Ratings Distribution
as of March 31, 2014

Ba
                 30.2 %

B
                 65.9 %

Caa and below
                 3.5 %

Not rated*
                 0.4 %



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. 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* Not rated includes loans to non-U.S. borrowers (which are typically unrated) and loans for which the rating has been withdrawn.

Dear Shareholders:

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 and Daniel A. Norman, Portfolio Managers of Voya Investment Management Co. LLC — the Sub-Adviser.

Performance: For the year ended March 31, 2014, the Fund’s Class A shares, excluding sales charges, provided a total return of 3.58% compared to the S&P/LSTA Leveraged Loan Index (the “Index” or “S&P/LSTA Leveraged Loan”) which returned 4.35%, for the same period.

Portfolio Specifics: On the whole, the loan market performed relatively well during the Fund’s fiscal year. Changing investor sentiment prompted by talk of the U.S. Federal Reserve Board (the “Fed”) tapering its asset purchase program dominated the first half of the period. During this time, investors attempted to find a balance between the continued state of loose monetary policy and benign credit conditions on the one hand and concerns with the prospect and implications of the Fed beginning to reduce its long-running bond buying program on the other. After a healthy start to the year, loans in June experienced one of the only negative total return months of 2013 (-0.59%). This occurred during a broad fixed income market correction. Loans performed well relative to other longer duration fixed income assets during this period. As Fed comments were absorbed over the ensuing months, investors again embraced risk more readily and markets recovered some, if not all, of their late spring losses.

During the latter half of the Fund’s fiscal year, fears over an abrupt end to the Fed’s stimulus activities and a protracted government shutdown eventually subsided and investor sentiment became more open to credit risk. Against that backdrop, demand for loans remained robust, with inflows into the asset class consistently strong and dispersed across retail funds and institutional portfolios. As with any spread-driven market, stout demand worked to compress new issue yields. Though re-pricing activity began to abate by the end of the Fund’s fiscal year, increased demand against less than sufficient supply had an adverse impact on average credit spreads. Nonetheless, it is important to note that the current average spread for new issue loans remains in excess of the 10 year running average for the asset class. Hopefully, this will continue, at least until the London Interbank Offered Rate (“LIBOR”) rises to fill the gap.

TOP TEN LOAN ISSUERS AS OF MARCH 31, 2014 AS A PERCENTAGE OF:
	TOTAL ASSETS	NET ASSETS
BJs Wholesale Club	1.6%	1.7%
Dell International LLC	1.5%	1.6%
Neiman Marcus Group, Inc	1.3%	1.4%
Tribune Company	1.0%	1.1%
Univision Communications, Inc.	1.0%	1.0%
Hilton Worldwide Finance, LLC	0.9%	1.0%
Hudson’s Bay Company	0.9%	1.0%
Rexnord Corporation / RBS Global, Inc.	0.9%	1.0%
Hub International Limited	0.9%	1.0%
Axalta Coating Systems (fka DuPont Performance Coatings)	0.9%	0.9%

*Subject to change daily.*

In terms of fundamentals, unforeseen negative credit events were few and far between during the Fund’s fiscal year. To-date, trailing default rates at the Index level remain well inside the historical average for the asset class and the traditional indicators of future default activity appear to be benign. Although gross domestic product (“GDP”) growth has been variable and, for some time now, below what many feel it should be at this point in the recovery, it has been sufficient for typical, below investment grade corporate issuers to comfortably cover their borrowing expenses and capital expenditures, with a reasonable cushion.

The Fund underperformed the Index for 12 months ended March 31, 2014, due to higher average cash balances throughout the period, as well as the overall better average credit quality of the portfolio relative to the Index (nearly 75% of loan assets at period-end were rated B1 or better by Moody’s, with less than 4% in the Caa1/below cohort). Quarterly performance at the Index level continued to be heavily skewed toward the lower rated part of the market, as evidenced by an 8.5% showing for CCC/below, compared to 4.35% at the broad Index level. Over the foreseeable future, the Fund will continue to target loans in the stronger side of the B-rated category, which in our opinion offers the most attractive risk-adjusted return potential in today’s market.

While absolute performance has been generally favorable, relative returns have been impacted by the aforementioned decline in credit spreads, which has effectively lowered the yield on the Fund’s loan assets, albeit at a declining pace. As of March 31, 2014, the Fund had a weighted average nominal spread 3.71%, compared to 4.40% at the beginning of the fiscal year. The weighted average coupon (inclusive of LIBOR floors) for the same periods was 4.72% and 5.53%, respectively. While we expect the re-pricing trend to persist, there are signs the pace is slowing, as a substantial amount of Index constituents have already re-priced and the flow of new issue loans related to fresh merger and acquisition (“M&A”) activity is picking up.

The Fund’s top industry exposures at the end of the reporting period were retail, health care, business equipment/services and lodging and casinos. These industries were generally neutral or accretive to relative returns during the reporting period. Regarding specific issuer positioning, the Fund held positions in three of the five largest contributors to Index performance during the fiscal year: Harrah’s Entertainment, Inc., Cengage Learning, Inc. and Clear Channel Communications, Inc. The benefit of these positions was partially offset by a position in one of the largest detractors: Weight Watchers International, Inc.

PORTFOLIO MANAGERS’ REPORT

VOYA FLOATING RATE FUND

The Fund continues to be well diversified in our opinion, with 324 individual issuers and 36 different industry sectors represented. The average issuer exposure at March 31, 2014 was 0.31%, while the average industry sector exposure closed the fiscal year at 2.78%. Both measures were largely unchanged from the prior reporting period.

Current Strategy & Outlook: Looking ahead, we expect more of the same in our opinion, i.e., continued growth in M&A-related deal flow, ebbs and flows to repricing activity, and steady, if not spectacular, retail and institutional investor inflows. Under a status quo economic scenario, we believe default rates, excluding Energy Future Holdings, should remain nicely contained by relatively few near-term maturities, decent corporate earnings and strong liquidity in the market. We believe that collectively, this would paint a picture of relative stability and an environment in which loans should continue to generate a reasonably attractive absolute return, one much less directly susceptible to any unexpected changes to market expectations as they relate to speed and magnitude of interest rate changes.

The Fund was formerly known as “ING Floating Rate Fund”. Additionally, the Sub-Adviser was formerly known as “ING Investment Management Co. LLC.”

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund may differ from that presented for other Voya mutual funds. 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, imposes no sales charges and incurs no operating expenses. An investor cannot invest directly in an index.

VOYA FLOATING RATE FUND

PORTFOLIO MANAGERS’ REPORT

Average Annual Total Returns for the Periods Ended March 31, 2014
	1 Year			3 Year			Since Inception of Class A, C, I, R and W August 17, 2010			Since Inception of Class P June 14, 2013
Including Sales Charge:
Class A⁽¹⁾		1.03	%		3.97	%		4.54	%		—
Class C⁽²⁾		1.82	%		4.06	%		4.51	%		—
Class I		3.74	%		5.04	%		5.52	%		—
Class P		—			—			—			3.71	%
Class R		3.23	%		4.52	%		4.97	%		—
Class W		3.83	%		5.13	%		5.60	%		—
Excluding Sales Charge:
Class A		3.58	%		4.84	%		5.29	%		—
Class C		2.81	%		4.06	%		4.51	%		—
Class I		3.74	%		5.04	%		5.52	%		—
Class P		—			—			—			3.71	%
Class R		3.23	%		4.52	%		4.97	%		—
Class W		3.83	%		5.13	%		5.60	%		—
S&P/LSTA Leveraged Loan		4.35	%		5.01	%		6.17	%		3.76	%

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, imposes no sales charges and incurs no operating expenses. 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 may include 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 return. Had all fees and expenses been considered, the total 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.

This report contains statements that may be “forward-looking” statements. Actual results may differ materially from those projected in the “forward-looking” statements.

The views expressed in this report reflect those of the portfolio managers, only through the end of the period as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions.

Fund holdings are subject to change daily.

⁽¹⁾

Reflects deduction of the maximum Class A sales charge of 2.50%.

⁽²⁾

Reflects deduction of the Class C deferred sales charge of 1% for the since inception return.

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, 2013 to March 31, 2014. 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 lines of the table are 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, 2013		Ending Account Value March 31, 2014		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2014*		Beginning Account Value October 1, 2013		Ending Account Value March 31, 2014		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2014*

Class A	$	1,000.00	$	1,022.60		1.01	%	$	5.09	$	1,000.00	$	1,019.90		1.01	%	$	5.09
Class C		1,000.00		1,018.80		1.76			8.86		1,000.00		1,016.16		1.76			8.85
Class I		1,000.00		1,022.90		0.76			3.83		1,000.00		1,021.14		0.76			3.83
Class P		1,000.00		1,026.20		0.10			0.51		1,000.00		1,024.43		0.10			0.50
Class R		1,000.00		1,020.40		1.26			6.35		1,000.00		1,018.65		1.26			6.34
Class W		1,000.00		1,023.80		0.76			3.83		1,000.00		1,021.14		0.76			3.83

Expenses are equal to the Fund’s respective annualized expense ratios multiplied by the average account value over the period, multiplied by 182/365 to reflect the most recent fiscal half-year.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Shareholders and Board of Trustees
Voya Funds Trust

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Voya Floating Rate Fund (formerly ING Floating Rate Fund), a series of Voya Funds Trust (formerly ING Funds Trust), as of March 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2014, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Voya Floating Rate Fund as of March 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
May 23, 2014

STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2014

ASSETS:
Investments in securities at fair value (Cost $785,207,512)	$	787,727,813
Short-term investments at fair value (Cost $63,000,000)		63,000,000
Total Investments at fair value		850,727,813
Cash		9,604,404
Receivables:
Investment securities sold		33,025,321
Fund shares sold		1,834,466
Interest		2,219,761
Prepaid expenses		56,091
Reimbursement due from manager		43,809
Total assets		897,511,665
LIABILITIES:
Payable for investment securities purchased		45,906,661
Payable for fund shares redeemed		1,217,438
Income distribution payable		194,523
Payable for investment management fees		354,763
Payable for administrative fees		64,502
Payable for distribution and shareholder service fees		134,176
Accrued trustees fees		3,675
Other accrued expenses and liabilities		196,274
Total liabilities		48,072,012
NET ASSETS	$	849,439,653
NET ASSETS WERE COMPRISED OF:
Paid-in capital		847,118,314
Distributions in excess of net investment income		(197,352	)
Accumulated net realized loss		(1,610	)
Net unrealized appreciation		2,520,301
NET ASSETS	$	849,439,653

See Accompanying Notes to Financial Statements

STATEMENT OF ASSETS AND LIABILITIES AS OF MARCH 31, 2014 (CONTINUED)

Class A:
Net assets	$	98,669,490
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		9,656,694
Net asset value and redemption price per share	$	10.22
Maximum offering price per share (2.50%)⁽¹⁾	$	10.48

Class C:
Net assets	$	84,619,375
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		8,280,652
Net asset value and redemption price per share⁽²⁾	$	10.22

Class I:
Net assets	$	327,896,377
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		32,107,532
Net asset value and redemption price per share⁽²⁾	$	10.21

Class P:
Net assets	$	86,265,346
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		8,446,223
Net asset value and redemption price per share	$	10.21

Class R:
Net assets	$	98,457,323
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		9,648,393
Net asset value and redemption price per share	$	10.20

Class W:
Net assets	$	153,531,742
Shares authorized		unlimited
Par value	$	0.001
Shares outstanding		14,999,358
Net asset value and redemption price per share	$	10.24
____________________
⁽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

STATEMENT OF OPERATIONS FOR THE YEAR ENDED MARCH 31, 2014

INVESTMENT INCOME:
Interest	$	27,536,314
Amendment fees		550,327
Other fees		1,211,241
Total investment income		29,297,882

EXPENSES:
Investment management fees		3,405,014
Administration fees		619,093
Distribution and service fees:
Class A		213,152
Class C		663,102
Class R		333,497
Transfer agent fees:
Class A		66,075
Class C		51,410
Class I		16,777
Class P		819
Class R		51,744
Class W		99,293
Shareholder reporting expense		71,142
Custody and accounting expense		290,372
Registration fees		101,605
Professional fees		85,526
Trustees fees		14,222
Commitment fee		34,029
Miscellaneous expense		40,395
Total expenses		6,157,267
Net waived and reimbursed fees		(439,810	)
Net expenses		5,717,457
Net investment income		23,580,425

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain on investments		665,332
Net change in unrealized appreciation (depreciation) on :
Investments		(2,033,438	)
Unfunded commitments		(130	)
Net change in unrealized appreciation (depreciation)		(2,033,568	)
Net realized and unrealized loss		(1,368,236	)
Increase in net assets resulting from operations	$	22,212,189

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2014			Year Ended March 31, 2013
FROM OPERATIONS:
Net investment income	$	23,580,425		$	13,734,253
Net realized gain		665,332			1,442,191
Net change in unrealized appreciation (depreciation)		(2,033,568	)		3,967,354
Net increase in net assets resulting from operations		22,212,189			19,143,798

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(3,173,407	)		(871,877	)
Class C		(1,966,091	)		(508,857	)
Class I		(9,915,178	)		(7,906,748	)
Class P		(1,108,235	)		—
Class R		(2,311,746	)		(1,105,555	)
Class W		(5,205,552	)		(3,482,103	)
Net realized gains:
Class A		(88,302	)		(57,784	)
Class C		(70,871	)		(45,743	)
Class I		(257,093	)		(339,006	)
Class P		(48,328	)		—
Class R		(76,469	)		(63,420	)
Class W		(124,245	)		(167,918	)
Return of capital:
Class A		(93,754	)		—
Class C		(76,711	)		—
Class I		(290,450	)		—
Class P		(78,318	)		—
Class R		(87,417	)		—
Class W		(136,297	)		—
Total distributions		(25,108,464	)		(14,549,011	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		663,037,010			157,742,423
Reinvestment of distributions		22,965,642			13,381,586
		686,002,652			171,124,009
Cost of shares redeemed		(181,142,287	)		(88,506,704	)
Net increase in net assets resulting from capital share transactions		504,860,365			82,617,305
Net increase in net assets		501,964,090			87,212,092

NET ASSETS:
Beginning of year or period		347,475,563			260,263,471
End of year or period	$	849,439,653		$	347,475,563
Distributions in excess of net investment income at end of year or period	$	(197,352	)	$	(97,568	)

See Accompanying Notes to Financial Statements

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		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
03-31-14		10.28		0.38	*		(0.02	)		0.36		0.40		0.01		0.01		0.42		10.22		3.58		1.08		1.01		1.01		3.71		98,669		124
03-31-13		10.10		0.52	*		0.21			0.73		0.53		0.02		—		0.55		10.28		7.41		1.11		1.01		1.01		5.08		35,918		101
03-31-12		10.26		0.43	*		(0.08	)		0.35		0.45		0.06		—		0.51		10.10		3.58		1.12		1.01		1.01		4.23		10,266		79
08-17-10⁽⁴⁾–03-31-11		10.00		0.21	*		0.25			0.46		0.19		0.01		—		0.20		10.26		4.57		1.30		1.02		1.02		3.49		18,411		73
Class C
03-31-14		10.28		0.30	*		(0.02	)		0.28		0.32		0.01		0.01		0.34		10.22		2.81		1.83		1.76		1.76		2.97		84,619		124
03-31-13		10.10		0.44	*		0.21			0.65		0.45		0.02		—		0.47		10.28		6.61		1.86		1.76		1.76		4.33		26,367		101
03-31-12		10.26		0.36	*		(0.09	)		0.27		0.37		0.06		—		0.43		10.10		2.80		1.87		1.76		1.76		3.71		7,409		79
08-17-10⁽⁴⁾–03-31-11		10.00		0.19	*		0.22			0.41		0.14		0.01		—		0.15		10.26		4.11		2.05		1.77		1.77		3.46		3,356		73
Class I
03-31-14		10.28		0.41	*		(0.03	)		0.38		0.43		0.01		0.01		0.45		10.21		3.74		0.76		0.76		0.76		3.99		327,896		124
03-31-13		10.10		0.54	*		0.21			0.75		0.55		0.02		—		0.57		10.28		7.67		0.86		0.76		0.76		5.33		165,936		101
03-31-12		10.27		0.47	*		(0.10	)		0.37		0.48		0.06		—		0.54		10.10		3.74		0.87		0.76		0.76		4.65		173,722		79
08-17-10⁽⁴⁾–03-31-11		10.00		0.25	*		0.23			0.48		0.20		0.01		—		0.21		10.27		4.83		1.05		0.77		0.77		3.93		170,660		73
Class P
06-14-13⁽⁴⁾–03-31-14		10.22		0.37	*		0.00	^•		0.37		0.36		0.01		0.01		0.38		10.21		3.71		0.75		0.10		0.10		4.58		86,265		124
Class R
03-31-14		10.27		0.35	*		(0.03	)		0.32		0.37		0.01		0.01		0.39		10.20		3.23		1.33		1.26		1.26		3.47		98,457		124
03-31-13		10.09		0.49	*		0.21			0.70		0.50		0.02		—		0.52		10.27		7.15		1.36		1.26		1.26		4.84		32,371		101
03-31-12		10.26		0.41	*		(0.09	)		0.32		0.43		0.06		—		0.49		10.09		3.22		1.37		1.26		1.26		4.26		16,515		79
08-17-10⁽⁴⁾–03-31-11		10.00		0.21	*		0.23			0.44		0.17		0.01		—		0.18		10.26		4.39		1.55		1.27		1.27		3.87		7,897		73
Class W
03-31-14		10.30		0.41	*		(0.02	)		0.39		0.43		0.01		0.01		0.45		10.24		3.83		0.83		0.76		0.76		3.98		153,532		124
03-31-13		10.12		0.54	*		0.21			0.75		0.55		0.02		—		0.57		10.30		7.66		0.86		0.76		0.76		5.34		86,844		101
03-31-12		10.27		0.45	*		(0.06	)		0.39		0.48		0.06		—		0.54		10.12		3.93		0.87		0.76		0.76		4.74		52,351		79
08-17-10⁽⁴⁾–03-31-11		10.00		0.24			0.24			0.48		0.20		0.01		—		0.21		10.27		4.83		1.05		0.77		0.77		4.49		3,319		73

⁽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⁾

Expense 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.

^•

Amount is less than $0.005 or 0.005% or more than $(0.005) or (0.005)%

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014

NOTE 1 — ORGANIZATION

Voya Funds Trust (formerly, ING Funds Trust) (“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” or the “Act”). The Trust was organized on August 6, 1998 and was established under a Trust Instrument dated July 30, 1998. It consists of six separately managed series one of which, Voya Floating Rate Fund (“Floating Rate” or the “Fund”) is included in this report. The Fund is a diversified series of the Trust.

The Fund offers the following classes of shares: Class A, Class C, Class I, Class P*, 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 average daily 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.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements, and such policies are in conformity with U.S. generally accepted accounting principles (“GAAP”) for investment companies.

A. Loan and Other Security Valuation. U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Loans held by the Fund are normally valued at the mean of the means of one or more bid and asked quotations obtained from a pricing service or other sources determined by the Board of Trustees (the “Board”) to be independent and believed to be reliable. Loans for which reliable market value quotations are not readily available may be valued with reference to another loan or a group of loans for which quotations are more readily available and whose characteristics are comparable to the loan being valued. Under this approach, the comparable loan or loans serve as a proxy for changes in value of the loan being valued. The Fund has engaged an independent pricing service to provide quotations from dealers in loans and to calculate values under the proxy procedure described above.

Patent Pending

It is expected that most of the loans held by the Fund will be valued with reference to quotations from the independent pricing service or with reference to the proxy procedure described above. As of March 31, 2014, 100% of total loans were valued based on these procedures.

Prices from a pricing service may not be available for all loans and Voya Investments, LLC (formerly, ING Investments, LLC) (“Voya Investments” or the “Investment Adviser”) or Voya Investment Management Co. LLC (formerly, ING Investment Management Co. LLC) (“Voya IM” or the “Sub-Adviser”), may believe that the price for a loan derived from market quotations or the proxy procedure described above is not reliable or accurate. Among other reasons, this may be the result of information about a particular loan or borrower known to the Investment Adviser or Sub-Adviser that the Investment Adviser or Sub-Adviser believes may not be known to the pricing service or reflected in a price quote. In this event, the loan is valued at fair value, as defined by the 1940 Act, as determined in good faith under procedures established by the Board and in accordance with the provisions of the 1940 Act. Under these procedures, fair value is determined by the Investment Adviser and monitored by the Board.

In fair valuing a loan, consideration is given to several factors, which may include, among others, the following: (i) the characteristics of and fundamental analytical data relating to the loan, including the cost, size, current interest rate, period until the next interest rate reset, maturity and base lending rate of the loan, the terms and conditions of the loan and any related agreements, and the position of the loan in the borrower’s debt structure; (ii) the nature, adequacy and value of the collateral, including the Fund’s rights, remedies and interests with respect to the collateral; (iii) the creditworthiness of the borrower and the cash flow coverage of outstanding principal and interest, based on an evaluation of its financial condition, financial statements and information about the borrower’s business, cash flows, capital structure and future prospects; (iv) information relating to the market for the loan, including price quotations for, and trading in, the loan and interests in similar loans and the market environment and investor attitudes towards the loan and interests in similar loans; (v) the reputation and financial condition of the agent for the loan and any intermediate participants in the loan; (vi) the borrower’s management; and (vii) the general economic and market conditions affecting the fair value of the loan. Securities for which the primary market is a national securities exchange are valued at the official closing price when available or, for certain markets, the last reported sale price on each valuation day. Securities traded in the over-the-counter market and listed securities for which no sale was reported on a valuation date are valued at the mean between the last reported bid and ask price on such

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange. Securities other than loans for which reliable market value quotations are not readily available and all other assets will be valued at their respective fair values as determined in good faith by, and under procedures adopted by, the Board. Investments in securities of sufficient credit quality, maturing in 60 days or less from date of acquisition, are valued at amortized cost which approximates fair value. To the extent the Fund invests in other open-end registered investment companies, the Fund’s net asset value (“NAV”) is calculated based on the current NAV of the registered investment company in which the Fund invests. The prospectuses for those investment companies explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing.

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 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 which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included following the Portfolio of Investments.

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the “Pricing Committee” as established by the Fund’s Administrator. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or Sub-Adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When the Fund uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities valued in good faith at fair value nor can it be assured the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the independent pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of the Fund’s assets and liabilities. A reconciliation of Level 3 investments is presented only when the Fund has a significant amount of Level 3 investments.

For the period ended March 31, 2014, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Revolver and delayed draw loans are booked on a settlement date basis. Security transactions and loans are accounted for on trade date (date the order to buy or sell is executed). Realized gains or losses are reported on the basis of identified cost of securities sold. Interest income is recorded on an accrual basis at the then-current loan rate. The accrual of interest on loans is partially or fully discontinued when, in the opinion of management, there is an indication that the borrower may be unable to meet payments as they become due. If determined to be uncollectible, unpaid accrued interest is also written off. Cash collections on non-accrual loans are generally applied as a reduction to the recorded investment of the loan. Loans are generally returned to accrual status only after all past due amounts have been received and the borrower has demonstrated sustained performance. Loan premiums and discounts are amortized and/or accreted for financial reporting purposes. 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 for financial reporting purposes. 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

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

fees are earned as compensation for evaluating and accepting changes to an original senior loan agreement and are recognized when received. Amendment fees and other fees earned are reported on the Statement of Operations.

C. 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 U.S. 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. Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund did not enter into any futures contracts during the year ended March 31, 2014.

Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities (“initial margin”) in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments (“variation margin”) are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange-traded, counterparty risk is minimized as the exchange’s clearinghouse acts as the counterparty, and guarantees the futures against default.

Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund’s ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency.

E. 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.

F. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of 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 or expire.

G. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

H. 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 the end of the day.

(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 the end of the day, 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

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, 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 in emerging markets.

I. 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, 2014, the cost of purchases and the proceeds from principal repayment and sales of investments, excluding short-term investments, totaled $1,189,847,862 and $718,440,002, respectively. At March 31, 2014, the Fund held loans valued at $787,727,813 representing 92.6% 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 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 AND ADMINISTRATION FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with Voya Investments to provide advisory and management services. The Management Agreement compensates the Investment Adviser with a fee, computed daily and payable monthly, at an annual rate of 0.55% of the Fund’s average daily net assets. Effective June 14, 2013, the Investment Adviser is contractually obligated to waive the investment management fee for Class P shares of the Fund. Termination or modification of this contractual waiver requires approval by the Board.

The Fund has entered into a sub-advisory agreement with Voya IM. Subject to such policies as the Board or the Investment Adviser may determine, Voya IM managed the Fund’s assets in accordance with the Fund’s investment objectives, policies, and limitations.

The Fund has also entered into an Administration Agreement with Voya Funds Services, LLC (formerly, ING Funds Services, LLC) (the “Administrator”), to provide administrative services. The Administrator is compensated with a fee, computed daily and payable monthly, at an annual rate of 0.10% of the Fund’s average daily net assets. Effective June 14, 2013, the Administrator is contractually obligated to waive the administrative fee for Class P shares of the Fund. Termination or modification of this contractual waiver requires approval by the Board.

NOTE 5 — DISTRIBUTION AND SERVICE FEES

Each share class of the Fund, except Class I, Class P and Class W, has a plan (each a “Plan” and collectively, the “Plans”), whereby Voya Investments Distributor, LLC (formerly, ING Investments Distributor, LLC) (the “Distributor”), a Delaware limited liability company, is compensated by the Fund for expenses incurred in the distribution of the Fund’s shares (“Distribution Fees”). Pursuant to the 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

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 5 — DISTRIBUTION AND SERVICE FEES (continued)

ended March 31, 2014, the Distributor retained the following amounts in sales charges:

				Class A				Class C
Initial Sales Charges				$	59,474				—
Contingent Deferred Sales Charge					7,564				3,854

NOTE 6 — EXPENSE LIMITATIONS

Pursuant to a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund, the Investment Adviser has agreed to limit expenses, excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, to the levels listed below:

Maximum Operating Expense Limit
(as a percentage of average daily net assets)

Class A — 1.00%
Class C — 1.75%
Class I — 0.75%
Class P — 0.15%
Class R — 1.25%
Class W — 0.75%

The Investment Adviser may at a later date recoup from the Fund management fees waived and 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 and any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations.

The Expense Limitation Agreement is contractual through August 1, 2014 and shall renew automatically for one-year terms unless: (i) The Investment Adviser provides 90 days written notice of its termination and such termination is approved by the Board; or (ii) the Management Agreement has been terminated.

As of March 31, 2014, the amounts of waived and reimbursed fees that are subject to recoupment by the Investment Adviser, and the related expiration dates are as follows:

March 31,
2015				2016				2017				Total
$254,672				$258,001				$27,772				$540,445

In addition to the above waived 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, 2014 are as follows:

	March 31,
	2015		2016		2017		Total
Class A	$	—	$	—	$	58,561	$	58,561
Class C		—		—		45,651		45,651
Class R		—		—		45,543		45,543
Class W		—		—		89,220		89,220

NOTE 7 — LINE OF CREDIT

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 $50,000,000. 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 0.10% per annum on the daily unused portion of the committed line amount payable quarterly in arrears. Generally, 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, 2014, the Fund did not utilize the line of credit.

NOTE 8 — TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

At March 31, 2014, the following indirect, wholly-owned subsidiary of Voya Financial, Inc. (formerly, ING U.S. Inc.) owned more than 5% of the Fund:

Subsidiary				Percentage
ING National Trust					11.48	%

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. The 1940 Act defines affiliates as companies that are under common control.

The Fund has adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees as described in the Plan to defer the receipt of all or a portion of the trustees fees payable. Amounts deferred are treated as though invested in various “notional” funds advised by Voya Investments until distribution in accordance with the Plan.

NOTE 9 — UNFUNDED COMMITMENTS

As of March 31, 2014, the Fund had no unfunded loan commitments.

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 10 — 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
03-31-14		10,358,888		300,298		(4,496,100	)		6,163,086			105,961,693		3,069,687		(45,976,978	)		63,054,402
03-31-13		2,722,982		81,409		(327,508	)		2,476,883			27,791,758		829,471		(3,333,210	)		25,288,019
Class C
03-31-14		7,090,057		146,813		(1,520,485	)		5,716,385			72,569,083		1,500,823		(15,551,282	)		58,518,624
03-31-13		2,059,895		36,736		(266,013	)		1,830,618			21,046,713		374,437		(2,705,134	)		18,716,016
Class I
03-31-14		23,772,696		903,969		(8,713,189	)		15,963,476			243,019,631		9,237,941		(89,046,679	)		163,210,893
03-31-13		5,248,615		767,169		(7,075,274	)		(1,059,490	)		53,494,091		7,796,350		(71,396,295	)		(10,105,854	)
Class P
06/14/13⁽¹⁾-03-31-14		8,325,387		120,836		—			8,446,223			85,118,085		1,234,895		—			86,352,980
Class R
03-31-14		6,582,358		241,982		(327,028	)		6,497,312			67,216,665		2,470,595		(3,339,976	)		66,347,284
03-31-13		1,619,269		114,941		(219,259	)		1,514,951			16,483,646		1,168,975		(2,222,800	)		15,429,821
Class W
03-31-14		8,689,498		532,300		(2,656,442	)		6,565,356			89,151,853		5,451,701		(27,227,372	)		67,376,182
03-31-13		3,813,346		315,035		(868,891	)		3,259,490			38,926,215		3,212,353		(8,849,265	)		33,289,303

⁽¹⁾

Commencement of Operations.

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 U.S. GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains are, for federal income tax purposes, taxable as ordinary income to shareholders.

The tax composition of dividends and distributions to shareholders was as follows:

Year Ended March 31, 2014												Year Ended March 31, 2013
Ordinary Income				Long-term Capital Gain				Return of Capital				Ordinary Income				Long-term Capital Gains
$24,088,134				$ 257,383				$ 762,947				$ 14,210,876				$ 338,135

The tax-basis components of distributable earnings as of March 31, 2014 were:

Unrealized Appreciation/ (Depreciation)
$ 2,518,691

The Fund’s major tax jurisdictions are U.S. federal and Arizona. The earliest tax year that remains subject to examination by these jurisdictions is 2010, the year of commencement of operations.

As of March 31, 2014, 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.

NOTE 12 — RESTRUCTURING PLAN

In October 2009, ING Groep N.V. (“ING Groep”) submitted a restructuring plan (the “Restructuring Plan”) to the European Commission in order to receive approval for state aid granted to ING Groep by the Kingdom of the

NOTES TO FINANCIAL STATEMENTS AS OF MARCH 31, 2014 (CONTINUED)

NOTE 12 — RESTRUCTURING PLAN (continued)

Netherlands in November 2008 and March 2009. To receive approval for this state aid, ING Groep was required to divest its insurance and investment management businesses, including Voya Financial, Inc., before the end of 2013. In November 2012, the Restructuring Plan was amended to permit ING Groep additional time to complete the divestment. Pursuant to the amended Restructuring Plan, ING Groep must divest at least 25% of Voya Financial, Inc. by the end of 2013, more than 50% by the end of 2014, and the remaining interest by the end of 2016 (such divestment, the “Separation Plan”).

In May 2013, Voya Financial, Inc. conducted an initial public offering of Voya Financial, Inc. common stock (the “IPO”). In October 2013, ING Groep divested additional shares in a secondary offering of common stock of Voya Financial, Inc. In March 2014, ING Groep divested additional shares, reducing its ownership interest in Voya Financial, Inc. below 50%. Voya Financial, Inc. did not receive any proceeds from these offerings.

ING Groep has stated that it intends to sell its remaining interest in Voya Financial, Inc. over time. While the base case for the remainder of the Separation Plan is the divestment of ING Groep’s remaining interest in one or more broadly distributed offerings, all options remain open and it is possible that ING Groep’s divestment of its remaining interest in Voya Financial, Inc. may take place by means of a sale to a single buyer or group of buyers.

It is anticipated that one or more of the transactions contemplated by the Separation Plan would result in the automatic termination of the existing investment advisory and sub-advisory agreements under which the Investment Adviser and sub-adviser provide services to the Fund. In order to ensure that the existing investment advisory and sub-advisory services can continue uninterrupted, the Board approved new advisory and sub-advisory agreements for the Fund in connection with the IPO. Shareholders of the Fund approved the new investment advisory and sub-advisory agreements prompted by the IPO, as well as any future advisory and sub-advisory agreements prompted by the Separation Plan that are approved by the Board and whose terms are not materially different from the current agreements. This means that shareholders may not have another opportunity to vote on a new agreement with the Investment Adviser or an affiliated sub-adviser even if they undergo a change of control, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of Voya Financial, Inc.

The Separation Plan, whether implemented through public offerings or other means, may be disruptive to the businesses of Voya Financial, Inc. and its subsidiaries, including the Investment Adviser and affiliated entities that provide services to the Fund, and may cause, among other things, interruption of business operations or services, diversion of management’s attention from day-to-day operations, reduced access to capital, and loss of key employees or customers. The completion of the Separation Plan is expected to result in the Investment Adviser’s loss of access to the resources of ING Groep, which could adversely affect its business. Since a portion of the shares of Voya Financial, Inc., as a standalone entity, are publicly held, it is subject to the reporting requirements of the Securities Exchange Act of 1934 as well as other U.S. government and state regulations, and subject to the risk of changing regulation.

The Separation Plan may be implemented in phases. During the time that ING Groep retains a significant interest in Voya Financial, Inc., circumstances affecting ING Groep, including restrictions or requirements imposed on ING Groep by European and other authorities, may also affect Voya Financial, Inc. A failure to complete the Separation Plan could create uncertainty about the nature of the relationship between Voya Financial, Inc. and ING Groep, and could adversely affect Voya Financial, Inc. and the Investment Adviser and its affiliates. Currently, the Investment Adviser and its affiliates do not anticipate that the Separation Plan will have a material adverse impact on their operations or the Fund and its operation.

NOTE 13 — SUBSEQUENT EVENTS

Dividends. Subsequent to March 31, 2014, the Fund declared dividends from net investment income of:

	Per Share Amount	Payable Date	Record Date
Class A	$ 0.0303	May 1, 2014	Daily
Class C	$ 0.0240	May 1, 2014	Daily
Class I	$ 0.0324	May 1, 2014	Daily
Class P	$ 0.0379	May 1, 2014	Daily
Class R	$ 0.0282	May 1, 2014	Daily
Class W	$ 0.0324	May 1, 2014	Daily

The Fund has evaluated events occurring after the Statement of Assets and Liabilities date (subsequent events) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. Other than the above, no such subsequent events were identified.

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

VOYA FLOATING RATE FUND

Principal Amount†	Borrower/Tranche Description	Fair Value
**Loans: 92.8%***

*Aerospace & Defense: 0.8%*
4,463,763	American Airlines, Inc., Term Loan, 3.750%, 06/27/19	$	4,484,220	0.5
370,703	Data Device Corp. (DDC), First Lien Term Loan, 8.000%, 07/11/18		372,094	0.0
1,485,000	Delta Airlines, Inc., Pacific Routes Term Loan B-1, 3.500%, 10/18/18		1,481,534	0.2
495,000	DigitalGlobe Inc., Term Loan, 3.750%, 01/31/20		495,928	0.1
			6,833,776	0.8
*Air Transport: 0.2%*
1,985,000	United Airlines, Inc., Term Loan, 3.500%, 04/01/19		1,990,955	0.2

*Automotive: 1.9%*
4,919,885	Chrysler Group LLC, Upsized Term Loan B, 3.500%, 05/24/17		4,916,495	0.6
3,584,744	Fram Group Holdings Inc., First Lien Term Loan, 6.500%, 07/31/17		3,593,706	0.4
498,690	Fram Group Holdings Inc., Second Lien Term Loan, 10.500%, 01/29/18		476,249	0.1
1,000,000	Goodyear Tire & Rubber Company (The), Second Lien Term Loan, 4.750%, 04/30/19		1,005,613	0.1
974,761	KAR Auction Services, Inc., Term Loan B, 3.750%, 05/19/17		979,787	0.1
343,125	Key Safety Systems, Inc., Term Facility, 4.750%, 05/15/18		345,270	0.1
2,969,452	Metaldyne, LLC, USD Term Loan B, 4.250%, 12/31/18		2,985,229	0.4
293,594	Schrader International, Lux Term Loan, 5.000%, 04/27/18		295,613	0.0
225,848	Schrader International, US Term Loan, 5.000%, 04/27/18		227,401	0.0
272,250	TI Group Automotive Systems, L.L.C., Term Loan B, 5.500%, 03/31/19		274,547	0.0
728,056	UCI International, Inc., Term Loan B, 5.500%, 07/26/17		733,971	0.1
			15,833,881	1.9
*Beverage & Tobacco: 0.5%*
4,500,000	ARAMARK, U.S. Term Loan E, 3.250%, 09/01/19		4,470,471	0.5

*Building & Development: 2.1%*
350,000	Capital Automotive L.P., Second Lien Term Loan, 6.000%, 04/30/20		361,594	0.0
4,209,833	Capital Automotive L.P., Term Loan, 4.000%, 04/10/19		4,230,882	0.5
2,089,500	Minimax Viking GmbH, Facility B1 Loan, 4.500%, 08/30/20		2,115,619	0.3
2,789,301	NCI Building Systems, Inc., Term Loan, 4.250%, 06/24/19		2,799,309	0.3
1,500,000	Ply Gem Industries, Inc., Term Loan, 4.000%, 01/30/21		1,503,750	0.2
275,000	Quikrete Holdings, Second Lien Term Loan, 7.000%, 03/23/21		282,561	0.0
4,601,875	Quikrete Holdings, Term Loan B, 4.000%, 09/23/20		4,618,557	0.5
882,068	Roofing Supply Group, Term Loan B, 5.000%, 05/31/19		885,237	0.1
1,431,876	Wilsonart LLC, Term Loan B, 4.000%, 10/31/19		1,430,086	0.2
			18,227,595	2.1
*Business Equipment & Services: 7.2%*
3,978,689	Acosta, Inc., Upsized Term Loan B, 4.250%, 03/02/18		4,007,908	0.5
2,693,082	Advantage Sales & Marketing, Inc., December 2013 Upsized First Lien Term Loan, 4.250%, 12/17/17		2,708,231	0.3
428,571	Advantage Sales & Marketing, Inc., Upsized Second Lien Term Loan, 8.250%, 06/17/18		440,357	0.0
500,000	AlixPartners LLP, Second Lien Term Loan, 9.000%, 07/09/21		512,031	0.1
2,940,324	AlixPartners LLP, Term Loan B-2, 4.000%, 07/09/20		2,957,170	0.3
2,661,625	Allflex Holdings III, Inc., First Lien Term Loan, 4.250%, 07/17/20		2,674,103	0.3
475,000	Allflex Holdings III, Inc., Second Lien Term Loan, 8.000%, 07/19/21		482,867	0.1
1,942,756	Coinmach Service Corp., Feb 2014 Upsized Term Loan, 4.250%, 11/15/19		1,945,427	0.2
2,315,019	CorpSource Finance Holdings, LLC, First Lien Term Loan, 5.250%, 04/30/18		2,335,275	0.3
930,000	CorpSource Finance Holdings, LLC, Second Lien, 8.750%, 04/30/19		947,825	0.1
650,000	CPA Global Financing, First Lien Term Loan USD, 4.500%, 11/30/20		657,313	0.1
500,000	CPA Global Financing, Second Lien Term Loan USD, 8.250%, 05/30/21		513,750	0.1
865,000	Dealertrack Technologies, Inc., Term Loan B, 3.500%, 02/28/21		870,046	0.1
1,571,655	First American Payment Systems, First Lien Term Loan, 5.750%, 09/30/18		1,573,620	0.2
875,000	First American Payment Systems, Second Lien, 10.750%, 03/30/19		883,750	0.1
1,328,638	GCA Services, Replacement Term Loan, 4.287%, 11/01/19		1,320,026	0.2
746,250	Information Resources, Inc., Term Loan B, 4.750%, 09/30/20		750,914	0.1
487,890	Interactive Data Corporation, Term Loan B, 3.750%, 02/11/18		488,683	0.1
632,813	ION Trading Technologies Limited, First Lien Term Loan, 4.500%, 05/22/20		636,175	0.1
450,000	ION Trading Technologies Limited, Second Lien Term Loan, 8.250%, 05/21/21		456,469	0.0

