicals & Plastics: 0.4% | ||||
| 1,340,206 | Alpha 3 B.V. 2017 Term Loan B1, 4.450%, (US0003M + 3.000%), 01/31/2024 | 1,243,041 | 0.1 | |
| 278,600 | Ascend Performance Materials Operations LLC 2019 Term Loan B, 6.700%, (US0003M + 5.250%), 08/27/2026 | 247,954 | 0.0 | |
| 669,850 | Composite Resins Holding B.V. 2018 Term Loan B, 5.255%, (US0001M + 4.250%), 08/01/2025 | 599,515 | 0.0 | |
| 634,659 | Diamond (BC) B.V. USD Term Loan, 4.777%, (US0003M + 3.000%), 09/06/2024 | 490,274 | 0.0 | |
| 1,553,485 | Encapsys, LLC 2020 Term Loan B2, 4.250%, (US0001M + 3.250%), 11/07/2024 | 1,242,788 | 0.1 | |
| 891,231 | Polar US Borrower, LLC 2018 1st Lien Term Loan, 6.609%, (US0003M + 4.750%), 10/15/2025 | 779,827 | 0.0 | |
| 1,587,859 | Starfruit Finco B.V 2018 USD Term Loan B, 3.863%, (US0001M + 3.000%), 10/01/2025 | 1,452,891 | 0.1 | |
| 2,494,013 | Tronox Finance LLC Term Loan B, 3.930%, (US0001M + 2.750%), 09/23/2024 | 2,242,534 | 0.1 | |
| 500,000 | Univar Inc. 2017 USD Term Loan B, 4.484%, (US0001M + 2.250%), 07/01/2024 | 468,750 | 0.0 | |
| 443,888 | Univar Inc. 2019 USD Term Loan B5, 3.450%, (US0003M + 2.000%), 07/01/2026 | 406,157 | 0.0 | |
| 9,173,731 | 0.4 | |||
| Clothing/Textiles: 0.0% | ||||
| 1,230,462 | Varsity Brands, Inc. 2017 Term Loan B, 4.500%, (US0001M + 3.500%), 12/15/2024 | 974,116 | 0.0 | |
| Consumer, Cyclical: 0.0% | ||||
| 973,887 | 24 Hour Fitness Worldwide, Inc. 2018 Term Loan B, 4.950%, (US0003M + 3.500%), 05/30/2025 | 241,848 | 0.0 | |
| 501,601 | Harbor Freight Tools USA, Inc. 2018 Term Loan B, 4.299%, (US0001M + 2.500%), 08/19/2023 | 460,219 | 0.0 | |
| 702,067 | 0.0 | |||
| Containers & Glass Products: 0.6% | ||||
| 890,677 | Albea Beauty Holdings S.A 2018 USD Term Loan B2, 4.907%, (US0006M + 3.000%), 04/22/2024 | 723,675 | 0.0 | |
| 3,143,781 | Berry Global, Inc. 2019 Term Loan Y, 2.863%, (US0001M + 2.000%), 07/01/2026 | 2,977,161 | 0.1 | |
| 1,278,768 | Bway Holding Company 2017 Term Loan B, 5.084%, (US0003M + 3.250%), 04/03/2024 | 1,061,378 | 0.0 | |
| 1,378,128 | Charter NEX US, Inc. Incremental Term Loan, 4.489%, (US0001M + 3.500%), 05/16/2024 | 1,215,050 | 0.1 | |
| 806,699 | Flex Acquisition Company, Inc. 1st Lien Term Loan, 4.898%, (US0003M + 3.000%), 12/29/2023 | 719,307 | 0.0 | |
| 2,018,888 | Flex Acquisition Company, Inc. 2018 Incremental Term Loan, 5.159%, (US0003M + 3.250%), 06/29/2025 | 1,800,176 | 0.1 | |
| 684,715 | Plastipak Packaging, Inc. 2018 Term Loan B, 3.490%, (US0001M + 2.500%), 10/14/2024 | 631,649 | 0.0 | |
| 1,195,000 | Reynolds Consumer Products LLC Term Loan, 3.501%, (US0003M + 1.750%), 02/04/2027 | 1,134,503 | 0.1 | |
| 2,453,084 | Reynolds Group Holdings Inc. USD 2017 Term Loan, 3.739%, (US0001M + 2.750%), 02/05/2023 | 2,339,629 | 0.1 | |
| 888,189 | Ring Container Technologies Group, LLC 1st Lien Term Loan, 3.739%, (US0001M + 2.750%), 10/31/2024 | 777,165 | 0.0 | |
| 1,787,961 | TricorBraun Hldgs Inc First Lien Term Loan, 5.202%, (US0003M + 3.750%), 11/30/2023 | 1,497,417 | 0.1 | |
| 14,877,110 | 0.6 | |||
| Cosmetics/Toiletries: 0.1% | ||||
| 147,375 | Anastasia Parent, LLC 2018 Term Loan B, 4.822%, (US0006M + 3.750%), 08/11/2025 | 88,916 | 0.0 | |
See Accompanying Notes to Financial Statements
| 116 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,720,915 | Wellness Merger Sub, Inc. 1st Lien Term Loan, 5.863%, (US0003M + 4.250%), 06/30/2024 | 1,370,996 | 0.1 | |
| 1,459,912 | 0.1 | |||
| Drugs: 0.0% | ||||
| 1,038,362 | Horizon Therapeutics USA Inc Term Loan B, 3.313%, (US0001M + 2.250%), 05/22/2026 | 983,848 | 0.0 | |
| Ecological Services & Equipment: 0.0% | ||||
| 1,090,466 | GFL Environmental Inc. 2018 USD Term Loan B, 3.991%, (US0001M + 3.000%), 05/30/2025 | 1,063,885 | 0.0 | |
| Electronics/Electrical: 2.0% | ||||
| 420,084 | ABC Financial Services, Inc. 1st Lien Term Loan, 5.250%, (US0001M + 4.250%), 01/02/2025 | 325,565 | 0.0 | |
| 1,533,405 | Barracuda Networks, Inc. 1st Lien Term Loan, 4.517%, (US0003M + 3.250%), 02/12/2025 | 1,423,511 | 0.1 | |
| 1,191,763 | BMC Software Finance, Inc. 2018 USD Term Loan B, 5.239%, (US0001M + 4.250%), 10/02/2025 | 1,021,341 | 0.0 | |
| 642,085 | Brave Parent Holdings, Inc. 1st Lien Term Loan, 5.777%, (US0003M + 4.000%), 04/18/2025 | 560,754 | 0.0 | |
| 678,447 | Cohu, Inc. 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 10/01/2025 | 508,835 | 0.0 | |
| 1,013,536 | Compuware Corporation 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 08/22/2025 | 983,130 | 0.0 | |
| 148,500 | EagleView Technology Corporation 2018 Add On Term Loan B, 5.113%, (US0003M + 3.500%), 08/14/2025 | 126,225 | 0.0 | |
| 394,856 | Electrical Components International, Inc. 2018 1st Lien Term Loan, 5.239%, (US0003M + 4.250%), 06/26/2025 | 298,116 | 0.0 | |
