PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
Voya
Enhanced
Securitized
Income
Fund
Principal
Amount
†
RA
.
Value
Percentage
of
Net
Assets
ASSET-BACKED
SECURITIES
:
39
.4
%
Automobile
Asset-Backed
Securities
:
16
.3
%
8,000
(1)(2)
Carvana
Auto
Receivables
Trust
2023-P1
R,
03/11/2030
$
755,943
2
.8
5,000
(1)(2)
Chase
Auto
Owner
Trust
2024-1A
R1,
06/25/2031
1,086,710
4
.1
1,666
(1)(2)
Chase
Auto
Owner
Trust
2024-3A
R1,
09/25/2031
515,853
1
.9
3,000
(1)(2)
Chase
Auto
Owner
Trust
2024-4A
R1,
11/25/2031
961,617
3
.6
9,840
(1)(2)
PenFed
Auto
Receivables
Owner
Trust
2024-A
R1,
09/15/2032
1,055,358
3
.9
4,375,481
16
.3
Other
Asset-Backed
Securities
:
19
.8
%
700,000
(1)(3)
Apidos
CLO
XXXII
2019-32A
ER,
9.769%,
(TSFR3M
+
5.500%),
01/20/2033
694,050
2
.6
1,000,000
(1)(3)
Bain
Capital
Credit
Clo
Ltd.
2019-4A
ERR,
11.279%,
(TSFR3M
+
7.000%),
04/23/2035
983,750
3
.7
1,000,000
(1)(3)
Birch
Grove
Clo
11
Ltd.
2024-11A
E,
10.149%,
(TSFR3M
+
5.800%),
01/22/2038
1,010,751
3
.8
900,000
(1)(3)
Birch
Grove
CLO
3
Ltd.
2021-3A
ER,
9.419%,
(TSFR3M
+
5.150%),
01/19/2038
897,268
3
.3
500,000
(1)(3)
BlueMountain
CLO
XXVIII
Ltd.
2021-28A
E,
10.918%,
(TSFR3M
+
6.662%),
04/15/2034
490,752
1
.8
1,000,000
(1)(3)
Empower
CLO
Ltd.
2024-2A
E,
10.306%,
(TSFR3M
+
6.050%),
07/15/2037
1,008,482
3
.7
250,000
(1)(3)
Palmer
Square
Loan
Funding
Ltd.
2025-1A
D,
8.421%,
(TSFR3M
+
4.100%),
02/15/2033
248,745
0
.9
5,333,798
19
.8
Student
Loan
Asset-Backed
Securities
:
3
.3
%
1,430
(1)(2)
Navient
Private
Education
Refi
Loan
Trust
2021-DA
R,
04/15/2060
879,141
3
.3
Total
Asset-Backed
Securities
(Cost
$11,303,923)
10,588,420
39
.4
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
:
26
.0
%
1,000,000
(1)
ARZ
Trust
2024-BILT
G,
8.803%,
06/11/2029
$
1,021,223
3
.8
1,000,000
(1)(3)
Citigroup
Commercial
Mortgage
Trust
2016-C2
D,
3.250%,
08/10/2049
919,838
3
.4
1,000,000
(1)
MCR
Mortgage
Trust
2024-TWA
F,
10.382%,
06/12/2039
1,020,249
3
.8
1,250,000
(1)(3)
SMRT
2022-MINI
F,
7.679%,
(TSFR1M
+
3.350%),
01/15/2039
1,217,272
4
.6
1,000,000
(1)(3)
SWCH
Commercial
Mortgage
Trust
2025-
DATA
F,
8.568%,
(TSFR1M
+
4.239%),
02/15/2042
993,040
3
.7
1,000,000
(1)(3)
Wells
Fargo
Commercial
Mortgage
Trust
2016-C37
D,
3.163%,
12/15/2049
902,232
3
.4
1,000,000
(1)(3)
Wells
Fargo
Commercial
Mortgage
Trust
2016-LC25
D,
3.028%,
12/15/2059
894,711
3
.3
Total
Commercial
Mortgage-Backed
Securities
(Cost
$6,752,199)
6,968,565
26
.0
COLLATERALIZED
MORTGAGE
OBLIGATIONS
:
25
.1
%
500,000
(1)(3)
Bellemeade
Re
Ltd.
2024-1
M2,
8.922%,
(SOFR30A
+
4.600%),
08/25/2034
521,800
1
.9
1,000,000
(1)(3)
Fannie
Mae
Connecticut
Avenue
Securities
2024-R01
1B2,
8.322%,
(SOFR30A
+
4.000%),
01/25/2044
1,036,398
3
.9
1,000,000
(1)(3)
Fannie
Mae
Connecticut
Avenue
Securities
2024-R02
1B2,
8.022%,
(SOFR30A
+
3.700%),
02/25/2044
1,027,114
3
.8
900,000
(1)(3)
Freddie
Mac
STACR
REMIC
Trust
2021-
DNA5
B2,
9.822%,
(SOFR30A
+
5.500%),
01/25/2034
1,028,943
3
.8
1,000,000
(1)(3)
Freddie
Mac
STACR
REMIC
Trust
2022-
DNA2
B2,
12.822%,
(SOFR30A
+
8.500%),
02/25/2042
1,093,859
4
.1
1,000,000
(1)(3)
Radnor
Re
Ltd.