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Business Equipment & Services: (continued)*
3,000,000	(1)	iQor, First Lien Term Loan, 02/15/21	$	2,926,251	0.3
1,000,000	(1)	iQor, Second Lien Term Loan, 02/15/22		961,875	0.1
725,000	(1)	Knowledge Universe Education, LLC, Term Loan B, 03/20/21		731,344	0.1
711,425		Learning Care Group, Term Loan, 5.750%, 05/08/19		715,427	0.1
2,516,129		Legal Shield, First Lien Term Loan, 6.250%, 07/01/19		2,536,573	0.3
1,000,000		Legal Shield, Second Lien Term Loan, 9.750%, 07/01/20		1,020,000	0.1
1,465,000		Mercury Payment Systems LLC, Term Loan B Inc, 5.500%, 07/01/17		1,475,072	0.2
1,500,000		Miller Heiman, Inc., Term Loan B, 6.758%, 09/30/19		1,450,625	0.2
1,613,376		Misys (Magic Newco 2 S.a.r.l.), Term Loan B add-on, 5.000%, 12/01/18		1,631,778	0.2
1,439,125		RentPath, Inc., Term Loan B, 6.250%, 05/29/20		1,414,804	0.2
1,481,250		SGS International, Term Loan, 4.250%, 10/17/19		1,487,730	0.2
1,500,000		Ship US Bidco, Inc. (Worldpay), Term Loan B2A-II, 5.250%, 11/30/19		1,517,250	0.2
1,040,000		Ship US Bidco, Inc. (Worldpay), Term Loan C2, 4.750%, 11/29/19		1,051,376	0.1
1,900,000	(1)	Sophos, Term Loan B USD, 5.000%, 01/30/21		1,914,250	0.2
1,321,360		Spotless Group Ltd., First Lien Term Facility, 5.000%, 09/20/18		1,342,006	0.2
516,000		Spotless Group Ltd., Second Lien Term Facility, 8.750%, 04/02/19		529,867	0.1
790,232		StoneRiver Group, LP, First Lien, 4.500%, 11/30/19		791,878	0.1
163,386		StoneRiver Group, LP, Second Lien, 8.500%, 05/31/20		165,633	0.0
2,950,717		Sungard Data Systems Inc, Term Loan B, Tranche E, 4.000%, 03/09/20		2,961,782	0.3
2,791,800		SurveyMonkey.com, LLC, Term Loan B, 5.500%, 02/07/19		2,802,199	0.3
295,556		Sutherland Global Services, Term Loan Cayman, 7.250%, 03/06/19		297,772	0.0
654,444		Sutherland Global Services, Term Loan US, 7.250%, 03/06/19		659,353	0.1
1,968,927		Transfirst Holdings, Inc., First Lien Term Loan, 4.000%, 12/27/17		1,922,611	0.2
142,449		U.S. Security Associates Holdings, Inc., Delayed Draw Term Loan, 6.000%, 07/28/17		143,695	0.0
821,723		U.S. Security Associates Holdings, Inc., New Term Loan, 6.000%, 07/28/17		828,913	0.1
397,000		Wash Multi-Family Services, USD Term Loan, 4.503%, 02/21/19		399,481	0.0
				60,841,485	7.2
*Cable & Satellite Television: 2.1%*
865,525		Liberty Cablevision of Puerto Rico LLC., First Lien, 6.000%, 06/09/17		874,180	0.1
1,388,912		New Wave Communications, Including Add on Term Loan B, 5.000%, 04/30/20		1,394,988	0.2
3,881,245		RCN Cable, Term Loan B, 4.500%, 02/25/20		3,923,089	0.4
6,000,000		Virgin Media Investment Holdings Limited, Term Loan B USD, 3.500%, 06/08/20		5,993,250	0.7
839,375		WaveDivision Holdings LLC, New Term Loan B, 4.000%, 10/01/19		841,117	0.1
4,838,177		Wideopenwest Finance, LLC, Term Loan B, 4.750%, 04/01/19		4,857,186	0.6
				17,883,810	2.1
*Chemicals & Plastics: 4.8%*
1,351,613		Armacell, First Lien Term Loan USD, 5.500%, 06/30/20		1,356,681	0.2
4,220,611		Arysta LifeScience Corporation, First Lien Term Loan, 4.500%, 05/29/20		4,241,714	0.5
7,884,281		Axalta Coating Systems (fka DuPont Performance Coatings), 2014 Specified Refinancing Term B Loan, 4.000%, 02/02/20		7,961,484	0.9
639,022		AZ Chem US Inc., Term Loan B, 5.272%, 12/22/17		631,291	0.1
500,000	(1)	Ennis Flint (a.k.a Road Infrastructure Investment LLC), First Lien Term Facility, 04/01/21		500,521	0.1
325,000		Houghton International, Inc., Second Lien Term Loan, 9.500%, 12/20/20		333,531	0.0
3,225,922		Houghton International, Inc., USD First Lien Term Loan, 4.000%, 12/20/19		3,236,003	0.4
7,413,816		Ineos US Finance LLC, Cash Dollar Term Loan, 3.750%, 05/04/18		7,387,557	0.9
425,000		KLEOPATRA LUX 2 S.\|$$\|AGA. R.L, New Term Loan B, 4.750%, 12/21/16		430,136	0.0
800,000		Kronos Worldwide, Inc., Term Loan B Facility, 4.750%, 02/21/20		807,750	0.1
1,885,750		MacDermid, Inc., First Lien Term Loan, 4.000%, 06/07/20		1,894,787	0.2
980,181		Monarch (Allnex S.a.r.l.), First Lien Term Loan B-1, 4.500%, 10/03/19		986,307	0.1
508,569		Monarch (Allnex S.a.r.l.), First Lien Term Loan B-2, 4.500%, 10/03/19		511,747	0.1
250,000		Monarch (Allnex S.a.r.l.), Second Lien Term Toan, 8.250%, 04/01/20		257,500	0.0
2,169,563		Oxea S.a.r.l., First Lien Term Loan USD, 4.250%, 01/15/20		2,180,410	0.3
570,000		Oxea S.a.r.l., Second Lien Term Loan USD, 8.250%, 07/15/20		584,785	0.1
1,780,802		Royal Adhesives & Sealants, First Lien Term Facility, 5.500%, 08/01/18		1,808,256	0.2
1,736,875		Tronox Pigments (Netherlands) BV, Term Loan, 4.500%, 03/19/20		1,749,782	0.2

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Chemicals & Plastics: (continued)*
2,711,053		Univar Inc., Term Loan B, 5.000%, 06/30/17	$	2,707,179	0.3
1,136,821		Vantage Specialties Inc., Incremental Term Loan Facility, 5.000%, 02/10/19		1,140,374	0.1
				40,707,795	4.8
*Clothing/Textiles: 0.4%*
2,105,818		Herff Jones, Inc., First Lien Term Loan, 5.500%, 06/25/19		2,124,244	0.3
39,383		Totes Isotoner Corporation, Delayed Draw First Lien Term Loan, 7.250%, 07/07/17		39,580	0.0
386,339		Totes Isotoner Corporation, First Lien Add On, 7.250%, 07/07/17		388,270	0.0
777,620		Vince, LLC, Term Loan, 6.000%, 11/30/19		788,312	0.1
				3,340,406	0.4
*Conglomerates: 0.9%*
321,300		Fender Musical Instruments Corp., Term Loan B, 5.750%, 04/03/19		323,404	0.0
660,846		Jason Incorporated, Upsized Term Loan B, 5.003%, 02/28/19		660,802	0.1
742,443		ServiceMaster Company, Extended Term Loan, 4.410%, 01/31/17		745,112	0.1
2,222,494		ServiceMaster Company, Term Loan, 3.410%, 01/31/17		2,228,050	0.3
221,565		Spectrum Brands, Inc., Term Loan C, 3.500%, 08/31/19		222,257	0.0
2,860,625		Waterpik, First Lien, 5.750%, 07/01/20		2,873,140	0.3
394,000		WireCo WorldGroup, Inc., Term Loan B, 6.000%, 02/15/17		397,694	0.1
				7,450,459	0.9
*Containers & Glass Products: 2.3%*
324,188		Ardagh Group, Dollar Term Facility, 4.250%, 12/31/19		325,876	0.0
600,000	(1)	Ardagh Group, Incremental facililty, 12/31/19		602,063	0.1
263,675		Berlin Packaging, LLC, First Lien Term Loan, 4.750%, 04/02/19		265,872	0.0
2,000,000		Berry Plastics Corporation, Term E Loan, 3.750%, 12/20/20		1,997,656	0.2
296,250		Bway Holding Corporation, Term Loan B, 4.500%, 08/07/17		298,333	0.0
1,985,000		EveryWare, Inc., Term Loan, 7.500%, 05/21/20		2,001,128	0.2
2,161,169		Husky Injection Molding Systems, Ltd, Incremental Term Loan, 4.250%, 06/30/18		2,170,625	0.3
2,930,813		Otter Products, Term Loan B, 5.250%, 04/29/19		2,933,254	0.3
1,392,232	(1)	Pro Mach, Inc, Term Loan, 4.500%, 07/06/17		1,399,193	0.2
5,533,867		Reynolds Group Holdings Inc, USD Term Loan, 4.000%, 12/15/18		5,561,104	0.7
855,938		TricorBraun, Term Loan, 4.000%, 05/03/18		859,950	0.1
966,449		WNA Holdings Inc (a.k.a Waddington Group), USD Term Loan (Canadian Borrower), 4.503%, 06/07/20		968,865	0.1
524,887		WNA Holdings Inc (a.k.a Waddington Group), USD Upsized Term Loan (US Borrower), 4.502%, 05/23/20		526,199	0.1
				19,910,118	2.3
*Cosmetics/Toiletries: 0.4%*
1,560,000		KIK Custom Products, Inc., First Lien with incremental, 5.500%, 04/29/19		1,560,000	0.2
1,995,000		Revlon Consumer Products Corporation, Add-On Term Loan B, 4.000%, 08/19/19		2,001,234	0.2
				3,561,234	0.4
*Diversified Insurance: 4.1%*
1,951,519		Alliant Holdings, I, LLC, Term Loan B, 4.250%, 12/20/19		1,961,862	0.2
4,899,358		AmWINS Group, Inc., Term Loan B, 5.000%, 09/06/19		4,942,228	0.6
3,341,625		Applied Systems Inc., First Lien Term Loan, 4.250%, 01/15/21		3,362,510	0.4
650,000		Applied Systems Inc., Second Lien Term Loan, 7.500%, 01/15/22		662,025	0.1
1,637,625		Cooper Gay Swett & Crawford, Ltd., First Lien Term Loan, 5.000%, 04/16/20		1,627,390	0.2
1,400,000		Cooper Gay Swett & Crawford, Ltd., Second Lien Term Loan, 8.250%, 10/15/20		1,368,500	0.2
7,885,250		Hub International Limited, Term Loan B, 4.750%, 10/02/20		7,973,959	1.0
2,832,401		National Financial Partners Corp., Add-On Term Loan B, 5.250%, 07/01/20		2,860,725	0.3
4,500,000	(1)	Sedgwick Holdings, Inc., First Lien Term Loan, 02/28/21		4,460,625	0.5
1,500,000	(1)	Sedgwick Holdings, Inc., Second Lien Term Loan, 02/28/22		1,497,187	0.2
3,675,039		USI, Inc., Term Loan, 4.250%, 12/27/19		3,693,414	0.4
				34,410,425	4.1

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Drugs: 1.1%*
750,000	(1)	Akorn, Inc, Term Loan, 11/01/20	$	760,538	0.1
2,695,931		Jazz Pharmaceuticals Inc., Tranche 2, 3.250%, 06/12/18		2,701,829	0.3
2,350,000	(1)	Mallinckrodt Pharmaceuticals, Term Loan B, 03/01/21		2,354,223	0.3
3,061,250		Salix Pharmaceuticals Ltd, Term Loan, 4.250%, 01/02/20		3,092,821	0.4
				8,909,411	1.1
*Ecological Services & Equipment: 1.2%*
1,383,566		4L Holdings Inc., Term Loan B, 6.765%, 05/07/18		1,386,593	0.2
7,707,637		ADS Waste Holdings, Inc., B-2, 3.750%, 10/09/19		7,707,035	0.9
360,879		Waste Industries USA, Inc., New Term Loan B, 4.000%, 03/17/17		361,928	0.1
294,000		WCA Waste Corporation, Term Loan B-1, 4.000%, 03/23/18		294,882	0.0
				9,750,438	1.2
*Electronics/Electrical: 10.0%*
1,895,250		Active Network, Inc., First Lien Term Loan, 5.500%, 11/18/20		1,908,873	0.2
2,900,000		Aptean Holdings, Inc., First Lien Term Loan, 5.250%, 02/26/20		2,912,687	0.3
700,000		Aptean Holdings, Inc., Second Lien Term Loan, 8.500%, 02/26/21		709,625	0.1
2,436,842		Aspect Software, Inc., Term Loan, 7.250%, 05/09/16		2,418,779	0.3
1,346,909		Attachmate Corporation, First Lien Term Loan, 7.250%, 11/22/17		1,358,695	0.2
2,000,000	(1)	Avast Software, Term Loan, 03/21/20		1,996,666	0.2
2,451,577		Blackboard Inc., Term Loan B-3, 4.750%, 10/04/18		2,474,867	0.3
4,425,269		Blue Coat Systems, Inc., First Lien Term Loan, 4.000%, 05/31/19		4,447,395	0.5
1,000,000		Blue Coat Systems, Inc., Second Lien Term Loan, 9.500%, 06/28/20		1,038,750	0.1
6,982,500		BMC Software, Inc., U.S. Term Loan, 5.000%, 08/19/20		6,998,630	0.8
13,962,500		Dell International LLC, Term B Loans, 4.500%, 04/30/20		13,885,707	1.6
1,442,029		Epicor Software Corporation, Term Loan B-2, 4.000%, 05/16/18		1,448,338	0.2
2,387,284		Epiq Systems, Inc., Term Loan, 4.250%, 08/26/20		2,393,252	0.3
1,985,000		Eze Castle Software, Inc., First Lien Term Loan, 4.500%, 04/06/20		1,998,234	0.2
500,000	(1)	Eze Castle Software, Inc., Second Lien Term Loan, 03/18/21		507,917	0.1
1,000,000		FCI International S.A.S., Term Loan B, 6.250%, 12/31/20		1,007,500	0.1
1,996,067		Freescale Semiconductor, Inc., Tranche B-4 Term Loan, 4.250%, 03/01/20		2,005,008	0.2
2,764,113		Freescale Semiconductor, Inc., Tranche B-4 Term Loan, 4.250%, 03/01/20		2,768,321	0.3
1,492,500		Freescale Semiconductor, Inc., Tranche B-5 Term Loan, 5.000%, 01/15/21		1,510,216	0.2
7,167,270		Go Daddy Operating Company, LLC, Term Loan B-3, 4.000%, 12/17/18		7,199,523	0.9
1,670,631		Greeneden U.S. Holdings II, L.L.C., Existing Term Loan B, 4.000%, 02/08/20		1,672,719	0.2
1,164,062		Hyland Software, Inc., First Lien Term Loan, 4.750%, 10/25/19		1,176,916	0.1
4,514,867		Infor (US), Inc., Term Loan B5, 3.750%, 06/03/20		4,508,095	0.5
3,516,763	(1)	Kronos Incorporated, Upsized Term Loan, 4.500%, 10/30/19		3,551,382	0.4
1,197,000		Oberthur Technologies, Tranche B-2 Term Loan, 4.500%, 10/15/19		1,202,985	0.1
1,230,000		Omnitracs Inc., Upsized First Lien Term Loan, 6.000%, 10/31/20		1,245,375	0.2
550,000		Omnitracs Inc., Upsized Second Lien Term Loan, 8.750%, 04/30/21		559,625	0.1
1,540,901		Open Link Financial, Inc., Term Loan, 6.250%, 10/30/17		1,550,532	0.2
3,166,341		RedPrairie Corporation, Incremental First Lien Term Loan, 6.000%, 12/21/18		3,161,889	0.4
500,000		RedPrairie Corporation, Second Lien Term Loan, 11.250%, 12/20/19		509,375	0.1
1,569,489		Spansion LLC, Term Loan B, 3.750%, 12/18/19		1,575,374	0.2
1,158,955		Web.com Group, Inc., Term Loan, 4.500%, 10/27/17		1,173,442	0.1
738,774		Websense, Inc., Second Lien Term Loan, 8.250%, 12/27/20		744,776	0.1
1,640,119	(1)	Websense, Inc., Term Loan B, 4.500%, 06/27/20		1,656,520	0.2
				85,277,988	10.0
*Equipment Leasing: 0.4%*
250,000		Brock Holdings, Inc., New Second Lien Term Loan, 10.000%, 03/16/18		254,010	0.0
2,111,613		Brock Holdings, Inc., New Term Loan B, 6.002%, 03/16/17		2,128,770	0.3
1,150,000		Rent-A-Center, Inc., Term Loan B, 3.750%, 02/28/21		1,147,125	0.1
				3,529,905	0.4
*Financial Intermediaries: 1.9%*
2,781,503		Duff & Phelps, Add-on Term Loan, 4.500%, 04/23/20		2,796,715	0.3
972,563		Guggenheim Partners Investment Management Holdings, LLC, Term Loan B, 4.253%, 07/31/20		979,553	0.1

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Financial Intermediaries: (continued)*
392,400		Intertrust Group, Term Loan B2 USD, 4.653%, 04/02/20	$	393,708	0.1
1,014,247		MIP Delaware, LLC, Term Loan, 4.000%, 03/09/20		1,018,051	0.1
1,665,731		MoneyGram International, Inc., Term Loan B, 4.250%, 03/27/20		1,671,977	0.2
3,541,125		Santander Asset Management, Term Loan B-1 USD, 4.250%, 11/30/20		3,549,978	0.4
1,354,665		Trans Union LLC, Term Loan B, 4.250%, 02/10/19		1,359,322	0.2
3,200,000	(1)	Trans Union LLC, Term Loan B, 03/21/21		3,209,002	0.4
1,097,250		Walker & Dunlop, Term Loan, 5.500%, 12/15/20		1,113,709	0.1
				16,092,015	1.9
*Food Products: 2.0%*
3,476,199		Advance Pierre Foods, First Lien Term Loan B, 5.750%, 07/10/17		3,492,472	0.4
1,500,000		Advance Pierre Foods, Second Lien Term Loan, 9.500%, 10/10/17		1,466,250	0.2
2,963,045		Atkins Nutritionals Holdings II, Inc., First Lien Term Loan, 6.250%, 01/02/19		3,000,084	0.4
250,000		Atrium Innovations, Inc., USD First Lien Term Loan, 4.250%, 02/04/21		249,609	0.0
250,000		Atrium Innovations, Inc., USD Second Lien Term Loan, 7.750%, 08/04/21		254,219	0.0
3,333,250		CSM Bakery Supplies, First Lien Term Loan, 4.750%, 07/03/20		3,357,209	0.4
500,000		CSM Bakery Supplies, Second Lien Term Loan, 8.500%, 06/30/21		512,500	0.1
3,755,000		Del Monte Foods Consumer Products, Inc., First Lien, 4.250%, 01/15/21		3,758,736	0.4
450,000		Del Monte Foods Consumer Products, Inc., Second Lien, 8.250%, 07/15/21		448,875	0.0
821,006		NPC International, Term Loan, 4.000%, 12/28/18		826,650	0.1
				17,366,604	2.0
*Food Service: 1.0%*
2,300,000		CEC Entertainment, Inc.,, First Lien Term Loan, 4.250%, 02/14/21		2,288,022	0.3
487,880		Hearthside Food Solutions, LLC, Term Loan, 6.500%, 06/07/18		489,100	0.1
1,886,736		Landry’s Restaurants, Term Loan, 4.000%, 04/24/18		1,901,122	0.2
1,769,343		P.F. Chang’s China Bistro, Inc., Term Loan, 4.250%, 06/30/19		1,780,380	0.2
2,079,000		Weight Watchers International, Inc., Term Loan B-2, 4.000%, 04/02/20		1,617,722	0.2
				8,076,346	1.0
*Food/Drug Retailers: 1.3%*
541,922		Albertsons LLC, Term Loan B1, 4.250%, 03/21/16		545,715	0.1
1,345,207		Albertsons LLC, Term Loan B2, 4.750%, 03/21/19		1,356,977	0.2
822,245		Del Taco, Term Loan, 6.269%, 10/01/18		827,041	0.1
1,588,000		Rite Aid Corporation, Tranche 7 Term Loan, 3.500%, 02/21/20		1,588,497	0.2
500,000	(1)	Roundys Supermarkets, Inc., Term Loan B, 5.750%, 02/13/19		500,416	0.1
1,050,000		Roundys Supermarkets, Inc., Term Loan B, 5.750%, 02/20/21		1,054,156	0.1
2,545,739		Sprouts Farmers Market, Term Loan, 4.000%, 04/23/20		2,549,718	0.3
1,080,110		Supervalu, Term Loan, 4.500%, 03/21/19		1,083,232	0.1
1,324,975		Vestcom International, Inc., Term Loan, 7.008%, 12/26/18		1,329,944	0.1
353,666		WIS International, First Lien, 5.753%, 12/20/18		354,329	0.0
250,000		WIS International, Second Lien, 10.250%, 06/01/19		251,250	0.0
				11,441,275	1.3
*Forest Products: 0.0%*
397,000		Xerium Technologies, Inc., Term Loan B, 5.750%, 05/01/19		400,474	0.0

*Health Care: 7.9%*
2,000,000	(1)	Accellent, Inc., First Lien Term Loan, 03/01/21		2,000,000	0.2
275,000		Accellent, Inc., Second Lien Term Loan, 7.500%, 03/01/22		275,688	0.0
925,000		Aegis Sciences, First Lien Term Loan, 5.500%, 02/19/21		927,313	0.1
346,456		Alere US Holdings, LLC, Term Loan B, 4.253%, 06/30/17		349,054	0.0
992,502		Alliance Healthcare, Term Loan B, 4.250%, 06/03/19		993,897	0.1
3,105,224		ATI Physical Therapy, Term Loan B, 5.000%, 12/20/19		3,151,802	0.4
1,638,698		Bright Horizons Family Solutions Inc., Term Loan B, 4.000%, 01/30/20		1,645,098	0.2
450,000		BSN Medical, Term Loan B1B, 4.250%, 08/28/19		453,563	0.1
800,000		CareCore National, LLC, Term Loan B, 5.500%, 02/20/21		807,000	0.1
1,951,051		Catalent Pharma Solutions, Inc., Dollar Term-2 Loan, 4.250%, 09/15/17		1,963,723	0.2
1,999,415		CHG Medical Staffing, Inc., New First Lien Term, 4.250%, 11/19/19		2,008,162	0.2

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Health Care: (continued)*
222,826		CHG Medical Staffing, Inc., Upsized Second Lien Term Loan, 9.000%, 11/19/20	$	226,726	0.0
1,596,000		CHS/Community Health Systems, Inc., Term Loan D, 4.250%, 01/27/21		1,611,456	0.2
656,108		ConvaTec, Dollar Term Loan, 4.000%, 12/22/16		658,158	0.1
1,437,472		DJO Finance LLC, Tranche B-3 Term Loan, 4.750%, 09/15/17		1,445,109	0.2
1,646,227		Envision Healthcare Corporation, Term Loan B, 4.000%, 05/25/18		1,650,086	0.2
2,985,000		Envision Pharmaceutical Services, First Lien Term Loan, 5.750%, 11/04/20		3,006,767	0.4
398,000		Genex Services, Inc., First Lien Term Loan B, 5.250%, 07/26/18		401,980	0.1
4,000		Harvard Drug Group LLC, Term Loan B-1, 5.000%, 08/15/20		4,042	0.0
2,059,703		Iasis Healthcare LLC, Term B-2, 4.500%, 05/03/18		2,070,323	0.3
4,600,000	(1)	Ikaria Acquisition Inc., First Lien Term Loan, 5.000%, 02/05/21		4,641,975	0.6
1,300,000		Ikaria Acquisition Inc., Second Lien Term Loan, 8.750%, 02/05/22		1,320,719	0.2
975,193		Immucor, Inc., Term B-2 Loan, 5.000%, 08/17/18		981,288	0.1
3,004,749		Kinetic Concepts, Inc., E-1, 4.000%, 05/04/18		3,017,348	0.4
3,238,813		MedSolutions Holdings, Inc., Term Loan B, 6.500%, 07/08/19		3,261,079	0.4
2,700,000	(1)	Multiplan, Inc, Term Loan, 04/01/21		2,702,109	0.3
2,837,141		Onex Carestream Finance LP, First Lien, 5.011%, 06/07/19		2,833,193	0.3
739,209		Onex Carestream Finance LP, Second Lien, 9.500%, 11/30/19		757,689	0.1
500,000		Packaging Coordinators, Inc., Delayed Draw Term Loan, 5.500%, 05/10/20		498,750	0.1
348,250		Packaging Coordinators, Inc., First Lien Term Loan B, 5.503%, 05/31/20		347,379	0.0
5,419,930		Par Pharmaceutical Companies, B-2, 4.000%, 09/28/19		5,421,747	0.6
1,999,416		Pharmaceutical Product Development, Inc., Term Loan B-1, 4.000%, 12/05/18		2,007,748	0.2
828,558		Press Ganey, First Lien, 4.250%, 04/20/18		831,659	0.1
118,421		Press Ganey, Second Lien, 8.250%, 10/20/18		119,309	0.0
1,660,714		Progressive Solutions, Inc., First Lien, 5.500%, 10/22/20		1,674,727	0.2
1,616,230		Surgical Care Affiliates LLC, Class C Term Loan, 4.250%, 06/29/18		1,623,301	0.2
247,500		Truven Health, Inc., Term Loan B, 4.500%, 05/23/19		245,644	0.0
1,697,875		United Surgical Partners International, Inc., Incremental Term Loan, 4.750%, 04/03/19		1,712,201	0.2
5,991,001		Valeant Pharmaceuticals International, Inc., Series E-1 Tranche B, 3.750%, 08/05/20		6,026,875	0.7
1,209,504		Valeant Pharmaceuticals International, Inc., Tranche B Series D-2, 3.750%, 02/13/19		1,215,552	0.1
				66,890,239	7.9
*Home Furnishings: 0.9%*
4,880,827		AOT Bedding Super Holdings, LLC, Term Loan B, 4.250%, 10/01/19		4,904,777	0.6
2,321,762		Monitronics International, Inc., Add-on Term Loan, 4.250%, 03/23/18		2,326,842	0.3
				7,231,619	0.9
*Industrial Equipment: 5.2%*
4,070,677		Accudyne Industries LLC, Term Loan, 4.000%, 12/13/19		4,075,130	0.5
1,793,029		Alliance Laundry Systems LLC, First Lien Term Loan, 4.250%, 12/10/18		1,801,247	0.2
915,338		Ameriforge Group Inc., Upsized First Lien Term Loan, 5.000%, 12/19/19		922,203	0.1
295,000		Ameriforge Group Inc., Upsized Second Lien Term Loan, 8.750%, 12/19/20		303,112	0.0
4,808,221		Apex Tool Group, Term Loan B, 4.500%, 01/31/20		4,772,159	0.6
1,180,000		Aquilex LLC (a.k.a Hydrochem), Term Loan, 5.000%, 12/31/20		1,187,375	0.1
636,238		CeramTec GmbH, Dollar Term B-1 Loan, 4.250%, 08/30/20		637,828	0.1
63,023		CeramTec GmbH, Dollar Term B-2 Loan, 4.250%, 08/30/20		63,181	0.0
194,680		CeramTec GmbH, Dollar Term B-3 Loan, 4.250%, 08/30/20		195,167	0.0
891,000		Doncasters Group Limited, First Lien Term Loan USD, 5.500%, 04/09/20		899,353	0.1
1,521,188		Filtration Group Corporation, First Lien Term Loan, 4.500%, 11/30/20		1,534,498	0.2
6,718,744	(1)	Gardner Denver, Inc., Term Loan B USD, 4.250%, 07/30/20		6,724,206	0.8
7,417		Generac Power Systems, Inc., Term Loan B, 3.500%, 05/29/20		7,436	0.0
3,466,313		Harvey Gulf International Marine, LLC, Upsized Term Loan B, 5.503%, 06/15/20		3,479,311	0.4
1,445,000		International Equipment Solutions, LLC, Term Loan, 6.763%, 08/31/19		1,453,128	0.2
7,962,494		Rexnord Corporation / RBS Global, Inc., First Lien Term Loan, 4.000%, 08/30/20		7,986,110	1.0
5,380,000		Schaeffler AG, Term Loan C USD, 4.250%, 01/27/17		5,412,167	0.6
659,534		Sensus Metering Systems Inc., Upsized First Lien Term Loan, 4.750%, 05/09/17		661,732	0.1
325,000		SunSource, First Lien Term Loan, 4.750%, 02/15/21		327,641	0.0
750,000		VAT Holding, Term Loan B, 4.750%, 02/28/21		757,031	0.1

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Industrial Equipment: (continued)*
458,850		WTG Holdings III Corp., First Lien Term Loan, 4.750%, 01/15/21	$	462,005	0.1
250,000		WTG Holdings III Corp., Second Lien Term Loan, 8.500%, 01/15/22		253,750	0.0
				43,915,770	5.2
*Leisure Good/Activities/Movies: 2.1%*
1,446,207		24 Hour Fitness Worldwide, Inc, Term Loan B, 5.248%, 04/22/16		1,462,025	0.2
980,125		Delta2 Sarl Luxembourg (Formula One World Championship), Term Loan B, 4.500%, 04/30/19		990,363	0.1
1,814,231		Equinox Holdings, Inc., First Lien Term Loan, 4.251%, 01/31/20		1,825,570	0.2
250,000		Equinox Holdings, Inc., Second Lien Term Loan, 8.654%, 07/31/20		251,562	0.0
1,751,853		FGI Operating, Fungible Term Loan B Add On, 5.500%, 04/19/19		1,781,416	0.2
496,250		Hoyts Group Holdings, First Lien Term Loan, 4.000%, 05/29/20		497,026	0.1
82,857		NEP/NCP Holdco, Inc, Second Lien, 9.500%, 07/23/20		85,136	0.0
1,747,500		NEP/NCP Holdco, Inc, Term Loan B with Add on, 4.250%, 01/22/20		1,756,966	0.2
1,916,796		SRAM, LLC, First Lien Term Loan, 4.008%, 04/10/20		1,910,806	0.2
380,000		TWCC Holding Corporation, Second Lien Term Loan, 7.000%, 06/26/20		370,500	0.1
303,475		Warner Music Group, Incremental Term Loan, 3.750%, 07/01/20		302,479	0.0
2,295,648		Wilton Brands, Inc., Term Loan, 7.518%, 08/31/18		2,199,995	0.3
3,957,443		Zuffa, LLC, Term Loan, 3.750%, 02/25/20		3,984,651	0.5
				17,418,495	2.1
*Lodging & Casinos: 5.6%*
1,744,375	(1)	American Casino and Entertainment Properties LLC, First Lien Term Loan, 4.500%, 07/02/19		1,759,638	0.2
3,532,250		Boyd Gaming Corporation, Term Loan B, 4.000%, 08/14/20		3,540,198	0.4
472,911		Caesars Entertainment Operating Company, Inc., Term Loan B4 (Incremental), 9.500%, 10/31/16		472,484	0.1
5,318,611		Caesars Entertainment Resort Properties, LLC, Term Loan, 7.000%, 10/15/20		5,393,960	0.6
1,826,601		Cannery Casino Resorts, LLC, First Lien Term Loan, 6.000%, 10/02/18		1,783,981	0.2
592,166		Centaur Acquisition, LLC, First Lien Term Loan, 5.250%, 02/21/19		594,756	0.1
250,000		Centaur Acquisition, LLC, Second Lien Term Loan, 8.750%, 02/21/20		255,937	0.0
2,992,500		CityCenter Holdings, LLC, Term Loan, 5.000%, 10/15/20		3,020,866	0.4
897,750		Golden Nugget, Inc., Delayed Draw Term Loan, 5.500%, 11/21/19		919,633	0.1
2,094,750		Golden Nugget, Inc., Term Loan, 5.500%, 11/21/19		2,145,810	0.2
8,394,737		Hilton Worldwide Finance, LLC, Term Loan B-2, 3.750%, 10/25/20		8,419,921	1.0
350,000		Horseshoe Baltimore, Funded Term Loan B, 8.250%, 07/02/20		364,875	0.0
2,500,000	(1)	La Quinta, First Lien Term Loan, 03/01/21		2,504,297	0.3
2,112,060		Peppermill Casinos, Inc., Term Loan B, 7.250%, 11/09/18		2,170,142	0.3
120,408		Pinnacle Entertainment, Inc., Term Loan B1, 3.750%, 08/15/16		121,009	0.0
1,166,188		Pinnacle Entertainment, Inc., Term Loan B2, 3.750%, 08/13/20		1,171,108	0.1
6,483,750		Scientific Games International, Inc., Term Loan B, 4.250%, 09/30/20		6,500,634	0.8
4,954,975		Station Casinos LLC, Term Loan, 4.250%, 02/28/20		4,973,556	0.6
921,622		Tropicana Entertainment Inc., Term Loan, 4.000%, 12/01/20		925,942	0.1
658,746	(1)	Twin River Management Group, Inc., Term Loan B, 5.250%, 11/09/18		665,745	0.1
				47,704,492	5.6
*Nonferrous Metals/Minerals: 0.5%*
900,900		Constellium Holdco BV, Term Loan B USD, 6.000%, 03/25/20		921,733	0.1
2,715,184		Fairmount Minerals, Ltd., Tranche B-2 Term Loans, 4.500%, 09/01/19		2,729,439	0.3
498,750		TMS International, Term B Loan, 4.500%, 11/01/20		504,049	0.1
				4,155,221	0.5
*Oil & Gas: 1.0%*
3,524,398		Bronco Midstream Funding, LLC, Term Loan, 5.000%, 08/15/20		3,546,425	0.4
240,742		Crestwood Holdings LLC, Term Loan, 7.000%, 05/30/19		245,407	0.0
3,132,485		FTS International, Inc. (fka FracTech), Term Loan (HoldCo), 8.500%, 05/06/16		3,187,291	0.4
1,591,013		Western Refining, Inc., Term Loan, 4.250%, 11/30/20		1,608,248	0.2
				8,587,371	1.0
*Publishing: 2.4%*
2,200,000	(1)	Cengage Learning Acquisition, Inc., First Lien Term Loan, 03/31/20		2,229,333	0.3
849,290		McGraw Hill Global Education, Term Loan B, 5.753%, 03/22/19		853,536	0.1

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Publishing: (continued)*
1,990,000		Penton Media, Inc, First Lien, 5.500%, 09/30/19	$	2,013,217	0.2
925,000		Penton Media, Inc, Second Lien, 9.000%, 09/30/20		935,406	0.1
707,146		R.H. Donnelley Corporation, Term Loan, 9.750%, 12/31/16		450,433	0.1
4,477,500		Springer Science + Business Media S.A., Initial Term B2 Loan, 5.000%, 08/01/20		4,488,694	0.5
9,077,250		Tribune Company, Term Loan B, 4.000%, 12/31/20		9,090,866	1.1
				20,061,485	2.4
*Radio & Television: 2.6%*
2,476,399		Clear Channel Communications, Inc., Term Loan E, 7.653%, 07/30/19		2,477,947	0.3
1,810,846		Cumulus Media Holdings Inc., Term Loan, 4.250%, 12/23/20		1,827,439	0.2
357,607		Entercom Communications Corporation, B-2, 4.009%, 11/23/18		360,139	0.0
1,257,838		Gray Television, Inc., Term Loan B, 4.500%, 10/31/19		1,266,643	0.2
237,544		Hubbard Radio LLC, Tranche 1 Term Loan, 4.500%, 04/29/19		238,732	0.0
847,875		Learfield Communications, Inc, First Lien Term Loan, 5.000%, 10/08/20		851,054	0.1
2,639,289		Media General, Inc, DD Term Loan L-B, 4.250%, 07/31/20		2,665,666	0.3
1,856,250		Nine Entertainment, Term Loan, 3.250%, 02/05/20		1,849,289	0.2
1,332,722		Raycom TV Broadcasting, LLC, Term Loan B, 4.250%, 05/31/17		1,338,970	0.2
722,500		Salem Communications Corporation, Term Loan B, 4.500%, 03/31/20		726,104	0.1
2,846,250		Univision Communications, Inc., Term Loan-C3, 4.000%, 03/01/20		2,847,733	0.3
5,947,594		Univision Communications, Inc., Term Loan-C4, 4.000%, 03/01/20		5,953,173	0.7
				22,402,889	2.6
*Retailers (Except Food & Drug): 9.5%*
3,238,737		99 Cents Only Stores, Term Loan Facility, 4.500%, 01/15/19		3,268,680	0.4
2,554,130		Academy Ltd., Term Loan (2012 refi), 4.500%, 08/03/18		2,566,900	0.3
2,444,221		Bass Pro Group, LLC, Term Loan B, 3.754%, 11/20/19		2,450,446	0.3
12,772,042		BJs Wholesale Club, First Lien Term Loan, 4.500%, 09/26/19		12,836,668	1.5
1,365,000		BJs Wholesale Club, Second Lien Term Loan, 8.500%, 03/26/20		1,401,115	0.2
2,883,804		Burlington Coat Factory, Term Loan B2, 4.250%, 02/23/17		2,901,378	0.3
1,730,056		Harbor Freight Tools USA, Inc., Term Loan, 4.750%, 07/26/19		1,749,789	0.2
8,149,737		Hudson’s Bay Company, Term Loan, 4.750%, 10/15/20		8,275,552	1.0
2,500,000		J. Crew, Term Loan B, 4.000%, 03/01/21		2,498,047	0.3
1,250,000	(1)	Lands’ End, Inc., Term Loan B, 03/17/21		1,250,195	0.2
3,071,571		Leslies Poolmart, Inc., Term Loan, 4.250%, 10/16/19		3,089,616	0.4
2,000,000	(1)	National Vision, Inc., First Lien Term Loan, 03/13/21		1,998,750	0.2
900,000		National Vision, Inc., Second Lien Term Loan, 6.750%, 03/13/22		906,750	0.1
11,970,000		Neiman Marcus Group, Inc, Term Loan, 4.250%, 10/31/20		12,030,784	1.4
1,948,485		Ollie’s Holdings, Inc., Term Loan, 5.253%, 09/25/19		1,963,099	0.2
3,015,434		OneStopPlus, First Lien Term Loan, 4.500%, 03/15/21		3,045,588	0.4
5,986,828		Party City Holdings Inc, Term Loan B, 4.000%, 07/29/19		6,002,513	0.7
1,650,000		Payless ShoeSource, First Lien Term Loan, 5.000%, 03/05/21		1,651,548	0.2
907,863		Pep Boys, Term Loan B, 4.250%, 10/11/18		916,942	0.1
522,210		Pilot Travel Centers LLC, Incremental Term Loan B, 4.250%, 08/07/19		524,312	0.1
2,891,289		Pilot Travel Centers LLC, Term Loan B, 3.750%, 03/30/18		2,901,412	0.3
2,134,391		Savers, Term Loan B, 5.003%, 07/09/19		2,145,063	0.3
248,125		Seminole Hard Rock Entertainment, Inc., Term Loan, 3.500%, 05/14/20		248,319	0.0
720,300		Sleepy’s Holdings, LLC, Term Loan, 5.750%, 03/30/19		725,702	0.1
850,000	(1)	Stuart Weitzman Holdings, LLC, Term Loan, 03/05/20		850,531	0.1
1,125,000	(1)	Talbots Inc. (The), First Lien Term Loan, 03/20/20		1,126,406	0.1
1,123,738		Toys “R” Us, Inc., Term Loan B-1, 6.000%, 09/01/16		1,019,927	0.1
327,137		Toys “R” Us, Inc., Term Loan B-2, 5.250%, 05/25/18		274,591	0.0
472,146		Toys “R” Us, Inc., Term Loan B-3, 5.250%, 05/25/18		396,308	0.0
				81,016,931	9.5
*Steel: 0.8%*
6,836,570		FMG Resources (August 2006) Pty Ltd, Term Loan, 4.250%, 06/30/19		6,897,456	0.8

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

Principal Amount†		Borrower/Tranche Description	Fair Value
*Surface Transport: 0.7%*
1,492,509		Baker Tanks, Inc., Term Loan, 4.250%, 02/15/20	$	1,496,863	0.2
3,093,126		Wabash National Corporation, Term Loan B, 4.500%, 05/15/19		3,110,525	0.3
1,496,250		YRC Worldwide Inc., First Lien Term Loan, 8.000%, 02/28/19		1,512,148	0.2
				6,119,536	0.7
*Telecommunications: 5.3%*
1,581,241		Alcatel-Lucent, US Term Loan, 4.500%, 01/30/19		1,591,406	0.2
5,966,079		Asurion, LLC, Incremental Tranche B-1 Term Loan, 5.000%, 05/24/19		5,988,040	0.7
1,150,000		Asurion, LLC, Second Lien Term Loan, 8.500%, 02/28/21		1,190,011	0.2
2,613,699		Avaya Inc., Term B-3 Loan, 4.734%, 10/26/17		2,547,874	0.3
1,724,762		Avaya Inc., Term B-6 Loan, 6.500%, 03/31/18		1,730,300	0.2
2,015,851		Consolidated Communications, Inc., Term Loan B, 4.250%, 12/19/20		2,030,957	0.2
3,453,720		Global Tel*Link Corporation, First Lien Term Loan, 5.000%, 05/23/20		3,435,011	0.4
850,000		Global Tel*Link Corporation, Second Lien Term Loan, 9.000%, 11/23/20		839,375	0.1
2,488,000		Hawaiian Telcom Communications, Inc., Term Loan B, 5.000%, 06/06/19		2,501,373	0.3
3,610,000		Level 3 Financing, Inc, Term Loan B-4, 4.000%, 01/15/20		3,621,281	0.4
1,450,000		Level 3 Financing, Inc, Tranche B-III 2019 Term Loan, 4.000%, 08/01/19		1,454,833	0.2
2,645,013		Lightower Fiber Networks, First Lien Term Loan, 4.000%, 04/13/20		2,646,666	0.3
1,742,497		Securus Technologies, Inc., Upsized First Lien Term Loan, 4.750%, 04/30/20		1,740,319	0.2
3,376,340		Syniverse Holdings, Inc., Initial Term Loan, 4.000%, 04/23/19		3,384,781	0.4
2,275,886		U.S. Telepacific Corp, First Lien Term Loan, 5.750%, 02/23/17		2,299,214	0.3
790,000		Windstream Corporation, Term Loan B-4, 3.500%, 01/23/20		790,164	0.1
1,420,000	(1)	XO Communications, First Lien Term Loan, 03/19/21		1,431,982	0.2
5,358,411		Zayo Group, LLC, Term Loan B, 4.000%, 07/02/19		5,369,016	0.6
				44,592,603	5.3
*Utilities: 1.7%*
2,000,000		Atlantic Power Limited Partnership, Term Loan, 4.750%, 02/28/21		2,007,500	0.2
1,994,859	(1)	Calpine Corp, Term Loan B-1, 04/02/18		2,004,418	0.2
2,972,418		Calpine Corp, Term Loan B-3, 4.000%, 10/09/19		2,985,422	0.4
1,248,650		Channelview Cogeneration, Term Loan, 4.250%, 05/08/20		1,260,356	0.2
1,742,242		EquiPower Resources Holdings, LLC, Term Loan B, 4.250%, 12/21/18		1,754,946	0.2
1,116,565		EquiPower Resources Holdings, LLC, Upsized Term Loan C, 4.250%, 12/31/19		1,124,707	0.1
1,812,021		La Frontera Generation, LLC, Term Loan, 4.500%, 09/30/20		1,816,325	0.2
576,061		Linden Power Complex, Term Loan, 3.750%, 11/30/20		579,842	0.1
887,775		Utility Services Associates, Term Loan, 6.750%, 10/18/19		893,324	0.1
				14,426,840	1.7

		Total Loans (Cost $785,207,512)		787,727,813	92.8

Shares		Value
*Short-Term Investments: 7.4%*

*Short-Term Investments: 7.4%*
63,000,000	State Street Institutional Liquid Reserves Fund — Institutional Class, 0.07%†† (Cost $63,000,000)	$	63,000,000		7.4

	Total Short-Term Investments (Cost $63,000,000)		63,000,000		7.4

	Total Investments (Cost $848,207,512)	$	850,727,813		100.2
	Liabilities in Excess of Other Assets		(1,288,160	)	(0.2	)
	Net Assets	$	849,439,653		100.0

See Accompanying Notes to Financial Statements

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

VOYA FLOATING RATE FUND

		Value
*	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.
††	Rate shown is the 7-day yield as of March 31, 2014.
(1)	Senior loans purchased on a when-issued or delayed-delivery basis. Contract rates that are not disclosed do not take effect until settlement date and have yet to be determined.