| 2,120,744 | Epicor Software Corporation 1st Lien Term Loan, 4.250%, (US0001M + 3.250%), 06/01/2022 | 1,966,990 | 0.1 | |
| 406,117 | Exact Merger Sub LLC 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 09/27/2024 | 364,828 | 0.0 | |
| 890,525 | GlobalFoundries Inc USD Term Loan B, 6.200%, (US0003M + 4.750%), 06/05/2026 | 765,851 | 0.0 | |
| 1,553,612 | Greeneden U.S. Holdings II, LLC 2018 USD Term Loan B, 4.239%, (US0001M + 3.250%), 12/01/2023 | 1,406,019 | 0.1 | |
| 593,513 | Helios Software Holdings, Inc. USD Term Loan, 5.322%, (US0006M + 4.250%), 10/24/2025 | 504,486 | 0.0 | |
| 250,000 | Hyland Software, Inc. 2017 2nd Lien Term Loan, 7.989%, (US0001M + 7.000%), 07/07/2025 | 236,250 | 0.0 | |
| 1,668,170 | Hyland Software, Inc. 2018 1st Lien Term Loan, 4.489%, (US0001M + 3.250%), 07/01/2024 | 1,558,349 | 0.1 | |
| 1,210,850 | Imperva, Inc. 1st Lien Term Loan, 5.704%, (US0003M + 4.000%), 01/12/2026 | 1,008,033 | 0.0 | |
| 110,000 | Imperva, Inc. 2nd Lien Term Loan, 9.442%, (US0003M + 7.750%), 01/10/2027 | 99,000 | 0.0 | |
| 1,131,980 | Infor (US), Inc. Term Loan B6, 3.750%, (US0001M + 2.750%), 02/01/2022 | 1,097,454 | 0.0 | |
| 1,560,000 | Informatica LLC 2020 USD Term Loan B, 4.239%, (US0001M + 3.250%), 02/25/2027 | 1,380,600 | 0.1 | |
| 2,554,359 | Kronos Incorporated 2017 Term Loan B, 4.763%, (US0003M + 3.000%), 11/01/2023 | 2,365,975 | 0.1 | |
| 249,921 | MA FinanceCo., LLC USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/2024 | 227,845 | 0.0 | |
| 3,878,573 | McAfee, LLC 2018 USD Term Loan B, 4.691%, (US0001M + 3.750%), 09/30/2024 | 3,620,000 | 0.1 | |
| 3,367,768 | MH Sub I, LLC 2017 1st Lien Term Loan, 4.822%, (US0006M + 3.750%), 09/13/2024 | 2,929,958 | 0.1 | |
| 400,000 | MH Sub I, LLC 2017 2nd Lien Term Loan, 8.572%, (US0006M + 7.500%), 09/15/2025 | 325,000 | 0.0 | |
| 2,007,793 | Project Boost Purchaser, LLC 2019 Term Loan B, 4.489%, (US0001M + 3.500%), 06/01/2026 | 1,656,429 | 0.1 | |
See Accompanying Notes to Financial Statements
| 117 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 669,044 | Project Leopard Holdings, Inc. 2019 Term Loan, 5.700%, (US0003M + 4.250%), 07/07/2023 | 598,794 | 0.0 | |
| 2,552,850 | Quest Software US Holdings Inc. 2018 1st Lien Term Loan, 6.027%, (US0003M + 4.250%), 05/16/2025 | 1,997,605 | 0.1 | |
| 115,000 | Quest Software US Holdings Inc. 2018 2nd Lien Term Loan, 10.027%, (US0003M + 8.250%), 05/18/2026 | 70,437 | 0.0 | |
| 2,776,035 | Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan, 4.762%, (US0003M + 3.000%), 11/03/2023 | 2,519,252 | 0.1 | |
| 739,436 | Riverbed Technology, Inc. 2016 Term Loan, 4.250%, (US0001M + 3.250%), 04/24/2022 | 487,288 | 0.0 | |
| 90,000 | Rocket Software, Inc. 2018 2nd Lien Term Loan, 9.239%, (US0001M + 8.250%), 11/27/2026 | 60,300 | 0.0 | |
| 1,819,181 | Rocket Software, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 11/28/2025 | 1,506,888 | 0.1 | |
| 1,877,876 | RP Crown Parent LLC Term Loan B, 3.750%, (US0001M + 2.750%), 10/12/2023 | 1,802,761 | 0.1 | |
| 1,687,778 | Seattle Spinco, Inc. USD Term Loan B3, 3.489%, (US0001M + 2.500%), 06/21/2024 | 1,538,692 | 0.1 | |
| 947,849 | Sirius Computer Solutions, Inc. 2020 Term Loan, 4.489%, (US0001M + 3.500%), 07/01/2026 | 836,477 | 0.0 | |
| 392,735 | SkillSoft Corporation 1st Lien Term Loan, 6.527%, (US0003M + 4.750%), 04/28/2021 | 258,550 | 0.0 | |
| 2,987,265 | SolarWinds Holdings, Inc. 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 02/05/2024 | 2,787,118 | 0.1 | |
| 634,481 | SonicWall US Holdings Inc. 1st Lien Term Loan, 5.195%, (US0003M + 3.500%), 05/16/2025 | 527,677 | 0.0 | |
| 100,000 | SonicWall US Holdings Inc. 2nd Lien Term Loan, 9.195%, (US0003M + 7.500%), 05/18/2026 | 79,250 | 0.0 | |
| 326,116 | SS&C Technologies Holdings Europe S.A.R.L. 2018 Term Loan B4, 2.739%, (US0001M + 1.750%), 04/16/2025 | 310,626 | 0.0 | |
| 457,022 | SS&C Technologies Inc. 2018 Term Loan B3, 2.739%, (US0001M + 1.750%), 04/16/2025 | 435,313 | 0.0 | |
| 1,334,098 | Surf Holdings, LLC USD Term Loan, 4.814%, (US0003M + 3.500%), 03/05/2027 | 1,197,353 | 0.1 | |
| 1,333,278 | Travelport Finance (Luxembourg) S.a.r.l. 2019 Term Loan, 6.072%, (US0003M + 5.000%), 05/29/2026 | 885,519 | 0.0 | |
| 643,500 | TriTech Software Systems 2018 Term Loan B, 5.200%, (US0003M + 3.750%), 08/29/2025 | 501,930 | 0.0 | |
| 1,424,292 | TTM Technologies, Inc. 2017 Term Loan, 4.081%, (US0001M + 2.500%), 09/28/2024 | 1,338,835 | 0.1 | |
| 1,355,681 | Ultimate Software Group Inc(The) Term Loan B, 4.739%, (US0001M + 3.750%), 05/04/2026 | 1,281,119 | 0.1 | |
| 1,649,024 | Veritas Bermuda Ltd. USD Repriced Term Loan B, 5.950%, (US0003M + 4.500%), 01/27/2023 | 1,409,916 | 0.1 | |
| 2,114,711 | Vertafore, Inc. 2018 1st Lien Term Loan, 4.239%, (US0001M + 3.250%), 07/02/2025 | 1,908,527 | 0.1 | |