2024-1
B1,
9.472%,
(SOFR30A
+
5.150%),
09/25/2034
1,040,123
3
.9
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Enhanced
Securitized
Income
Fund
Principal
Amount†
RA
.
Value
Percentage
of
Net
Assets
COLLATERALIZED
MORTGAGE
OBLIGATIONS:
(continued)
1,087,820
(1)(3)
Sequoia
Mortgage
Trust
2024-6
B4,
6.577%,
07/27/2054
$
982,364
3
.7
Total
Collateralized
Mortgage
Obligations
(Cost
$6,586,805)
6,730,601
25
.1
Total
Long-Term
Investments
(Cost
$24,642,927)
24,287,586
90
.5
SHORT-TERM
INVESTMENTS
:
8
.9
%
Commercial
Paper
:
7
.5
%
1,000,000
Enterprise
Products,
5.800
%,
06/04/2025
(Cost
$999,625)
999,365
3
.7
1,000,000
Lockheed
Martin,
6.950
%,
06/02/2025
(Cost
$999,874)
999,619
3
.8
Total
Commercial
Paper
(Cost
$1,999,499)
1,998,984
7
.5
Shares
RA
Value
Percentage
of
Net
Assets
Mutual
Funds
:
1
.4
%
383,000
(4)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
(Institutional
Share
Class),
4.220%
(Cost
$383,000)
$
383,000
1
.4
Total
Short-Term
Investments
(Cost
$2,382,499)
2,381,984
8
.9
Total
Investments
in
Securities
(Cost
$27,025,426)
$
26,669,570
99
.4
Assets
in
Excess
of
Other
Liabilities
172,786
0.6
Net
Assets
$
26,842,356
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)
This
security
is
a
residual
or
equity
position
that
does
not
have
a
stated
interest
rate.
This
residual
or
equity
position
is
entitled
to
recurring
distributions
which
are
generally
equal
to
the
remaining
cash
flow
of
payments
made
by
underlying
securities
less
contractual
payments
to
debtholders
and
fund
expenses.
(3)
Variable
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
May
31,
2025.
(4)
Rate
shown
is
the
7-day
yield
as
of
May
31,
2025.
Reference
Rate
Abbreviations:
SOFR30A
30-day
Secured
Overnight
Financing
Rate
TSFR1M
1-month
CME
Term
Secured
Overnight
Financing
Rate
TSFR3M
3-month
CME
Term
Secured
Overnight
Financing
Rate
PORTFOLIO
OF
INVESTMENTS
as
of
May
31,
2025
(Unaudited)
(continued)
Voya
Enhanced
Securitized
Income
Fund
Fair
Value
Measurements
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
as
of
May
31,
2025
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
May
31,
2025
Asset
Table
Investments,
at
fair
value
Asset-Backed
Securities
$
—
$
10,588,420
$
—
$
10,588,420
Collateralized
Mortgage
Obligations
—
6,730,601
—
6,730,601
Commercial
Mortgage-Backed
Securities
—
6,968,565
—
6,968,565
Short-Term
Investments
383,000
1,998,984
—
2,381,984
Total
Investments,
at
fair
value
$
383,000
$
26,286,570
$
—
$
26,669,570
Other
Financial
Instruments+
Futures
39,288
—
—
39,288
Total
Assets
$
422,288
$
26,286,570
$
—
$
26,708,858
Liabilities
Table
Other
Financial
Instruments+
Futures
$
(
5,711
)
$
—
$
—
$
(
5,711
)
Total
Liabilities
$
(
5,711
)
$
—
$
—
$
(
5,711
)
+
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
May
31,
2025,
the
following
futures
contracts
were
outstanding
for
Voya
Enhanced
Securitized
Income
Fund:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
Contracts:
U.S.
Treasury
10-Year
Note
17
09/19/25
$
1,882,750
$
10,723
U.S.
Treasury
Long
Bond
9
09/19/25
1,015,031
13,129
U.S.
Treasury
Ultra
10-Year
Note
19
09/19/25
2,138,391
15,436
$
5,036,172
$
39,288
Short
Contracts:
U.S.
Treasury
2-Year
Note
(1)
09/30/25
(
207,438
)
(
216
)
U.S.
Treasury
5-Year
Note
(14)
09/30/25
(
1,514,625
)
(
5,495
)
$
(
1,722,063
)
$
(
5,711
)
Net
unrealized
depreciation
consisted
of:
Gross
Unrealized
Appreciation
$
395,855
Gross
Unrealized
Depreciation
(
751,711
)
Net
Unrealized
Depreciation
$
(
355,856
)