	Cost for federal income tax purposes is $848,209,122.

	Net unrealized appreciation consists of:

	Gross Unrealized Appreciation	$	4,528,680
	Gross Unrealized Depreciation		(2,009,989	)
	Net Unrealized Appreciation	$	2,518,691

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of March 31, 2014 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, 2014
Asset Table
Investments, at fair value
Loans	$	—	$	787,727,813	$	—	$	787,727,813
Short-Term Investments		63,000,000		—		—		63,000,000
Total Investments, at fair value	$	63,000,000	$	787,727,813	$	—	$	850,727,813

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

See Accompanying Notes to Financial Statements

TAX INFORMATION (UNAUDITED)

Dividends and distributions paid during the year ended March 31, 2014 were as follows:

Fund Name		Per Share Amount
Voya Floating Rate Fund
Class A	NII	$	0.4024
Class C	NII	$	0.3257
Class I	NII	$	0.4280
Class P⁽¹⁾	NII	$	0.3645
Class R	NII	$	0.3769
Class W	NII	$	0.4280
All Classes	STCG	$	0.0056
All Classes	LTCG	$	0.0032
All Classes	ROC	$	0.0093

NII — Net investment income

STCG — Short-term capital gain

LTCG — Long-term capital gain

ROC — Return of capital

⁽¹⁾

Commenced operations June 14, 2013.

Pursuant to Internal Revenue Code Section 871(k)(1), the Fund designates 93.12% 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.

SHAREHOLDER MEETING INFORMATION (UNAUDITED)

A special meeting of shareholders of the Voya Funds Trust Registrant was held May 13, 2013, at the offices of Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258.

To approve a new investment advisory agreement for the Funds with Voya Investments prompted by the IPO, and to approve, under certain circumstances, any future advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

To approve a new investment sub-advisory agreement between Voya Investments and Voya IM with respect to certain Funds prompted by the IPO, and to approve, under certain circumstances, any future sub-advisory agreements prompted by Change of Control Events that occur as part of the Separation Plan.

To elect 13 nominees to the Board of Trustees (the “Board”) of the Trust.

To approve a modification to the current manager-of-managers policy to permit Voya Investments, subject to prior approval by the Board, to enter into and materially amend agreements with wholly owned sub-advisers without obtaining the approval of the Fund’s shareholders.

	Proposal
Voya Floating Rate Fund	1*	16,424,017.641	334,536.315	481,375.22	8,014,574.904	25,254,504.083
	2*	16,396,932.105	336,728.065	506,269.259	8,014,574.654	25,254,504.083
	9*	15,979,781.230	761,637.907	498,510.042	8,014,574.904	25,254,504.083

* Proposals passed

Voya Funds Trust Registrant

	Proposal
Colleen D. Baldwin	4*	205,076,376.327	6,720,516.758	211,796,893.085
John V. Boyer	4*	205,057,423.179	6,739,469.906	211,796,893.085
Patricia W. Chadwick	4*	205,058,609.419	6,738,283.666	211,796,893.085
Albert E. DePrince, Jr.	4*	204,985,837.707	6,811,055.378	211,796,893.085
Peter S. Drotch	4*	205,023,979.086	6,772,913.999	211,796,893.085
J. Michael Earley	4*	205,033,224.761	6,763,668.324	211,796,893.085
Martin J. Gavin**	4*	205,072,671.480	6,724,221.605	211,796,893.085
Russell H. Jones	4*	205,053,015.216	6,743,877.869	211,796,893.085
Patrick W. Kenny	4*	205,020,119.907	6,776,773.178	211,796,893.085
Shaun P. Mathews	4*	205,058,646.434	6,738,246.651	211,796,893.085
Joseph E. Obermeyer	4*	205,042,902.881	6,753,990.204	211,796,893.085
Sheryl K. Pressler	4*	205,082,578.456	6,714,314.629	211,796,893.085
Roger B. Vincent	4*	204,995,915.624	6,800,977.461	211,796,893.085

Proposal passed

Effective close of business September 12, 2013, Mr. Gavin resigned as Trustee.

TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The business and affairs of the Trust are managed under the direction of the Trusts 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: 54	Trustee	November 2007–Present	President, Glantuam Partners, LLC, a business consulting firm (January 2009–Present).	164	DSM/Dentaquest, Boston, MA (February 2014–Present).

John V. Boyer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Chairperson Trustee	January 2014–Present January 2005–Present	President and Chief Executive Officer, Bechtler Arts Foundation, an arts and education foundation (January 2008–Present).	164	None.

Patricia W. Chadwick 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 65	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).	164	Wisconsin Energy Corporation (June 2006–Present) and The Royce Funds (35 funds) (December 2009–Present).

Albert E. DePrince, Jr. 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 73	Trustee	May 2013–Present	Professor of Economics and Finance, Middle Tennessee State University (August 1991–Present).	164	None.

Peter S. Drotch 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 72	Trustee	November 2007–Present	Retired.	164	First Marblehead Corporation (September 2003–Present).

J. Michael Earley 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 69	Trustee	February 2002–Present	Retired.	164	None.

Russell H. Jones 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 70	Trustee	May 2013–Present	Retired.	164	None.

Patrick W. Kenny 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 71	Trustee	January 2005–Present	Retired.	164	Assured Guaranty Ltd. (April 2004–Present).

Joseph E. Obermeyer 7337 E. Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Trustee	May 2013–Present	President, Obermeyer & Associates, Inc., a provider of financial and economic consulting services (November 1999–Present).	164	None.

Sheryl K. Pressler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 63	Trustee	January 2006–Present	Consultant (May 2001–Present).	164	None.

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

Roger B. Vincent 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 68	Trustee	February 2002–Present	Retired. Formerly, President, Springwell Corporation, a corporate finance firm (March 1989–August 2011).	164	UGI Corporation (February 2006–Present) and UGI Utilities, Inc. (February 2006–Present).

Trustee who is an “Interested Person”:

Shaun P. Mathews⁽³⁾ 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	Trustee	November 2007–Present	President and Chief Executive Officer, Voya Investments, LLC (November 2006–Present).	164	Voya Capital Corporation, LLC (formerly, ING Capital Corporation, LLC) and Voya Investments Distributor, LLC (December 2005–Present); Voya Funds Services, LLC, Voya Investments, LLC and Voya Investment Management, LLC (March 2006–Present); and Voya Investment Trust Co. (formerly, ING Investment Trust Co.) (April 2009–Present).

⁽¹⁾

Directors serve until their successors are duly elected and qualified. The tenure of each Director (“Independent Director”) is subject to the Board’s retirement policy, which states that each duly elected or appointed Independent Director shall retire from and cease to be a member of the Board of Directors as of the close of business on December 31 of the calendar year in which the Independent Director attains the age of 73. A majority vote of the Board’s other Independent Directors may extend the retirement date of an Independent Director if the retirement would trigger a requirement to hold a meeting of shareholders of the Company under applicable law, whether for purposes of appointing a successor to the Independent Director or otherwise comply with 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 Directors).

⁽²⁾

For the purpose of this table “Voya family of funds” means 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 Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya International High Dividend Equity Income Fund; Voya Investors Trust; Voya Money Market Portfolio; Voya Mutual Funds; Voya Partners, Inc.; Voya Prime Rate Trust; Voya Risk Managed Natural Resources Fund; Voya Senior Income Fund; Voya Separate Portfolios Trust; Voya Series Fund, Inc.; 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 Voya family of funds is as of April 30, 2014.

⁽³⁾

Mr. Mathews is deemed to be an “Interested person,” as defined in the 1940 Act, because of his current affiliation with any of the Voya funds, Voya Financial, Inc. or any of Voya Financial, Inc.’s affiliates.

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

Shaun P. Mathews 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 58	President and Chief Executive Officer	November 2006–Present	President and Chief Executive Officer, Voya Investments, LLC (November 2006–Present).

Michael J. Roland 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Executive Vice President	February 2002–Present	Managing Director and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (April 2012–Present). Formerly, Chief Compliance Officer, Directed Services LLC and Voya Investments, LLC (March 2011–December 2013); Executive Vice President and Chief Operating Officer, Voya Investments, LLC and Voya Funds Services, LLC (January 2007–April 2012) and Chief Compliance Officer, Voya Family of Funds (March 2011–February 2012).

Stanley D. Vyner 230 Park Avenue New York, New York 10169 Age: 64	Executive Vice President Chief Investment Risk Officer	October 2000–Present September 2009–Present	Executive Vice President, Voya Investments, LLC (July 2000–Present) and Chief Investment Risk Officer, Voya Investments, LLC (January 2003–Present).

Kevin M. Gleason 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Chief Compliance Officer	February 2012–Present	Senior Vice President, Voya Investments, LLC (February 2012–Present). Formerly, Assistant General Counsel and Assistant Secretary, The Northwestern Mutual Life Insurance Company (June 2004–January 2012).

Todd Modic 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Senior Vice President, Chief/Principal Financial Officer and Assistant Secretary	March 2005–Present	Senior Vice President, Voya Funds Services, LLC (March 2005–Present).

Kimberly A. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 49	Senior Vice President	November 2003–Present	Senior Vice President, Voya Investments, LLC (October 2003–Present).

Robert Terris 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 43	Senior Vice President	May 2006–Present	Senior Vice President, Head of Division Operations, Voya Funds Services, LLC (January 2006–Present).

Julius A. Drelick, III 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 47	Senior Vice President	July 2012–Present	Senior Vice President — Fund Compliance, Voya Funds Services, LLC (June 2012–Present); Chief Compliance Officer of Directed Services LLC and Voya Investments, LLC (January 2014–Present). Formerly, Vice President — Platform Product Management & Project Management, Voya Investments, LLC (April 2007–June 2012).

Fred Bedoya 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 41	Vice President and Treasurer	September 2012–Present	Vice President, Voya Funds Services, LLC (March 2012–Present). Formerly, Assistant Vice President — Director, Voya Funds Services, LLC (March 2003–March 2012).

Robyn L. Ichilov 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 46	Vice President	October 2000–Present	Vice President, Voya Funds Services, LLC (November 1995–Present) and Voya Investments, LLC (August 1997–Present). Formerly, Treasurer, Voya Family of Funds (November 1999–February 2012).

Maria M. Anderson 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 56	Vice President	September 2004–Present	Vice President, Voya Funds Services, LLC (September 2004–Present).

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

Lauren D. Bensinger 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 60	Vice President	February 2003–Present	Vice President, Voya Investments, LLC and Voya Funds Services, LLC (February 1996–Present); Director of Compliance, Voya Investments, LLC (October 2004–Present); and Vice President and Money Laundering Reporting Officer, Voya Investments Distributor, LLC (April 2010–Present). Formerly, Chief Compliance Officer, Voya Investments Distributor, LLC (August 1995–April 2010).

Jason Kadavy 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 38	Vice President	September 2012–Present	Vice President, Voya Funds Services, LLC (July 2007–Present).

Kimberly K. Springer 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 57	Vice President	March 2006–Present	Vice President — Platform Product Management & Project Management, Voya Investments, LLC (July 2012–Present); Vice President, Voya Investment Management — Voya Family of Funds (March 2010–Present) and Vice President, Voya Funds Services, LLC (March 2006–Present). Formerly Managing Paralegal, Registration Statements (June 2003–July 2012).

Craig Wheeler 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 45	Vice President	May 2013–Present	Vice President — Director of Tax, Voya Funds Services, LLC (March 2013–Present). Formerly, Assistant Vice President — Director of Tax, Voya Funds Services, LLC (March 2008–March 2013).

Huey P. Falgout, Jr. 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 50	Secretary	August 2003–Present	Senior Vice President and Chief Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010–Present). Formerly, Chief Counsel, ING Americas, U.S. Legal Services (October 2003–March 2010).

Theresa K. Kelety 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 51	Assistant Secretary	August 2003–Present	Vice President and Senior Counsel, Mutual Fund Legal Department (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010).

Paul A. Caldarelli 7337 East Doubletree Ranch Rd. Suite 100 Scottsdale, Arizona 85258 Age: 62	Assistant Secretary	June 2010–Present	Vice President and Senior Counsel, Voya Investment Management — Mutual Fund Legal Department (March 2010–Present). Formerly, Senior Counsel, ING Americas, U.S. Legal Services (April 2008–March 2010).

⁽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.

(THIS PAGE INTENTIONALLY LEFT BLANK)

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Administrator
Voya Funds Services, 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

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

Custodian
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, Missouri 64105

Legal Counsel
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006

Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800) 992-0180

For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your Investment Professional or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund.

RETIREMENT \| INVESTMENTS \| INSURANCE
voyainvestments.com	AR-UFR (0314-052314)

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), Exhibit 99.CODEETH.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that J. Michael Early, Peter S. Drotch and Colleen Baldwin are an audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Early, Mr. Drotch and Ms. Baldwin are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by KPMG LLP (“KPMG”), the principal accountant for the audit of the registrant’s annual financial statements, for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $148,000 for year ended March 31, 2014 and $120,420 for year ended March 31, 2013.

(b)

Audit-Related Fees: The aggregate fees billed in the last fiscal year for assurance and related services by KPMG that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were $14,400 for the year ended March 31, 2014 and $9,600 for year ended March 31, 2013.

(c)

Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by KPMG for tax compliance, tax advice, and tax planning were $51,881 in the year ended March 31, 2014 and $25,894 in the year ended March 31, 2013. 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: The aggregate fees billed in each of the last two fiscal years for all other fees were $0 for the year ended March 31, 2014 and $2,500 for the year ended March 31, 2013.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures

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.

Part of KPMG’s performance of an audit in accordance with standards of the Public Company Accounting Oversight Board (US) includes their responsibility to maintain and monitor auditor independence with respect to the Voya funds. Using a proprietary system called Sentinel, the audit team is able to identify and manage potential conflicts of interest across the member firms of the KPMG International Network and prevent the provision of prohibited services to the Voya entities that would impair KPMG independence with the respect to the Voya funds. In addition to receiving pre-approval from the Voya funds Audit Committee for services provided to the Voya funds and for services for Voya entities in the Investment Company Complex, the audit team has developed a process for periodic notification via email to the Voya funds’ Audit Committee Chairpersons regarding requests to provide services to ING Groep NV and its affiliates from KPMG offices worldwide. Additionally, KPMG provides a quarterly summary of the fees for services that have commenced for ING Groep NV and Affiliates at each Audit Committee Meeting.

Last Approved: May 22, 2014

Appendix A
Pre-Approved Audit Services for the Pre-Approval Period October 1, 2013 through December 31, 2014

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 $13,750 per audit
Audit of summary portfolio of investments	√	Not to exceed $525 per fund

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 October 1, 2013 through December 31, 2014

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 $2,525 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 October 1, 2013 through December 31, 2014

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
Assistance and advice regarding year-end reporting for 1099’s	√		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

Appendix C, continued

Service
	The Fund(s)	Fund Affiliates	Fee Range
Tax training courses		√	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, and similar routine tax consultations.	√		Not to exceed $120,000 during the Pre-Approval Period

Appendix D
Pre-Approved Other Services for the Pre-Approval Period October 1, 2013 through December 31, 2014

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 $5,300 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: October 1, 2013 to December 31, 2014

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 LOCAL BOND FUND

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 GLOBAL STRATEGIC INCOME FUND

VOYA INFRASTRUCTURE, INDUSTRIALS, AND MATERIALS FUND

VOYA INTERMEDIATE BOND PORTFOLIO

VOYA INTERNATIONAL HIGH DIVIDEND EQUITY INCOME FUND

VOYA INVESTORS TRUST

VOYA MONEY MARKET PORTFOLIO

VOYA MUTUAL FUNDS

VOYA PARTNERS, INC.

VOYA PRIME RATE TRUST

VOYA RISK MANAGED NATURAL RESOURCES

VOYA SENIOR INCOME FUND

VOYA SEPARATE PORTFOLIOS TRUST

VOYA SERIES FUND, INC.

VOYA SHORT DURATION HIGH INCOME FUND

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 KPMG 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, 2014 and March 31, 2013; 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	2014		2013
Voya Funds Trust	$	66,281	$	37,994
Voya Investments, LLC⁽¹⁾	$	103,625	$	421,250

___________________
(1) 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 KPMG’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Summary schedule or complete schedule of investments, if applicable, is included as part of the report to shareholders filed under Item 1 of this Form.

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Trustees

Voya Funds Trust

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of assets and liabilities, including the summary portfolios of investments, of Voya GNMA Income Fund (formerly ING GNMA Income Fund), Voya High Yield Bond Fund (formerly ING High Yield Bond Fund), Voya Intermediate Bond Fund (formerly ING Intermediate Bond Fund), Voya Short Term Bond Fund (formerly ING Short Term Bond Fund), and Voya Strategic Income Fund (formerly ING Strategic Income Fund), each a series of Voya Funds Trust, as of March 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended and have issued our unqualified report thereon dated May 23, 2014 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). In connection with our audits of the aforementioned financial statements and financial highlights, we also audited the related portfolios of investments included in Item 6 of this Form N-CSR. The portfolios of investments are the responsibility of management. Our responsibility is to express an opinion on the portfolios of investments based on our audits.

In our opinion, the portfolios of investments, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

Boston, Massachusetts

May 23, 2014

VOYA GNMA INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: 0.1%
1,007,127		Vendee Mortgage Trust, 3.750%, 10/15/41	$	944,317	0.1

		Total Collateralized Mortgage Obligations (Cost $1,073,587)		944,317	0.1

U.S. GOVERNMENT AGENCY OBLIGATIONS: 108.2%
		Federal Home Loan Mortgage Corporation: 3.0%^##
13,987,350	ˆ	0.500%, due 07/15/36		246,793	0.0
4,836,204	ˆ	4.500%, due 12/15/40		908,830	0.1
974,112		5.000%, due 08/15/36		1,037,234	0.1
169,146		5.450%, due 03/01/37		184,320	0.0
142,265		5.450%, due 07/01/37		154,608	0.0
161,776		5.450%, due 12/01/37		176,110	0.0
124,437		5.450%, due 12/01/37		135,714	0.0
144,475		5.450%, due 05/01/38		157,346	0.0
1,585,278	ˆ	5.500%, due 09/15/35		300,683	0.1
500,937		5.625%, due 12/01/36		551,017	0.1
517,978		5.625%, due 01/01/37		573,684	0.1
44,870		5.625%, due 01/01/37		49,400	0.0
39,487		5.625%, due 02/01/37		44,295	0.0
80,832		5.625%, due 03/01/37		89,879	0.0
385,139		5.625%, due 03/01/37		423,532	0.1
185,942		5.625%, due 03/01/37		204,945	0.0
90,778		5.625%, due 04/01/37		99,936	0.0
110,783		5.625%, due 06/01/37		121,928	0.0
100,922		5.625%, due 07/01/37		111,294	0.0
241,603		5.625%, due 07/01/37		266,498	0.1
23,413		5.625%, due 12/01/37		25,745	0.0
407,833		5.625%, due 02/01/38		448,305	0.1
126,776		5.650%, due 02/01/37		139,704	0.0
216,637		5.700%, due 06/01/37		238,216	0.0
157,105		5.700%, due 09/01/37		172,756	0.0
160,490		5.700%, due 12/01/37		176,473	0.0
153,995		5.700%, due 01/01/38		169,555	0.0
2,651,965	ˆ	5.945%, due 06/15/40		251,198	0.1
909,462		6.000%, due 03/15/34		1,003,782	0.1
8,763,863		6.000%, due 04/15/36		9,800,733	1.2
114,373		6.090%, due 12/01/37		127,027	0.0
7,677		7.500%, due 12/01/14		7,804	0.0
25,644		7.500%, due 01/01/30		30,135	0.0
723,600	ˆ	7.846%, due 10/25/23		143,804	0.0
11,295		8.000%, due 01/01/30		11,472	0.0
20,322		9.500%, due 07/01/20		21,254	0.0
868,113		19.395%, due 03/15/35		1,180,203	0.2
611,735		21.402%, due 04/15/35		860,589	0.1
3,194,900		27.980%, due 04/15/32		4,229,400	0.5
				24,876,201	3.0

		Federal National Mortgage Association: 17.8%^##
7,915,942	ˆ	3.000%, due 01/25/33		1,208,755	0.2
46,140,000	W	3.000%, due 05/01/43		44,416,957	5.4
9,525,752		3.000%, due 05/01/43		9,223,930	1.1
5,224,558		3.500%, due 06/25/41		5,101,225	0.6
3,457,000		3.500%, due 09/25/42		3,234,405	0.4
8,483,771	ˆ	4.000%, due 05/25/42		1,744,597	0.2
19,029,363		4.000%, due 03/15/43		20,048,073	2.5
2,440,054		4.250%, due 08/01/35		2,629,817	0.3
10,726,870		4.500%, due 09/01/41		11,464,136	1.4
5,883,655		4.500%, due 09/01/41		6,288,046	0.8
12,945,283	W	4.604%, due 11/25/33		13,163,871	1.6
706,379		4.750%, due 11/01/34		754,440	0.1
1,500,120		4.750%, due 11/01/34		1,623,071	0.2
1,369,595		4.750%, due 02/01/35		1,481,768	0.2
1,818,601		4.750%, due 04/01/35		1,966,409	0.3
1,398,062		4.750%, due 05/01/35		1,510,248	0.2
1,706,297		4.750%, due 07/01/35		1,842,792	0.2
239,520		4.750%, due 07/01/35		255,715	0.0
1,787,904		5.000%, due 10/25/35		1,948,709	0.3
263,459		5.300%, due 09/01/36		289,240	0.0
98,962		5.300%, due 10/01/36		107,887	0.0
130,200		5.300%, due 10/01/36		141,978	0.0
344,817		5.300%, due 12/01/36		375,324	0.1
272,681		5.300%, due 12/01/36		297,274	0.0
232,471		5.300%, due 02/01/37		253,437	0.0
154,726		5.300%, due 04/01/37		168,681	0.0
172,607		5.300%, due 05/01/37		188,251	0.0
576,034		5.300%, due 08/01/37		630,183	0.1
72,395		5.300%, due 10/01/37		79,370	0.0
517,152		5.500%, due 05/25/34		566,194	0.1
2,847,804		6.000%, due 10/25/37		3,265,563	0.4
538,469		6.000%, due 01/25/44		606,489	0.1
8,132,125	ˆ	6.096%, due 06/25/42		1,507,672	0.2
121		6.500%, due 06/01/14		121	0.0
180,903		6.500%, due 02/01/29		205,493	0.0
231,748		6.600%, due 07/01/27		254,054	0.0
108,595		6.600%, due 09/01/27		119,034	0.0
47,738		6.600%, due 11/01/27		48,860	0.0
38,864		6.600%, due 03/01/28		39,464	0.0
96,061		6.600%, due 06/01/28		102,316	0.0
1,156		7.000%, due 03/01/15		1,171	0.0
52,693		7.500%, due 05/01/28		56,188	0.0
4,713		8.500%, due 09/01/15		4,770	0.0
1,867,757		8.574%, due 03/25/39		2,178,703	0.3
3,348,291		16.489%, due 05/25/35		4,268,985	0.5
				145,663,666	17.8

		Government National Mortgage Association: 87.4%
26,936,915	ˆ	0.222%, due 01/16/50		611,880	0.1
34,627,208	ˆ	0.250%, due 06/20/36		309,006	0.0
2,225,650	ˆ	0.341%, due 02/16/48		28,438	0.0
875,685		0.377%, due 02/20/34		829,947	0.1
27,279,001	ˆ	0.467%, due 11/16/46		553,745	0.1
9,771,142		0.559%, due 02/20/62		9,748,903	1.2
9,061,424		0.560%, due 04/20/63		9,013,027	1.1
64,280,063	ˆ	0.575%, due 01/16/51		1,946,002	0.2
3,588,560		0.807%, due 04/20/40		3,642,661	0.5
1,222,587	ˆ	1.000%, due 06/16/37		37,169	0.0
46,948,838	ˆ	1.029%, due 02/16/44		2,297,371	0.3
40,413,145	ˆ	1.060%, due 06/16/52		2,779,608	0.3
2,389,146		1.077%, due 06/20/39		2,434,509	0.3
3,022,410		1.107%, due 09/20/38		3,084,442	0.4
8,395,425		1.197%, due 03/20/39		8,558,392	1.1
9,260,369	ˆ	1.260%, due 10/16/52		671,566	0.1
36,865,662	ˆ	1.506%, due 10/16/53		2,944,855	0.4
121,277		1.625%, due 04/20/24		126,249	0.0
122,437		1.625%, due 11/20/27		127,741	0.0
91,139		1.625%, due 06/20/29		94,887	0.0
139,554		1.625%, due 08/20/31		145,146	0.0
154,137		1.625%, due 11/20/31		160,823	0.0
324,165		1.625%, due 12/20/31		338,227	0.0
73,567		1.625%, due 03/20/32		76,548	0.0
169,689		1.625%, due 04/20/32		176,673	0.0
176,097		1.625%, due 04/20/32		183,344	0.0

VOYA GNMA INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Government National Mortgage Association: (continued)
247,611		1.625%, due 07/20/32	$	257,534	0.0
1,009,284		1.625%, due 08/20/32		1,049,732	0.1
118,705		1.625%, due 09/20/32		123,462	0.0
1,041,500		1.625%, due 10/20/32		1,086,688	0.1
587,223		1.625%, due 08/20/33		610,659	0.1
54,737		1.625%, due 10/20/33		57,112	0.0
722,998		1.625%, due 04/20/34		752,764	0.1
707,083		1.625%, due 06/20/34		736,193	0.1
770,722		1.625%, due 10/20/34		804,172	0.1
1,658,825		1.625%, due 12/20/34		1,730,822	0.2
220,219		1.625%, due 02/20/35		229,144	0.0
255,591		1.625%, due 10/20/35		266,686	0.0
342,054		1.625%, due 07/20/36		355,771	0.0
1,900,000	ˆ	2.500%, due 11/20/43		601,544	0.1
28,900,000		3.000%, due 04/01/43		28,425,858	3.5
5,785,506		3.201%, due 05/20/41		6,178,666	0.8
119,400,000		3.500%, due 12/20/41		121,881,275	14.9
12,414,884		3.500%, due 05/20/43		12,691,382	1.6
18,053,618		3.750%, due 05/20/42		18,460,884	2.3
17,114,260		3.750%, due 05/20/42		17,498,722	2.1
294,434		4.000%, due 05/20/33		312,706	0.0
396,732		4.000%, due 08/15/33		422,835	0.1
487,904		4.000%, due 01/15/34		514,165	0.1
208,950		4.000%, due 03/15/34		220,192	0.0
463,063		4.000%, due 08/20/35		489,982	0.1
5,089,018	ˆ	4.000%, due 04/20/38		676,493	0.1
3,038,615	ˆ	4.000%, due 08/20/39		967,339	0.1
762,911		4.000%, due 05/15/40		803,965	0.1
10,163,698		4.000%, due 09/20/40		10,616,969	1.3
2,328,472		4.000%, due 12/16/40		2,313,778	0.3
1,707,873		4.000%, due 12/20/40		1,712,666	0.2
4,628,246	ˆ	4.000%, due 04/20/41		839,919	0.1
12,082,022		4.000%, due 07/20/41		12,761,997	1.6
1,620,043		4.000%, due 10/20/41		1,687,550	0.2
2,367,245	ˆ	4.000%, due 03/20/42		393,144	0.1
4,103,237		4.000%, due 04/20/42		3,991,081	0.5
1,485,687		4.000%, due 09/15/42		1,563,695	0.2
3,913,337		4.000%, due 10/20/42		4,119,110	0.5
8,880,963		4.000%, due 07/20/43		9,349,246	1.1
5,602,448	ˆ	4.500%, due 08/20/33		119,984	0.0
636,884		4.500%, due 10/20/33		661,080	0.1
170,595		4.500%, due 01/20/34		184,197	0.0
317,633		4.500%, due 01/20/34		342,958	0.0
336,057		4.500%, due 03/20/34		357,501	0.0
160,527		4.500%, due 05/20/34		173,326	0.0
332,112		4.500%, due 06/20/34		358,592	0.1
1,198,316	ˆ	4.500%, due 02/20/35		49,412	0.0
763,157		4.500%, due 10/20/35		825,118	0.1
1,174,649	ˆ	4.500%, due 02/20/36		78,327	0.0
35,524		4.500%, due 07/20/36		38,531	0.0
97,136		4.500%, due 08/20/36		105,346	0.0
505,628	ˆ	4.500%, due 12/20/37		59,465	0.0
2,023,041	ˆ	4.500%, due 02/20/38		45,188	0.0
1,265,461		4.500%, due 07/20/38		1,367,168	0.2
436,260		4.500%, due 07/20/38		471,186	0.1
3,091,603	ˆ	4.500%, due 04/20/39		501,515	0.1
11,182,139		4.500%, due 05/16/39		12,157,238	1.5
8,945,711		4.500%, due 05/20/39		9,668,650	1.2
4,761,000		4.500%, due 05/20/39		5,111,721	0.6
253,491		4.500%, due 06/20/39		266,237	0.0
2,710,768		4.500%, due 10/15/39		2,935,092	0.4
2,617,199		4.500%, due 11/15/39		2,834,220	0.4
2,300,340		4.500%, due 11/15/39		2,490,895	0.3
645,205		4.500%, due 12/15/39		698,725	0.1
2,040,683		4.500%, due 01/15/40		2,210,360	0.3
319,865		4.500%, due 01/20/40		341,798	0.0
7,335,667		4.500%, due 02/15/40		7,945,734	1.0
6,200,000		4.500%, due 04/01/40		6,685,344	0.8
878,287		4.500%, due 06/15/40		949,118	0.1
422,298		4.500%, due 07/20/40		451,095	0.1
2,744,707		4.500%, due 08/20/40		2,931,893	0.4
3,064,050		4.500%, due 09/20/40		3,262,656	0.4
413,489		4.500%, due 07/20/41		441,624	0.1
4,989,359		4.500%, due 09/20/41		5,380,978	0.7
19,044,650	ˆ	4.500%, due 12/16/42		3,890,696	0.5
2,042,930		4.546%, due 07/20/62		2,252,553	0.3
2,305,100		4.625%, due 10/20/35		2,500,676	0.3
1,387,586		4.639%, due 08/20/42		1,534,491	0.2
11,595,342		4.660%, due 09/20/61		12,930,412	1.6
1,942,278		4.750%, due 08/20/35		2,107,010	0.3
1,780,561		4.850%, due 05/20/40		1,926,290	0.2
4,465,756		4.861%, due 06/20/61		4,901,194	0.6
4,701,374		4.875%, due 01/20/35		5,101,083	0.6
655,460		4.875%, due 02/20/35		713,621	0.1
2,227,868		4.875%, due 04/20/35		2,417,453	0.3
3,933,778		4.875%, due 06/20/35		4,268,690	0.5
134,426		5.000%, due 05/15/18		142,272	0.0
143,759		5.000%, due 03/20/24		153,450	0.0
410,332		5.000%, due 04/15/29		453,739	0.1
357,016		5.000%, due 04/15/30		394,873	0.1
3,786,907		5.000%, due 04/20/30		4,079,407	0.5
500,033		5.000%, due 10/15/30		553,113	0.1
424,961		5.000%, due 07/15/33		468,943	0.1
411,557		5.000%, due 10/20/33		450,024	0.1
508,136		5.000%, due 12/20/33		555,632	0.1
200,881		5.000%, due 12/20/33		219,658	0.0
101,509		5.000%, due 12/20/33		110,997	0.0
140,192		5.000%, due 02/20/34		153,194	0.0
189,881		5.000%, due 03/15/34		209,710	0.0
262,462		5.000%, due 04/15/34		289,244	0.0
519,629		5.000%, due 04/15/34		574,280	0.1
209,533		5.000%, due 07/20/34		228,967	0.0
5,279,215		5.000%, due 10/20/34		5,817,954	0.7
142,191		5.000%, due 12/20/34		155,380	0.0
520,797		5.000%, due 12/20/34		569,099	0.1
116,289		5.000%, due 01/15/35		127,385	0.0
94,119		5.000%, due 03/15/35		104,026	0.0
644,737		5.000%, due 03/15/35		710,312	0.1
2,975,441		5.000%, due 03/20/35		3,320,640	0.4
192,579		5.000%, due 04/15/35		212,497	0.0
930,906		5.000%, due 04/15/35		1,034,739	0.1
185,090		5.000%, due 04/15/35		202,752	0.0
250,385		5.000%, due 04/15/35		274,278	0.0
67,064		5.000%, due 05/15/35		74,460	0.0
4,970,973	ˆ	5.000%, due 05/20/35		132,672	0.0
303,475		5.000%, due 05/20/35		334,006	0.0
94,861		5.000%, due 06/15/35		103,913	0.0
751,045		5.000%, due 07/20/35		825,840	0.1
229,158		5.000%, due 09/15/35		253,214	0.0
569,312	ˆ	5.000%, due 09/16/35		30,263	0.0
1,369,709		5.000%, due 10/20/35		1,564,417	0.2
1,577,093		5.000%, due 11/20/35		1,733,675	0.2
109,044		5.000%, due 12/15/35		119,508	0.0
869,610		5.000%, due 04/20/36		955,973	0.1
238,822		5.000%, due 05/20/37		261,103	0.0
184,011		5.000%, due 09/20/37		197,406	0.0
128,330		5.000%, due 12/20/37		140,256	0.0
454,297		5.000%, due 12/20/37		496,074	0.1
340,965		5.000%, due 01/20/38		372,762	0.1
4,845,316	ˆ	5.000%, due 01/20/38		674,647	0.1
171,925		5.000%, due 02/15/38		188,385	0.0
371,800		5.000%, due 06/20/38		395,527	0.1
508,198		5.000%, due 06/20/38		536,669	0.1
149,538		5.000%, due 08/20/38		157,864	0.0
325,918		5.000%, due 10/20/38		348,592	0.0
375,140		5.000%, due 11/20/38		396,158	0.1
1,314,244		5.000%, due 01/20/39		1,405,734	0.2
582,027		5.000%, due 02/15/39		640,411	0.1
714,074		5.000%, due 03/15/39		793,327	0.1
1,029,000		5.000%, due 05/20/39		1,132,592	0.1

VOYA GNMA INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Government National Mortgage Association: (continued)
2,423,534	ˆ	5.000%, due 07/16/39	$	436,706	0.1
156,219		5.000%, due 07/20/39		167,039	0.0
590,252		5.000%, due 10/20/39		643,648	0.1
544,724		5.000%, due 11/15/39		600,937	0.1
3,741,011		5.000%, due 11/15/39		4,126,122	0.5
1,892,101		5.000%, due 11/15/39		2,086,583	0.3
3,250,897		5.000%, due 12/20/39		3,602,502	0.4
1,689,887		5.000%, due 12/20/39		1,845,418	0.2
9,569,703	ˆ	5.000%, due 03/20/40		1,787,746	0.2
942,381		5.000%, due 04/15/40		1,034,470	0.1
1,628,094		5.000%, due 05/15/40		1,800,457	0.2
39,121,657		5.000%, due 05/20/40		43,069,853	5.3
2,223,276		5.000%, due 09/15/40		2,441,912	0.3
1,401,416		5.000%, due 09/15/40		1,538,878	0.2
1,371,999	ˆ	5.000%, due 05/20/41		307,102	0.0
3,614,239		5.000%, due 07/20/41		3,966,857	0.5
250,713		5.100%, due 04/20/32		276,238	0.0
3,774,860		5.125%, due 10/20/35		4,076,672	0.5
538,493		5.125%, due 08/20/40		590,114	0.1
1,946,697		5.250%, due 03/20/35		2,102,012	0.3
2,717,911		5.250%, due 04/20/35		2,935,501	0.4
2,533,166		5.250%, due 08/20/35		2,735,862	0.3
8,100,000		5.250%, due 01/20/38		8,880,771	1.1
2,916,338		5.375%, due 06/20/35		3,149,473	0.4
1,451,862		5.375%, due 07/20/35		1,568,161	0.2
1,301,883		5.443%, due 04/16/39		1,416,812	0.2
238,284		5.500%, due 08/20/24		263,425	0.0
5,485		5.500%, due 04/20/29		6,109	0.0
131,401		5.500%, due 12/20/32		146,619	0.0
1,178,949		5.500%, due 01/16/33		1,308,295	0.2
2,273,545		5.500%, due 01/17/33		2,545,787	0.3
3,710,951		5.500%, due 02/20/33		4,034,924	0.5
452,773		5.500%, due 08/20/33		505,164	0.1
1,771,112		5.500%, due 10/20/33		1,956,200	0.2
140,977	ˆ	5.500%, due 11/20/33		394	0.0
88,130		5.500%, due 11/20/33		97,636	0.0
135,405		5.500%, due 12/20/33		151,620	0.0
225,000		5.500%, due 02/20/34		250,513	0.0
4,535,420		5.500%, due 03/16/34		5,144,380	0.6
260,950		5.500%, due 03/20/34		289,106	0.0
898,691		5.500%, due 04/20/34		995,633	0.1
11,681		5.500%, due 04/20/34		12,910	0.0
354,058		5.500%, due 04/20/34		399,306	0.1
799,194		5.500%, due 04/20/34		893,134	0.1
108,914		5.500%, due 06/20/34		120,667	0.0
418,306		5.500%, due 06/20/34		466,368	0.1
367,539		5.500%, due 07/20/34		410,199	0.1
141,861		5.500%, due 07/20/34		158,264	0.0
256,391		5.500%, due 01/20/35		284,010	0.0
835,146		5.500%, due 05/15/35		925,580	0.1
478,922		5.500%, due 05/20/35		529,550	0.1
250,625		5.500%, due 06/20/35		278,255	0.0
1,489,590		5.500%, due 07/15/35		1,668,288	0.2
897,043		5.500%, due 08/15/35		994,866	0.1
53,863		5.500%, due 08/20/35		59,837	0.0
662,681		5.500%, due 09/20/35		739,180	0.1
10,259,231		5.500%, due 12/16/35		11,546,164	1.4
2,649,036		5.500%, due 02/20/36		3,046,691	0.4
188,934		5.500%, due 04/15/36		209,620	0.0
234,605		5.500%, due 06/20/36		260,044	0.0
1,250,000		5.500%, due 08/16/36		1,388,474	0.2
200,000		5.500%, due 07/16/37		220,667	0.0
4,266,196		5.500%, due 10/20/37		4,773,737	0.6
4,865,179		5.500%, due 11/20/37		5,375,016	0.7
115,475		5.500%, due 06/20/38		123,405	0.0
116,836		5.500%, due 08/20/38		124,874	0.0
225,053		5.500%, due 09/20/38		240,518	0.0
34,440		5.500%, due 10/20/38		36,804	0.0
308,456		5.500%, due 11/20/38		329,582	0.0
37,103		5.500%, due 12/20/38		39,640	0.0
104,508		5.500%, due 01/15/39		116,007	0.0
10,937,721		5.500%, due 01/15/39		12,498,872	1.5
125,651		5.500%, due 01/20/39		134,260	0.0
1,364,778		5.500%, due 03/20/39		1,458,358	0.2
202,786		5.500%, due 06/15/39		227,645	0.0
102,662		5.500%, due 06/20/39		109,549	0.0
2,560,191		5.500%, due 09/16/39		2,889,485	0.4
159,691		5.500%, due 10/20/39		178,845	0.0
503,230		5.500%, due 09/15/40		557,222	0.1
938,050	ˆ	5.500%, due 09/16/40		149,739	0.0
182,644		5.600%, due 12/20/36		202,363	0.0
90,745		5.600%, due 12/20/36		100,587	0.0
110,906		5.600%, due 01/20/37		122,905	0.0
172,047		5.600%, due 01/20/37		190,776	0.0
106,248		5.600%, due 03/20/37		117,499	0.0
140,353		5.600%, due 04/20/37		155,518	0.0
83,985		5.600%, due 07/20/37		92,864	0.0
111,865		5.600%, due 07/20/37		124,025	0.0
30,721		5.600%, due 10/20/37		33,969	0.0
91,439		5.600%, due 01/20/38		101,108	0.0
105,697		5.600%, due 02/20/38		116,895	0.0
157,602		5.750%, due 12/20/27		175,666	0.0
53,765		5.750%, due 03/20/28		57,854	0.0
104,567		5.750%, due 03/20/28		116,553	0.0
162,793		5.750%, due 04/20/28		181,552	0.0
100,549		5.750%, due 07/20/28		112,136	0.0
126,789		5.750%, due 10/20/28		141,213	0.0
53,827		5.750%, due 01/20/29		59,954	0.0
92,656		5.750%, due 04/20/29		103,282	0.0
355,178		5.750%, due 07/20/29		395,608	0.1
7,494,528		5.750%, due 07/20/38		8,148,789	1.0
10,491,691	ˆ	5.843%, due 09/20/38		1,423,367	0.2
11,903,299	ˆ	5.843%, due 12/20/40		2,021,234	0.3
5,516,293	ˆ	5.893%, due 12/20/40		1,031,148	0.1
5,056,794	ˆ	5.943%, due 05/20/32		639,289	0.1
5,365,493		5.950%, due 02/15/44		5,621,342	0.7
1,716,060		5.970%, due 11/15/31		1,782,551	0.2
3,990,785	ˆ	5.995%, due 09/16/39		624,350	0.1
210,485		6.000%, due 01/20/24		228,603	0.0
294,281		6.000%, due 10/15/25		334,455	0.0
616,748		6.000%, due 04/15/26		693,794	0.1
226,893		6.000%, due 10/20/27		254,675	0.0
263,072		6.000%, due 05/15/29		298,793	0.0
1,400,704		6.000%, due 12/16/33		1,555,288	0.2
1,181,401	ˆ	6.000%, due 01/20/34		246,879	0.0
1,819,397		6.000%, due 03/20/34		2,206,677	0.3
230,605		6.000%, due 10/20/34		259,381	0.0
745,500		6.000%, due 04/20/36		858,492	0.1
634,540		6.000%, due 03/15/37		709,370	0.1
7,610,000		6.000%, due 07/20/37		8,543,009	1.0
354,529		6.000%, due 09/20/37		396,629	0.1
3,800,417		6.000%, due 10/20/37		4,350,744	0.5
2,047,823		6.000%, due 03/20/38		2,330,842	0.3
45,655		6.000%, due 05/20/38		49,758	0.0
203,105		6.000%, due 08/20/38		218,429	0.0
266,068		6.000%, due 09/20/38		286,064	0.0
332,856		6.000%, due 10/20/38		357,983	0.0
249,210		6.000%, due 11/15/38		279,698	0.0
322,569		6.000%, due 12/15/38		362,550	0.1
430,386		6.000%, due 12/15/38		483,026	0.1
2,158,266		6.000%, due 07/16/39		2,478,000	0.3
1,008,291		6.000%, due 08/15/39		1,142,368	0.1
1,152,378		6.000%, due 08/15/39		1,305,589	0.2
2,123,551	ˆ	6.000%, due 01/16/40		885,909	0.1
20,742,640	ˆ	6.195%, due 04/16/39		2,834,737	0.4
8,433,718	ˆ	6.343%, due 09/20/37		1,474,555	0.2
9,137,516	ˆ	6.343%, due 09/20/38		1,282,592	0.2
4,258,628	ˆ	6.345%, due 05/16/38		728,396	0.1
244,112		6.490%, due 01/15/28		273,910	0.0
4,051,605	ˆ	6.495%, due 09/16/40		743,297	0.1