| 350,000 | Vertafore, Inc. 2018 2nd Lien Term Loan, 8.239%, (US0001M + 7.250%), 07/02/2026 | 310,917 | 0.0 | |
| 73,181 | Web.com Group, Inc. 2018 2nd Lien Term Loan, 8.945%, (US0003M + 7.750%), 10/09/2026 | 56,532 | 0.0 | |
| 390,845 | Web.com Group, Inc. 2018 Term Loan B, 4.945%, (US0003M + 3.750%), 10/10/2025 | 325,378 | 0.0 | |
| 542,466 | Xperi Corporation 2018 Term Loan B1, 3.489%, (US0001M + 2.500%), 12/01/2023 | 504,493 | 0.0 | |
| 52,298,091 | 2.0 | |||
| Financial: 0.0% | ||||
| 1,179,908 | Blucora, Inc. 2017 Term Loan B, 4.450%, (US0003M + 3.000%), 05/22/2024 | 1,079,616 | 0.0 | |
See Accompanying Notes to Financial Statements
| 118 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| Financial Intermediaries: 0.4% | ||||
| 185,250 | Advisor Group, Inc. 2019 Term Loan B, 5.989%, (US0001M + 5.000%), 07/31/2026 | 142,642 | 0.0 | |
| 2,129,143 | Blackhawk Network Holdings, Inc 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 06/15/2025 | 1,760,092 | 0.1 | |
| 997,245 | Blackstone Mortgage Trust, Inc. 2019 Term Loan B, 3.239%, (US0001M + 2.250%), 04/23/2026 | 872,590 | 0.0 | |
| 940,603 | Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B, 3.739%, (US0001M + 2.750%), 08/21/2025 | 846,543 | 0.0 | |
| 770,000 | Deerfield Dakota Holding, LLC 2020 USD Term Loan B, 5.201%, (US0003M + 3.750%), 03/05/2027 | 662,200 | 0.0 | |
| 3,389,056 | Edelman Financial Center, LLC 2018 1st Lien Term Loan, 4.179%, (US0001M + 3.250%), 07/21/2025 | 2,925,884 | 0.1 | |
| 1,266,416 | First Eagle Holdings, Inc. 2020 Term Loan B, 3.950%, (US0003M + 2.500%), 02/01/2027 | 1,074,871 | 0.1 | |
| 1,275,305 | Focus Financial Partners, LLC 2020 Term Loan, 2.989%, (US0001M + 2.000%), 07/03/2024 | 1,173,280 | 0.1 | |
| 253,418 | VFH Parent LLC 2019 Term Loan B, 4.005%, (US0001M + 3.000%), 03/01/2026 | 234,834 | 0.0 | |
| 893,227 | Victory Capital Holdings, Inc. 2020 Term Loan B, 4.015%, (US0001M + 2.500%), 07/01/2026 | 794,972 | 0.0 | |
| 10,487,908 | 0.4 | |||
| Food Products: 0.3% | ||||
| 100,000 | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan, 8.547%, (US0001M + 7.750%), 10/01/2026 | 90,000 | 0.0 | |
| 723,845 | Atkins Nutritionals Holdings II, Inc. 2017 Term Loan B, 4.750%, (US0001M + 3.750%), 07/07/2024 | 676,795 | 0.0 | |
| 1,144,508 | B&G Foods, Inc. 2019 Term Loan B4, 3.489%, (US0001M + 2.500%), 10/10/2026 | 1,091,097 | 0.0 | |
| 1,387,280 | CHG PPC Parent LLC 2018 Term Loan B, 3.739%, (US0001M + 2.750%), 03/31/2025 | 1,255,489 | 0.1 | |
| 885,000 | Froneri International PLC 2020 USD Term Loan, 3.239%, (US0001M + 2.250%), 01/29/2027 | 849,600 | 0.0 | |
| 1,796,826 | IRB Holding Corp 2020 Term Loan B, 3.751%, (US0001M + 2.750%), 02/05/2025 | 1,401,524 | 0.1 | |
| 1,412 | (9) | NPC International, Inc. 1st Lien Term Loan, 4.951%, (US0003M + 3.500%), 04/19/2024 | 600 | 0.0 |
| 1,287,174 | Sigma Bidco B.V. 2018 USD Term Loan B, 4.909%, (US0003M + 3.000%), 07/02/2025 | 1,142,367 | 0.1 | |
| 6,507,472 | 0.3 | |||
| Food Service: 0.3% | ||||
| 910,631 | Carrols Restaurant Group, Inc. Term Loan B, 4.210%, (US0001M + 3.250%), 04/30/2026 | 687,526 | 0.0 | |
| 143,883 | Fogo De Chao, Inc. 2018 Add On Term Loan, 5.700%, (US0003M + 4.250%), 04/07/2025 | 100,718 | 0.0 | |
| 2,898,325 | Golden Nugget, Inc. 2017 Incremental Term Loan B, 3.584%, (US0001M + 2.500%), 10/04/2023 | 2,265,525 | 0.1 | |
| 1,903,831 | Hearthside Food Solutions, LLC 2018 Term Loan B, 4.677%, (US0001M + 3.688%), 05/23/2025 | 1,627,775 | 0.1 | |
| 1,284,797 | US Foods, Inc. 2019 Term Loan B, 3.072%, (US0006M + 2.000%), 09/13/2026 | 1,197,003 | 0.0 | |
| 1,500,000 | Welbilt, Inc. 2018 Term Loan B, 3.489%, (US0001M + 2.500%), 10/23/2025 | 1,200,000 | 0.1 | |
| 7,078,547 | 0.3 | |||
| Food/Drug Retailers: 0.1% | ||||
| 1,136,913 | EG Finco Limited 2018 USD Term Loan, 5.072%, (US0006M + 4.000%), 02/07/2025 | 832,788 | 0.0 | |
| 147,000 | EG Group Limited 2018 USD Term Loan B, 5.450%, (US0006M + 4.000%), 02/07/2025 | 107,678 | 0.0 | |
| 28,970 | Moran Foods LLC 2020 Term Loan, 8.451%, (US0003M + 7.000%), 03/12/2024 | 26,797 | 0.0 | |
| 145,875 | (9) | Moran Foods LLC Term Loan, 7.451%, (US0003M + 6.000%), 12/05/2023 | 18,234 | 0.0 |
See Accompanying Notes to Financial Statements
| 119 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 472,625 | Portillo Restaurant Group (The) Term Loan, 6.950%, (US0003M + 5.500%), 09/06/2024 | 429,203 | 0.0 | |
| 981,344 | United Natural Foods, Inc. Term Loan B, 5.239%, (US0001M + 4.250%), 10/22/2025 | 848,862 | 0.1 | |
| 2,263,562 | 0.1 | |||
| Forest Products: 0.0% | ||||
| 1,320,869 | LABL, Inc. 2019 USD Term Loan, 5.000%, (US0001M + 4.500%), 07/01/2026 | 1,119,436 | 0.0 | |
| Health Care: 1.4% | ||||