VOYA GNMA INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Government National Mortgage Association: (continued)
93,106		6.500%, due 07/20/29	$	107,782		0.0
69,231		6.500%, due 07/20/32		76,321		0.0
3,212		6.500%, due 09/20/34		3,727		0.0
83,973		6.500%, due 09/20/34		87,667		0.0
77,437		6.500%, due 12/20/34		80,688		0.0
121,211		6.500%, due 05/20/38		131,982		0.0
3,395,882	ˆ	6.615%, due 02/16/35		590,530		0.1
3,762		6.750%, due 08/15/28		4,248		0.0
519,245		7.000%, due 05/16/32		587,303		0.1
19,520		7.250%, due 01/15/29		20,194		0.0
3,079,152	ˆ	7.345%, due 05/16/31		597,511		0.1
1,654,805	ˆ	7.445%, due 10/16/29		361,328		0.1
28,195		7.500%, due 08/20/27		32,951		0.0
1,195,329		7.500%, due 02/20/34		1,273,063		0.2
4,947,236	ˆ	7.500%, due 04/16/37		1,504,918		0.2
1,225,152		7.500%, due 08/20/39		1,524,637		0.2
1,217,133		7.500%, due 08/20/39		1,735,339		0.2
13,428		7.800%, due 05/15/19		13,506		0.0
1,797		8.000%, due 03/20/24		1,808		0.0
20,894		8.000%, due 11/15/25		23,737		0.0
36,200		8.000%, due 07/15/26		41,328		0.0
10,945		8.000%, due 07/15/26		12,523		0.0
66,482		8.000%, due 09/15/26		75,089		0.0
23,008		8.000%, due 09/20/26		27,431		0.0
19,393		8.000%, due 12/15/26		22,099		0.0
9,788		8.000%, due 04/15/27		11,138		0.0
5,184		8.000%, due 06/15/27		5,214		0.0
40,387		8.000%, due 07/15/27		45,379		0.0
13,004		8.000%, due 03/15/28		13,211		0.0
19,334		8.050%, due 07/15/19		19,450		0.0
93,276		8.843%, due 04/20/34		99,104		0.0
13,887		9.000%, due 05/15/16		13,977		0.0
3,287		9.500%, due 11/15/21		3,857		0.0
1,491,957		13.990%, due 09/16/31		1,890,121		0.2
75,531		15.687%, due 01/20/32		98,919		0.0
179,340		19.735%, due 09/20/37		248,671		0.0
454,601		20.535%, due 02/16/32		613,368		0.1
427,446		24.732%, due 04/16/37		591,904		0.1
				715,255,710		87.4

		Total U.S. Government Agency Obligations (Cost $879,337,417)		885,795,577		108.2

U.S. TREASURY OBLIGATIONS: 0.7%
		U.S. Treasury Bonds: 0.7%
5,625,000		3.750%, due 11/15/43		5,824,513		0.7

		Total U.S. Treasury Obligations (Cost $5,696,654)		5,824,513		0.7

		Total Investments in Securities (Cost $886,107,658)	$	892,564,407		109.0
		Liabilities in Excess of Other Assets		(73,762,351	)	(9.0	)
		Net Assets	$	818,802,056		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

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.

Settlement is on a when-issued or delayed-delivery basis.

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.

Cost for federal income tax purposes is $887,828,315.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	12,171,800
Gross Unrealized Depreciation		(7,435,708	)
Net Unrealized Appreciation	$	4,736,092

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

Principal Amount†			Value

CORPORATE BONDS/NOTES: 94.9%
		Basic Materials: 6.7%
650,000		Aleris International, Inc., 7.875%, 11/01/20	$	672,750	0.2
942,000		ArcelorMittal, 6.125%, 06/01/18		1,036,200	0.2
2,500,000		ArcelorMittal, 6.000%, 03/01/21		2,678,125	0.6
250,000	#	FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17		263,906	0.1
2,250,000	#	FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22		2,432,813	0.6
750,000	#	FMG Resources August 2006 Pty Ltd., 8.250%, 11/01/19		827,812	0.2
1,000,000		Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 02/01/18		1,045,000	0.3
450,000		Hexion US Finance Corp., 6.625%, 04/15/20		468,000	0.1
2,050,000		Huntsman International LLC, 4.875%, 11/15/20		2,073,063	0.5
1,750,000	#	INEOS Group Holdings SA, 6.125%, 08/15/18		1,822,188	0.4
2,000,000		Momentive Performance Materials, Inc., 8.875%, 10/15/20		2,177,500	0.5
1,000,000	#	Neenah Paper, Inc., 5.250%, 05/15/21		1,000,000	0.2
1,000,000	#, &	Orion Engineered Carbons Finance & Co. SCA, 9.250%, 08/01/19		1,042,500	0.2
200,000		PolyOne Corp., 5.250%, 03/15/23		202,000	0.1
275,000		PolyOne Corp., 7.375%, 09/15/20		302,156	0.1
1,250,000	#	PQ Corp., 8.750%, 05/01/18		1,368,750	0.3
1,500,000	#	Prince Mineral Holding Corp., 11.500%, 12/15/19		1,691,250	0.4
307,000	#	Rain CII Carbon, LLC / CII Carbon Corp., 8.000%, 12/01/18		322,350	0.1
500,000	#	Rain CII Carbon, LLC / CII Carbon Corp., 8.250%, 01/15/21		517,500	0.1
1,110,000	#	SPCM SA, 6.000%, 01/15/22		1,182,150	0.3
1,290,000		Tronox Finance LLC, 6.375%, 08/15/20		1,331,925	0.3
1,500,000	#	Unifrax I LLC / Unifrax Holding Co., 7.500%, 02/15/19		1,597,500	0.4
1,940,000	#	US Coatings Acquisition, Inc. / Axalta Coating Systems Dutch Holding B BV, 7.375%, 05/01/21		2,119,450	0.5
				28,174,888	6.7

		Communications: 16.7%
500,000	#	Alcatel-Lucent USA, Inc., 4.625%, 07/01/17		516,250	0.1
1,000,000	#	Alcatel-Lucent USA, Inc., 6.750%, 11/15/20		1,062,500	0.3
370,000		Allbritton Communications Co., 8.000%, 05/15/18		388,500	0.1
1,000,000	#	Altice Financing SA, 6.500%, 01/15/22		1,057,500	0.2
1,000,000	#	Altice Finco SA, 8.125%, 01/15/24		1,082,500	0.3
34,781	#	American Media, Inc., 13.500%, 06/15/18		37,737	0.0
665,000	#	Block Communications, Inc., 7.250%, 02/01/20		711,550	0.2
720,000		Cablevision Systems Corp., 7.750%, 04/15/18		825,300	0.2
200,000	#	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.250%, 02/15/22		205,500	0.0
200,000	#	CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp., 5.625%, 02/15/24		205,500	0.0
750,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 03/15/21		759,375	0.2
2,000,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.750%, 09/01/23		1,995,000	0.5
650,000		CCO Holdings LLC / CCO Holdings Capital Corp., 6.500%, 04/30/21		691,437	0.2
460,000		CCO Holdings, LLC / CCO Holdings Capital Corp., 7.250%, 10/30/17		488,175	0.1
2,050,000		CenturyLink, Inc., 5.625%, 04/01/20		2,165,312	0.5
1,750,000	#	Cequel Communications Holdings I LLC / Cequel Capital Corp., 5.125%, 12/15/21		1,741,250	0.4
500,000	#	Cequel Communications Holdings I, LLC / Cequel Capital Corp., 6.375%, 09/15/20		525,000	0.1
735,000		Cincinnati Bell, Inc., 8.375%, 10/15/20		808,500	0.2
800,000		Cincinnati Bell, Inc., 8.750%, 03/15/18		838,500	0.2

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Communications: (continued)
270,000		Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22	$	287,888	0.1
730,000		Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		783,838	0.2
105,000		Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20		113,137	0.0
1,530,000		Clear Channel Worldwide Holdings, Inc., 7.625%, 03/15/20		1,660,050	0.4
1,500,000	#, &	CommScope Holding Co., Inc., 6.625%, 06/01/20		1,593,750	0.4
1,100,000		Cricket Communications, Inc., 7.750%, 10/15/20		1,259,225	0.3
1,130,000		Crown Media Holdings, Inc., 10.500%, 07/15/19		1,285,375	0.3
1,500,000		DISH DBS Corp., 5.125%, 05/01/20		1,567,500	0.4
1,070,000		DISH DBS Corp., 5.000%, 03/15/23		1,080,700	0.3
800,000		DISH DBS Corp., 5.875%, 07/15/22		856,000	0.2
1,070,000		DISH DBS Corp., 6.750%, 06/01/21		1,201,075	0.3
480,000		DISH DBS Corp., 7.875%, 09/01/19		568,800	0.1
1,000,000		Frontier Communications Corp., 7.625%, 04/15/24		1,050,000	0.2
200,000		Frontier Communications Corp., 8.250%, 04/15/17		233,750	0.1
1,750,000	#	Gannett Co., Inc., 6.375%, 10/15/23		1,861,563	0.4
1,200,000		Gray Television, Inc., 7.500%, 10/01/20		1,308,000	0.3
825,000	#	Harron Communications L.P./Harron Finance Corp., 9.125%, 04/01/20		936,375	0.2
500,000	#	Intelsat Jackson Holdings SA, 5.500%, 08/01/23		491,875	0.1
500,000		Intelsat Jackson Holdings SA, 7.250%, 10/15/20		544,375	0.1
440,000		Intelsat Jackson Holdings SA, 7.500%, 04/01/21		485,100	0.1
2,000,000	#	Intelsat Luxembourg SA, 7.750%, 06/01/21		2,112,500	0.5
18,024	&	iPCS, Inc., 3.488%, 05/01/14		18,035	0.0
1,607,000		LIN Television Corp., 6.375%, 01/15/21		1,711,455	0.4
1,500,000		Mediacom Broadband LLC / Mediacom Broadband Corp., 6.375%, 04/01/23		1,597,500	0.4
285,000		Mediacom, LLC / Mediacom Capital Corp., 9.125%, 08/15/19		306,375	0.1
630,000		MetroPCS Wireless, Inc., 6.625%, 11/15/20		674,888	0.2
1,250,000	#	Midcontinent Communications & Midcontinent Finance Corp., 6.250%, 08/01/21		1,306,250	0.3
1,000,000	#	Netflix, Inc., 5.750%, 03/01/24		1,040,000	0.2
1,500,000		Nexstar Broadcasting, Inc., 6.875%, 11/15/20		1,620,000	0.4
1,250,000		Nielsen Finance LLC / Nielsen Finance Co., 4.500%, 10/01/20		1,265,625	0.3
1,000,000	#	Sable International Finance Ltd., 8.750%, 02/01/20		1,132,500	0.3
1,650,000		Sinclair Television Group, Inc., 6.125%, 10/01/22		1,678,875	0.4
3,060,000	#	Sirius XM Radio, Inc., 5.750%, 08/01/21		3,197,700	0.8
1,500,000	#	Softbank Corp., 4.500%, 04/15/20		1,500,000	0.4
1,400,000		Sprint Capital Corp., 6.875%, 11/15/28		1,365,000	0.3
1,000,000	#	Sprint Corp., 7.125%, 06/15/24		1,052,500	0.2
2,000,000	#	Sprint Corp., 7.250%, 09/15/21		2,187,500	0.5
1,000,000	#	Sprint Corp., 7.875%, 09/15/23		1,102,500	0.3
500,000		Sprint Nextel Corp., 6.000%, 11/15/22		511,875	0.1
665,000	#	Sprint Nextel Corp., 9.000%, 11/15/18		814,625	0.2
1,170,000		Starz LLC / Starz Finance Corp., 5.000%, 09/15/19		1,213,875	0.3
750,000	#	Telesat Canada, 6.000%, 05/15/17		778,125	0.2
400,000		T-Mobile USA, Inc., 5.250%, 09/01/18		424,500	0.1
1,000,000		T-Mobile USA, Inc., 6.125%, 01/15/22		1,051,250	0.2
780,000		T-Mobile USA, Inc., 6.250%, 04/01/21		827,775	0.2
1,000,000		T-Mobile USA, Inc., 6.633%, 04/28/21		1,078,750	0.3
800,000		T-Mobile USA, Inc., 6.731%, 04/28/22		860,000	0.2
250,000		T-Mobile USA, Inc., 6.836%, 04/28/23		269,063	0.1
200,000	#	Wind Acquisition Finance S.A., 7.250%, 02/15/18		212,000	0.0
500,000	#	Wind Acquisition Finance S.A., 7.250%, 02/15/18		528,750	0.1
500,000	#	Wind Acquisition Finance S.A., 11.750%, 07/15/17		527,500	0.1
1,093,750	#, &	Wind Acquisition Holdings Finance SA, 12.250%, 07/15/17		1,151,172	0.3
				70,392,225	16.7

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Consumer, Cyclical: 14.2%
1,470,000		Affinia Group, Inc., 7.750%, 05/01/21	$	1,594,950	0.4
585,000		Affinity Gaming LLC/Affinity Gaming Finance Corp., 9.000%, 05/15/18		628,875	0.2
400,000	#	Allegion US Holding Co., Inc., 5.750%, 10/01/21		423,000	0.1
500,000	#	AMC Entertainment, Inc., 5.875%, 02/15/22		510,000	0.1
950,000		AMC Entertainment, Inc., 9.750%, 12/01/20		1,099,625	0.3
1,050,000		Asbury Automotive Group, Inc., 8.375%, 11/15/20		1,181,250	0.3
1,000,000	#	Ashton Woods USA LLC, 6.875%, 02/15/21		1,002,500	0.2
1,500,000	#	Building Materials Holding Corp., 9.000%, 09/15/18		1,661,250	0.4
431,000		Burlington Coat Factory Warehouse Corp., 10.000%, 02/15/19		483,259	0.1
144,000	#, &	Burlington Holdings LLC / Burlington Holding Finance, Inc., 9.000%, 02/15/18		147,960	0.0
1,500,000	#	Caesars Entertainment Operating Co., Inc., 8.000%, 10/01/20		1,586,250	0.4
1,000,000		Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20		890,000	0.2
1,500,000	#	Caesars Entertainment Resort Properties LLC, 11.000%, 10/01/21		1,582,500	0.4
1,535,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19		1,646,287	0.4
1,400,000	#	CDR DB Sub, Inc., 7.750%, 10/15/20		1,351,000	0.3
800,000		Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		909,000	0.2
450,000		Chrysler Group, LLC/CG Co-Issuer, Inc., 8.000%, 06/15/19		495,000	0.1
1,000,000	#	Chrysler Group LLC / CG Co-Issuer, Inc., 8.250%, 06/15/21		1,136,250	0.3
430,000		DineEquity, Inc., 9.500%, 10/30/18		470,850	0.1
1,500,000	#	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20		1,631,250	0.4
189,000		Felcor Lodging L.P., 10.000%, 10/01/14		197,032	0.0
830,000	#	General Motors Co., 3.500%, 10/02/18		849,712	0.2
120,000	#	GLP Capital L.P. / GLP Financing II, Inc., 4.375%, 11/01/18		123,450	0.0
460,000	#	GLP Capital L.P. / GLP Financing II, Inc., 4.875%, 11/01/20		473,225	0.1
290,000	#	GLP Capital L.P. / GLP Financing II, Inc., 5.375%, 11/01/23		299,425	0.1
1,440,000	#	Hot Topic, Inc., 9.250%, 06/15/21		1,562,400	0.4
500,000	#	K Hovnanian Enterprises, Inc., 7.000%, 01/15/19		514,062	0.1
400,000	#	K Hovnanian Enterprises, Inc., 7.250%, 10/15/20		436,000	0.1
400,000	#	K Hovnanian Enterprises, Inc., 9.125%, 11/15/20		451,000	0.1
645,000		KB Home, 4.750%, 05/15/19		651,450	0.2
750,000		KB Home, 6.250%, 06/15/15		793,125	0.2
1,000,000		Meritage Homes Corp., 7.150%, 04/15/20		1,120,000	0.3
1,665,000		Meritor, Inc., 6.250%, 02/15/24		1,677,488	0.4
500,000		MGM Mirage, 7.500%, 06/01/16		559,375	0.1
1,500,000		MGM Resorts International, 7.750%, 03/15/22		1,747,500	0.4
500,000		MGM Resorts International, 8.625%, 02/01/19		601,250	0.1
1,000,000	#, &	Michaels FinCo Holdings LLC / Michaels FinCo, Inc., 7.500%, 08/01/18		1,035,000	0.2
1,000,000	#, &	MISA Investments Ltd., 8.625%, 08/15/18		1,032,500	0.2
1,000,000	#	NAI Entertainment Holdings / NAI Entertainment Holdings Finance Corp., 5.000%, 08/01/18		1,042,500	0.3
1,100,000		NCL Corp. Ltd., 5.000%, 02/15/18		1,146,750	0.3
250,000	#	Neiman Marcus Group LLC/The, 8.000%, 10/15/21		275,938	0.1
1,250,000	#, &	Neiman Marcus Group LLC/The, 8.750%, 10/15/21		1,387,500	0.3
1,150,000	#, &	New Academy Finance Co., LLC / New Academy Finance Corp., 8.000%, 06/15/18		1,183,063	0.3
1,000,000	#	Oshkosh Corp., 5.375%, 03/01/22		1,022,500	0.2
525,000		Party City Holdings, Inc., 8.875%, 08/01/20		587,344	0.1
1,000,000	#, &	PC Nextco Holdings LLC / PC Nextco Finance, Inc., 8.750%, 08/15/19		1,038,750	0.2
1,020,000	#	PNK Finance Corp., 6.375%, 08/01/21		1,065,900	0.3
320,000		Regal Entertainment Group, 5.750%, 03/15/22		330,400	0.1
240,000	#	Rite Aid Corp., 6.875%, 12/15/28		236,400	0.1
500,000		Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		515,000	0.1

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Consumer, Cyclical: (continued)
750,000	#	RSI Home Products, Inc., 6.875%, 03/01/18	$	808,125	0.2
750,000		Ryland Group, Inc./The, 6.625%, 05/01/20		819,375	0.2
1,351,000	#, &	Schaeffler Holding Finance BV, 6.875%, 08/15/18		1,443,881	0.3
750,000		Shea Homes L.P. / Shea Homes Funding Corp., 8.625%, 05/15/19		830,625	0.2
1,000,000	#	SIWF Merger Sub, Inc. / Springs Industries, Inc., 6.250%, 06/01/21		1,042,500	0.3
2,000,000		Sonic Automotive, Inc., 5.000%, 05/15/23		1,972,500	0.5
1,100,000		Standard Pacific Corp., 8.375%, 01/15/21		1,306,250	0.3
1,100,000		Tops Holding Corp. / Tops Markets LLC, 8.875%, 12/15/17		1,207,250	0.3
800,000		United Continental Holdings, Inc., 6.375%, 06/01/18		865,000	0.2
1,000,000		United Continental Holdings, Inc., 6.000%, 07/15/28		922,500	0.2
1,500,000		US Airways Group, Inc., 6.125%, 06/01/18		1,580,625	0.4
750,000	#	Viking Cruises Ltd., 8.500%, 10/15/22		855,000	0.2
245,000	#	WMG Acquisition Corp., 5.625%, 04/15/22		249,288	0.1
80,000	#	WMG Acquisition Corp., 6.750%, 04/15/22		80,900	0.0
1,125,000		Wolverine World Wide, Inc., 6.125%, 10/15/20		1,220,625	0.3
				59,591,539	14.2

		Consumer, Non-cyclical: 19.2%
1,250,000	#	Albea Beauty Holdings SA, 8.375%, 11/01/19		1,362,500	0.3
1,665,000	#	American Rock Salt Co., LLC/American Rock Capital Corp., 8.250%, 05/01/18		1,742,006	0.4
1,150,000		Amsurg Corp., 5.625%, 11/30/20		1,201,750	0.3
1,150,000		ARAMARK Corp., 5.750%, 03/15/20		1,220,437	0.3
1,750,000	#	Ashtead Capital, Inc., 6.500%, 07/15/22		1,911,875	0.5
1,500,000		Biomet, Inc., 6.500%, 10/01/20		1,601,250	0.4
1,250,000	#	Brand Energy & Infrastructure Services, Inc., 8.500%, 12/01/21		1,328,125	0.3
1,000,000	#, &	Capsugel SA, 7.000%, 05/15/19		1,031,875	0.2
1,500,000	#	Ceridian HCM Holding, Inc., 11.000%, 03/15/21		1,736,250	0.4
500,000	#	CHS/Community Health Systems, Inc., 5.125%, 08/01/21		515,000	0.1
600,000		CHS/Community Health Systems, Inc., 5.125%, 08/15/18		631,500	0.2
1,000,000	#	CHS/Community Health Systems, Inc., 6.875%, 02/01/22		1,050,000	0.2
190,000		CHS/Community Health Systems, Inc., 7.125%, 07/15/20		206,387	0.0
250,000		CHS/Community Health Systems, Inc., 8.000%, 11/15/19		275,937	0.1
145,000		DaVita, Inc., 6.375%, 11/01/18		152,612	0.0
745,000		DaVita, Inc., 6.625%, 11/01/20		801,806	0.2
970,000	#	Diamond Foods, Inc., 7.000%, 03/15/19		1,006,375	0.2
1,000,000	#	Dole Food Co., Inc., 7.250%, 05/01/19		1,006,250	0.2
1,045,000		Eliz Arden, 7.375%, 03/15/21		1,128,600	0.3
384,000		Envision Healthcare Corp., 8.125%, 06/01/19		411,600	0.1
1,465,000	#	First Quality Finance Co., Inc., 4.625%, 05/15/21		1,432,037	0.3
1,610,000	#	Grifols Worldwide Operations Ltd., 5.250%, 04/01/22		1,650,250	0.4
600,000		H&E Equipment Services, Inc., 7.000%, 09/01/22		663,000	0.2
3,620,000		HCA Holdings, Inc., 6.250%, 02/15/21		3,884,260	0.9
1,405,000		HCA Holdings, Inc., 7.750%, 05/15/21		1,552,525	0.4
1,330,000		HCA, Inc., 3.750%, 03/15/19		1,338,312	0.3
360,000		HCA, Inc., 7.250%, 09/15/20		390,150	0.1
1,800,000		HCA, Inc., 7.500%, 02/15/22		2,061,000	0.5
105,000		HCA, Inc., 7.875%, 02/15/20		112,035	0.0
375,000		HDTFS, Inc., 6.250%, 10/15/22		403,125	0.1
309,000		Healthsouth Corp., 7.250%, 10/01/18		328,313	0.1
1,500,000		Hertz Corp., 6.750%, 04/15/19		1,614,375	0.4
1,480,000		Immucor, Inc., 11.125%, 08/15/19		1,679,800	0.4
500,000	#, &	Jaguar Holding Co. I, 9.375%, 10/15/17		528,125	0.1
500,000	#	Jaguar Holding Co., 9.500%, 12/01/19		558,750	0.1
420,000	#	JBS USA LLC / JBS USA Finance, Inc., 7.250%, 06/01/21		448,350	0.1
1,150,000	#	JBS USA, LLC/JBS USA Finance, Inc., 7.250%, 06/01/21		1,230,500	0.3
1,000,000	#	KeHE Distributors LLC / KeHE Finance Corp., 7.625%, 08/15/21		1,076,875	0.3
750,000		Lender Processing Services, Inc., 5.750%, 04/15/23		803,438	0.2
1,000,000	#	Logo Merger Sub Corp., 8.375%, 10/15/20		1,067,500	0.3

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Consumer, Non-cyclical: (continued)
750,000	#, &	Michael Foods Holding, Inc., 8.500%, 07/15/18	$	785,625	0.2
1,290,000	#	MPH Acquisition Holdings LLC, 6.625%, 04/01/22		1,327,088	0.3
1,000,000	#	Mustang Merger Corp., 8.500%, 08/15/21		1,100,000	0.3
545,000	#	Neff Rental, LLC/Neff Finance Corp., 9.625%, 05/15/16		569,525	0.1
750,000	#	Nord Anglia Education UK Holdings PLC, 10.250%, 04/01/17		840,000	0.2
800,000	#, &	Nord Anglia Education, Inc., 8.500%, 02/15/18		860,000	0.2
620,000		Omnicare, Inc., 7.750%, 06/01/20		685,100	0.2
1,224,000	#	Physio-Control International, Inc., 9.875%, 01/15/19		1,380,060	0.3
1,130,000		Prestige Brands, Inc., 8.125%, 02/01/20		1,272,663	0.3
1,250,000		Reynolds Group Issuer, Inc., 8.250%, 02/15/21		1,370,313	0.3
500,000		Reynolds Group Issuer, Inc., 9.000%, 04/15/19		537,500	0.1
750,000		Reynolds Group Issuer, Inc., 9.875%, 08/15/19		841,875	0.2
500,000		RR Donnelley & Sons Co., 6.500%, 11/15/23		530,625	0.1
500,000		RR Donnelley & Sons Co., 7.000%, 02/15/22		552,500	0.1
750,000		RR Donnelley & Sons Co., 7.875%, 03/15/21		862,500	0.2
190,000		United Rentals North America, Inc., 8.250%, 02/01/21		213,513	0.1
1,495,000	#	Safway Group Holding LLC / Safway Finance Corp., 7.000%, 05/15/18		1,599,650	0.4
1,500,000	#	Salix Pharmaceuticals Ltd, 6.000%, 01/15/21		1,605,000	0.4
1,000,000		Select Medical Corp., 6.375%, 06/01/21		1,020,000	0.2
500,000	#	Select Medical Corp., 6.375%, 06/01/21		510,000	0.1
420,000		ServiceMaster Co., 7.450%, 08/15/27		403,725	0.1
1,050,000	#	Shearer’s Foods, LLC / Chip Fin Corp., 9.000%, 11/01/19		1,152,375	0.3
1,100,000		Spectrum Brands, Inc., 6.375%, 11/15/20		1,196,250	0.3
1,280,000	#	STHI Holding Corp., 8.000%, 03/15/18		1,358,400	0.3
1,000,000	#	Tenet Healthcare Corp., 6.000%, 10/01/20		1,071,875	0.3
1,095,000		Tenet Healthcare Corp., 6.250%, 11/01/18		1,212,028	0.3
1,000,000		Tenet Healthcare Corp., 8.125%, 04/01/22		1,120,000	0.3
750,000		Truven Health Analytics, Inc., 10.625%, 06/01/20		855,000	0.2
165,000		United Rentals North America, Inc., 5.750%, 07/15/18		177,375	0.0
500,000		United Rentals North America, Inc., 6.125%, 06/15/23		532,500	0.1
385,000		United Rentals North America, Inc., 7.375%, 05/15/20		426,869	0.1
285,000		United Rentals North America, Inc., 7.625%, 04/15/22		320,981	0.1
875,000		United Surgical Partners International, Inc., 9.000%, 04/01/20		975,625	0.2
1,000,000		Universal Hospital Services, Inc., 7.625%, 08/15/20		1,075,000	0.3
1,250,000		US Foods, Inc., 8.500%, 06/30/19		1,354,063	0.3
1,000,000	#	Valeant Pharmaceuticals International, Inc., 7.500%, 07/15/21		1,130,000	0.3
1,500,000	#	Valeant Pharmaceuticals International, 6.750%, 08/15/18		1,657,500	0.4
1,025,000	#	Valeant Pharmaceuticals International, 6.750%, 08/15/21		1,109,563	0.3
490,000	#	VPI Escrow Corp., 6.375%, 10/15/20		531,650	0.1
1,500,000		WellCare Health Plans, Inc., 5.750%, 11/15/20		1,582,500	0.4
				80,851,671	19.2

		Diversified: 0.3%
1,150,000	&	Alphabet Holding Co., Inc., 7.750%, 11/01/17		1,190,250	0.3

		Energy: 14.8%
1,055,000		Alta Mesa Holdings / Alta Mesa Finance Services Corp., 9.625%, 10/15/18		1,139,400	0.3
1,500,000		Approach Resources, Inc., 7.000%, 06/15/21		1,552,500	0.4
1,035,000		Arch Coal, Inc., 7.250%, 06/15/21		786,600	0.2
1,000,000	#	Arch Coal, Inc., 8.000%, 01/15/19		1,002,500	0.2
421,000		Berry Petroleum Co., 10.250%, 06/01/14		426,789	0.1
1,600,000		Bonanza Creek Energy, Inc., 6.750%, 04/15/21		1,716,000	0.4
1,290,000	#	Calumet Specialty Products Partners L.P./Calumet Finance Corp., 6.500%, 04/15/21		1,302,900	0.3
100,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.625%, 01/15/22		106,375	0.0
425,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19		484,500	0.1

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Energy: (continued)
825,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19	$	940,500	0.2
400,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.625%, 08/01/20		461,000	0.1
750,000		Chaparral Energy, Inc., 7.625%, 11/15/22		815,625	0.2
895,000		Chaparral Energy, Inc., 8.250%, 09/01/21		988,975	0.2
1,525,000		Chesapeake Energy Corp., 6.125%, 02/15/21		1,669,875	0.4
1,200,000		Chesapeake Energy Corp., 6.625%, 08/15/20		1,353,000	0.3
1,000,000		Clayton Williams Energy, Inc., 7.750%, 04/01/19		1,067,500	0.3
970,000		Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 03/15/24		999,100	0.2
1,500,000	#	Crestwood Midstream Partners L.P. / Crestwood Midstream Finance Corp., 6.125%, 03/01/22		1,575,000	0.4
1,800,000	#	CrownRock L.P. / CrownRock Finance, Inc., 7.125%, 04/15/21		1,917,000	0.5
625,000		El Paso Corp., 7.250%, 06/01/18		714,287	0.2
1,200,000		Energy Transfer Equity L.P., 7.500%, 10/15/20		1,378,500	0.3
1,500,000	#	Energy XXI Gulf Coast, Inc., 7.500%, 12/15/21		1,578,750	0.4
750,000		EPL Oil & Gas, Inc., 8.250%, 02/15/18		815,625	0.2
1,000,000		Genesis Energy L.P. / Genesis Energy Finance Corp., 5.750%, 02/15/21		1,040,000	0.2
1,550,000		Halcon Resources Corp., 8.875%, 05/15/21		1,615,875	0.4
875,000	#	Hilcorp Energy I L.P./Hilcorp Finance Co., 8.000%, 02/15/20		951,562	0.2
325,000	#	Jones Energy Holdings LLC / Jones Energy Finance Corp., 6.750%, 04/01/22		331,500	0.1
750,000		Kodiak Oil & Gas Corp., 5.500%, 01/15/21		773,437	0.2
250,000		Kodiak Oil & Gas Corp., 5.500%, 02/01/22		257,187	0.1
500,000	#	Laredo Petroleum, Inc., 5.625%, 01/15/22		506,875	0.1
1,000,000		Legacy Reserves L.P. / Legacy Reserves Finance Corp., 6.625%, 12/01/21		1,002,500	0.2
500,000		Legacy Reserves L.P. / Legacy Reserves Finance Corp., 8.000%, 12/01/20		537,500	0.1
1,345,000	#	Linn Energy, LLC/Linn Energy Finance Corp., 7.250%, 11/01/19		1,408,887	0.3
525,000		Linn Energy, LLC/Linn Energy Finance Corp., 7.750%, 02/01/21		567,000	0.1
1,000,000		Memorial Production Partners L.P. / Memorial Production Finance Corp., 7.625%, 05/01/21		1,060,000	0.3
1,000,000	#	Murray Energy Corp., 8.625%, 06/15/21		1,057,500	0.3
215,000		Oasis Petroleum, Inc., 6.500%, 11/01/21		232,200	0.1
500,000		Oasis Petroleum, Inc., 6.875%, 01/15/23		545,000	0.1
500,000	#	Oasis Petroleum, Inc., 6.875%, 03/15/22		543,750	0.1
405,000		Oasis Petroleum, Inc., 7.250%, 02/01/19		435,375	0.1
925,000	#	PetroBakken Energy Ltd., 8.625%, 02/01/20		929,625	0.2
700,000		QR Energy L.P. / QRE Finance Corp., 9.250%, 08/01/20		752,500	0.2
1,000,000		Regency Energy Partners L.P. / Regency Energy Finance Corp., 4.500%, 11/01/23		935,000	0.2
1,000,000		Rex Energy Corp., 8.875%, 12/01/20		1,110,000	0.3
1,750,000	#	RKI Exploration & Production LLC / RKI Finance Corp., 8.500%, 08/01/21		1,898,750	0.5
1,815,000		Rosetta Resources, Inc., 5.625%, 05/01/21		1,864,913	0.4
1,595,000	#	Sanchez Energy Corp., 7.750%, 06/15/21		1,710,638	0.4
1,100,000		SandRidge Energy, Inc., 7.500%, 02/15/23		1,171,500	0.3
500,000		SandRidge Energy, Inc., 7.500%, 03/15/21		536,250	0.1
450,000		SandRidge Energy, Inc., 8.125%, 10/15/22		492,750	0.1
1,000,000		SemGroup Corp., 7.500%, 06/15/21		1,090,000	0.3
500,000	#	SM Energy Co., 5.000%, 01/15/24		488,750	0.1
600,000		SM Energy Co., 6.500%, 01/01/23		643,500	0.2
1,500,000		Stone Energy Corp., 7.500%, 11/15/22		1,631,250	0.4
1,000,000	#	Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 7.500%, 07/01/21		1,075,000	0.3
500,000	#	SunCoke Energy Partners L.P. / SunCoke Energy Partners Finance Corp., 7.375%, 02/01/20		538,750	0.1

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Energy: (continued)
390,000		SunCoke Energy, Inc., 7.625%, 08/01/19	$	418,275	0.1
1,645,000	#	Talos Production LLC, 9.750%, 02/15/18		1,731,363	0.4
2,000,000		Tesoro Corp., 4.250%, 10/01/17		2,110,000	0.5
1,250,000		Tesoro Logistics L.P. / Tesoro Logistics Finance Corp., 6.125%, 10/15/21		1,331,250	0.3
780,000		Westmoreland Coal Co/Westmoreland Partners, 10.750%, 02/01/18		854,100	0.2
1,000,000	#	Westmoreland Escrow Corp., 10.750%, 02/01/18		1,095,000	0.3
				62,067,613	14.8

		Financial: 4.8%
500,000		Ally Financial, Inc., 3.125%, 01/15/16		511,749	0.1
1,000,000		Ally Financial, Inc., 3.500%, 01/27/19		1,001,250	0.2
1,500,000		Ally Financial, Inc., 7.500%, 09/15/20		1,788,750	0.4
735,000		Ally Financial, Inc., 8.000%, 03/15/20		889,350	0.2
455,000		Ally Financial, Inc., 8.300%, 02/12/15		482,016	0.1
540,000		American General Finance Corp., 5.400%, 12/01/15		567,000	0.1
200,000	#	Boyd Acquisition Sub, LLC/Boyd Acquisition Finance Corp., 8.375%, 02/15/18		217,000	0.1
500,000	#	C-B Stage I, Inc., 8.750%, 12/15/19		555,000	0.1
520,000		CIT Group, Inc., 4.250%, 08/15/17		546,000	0.1
1,000,000		CIT Group, Inc., 5.250%, 03/15/18		1,078,750	0.3
250,000		CIT Group, Inc., 5.375%, 05/15/20		269,375	0.1
250,000		CIT Group, Inc., 5.000%, 05/15/17		268,437	0.1
810,000		CIT Group, Inc., 5.000%, 08/15/22		843,922	0.2
290,000	#	CIT Group, Inc., 6.625%, 04/01/18		325,887	0.1
1,150,000	#	CNG Holdings, Inc./OH, 9.375%, 05/15/20		1,063,750	0.3
1,150,000		Crown Castle International Corp., 5.250%, 01/15/23		1,174,437	0.3
1,000,000	#	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 4.875%, 03/15/19		1,020,000	0.2
1,000,000	#	Icahn Enterprises L.P. / Icahn Enterprises Finance Corp., 6.000%, 08/01/20		1,065,000	0.3
1,115,000		International Lease Finance Corp., 5.875%, 08/15/22		1,183,294	0.3
510,000		International Lease Finance Corp., 6.250%, 05/15/19		564,825	0.1
470,000		International Lease Finance Corp., 8.250%, 12/15/20		569,834	0.1
500,000	#	Realogy Corp., 7.625%, 01/15/20		558,750	0.1
770,000	#	Realogy Corp., 7.875%, 02/15/19		834,488	0.2
1,000,000	#, &	Sophia Holding Finance L.P. / Sophia Holding Finance, Inc., 9.625%, 12/01/18		1,052,500	0.2
595,000		Springleaf Finance Corp., 6.900%, 12/15/17		655,988	0.2
1,200,000		Synovus Financial Corp., 5.125%, 06/15/17		1,263,000	0.3
				20,350,352	4.8

		Industrial: 9.7%
1,100,000	#	Accudyne Industries Borrower / Accudyne Industries LLC, 7.750%, 12/15/20		1,190,750	0.3
1,509,000		ADS Waste Holdings, Inc., 8.250%, 10/01/20		1,648,582	0.4
444,000	#	Ainsworth Lumber Co. Ltd., 7.500%, 12/15/17		476,190	0.1
1,165,000		Anixter, Inc., 5.625%, 05/01/19		1,246,550	0.3
88,235	#	Ardagh Packaging Finance PLC, 7.000%, 11/15/20		93,309	0.0
745,000	#	Ardagh Packaging Finance Plc, 9.125%, 10/15/20		834,400	0.2
1,000,000	#	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.750%, 01/31/21		1,047,500	0.2
1,480,000	#	BC Mountain LLC / BC Mountain Finance, Inc., 7.000%, 02/01/21		1,472,600	0.3
250,000	#	Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is, 6.000%, 06/15/17		259,375	0.1
1,045,500	#, &	BOE Intermediate Holding Corp., 9.000%, 11/01/17		1,140,248	0.3
750,000	#, &	BOE Merger Corp., 9.500%, 11/01/17		798,750	0.2
500,000		Boise Cascade Co., 6.375%, 11/01/20		538,750	0.1
700,000	#	Bombardier, Inc., 4.250%, 01/15/16		731,500	0.2
165,000	#	Building Materials Corp. of America, 6.750%, 05/01/21		179,438	0.0
335,000	#	Building Materials Corp. of America, 7.500%, 03/15/20		362,638	0.1
1,000,000	#	Cleaver-Brooks, Inc., 8.750%, 12/15/19		1,110,000	0.3

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Industrial: (continued)
1,700,000	#	Consolidated Container Co., LLC/Consolidated Container Capital, Inc., 10.125%, 07/15/20	$	1,814,750	0.4
500,000		Covanta Holding Corp., 5.875%, 03/01/24		510,451	0.1
670,000		Covanta Holding Corp., 7.250%, 12/01/20		735,325	0.2
1,000,000	#	CTP Transportation Products LLC / CTP Finance, Inc., 8.250%, 12/15/19		1,082,500	0.3
1,000,000	#	Darling Escrow Corp., 5.375%, 01/15/22		1,028,750	0.2
1,250,000	#	Dematic SA / DH Services Luxembourg Sarl, 7.750%, 12/15/20		1,340,625	0.3
860,000		Ducommun, Inc., 9.750%, 07/15/18		967,500	0.2
200,000	#	Emeco Pty Ltd., 9.875%, 03/15/19		206,500	0.0
605,000		Florida East Coast Railway Corp., 8.125%, 02/01/17		632,981	0.2
1,250,000	#	Gardner Denver, Inc., 6.875%, 08/15/21		1,293,750	0.3
1,000,000		Headwaters, Inc., 7.625%, 04/01/19		1,082,500	0.3
500,000	#	Headwaters, Inc., 7.250%, 01/15/19		523,750	0.1
1,000,000	&	Interline Brands, Inc., 10.000%, 11/15/18		1,092,500	0.3
880,000	#	JM Huber Corp., 9.875%, 11/01/19		1,016,400	0.2
1,110,000		Kemet Corp., 10.500%, 05/01/18		1,168,275	0.3
509,000		Martin Midstream Partners L.P. / Martin Midstream Finance Corp., 8.875%, 04/01/18		531,589	0.1
285,000	#	Mcron Finance Sub, LLC / Mcron Finance Corp., 8.375%, 05/15/19		316,350	0.1
500,000	#	Milacron LLC / Mcron Finance Corp., 7.750%, 02/15/21		542,500	0.1
1,100,000		Nortek, Inc., 8.500%, 04/15/21		1,234,750	0.3
1,500,000	#	Plastipak Holdings, Inc., 6.500%, 10/01/21		1,580,625	0.4
1,750,000	#	Roofing Supply Group, LLC / Roofing Supply Finance, Inc., 10.000%, 06/01/20		1,973,125	0.5
310,000		SPX Corp., 6.875%, 09/01/17		353,400	0.1
1,470,000	#	Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/01/21		1,539,825	0.4
2,000,000		TransDigm, Inc., 7.750%, 12/15/18		2,155,000	0.5
1,250,000	#	Waterjet Holdings, Inc., 7.625%, 02/01/20		1,328,125	0.3
1,500,000	#	Wise Metals Group LLC / Wise Alloys Finance Corp., 8.750%, 12/15/18		1,616,250	0.4
				40,798,676	9.7

		Technology: 6.4%
1,000,000	#	ACI Worldwide, Inc., 6.375%, 08/15/20		1,056,250	0.3
1,545,000	#	Activision Blizzard, Inc., 6.125%, 09/15/23		1,685,981	0.4
1,555,000		Aspect Software, Inc., 10.625%, 05/15/17		1,652,187	0.4
750,000	#	Audatex North America, Inc., 6.125%, 11/01/23		801,563	0.2
335,000	#	Audatex North America, Inc., 6.000%, 06/15/21		359,287	0.1
1,290,000	#	BCP Singapore VI Cayman Financing Co. Ltd., 8.000%, 04/15/21		1,315,800	0.3
1,750,000	#	BMC Software Finance, Inc., 8.125%, 07/15/21		1,850,625	0.4
1,575,000		CDW, LLC / CDW Finance Corp., 8.500%, 04/01/19		1,732,500	0.4
22,000		CDW, LLC / CDW Finance Corp., 12.535%, 10/12/17		23,100	0.0
1,000,000	#, &	Eagle Midco, Inc., 9.000%, 06/15/18		1,055,000	0.2
1,795,000		Emdeon, Inc., 11.000%, 12/31/19		2,093,419	0.5
645,000	#	Entegris, Inc., 6.000%, 04/01/22		661,125	0.2
1,050,000		Epicor Software Corp., 8.625%, 05/01/19		1,153,688	0.3
1,200,000	#	First Data Corp., 6.750%, 11/01/20		1,296,000	0.3
145,000	#	First Data Corp., 8.250%, 01/15/21		158,050	0.0
646,000	#, &	First Data Corp., 8.750%, 01/15/22		708,985	0.2
1,850,000		First Data Corp., 10.625%, 06/15/21		2,090,500	0.5
750,000		First Data Corp., 11.750%, 08/15/21		791,250	0.2
1,000,000	#, &	Healthcare Technology Intermediate, Inc., 7.375%, 09/01/18		1,020,000	0.2
665,000	#	iGATE Corp., 4.750%, 04/15/19		670,819	0.2
750,000	#	IMS Health, Inc., 6.000%, 11/01/20		791,250	0.2
355,000		Infor US, Inc., 9.375%, 04/01/19		401,594	0.1
500,000		Infor US, Inc., 11.500%, 07/15/18		581,250	0.1
620,000		MedAssets, Inc., 8.000%, 11/15/18		666,500	0.2
1,300,000	#	NCR Escrow Corp., 6.375%, 12/15/23		1,387,750	0.3
200,000	#	NCR Escrow Corp., 5.875%, 12/15/21		211,500	0.0
525,000		SSI Investments II/SSI Co-Issuer, LLC, 11.125%, 06/01/18		562,406	0.1

VOYA HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Technology: (continued)
300,000		Unisys Corp., 6.250%, 08/15/17	$	328,875	0.1
				27,107,254	6.4

		Utilities: 2.1%
710,000		AES Corp., 7.375%, 07/01/21		812,950	0.2
1,271,000	#	Calpine Corp., 7.500%, 02/15/21		1,394,922	0.3
366,000	#	Calpine Corp., 7.875%, 07/31/20		404,430	0.1
500,000		DPL, Inc., 6.500%, 10/15/16		542,500	0.1
1,000,000		DPL, Inc., 7.250%, 10/15/21		1,037,500	0.3
1,500,000	#	LBC Tank Terminals Holding Netherlands BV, 6.875%, 05/15/23		1,608,750	0.4
1,000,000	#	NRG Energy, Inc., 6.250%, 07/15/22		1,032,500	0.3
830,000		NRG Energy, Inc., 7.625%, 05/15/19		867,350	0.2
830,000		NRG Energy, Inc., 7.875%, 05/15/21		917,150	0.2
				8,618,052	2.1

		Total Corporate Bonds/Notes (Cost $381,813,167)		399,142,520	94.9

ASSET-BACKED SECURITIES: 0.3%
		Other Asset-Backed Securities: 0.3%
1,000,000	#	Castle Garden Funding, 6.560%, 10/27/20		1,084,188	0.3

		Total Asset-Backed Securities (Cost $997,500)		1,084,188	0.3

Shares			Value		Percentage of Net Assets

COMMON STOCK: 0.0%
		Consumer Discretionary: 0.0%
195	@	American Media, Inc.		97		0.0
5,810	@,X	American Media, Inc., Stock Certificates		1		0.0

		Total Common Stock (Cost $136,656)		98		0.0

		Total Long-Term Investments (Cost $382,947,323)		400,226,806		95.2

Principal Amount†			Value		Percentage of Net Assets

SHORT-TERM INVESTMENTS: 2.7%
		Commercial Paper: 1.7%
3,100,000		American Electric Power Company, Inc., 0.220%, 04/04/14		3,099,924		0.7
4,000,000		Virgin Electric & Power Co., 0.200%, 04/28/14		3,999,378		1.0
				7,099,302		1.7

Shares			Value		Percentage of Net Assets
		Mutual Funds: 1.0%
4,072,756		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $4,072,756)		4,072,756		1.0

		Total Short-Term Investments (Cost $11,172,058)		11,172,058		2.7

		Total Investments in Securities (Cost $394,119,381)	$	411,398,864		97.9
		Assets in Excess of Other Liabilities		8,971,913		2.1
		Net Assets	$	420,370,777		100.0

†

Unless otherwise indicated, principal amount is shown in USD.

††

Rate shown is the 7-day yield as of March 31, 2014.

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.

Non-income producing security

Payment-in-kind

Fair value determined by Voya funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

Cost for federal income tax purposes is $394,121,596.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	18,060,833
Gross Unrealized Depreciation		(783,565	)
Net Unrealized Appreciation	$	17,277,268

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

Principal Amount†			Value

CORPORATE BONDS/NOTES: 28.5%
		Basic Materials: 2.4%
2,564,000	#	Anglo American Capital PLC, 2.625%, 09/27/17	$	2,605,942	0.2
2,000,000		ArcelorMittal, 6.000%, 03/01/21		2,142,500	0.1
982,000	L	Barrick Gold Corp., 2.500%, 05/01/18		979,373	0.1
1,373,000		Barrick Gold Corp., 4.100%, 05/01/23		1,305,080	0.1
1,484,000		BHP Billiton Finance USA Ltd, 5.000%, 09/30/43		1,576,539	0.1
1,531,000		CF Industries, Inc., 5.375%, 03/15/44		1,602,221	0.1
1,660,000		Chemtura Corp., 5.750%, 07/15/21		1,730,550	0.1
1,500,000	#	EuroChem Mineral & Chemical Co. OJSC via EuroChem GI Ltd., 5.125%, 12/12/17		1,466,250	0.1
2,110,000	#, L	FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22		2,281,437	0.1
1,649,000		Freeport-McMoRan Copper & Gold, Inc., 2.375%, 03/15/18		1,646,213	0.1
1,334,000	#	Georgia-Pacific LLC, 3.734%, 07/15/23		1,327,361	0.1
1,126,000		Goldcorp, Inc., 3.700%, 03/15/23		1,063,588	0.1
2,010,000		Huntsman International LLC, 4.875%, 11/15/20		2,032,612	0.1
2,921,000	#	Kinross Gold Corp., 5.950%, 03/15/24		2,932,179	0.2
1,378,000		LYB International Finance BV, 4.000%, 07/15/23		1,408,257	0.1
1,770,000	#	Mexichem SAB de CV, 4.875%, 09/19/22		1,774,425	0.1
3,150,000		MMC Norilsk Nickel OJSC via MMC Finance Ltd., 5.550%, 10/28/20		3,110,625	0.2
1,655,000	#	NOVA Chemicals Corp., 5.250%, 08/01/23		1,777,056	0.1
1,300,000		Rio Tinto Finance USA PLC, 2.250%, 12/14/18		1,301,715	0.1
880,000	#	Samarco Mineracao SA, 5.750%, 10/24/23		887,700	0.0
1,028,000		Vale Overseas Ltd., 4.625%, 09/15/20		1,073,778	0.1
2,017,000	#	Xstrata Finance Canada Ltd., 4.250%, 10/25/22		1,970,583	0.1
778,000	#	Xstrata Finance Canada Ltd., 4.950%, 11/15/21		805,526	0.0
				38,801,510	2.4

		Communications: 4.0%
2,257,000		AT&T, Inc., 3.900%, 03/11/24		2,255,553	0.1
1,043,000		AT&T, Inc., 5.350%, 09/01/40		1,069,670	0.1
740,000		Cablevision Systems Corp., 8.625%, 09/15/17		880,600	0.1
1,025,000		CC Holdings GS V LLC / Crown Castle GS III Corp., 2.381%, 12/15/17		1,026,157	0.1
2,110,000		CCO Holdings LLC / CCO Holdings Capital Corp., 5.250%, 09/30/22		2,091,538	0.1
920,000		CenturyLink, Inc., 6.750%, 12/01/23		980,950	0.1
1,538,000		Comcast Corp., 4.750%, 03/01/44		1,567,380	0.1
772,000	#	COX Communications, Inc., 4.500%, 06/30/43		675,373	0.0
670,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.800%, 03/15/22		664,200	0.0
1,500,000		DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.150%, 03/15/42		1,423,187	0.1
510,000		DISH DBS Corp., 4.250%, 04/01/18		533,588	0.0
1,500,000		DISH DBS Corp., 5.875%, 07/15/22		1,605,000	0.1
2,391,000		eBay, Inc., 4.000%, 07/15/42		2,123,261	0.1
1,740,000	#	Gannett Co., Inc., 6.375%, 10/15/23		1,850,925	0.1
1,025,000		Mediacom LLC / Mediacom Capital Corp., 7.250%, 02/15/22		1,122,375	0.1
699,000		Motorola Solutions, Inc., 3.500%, 03/01/23		669,575	0.0
671,000		Motorola Solutions, Inc., 3.750%, 05/15/22		663,685	0.0
1,547,000		21st Century Fox America, Inc., 3.000%, 09/15/22		1,488,890	0.1
770,000	#	Sable International Finance Ltd., 8.750%, 02/01/20		872,025	0.1
2,640,000	#	Sirius XM Radio, Inc., 5.875%, 10/01/20		2,785,200	0.2
2,110,000	#	Softbank Corp., 4.500%, 04/15/20		2,110,000	0.1
2,600,000	#	Telefonica Chile SA, 3.875%, 10/12/22		2,477,301	0.2
625,000		Telefonica Emisiones SAU, 3.192%, 04/27/18		641,498	0.0
1,428,000		Telefonica Emisiones SAU, 3.992%, 02/16/16		1,498,859	0.1
1,245,000		Thomson Reuters Corp., 4.300%, 11/23/23		1,277,829	0.1
1,371,000		Thomson Reuters Corp., 5.650%, 11/23/43		1,454,787	0.1
2,833,000		Time Warner Cable, Inc., 5.875%, 11/15/40		3,080,420	0.2
2,812,000	L	Time Warner, Inc., 4.050%, 12/15/23		2,892,044	0.2
1,881,000		Time Warner, Inc., 5.350%, 12/15/43		2,012,258	0.1
1,251,000		Time Warner, Inc., 6.500%, 11/15/36		1,487,954	0.1
1,000,000	L	T-Mobile USA, Inc., 5.250%, 09/01/18		1,061,250	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Communications: (continued)
575,000		T-Mobile USA, Inc., 6.250%, 04/01/21	$	610,219	0.0
1,435,000		T-Mobile USA, Inc., 6.625%, 04/01/23		1,528,275	0.1
2,089,000		Verizon Communications, Inc., 4.150%, 03/15/24		2,126,936	0.1
1,664,000		Verizon Communications, Inc., 5.050%, 03/15/34		1,712,439	0.1
4,814,000		Verizon Communications, Inc., 5.150%, 09/15/23		5,278,724	0.3
2,155,000		Verizon Communications, Inc., 6.550%, 09/15/43		2,631,979	0.2
2,551,000		Viacom, Inc., 4.250%, 09/01/23		2,629,647	0.2
1,200,000		Viacom, Inc., 4.375%, 03/15/43		1,070,568	0.1
571,000		Vodafone Group PLC, 2.950%, 02/19/23		536,449	0.0
				64,468,568	4.0

		Consumer, Cyclical: 1.8%
1,375,000	#	Carlson Wagonlit BV, 6.875%, 06/15/19		1,474,687	0.1
2,010,000		Chrysler Group LLC/CG Co-Issuer, Inc., 8.250%, 06/15/21		2,283,862	0.2
2,050,000	#	DreamWorks Animation SKG, Inc., 6.875%, 08/15/20		2,229,375	0.1
1,466,000		Ford Motor Co., 4.750%, 01/15/43		1,423,121	0.1
2,623,000		Kohl’s Corp., 4.750%, 12/15/23		2,726,729	0.2
900,000		Lennar Corp., 4.750%, 12/15/17		958,500	0.1
2,292,000		MDC Holdings, Inc., 6.000%, 01/15/43		2,028,420	0.1
1,945,000	#	PNK Finance Corp., 6.375%, 08/01/21		2,032,525	0.1
335,000		Ryland Group, Inc./The, 6.625%, 05/01/20		365,987	0.0
1,680,000	#, &	Schaeffler Holding Finance BV, 6.875%, 08/15/18		1,795,500	0.1
269,000		Suburban Propane Partners L.P./Suburban Energy Finance Corp., 7.375%, 08/01/21		297,918	0.0
863,000		Toll Brothers Finance Corp., 6.750%, 11/01/19		983,820	0.1
1,210,000	#	TRW Automotive, Inc., 4.450%, 12/01/23		1,219,075	0.1
1,516,000		Walgreen Co., 4.400%, 09/15/42		1,426,644	0.1
2,088,000		Whirlpool Corp., 4.000%, 03/01/24		2,098,530	0.1
1,768,000		Yum! Brands, Inc., 3.875%, 11/01/23		1,759,201	0.1
3,182,000		Yum! Brands, Inc., 5.350%, 11/01/43		3,336,022	0.2
				28,439,916	1.8

		Consumer, Non-cyclical: 2.7%
1,165,000		Altria Group, Inc., 4.000%, 01/31/24		1,169,736	0.1
1,773,000		Altria Group, Inc., 5.375%, 01/31/44		1,860,508	0.1
785,000		Amgen, Inc., 3.875%, 11/15/21		820,185	0.0
366,000		Amgen, Inc., 5.150%, 11/15/41		378,451	0.0
3,251,000		Celgene Corp., 3.250%, 08/15/22		3,174,491	0.2
319,000		Constellation Brands, Inc., 7.250%, 05/15/17		371,635	0.0
1,140,000	#	ERAC USA Finance LLC, 2.800%, 11/01/18		1,162,133	0.1
1,420,000	#	Hawk Acquisition Sub, Inc., 4.250%, 10/15/20		1,400,475	0.1
600,000		HCA Holdings, Inc., 7.750%, 05/15/21		663,000	0.0
1,395,000		HCA, Inc., 7.250%, 09/15/20		1,511,831	0.1
804,000		Healthsouth Corp., 7.250%, 10/01/18		854,250	0.1
1,153,000		Humana, Inc., 3.150%, 12/01/22		1,099,112	0.1
600,000	#	KazAgro National Management Holding JSC, 4.625%, 05/24/23		558,000	0.0
2,098,000		McKesson Corp., 3.796%, 03/15/24		2,104,590	0.1
464,000		Medtronic, Inc., 2.750%, 04/01/23		439,841	0.0
1,155,000		Medtronic, Inc., 3.625%, 03/15/24		1,162,270	0.1
3,433,000		Mondelez International, Inc., 4.000%, 02/01/24		3,491,025	0.2
1,657,000		Reynolds American, Inc., 4.850%, 09/15/23		1,739,263	0.1
2,000,000		Reynolds Group Issuer, Inc., 5.750%, 10/15/20		2,105,000	0.1
1,434,000		St Jude Medical, Inc., 3.250%, 04/15/23		1,393,677	0.1
1,320,000		St Jude Medical, Inc., 4.750%, 04/15/43		1,325,933	0.1
1,960,000	#	Tenet Healthcare Corp., 6.000%, 10/01/20		2,100,875	0.1
915,000	#	Valeant Pharmaceuticals International, 7.250%, 07/15/22		1,015,650	0.1
1,000,000	#	VPI Escrow Corp., 6.375%, 10/15/20		1,085,000	0.1
2,171,000		WellPoint, Inc., 4.625%, 05/15/42		2,102,490	0.1
1,753,000	#	WM Wrigley Jr Co., 2.400%, 10/21/18		1,760,410	0.1
2,464,000	#	WM Wrigley Jr Co., 2.900%, 10/21/19		2,490,158	0.2
1,146,000	#	WM Wrigley Jr Co., 3.375%, 10/21/20		1,159,110	0.1
1,267,000		Zoetis, Inc., 1.875%, 02/01/18		1,259,792	0.1
1,774,000		Zoetis, Inc., 3.250%, 02/01/23		1,714,601	0.1
636,000		Zoetis, Inc., 4.700%, 02/01/43		631,880	0.0
				44,105,372	2.7

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Diversified: 0.1%
1,700,000	#	Hutchison Whampoa International 12 Ltd., 6.000%, 05/29/49	$	1,836,000	0.1

		Energy: 3.9%
825,000	L	Alpha Natural Resources, Inc., 6.250%, 06/01/21		624,937	0.0
200,000	L	Alpha Natural Resources, Inc., 6.000%, 06/01/19		154,500	0.0
870,000		Anadarko Petroleum Corp., 6.375%, 09/15/17		996,941	0.1
870,000	#	Antero Resources Finance Corp., 5.375%, 11/01/21		883,594	0.1
2,441,000		BP Capital Markets PLC, 2.750%, 05/10/23		2,294,264	0.1
1,980,000		Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.375%, 05/01/19		2,257,200	0.1
2,551,000		Cenovus Energy, Inc., 3.800%, 09/15/23		2,547,431	0.2
1,300,000		Chesapeake Energy Corp., 6.125%, 02/15/21		1,423,500	0.1
375,000		Chesapeake Energy Corp., 6.625%, 08/15/20		422,813	0.0
2,172,000		Diamond Offshore Drilling, Inc., 3.450%, 11/01/23		2,115,222	0.1
1,467,000	#	Dolphin Energy Ltd., 5.500%, 12/15/21		1,659,544	0.1
1,523,000		Enbridge Energy Partners, 9.875%, 03/01/19		1,997,763	0.1
1,770,000		Enbridge, Inc., 4.000%, 10/01/23		1,777,285	0.1
1,070,000		Energy Transfer Equity L.P., 7.500%, 10/15/20		1,229,163	0.1
1,217,000		Energy Transfer Partners L.P., 4.650%, 06/01/21		1,281,456	0.1
2,074,000		Energy Transfer Partners L.P., 6.050%, 06/01/41		2,255,037	0.1
1,244,000		Energy Transfer Partners L.P., 9.700%, 03/15/19		1,609,437	0.1
1,810,000		FMC Technologies, Inc., 3.450%, 10/01/22		1,732,901	0.1
600,000		Gazprom OAO Via Gaz Capital SA, 4.950%, 02/06/28		517,500	0.0
1,250,000	L	Gazprom OAO Via Gaz Capital SA, 6.212%, 11/22/16		1,331,250	0.1
2,300,000		Gazprom OAO Via Gaz Capital SA, 6.510%, 03/07/22		2,380,500	0.2
2,900,000		Gazprom OAO Via Gaz Capital SA, 7.288%, 08/16/37		3,001,500	0.2
1,800,000	±, X	Greater Ohio Ethanol, LLC, 6.301%, 12/31/13		—	—
600,000	#	KazMunayGas National Co. JSC, 4.400%, 04/30/23		567,000	0.0
3,200,000	#	Lukoil International Finance BV, 3.416%, 04/24/18		3,120,800	0.2
800,000		Lukoil International Finance BV, 4.563%, 04/24/23		734,000	0.1
400,000		Lukoil International Finance BV, 6.125%, 11/09/20		416,000	0.0
2,254,000		Marathon Petroleum Corp., 6.500%, 03/01/41		2,738,599	0.2
650,000		ONEOK Partners L.P., 2.000%, 10/01/17		653,537	0.0
663,000		ONEOK Partners L.P., 3.375%, 10/01/22		640,479	0.0
1,500,000		Pertamina Persero PT, 5.625%, 05/20/43		1,276,875	0.1
2,332,000		Petrobras Global Finance BV, 4.375%, 05/20/23		2,139,943	0.1
448,000		Petrobras International Finance Co. — Pifco, 3.500%, 02/06/17		454,025	0.0
1,443,000		Phillips 66, 2.950%, 05/01/17		1,506,649	0.1
830,000		Plains Exploration & Production Co., 8.625%, 10/15/19		905,738	0.1
1,220,000		Rowan Cos, Inc., 5.850%, 01/15/44		1,243,853	0.1
2,050,000		SandRidge Energy, Inc., 7.500%, 03/15/21		2,198,625	0.1
790,000		Transcontinental Gas Pipe Line Corp., 6.400%, 04/15/16		871,409	0.1
2,600,000		Transocean, Inc., 2.500%, 10/15/17		2,619,435	0.2
1,070,000		Transocean, Inc., 3.800%, 10/15/22		1,024,900	0.1
2,042,000		Weatherford International Ltd., 5.950%, 04/15/42		2,207,831	0.1
969,000		Weatherford International Ltd., 6.750%, 09/15/40		1,132,072	0.1
1,782,000		Williams Partners L.P., 4.500%, 11/15/23		1,827,047	0.1
				62,772,555	3.9

		Financial: 10.1%
3,513,600	L	Aegon NV, 3.039%, 07/29/49		3,163,347	0.2
1,636,000		American International Group, Inc., 3.375%, 08/15/20		1,673,190	0.1
1,050,000		American International Group, Inc., 5.850%, 01/16/18		1,201,205	0.1
1,257,000		American International Group, Inc., 8.175%, 05/15/68		1,657,669	0.1
1,100,000		Air Lease Corp., 3.875%, 04/01/21		1,105,500	0.1
2,894,000		American Tower Corp., 3.400%, 02/15/19		2,969,774	0.2
1,410,000		American Tower Corp., 4.500%, 01/15/18		1,522,274	0.1
2,199,000		Arch Capital Group US, Inc., 5.144%, 11/01/43		2,324,627	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
2,425,000	#, L	Australia & New Zealand Banking Group Ltd., 4.500%, 03/19/24	$	2,423,497	0.1
1,531,000		AXIS Specialty Finance PLC, 2.650%, 04/01/19		1,530,977	0.1
400,000	#	Banco de Reservas de LA Republica Dominicana, 7.000%, 02/01/23		378,500	0.0
1,973,000		Bank of America Corp., 4.125%, 01/22/24		1,999,527	0.1
1,576,000		Bank of America Corp., 4.100%, 07/24/23		1,601,865	0.1
1,725,000		Bank of America Corp., 4.000%, 04/01/24		1,726,749	0.1
3,551,000		Bank of America Corp., 5.000%, 01/21/44		3,639,310	0.2
1,314,000		Bank of America Corp., 8.000%, 12/29/49		1,495,353	0.1
1,996,000		Barclays Bank PLC, 7.625%, 11/21/22		2,205,580	0.1
1,611,000		BioMed Realty L.P., 4.250%, 07/15/22		1,600,074	0.1
1,333,000		BPCE SA, 2.500%, 12/10/18		1,341,214	0.1
1,034,000	#	BPCE SA, 5.150%, 07/21/24		1,030,848	0.1
2,388,000	#	BPCE SA, 5.700%, 10/22/23		2,487,078	0.2
700,000	#	Caixa Economica Federal, 4.500%, 10/03/18		714,000	0.0
1,682,000		Citigroup, Inc., 3.500%, 05/15/23		1,590,154	0.1
1,740,000		Citigroup, Inc., 5.500%, 09/13/25		1,857,695	0.1
489,000		Citigroup, Inc., 5.875%, 01/30/42		563,333	0.0
1,603,000		Citigroup, Inc., 5.900%, 12/29/49		1,576,578	0.1
783,000		Citigroup, Inc., 6.675%, 09/13/43		920,108	0.1
2,961,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 5.750%, 12/01/43		3,243,260	0.2
1,660,000	#	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 11.000%, 12/29/49		2,207,800	0.1
1,455,000	#, L	Credit Agricole SA, 7.875%, 01/29/49		1,538,663	0.1
4,386,000	#	Credit Suisse AG, 6.500%, 08/08/23		4,824,600	0.3
1,730,000	#	Credit Suisse Group AG, 7.500%, 12/29/49		1,881,392	0.1
2,881,000		Deutsche Bank AG, 4.296%, 05/24/28		2,720,018	0.2
805,000		Discover Financial Services, 3.850%, 11/21/22		791,750	0.0
367,000		Discover Financial Services, 6.450%, 06/12/17		417,563	0.0
1,383,000		Discover Bank/Greenwood DE, 4.250%, 03/13/26		1,389,727	0.1
1,284,000		Discover Bank/Greenwood DE, 2.000%, 02/21/18		1,279,702	0.1
1,577,000		Duke Realty L.P., 3.875%, 02/15/21		1,582,554	0.1
1,260,000		ERP Operating L.P., 3.000%, 04/15/23		1,192,081	0.1
1,840,000		Equity One, Inc., 3.750%, 11/15/22		1,775,736	0.1
1,995,000	#	Five Corners Funding Trust, 4.419%, 11/15/23		2,048,674	0.1
561,000		Ford Motor Co., 3.000%, 06/12/17		583,227	0.0
1,065,000		Ford Motor Credit Co. LLC, 8.125%, 01/15/20		1,344,992	0.1
1,828,000		General Electric Capital Corp., 5.300%, 02/11/21		2,059,247	0.1
1,200,000		General Electric Capital Corp., 6.250%, 12/15/49		1,289,489	0.1
1,700,000		General Electric Capital Corp., 7.125%, 12/15/49		1,941,069	0.1
1,590,000		Genworth Holdings, Inc., 4.800%, 02/15/24		1,657,515	0.1
1,964,000		Genworth Holdings, Inc., 4.900%, 08/15/23		2,063,626	0.1
2,048,000		Goldman Sachs Group, Inc., 2.900%, 07/19/18		2,091,192	0.1
2,898,000		Goldman Sachs Group, Inc., 3.625%, 01/22/23		2,856,489	0.2
2,626,000		Goldman Sachs Group, Inc., 4.000%, 03/03/24		2,620,057	0.2
998,000		Goldman Sachs Group, Inc., 6.750%, 10/01/37		1,146,803	0.1
593,000		Hartford Financial Services Group, Inc., 6.625%, 03/30/40		752,637	0.0
930,000		Hartford Financial Services Group, Inc., 8.125%, 06/15/38		1,096,238	0.1
1,763,000	#	HBOS PLC, 6.750%, 05/21/18		2,001,504	0.1
1,815,000		HSBC Holdings PLC, 4.250%, 03/14/24		1,821,162	0.1
1,670,000		HSBC Holdings PLC, 5.250%, 03/14/44		1,695,022	0.1
3,121,000		Huntington Bancshares, Inc./OH, 2.600%, 08/02/18		3,146,046	0.2
2,100,000	#	ICICI Bank Ltd./Dubai, 4.700%, 02/21/18		2,186,268	0.1
1,037,000	#	International Lease Finance Corp., 7.125%, 09/01/18		1,210,698	0.1
1,500,000		Intesa Sanpaolo SpA, 2.375%, 01/13/17		1,506,267	0.1
2,755,000		Intesa Sanpaolo SpA, 3.875%, 01/15/19		2,806,119	0.2
1,728,000		Intesa Sanpaolo SpA, 5.250%, 01/12/24		1,778,791	0.1
559,000	#	IPIC GMTN Ltd., 3.750%, 03/01/17		598,130	0.0
800,000	#	IPIC GMTN Ltd., 5.500%, 03/01/22		907,000	0.1
326,000		Itau Unibanco Holding SA/Cayman Island, 5.750%, 01/22/21		340,670	0.0
2,780,000		JPMorgan Chase & Co., 3.375%, 05/01/23		2,637,041	0.2

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
1,643,000		JPMorgan Chase & Co., 6.000%, 12/29/49	$	1,626,570	0.1
1,202,000		JPMorgan Chase & Co., 6.125%, 12/29/49		1,188,173	0.1
1,318,000		Kilroy Realty L.P., 3.800%, 01/15/23		1,287,349	0.1
1,705,000		Kimco Realty Corp., 3.125%, 06/01/23		1,598,001	0.1
3,294,000		MetLife, Inc., 4.875%, 11/13/43		3,433,511	0.2
1,921,000	#	Mizuho Financial Group Cayman 3 Ltd., 4.600%, 03/27/24		1,933,596	0.1
1,353,000		Morgan Stanley, 2.125%, 04/25/18		1,351,686	0.1
2,603,000		Morgan Stanley, 4.100%, 05/22/23		2,581,832	0.2
2,228,000		Morgan Stanley, 5.000%, 11/24/25		2,297,854	0.1
435,000		MPT Operating Partnership L.P./MPT Finance Corp., 6.375%, 02/15/22		467,625	0.0
DKK 10	X	Nordea Kredit Realkreditaktieselskab, 6.000%, 07/01/29		—	—
868,000		PNC Bank NA, 4.200%, 11/01/25		892,125	0.1
1,210,000		ProLogis L.P., 4.250%, 08/15/23		1,233,140	0.1
1,147,000	#	RBS Citizens Financial Group, Inc., 4.150%, 09/28/22		1,135,063	0.1
506,000		Regions Bank/Birmingham AL, 6.450%, 06/26/37		555,590	0.0
1,415,000		Royal Bank of Scotland Group PLC, 6.000%, 12/19/23		1,454,405	0.1
1,599,000		Royal Bank of Scotland Group PLC, 6.100%, 06/10/23		1,662,920	0.1
923,000		SLM Corp., 4.625%, 09/25/17		972,611	0.1
1,594,000		SLM Corp., 4.875%, 06/17/19		1,626,192	0.1
1,273,000		SLM Corp., 5.500%, 01/15/19		1,351,348	0.1
755,000		SLM Corp., 6.000%, 01/25/17		825,781	0.1
2,468,000	#	Societe Generale SA, 5.000%, 01/17/24		2,464,493	0.2
2,690,000	#, L	Societe Generale SA, 7.875%, 12/29/49		2,798,273	0.2
2,212,000	#	Standard Chartered PLC, 5.700%, 03/26/44		2,195,410	0.1
1,470,000		UBS AG/Stamford CT, 7.625%, 08/17/22		1,727,085	0.1
4,638,000		Wells Fargo & Co., 5.375%, 11/02/43		4,904,138	0.3
1,657,000		Weyerhaeuser Co., 4.625%, 09/15/23		1,731,484	0.1
				162,627,100	10.1

		Industrial: 0.6%
250,000	#	Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc., 7.375%, 10/15/17		266,875	0.0
1,230,000		BE Aerospace, Inc., 6.875%, 10/01/20		1,356,075	0.1
1,175,000		Case New Holland, Inc., 7.875%, 12/01/17		1,383,563	0.1
1,076,000		Eaton Corp., 2.750%, 11/02/22		1,020,640	0.0
1,438,000		FedEx Corp., 5.100%, 01/15/44		1,496,289	0.1
1,879,000	#	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		1,922,390	0.1
1,163,000		Jabil Circuit, Inc., 7.750%, 07/15/16		1,325,820	0.1
1,505,000		Thermo Fisher Scientific, Inc., 2.400%, 02/01/19		1,500,852	0.1
				10,272,504	0.6

		Technology: 1.2%
1,967,000		EMC Corp./MA, 3.375%, 06/01/23		1,943,618	0.1
2,458,000		Fidelity National Information Services, Inc., 3.500%, 04/15/23		2,340,849	0.2
825,000		Hewlett-Packard Co., 2.600%, 09/15/17		850,937	0.1
1,418,000		Hewlett-Packard Co., 2.750%, 01/14/19		1,429,387	0.1
2,673,000		Hewlett-Packard Co., 3.000%, 09/15/16		2,792,702	0.2
625,000		Hewlett-Packard Co., 5.400%, 03/01/17		694,765	0.0
3,445,000		International Business Machines Corp., 3.625%, 02/12/24		3,481,231	0.2
3,165,000		Oracle Corp., 3.625%, 07/15/23		3,211,687	0.2
111,000		Seagate Technology HDD Holdings, 6.800%, 10/01/16		125,430	0.0
2,140,000		Xerox Corp., 2.750%, 03/15/19		2,144,916	0.1
				19,015,522	1.2

		Utilities: 1.7%
105,000		AES Corp., 8.000%, 10/15/17		124,556	0.0
1,191,000		Ameren Corp., 8.875%, 05/15/14		1,202,229	0.1
771,000		American Electric Power Co., Inc., 1.650%, 12/15/17		766,913	0.0
2,000,000	#	Calpine Corp., 6.000%, 01/15/22		2,110,000	0.1
566,000		CenterPoint Energy Houston Electric LLC, 3.550%, 08/01/42		498,437	0.0
1,760,000		Duke Energy Corp., 2.100%, 06/15/18		1,767,746	0.1
1,406,000		Duke Energy Corp., 3.950%, 10/15/23		1,444,531	0.1
612,000	#	Duquesne Light Holdings, Inc., 5.900%, 12/01/21		696,801	0.0
1,249,000	#	Duquesne Light Holdings, Inc., 6.400%, 09/15/20		1,456,491	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Utilities: (continued)
873,000	#	Empresa de Energia de Bogota SA, 6.125%, 11/10/21	$	938,475	0.1
782,000		Entergy Texas, Inc., 7.125%, 02/01/19		922,082	0.1
1,019,000		FirstEnergy Corp., 2.750%, 03/15/18		1,017,101	0.1
1,519,000		FirstEnergy Corp., 4.250%, 03/15/23		1,476,242	0.1
48,786	#	Juniper Generation, LLC, 6.790%, 12/31/14		47,565	0.0
618,000		Metropolitan Edison, 7.700%, 01/15/19		743,436	0.0
709,000		Nevada Power Co., 7.125%, 03/15/19		868,179	0.1
1,093,000		NextEra Energy Capital Holdings, Inc., 2.700%, 09/15/19		1,090,241	0.1
1,192,000		NextEra Energy Capital Holdings, Inc., 3.625%, 06/15/23		1,155,360	0.1
521,000		Nisource Finance Corp., 5.950%, 06/15/41		580,978	0.0
645,000		Nisource Finance Corp., 6.125%, 03/01/22		744,347	0.0
701,000		Oncor Electric Delivery Co. LLC, 4.100%, 06/01/22		735,813	0.0
980,000		Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		1,157,188	0.1
1,172,000		PPL Capital Funding, Inc., 3.400%, 06/01/23		1,136,189	0.1
2,173,000		PSEG Power LLC, 2.450%, 11/15/18		2,176,751	0.1
1,169,000		Southwestern Electric Power, 5.550%, 01/15/17		1,285,829	0.1
1,030,000		TransAlta Corp., 4.500%, 11/15/22		1,015,668	0.1
				27,159,148	1.7