| 1,148,500 | Accelerated Health Systems, LLC Term Loan B, 4.297%, (US0001M + 3.500%), 10/31/2025 | 1,036,521 | 0.0 | |
| 1,412,604 | ADMI Corp. 2018 Term Loan B, 4.200%, (US0001M + 2.750%), 04/30/2025 | 1,267,812 | 0.1 | |
| 551,362 | Agiliti Health, Inc Term Loan, 4.625%, (US0003M + 3.000%), 01/04/2026 | 532,065 | 0.0 | |
| 1,143,311 | Air Methods Corporation 2017 Term Loan B, 4.950%, (US0003M + 3.500%), 04/22/2024 | 826,042 | 0.0 | |
| 636,071 | ATI Holdings Acquisition, Inc. 2016 Term Loan, 4.570%, (US0001M + 3.500%), 05/10/2023 | 485,004 | 0.0 | |
| 1,951,543 | Auris Luxembourg III S.a.r.l. 2019 USD Term Loan B, 4.739%, (US0001M + 3.750%), 02/27/2026 | 1,512,446 | 0.1 | |
| 3,380,286 | Bausch Health Companies, Inc. 2018 Term Loan B, 3.612%, (US0001M + 3.000%), 06/02/2025 | 3,239,440 | 0.1 | |
| 1,076,575 | Change Healthcare Holdings LLC 2017 Term Loan B, 3.500%, (US0001M + 2.500%), 03/01/2024 | 994,037 | 0.0 | |
| 500,159 | CHG Healthcare Services Inc. 2017 1st Lien Term Loan B, 4.073%, (US0001M + 3.000%), 06/07/2023 | 452,644 | 0.0 | |
| 375,000 | Da Vinci Purchaser Corp. 2019 Term Loan, 5.872%, (US0003M + 4.000%), 01/08/2027 | 350,156 | 0.0 | |
| 2,277,588 | DaVita, Inc. 2020 Term Loan B, 2.739%, (US0001M + 1.750%), 08/12/2026 | 2,176,994 | 0.1 | |
| 643,695 | DentalCorp Perfect Smile ULC 1st Lien Term Loan, 4.750%, (US0001M + 3.750%), 06/06/2025 | 511,737 | 0.0 | |
| 477,600 | Emerald TopCo Inc Term Loan, 4.489%, (US0001M + 3.500%), 07/24/2026 | 437,601 | 0.0 | |
| 1,976,806 | Envision Healthcare Corporation 2018 1st Lien Term Loan, 4.739%, (US0001M + 3.750%), 10/10/2025 | 1,059,568 | 0.0 | |
| 1,379,488 | ExamWorks Group, Inc. 2017 Term Loan, 4.250%, (US0006M + 3.250%), 07/27/2023 | 1,251,886 | 0.1 | |
| 542,101 | Global Medical Response, Inc. 2017 Term Loan B2, 5.863%, (US0001M + 4.250%), 03/14/2025 | 489,246 | 0.0 | |
| 785,106 | Global Medical Response, Inc. 2018 Term Loan B1, 4.932%, (US0002M + 3.250%), 04/28/2022 | 726,223 | 0.0 | |
| 848,624 | GoodRx, Inc. 1st Lien Term Loan, 3.739%, (US0001M + 2.750%), 10/10/2025 | 801,949 | 0.0 | |
| 1,083,511 | Inovalon Holdings, Inc. 2020 Term Loan B1, 3.750%, (US0001M + 3.000%), 04/02/2025 | 1,005,498 | 0.0 | |
| 1,574,843 | Jaguar Holding Company II 2018 Term Loan, 3.500%, (US0001M + 2.500%), 08/18/2022 | 1,518,412 | 0.1 | |
| 1,267,378 | Medical Solutions L.L.C. 2017 Term Loan, 5.500%, (US0001M + 4.500%), 06/14/2024 | 1,127,967 | 0.1 | |
| 4,349,168 | MPH Acquisition Holdings LLC 2016 Term Loan B, 4.200%, (US0003M + 2.750%), 06/07/2023 | 3,957,708 | 0.2 | |
| 2,090,687 | Ortho-Clinical Diagnostics SA 2018 Term Loan B, 4.765%, (US0001M + 3.250%), 06/30/2025 | 1,789,628 | 0.1 | |
| 1,796,000 | Phoenix Guarantor Inc 2020 Term Loan B, 4.113%, (US0001M + 3.250%), 03/05/2026 | 1,652,320 | 0.1 | |
| 728,715 | RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B, 4.739%, (US0001M + 3.750%), 11/17/2025 | 683,778 | 0.0 | |
| 1,848,190 | Select Medical Corporation 2017 Term Loan B, 3.430%, (US0001M + 2.500%), 03/06/2025 | 1,765,022 | 0.1 | |
See Accompanying Notes to Financial Statements
| 120 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 1,520,000 | Sotera Health Holdings, LLC 2019 Term Loan, 5.500%, (US0001M + 4.500%), 12/11/2026 | 1,355,334 | 0.1 | |
| 462,755 | Surgery Center Holdings, Inc. 2017 Term Loan B, 4.250%, (US0001M + 3.250%), 09/03/2024 | 364,882 | 0.0 | |
| 892,048 | Tecomet Inc. 2017 Repriced Term Loan, 4.250%, (US0001M + 3.250%), 05/01/2024 | 762,701 | 0.0 | |
| 636,373 | U.S. Anesthesia Partners, Inc. 2017 Term Loan, 4.000%, (US0001M + 3.000%), 06/23/2024 | 482,053 | 0.0 | |
| 188,100 | Vizient, Inc. 2020 Term Loan B6, 2.989%, (US0001M + 2.000%), 05/06/2026 | 178,695 | 0.0 | |
| 1,283,497 | Wink Holdco, Inc 1st Lien Term Loan B, 4.450%, (US0001M + 3.000%), 12/02/2024 | 1,098,995 | 0.1 | |
| 35,894,364 | 1.4 | |||
| Home Furnishings: 0.0% | ||||
| 860,675 | Prime Security Services Borrower, LLC 2019 Term Loan B1, 4.606%, (US0001M + 3.250%), 09/23/2026 | 783,214 | 0.0 | |
| Industrial: 0.1% | ||||
| 1,510,269 | NCI Building Systems, Inc. 2018 Term Loan, 4.561%, (US0001M + 3.750%), 04/12/2025 | 1,321,485 | 0.1 | |
| Industrial Equipment: 0.3% | ||||
| 1,105,000 | APi Group DE, Inc. Term Loan B, 3.489%, (US0001M + 2.500%), 10/01/2026 | 1,016,600 | 0.1 | |
| 395,619 | CPM Holdings, Inc. 2018 1st Lien Term Loan, 5.353%, (US0006M + 3.750%), 11/17/2025 | 327,374 | 0.0 | |
| 630,007 | EWT Holdings III Corp. 2020 Term Loan, 3.739%, (US0001M + 2.750%), 12/20/2024 | 579,607 | 0.0 | |
| 1,709,546 | Filtration Group Corporation 2018 1st Lien Term Loan, 3.989%, (US0001M + 3.000%), 03/29/2025 | 1,510,811 | 0.1 | |
| 691,525 | Granite Holdings US Acquisition Co. Term Loan B, 6.322%, (US0006M + 5.250%), 09/30/2026 | 501,356 | 0.0 | |
| 725,000 | Ingersoll-Rand Services Company 2020 USD Spinco Term Loan, 3.201%, (US0003M + 1.750%), 02/05/2027 | 681,500 | 0.0 | |
| 1,498,415 | Kenan Advantage Group, Inc. 2015 Term Loan, 4.000%, (US0001M + 3.000%), 07/31/2022 | 1,273,653 | 0.1 | |
| 367,941 | Kenan Advantage Group, Inc. CAD Term Loan B, 4.000%, (US0001M + 3.000%), 07/31/2022 | 312,750 | 0.0 | |
| 430,000 | Star US Bidco LLC Term Loan B, 5.701%, (US0003M + 4.250%), 03/03/2027 | 384,850 | 0.0 | |
| 6,588,501 | 0.3 | |||
| Insurance: 0.7% | ||||
| 1,141,705 | Achilles Acquisition LLC 2018 Term Loan, 5.000%, (US0001M + 4.000%), 10/13/2025 | 1,021,826 | 0.0 | |
| 3,212,467 | Acrisure, LLC 2020 Term Loan B, 5.207%, (US0003M + 3.500%), 02/15/2027 | 2,730,597 | 0.1 | |
| 395,237 | Alera Group Holdings, Inc. 2018 Term Loan B, 4.989%, (US0001M + 4.000%), 08/01/2025 | 347,809 | 0.0 | |
| 2,043,680 | Alliant Holdings Intermediate, LLC 2018 Term Loan B, 3.989%, (US0001M + 3.000%), 05/09/2025 | 1,898,920 | 0.1 | |
| 2,127,064 | AmWINS Group, Inc. 2017 Term Loan B, 3.753%, (US0001M + 2.750%), 01/25/2024 | 1,991,464 | 0.1 | |
| 150,000 | Applied Systems, Inc. 2017 2nd Lien Term Loan, 8.450%, (US0003M + 7.000%), 09/19/2025 | 138,750 | 0.0 | |
| 148,125 | Aretec Group, Inc. 2018 Term Loan, 5.239%, (US0001M + 4.250%), 10/01/2025 | 102,206 | 0.0 | |
| 1,833,871 | AssuredPartners, Inc. 2020 Term Loan B, 4.489%, (US0001M + 3.500%), 02/12/2027 | 1,636,730 | 0.1 | |
| 631,304 | CCC Information Services, Inc. 2017 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 04/29/2024 | 583,280 | 0.0 | |
| 1,450,023 | Hub International Limited 2018 Term Loan B, 4.543%, (US0002M + 2.750%), 04/25/2025 | 1,370,271 | 0.0 | |
See Accompanying Notes to Financial Statements
| 121 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,586,895 | NFP Corp. 2020 Term Loan, 4.239%, (US0001M + 3.250%), 02/15/2027 | 2,263,533 | 0.1 | |
| 2,610,341 | Sedgwick Claims Management Services, Inc. 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 12/31/2025 | 2,305,800 | 0.1 | |
| 2,370,927 | USI, Inc. 2017 Repriced Term Loan, 3.989%, (US0003M + 3.000%), 05/16/2024 | 2,163,471 | 0.1 | |
| 18,554,657 | 0.7 | |||
| Leisure Good/Activities/Movies: 0.6% | ||||
| 1,689,191 | AMC Entertainment Holdings Inc. 2019 Term Loan B, 4.080%, (US0001M + 3.000%), 04/22/2026 | 1,272,523 | 0.1 | |
| 1,251,849 | Bombardier Recreational Products, Inc. 2020 Term Loan, 2.989%, (US0001M + 2.000%), 05/24/2027 | 1,057,813 | 0.1 | |
| 1,042,327 | ClubCorp Club Operations, Inc. 2017 Incremental Term Loan, 4.200%, (US0003M + 2.750%), 09/18/2024 | 669,695 | 0.0 | |
| 1,487,505 | Crown Finance US, Inc. 2018 USD Term Loan, 3.322%, (US0006M + 2.250%), 02/28/2025 | 999,603 | 0.1 | |
| 427,850 | Crown Finance US, Inc. 2019 Incremental Term Loan, 3.558%, (US0006M + 2.500%), 09/30/2026 | 283,237 | 0.0 | |
| 2,125,297 | Equinox Holdings, Inc. 2017 1st Lien Term Loan, 4.072%, (US0006M + 3.000%), 03/08/2024 | 1,586,889 | 0.1 | |
| 1,003,941 | Fitness International, LLC 2018 Term Loan B, 4.322%, (US0006M + 3.250%), 04/18/2025 | 761,321 | 0.0 | |
| 711,218 | Fluidra S.A. USD Term Loan B, 2.989%, (US0001M + 2.000%), 07/02/2025 | 647,208 | 0.0 | |
| 539,368 | GVC Holdings (Gibraltar) Limited 2020 USD Term Loan B3, 3.308%, (US0006M + 2.250%), 03/29/2024 | 448,575 | 0.0 | |
| 1,236,723 | Intrawest Resorts Holdings, Inc. Term Loan B1, 3.750%, (US0001M + 2.750%), 07/31/2024 | 1,108,929 | 0.1 | |
| 1,136,469 | Kingpin Intermediate Holdings LLC 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 07/03/2024 | 806,893 | 0.0 | |
| 1,722,425 | Life Time, Inc. 2017 Term Loan B, 4.363%, (US0003M + 2.750%), 06/10/2022 | 1,300,431 | 0.1 | |
| 115,821 | Motion Finco Sarl Delayed Draw Term Loan B2, 4.323%, (US0006M + 3.250%), 11/04/2026 | 94,394 | 0.0 | |
| 843,085 | Motion Finco Sarl USD Term Loan B1, 4.209%, (US0006M + 3.250%), 11/13/2026 | 711,353 | 0.0 | |
| 785,063 | Playtika Holding Corp Term Loan B, 7.072%, (US0006M + 6.000%), 12/10/2024 | 740,575 | 0.0 | |
| 974,709 | SRAM, LLC 2018 Term Loan B, 3.787%, (US0001M + 2.750%), 03/15/2024 | 930,847 | 0.0 | |
| 967,839 | Thor Industries, Inc. USD Term Loan B, 5.365%, (US0001M + 3.750%), 02/01/2026 | 832,342 | 0.0 | |
| 644,356 | WeddingWire, Inc. 1st Lien Term Loan, 5.950%, (US0001M + 4.500%), 12/19/2025 | 563,811 | 0.0 | |
| 100,000 | WeddingWire, Inc. 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 12/21/2026 | 92,500 | 0.0 | |
| 14,908,939 | 0.6 | |||
| Lodging & Casinos: 0.5% | ||||
| 1,185,225 | Aimbridge Acquisition Co., Inc. 2019 Term Loan B, 5.573%, (US0001M + 3.750%), 02/02/2026 | 859,288 | 0.0 | |
| 3,042,965 | Caesars Resort Collection, LLC 2017 1st Lien Term Loan B, 3.739%, (US0001M + 2.750%), 12/23/2024 | 2,499,579 | 0.1 | |