		Total Corporate Bonds/Notes (Cost $448,406,640)		459,498,195	28.5

COLLATERALIZED MORTGAGE OBLIGATIONS: 15.2%
1,039,000	#	American General Mortgage Loan Trust, 5.650%, 03/25/58		1,075,385	0.1
900,000	#	Arkle Master Issuer PLC, 1.936%, 05/17/60		912,299	0.1
2,220,000		Banc of America Commercial Mortgage Trust 2007-3, 5.598%, 06/10/49		2,272,803	0.1
1,018,198	#	Banc of America Funding Corp., 5.250%, 08/26/35		1,057,859	0.1
4,557,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.147%, 07/10/45		4,404,227	0.3
1,030,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.182%, 09/10/47		1,069,612	0.1
860,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.182%, 09/10/47		903,509	0.1
1,100,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.182%, 09/10/47		1,113,547	0.1
1,900,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.182%, 09/10/47		2,003,090	0.1
860,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.339%, 07/10/43		887,763	0.1
480,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.390%, 03/11/41		488,457	0.0
1,271,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.390%, 03/11/41		1,265,300	0.1
1,710,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 6.038%, 11/10/38		1,797,319	0.1
1,007,309		Banc of America Mortgage 2005-J Trust, 2.756%, 11/25/35		947,640	0.1
4,306,678		BCAP LLC Trust 2007-AA2, 0.364%, 05/25/47		3,047,797	0.2
413,277		Bear Stearns Alternative-A Trust, 0.794%, 07/25/34		395,348	0.0
1,623,803		Bear Stearns ARM Trust 2006-2, 2.709%, 07/25/36		1,340,667	0.1
2,180,000	#	Bear Stearns Commercial Mortgage Securities Trust 2004-PWR4, 5.859%, 06/11/41		2,211,113	0.1
2,080,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.138%, 10/12/42		2,030,717	0.1
2,050,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, 5.138%, 10/12/42		2,094,774	0.1
1,200,000		Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38		1,197,818	0.1
1,150,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22, 5.576%, 04/12/38		1,009,858	0.1
1,013,000	#	Bear Stearns Commercial Mortgage Securities Trust 2006-TOP22, 5.576%, 04/12/38		1,075,655	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
256,649		Bear Stearns Commercial Mortgage Securities, 6.500%, 02/15/32	$	250,519	0.0
2,804,313	#	Beckman Coulter, Inc., 7.498%, 12/15/18		3,012,113	0.2
1,540,000	#	Citigroup Commercial Mortgage Trust 2004-C1, 5.406%, 04/15/40		1,558,449	0.1
7,601,152	#, ˆ	Citigroup Commercial Mortgage Trust, 2.234%, 09/10/45		853,673	0.1
5,519,593		Citigroup Mortgage Loan Trust 2006-AR9, 5.607%, 11/25/36		4,818,152	0.3
2,811,000	#	Citigroup Mortgage Loan Trust 2010-7, 6.253%, 12/25/35		2,742,865	0.2
1,894,199		Citigroup Mortgage Loan Trust, Inc., 2.895%, 09/25/37		1,584,496	0.1
5,136,000	#	COMM 2007-C9 Mortgage Trust, 0.840%, 12/10/49		4,662,451	0.3
1,140,000		COMM 2007-C9 Mortgage Trust, 5.799%, 12/10/49		1,191,010	0.1
29,389,750	ˆ	COMM 2013-CCRE12 Mortgage Trust, 1.437%, 10/10/46		2,663,631	0.2
2,760,000		COMM Mortgage Trust, 5.316%, 06/10/44		2,768,720	0.2
27,260,000	#, ˆ	Commercial Mortgage Trust, 0.598%, 10/15/45		1,252,834	0.1
32,169,197	ˆ	Commercial Mortgage Trust, 1.466%, 08/10/46		2,566,179	0.2
8,485,971	ˆ	Commercial Mortgage Trust, 1.794%, 01/10/46		793,320	0.0
3,559,093	ˆ	Commercial Mortgage Trust, 1.922%, 12/10/45		367,451	0.0
4,981,178	ˆ	Commercial Mortgage Trust, 1.934%, 08/15/45		536,966	0.0
6,819,224	ˆ	Commercial Mortgage Trust, 2.224%, 05/15/45		794,922	0.0
1,280,000		Commercial Mortgage Trust, 5.216%, 07/15/44		1,327,047	0.1
159,854	#	Commercial Mortgage Trust, 5.234%, 01/05/36		159,731	0.0
1,470,000		Commercial Mortgage Trust, 5.799%, 12/10/49		1,465,802	0.1
1,330,000		Commercial Mortgage Trust, 6.116%, 11/15/44		1,381,189	0.1
2,900,674		Countrywide Alternative Loan Trust, 0.274%, 06/25/36		2,433,276	0.1
2,031,451		Countrywide Alternative Loan Trust, 5.500%, 12/25/35		1,832,467	0.1
2,220,000	#	Credit Suisse Commercial Mortgage Trust Series 2008-C1, 5.978%, 02/15/41		2,298,302	0.1
3,830,000		Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 04/15/37		3,868,560	0.2
198,763	#	Credit Suisse First Boston Mortgage Securities Corp., 5.322%, 08/15/36		199,311	0.0
1,920,609	#	Credit Suisse First Boston Mortgage Securities Corp., 5.577%, 04/12/49		1,952,589	0.1
442,500		Credit Suisse First Boston Mortgage Securities Corp., 5.736%, 05/15/36		484,068	0.0
900,000	#	Credit Suisse First Boston Mortgage Securities Corp., 6.135%, 05/15/36		979,069	0.1
1,586,224		Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.274%, 08/25/36		1,204,276	0.1
2,227,857		Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 0.344%, 10/25/36		1,298,446	0.1
886,648	ˆ	Fannie Mae, 3.000%, 05/25/43		123,433	0.0
4,344,132	ˆ	Fannie Mae, 3.000%, 08/25/28		449,365	0.0
15,506,545	ˆ	Fannie Mae, 5.796%, 10/25/39		2,233,980	0.1
1,744,327		First Horizon Alternative Mortgage Securities Trust 2006-FA8, 6.000%, 02/25/37		1,490,477	0.1
1,712,495		First Horizon Alternative Mortgage Securities, 0.454%, 12/25/36		1,053,061	0.1
1,437,353		First Horizon Alternative Mortgage Securities, 6.000%, 02/25/37		1,228,177	0.1
1,712,495	ˆ	First Horizon Alternative Mortgage Securities, 6.546%, 12/25/36		350,866	0.0
500,000	#	Fosse Master Issuer PLC, 1.736%, 10/18/54		516,357	0.0
1,045,525	#	Fosse Master PLC, 1.636%, 10/18/54		1,058,066	0.1
2,965,000		GCCFC Commercial Mortgage Trust, 5.221%, 04/10/37		2,983,513	0.2
2,605,000		GCCFC Commercial Mortgage Trust, 6.025%, 12/10/49		2,636,554	0.2
1,050,000	#	GE Capital Commercial Mortgage Series 2005-C2, 5.288%, 05/10/43		692,537	0.0
760,000	#	GMAC Commercial Mortgage Securities, Inc. Series 2003-C1 Trust, 5.000%, 05/10/36		760,919	0.0
930,822	#	Gracechurch Mortgage Financing PLC, 1.785%, 11/20/56		940,773	0.1
3,050,000		Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39		3,287,016	0.2
771,000		GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.987%, 08/10/38		770,877	0.0
46,651,116	ˆ	GS Mortgage Securities Corp. II, 1.565%, 11/10/46		4,017,911	0.2

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
8,709,201	ˆ	GS Mortgage Securities Corp. II, 2.383%, 11/10/45	$	1,126,323	0.1
10,236,092	ˆ	GS Mortgage Securities Corp. II, 2.588%, 05/10/45		1,277,609	0.1
1,300,000	#	GS Mortgage Securities Trust 2011-GC3, 5.544%, 03/10/44		1,340,026	0.1
19,227		GSR Mortgage Loan Trust, 0.654%, 06/25/35		18,640	0.0
1,433,018		GSR Mortgage Loan Trust, 5.500%, 05/25/36		1,356,588	0.1
879,577		GSR Mortgage Loan Trust, 6.000%, 01/25/37		827,303	0.0
2,146,266	#	Holmes Master Issuer PLC, 1.789%, 10/15/54		2,163,438	0.1
574,497		Homebanc Mortgage Trust, 1.014%, 08/25/29		543,659	0.0
824,543		JP Morgan Alternative Loan Trust, 5.500%, 12/25/35		710,138	0.0
1,540,000	#	JP Morgan Chase Com Mort Sec Corp. Ps Thr Certs Ser 2003-LN1, 5.458%, 10/15/37		1,535,342	0.1
630,000	#	JP Morgan Chase Commercial Mortgage Securities Corp. Commercial Mortgage Pass-Thr, 5.603%, 05/15/41		605,019	0.0
15,265,000	#, ˆ	JP Morgan Chase Commercial Mortgage Securities Corp., 0.360%, 12/15/47		404,881	0.0
43,497,827	ˆ	JP Morgan Chase Commercial Mortgage Securities Corp., 0.675%, 01/15/46		1,204,081	0.1
2,560,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 0.935%, 04/15/30		2,543,996	0.2
1,610,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 1.555%, 10/15/30		1,612,411	0.1
13,102,589	ˆ	JP Morgan Chase Commercial Mortgage Securities Corp., 1.941%, 12/15/47		1,335,653	0.1
50,410,476	ˆ	JP Morgan Chase Commercial Mortgage Securities Corp., 2.003%, 06/16/45		4,809,946	0.3
1,430,000	#	JP Morgan Chase Commercial Mortgage Securities Trust 2003-PM1, 5.549%, 08/12/40		1,476,218	0.1
1,300,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9, 5.723%, 06/12/41		1,112,127	0.1
1,940,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1, 0.355%, 03/15/46		1,923,980	0.1
2,880,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, 5.129%, 10/15/42		2,679,826	0.2
68,721		JP Morgan Commercial Mortgage Finance Corp., 8.447%, 08/15/32		69,688	0.0
4,523,864	#	Lanark Master Issuer PLC, 1.636%, 12/22/54		4,595,749	0.3
830,000		LB-UBS Commercial Mortgage Trust 2000-C4, 8.150%, 07/15/32		859,027	0.1
2,140,000	#	LB-UBS Commercial Mortgage Trust 2002-C4, 5.914%, 10/15/35		2,169,006	0.1
19,572,754	#, ˆ	LB-UBS Commercial Mortgage Trust 2004-C1, 1.000%, 01/15/36		455,382	0.0
700,000	#	LB-UBS Commercial Mortgage Trust 2005-C1, 5.347%, 02/15/40		682,710	0.0
1,190,000		LB-UBS Commercial Mortgage Trust 2005-C2, 5.205%, 04/15/30		1,231,630	0.1
770,000		LB-UBS Commercial Mortgage Trust 2005-C3, 4.954%, 07/15/40		769,080	0.0
1,730,000		LB-UBS Commercial Mortgage Trust 2005-C3, 4.983%, 07/15/40		1,725,096	0.1
1,150,000		LB-UBS Commercial Mortgage Trust 2006-C4, 5.853%, 06/15/38		1,177,934	0.1
75,010,505	#,ˆ	LB-UBS Commercial Mortgage Trust, 0.635%, 11/15/38		1,173,202	0.1
2,120,000		LB-UBS Commercial Mortgage Trust, 5.323%, 11/15/40		2,225,199	0.1
1,180,000		LB-UBS Commercial Mortgage Trust, 5.350%, 11/15/40		1,194,618	0.1
1,100,000	#	LB-UBS Commercial Mortgage Trust, 5.561%, 10/15/36		1,025,162	0.1
1,020,000		LB-UBS Commercial Mortgage Trust, 6.000%, 06/15/36		1,024,176	0.1
1,760,000	#	LB-UBS Commercial Mortgage Trust, 6.007%, 09/15/39		1,891,794	0.1
1,830,000	#	LB-UBS Commercial Mortgage Trust, 6.007%, 09/15/39		1,940,157	0.1
2,070,000	#	LB-UBS Commercial Mortgage Trust, 6.890%, 07/15/32		1,982,600	0.1
154,725		Merrill Lynch Mortgage Investors, Inc., 6.250%, 12/10/29		155,039	0.0
2,220,000		Merrill Lynch Mortgage Investors, Inc., 6.750%, 11/15/26		2,400,879	0.1
31,291,497	ˆ	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7, 1.740%, 02/15/46		3,023,084	0.2

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
11,347,822	ˆ	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, 1.504%, 12/15/48	$	778,827	0.0
20,264,192	#, ˆ	Morgan Stanley Bank of America Merrill Lynch Trust, 1.883%, 08/15/45		1,883,143	0.1
19,582,155	#, ˆ	Morgan Stanley Bank of America Merrill Lynch Trust, 2.163%, 11/15/45		2,074,878	0.1
1,570,000	#	Morgan Stanley Capital I Trust 2004-HQ4, 5.377%, 04/14/40		1,346,014	0.1
1,460,000		Morgan Stanley Capital I Trust 2004-IQ7, 5.427%, 06/15/38		1,466,763	0.1
2,270,000		Morgan Stanley Capital I Trust 2005-HQ6, 5.271%, 07/13/15		2,215,055	0.1
1,310,000	#	Morgan Stanley Capital I Trust 2005-HQ6, 5.379%, 08/13/42		1,221,848	0.1
2,580,000		Morgan Stanley Capital I Trust 2006-HQ10, 5.389%, 11/12/41		2,616,370	0.2
1,720,000	#	Morgan Stanley Capital I Trust 2008-TOP29, 6.281%, 01/11/43		1,790,253	0.1
1,120,000	#	Morgan Stanley Capital I Trust 2008-TOP29, 6.281%, 01/11/43		1,128,641	0.1
3,090,000	#	Morgan Stanley Capital I Trust 2011-C1, 5.252%, 09/15/47		3,256,940	0.2
1,300,000	#	Morgan Stanley Capital I Trust 2011-C1, 5.252%, 09/15/47		1,358,013	0.1
250,000	#	Morgan Stanley Capital I, Inc., 5.910%, 11/15/31		256,591	0.0
850,000		Morgan Stanley Capital I, 5.202%, 08/13/42		852,514	0.1
1,080,000		Morgan Stanley Capital I, 5.336%, 01/14/42		1,100,782	0.1
81,627	#	Morgan Stanley Capital I, 7.350%, 07/15/32		84,669	0.0
980,000	#	Morgan Stanley Dean Witter Capital I Trust 2002-IQ3, 6.833%, 09/15/37		977,882	0.1
600,000	#	Morgan Stanley Dean Witter Capital I, 7.423%, 07/15/33		611,624	0.0
1,626,381		Morgan Stanley Mortgage Loan Trust 2006-3AR, 2.801%, 03/25/36		1,307,434	0.1
998,809	#	Morgan Stanley Re-REMIC Trust 2010-C30, 5.246%, 12/17/43		1,002,779	0.1
2,579,981	#	N-Star Real Estate CDO Ltd., 2.004%, 08/25/29		2,581,594	0.2
556,149		Prime Mortgage Trust 2007-1, 5.500%, 03/25/37		502,523	0.0
1,068,091		RALI Trust, 6.000%, 09/25/35		1,036,003	0.1
14,124,072	#, ˆ	RBSCF Trust, 0.952%, 04/15/24		91,435	0.0
2,304,000	#	Silverstone Master Issuer PLC, 1.787%, 01/21/55		2,335,095	0.1
334,804		Structured Adjustable Rate Mortgage Loan Trust, 2.553%, 09/25/34		336,793	0.0
518,309		Structured Asset Mortgage Investments, Inc., 0.636%, 04/19/35		483,327	0.0
7,907,273	#, ˆ	UBS-Barclays Commercial Mortgage Trust, 1.787%, 05/10/63		680,952	0.0
3,080,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.953%, 02/15/51		2,930,318	0.2
3,390,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.953%, 02/15/51		3,392,171	0.2
3,527,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.953%, 02/15/51		3,670,136	0.2
1,029,724		WaMu Mortgage Pass Through Certificates, 1.830%, 10/25/36		838,667	0.0
3,126,847		WaMu Mortgage Pass Through Certificates, 2.324%, 12/25/36		2,789,179	0.2
2,862,431		WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust, 2.034%, 12/25/36		2,442,329	0.1
5,148,574		WaMu Mortgage Pass-Through Certificates, 2.255%, 07/25/37		4,350,123	0.3
880,627		Washington Mutual Alternative Mortgage Pass-Through Certificates, 5.500%, 10/25/35		816,288	0.0
865,429		Washington Mutual Mortgage Pass-through Certificates, 6.000%, 06/25/34		916,545	0.1
3,626,914		Wells Fargo Alternative Loan Trust, 6.250%, 07/25/37		3,325,989	0.2
10,413,693	#, ˆ	Wells Fargo Commercial Mortgage Trust 2012-C8, 2.225%, 08/15/45		1,177,452	0.1
1,806,571		Wells Fargo Mortgage Backed Securities 2005-AR15 Trust, 2.613%, 09/25/35		1,693,998	0.1
33,871,132	#, ˆ	Wells Fargo Mortgage Backed Securities Trust, 1.588%, 06/15/45		3,142,205	0.2
2,235,226		Wells Fargo Mortgage Backed Securities Trust, 2.613%, 03/25/36		2,218,628	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
1,925,243		Wells Fargo Mortgage Backed Securities Trust, 5.568%, 04/25/36	$	1,904,779	0.1

		Total Collateralized Mortgage Obligations (Cost $240,182,992)		245,864,288	15.2

ASSET-BACKED SECURITIES: 9.0%
		Automobile Asset-Backed Securities: 1.1%
1,680,000		AmeriCredit Automobile Receivables Trust 2012-4, 1.930%, 08/08/18		1,698,363	0.1
3,050,000	#	AmeriCredit Automobile Receivables Trust, 3.290%, 05/08/20		3,080,160	0.2
1,280,000		Capital Auto Receivables Asset Trust / Ally, 2.220%, 01/22/19		1,282,532	0.1
1,230,000		CarMax Auto Owner Trust, 1.950%, 09/16/19		1,229,771	0.1
1,800,000		Santander Drive Auto Receivables Trust 2012-4, 3.500%, 06/15/18		1,872,445	0.1
1,200,000		Santander Drive Auto Receivables Trust 2012-5, 3.300%, 09/17/18		1,239,530	0.1
2,100,000		Santander Drive Auto Receivables Trust 2013-1, 2.270%, 01/15/19		2,111,143	0.1
2,200,000	#	Santander Drive Auto Receivables Trust 2013-A, 4.710%, 01/15/21		2,328,679	0.2
2,270,000		Santander Drive Auto Receivables Trust 2014-1, 1.590%, 10/15/18		2,274,074	0.1
				17,116,697	1.1

		Credit Card Asset-Backed Securities: 0.1%
1,680,000		Chase Issuance Trust, 0.615%, 04/15/19		1,666,249	0.1

		Home Equity Asset-Backed Securities: 0.1%
947,789		Freddie Mac Structured Pass-Through Securities, 0.404%, 05/25/31		931,346	0.1
39,115		Freddie Mac Structured Pass-Through Securities, 0.454%, 01/25/32		37,816	0.0
45,935		Residential Asset Securities Corp., 0.754%, 06/25/32		37,947	0.0
				1,007,109	0.1

		Other Asset-Backed Securities: 7.7%
407,601	#	Aimco CDO, 0.487%, 10/20/19		403,156	0.0
1,500,000	#	AMMC CLO IV Ltd., 1.033%, 03/25/17		1,490,757	0.1
500,000	#	Apidos CDO I Ltd., 0.989%, 07/27/17		497,184	0.0
940,000	#	Apidos CDO II, 1.039%, 12/21/18		918,018	0.1
2,200,000	#	Ares VIR CLO Ltd., 2.134%, 03/12/18		2,191,642	0.1
3,718,391	#	Ares VR CLO Ltd., 2.136%, 02/24/18		3,687,994	0.2
3,910,000	#	Ares XII CLO Ltd., 2.235%, 11/25/20		3,894,086	0.2
38,264	#	Atrium CDO Corp., 0.564%, 10/27/16		38,229	0.0
1,725,000	#	Atrium III, 2.234%, 10/27/16		1,703,858	0.1
1,750,000	#	Atrium IV, 0.985%, 06/08/19		1,708,471	0.1
750,000	#	Atrium IV, 2.085%, 06/08/19		745,854	0.0
2,000,000	#	Atrium V, 0.925%, 07/20/20		1,903,512	0.1
1,625,000	#	Babson CLO, Inc. 2005-III, 0.637%, 11/10/19		1,585,634	0.1
1,000,000	#	Babson Mid-Market CLO, Inc. 2007-II, 1.089%, 04/15/21		948,464	0.1
4,300,000	#	Ballyrock CLO 2006-1 Ltd., 1.733%, 08/28/19		4,267,281	0.3
1,500,000	#	Ballyrock CLO 2006-2 Ltd., 1.642%, 01/14/20		1,472,533	0.1
2,000,000	#	Blackrock Senior Income Series II, 2.085%, 05/25/17		1,964,748	0.1
750,000	#	Callidus Debt Partners CLO Fund IV Ltd., 2.038%, 04/17/20		744,065	0.0
1,297,614	#	Callidus Debt Partners CLO Fund VII Ltd., 0.987%, 01/21/21		1,295,407	0.1
1,750,000	#	Callidus Debt Partners CLO Fund VII Ltd., 1.737%, 01/21/21		1,762,801	0.1
4,250,000	#	Callidus Debt Partners CLO Fund VII Ltd., 2.487%, 01/21/21		4,251,407	0.3
1,400,000	#	Callidus Debt Partners CLO Fund VII Ltd., 3.687%, 01/21/21		1,404,910	0.1
1,050,000	#	Carlyle Arnage CLO Ltd., 1.734%, 08/27/21		1,059,888	0.1
1,850,000	#	Castle Garden Funding, 0.986%, 10/27/20		1,826,122	0.1
600,000	#	Castle Garden Funding, 4.986%, 10/27/20		601,075	0.0
1,000,000	#	Castle Garden Funding, 6.560%, 10/27/20		1,084,188	0.1
72,419		Chase Funding Trust Series 2003-5, 0.754%, 07/25/33		69,674	0.0
2,475,000	#	CIFC Funding 2006-I Ltd., 0.637%, 10/20/20		2,412,840	0.1
3,200,000	#	CIFC Funding 2006-II Ltd., 1.836%, 03/01/21		3,060,451	0.2
1,000,000	#	ColumbusNova CLO Ltd. 2006-II, 1.737%, 04/04/18		961,628	0.1
2,342,304		Countrywide Asset-Backed Certificates, 5.530%, 04/25/47		2,149,033	0.1
1,000,000	#	CP Uniq Aps, 2.039%, 04/15/18		974,874	0.1
505,758		Credit-Based Asset Servicing and Securitization, LLC, 4.831%, 08/25/35		514,537	0.0

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities: (continued)
372,531	#	Credit-Based Asset Servicing and Securitization, LLC, 5.746%, 12/25/37	$	373,535	0.0
3,500,000	#	Dryden VIII Leveraged Loan CDO 2005, 1.986%, 05/22/17		3,448,907	0.2
3,000,000	#	Eaton Vance CDO IX Ltd., 0.887%, 04/20/19		2,911,182	0.2
3,000,000	#	Emporia Preferred Funding I Corp., 2.392%, 10/12/18		2,997,843	0.2
641,451	#	Emporia Preferred Funding II Corp., 0.517%, 10/18/18		640,417	0.0
2,000,000	#	Emporia Preferred Funding II Ltd., 1.187%, 10/18/18		1,930,260	0.1
2,100,000	#	Emporia Preferred Funding, 0.737%, 10/18/18		2,082,830	0.1
3,954,698		FBR Securitization Trust, 0.834%, 10/25/35		3,373,148	0.2
1,500,000	#	Flagship CLO IV Corp., 2.036%, 06/01/17		1,479,732	0.1
1,450,000	#	Fraser Sullivan CLO II Ltd., 0.635%, 12/20/20		1,409,960	0.1
1,500,000	#	Fraser Sullivan CLO II Ltd., 0.955%, 12/20/20		1,448,674	0.1
2,000,000		Gale Force 2 CLO Ltd., 3.989%, 04/15/18		2,001,470	0.1
1,825,000	#	Gulf Stream — Compass CLO 2007-I Ltd., 2.235%, 10/28/19		1,810,896	0.1
3,100,000	#	Gulf Stream — Compass CLO 2007-I Ltd., 3.685%, 10/28/19		3,101,407	0.2
2,250,000	#	Gulf Stream — Sextant CLO 2006-1 Ltd., 0.574%, 08/21/20		2,231,719	0.1
3,040,000	#	Gulf Stream — Sextant CLO 2006-1 Ltd., 1.834%, 08/21/20		2,881,820	0.2
650,000	#	Gulf Stream-Rashinban CLO 2006-1 Ltd., 0.914%, 11/26/20		615,340	0.0
1,150,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 0.686%, 08/07/21		1,115,506	0.1
1,350,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 2.536%, 08/07/21		1,331,439	0.1
1,000,000	#	Hewett’s Island Clo IV Ltd., 0.987%, 05/09/18		996,469	0.1
1,000,000	#	Hewett’s Island Clo V Ltd., 0.936%, 12/05/18		969,392	0.1
1,260,000	#	Invitation Homes 2013-SFR1 Trust, 2.100%, 12/17/30		1,259,247	0.1
1,250,000	#	Kingsland III Ltd., 0.886%, 08/24/21		1,185,503	0.1
1,225,000	#	Landmark VI CDO Ltd, 0.742%, 01/14/18		1,204,438	0.1
329,929		Lehman XS Trust, 0.434%, 08/25/35		320,825	0.0
750,000	#	Madison Park Funding Ltd., 2.033%, 03/25/20		729,205	0.0
1,780,000	#	Madison Park Funding Ltd., 2.137%, 05/10/19		1,780,431	0.1
1,480,000		Madison Park Funding Ltd., 4.987%, 05/10/19		1,481,708	0.1
1,550,000	#	Morgan Stanley Investment Management Croton Ltd, 0.689%, 01/15/18		1,525,313	0.1
1,500,000	#	MSIM Peconic Bay Ltd., 2.237%, 07/20/19		1,497,665	0.1
2,000,000	#	Northwoods Capital V Ltd., 2.134%, 12/07/20		1,962,898	0.1
1,000,000	#	Oak Hill Credit Partners IV Ltd, 1.936%, 05/17/21		989,725	0.1
1,000,000	#	Sargas CLO I Ltd., 1.784%, 08/27/20		991,450	0.1
4,866,945		Securitized Asset Backed Receivables LLC Trust 2006-NC2, 0.394%, 03/25/36		4,128,970	0.3
1,000,000	#	Silverado CLO 2006-I Ltd., 1.987%, 04/11/20		976,709	0.1
2,200,000	#	Stanfield Arnage CLO Ltd., 2.434%, 08/27/21		2,181,111	0.1
3,600,000	#	Stanfield Veyron CLO Ltd., 0.919%, 07/15/18		3,559,896	0.2
2,000,000	#	Stone Tower CLO IV Ltd., 2.107%, 03/16/18		1,967,710	0.1
2,000,000	#	Trade MAPS 1 Ltd., 2.400%, 12/10/18		2,014,365	0.1
1,550,000	#	WhiteHorse III Ltd./Corp, 0.988%, 05/01/18		1,537,727	0.1
1,250,000	#	WhiteHorse III Ltd/Corp, 2.088%, 05/01/18		1,231,071	0.1
				125,272,234	7.7

		Total Asset-Backed Securities (Cost $144,335,581)		145,062,289	9.0

U.S. TREASURY OBLIGATIONS: 22.7%
		U.S. Treasury Bonds: 2.9%
46,184,000		3.750%, due 11/15/43		47,822,100	2.9

		U.S. Treasury Notes: 19.8%
61,158,000		0.375%, due 03/31/16		61,098,249	3.8
130,861,000		0.750%, due 03/15/17		130,395,789	8.1
68,971,000		1.625%, due 03/31/19		68,644,974	4.2
25,326,000		2.250%, due 03/31/21		25,240,930	1.6
34,082,000		2.750%, due 02/15/24		34,164,547	2.1
				319,544,489	19.8

		Total U.S. Treasury Obligations (Cost $366,940,188)		367,366,589	22.7

U.S. GOVERNMENT AGENCY OBLIGATIONS: 22.6%
		Federal Home Loan Mortgage Corporation: 9.0%^##
120,957		0.505%, due 02/15/32		121,709	0.0
1,244,000	W	3.000%, due 11/15/26		1,273,739	0.1
3,067,465		3.000%, due 02/01/27		3,155,148	0.2
1,597,384		3.000%, due 02/01/27		1,643,075	0.1
15,793,000	W	3.000%, due 05/01/43		15,181,639	0.9
361,519		3.255%, due 03/15/38		372,889	0.0

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Federal Home Loan Mortgage Corporation: (continued)
41,464,000	W	3.500%, due 08/15/41	$	41,535,268	2.6
2,413,273	ˆˆ	4.000%, due 01/15/36		2,280,005	0.2
14,650,000	W	4.000%, due 12/15/40		15,149,588	0.9
3,463,086		4.000%, due 10/01/41		3,600,863	0.2
4,968,707		4.000%, due 12/01/41		5,166,921	0.3
9,703,416	ˆ	4.000%, due 04/15/43		1,889,913	0.1
7,254,306	ˆ	4.500%, due 12/15/40		1,363,244	0.1
2,228,701		4.500%, due 08/01/41		2,382,033	0.2
680,503		4.500%, due 08/01/41		727,241	0.1
2,882,096		4.500%, due 09/01/41		3,080,021	0.2
3,100,210		4.500%, due 10/01/41		3,313,863	0.2
1,443,422		4.500%, due 01/15/42		1,489,239	0.1
1,181,147	ˆ	4.975%, due 03/15/33		1,247,780	0.1
522,576		5.000%, due 12/15/17		552,305	0.0
377,892		5.000%, due 02/15/35		391,129	0.0
1,202,598		5.000%, due 02/15/35		1,290,453	0.1
1,189,638		5.000%, due 02/15/35		1,290,688	0.1
456,419		5.000%, due 01/01/41		497,777	0.0
1,030,486		5.500%, due 11/15/22		1,111,507	0.1
1,314,133		5.500%, due 12/15/32		1,436,797	0.1
483,216		5.500%, due 09/15/34		524,317	0.0
4,590,745		5.500%, due 02/15/36		4,977,906	0.3
1,569,546		5.500%, due 08/15/36		1,744,767	0.1
1,736,257		5.500%, due 06/15/37		1,896,217	0.1
137,011		5.500%, due 07/01/37		151,287	0.0
1,741,216		5.500%, due 07/15/37		1,911,234	0.1
6,839,910		5.500%, due 11/01/38		7,557,505	0.5
17,829		5.596%, due 05/01/37		18,647	0.0
11,804,730	ˆ	5.845%, due 05/15/36		1,446,174	0.1
4,543,347	ˆ	5.895%, due 07/15/40		730,149	0.1
59		6.000%, due 04/01/14		59	0.0
8,898		6.000%, due 12/01/28		9,891	0.0
22,005		6.000%, due 01/01/29		24,462	0.0
443,928		6.000%, due 01/15/29		493,648	0.0
426,822		6.000%, due 01/15/29		473,350	0.0
489,709		6.000%, due 07/15/32		543,907	0.0
411,206	ˆ	6.000%, due 04/15/33		93,050	0.0
1,742,908		6.000%, due 07/15/36		1,908,652	0.1
3,544,142		6.000%, due 10/15/37		3,878,571	0.2
6,679,196	ˆ	6.330%, due 06/15/36		1,064,005	0.1
4,260,491	ˆ	6.395%, due 05/15/41		879,693	0.1
11,313,164	ˆ	6.445%, due 09/15/34		1,404,146	0.1
17,628		6.500%, due 01/01/24		19,949	0.0
18,251		6.500%, due 12/01/31		20,665	0.0
1,828,458		6.500%, due 09/01/34		2,089,906	0.1
19,444		7.000%, due 11/01/31		21,298	0.0
9,248		7.000%, due 03/01/32		10,820	0.0
				145,439,109	9.0

		Federal National Mortgage Association: 10.2%^##
176,203		0.556%, due 04/18/28		177,590	0.0
76,658		0.700%, due 10/25/33		77,122	0.0
106,780		0.704%, due 01/25/32		105,039	0.0
989,363		1.652%, due 06/25/33		995,788	0.1
33,305,000	W	2.500%, due 11/25/26		33,200,923	2.1
1,873,412		3.000%, due 10/01/27		1,929,473	0.1
12,672,224		3.000%, due 05/01/43		12,270,707	0.8
20,070,000	W	3.000%, due 05/01/43		19,320,510	1.2
5,520,000	W	3.500%, due 01/25/26		5,774,437	0.4
1,000	W	3.500%, due 12/25/40		1,003	0.0
12,723,209	ˆ	3.500%, due 06/25/42		1,885,652	0.1
589,587	ˆ	4.000%, due 11/01/18		37,408	0.0
10,128,000	W	4.000%, due 02/25/39		10,493,557	0.7
7,888,750	ˆ	4.000%, due 04/25/41		1,493,149	0.1
1,630,168		4.000%, due 03/01/42		1,698,006	0.1
953,996		4.000%, due 07/01/42		993,057	0.1
4,704,500		4.000%, due 07/01/42		4,896,842	0.3
823,154		4.000%, due 07/01/42		856,945	0.1
4,901,240		4.000%, due 07/01/42		5,103,111	0.3
4,737,526		4.500%, due 10/25/34		5,147,296	0.3
7,299,000	W	4.500%, due 05/15/35		7,762,031	0.5
772,498		4.500%, due 11/01/40		826,296	0.1
1,325,291		4.500%, due 11/01/40		1,416,997	0.1
12,060		4.500%, due 12/01/40		12,895	0.0
20,630		4.500%, due 12/01/40		22,059	0.0
25,409		4.500%, due 01/01/41		27,168	0.0
19,264		4.500%, due 01/01/41		20,603	0.0
1,294,404		4.500%, due 09/01/41		1,383,370	0.1
1,985,745		4.500%, due 10/01/41		2,122,886	0.1
370,671		4.996%, due 07/01/35		401,030	0.0
462,005		5.000%, due 06/01/33		507,765	0.0
1,695,652		5.000%, due 09/25/33		1,831,513	0.1
628,423		5.000%, due 07/25/34		645,492	0.0
571,402		5.000%, due 02/01/35		626,520	0.0
973,026		5.000%, due 07/01/35		1,065,401	0.1
1,062,121		5.000%, due 08/01/35		1,158,453	0.1
119,849		5.000%, due 10/01/35		130,913	0.0
193,061		5.000%, due 02/01/36		210,843	0.0
801,298		5.000%, due 07/01/36		876,900	0.1
1,042,387		5.000%, due 07/01/37		1,145,039	0.1
600,769		5.000%, due 11/01/40		656,440	0.0
383,038		5.000%, due 02/01/41		418,671	0.0
260,502		5.000%, due 05/01/41		286,067	0.0
654,920		5.000%, due 06/01/41		718,534	0.0
1,088,137		5.000%, due 06/01/41		1,194,849	0.1
27,728		5.500%, due 02/01/18		29,739	0.0
541,837		5.500%, due 08/25/34		595,190	0.0
648,522		5.500%, due 03/01/37		720,402	0.0
670,792		5.500%, due 06/01/39		744,650	0.0
6,524,785		5.500%, due 10/01/39		7,212,723	0.5
10,525,545	ˆ	5.996%, due 11/25/39		1,336,202	0.1
31,941		6.000%, due 08/01/16		33,257	0.0
304		6.000%, due 12/01/16		315	0.0
15,868		6.000%, due 03/01/17		16,680	0.0
146,355		6.000%, due 09/01/17		153,961	0.0
8,883		6.000%, due 11/01/17		9,323	0.0
10,480		6.000%, due 10/01/18		11,099	0.0
533,080		6.000%, due 07/25/29		586,167	0.0
226,423		6.000%, due 07/25/29		248,971	0.0
431,517		6.000%, due 04/25/31		480,566	0.0
653,010	ˆ	6.000%, due 08/25/33		136,530	0.0
159,052		6.000%, due 09/01/36		177,162	0.0
292,116		6.000%, due 02/25/37		321,522	0.0
—		6.000%, due 12/01/37		—	—
6,521,981		6.000%, due 01/01/38		7,360,330	0.5
—		6.000%, due 02/01/38		—	—
1,692,091		6.000%, due 05/01/38		1,833,499	0.1
8,543,857	ˆ	6.396%, due 09/25/40		1,583,288	0.1
22,784,828	ˆ	6.446%, due 04/25/31		4,242,289	0.3
4,527		6.500%, due 02/01/28		5,087	0.0
6,274		6.500%, due 07/01/29		7,055	0.0
155		6.500%, due 06/01/31		175	0.0
142,829		6.500%, due 07/01/31		159,774	0.0
740		6.500%, due 09/01/31		832	0.0
263		6.500%, due 09/01/31		295	0.0
31,968		6.500%, due 11/01/31		35,922	0.0
15,970		6.500%, due 04/01/32		17,953	0.0
2,394		6.500%, due 08/01/32		2,693	0.0
5,506		6.500%, due 08/01/32		6,201	0.0
27,990		6.500%, due 01/01/33		31,460	0.0
57,739		6.500%, due 02/01/33		64,925	0.0
134,936		6.500%, due 12/01/33		151,656	0.0
929,195	ˆ	6.546%, due 08/25/26		133,229	0.0
3,093,249	ˆ	6.586%, due 01/25/37		509,776	0.0
11,354,099	ˆ	6.596%, due 10/25/35		1,994,654	0.1
24,761		7.000%, due 12/01/27		27,602	0.0
6,392		7.000%, due 01/01/30		6,479	0.0
6,788		7.000%, due 10/01/31		7,636	0.0
4,959		7.000%, due 03/01/32		5,595	0.0
3,667		7.500%, due 09/01/30		4,392	0.0

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS: (continued)
		Federal National Mortgage Association: (continued)
2,760		7.500%, due 10/01/30	$	3,025	0.0
3,325		7.500%, due 10/01/30		3,381	0.0
8,675		7.500%, due 09/01/31		10,431	0.0
29,704		7.500%, due 02/01/32		33,956	0.0
823,824	ˆ	7.530%, due 02/17/29		146,780	0.0
846,346		22.408%, due 01/25/35		1,131,767	0.1
65,432		27.983%, due 02/25/34		92,999	0.0
678,813		32.679%, due 11/25/36		1,110,818	0.1
				165,466,763	10.2

		Government National Mortgage Association: 3.4%
4,835		1.625%, due 04/20/28		5,034	0.0
8,251,000		3.000%, due 04/01/43		8,115,632	0.5
1,379,000		3.500%, due 12/20/41		1,407,657	0.1
1,068,592		4.000%, due 11/20/40		1,125,309	0.1
1,721,295		4.000%, due 10/20/41		1,793,022	0.1
7,454,759		4.500%, due 05/16/39		8,104,826	0.5
2,733,412		4.500%, due 05/20/39		2,954,310	0.2
1,140,967		4.500%, due 10/15/39		1,235,386	0.1
1,008,036		4.500%, due 11/15/39		1,091,623	0.1
1,096,637		4.500%, due 11/15/39		1,187,480	0.1
265,112		4.500%, due 12/15/39		287,103	0.0
308,037		4.500%, due 08/20/41		332,976	0.0
3,622,751	ˆ	4.500%, due 09/20/41		671,403	0.0
1,718,000		4.750%, due 05/20/39		1,844,239	0.1
2,884,643	ˆ	5.000%, due 06/16/39		50,490	0.0
2,446,263	ˆ	5.000%, due 04/20/40		904,605	0.1
1,218,542		5.140%, due 10/20/60		1,348,810	0.1
15,028,524	ˆ	5.195%, due 05/16/41		2,404,825	0.2
767,804		5.288%, due 10/20/60		857,374	0.1
990,492		5.500%, due 03/20/60		1,101,136	0.1
7,029,850	ˆ	5.693%, due 06/20/40		1,139,069	0.1
2,748,094	ˆ	6.043%, due 06/20/38		287,605	0.0
4,516,704	ˆ	6.043%, due 04/20/39		642,333	0.0
19,293,849	ˆ	6.143%, due 05/20/39		2,073,238	0.1
3,325,138	ˆ	6.243%, due 04/20/38		464,433	0.0
1,471,029	ˆ	6.345%, due 05/16/38		251,605	0.0
4,063,843	ˆ	6.393%, due 01/20/38		627,053	0.0
17,542,397	ˆ	6.463%, due 08/20/40		3,582,598	0.2
8,103,210	ˆ	6.495%, due 09/16/40		1,486,593	0.1
0		6.500%, due 09/16/38		0	—
2,542,502	ˆ	6.615%, due 02/16/35		442,131	0.0
142,948	ˆ	8.095%, due 06/16/31		15,350	0.0
5,975,000		14.000%, due 11/20/41		6,261,613	0.4
				54,096,861	3.4

		Total U.S. Government Agency Obligations (Cost $361,003,919)		365,002,733	22.6

FOREIGN GOVERNMENT BONDS: 3.9%
953,794		Argentina Government International Bond, 2.500%, 12/31/38		405,362	0.0
957,993		Argentina Government International Bond, 8.280%, 12/31/33		763,041	0.1
600,000	L	City of Buenos Aires Argentina, 9.950%, 03/01/17		603,000	0.0
1,200,000	#	Aruba Government Bond, 4.625%, 09/14/23		1,146,000	0.1
1,689,000		Republic of Belarus, 8.750%, 08/03/15		1,718,558	0.1
695,000		Belize Government International Bond, 5.000%, 02/20/38		490,844	0.0
277,600	#	Belize Government International Bond, 5.000%, 02/20/38		196,055	0.0
700,000	#	Bolivian Government International Bond, 5.950%, 08/22/23		736,750	0.1
1,968,000	L	Brazilian Government International Bond, 2.625%, 01/05/23		1,746,600	0.1
1,062,000	L	Colombia Government International Bond, 2.625%, 03/15/23		958,455	0.1
400,000		Colombia Government International Bond, 7.375%, 03/18/19		483,000	0.0
760,000		Colombia Government International Bond, 8.125%, 05/21/24		991,800	0.1
350,000	#	Costa Rica Government International Bond, 4.250%, 01/26/23		325,500	0.0
400,000		Costa Rica Government International Bond, 9.995%, 08/01/20		506,500	0.0
272,000		Croatia Government International Bond, 6.375%, 03/24/21		294,440	0.0
270,000		Dominican Republic International Bond, 5.875%, 04/18/24		269,325	0.0
300,000	#	Dominican Republic International Bond, 6.600%, 01/28/24		308,250	0.0
232,000	#	El Salvador Government International Bond, 5.875%, 01/30/25		219,240	0.0
400,000		Financing of Infrastrucural Projects State Enterprise, 9.000%, 12/07/17		360,000	0.0
290,380	#	Gabonese Republic, 6.375%, 12/12/24		308,529	0.0
300,000	#	Guatemala Government Bond, 4.875%, 02/13/28		292,500	0.0
559,000		Guatemala Government Bond, 8.125%, 10/06/34		707,694	0.1
1,000,000	#	Hrvatska Elektroprivreda, 6.000%, 11/09/17		1,045,000	0.1
156,000	L	Hungary Government International Bond, 5.375%, 02/21/23		158,948	0.0
916,000	L	Hungary Government International Bond, 7.625%, 03/29/41		1,060,270	0.1
750,000		Indonesia Government International Bond, 3.375%, 04/15/23		673,125	0.1
1,320,000	#	Indonesia Government International Bond, 3.750%, 04/25/22		1,252,350	0.1
1,246,000		Ivory Coast Government International Bond, 5.750%, 12/31/32		1,177,470	0.1
600,000	#	Kazakhstan Temir Zholy Finance BV, 6.950%, 07/10/42		613,500	0.0