| 126,756 | Eldorado Resorts LLC 2017 Term Loan B, 3.250%, (US0006M + 2.250%), 04/17/2024 | 124,221 | 0.0 | |
| 1,421,794 | Everi Payments Inc. Term Loan B, 3.822%, (US0003M + 2.750%), 05/09/2024 | 1,139,805 | 0.1 | |
| 1,380,899 | Golden Entertainment, Inc. 2017 1st Lien Term Loan, 3.960%, (US0001M + 3.000%), 10/21/2024 | 1,056,388 | 0.0 | |
| 2,134,194 | PCI Gaming Authority Term Loan, 3.489%, (US0001M + 2.500%), 05/29/2026 | 1,714,977 | 0.1 | |
| 2,319,749 | Scientific Games International, Inc. 2018 Term Loan B5, 4.246%, (US0002M + 2.750%), 08/14/2024 | 1,884,796 | 0.1 | |
See Accompanying Notes to Financial Statements
| 122 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 3,058,702 | Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan, 4.950%, (US0003M + 3.500%), 07/10/2025 | 2,932,531 | 0.1 | |
| 963,673 | Station Casinos LLC 2020 Term Loan B, 3.240%, (US0001M + 2.250%), 02/08/2027 | 811,413 | 0.0 | |
| 13,022,998 | 0.5 | |||
| Machinery-Diversified: 0.0% | ||||
| 523,012 | Gardner Denver, Inc. 2020 USD Term Loan, 2.739%, (0 + 0.000%), 03/01/2027 | 494,247 | 0.0 | |
| Nonferrous Metals/Minerals: 0.0% | ||||
| 1,565,319 | Covia Holdings Corporation Term Loan, 5.874%, (US0003M + 4.000%), 06/01/2025 | 729,830 | 0.0 | |
| 545,228 | U.S. Silica Company 2018 Term Loan B, 5.000%, (US0001M + 4.000%), 05/01/2025 | 269,207 | 0.0 | |
| 999,037 | 0.0 | |||
| Oil & Gas: 0.1% | ||||
| 390,000 | Encino Acquisition Partners Holdings, LLC 2018 2nd Lien Term Loan, 7.750%, (US0001M + 6.750%), 10/29/2025 | 185,250 | 0.0 | |
| 942,875 | Lower Cadence Holdings LLC Term Loan B, 4.989%, (US0001M + 4.000%), 05/22/2026 | 590,869 | 0.1 | |
| 527,350 | Lucid Energy Group II LLC Incremental Term Loan B2, 4.000%, (US0001M + 3.000%), 02/19/2025 | 300,590 | 0.0 | |
| 148,500 | Moda Ingleside Energy Center, LLC 2018 Term Loan B, 4.239%, (US0001M + 3.250%), 09/29/2025 | 115,087 | 0.0 | |
| 1,191,796 | 0.1 | |||
| Publishing: 0.1% | ||||
| 2,164,873 | Meredith Corporation 2020 Term Loan B2, 3.489%, (US0001M + 2.500%), 01/31/2025 | 1,970,034 | 0.1 | |
| Radio & Television: 0.7% | ||||
| 1,040,516 | A-L Parent LLC 2016 1st Lien Term Loan, 4.860%, (US0001M + 3.250%), 12/01/2023 | 712,753 | 0.0 | |
| 1,330,099 | Banijay Entertainment S.A.S USD Term Loan, 5.213%, (US0003M + 3.750%), 03/04/2025 | 1,197,089 | 0.0 | |
| 1,629,319 | Clear Channel Outdoor Holdings, Inc. Term Loan B, 4.489%, (US0001M + 3.500%), 08/21/2026 | 1,476,570 | 0.1 | |
| 288,550 | Cumulus Media New Holdings Inc. Term Loan B, 4.822%, (US0006M + 3.750%), 03/31/2026 | 234,207 | 0.0 | |
| 2,403,975 | Diamond Sports Group, LLC Term Loan, 4.180%, (US0001M + 3.250%), 08/24/2026 | 1,887,120 | 0.1 | |
| 1,107,128 | Entercom Media Corp. 2019 Term Loan, 3.489%, (US0001M + 2.500%), 11/18/2024 | 996,415 | 0.0 | |
| 1,346,625 | iHeartCommunications, Inc. 2020 Term Loan, 3.989%, (US0001M + 3.000%), 05/01/2026 | 1,153,384 | 0.0 | |
| 2,131,876 | NASCAR Holdings, Inc Term Loan B, 3.674%, (US0001M + 2.750%), 10/19/2026 | 1,884,934 | 0.1 | |
| 2,830,057 | Nexstar Broadcasting, Inc. 2019 Term Loan B4, 4.331%, (US0001M + 2.750%), 09/18/2026 | 2,674,404 | 0.1 | |
| 2,781,052 | Sinclair Television Group Inc. Term Loan B2B, 3.210%, (US0001M + 2.500%), 09/30/2026 | 2,575,950 | 0.1 | |
| 1,534,494 | Terrier Media Buyer, Inc. Term Loan B, 5.700%, (US0003M + 4.250%), 12/17/2026 | 1,330,215 | 0.1 | |
| 1,720,284 | Univision Communications Inc. Term Loan C5, 3.750%, (US0001M + 2.750%), 03/15/2024 | 1,470,843 | 0.1 | |
| 17,593,884 | 0.7 | |||
| Retailers (Except Food & Drug): 0.2% | ||||
| 244,828 | Academy, Ltd. 2015 Term Loan B, 5.558%, (US0001M + 4.000%), 07/01/2022 | 134,859 | 0.0 | |
| 1,034,997 | Bass Pro Group, LLC Term Loan B, 5.989%, (US0001M + 5.000%), 09/25/2024 | 879,748 | 0.0 | |
| 208,294 | Belk, Inc. 2019 Term Loan B, 7.750%, (US0006M + 6.750%), 07/31/2025 | 109,354 | 0.0 | |
| 1,913,455 | BJs Wholesale Club, Inc. 2017 1st Lien Term Loan, 3.047%, (US0001M + 2.250%), 02/03/2024 | 1,827,349 | 0.1 | |
See Accompanying Notes to Financial Statements
| 123 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 734,320 | Jo-Ann Stores, Inc. 2016 Term Loan, 6.000%, (US0006M + 5.000%), 10/20/2023 | 304,743 | 0.0 | |
| 2,079,298 | Leslies Poolmart, Inc. 2016 Term Loan, 4.500%, (US0001M + 3.500%), 08/16/2023 | 1,744,012 | 0.1 | |
| 1,367,353 | Mens Wearhouse, Inc. (The) 2018 Term Loan, 4.831%, (US0001M + 3.250%), 04/09/2025 | 546,941 | 0.0 | |
| 5,547,006 | 0.2 | |||
| Steel: 0.0% | ||||
| 882,000 | GrafTech Finance, Inc. 2018 Term Loan B, 4.500%, (US0001M + 3.500%), 02/12/2025 | 771,750 | 0.0 | |
| Surface Transport: 0.1% | ||||
| 1,385,486 | Navistar International Corporation 2017 1st Lien Term Loan B, 4.280%, (US0001M + 3.500%), 11/06/2024 | 1,216,918 | 0.1 | |
| 1,285,905 | PODS, LLC 2018 1st Lien Term Loan, 3.750%, (US0001M + 2.750%), 12/06/2024 | 1,128,381 | 0.0 | |
| 734,520 | Savage Enterprises LLC 2020 Term Loan B, 4.620%, (US0001M + 4.000%), 08/01/2025 | 653,111 | 0.0 | |
| 2,998,410 | 0.1 | |||
| Technology: 0.1% | ||||
| 2,851,296 | Misys (Finastra) - TL B 1L, 5.277%, (US0003M + 3.500%), 06/13/2024 | 2,480,628 | 0.1 | |
| Telecommunications: 1.0% | ||||
| 1,539,472 | Altice Financing SA USD 2017 1st Lien Term Loan, 3.674%, (US0001M + 2.750%), 01/31/2026 | 1,416,314 | 0.1 | |
| 3,491,786 | Altice France S.A. USD Term Loan B11, 3.739%, (US0001M + 2.750%), 07/31/2025 | 3,215,352 | 0.1 | |
| 185,000 | Asurion LLC 2017 2nd Lien Term Loan, 7.489%, (US0001M + 6.500%), 08/04/2025 | 172,975 | 0.0 | |
| 598 | Asurion LLC 2017 Term Loan B4, 3.989%, (US0001M + 3.000%), 08/04/2022 | 556 | 0.0 | |
| 1,966,285 | Asurion LLC 2018 Term Loan B6, 3.989%, (US0001M + 3.000%), 11/03/2023 | 1,897,465 | 0.1 | |
| 4,208,517 | Asurion LLC 2018 Term Loan B7, 3.989%, (US0001M + 3.000%), 11/03/2024 | 3,963,022 | 0.2 | |
| 1,850,004 | Avaya, Inc. 2018 Term Loan B, 4.955%, (US0001M + 4.250%), 12/15/2024 | 1,586,378 | 0.1 | |
| 2,379,038 | CenturyLink, Inc. 2020 Term Loan B, 3.239%, (US0001M + 2.250%), 03/15/2027 | 2,211,018 | 0.1 | |
| 1,800,950 | CommScope, Inc. 2019 Term Loan B, 4.239%, (US0001M + 3.250%), 04/06/2026 | 1,710,903 | 0.1 | |
| 720,000 | Connect Finco Sarl Term Loan B, 5.490%, (US0001M + 4.500%), 12/11/2026 | 588,600 | 0.0 | |
| 458,162 | Consolidated Communications, Inc. 2016 Term Loan B, 3.959%, (US0001M + 3.000%), 10/04/2023 | 395,492 | 0.0 | |
| 673,432 | Global Tel*Link Corporation 2018 1st Lien Term Loan, 5.700%, (US0003M + 4.250%), 11/29/2025 | 580,835 | 0.0 | |
| 120,000 | Global Tel*Link Corporation 2018 2nd Lien Term Loan, 9.700%, (US0003M + 8.250%), 11/29/2026 | 100,500 | 0.0 | |
| 1,234,918 | GTT Communications, Inc. 2018 USD Term Loan B, 3.740%, (US0001M + 2.750%), 05/31/2025 | 844,890 | 0.0 | |
| 470,000 | Iridium Satellite LLC Term Loan, 4.750%, (US0001M + 3.750%), 11/04/2026 | 448,850 | 0.0 | |
| 1,631,488 | Level 3 Financing Inc. 2019 Term Loan B, 2.739%, (US0001M + 1.750%), 03/01/2027 | 1,541,756 | 0.1 | |
| 393,468 | Securus Technologies Holdings, Inc. 2017 1st Lien Term Loan, 5.500%, (US0006M + 4.500%), 11/01/2024 | 312,807 | 0.0 | |
| 445,986 | Speedcast International Limited Term Loan B, 4.200%, (US0003M + 2.750%), 05/15/2025 | 112,983 | 0.0 | |
| 805,000 | Telenet Financing USD LLC 2020 USD Term Loan AR, 2.705%, (US0001M + 2.000%), 04/30/2028 | 747,644 | 0.0 | |
| 1,814,739 | Zayo Group Holdings, Inc. USD Term Loan, 3.989%, (US0001M + 3.000%), 02/19/2027 | 1,701,318 | 0.1 | |
| 1,295,000 | Ziggo Financing Partnership USD Term Loan I, 3.205%, (US0001M + 2.500%), 04/30/2028 | 1,209,206 | 0.0 | |
| 24,758,864 | 1.0 | |||
See Accompanying Notes to Financial Statements
| 124 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| Utilities: 0.2% | ||||
| 857,153 | Calpine Construction Finance Company, L.P. 2017 Term Loan B, 2.989%, (US0001M + 2.000%), 01/15/2025 | 792,866 | 0.1 | |
| 2,239,997 | Calpine Corporation 2019 Term Loan B10, 2.989%, (US0001M + 2.000%), 08/12/2026 | 2,111,197 | 0.1 | |
| 364,185 | LMBE-MC Holdco II LLC Term Loan B, 5.460%, (US0003M + 4.000%), 12/03/2025 | 318,662 | 0.0 | |
| 724,075 | Nautilus Power, LLC Term Loan B, 5.250%, (US0001M + 4.250%), 05/16/2024 | 640,807 | 0.0 | |
| 650,088 | Sabre Industries, Inc. 2019 Term Loan B, 4.494%, (US0003M + 3.500%), 04/15/2026 | 599,706 | 0.0 | |
| 4,463,238 | 0.2 | |||
| Total Bank Loans | ||||
| (Cost $401,208,619) | 348,781,362 | 13.5 | ||
| CONVERTIBLE BONDS/NOTES: 0.0% | ||||
| Communications: 0.0% | ||||
| 385,000 | DISH Network Corp., 3.375%, 08/15/2026 | 313,525 | 0.0 | |
| Total Convertible Bonds/Notes | ||||
| (Cost $378,216) | 313,525 | 0.0 | ||
| U.S. GOVERNMENT AGENCY OBLIGATIONS: 0.0% | ||||
| Uniform Mortgage-Backed Securities: 0.0% | ||||
| 6,537 | 5.500%,10/01/2039 | 7,429 | 0.0 | |
| Total U.S. Government Agency Obligations | ||||
| (Cost $7,054) | 7,429 | 0.0 | ||
| Value | Percentage of Net Assets | |||
| PURCHASED OPTIONS (10): 0.2% | ||||
| Total Purchased Options | ||||
| (Cost $3,395,683) | 4,673,724 | 0.2 | ||
| Total Long-Term Investments | ||||
| (Cost $2,715,232,287) | 2,438,431,969 | 94.6 | ||
| Principal Amount† |
Value | Percentage of Net Assets | ||
| SHORT-TERM INVESTMENTS: 3.0% | ||||
| Repurchase Agreements: 0.4% | ||||
| 1,381,827 | (11) | BNP Paribas S.A., Repurchase Agreement dated 03/31/20, 0.33%, due 04/01/20 (Repurchase Amount $1,381,839, collateralized by various U.S. Government Securities, 2.125%-6.875%, Market Value plus accrued interest $1,450,921, due 06/15/20-03/15/39) | 1,381,827 | 0.0 |