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

FOREIGN GOVERNMENT BONDS: (continued)
1,100,000		Lithuania Government International Bond, 6.625%, 02/01/22	$	1,302,950	0.1
264,000	#	Lithuania Government International Bond, 6.625%, 02/01/22		312,708	0.0
534,000		Mexico Government International Bond, 4.000%, 10/02/23		540,008	0.0
160,000		Mexico Government International Bond, 4.750%, 03/08/44		152,800	0.0
500,000		Morocco Government International Bond, 4.250%, 12/11/22		487,500	0.0
600,000	#	Morocco Government International Bond, 4.250%, 12/11/22		585,000	0.0
850,000		Namibia International Bonds, 5.500%, 11/03/21		894,625	0.1
350,000		Nigeria Government International Bond, 6.750%, 01/28/21		375,375	0.0
200,000		Pakistan Government International Bond, 6.875%, 06/01/17		205,000	0.0
200,000		Pakistan Government International Bond, 7.875%, 03/31/36		174,750	0.0
693,000		Panama Government International Bond, 6.700%, 01/26/36		817,740	0.1
948,000		Petroleos de Venezuela SA, 5.250%, 04/12/17		713,370	0.1
853,000		Petroleos de Venezuela SA, 9.000%, 11/17/21		639,750	0.0
1,601,400		Petroleos de Venezuela SA, 9.750%, 05/17/35		1,136,994	0.1
270,000		Petroleos Mexicanos, 3.500%, 07/18/18		280,800	0.0
1,073,000		Petroleos Mexicanos, 5.500%, 01/21/21		1,177,617	0.1
1,370,000		Petroleos Mexicanos, 5.500%, 06/27/44		1,328,900	0.1
1,246,667		Petroleum Co. of Trinidad & Tobago Ltd., 6.000%, 05/08/22		1,344,842	0.1
1,309,000		Philippine Government International Bond, 4.000%, 01/15/21		1,379,359	0.1
300,000		Philippine Government International Bond, 7.750%, 01/14/31		411,375	0.0
700,000		Republic of the Philippines, 6.375%, 10/23/34		871,500	0.1
706,000		Poland Government International Bond, 3.000%, 03/17/23		661,875	0.1
418,000		Poland Government International Bond, 5.000%, 03/23/22		457,187	0.0
1,400,000		Republic of Angola Via Northern Lights III BV, 7.000%, 08/16/19		1,536,500	0.1
332,000		Republic of Ghana, 8.500%, 10/04/17		338,225	0.0
1,000,000	#	Republic of Latvia, 2.750%, 01/12/20		965,250	0.1
600,000		Republic of Paraguay, 4.625%, 01/25/23		600,000	0.0
600,000	#	Republic of Paraguay, 4.625%, 01/25/23		600,000	0.0
136,000	#	Romanian Government International Bond, 4.375%, 08/22/23		134,130	0.0
524,000		Romanian Government International Bond, 6.750%, 02/07/22		612,425	0.0
2,800,000		Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, 12/27/17		2,793,000	0.2
600,000	#	Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, 12/27/17		598,500	0.0
1,400,000		Russian Foreign Bond — Eurobond, 4.875%, 09/16/23		1,391,250	0.1
800,000	#	Russian Foreign Bond — Eurobond, 4.875%, 09/16/23		795,000	0.1
5,942,530		Russian Foreign Bond — Eurobond, 7.500%, 03/31/30		6,771,513	0.4
630,000	#, L	Republic of Serbia, 5.250%, 11/21/17		656,775	0.0
500,000		Sri Lanka Government International Bond, 5.875%, 07/25/22		507,500	0.0
570,000		Tanzania Government International Bond, 6.332%, 03/09/20		606,338	0.0
1,000,000	#	Transnet SOC Ltd., 4.000%, 07/26/22		924,510	0.1
448,000		Turkey Government International Bond, 5.125%, 03/25/22		450,016	0.0
800,000		Turkey Government International Bond, 6.000%, 01/14/41		789,000	0.1
200,000		Turkey Government International Bond, 6.250%, 09/26/22		215,400	0.0
2,183,000		Turkey Government International Bond, 7.375%, 02/05/25		2,509,359	0.2
337,000		Uruguay Government International Bond, 4.500%, 08/14/24		346,267	0.0
253,970		Uruguay Government International Bond, 7.625%, 03/21/36		326,351	0.0
189,180	&	Uruguay Government International Bond, 7.875%, 01/15/33		248,772	0.0
341,643		Uruguay Government International Bond, 8.000%, 11/18/22		434,741	0.0
800,000		Vietnam Government International Bond, 6.750%, 01/29/20		901,000	0.1

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value			Percentage of Net Assets

FOREIGN GOVERNMENT BONDS: (continued)
300,000	#	Zambia Government International Bond, 5.375%, 09/20/22	$	257,625			0.0

		Oil&Gas: 0.0%
330,000	#	Petroleos Mexicanos, 4.875%, 01/18/24		341,550			0.0

		Total Foreign Government Bonds (Cost $63,845,420)		62,715,128			3.9

		Total Long-Term Investments (Cost $1,624,714,740)		1,645,509,222			101.9

SHORT-TERM INVESTMENTS: 11.0%
		Securities Lending Collateral^cc(1): 0.8%
1,743,997		Bank of Nova Scotia, Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $1,744,000, collateralized by various U.S. Government/U.S. Government Agency Obligations, 1.000%–6.500%, Market Value plus accrued interest $1,778,881, due 01/31/16–11/01/43)		1,743,997			0.1
3,093,227		Citigroup, Inc., Repurchase Agreement dated 03/31/14, 0.09%, due 04/01/14 (Repurchase Amount $3,093,235, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–10.625%, Market Value plus accrued interest $3,155,092, due 04/03/14–02/15/41)		3,093,227			0.2
3,093,227		Daiwa Capital Markets, Repurchase Agreement dated 03/31/14, 0.12%, due 04/01/14 (Repurchase Amount $3,093,237, collateralized by various U.S. Government/U.S. Government Agency Obligations, 0.000%–6.500%, Market Value plus accrued interest $3,155,092, due 03/27/17–03/01/48)		3,093,227			0.2
2,000,000		Millenium Fixed Income Ltd., Repurchase Agreement dated 03/31/14, 0.07%, due 04/01/14 (Repurchase Amount $2,000,004, collateralized by various U.S. Government Securities, 0.750%, Market Value plus accrued interest $2,040,000, due 06/30/17)		2,000,000			0.1
3,093,227		Nomura Securities, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $3,093,235, collateralized by various U.S. Government Agency Obligations, 0.000%–6.036%, Market Value plus accrued interest $3,155,092, due 04/01/14–05/01/47)		3,093,227			0.2
				13,023,678			0.8

Shares			Value			Percentage of Net Assets
		Mutual Funds: 10.2%
164,651,414		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $164,651,414)		164,651,414			10.2

		Total Short-Term Investments (Cost $177,675,092)		177,675,092			11.0

		Total Investments in Securities (Cost $1,802,389,832)	$	1,823,184,314			112.9
		Liabilities in Excess of Other Assets		(207,838,745	)		(12.9	)
		Net Assets	$	1,615,345,569			100.0

†

Unless otherwise indicated, principal amount is shown in USD.

††

Rate shown is the 7-day yield as of March 31, 2014.

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.

Payment-in-kind

Securities purchased with cash collateral for securities loaned.

Settlement is on a when-issued or delayed-delivery basis.

Loaned security, a portion or all of the security is on loan at March 31, 2014.

Defaulted security

VOYA INTERMEDIATE BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Fair value determined by Voya funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

ˆˆ

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.

(1)

Collateral received from brokers for securities lending was invested into these short-term investments.

DKK

Danish Krone

Cost for federal income tax purposes is $1,803,408,729.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	30,434,323
Gross Unrealized Depreciation		(10,658,738	)
Net Unrealized Appreciation	$	19,775,585

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

Principal Amount†			Value

CORPORATE BONDS/NOTES: 60.0%
		Basic Materials: 1.5%
489,000		Eastman Chemical Co., 2.400%, 06/01/17	$	498,751	0.3
588,000		Ecolab, Inc., 1.000%, 08/09/15		590,040	0.3
500,000	#, L	FMG Resources August 2006 Pty Ltd., 6.000%, 04/01/17		527,812	0.3
325,000		Rio Tinto Finance USA Ltd., 1.875%, 11/02/15		330,470	0.2
301,000		Rio Tinto Finance USA PLC, 1.375%, 06/17/16		303,777	0.2
330,000	#	Xstrata Finance Canada Ltd., 2.050%, 10/23/15		333,941	0.2
				2,584,791	1.5

		Communications: 6.5%
200,000		Amazon.com, Inc., 1.200%, 11/29/17		198,236	0.1
525,000		AT&T, Inc., 0.800%, 12/01/15		525,595	0.3
337,000		AT&T, Inc., 1.400%, 12/01/17		333,797	0.2
500,000		Cablevision Systems Corp., 8.625%, 09/15/17		595,000	0.4
850,000		Cisco Systems, Inc., 1.100%, 03/03/17		852,473	0.5
342,000		Comcast Corp., 6.300%, 11/15/17		397,885	0.2
74,000		Cox Communications, Inc., 5.450%, 12/15/14		76,502	0.1
365,000		Cox Communications, Inc., 5.500%, 10/01/15		389,353	0.2
500,000		DirecTV Financing Co., Inc., 1.750%, 01/15/18		492,766	0.3
235,000		Discovery Communications LLC, 3.700%, 06/01/15		243,217	0.1
500,000		DISH DBS Corp., 7.125%, 02/01/16		547,500	0.3
414,000		eBay, Inc., 1.350%, 07/15/17		414,283	0.2
600,000		Juniper Networks, Inc., 3.100%, 03/15/16		618,951	0.4
662,000		NBCUniversal Media, LLC, 3.650%, 04/30/15		683,738	0.4
500,000		Sprint Nextel Corp., 6.000%, 12/01/16		549,375	0.3
425,000		Symantec Corp., 2.750%, 09/15/15		436,356	0.3
300,000		Telefonica Emisiones SAU, 3.992%, 02/16/16		314,886	0.2
567,000		Thomson Reuters Corp., 0.875%, 05/23/16		565,250	0.3
313,000		Time Warner, Inc., 3.150%, 07/15/15		323,387	0.2
396,000		Verizon Communications, Inc., 2.500%, 09/15/16		410,329	0.2
1,500,000		Verizon Communications, Inc., 3.000%, 04/01/16		1,565,130	0.9
417,000		Viacom, Inc., 1.250%, 02/27/15		419,612	0.2
352,000		Walt Disney Co., 1.100%, 12/01/17		348,760	0.2
				11,302,381	6.5

		Consumer, Cyclical: 2.9%
454,000		Costco Wholesale Corp., 1.125%, 12/15/17		448,240	0.2
177,000		CVS Caremark Corp., 1.200%, 12/05/16		178,159	0.1
700,000	#	Daimler Finance North America LLC, 1.250%, 01/11/16		704,282	0.4
277,000	#	Glencore Funding LLC, 1.700%, 05/27/16		278,101	0.2
511,000		Home Depot, Inc., 5.400%, 03/01/16		557,011	0.3
180,000	#	Hyundai Capital America, 1.625%, 10/02/15		181,718	0.1
300,000	#	Hyundai Capital America, 1.875%, 08/09/16		303,591	0.2
500,000		Lennar Corp., 4.750%, 12/15/17		532,500	0.3
500,000		MGM Mirage, 7.500%, 06/01/16		559,375	0.3
495,000		Starbucks Corp., 0.875%, 12/05/16		493,357	0.3
280,000		Target Corp., 5.875%, 07/15/16		311,738	0.2
200,000	#	Volkswagen International Finance NV, 1.125%, 11/18/16		200,123	0.1
414,000		Walgreen Co., 1.800%, 09/15/17		417,205	0.2
				5,165,400	2.9

		Consumer, Non-cyclical: 12.7%
550,000		AbbVie, Inc., 1.200%, 11/06/15		554,947	0.3
502,000		Aetna, Inc., 1.500%, 11/15/17		501,496	0.3
455,000		Altria Group, Inc., 4.125%, 09/11/15		476,994	0.3
553,000		Anheuser-Busch InBev Worldwide, Inc., 0.800%, 07/15/15		555,040	0.3
208,000		Archer-Daniels-Midland Co., 5.450%, 03/15/18		235,545	0.1
303,000		Baxter International, Inc., 0.950%, 06/01/16		304,029	0.2
329,000		Beam, Inc., 1.875%, 05/15/17		329,757	0.2
677,000		Cigna Corp., 2.750%, 11/15/16		705,889	0.4
475,000		Coca-Cola Co., 1.800%, 09/01/16		486,651	0.3
600,000		ConAgra Foods, Inc., 1.300%, 01/25/16		604,288	0.4

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Consumer, Non-cyclical: (continued)
575,000		Covidien International Finance SA, 1.350%, 05/29/15	$	579,817	0.3
420,000		Diageo Capital PLC, 0.625%, 04/29/16		418,311	0.2
417,000		Diageo Capital PLC, 1.500%, 05/11/17		420,183	0.3
625,000		Genentech, Inc., 4.750%, 07/15/15		658,592	0.4
500,000		HCA, Inc., 6.500%, 02/15/16		543,750	0.3
500,000		Hertz Corp., 6.750%, 04/15/19		538,125	0.3
500,000		Jarden Corp., 7.500%, 05/01/17		578,125	0.3
475,000		Kellogg Co., 1.125%, 05/15/15		478,030	0.3
202,000		Kimberly-Clark Corp., 6.125%, 08/01/17		233,291	0.1
450,000		Kraft Foods Group, Inc., 1.625%, 06/04/15		455,202	0.3
204,000		Kroger Co/The, 6.400%, 08/15/17		234,383	0.1
304,000		Lorillard Tobacco Co., 3.500%, 08/04/16		320,553	0.2
664,000		McKesson Corp., 0.950%, 12/04/15		666,185	0.4
303,000		McKesson Corp., 1.292%, 03/10/17		302,508	0.2
379,000		Medtronic, Inc., 0.875%, 02/27/17		377,234	0.2
625,000		Merck & Co., Inc., 0.700%, 05/18/16		626,039	0.4
200,000		Molson Coors Brewing Co., 2.000%, 05/01/17		202,221	0.1
386,000	#	Mylan, Inc., 6.000%, 11/15/18		407,590	0.2
200,000		PepsiCo, Inc., 0.700%, 02/26/16		199,808	0.1
747,000		PepsiCo, Inc., 0.700%, 08/13/15		749,012	0.4
420,000		PepsiCo, Inc., 1.250%, 08/13/17		419,331	0.3
323,000	#	Perrigo Co. Plc, 1.300%, 11/08/16		322,579	0.2
473,000		Pfizer, Inc., 5.350%, 03/15/15		494,371	0.3
671,000		Philip Morris International, Inc., 2.500%, 05/16/16		696,636	0.4
343,000		Procter & Gamble Co., 1.450%, 08/15/16		348,206	0.2
523,000		Reynolds American, Inc., 1.050%, 10/30/15		522,827	0.3
500,000		Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 7.125%, 04/15/19		531,250	0.3
550,000		Sanofi, 1.250%, 04/10/18		538,741	0.3
500,000		Smithfield Foods, Inc., 7.750%, 07/01/17		582,500	0.3
575,000		St Jude Medical, Inc., 2.500%, 01/15/16		590,191	0.3
500,000		Tenet Healthcare Corp., 6.250%, 11/01/18		553,438	0.3
671,000		UnitedHealth Group, Inc., 0.850%, 10/15/15		674,160	0.4
500,000	#	Valeant Pharmaceuticals International, 6.750%, 10/01/17		531,250	0.3
316,000		Ventas Realty L.P., 1.550%, 09/26/16		318,996	0.2
519,000		WellPoint, Inc., 5.250%, 01/15/16		557,872	0.3
359,000	#	WM Wrigley Jr Co., 1.400%, 10/21/16		360,787	0.2
300,000		Zoetis, Inc., 1.150%, 02/01/16		301,350	0.2
				22,088,080	12.7

		Energy: 4.0%
541,000		BP Capital Markets PLC, 0.700%, 11/06/15		542,017	0.3
200,000		BP Capital Markets PLC, 2.248%, 11/01/16		206,537	0.1
467,000		Cameron International Corp., 1.600%, 04/30/15		471,739	0.3
500,000		Chesapeake Energy Corp., 3.250%, 03/15/16		506,250	0.3
500,000		CNOOC Finance 2013 Ltd., 1.125%, 05/09/16		500,142	0.3
282,000		ConocoPhillips, 5.200%, 05/15/18		318,199	0.2
358,000		Enterprise Products Operating, LLC, 1.250%, 08/13/15		360,510	0.2
261,000		Marathon Oil Corp., 0.900%, 11/01/15		261,608	0.2
302,000		Petrobras Global Finance BV, 2.000%, 05/20/16		300,113	0.2
500,000		Petrobras International Finance Co.—Pifco, 3.500%, 02/06/17		506,724	0.3
123,000		Petrobras International Finance Co., 2.875%, 02/06/15		124,907	0.1
336,000		Shell International Finance BV, 3.100%, 06/28/15		347,208	0.2
201,000		Statoil ASA, 1.950%, 11/08/18		201,440	0.1
500,000		Tesoro Corp., 4.250%, 10/01/17		527,500	0.3
500,000		TNK-BP Finance SA, 6.625%, 03/20/17		538,125	0.3
421,000		Total Capital International SA, 0.750%, 01/25/16		422,431	0.2
250,000		Total Capital International SA, 1.550%, 06/28/17		252,700	0.1
600,000		TransCanada PipeLines Ltd., 0.750%, 01/15/16		600,730	0.3
				6,988,880	4.0

		Financial: 25.9%
450,000	#	ABN AMRO Bank NV, 1.375%, 01/22/16		454,055	0.3
280,000		ACE INA Holdings, Inc., 5.700%, 02/15/17		313,891	0.2
500,000		Ally Financial, Inc., 5.500%, 02/15/17		545,000	0.3

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
199,000		American Express Credit Corp., 1.750%, 06/12/15	$	201,829	0.1
286,000		American Express Credit Corp., 2.800%, 09/19/16		298,476	0.2
417,000	#	American Honda Finance Corp., 1.000%, 08/11/15		419,580	0.2
740,000		American International Group, Inc., 5.600%, 10/18/16		820,112	0.5
600,000		Australia & New Zealand Banking Group Ltd., 0.900%, 02/12/16		602,753	0.3
500,000		Banco BTG Pactual SA/Cayman Islands, 4.875%, 07/08/16		515,000	0.3
500,000		Bancolombia SA, 4.250%, 01/12/16		523,750	0.3
600,000		Bank of America Corp., 1.250%, 01/11/16		603,458	0.3
1,100,000		Bank of America Corp., 2.600%, 01/15/19		1,105,900	0.6
660,000		Bank of America Corp., 3.750%, 07/12/16		698,398	0.4
675,000		Bank of Montreal, 0.800%, 11/06/15		677,658	0.4
675,000		Bank of Nova Scotia, 0.750%, 10/09/15		677,127	0.4
320,000		Bank of Nova Scotia, 2.550%, 01/12/17		332,212	0.2
425,000	#	Bank of Tokyo-Mitsubishi UFJ Ltd/The, 1.550%, 09/09/16		429,483	0.2
339,000	#	Banque Federative du Credit Mutuel SA, 1.700%, 01/20/17		339,935	0.2
870,000		Barclays Bank PLC, 5.000%, 09/22/16		953,303	0.5
900,000		BB&T Corp., 1.600%, 08/15/17		903,488	0.5
210,000		BB&T Corp., 5.200%, 12/23/15		225,165	0.1
500,000	#	BBVA Banco Continental SA, 2.250%, 07/29/16		502,500	0.3
481,000		BBVA, 4.664%, 10/09/15		505,362	0.3
819,000		Berkshire Hathaway Finance Corp., 2.450%, 12/15/15		845,417	0.5
330,000		Berkshire Hathaway Finance Corp., 1.600%, 05/15/17		334,345	0.2
336,000		Canadian Imperial Bank of Commerce/Canada, 0.900%, 10/01/15		338,244	0.2
470,000		Charles Schwab Corp., 0.850%, 12/04/15		471,931	0.3
500,000		CIT Group, Inc., 5.000%, 05/15/17		536,875	0.3
315,000		Citigroup, Inc., 1.700%, 07/25/16		318,786	0.2
524,000		Citigroup, Inc., 1.250%, 01/15/16		526,112	0.3
544,000		Citigroup, Inc., 1.300%, 04/01/16		546,343	0.3
698,000		Citigroup, Inc., 2.650%, 03/02/15		710,854	0.4
600,000		Citigroup, Inc., 5.500%, 02/15/17		662,833	0.4
303,000		Commonwealth Bank of Australia/New York NY, 1.125%, 03/13/17		302,096	0.2
250,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 1.700%, 03/19/18		248,290	0.1
359,000		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 2.125%, 10/13/15		367,695	0.2
324,000		Credit Suisse/New York NY, 3.500%, 03/23/15		333,486	0.2
474,000		Deutsche Bank AG/London, 3.250%, 01/11/16		493,954	0.3
500,000		Discover Bank/Greenwood DE, 2.000%, 02/21/18		498,327	0.3
781,000		Fifth Third Bancorp., 3.625%, 01/25/16		819,846	0.5
200,000		Ford Motor Credit Co. LLC, 1.700%, 05/09/16		202,354	0.1
600,000		Ford Motor Credit Co., LLC, 2.750%, 05/15/15		612,430	0.4
605,000		General Electric Capital Corp., 1.000%, 12/11/15		609,558	0.4
920,000		General Electric Capital Corp., 4.875%, 03/04/15		958,631	0.6
499,000		Goldman Sachs Group, Inc./The, 1.600%, 11/23/15		504,414	0.3
250,000		Goldman Sachs Group, Inc., 0.637%, 07/22/15		249,957	0.1
762,000		Goldman Sachs Group, Inc., 0.742%, 01/12/15		763,037	0.4
391,000		Goldman Sachs Group, Inc., 3.625%, 02/07/16		409,699	0.2
500,000		HCP, Inc., 3.750%, 02/01/16		526,602	0.3
252,000		Health Care REIT, Inc., 2.250%, 03/15/18		253,044	0.1
312,000		Health Care REIT, Inc., 3.625%, 03/15/16		327,831	0.2
426,000	#	HSBC Bank PLC, 1.500%, 05/15/18		417,787	0.2
296,000		HSBC USA, Inc., 2.375%, 02/13/15		301,123	0.2
325,000		Huntington National Bank/The, 1.350%, 08/02/16		326,790	0.2
541,000	#	International Lease Finance Corp., 6.500%, 09/01/14		554,525	0.3
339,000		Intesa Sanpaolo SpA, 2.375%, 01/13/17		340,416	0.2
300,000		John Deere Capital Corp., 0.750%, 01/22/16		301,392	0.2
442,000		JPMorgan Chase & Co., 1.625%, 05/15/18		434,618	0.2
975,000		JPMorgan Chase & Co., 3.150%, 07/05/16		1,020,933	0.6

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Financial: (continued)
484,000		JPMorgan Chase & Co., 3.700%, 01/20/15	$	496,297	0.3
313,000		KeyCorp, 2.300%, 12/13/18		312,301	0.2
500,000		Manufacturers & Traders Trust Co., 1.450%, 03/07/18		489,846	0.3
312,000	#	MassMutual Global Funding II, 3.125%, 04/14/16		327,156	0.2
470,000	#	MetLife Institutional Funding II, 1.625%, 04/02/15		475,724	0.3
419,000		MetLife, Inc., 1.756%, 12/15/17		423,027	0.2
245,000	#	Metropolitan Life Global Funding I, 1.700%, 06/29/15		248,317	0.1
142,000		Morgan Stanley, 1.750%, 02/25/16		143,910	0.1
545,000		Morgan Stanley, 2.125%, 04/25/18		544,471	0.3
250,000		Morgan Stanley, 5.450%, 01/09/17		276,597	0.2
275,000		Morgan Stanley, 6.000%, 04/28/15		290,376	0.2
535,000		National Australia Bank Ltd./New York, 1.600%, 08/07/15		542,577	0.3
300,000	#	National Australia Bank Ltd., 1.250%, 03/08/18		294,784	0.2
397,000		National Rural Utilities Cooperative Finance Corp., 1.100%, 01/27/17		395,919	0.2
500,000	#	Nordea Bank AB, 0.875%, 05/13/16		499,592	0.3
315,000		PNC Funding Corp., 2.700%, 09/19/16		327,620	0.2
550,000		PNC Funding Corp., 5.625%, 02/01/17		609,364	0.4
332,000		Principal Financial Group, Inc., 1.850%, 11/15/17		333,290	0.2
321,000		Prudential Financial, Inc., 3.875%, 01/14/15		329,348	0.2
418,000		Realty Income Corp., 2.000%, 01/31/18		413,883	0.2
450,000		Regions Financial Corp., 5.750%, 06/15/15		474,728	0.3
68,000		Regions Financial Corp., 7.750%, 11/10/14		70,872	0.0
625,000		Royal Bank of Canada, 0.850%, 03/08/16		626,781	0.4
600,000		Royal Bank of Canada, 1.500%, 01/16/18		595,615	0.3
613,000		Santander Holdings USA, Inc./PA, 3.000%, 09/24/15		631,545	0.4
400,000		SLM Corp., 3.875%, 09/10/15		414,000	0.2
303,000		State Street Corp., 1.350%, 05/15/18		297,849	0.2
545,000		State Street Corp., 2.875%, 03/07/16		567,645	0.3
680,000		Sumitomo Mitsui Banking Corp., 1.500%, 01/18/18		670,557	0.4
500,000		SunTrust Bank/Atlanta GA, 0.526%, 08/24/15		498,749	0.3
330,000		SunTrust Bank/Atlanta GA, 0.533%, 04/01/15		329,395	0.2
210,000		UBS AG, 5.875%, 07/15/16		231,886	0.1
250,000		US Bancorp, 2.200%, 11/15/16		258,233	0.1
422,000		Wells Fargo & Co., 1.500%, 01/16/18		418,455	0.2
644,000		Wells Fargo & Co., 2.100%, 05/08/17		660,012	0.4
270,000		Westpac Banking Corp., 1.125%, 09/25/15		272,038	0.2
200,000		Westpac Banking Corp., 2.000%, 08/14/17		203,475	0.1
				45,115,244	25.9

		Industrial: 2.0%
419,000		3M Co., 1.000%, 06/26/17		417,692	0.2
500,000	#	Aviation Capital Group Corp., 3.875%, 09/27/16		518,298	0.3
261,000		Caterpillar Financial Services Corp., 0.700%, 11/06/15		261,821	0.2
250,000		Caterpillar Financial Services Corp., 0.700%, 02/26/16		250,136	0.1
440,000		General Electric Co., 0.850%, 10/09/15		442,183	0.3
500,000		SPX Corp., 6.875%, 09/01/17		570,000	0.3
322,000		Thermo Fisher Scientific, Inc., 2.250%, 08/15/16		330,236	0.2
279,000		United Parcel Service, Inc., 1.125%, 10/01/17		277,352	0.2
400,000		Waste Management, Inc., 2.600%, 09/01/16		414,516	0.2
				3,482,234	2.0

		Technology: 2.3%
320,000		Altera Corp., 1.750%, 05/15/17		322,440	0.2
473,000		Apple Inc., 1.000%, 05/03/18		459,078	0.2
127,000		Computer Sciences Corp., 2.500%, 09/15/15		129,678	0.1
450,000		International Business Machines Corp., 1.950%, 07/22/16		463,336	0.3
474,000		Intel Corp., 1.350%, 12/15/17		471,304	0.3
250,000		Intel Corp., 1.950%, 10/01/16		257,079	0.1
500,000	L	Microsoft Corp., 1.000%, 05/01/18		488,785	0.3
375,000		NetApp Inc., 2.000%, 12/15/17		379,304	0.2
550,000		Oracle Corp., 1.200%, 10/15/17		546,248	0.3
2,000		Texas Instruments, Inc., 0.450%, 08/03/15		2,002	0.0
179,000		Xerox Corp., 2.950%, 03/15/17		186,259	0.1
300,000		Xerox Corp., 4.250%, 02/15/15		309,181	0.2
				4,014,694	2.3

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

CORPORATE BONDS/NOTES: (continued)
		Utilities: 2.2%
600,000		Dominion Resources, Inc./VA, 1.400%, 09/15/17	$	592,035	0.3
200,000		Dominion Resources, Inc., 2.250%, 09/01/15		204,058	0.1
581,000		NextEra Energy Capital Holdings, Inc., 1.200%, 06/01/15		583,874	0.3
690,000		Georgia Power Co., 0.625%, 11/15/15		689,932	0.4
362,000		Georgia Power Co., 0.750%, 08/10/15		362,822	0.2
400,000		Georgia Power Co., 3.000%, 04/15/16		417,869	0.3
323,000		Progress Energy, Inc., 5.625%, 01/15/16		349,327	0.2
252,000		PSEG Power, LLC, 2.750%, 09/15/16		262,078	0.2
400,000		Xcel Energy, Inc., 0.750%, 05/09/16		399,159	0.2
				3,861,154	2.2

		Total Corporate Bonds/Notes (Cost $104,205,612)		104,602,858	60.0

COLLATERALIZED MORTGAGE OBLIGATIONS: 12.8%
468,000	#	American General Mortgage Loan Trust 2010-1, 5.650%, 03/25/58		477,937	0.3
430,000		Banc of America Commercial Mortgage Trust 2007-3, 5.598%, 06/10/49		440,228	0.3
580,000		Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.317%, 06/10/49		631,454	0.4
520,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.339%, 07/10/43		536,787	0.3
640,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 6.038%, 11/10/38		672,681	0.4
617,000		Bank of America Merrill Lynch Commercial Mortgage, Inc., 4.621%, 07/10/43		626,603	0.4
512,709		Bear Stearns Commercial Mortgage Securities Trust 2003-TOP12, 4.727%, 08/13/39		516,470	0.3
590,000		Bear Stearns Commercial Mortgage Securities Trust 2005-TOP18, 5.074%, 02/13/42		609,002	0.3
192,344		Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18, 5.957%, 06/11/50		196,506	0.1
300,000		Bear Stearns Commercial Mortgage Securities Trust 2005-PWR8, 4.750%, 06/11/41		309,911	0.2
640,264		CD 2007-CD4 Commercial Mortgage Trust, 5.289%, 12/11/49		697,395	0.4
330,000		COMM Mortgage Trust, 5.316%, 06/10/44		331,043	0.2
316,319		COMM 2013-CCRE7 Mortgage Trust, 0.716%, 03/10/46		314,936	0.2
34,085		Commercial Mortgage Trust, 4.619%, 08/10/42		34,089	0.0
37,304		Commercial Mortgage Trust, 5.308%, 12/15/39		37,633	0.0
220,000		Commercial Mortgage Trust 2007-GG9, 5.447%, 03/10/39		223,177	0.1
600,000		Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 04/15/37		606,041	0.3
557,000		Credit Suisse First Boston Mortgage Securities Corp., 5.290%, 08/15/38		575,130	0.3
29,230	#	Credit Suisse First Boston Mortgage Securities Corp., 5.322%, 08/15/36		29,310	0.0
860,000	#	Credit Suisse Mortgage Capital Certificates, 2.405%, 02/10/29		858,870	0.5
45,000	#	CSMC Series 2009-RR3, 5.342%, 12/15/43		48,740	0.0
100,000	#	Del Coronado Trust, 4.000%, 03/15/26		100,044	0.1
250,000	#	GCCFC Commercial Mortgage Trust, 6.109%, 06/10/36		251,312	0.1
560,000		GE Capital Commercial Mortgage Corp., 5.133%, 05/10/43		579,225	0.3
151,370		GE Capital Commercial Mortgage Corp., 5.309%, 11/10/45		151,887	0.1
282,542		Greenwich Capital Commercial Funding Corp., 5.381%, 03/10/39		287,151	0.2
810,000		Greenwich Capital Commercial Funding Corp., 5.475%, 03/10/39		872,945	0.5
11,732		GS Mortgage Securities Corp. II, 5.506%, 04/10/38		11,742	0.0
270,000	#	Hilton USA Trust 2013-HLT, 2.662%, 11/05/30		271,185	0.2
250,000	#	JP Morgan Chase Commercial Mortgage Securities Corp., 1.555%, 10/15/30		250,374	0.1
30,214	#	JP Morgan Chase Commercial Mortgage Securities Corp., 4.158%, 01/12/39		30,195	0.0

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

COLLATERALIZED MORTGAGE OBLIGATIONS: (continued)
610,000		JP Morgan Chase Commercial Mortgage Securities Corp., 4.878%, 01/15/42	$	621,511	0.4
120,000		JP Morgan Chase Commercial Mortgage Securities Corp., 5.790%, 02/15/51		121,164	0.1
44,244		JP Morgan Chase Commercial Mortgage Securities Corp., 5.800%, 06/15/49		44,287	0.0
210,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1, 0.355%, 03/15/46		208,266	0.1
1,280,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, 5.040%, 10/15/42		1,319,761	0.8
85,982		JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-CIBC13, 5.240%, 01/12/43		87,302	0.1
310,000	#	LB-UBS Commercial Mortgage Trust 2002-C4, 5.914%, 10/15/35		314,202	0.2
280,000		LB-UBS Commercial Mortgage Trust 2004-C4, 6.000%, 06/15/36		281,554	0.2
1,210,000		LB-UBS Commercial Mortgage Trust 2005-C5, 5.127%, 09/15/40		1,261,434	0.7
299,878		LB-UBS Commercial Mortgage Trust 2006-C7, 5.300%, 11/15/38		310,787	0.2
420,000	#	LB-UBS Commercial Mortgage Trust, 5.261%, 10/15/36		430,601	0.2
184,687		ML-CFC Commercial Mortgage Trust 2007-9, 5.644%, 09/12/49		188,115	0.1
233,965		Morgan Stanley Capital I Trust 2005-HQ6, 4.973%, 08/13/42		236,713	0.1
221,389		Morgan Stanley Capital I Trust 2006-TOP21, 5.185%, 10/12/52		223,902	0.1
570,000		Morgan Stanley Capital I Trust 2007-TOP27, 5.648%, 06/11/42		620,684	0.4
580,000		Morgan Stanley Capital I, 5.073%, 08/13/42		601,985	0.3
76,537	#	Morgan Stanley Re-REMIC Trust 2010-C30, 5.246%, 12/17/43		76,841	0.0
108,115	#	NorthStar 2012-1 Mortgage Trust, 1.357%, 08/25/29		108,243	0.1
800,000	#	TIAA CMBS I Trust, 5.770%, 06/19/33		859,563	0.5
686,997		TIAA Seasoned Commercial Mortgage Trust, 5.551%, 08/15/39		720,170	0.4
430,000	#	Wachovia Bank Commercial Mortgage Trust Series 2004-C14, 5.719%, 08/15/41		433,466	0.2
360,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C17, 5.396%, 03/15/42		368,182	0.2
220,000		Wachovia Bank Commercial Mortgage Trust Series 2006-C25, 5.722%, 05/15/43		239,908	0.1
114,806		Wachovia Bank Commercial Mortgage Trust, 5.246%, 12/15/43		115,171	0.1
960,000		Wachovia Bank Commercial Mortgage Trust, 5.603%, 10/15/48		1,043,811	0.6

		Total Collateralized Mortgage Obligations (Cost $22,535,068)		22,417,626	12.8

ASSET-BACKED SECURITIES: 15.1%
		Automobile Asset-Backed Securities: 2.8%
389,000		Capital Auto Receivables Asset Trust 2013-1, 0.790%, 06/20/17		389,302	0.2
340,000		Capital Auto Receivables Asset Trust 2013-3, 1.310%, 12/20/17		342,790	0.2
326,000		CarMax Auto Owner Trust, 0.890%, 08/17/18		325,003	0.2
280,000		Fifth Third Auto 2013-1, 1.300%, 02/18/20		282,405	0.2
226,000		Harley-Davidson Motorcycle Trust 2012-1, 0.910%, 02/15/18		227,096	0.1
481,000	#	Hyundai Auto Lease Securitization Trust, 0.660%, 06/15/16		481,866	0.3
768,000		Hyundai Auto Receivables Trust, 0.750%, 09/17/18		765,424	0.4
140,000		Nissan Auto Receivables 2013-C Owner Trust, 1.300%, 06/15/20		139,526	0.1
650,000		Nissan Auto Receivables 2013-B Owner Trust, 1.310%, 10/15/19		653,491	0.4
700,000		Smart Trust, 1.050%, 10/14/18		696,356	0.4
68,874		Toyota Auto Receivables Owner Trust, 0.750%, 02/16/16		69,014	0.0
100,000		Toyota Auto Receivables Owner Trust, 1.180%, 06/17/19		99,899	0.0
527,000		World Omni Auto Receivables Trust 2013-A, 0.870%, 07/15/19		525,428	0.3
				4,997,600	2.8

		Credit Card Asset-Backed Securities: 1.8%
800,000		Chase Issuance Trust, 1.150%, 01/15/19		800,484	0.5
786,000		Citibank Credit Card Issuance Trust, 5.350%, 02/07/20		891,848	0.5

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value

ASSET-BACKED SECURITIES: (continued)
		Credit Card Asset-Backed Securities: (continued)
582,000		Citibank Credit Card Issuance Trust, 5.650%, 09/20/19	$	663,675	0.4
170,000		Discover Card Execution Note Trust, 0.585%, 07/15/21		170,612	0.1
200,000		Discover Card Execution Note Trust, 1.040%, 04/15/19		200,325	0.1
418,000		Dryrock Issuance Trust, 0.640%, 08/15/18		417,744	0.2
				3,144,688	1.8

		Home Equity Asset-Backed Securities: 0.2%
294,457		Chase Funding Loan Acquisition Trust Series 2003-C2, 4.750%, 12/25/19		303,443	0.2

		Other Asset-Backed Securities: 10.3%
203,800	#	Aimco CDO, 0.487%, 10/20/19		201,578	0.1
500,000	#	Apidos CDO II, 1.039%, 12/21/18		488,307	0.3
250,000	#	Ares VIR CLO Ltd., 2.134%, 03/12/18		249,050	0.1
176,019	#	Ares VR CLO Ltd., 2.136%, 02/24/18		174,580	0.1
325,000	#	Ares XII CLO Ltd., 2.235%, 11/25/20		323,677	0.2
625,000	#	Atrium III, 2.234%, 10/27/16		617,340	0.4
250,000	#	Atrium III, 6.334%, 10/27/16		250,330	0.2
500,000	#	Atrium IV, 0.985%, 06/08/19		488,134	0.3
500,000	#	Ballyrock CLO 2006-1 Ltd., 1.733%, 08/28/19		496,195	0.3
500,000	#	Ballyrock CLO 2006-2 Ltd., 1.642%, 01/14/20		490,844	0.3
523,507	#	Ballyrock CLO 2006-1 Ltd., 3.683%, 08/28/19		521,189	0.3
500,000	#	Callidus Debt Partners CLO Fund IV Ltd., 2.038%, 04/17/20		496,043	0.3
250,000	#	Callidus Debt Partners CLO Fund VII Ltd., 1.737%, 01/21/21		251,829	0.2
250,000	#	Callidus Debt Partners CLO Fund VII Ltd., 2.487%, 01/21/21		250,083	0.1
500,000	#	Callidus Debt Partners CLO Fund VII Ltd., 3.687%, 01/21/21		501,753	0.3
400,000	#	Carlyle Arnage CLO Ltd., 3.484%, 08/27/21		402,203	0.2
250,000	#	Castle Garden Funding, 0.986%, 10/27/20		246,773	0.1
300,000	#	Castle Garden Funding, 4.986%, 10/27/20		300,537	0.2
375,000	#	CIFC Funding 2006-I Ltd., 0.637%, 10/20/20		365,582	0.2
400,000	#	CIFC Funding 2006-II Ltd., 1.836%, 03/01/21		382,556	0.2
589,000		CNH Equipment Trust, 0.650%, 04/16/18		590,153	0.3
500,000	#	CP Uniq Aps, 2.039%, 04/15/18		487,437	0.3
500,000	#	Dryden VIII Leveraged Loan CDO 2005, 0.956%, 05/22/17		495,907	0.3
130,150	#	Emporia Preferred Funding II Corp., 0.517%, 10/18/18		129,940	0.1
575,000	#	Emporia Preferred Funding, 0.737%, 10/18/18		570,299	0.3
171,217	#	GSAMP Trust 2005-SEA2, 0.504%, 01/25/45		167,424	0.1
500,000	#	Gulf Stream — Compass CLO 2005-II Ltd., 1.037%, 01/24/20		493,596	0.3
500,000	#	Gulf Stream — Compass CLO 2007-I Ltd., 2.235%, 10/28/19		496,136	0.3
500,000	#	Gulf Stream — Compass CLO 2007-I Ltd., 3.685%, 10/28/19		500,227	0.3
500,000	#	Gulf Stream — Sextant CLO 2006-1 Ltd., 0.574%, 08/21/20		495,938	0.3
300,000	#	Gulf Stream — Sextant CLO 2006-1 Ltd., 0.934%, 08/21/20		289,141	0.2
225,000	#	Gulf Stream — Sextant CLO 2006-1 Ltd., 1.834%, 08/21/20		213,293	0.1
400,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 0.686%, 08/07/21		388,002	0.2
250,000	#	Halcyon Structured Asset Management Long Secured/Short Unsecured 2007-1 Ltd., 2.536%, 08/07/21		246,563	0.1
250,000	#	Hewett’s Island Clo IV Ltd., 0.987%, 05/09/18		249,117	0.1
400,000	#	Hewett’s Island Clo IV Ltd., 1.887%, 05/09/18		396,595	0.2
250,000	#	Kingsland III Ltd., 0.886%, 08/24/21		237,101	0.1
500,000	#	Landmark VI CDO Ltd, 0.742%, 01/14/18		491,608	0.3
250,000	#	Madison Park Funding Ltd., 2.137%, 05/10/19		250,061	0.1
1,050,000		Madison Park Funding Ltd., 4.987%, 05/10/19		1,051,212	0.6
500,000	#	Northwoods Capital V Ltd., 2.134%, 12/07/20		490,725	0.3
300,000	#	Silverado CLO 2006-I Ltd., 0.667%, 04/11/20		296,701	0.2
500,000	#	Stanfield Veyron CLO Ltd., 0.919%, 07/15/18		494,430	0.3
465,430		Structured Asset Securities Corp. Trust 2005-AR1, 0.354%, 09/25/35		464,626	0.3

VOYA SHORT TERM BOND FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value			Percentage of Net Assets

ASSET-BACKED SECURITIES: (continued)
		Other Asset-Backed Securities: (continued)
425,000	#	WhiteHorse III Ltd./Corp, 0.988%, 05/01/18	$	421,635			0.2
				17,906,450			10.3

		Total Asset-Backed Securities (Cost $26,249,416)		26,352,181			15.1

U.S. TREASURY OBLIGATIONS: 1.8%
		U.S. Treasury Notes: 1.8%
250,000		0.125%, due 04/30/15		249,971			0.1
1,508,000		0.375%, due 03/31/16		1,506,527			0.9
1,280,000		0.750%, due 03/15/17		1,275,449			0.7
98,000		1.625%, due 03/31/19		97,537			0.1

		Total U.S. Treasury Obligations (Cost $3,132,714)		3,129,484			1.8

FOREIGN GOVERNMENT BONDS: 1.1%
EUR 1,204,000		Ireland Government Bond, 5.500%, 10/18/17		1,916,494			1.1

		Total Foreign Government Bonds (Cost $1,860,183)		1,916,494			1.1

U.S. GOVERNMENT AGENCY OBLIGATIONS: 8.8%
		Federal Home Loan Mortgage Corporation: 4.5%^##
1,359,358		5.000%, due 07/15/39		1,454,837			0.8
182,838		5.500%, due 01/01/37		200,795			0.1
1,563,779		5.500%, due 07/01/38		1,739,333			1.0
521,695		5.500%, due 07/01/38		581,071			0.3
400,534		5.500%, due 08/01/38		442,934			0.3
51,220		5.500%, due 10/01/38		57,038			0.0
48,512		5.500%, due 10/01/38		53,909			0.0
1,013,996		5.500%, due 11/01/38		1,120,377			0.7
681,827		5.500%, due 02/01/39		750,981			0.4
1,338,181		6.000%, due 12/15/28		1,471,205			0.9
				7,872,480			4.5

		Federal National Mortgage Association: 3.1%^##
463,130		3.000%, due 12/25/39		472,011			0.3
589,647		3.000%, due 04/25/40		606,087			0.3
690,512		3.000%, due 05/25/40		697,519			0.4
508,280		4.000%, due 10/25/50		529,555			0.3
620,415		4.500%, due 10/25/40		635,456			0.4
976,731		5.000%, due 01/01/23		1,055,077			0.6
500,827		5.000%, due 07/01/34		550,078			0.3
724,685		6.000%, due 01/01/38		817,838			0.5
				5,363,621			3.1

		Government National Mortgage Association: 1.2%
1,800,000		7.115%, due 12/20/38		2,088,000			1.2

		Total U.S. Government Agency Obligations (Cost $15,262,095)		15,324,101			8.8

		Total Long-Term Investments (Cost $173,245,088)		173,742,744			99.6

SHORT-TERM INVESTMENTS: 1.6%
		Securities Lending Collateral^cc(1): 0.5%
832,742		Morgan Stanley, Repurchase Agreement dated 03/31/14, 0.10%, due 04/01/14 (Repurchase Amount $832,744, collateralized by various U.S. Government Agency Obligations, 1.360%–8.500%, Market Value plus accrued interest $849,397, due 05/01/17–12/01/44) (Cost $832,742)		832,742			0.5

Shares			Value			Percentage of Net Assets
		Mutual Funds: 1.1%
1,912,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $1,912,000)		1,912,000			1.1

		Total Short-Term Investments (Cost $2,744,742)		2,744,742			1.6

		Total Investments in Securities (Cost $175,989,830)	$	176,487,486			101.2
		Liabilities in Excess of Other Assets		(2,044,029	)		(1.2	)
		Net Assets	$	174,443,457			100.0

†

Unless otherwise indicated, principal amount is shown in USD.