| 1,762,980 | (11) | Cantor Fitzgerald Securities, Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $1,762,981, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-8.500%, Market Value plus accrued interest $1,798,240, due 05/01/20-02/20/70) | 1,762,980 | 0.1 |
| 2,513,562 | (11) | Citibank N.A., Repurchase Agreement dated 03/31/20, 0.02%, due 04/01/20 (Repurchase Amount $2,513,563, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-4.500%, Market Value plus accrued interest $2,566,255, due 03/15/22-05/01/48) | 2,513,562 | 0.1 |
| 113,898 | (11) | HSBC Securities USA, Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $113,898, collateralized by various U.S. Government Securities, 0.000%-3.000%, Market Value plus accrued interest $116,176, due 05/15/44-08/15/48) | 113,898 | 0.0 |
See Accompanying Notes to Financial Statements
| 125 |
| Voya Strategic Income Opportunities Fund | PORTFOLIO OF INVESTMENTS |
| as of March 31, 2020 (Continued) |
| 2,513,562 | (11) | RBC Dominion Securities Inc., Repurchase Agreement dated 03/31/20, 0.01%, due 04/01/20 (Repurchase Amount $2,513,563, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%-7.125%, Market Value plus accrued interest $2,563,833, due 07/15/20-02/20/50) | 2,513,562 | 0.1 |
| 2,513,562 | (11) | State of Wisconsin Investment Board, Repurchase Agreement dated 03/31/20, 0.16%, due 04/01/20 (Repurchase Amount $2,513,573, collateralized by various U.S. Government Securities, 0.125%-3.875%, Market Value plus accrued interest $2,569,969, due 04/01/20-09/09/49) | 2,513,562 | 0.1 |
| Total Repurchase Agreements | ||||
| (Cost $10,799,391) | 10,799,391 | 0.4 | ||
| Shares | Value | Percentage of Net Assets | ||
| Mutual Funds: 2.6% | ||||
| 15,741,134 | (12) | BlackRock Liquidity Funds, FedFund, Institutional Class, 0.330% | 15,741,134 | 0.6 |
| 49,886,000 | (12) | Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Institutional Share Class), 0.250% | 49,886,000 | 2.0 |
| Total Mutual Funds | ||||
| (Cost $65,627,134) | 65,627,134 | 2.6 | ||
| Total Short-Term Investments | ||||
| (Cost $76,426,525) | 76,426,525 | 3.0 | ||
| Total Investments in Securities (Cost $2,791,658,812) |
$ 2,513,820,991 | 97.6 | ||
| Assets in Excess of Other Liabilities | 63,073,798 | 2.4 | ||
| Net Assets | $ 2,576,894,789 | 100.0 | ||
| † | Unless otherwise indicated, principal amount is shown in USD. |
| (1) | Securities with purchases pursuant to Rule 144A or section 4(a)(2), under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. |
| (2) | Security, or a portion of the security, is on loan. |
| (3) | Variable rate security. Rate shown is the rate in effect as of March 31, 2020. |
| (4) | 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. |
| (5) | 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, 2020. |
| (6) | Interest only securities represent the right to receive the monthly interest payments on an underlying pool of mortgage loans. Principal amount shown represents the notional amount on which current interest is calculated. Payments of principal on the pool reduce the value of the interest only security. |
| (7) | 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. |
| (8) | Settlement is on a when-issued or delayed-delivery basis. |
| (9) | Security is a Master Limited Partnership. |
| (10) | The tables within the Portfolio of Investments detail open purchased options which are non-income producing securities. |
| (11) | All or a portion of the security represents securities purchased with cash collateral received for securities on loan. |
| (12) | Rate shown is the 7-day yield as of March 31, 2020. |
| Currency Abbreviations: | |
| EUR | EU Euro |
| IDR | Indonesian Rupiah |
| PEN | Peruvian Nuevo Sol |
| RUB | Russian Ruble |
| Reference Rate Abbreviations: | |
| 12MTA | 12-month Treasury Average |
| US0001M | 1-month LIBOR |
| US0001W | 1-week LIBOR |
| US0002M | 2-month LIBOR |
| US0003M | 3-month LIBOR |
| US0006M | 6-month LIBOR |
| US0012M | 12-month LIBOR |
See Accompanying Notes to Financial Statements
| 126 |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
| (a) | Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR. |
| (b) | There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
| (a)(1) | The Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
| (a)(3) | Not applicable. |
| (b) | The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): Voya Funds Trust
| By | /s/ Michael Bell | |
| Michael Bell | ||
| Chief Executive Officer |
Date: June 8, 2020
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/ Michael Bell | |
| Michael Bell | ||
| Chief Executive Officer |
Date: June 8, 2020
| By | /s/ Todd Modic | |
| Todd Modic | ||
| Senior Vice President and Chief Financial Officer | ||
Date: June 8, 2020