††

Rate shown is the 7-day yield as of March 31, 2014.

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.

Securities purchased with cash collateral for securities loaned.

Loaned security, a portion or all of the security is on loan at March 31, 2014.

(1)

Collateral received from brokers for securities lending was invested into these short-term investments.

EUR

EU Euro

Cost for federal income tax purposes is $175,990,929.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	1,005,567
Gross Unrealized Depreciation		(509,010	)
Net Unrealized Appreciation	$	496,557

VOYA STRATEGIC INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014

Shares			Value		Percentage of Net Assets

INVESTMENT COMPANIES: 66.1%
		Affiliated Investment Companies: 66.1%
193,443		Voya Floating Rate Fund — Class P	$	1,975,053		35.1
205,801		Voya High Yield Bond Fund — Class P		1,745,189		31.0

		Total Investment Companies (Cost $3,678,997)		3,720,242		66.1

Principal Amount†			Value		Percentage of Net Assets

COLLATERALIZED MORTGAGE OBLIGATIONS: 6.3%
10,000		Banc of America Commercial Mortgage Trust 2007-4, 5.892%, 02/10/51		10,299		0.2
10,000	#	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.339%, 07/10/43		10,254		0.2
18,021		Bear Stearns Alternative-A Trust, 0.794%, 07/25/34		17,239		0.3
10,000		CD 2007-CD5 Mortgage Trust, 6.116%, 11/15/44		10,918		0.2
14,131		Citigroup Mortgage Loan Trust 2006-AR9, 5.607%, 11/25/36		12,335		0.2
99,694	ˆ	COMM 2013-CCRE12 Mortgage Trust, 1.437%, 10/10/46		9,035		0.1
100,000	ˆ	Commercial Mortgage Pass Through Certificates, 1.601%, 04/10/47		8,947		0.1
10,000		Commercial Mortgage Trust, 5.216%, 07/15/44		10,368		0.2
40,000		Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 04/15/37		40,403		0.7
10,000		Credit Suisse First Boston Mortgage Securities Corp., 5.736%, 05/15/36		10,939		0.2
10,000		GS Mort Sec Corp. II Commercial Mort Ps Thr Cert Ser 2004-GG2, 5.987%, 08/10/38		9,998		0.2
1,000,000	#, ˆ	JP Morgan Chase Commercial Mortgage Securities Corp., 0.360%, 12/15/47		26,524		0.5
10,000		JP Morgan Chase Commercial Mortgage Securities Trust 2004-CIBC9, 5.723%, 06/12/41		8,555		0.1
10,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP1, 0.355%, 03/15/46		9,917		0.2
10,000		JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, 5.129%, 10/15/42		9,305		0.2
10,000		LB Commercial Mortgage Trust 2007-C3, 5.868%, 07/15/44		10,174		0.2
10,000		LB-UBS Commercial Mortgage Trust 2000-C4, 8.150%, 07/15/32		10,350		0.2
10,000		LB-UBS Commercial Mortgage Trust 2004-C6, 5.206%, 08/15/36		10,123		0.2
10,000		LB-UBS Commercial Mortgage Trust 2005-C2, 5.205%, 04/15/30		10,350		0.2
10,000		LB-UBS Commercial Mortgage Trust 2005-C3, 4.954%, 07/15/40		9,988		0.2
98,505	ˆ	Morgan Stanley Bank of America Merrill Lynch Trust 2013-C8, 1.504%, 12/15/48		6,761		0.1
352,421	#, ˆ	Morgan Stanley Bank of America Merrill Lynch Trust, 1.883%, 08/15/45		32,750		0.6
25,000		Morgan Stanley Capital I Trust 2006-HQ10, 5.389%, 11/12/41		25,352		0.4
15,890		Prime Mortgage Trust 2007-1, 5.500%, 03/25/37		14,358		0.2
10,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.953%, 02/15/51		10,006		0.2
10,000		Wachovia Bank Commercial Mortgage Trust Series 2007-C33, 5.953%, 02/15/51		10,406		0.2

		Total Collateralized Mortgage Obligations (Cost $353,305)		355,654		6.3

U.S. TREASURY OBLIGATIONS: 13.4%
		U.S. Treasury Bonds: 1.1%
60,000		3.750%, due 11/15/43		62,128		1.1

		U.S. Treasury Notes: 12.3%
150,000		0.125%, due 04/30/15		149,983		2.7
88,000		2.250%, due 03/31/21		87,704		1.6

VOYA STRATEGIC INCOME FUND

PORTFOLIO OF INVESTMENTS
AS OF MARCH 31, 2014 (CONTINUED)

Principal Amount†			Value			Percentage of Net Assets

U.S. TREASURY OBLIGATIONS: (continued)
		U.S. Treasury Notes: (continued)
452,000		2.750%, due 02/15/24	$	453,095			8.0
				690,782			12.3

		Total U.S. Treasury Obligations (Cost $753,980)		752,910			13.4

U.S. GOVERNMENT AGENCY OBLIGATIONS: 9.9%
		Federal Home Loan Mortgage Corporation: 4.9%^##
1,743,660	ˆ	6.500%, due 06/15/32		276,405			4.9

		Federal National Mortgage Association: 4.4%^##
1,078,465	ˆ	4.500%, due 10/25/41		212,310			3.8
29,798		5.500%, due 10/01/39		32,940			0.6
				245,250			4.4

		Government National Mortgage Association: 0.6%
174,268	ˆ	3.500%, due 10/20/41		32,449			0.6

		Total U.S. Government Agency Obligations (Cost $527,478)		554,104			9.9

		Total Long-Term Investments (Cost $5,313,760)		5,382,910			95.7

Shares			Value			Percentage of Net Assets

SHORT-TERM INVESTMENTS: 6.0%
		Mutual Funds: 6.0%
339,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $339,000)		339,000			6.0

		Total Short-Term Investments (Cost $339,000)		339,000			6.0

		Total Investments in Securities (Cost $5,652,760)	$	5,721,910			101.7
		Liabilities in Excess of Other Assets		(94,709	)		(1.7	)
		Net Assets	$	5,627,201			100.0

†

Unless otherwise indicated, principal amount is shown in USD.

††

Rate shown is the 7-day yield as of March 31, 2014.

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.

Cost for federal income tax purposes is $5,652,872.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	75,401
Gross Unrealized Depreciation		(6,363	)
Net Unrealized Appreciation	$	69,038

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Nominating Committee. The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider, evaluate and make recommendations to the Board with respect to the nomination and selection of Independent Trustees. In evaluating candidates, the Nominating Committee may consider a variety of factors, but specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews nominees it identifies. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include sufficient background information concerning the candidate and should be received in a timely manner. At a minimum, the following information as to each individual proposed for nomination as director should be included: the individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a director (if elected), and all information relating to such individual that is required to be disclosed in a solicitation of proxies for election of directors, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The Secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90^th day prior to such meeting and not later than the close of business on the later of the 60^th day prior to such meeting or the 10^th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the SEC.

In evaluating a candidate for the position of Independent Trustee, including any candidate recommended by

shareholders of the Fund, the Nominating Committee shall consider the following: (i) the candidate’s knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of other public companies; (iii) the candidate’s educational background, reputation for high ethical standards and professional integrity; (iv) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board’s existing mix of skills, core competencies and qualifications; (v) the candidate’s perceived ability to contribute to the ongoing functions of the Board, including the candidate’s ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vi) the candidate’s ability to qualify as an Independent Trustee for purposes of the 1940 Act; and (vii) such other factors as the Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates.

ITEM 10. 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 11. EXHIBITS.

(a)(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(b)

The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT

(3)

Not applicable.

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/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date: June 6, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date: June 6, 2014

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: June 6, 2014

	OMB APPROVAL
	OMB Number: 3235-0570
	Expires: January 31, 2017
	Estimated average burden hours per response: 20.6

7337 E. Doubletree Ranch Rd. Suite 100, Scottsdale, AZ	85258
(Address of principal executive offices)	(Zip code)

n		Voya GNMA Income Fund (formerly, ING GNMA Income Fund)
n		Voya High Yield Bond Fund (formerly, ING High Yield Bond Fund)
n		Voya Intermediate Bond Fund (formerly, ING Intermediate Bond Fund)
n		Voya Short Term Bond Fund (formerly, ING Short Term Bond Fund)
n		Voya Strategic Income Fund (formerly, ING Strategic Income Fund)

				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.voyainvestments.com, click on the E-Delivery icon from the home page, 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.

Index				Description
Barclays GNMA Index				An unmanaged index comprised of all fixed security mortgage pools sponsored by GNMA, including GNMA Graduated Payment Mortgages.
Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged 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.
Barclays Long Term U.S. Treasury Index				The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value.
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.
Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
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. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. These securities are not double-counted in the index. The U.S. Universal index was created on January 1, 1999, with index history backfilled to January 1, 1990.
MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World Index^SM				An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
S&P 500® Index				An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.

President’s Letter					1
Market Perspective					2
Portfolio Managers’ Reports					4
Shareholder Expense Examples					14
Report of Independent Registered Public Accounting Firm					16
Statements of Assets and Liabilities					17
Statements of Operations					21
Statements of Changes in Net Assets					23
Financial Highlights					26
Notes to Financial Statements					30
Summary Portfolios of Investments					47
Tax Information					83
Shareholder Meeting Information					84
Trustee and Officer Information					86

Investment Type Allocation as of March 31, 2014 (as a percentage of net assets)

U.S. Government Agency Obligations	108.2	%
U.S. Treasury Obligations	0.7	%
Collateralized Mortgage Obligations	0.1	%
Liabilities in Excess of Other Assets	(9.0	)%
Net Assets	100.0	%


*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Periods Ended March 31, 2014
	1 Year			5 Year			10 Year			Since Inception of Class W December 17, 2007
Including Sales Charge:
Class A⁽¹⁾		–2.84	%		3.25	%		3.62	%		—
Class B⁽²⁾		–5.93	%		2.63	%		3.35	%		—
Class C⁽³⁾		–2.08	%		2.98	%		3.34	%		—
Class I		–0.09	%		4.06	%		4.43	%		—
Class W		–0.09	%		4.02	%		—			4.83	%
Excluding Sales Charge:
Class A		–0.35	%		3.76	%		4.13	%		—
Class B		–1.11	%		2.99	%		3.35	%		—
Class C		–1.12	%		2.98	%		3.34	%		—
Class I		–0.09	%		4.06	%		4.43	%		—
Class W		–0.09	%		4.02	%		—			4.83	%
Barclays GNMA Index		–0.18	%		3.91	%		4.70	%		4.85	%

Sector Diversification as of March 31, 2014 (as a percentage of net assets)

Consumer, Non-cyclical	19.2	%
Communications	16.7	%
Energy	14.8	%
Consumer, Cyclical	14.2	%
Industrial	9.7	%
Basic Materials	6.7	%
Technology	6.4	%
Financial	4.8	%
Utilities	2.1	%
Diversified	0.3	%
Other Asset-Backed Securities	0.3	%
Consumer Discretionary	0.0	%
Assets in Excess of Other Liabilities*	4.8	%
Net Assets	100.0	%


* Includes short-term investments.
*Portfolio holdings are subject to change daily.*

Top Ten Holdings as of March 31, 2014* (as a percentage of net assets)

HCA Holdings, Inc., 6.250%, 02/15/21	0.9	%
Sirius XM Radio, Inc., 5.750%, 08/01/21	0.8	%
ArcelorMittal, 6.000%, 03/01/21	0.6	%
FMG Resources August 2006 Pty Ltd., 6.875%, 04/01/22	0.6	%
Sprint Corp., 7.250%, 09/15/21	0.5	%
Momentive Performance Materials, Inc., 8.875%, 10/15/20	0.5	%
CenturyLink, Inc., 5.625%, 04/01/20	0.5	%
TransDigm, Inc., 7.750%, 12/15/18	0.5	%
US Coatings Acquisition, Inc. / Axalta Coating Systems Dutch Holding B BV, 7.375%, 05/01/21	0.5	%
Intelsat Luxembourg SA, 7.750%, 06/01/21	0.5	%


* Excludes short-term investments.
*Portfolio holdings are subject to change daily.*

Investment Type Allocation as of March 31, 2014 (as a percentage of net assets)

Corporate Bonds/Notes	28.5	%
U.S. Treasury Obligations	22.7	%
U.S. Government Agency Obligations	22.6	%
Collateralized Mortgage Obligations	15.2	%
Asset-Backed Securities	9.0	%
Foreign Government Bonds	3.9	%
Liabilities in Excess of Other Assets*	(1.9	)%
Net Assets	100.0	%

* Includes short-term investments.
*Portfolio holdings are subject to change daily.*

Top Ten Holdings as of March 31, 2014* (as a percentage of net assets)

United States Treasury Note, 0.750%, 03/15/17	8.1	%
United States Treasury Note, 1.625%, 03/31/19	4.2	%
United States Treasury Note, 0.375%, 03/31/16	3.8	%
United States Treasury Bond, 3.750%, 11/15/43	2.9	%
Freddie Mac, 3.500%, 08/15/41	2.6	%
United States Treasury Note, 2.750%, 02/15/24	2.1	%
Fannie Mae, 2.500%, 11/25/26	2.1	%
United States Treasury Note/Bond, 2.250%, 03/31/21	1.6	%
Fannie Mae, 3.000%, 05/01/43	1.2	%
Freddie Mac, 3.000%, 05/01/43	0.9	%

*Excludes short-term investments.
*Portfolio holdings are subject to change daily.*

Investment Type Allocation as of March 31, 2014 (as a percentage of net assets)

Corporate Bonds/Notes	60.0	%
Asset-Backed Securities	15.1	%
Collateralized Mortgage Obligations	12.8	%
U.S. Government Agency Obligations	8.8	%
U.S. Treasury Obligations	1.8	%
Foreign Government Bonds	1.1	%
Assets in Excess of Other Liabilities*	0.4	%
Net Assets	100.0	%

* Includes short-term investments.
*Portfolio holdings are subject to change daily.*

Top Ten Holdings as of March 31, 2014* (as a percentage of net assets)

Ginnie Mae, 7.115%, 12/20/38	1.2	%
Ireland Government Bond, 5.500%, 10/18/17	1.1	%
Freddie Mac, 5.500%, 07/01/38	1.0	%
Verizon Communications, Inc., 3.000%, 04/01/16	0.9	%
United States Treasury Note, 0.375%, 03/31/16	0.9	%
Freddie Mac, 6.000%, 12/15/28	0.9	%
Freddie Mac, 5.000%, 07/15/39	0.8	%
JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, 5.040%, 10/15/42	0.8	%
United States Treasury Note, 0.750%, 03/15/17	0.7	%
LB-UBS Commercial Mortgage Trust 2005-C5, 5.127%, 09/15/40	0.7	%

* Excludes short-term investments.
*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Period Ended March 31, 2014
	1 Year			Since Inception of Classes A, C, I, and W December 19, 2012			Since Inception of Class R6 July 31, 2013
Including Sales Charge:
Class A⁽¹⁾		–1.14	%		–0.79	%		—
Class C⁽²⁾		–0.27	%		0.49	%		—
Class I		1.74	%		1.52	%		—
Class R6		—			—			1.49	%
Class W		1.70	%		1.45	%		—
Excluding Sales Charge:
Class A		1.43	%		1.21	%		—
Class C		0.73	%		0.49	%		—
Class I		1.74	%		1.52	%		—
Class R6		—			—			1.49	%
Class W		1.70	%		1.45	%		—
Barclays U.S. 1-3 Year Government/Credit Bond		0.68	%		0.73	%		0.59	%

Investment Type Allocation as of March 31, 2014 (as a percentage of net assets)

Affiliated Investment Companies	66.1	%
U.S. Treasury Obligations	13.4	%
U.S. Government Agency Obligations	9.9	%
Collateralized Mortgage Obligations	6.3	%
Assets in Excess of Other Liabilities*	4.3	%
Net Assets	100.0	%

*Includes short-term investments.
*Portfolio holdings are subject to change daily.*

Average Annual Total Returns for the Period Ended March 31, 2014
	1 Year	Since Inception of Classes A, C, I, R, and W November 2, 2012
Including Sales Charge:
Class A⁽¹⁾	–0.34%	1.29%
Class C⁽²⁾	0.21%	2.19%
Class I	2.26%	3.29%
Class R	1.57%	2.60%
Class W	1.72%	2.90%
Excluding Sales Charge:
Class A	2.21%	3.15%
Class C	1.18%	2.19%
Class I	2.26%	3.29%
Class R	1.57%	2.60%
Class W	1.72%	2.90%
Barclays U.S. Universal Bond	0.51%	0.69%

	Actual Fund Return									Hypothetical (5% return before expenses)
	Beginning Account Value October 1, 2013		Ending Account Value March 31, 2014		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2014*		Beginning Account Value October 1, 2013		Ending Account Value March 31, 2014		Annualized Expense Ratio			Expenses Paid During the Period Ended March 31, 2014*
Voya GNMA Income Fund
Class A	$	1,000.00	$	1,011.40		0.94	%	$	4.71	$	1,000.00	$	1,020.24		0.94	%	$	4.73
Class B		1,000.00		1,007.70		1.69			8.46		1,000.00		1,016.50		1.69			8.50
Class C		1,000.00		1,007.60		1.69			8.46		1,000.00		1,016.50		1.69			8.50
Class I		1,000.00		1,012.70		0.66			3.31		1,000.00		1,021.64		0.66			3.33
Class W		1,000.00		1,012.70		0.69			3.46		1,000.00		1,021.49		0.69			3.48
Voya High Yield Bond Fund
Class A		1,000.00		1,067.90		1.10			5.67		1,000.00		1,019.45		1.10			5.54
Class B		1,000.00		1,064.10		1.85			9.52		1,000.00		1,015.71		1.85			9.30
Class C		1,000.00		1,064.00		1.85			9.52		1,000.00		1,015.71		1.85			9.30
Class I		1,000.00		1,071.40		0.70			3.62		1,000.00		1,021.44		0.70			3.53
Class P		1,000.00		1,073.30		0.07			0.36		1,000.00		1,024.58		0.07			0.35
Class R⁽¹⁾		1,000.00		1,021.70		1.33			6.70		1,000.00		1,018.30		1.33			6.69
Class W		1,000.00		1,070.70		0.85			4.39		1,000.00		1,020.69		0.85			4.28

	Voya GNMA Income Fund			Voya High Yield Bond Fund			Voya Intermediate Bond Fund
ASSETS:
Investments in securities at fair value+*	$	892,564,407		$	400,226,806		$	1,645,509,222
Short-term investments at fair value**		—			4,072,756			177,675,092
Total investments at fair value	$	892,564,407		$	404,299,562		$	1,823,184,314
Short-term investments at amortized cost		—			7,099,302			—
Cash		100,607,640			1,385,003			4,896,840
Cash collateral for futures		2,444,619			—			2,019,343
Cash pledged as collateral for OTC derivatives (Note 2)		—			—			2,210,000
Cash pledged as collateral for delayed-delivery or when-issued securities (Note 2)		—			—			33,432
Receivables:
Investment securities sold		2,793,852			4,829,709			91,016,571
Investment securities sold on a delayed-delivery or when-issued basis		66,665,416			—			166,243,495
Fund shares sold		470,234			772,697			5,507,545
Dividends		—			81			3,010
Interest		3,227,513			7,640,075			10,087,165
Unrealized appreciation on forward foreign currency contracts		—			—			243,833
Upfront payments paid on OTC swap agreements		—			—			226,663
Unrealized appreciation on OTC swap agreements		—			—			167,007
Prepaid expenses		43,578			33,138			68,913
Reimbursement due from manager		—			34,268			—
Total assets		1,068,817,259			426,093,835			2,105,908,131
LIABILITIES:
Income distribution payable		—			111,824			204,539
Payable for investment securities purchased		—			4,977,602			131,442,275
Payable for investment securities purchased on a delayed-delivery or when-issued basis		245,919,950			—			331,119,608
Payable for fund shares redeemed		2,992,633			406,285			1,131,976
Payable for foreign cash collateral for futures***		—			—			230,305
Payable upon receipt of securities loaned		—			—			13,023,678
Unrealized depreciation on forward foreign currency contracts		—			—			88,043
Upfront payments received on OTC swap agreements		—			—			2,187,078
Unrealized depreciation on OTC swap agreements		—			—			67,842
Cash received as collateral for delayed-delivery or when-issued securities (Note 2)		274,000			—			—
Payable for investment management fees		327,631			140,878			229,171
Payable for administrative fees		69,708			35,439			134,806
Payable for distribution and shareholder service fees		203,790			30,564			145,309
Payable to custodian due to foreign currency overdraft****		—			—			10,128,944
Payable for trustee fees		4,804			1,653			6,737
Other accrued expenses and liabilities		222,687			18,813			422,251
Total liabilities		250,015,203			5,723,058			490,562,562
NET ASSETS	$	818,802,056		$	420,370,777		$	1,615,345,569
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	829,540,408		$	438,830,396		$	1,729,719,663
Undistributed (distributions in excess of) net investment income		1,727,020			(115,004	)		4,697,169
Accumulated net realized loss		(19,141,764	)		(35,624,098	)		(139,973,230	)
Net unrealized appreciation		6,676,392			17,279,483			20,901,967
NET ASSETS	$	818,802,056		$	420,370,777		$	1,615,345,569
_______________
+ Including securities loaned at value	$	—		$	—		$	12,713,353
* Cost of investments in securities	$	886,107,658		$	382,947,323		$	1,624,714,740
** Cost of short-term investments	$	—		$	4,072,756		$	177,675,092
*** Cost of payable for foreign cash collateral for futures	$	—		$	—		$	230,305
**** Cost of foreign currency overdraft	$	—		$	—		$	10,128,944

	Voya GNMA Income Fund		Voya High Yield Bond Fund		Voya Intermediate Bond Fund
Class A
Net assets	$	558,519,725	$	79,308,758	$	535,194,140
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		64,802,412		9,339,994		53,979,238
Net asset value and redemption price per share†	$	8.62	$	8.49	$	9.91
Maximum offering price per share (2.50%)⁽¹⁾	$	8.84	$	8.71	$	10.16

Class B
Net assets	$	622,062	$	1,085,729	$	726,637
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		72,585		128,049		73,390
Net asset value and redemption price per share†	$	8.57	$	8.48	$	9.90

Class C
Net assets	$	95,601,939	$	15,051,428	$	26,603,772
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		11,153,357		1,773,311		2,686,549
Net asset value and redemption price per share†	$	8.57	$	8.49	$	9.90

Class I
Net assets	$	130,877,841	$	223,685,774	$	408,114,056
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		15,160,277		26,380,880		41,165,052
Net asset value and redemption price per share	$	8.63	$	8.48	$	9.91

Class O
Net assets		n/a		n/a	$	37,673,101
Shares authorized		n/a		n/a		unlimited
Par value		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		3,797,949
Net asset value and redemption price per share		n/a		n/a	$	9.92

Class P
Net assets		n/a	$	81,146,010		n/a
Shares authorized		n/a		unlimited		n/a
Par value		n/a	$	0.001		n/a
Shares outstanding		n/a		9,567,846		n/a
Net asset value and redemption price per share		n/a	$	8.48		n/a

Class R
Net assets		n/a	$	3,076	$	11,138,517
Shares authorized		n/a		unlimited		unlimited
Par value		n/a	$	0.001	$	0.001
Shares outstanding		n/a		362		1,121,841
Net asset value and redemption price per share		n/a	$	8.49	$	9.93

Class R6
Net assets		n/a		n/a	$	241,001,432
Shares authorized		n/a		n/a		unlimited
Par value		n/a		n/a	$	0.001
Shares outstanding		n/a		n/a		24,319,890
Net asset value and redemption price per share		n/a		n/a	$	9.91

Class W
Net assets	$	33,180,489	$	20,090,002	$	354,893,914
Shares authorized		unlimited		unlimited		unlimited
Par value	$	0.001	$	0.001	$	0.001
Shares outstanding		3,840,386		2,364,768		35,835,016
Net asset value and redemption price per share	$	8.64	$	8.50	$	9.90
_______________
⁽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.

	Voya Short Term Bond Fund			Voya Strategic Income Fund
ASSETS:
Investments in securities at fair value+*	$	173,742,744		$	1,662,668
Investments in affiliates at fair value**		—			3,720,242
Short-term investments at fair value***		2,744,742			339,000
Total investments at fair value	$	176,487,486		$	5,721,910
Cash		521,891			58
Cash collateral for futures		296,926			20,000
Receivables:
Investment securities sold		305,480			128,651
Fund shares sold		84,810			—
Interest		898,366			18,212
Unrealized appreciation on forward foreign currency contracts		30,452			9
Prepaid expenses		30,940			24,721
Reimbursement due from manager		7,497			—
Total assets		178,663,848			5,913,561
LIABILITIES:
Payable for investment securities purchased		1,029,449			258,678
Payable for investment securities purchased on a delayed-delivery or when-issued basis		2,088,000			—
Payable for fund shares redeemed		127,063			—
Payable upon receipt of securities loaned		832,742			—
Unrealized depreciation on forward foreign currency contracts		24,557			3,371
Payable for investment management fees		59,286			6,051
Payable for administrative fees		14,857			472
Payable for distribution and shareholder service fees		290			93
Payable to custodian due to foreign currency overdraft****		6,068			—
Payable for trustee fees		1,149			26
Other accrued expenses and liabilities		36,930			17,669
Total liabilities		4,220,391			286,360
NET ASSETS	$	174,443,457		$	5,627,201
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	174,114,843		$	5,653,709
Undistributed net investment income		37,672			61,090
Accumulated net realized loss		(319,363	)		(150,195	)
Net unrealized appreciation		610,305			62,597
NET ASSETS	$	174,443,457		$	5,627,201
_______________
+ Including securities loaned at value	$	809,709		$	—
* Cost of investments in securities	$	173,245,088		$	1,634,763
** Cost of investments in affiliates	$	—		$	3,678,997
*** Cost of short-term investments	$	2,744,742		$	339,000
**** Cost of foreign currency overdraft	$	6,071		$	—

	Voya Short Term Bond Fund		Voya Strategic Income Fund
Class A
Net assets	$	172,505	$	308,744
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		17,235		31,088
Net asset value and redemption price per share†	$	10.01	$	9.93
Maximum offering price per share (2.50%)⁽¹⁾	$	10.27	$	10.18

Class C
Net assets	$	351,565	$	48,365
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		35,091		4,905
Net asset value and redemption price per share†	$	10.02	$	9.86

Class I
Net assets	$	4,419,067	$	5,263,857
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		441,097		529,820
Net asset value and redemption price per share	$	10.02	$	9.94

Class R
Net assets		n/a	$	3,111
Shares authorized		n/a		unlimited
Par value		n/a	$	0.001
Shares outstanding		n/a		314
Net asset value and redemption price per share		n/a	$	9.91

Class R6
Net assets	$	169,497,264		n/a
Shares authorized		unlimited		n/a
Par value	$	0.001		n/a
Shares outstanding		16,913,197		n/a
Net asset value and redemption price per share	$	10.02		n/a

Class W
Net assets	$	3,056	$	3,124
Shares authorized		unlimited		unlimited
Par value	$	0.001	$	0.001
Shares outstanding		305		316
Net asset value and redemption price per share	$	10.02	$	9.89
_______________
⁽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.

	Voya GNMA Income Fund			Voya High Yield Bond Fund			Voya Intermediate Bond Fund
INVESTMENT INCOME:
Dividends	$	310		$	5,822		$	381,660
Interest, net of foreign taxes withheld*		35,269,559			20,704,469			49,874,419
Securities lending income, net		—			—			119,030
Total investment income		35,269,869			20,710,291			50,375,109
EXPENSES:
Investment management fees		4,493,930			1,639,462			2,234,347
Distribution and shareholder service fees:
Class A		1,618,128			199,313			994,286
Class B		9,411			13,114			12,477
Class C		1,312,859			141,357			299,242
Class O		—			—			97,391
Class R		—			2			63,775
Transfer agent fees:
Class A		422,857			124,754			486,891
Class B		617			2,051			1,528
Class C		86,050			22,119			36,650
Class I		55,444			9,844			22,172
Class O		—			—			47,705
Class P		—			1,106			—
Class R		—			1			15,616
Class R6		—			—			8,400
Class W		21,045			21,499			350,347
Administrative service fees		960,887			321,460			1,314,319
Shareholder reporting expense		46,874			17,155			106,950
Registration fees		129,085			81,031			160,857
Professional fees		121,902			40,965			129,513
Custody and accounting expense		126,048			33,478			208,940
Trustee fees		28,827			9,917			40,424
Miscellaneous expense		54,905			11,869			48,719
Interest expense		—			1,285			481
Total expenses		9,488,869			2,691,782			6,681,030
Net waived and reimbursed fees		—			(149,150	)		—
Net expenses		9,488,869			2,542,632			6,681,030
Net investment income		25,781,000			18,167,659			43,694,079
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(13,013,368	)		1,557,595			(8,516,142	)
Foreign currency related transactions		—			(91	)		1,627,038
Futures		5,386,486			—			(804,747	)
Swaps		—			—			(2,889,837	)
Written options		—			—			(1,203,468	)
Net realized gain (loss)		(7,626,882	)		1,557,504			(11,787,156	)
Net change in unrealized appreciation (depreciation) on:
Investments		(27,949,065	)		4,810,387			(10,635,985	)
Foreign currency related transactions		—			765			98,193
Futures		811,557			—			437,663
Swaps		—			—			2,702,521
Net change in unrealized appreciation (depreciation)		(27,137,508	)		4,811,152			(7,397,608	)
Net realized and unrealized gain (loss)		(34,764,390	)		6,368,656			(19,184,764	)
Increase (decrease) in net assets resulting from operations	$	(8,983,390	)	$	24,536,315		$	24,509,315
_______________
* Foreign taxes withheld	$	—		$	—		$	8,904

	Voya Strategic Income Fund
	Year Ended March 31, 2014			November 2, 2012⁽¹⁾ to March 31, 2013
FROM OPERATIONS:
Net investment income	$	228,294		$	78,821
Net realized loss		(116,552	)		(17,569	)
Net change in unrealized appreciation		4,098			58,499
Increase in net assets resulting from operations		115,840			119,751

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income:
Class A		(2,005	)		(71	)
Class C		(938	)		(15	)
Class I		(226,223	)		(32,871	)
Class R		(118	)		(17	)
Class W		(272	)		(20	)
Total distributions		(229,556	)		(32,994	)

FROM CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares		457,861			5,008,603
Reinvestment of distributions		228,932			32,994
		686,793			5,041,597
Cost of shares redeemed		(66,730	)		(7,500	)
Net increase in net assets resulting from capital share transactions		620,063			5,034,097
Net increase in net assets		506,347			5,120,854

NET ASSETS:
Beginning of year or period		5,120,854			—
End of year or period	$	5,627,201		$	5,120,854
Undistributed net investment income at end of year or period	$	61,090		$	46,124
_______________
⁽¹⁾ Commencement of operations.

		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⁾		Expense 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
03-31-14	8.95	0.24	^•	(0.27	)	(0.03	)	0.30	—	—	0.30	—	8.62	(0.35	)	0.94	0.94		0.94		2.74		558,520	302
03-31-13	9.09	0.22		0.00	*	0.22		0.29	0.05	0.02	0.36	—	8.95	2.51		0.90	0.90		0.90		2.38		727,058	352
03-31-12	8.84	0.23	^•	0.37		0.60		0.34	0.01	—	0.35	—	9.09	6.87		0.93	0.93		0.93		2.58		681,900	335
03-31-11	8.75	0.32		0.13		0.45		0.36	—	—	0.36	—	8.84	5.26		0.93	0.93		0.93		3.63		593,080	193
03-31-10	8.71	0.33	^•	0.07		0.40		0.36	—	—	0.36	—	8.75	4.68		0.94	0.94		0.94		3.83		589,813	114
Class B
03-31-14	8.90	0.17	^•	(0.27	)	(0.10	)	0.23	—	—	0.23	—	8.57	(1.11	)	1.69	1.69		1.69		1.97		622	302
03-31-13	9.04	0.14	^•	0.01		0.15		0.22	0.05	0.02	0.29	—	8.90	1.74		1.65	1.65		1.65		1.59		1,430	352
03-31-12	8.79	0.17	^•	0.36		0.53		0.27	0.01	—	0.28	—	9.04	6.08		1.68	1.68		1.68		1.87		3,676	335
03-31-11	8.70	0.26	^•	0.13		0.39		0.30	—	—	0.30	—	8.79	4.48		1.68	1.68		1.68		2.90		11,262	193
03-31-10	8.66	0.27	^•	0.06		0.33		0.29	—	—	0.29	—	8.70	3.89		1.69	1.69		1.69		3.08		25,704	114
Class C
03-31-14	8.90	0.17	^•	(0.27	)	(0.10	)	0.23	—	—	0.23	—	8.57	(1.12	)	1.69	1.69		1.69		1.97		95,602	302
03-31-13	9.04	0.16		0.00	*	0.16		0.23	0.05	0.02	0.30	—	8.90	1.78		1.65	1.65		1.65		1.63		177,823	352
03-31-12	8.79	0.16	^•	0.37		0.53		0.27	0.01	—	0.28	—	9.04	6.12		1.68	1.68		1.68		1.82		138,543	335
03-31-11	8.71	0.25		0.13		0.38		0.30	—	—	0.30	—	8.79	4.38		1.68	1.68		1.68		2.88		104,196	193
03-31-10	8.67	0.27	^•	0.06		0.33		0.29	—	—	0.29	—	8.71	3.92		1.69	1.69		1.69		3.09		103,103	114
Class I
03-31-14	8.96	0.26	^•	(0.27	)	(0.01	)	0.32	—	—	0.32	—	8.63	(0.09	)	0.66	0.66		0.66		3.00		130,878	302
03-31-13	9.10	0.25		0.00	*	0.25		0.32	0.05	0.02	0.39	—	8.96	2.79		0.63	0.63		0.63		2.64		206,100	352
03-31-12	8.85	0.26	^•	0.36		0.62		0.36	0.01	—	0.37	—	9.10	7.16		0.65	0.65		0.65		2.83		144,678	335
03-31-11	8.76	0.34		0.14		0.48		0.39	—	—	0.39	—	8.85	5.57		0.63	0.63		0.63		3.92		68,996	193
03-31-10	8.72	0.36	^•	0.07		0.43		0.39	—	—	0.39	—	8.76	5.00		0.64	0.64		0.64		4.15		52,880	114
Class W
03-31-14	8.97	0.26		(0.27	)	(0.01	)	0.32	—	—	0.32	—	8.64	(0.09	)	0.69	0.69		0.69		3.00		33,180	302
03-31-13	9.11	0.25	^•	(0.01	)	0.24		0.31	0.05	0.02	0.38	—	8.97	2.76		0.65	0.65		0.65		2.72		37,682	352
03-31-12	8.86	0.26	^•	0.36		0.62		0.36	0.01	—	0.37	—	9.11	7.12		0.68	0.68		0.68		2.83		11,700	335
03-31-11	8.77	0.35		0.13		0.48		0.39	—	—	0.39	—	8.86	5.51		0.68	0.68		0.68		3.88		7,221	193
03-31-10	8.73	0.36	^•	0.06		0.42		0.38	—	—	0.38	—	8.77	4.97		0.66	0.66		0.66		4.15		8,204	114
Voya High Yield Bond Fund
Class A
03-31-14	8.34	0.44		0.16		0.60		0.45	—	—	0.45	—	8.49	7.49		1.08	1.10		1.10		5.34		79,309	47
03-31-13	7.80	0.49		0.54		1.03		0.49	—	—	0.49	—	8.34	13.69		1.06	1.10		1.10		6.20		85,429	109
03-31-12	7.82	0.52		(0.02	)	0.50		0.52	—	—	0.52	—	7.80	6.72		1.14	1.10		1.10		6.73		98,123	100
03-31-11	7.38	0.56		0.45		1.01		0.55	—	0.02	0.57	—	7.82	14.22		1.13	1.10	^†	1.10	^†	7.43	^†	86,017	87
03-31-10	5.52	0.62		1.89		2.51		0.63	—	0.02	0.65	—	7.38	46.88		1.24	1.10	^†	1.10	^†	9.17	^†	83,034	103
Class B
03-31-14	8.33	0.38		0.16		0.54		0.39	—	—	0.39	—	8.48	6.69		1.83	1.85		1.85		4.58		1,086	47
03-31-13	7.79	0.43		0.54		0.97		0.43	—	—	0.43	—	8.33	12.85		1.81	1.85		1.85		5.47		1,629	109
03-31-12	7.81	0.46		(0.02	)	0.44		0.46	—	—	0.46	—	7.79	5.89		1.89	1.85		1.85		6.00		2,370	100
03-31-11	7.37	0.51	^•	0.44		0.95		0.49	—	0.02	0.51	—	7.81	13.35		1.88	1.85	^†	1.85	^†	6.74	^†	6,864	87
03-31-10	5.52	0.57		1.87		2.44		0.57	—	0.02	0.59	—	7.37	45.58		1.99	1.85	^†	1.85	^†	8.46	^†	12,099	103
Class C
03-31-14	8.34	0.38		0.16		0.54		0.39	—	—	0.39	—	8.49	6.69		1.83	1.85		1.85		4.59		15,051	47
03-31-13	7.80	0.44		0.53		0.97		0.43	—	—	0.43	—	8.34	12.85		1.81	1.85		1.85		5.43		14,354	109
03-31-12	7.81	0.46		(0.01	)	0.45		0.46	—	—	0.46	—	7.80	6.05		1.89	1.85		1.85		6.00		12,727	100
03-31-11	7.38	0.50		0.44		0.94		0.49	—	0.02	0.51	—	7.81	13.22		1.88	1.85	^†	1.85	^†	6.66	^†	11,938	87
03-31-10	5.52	0.57		1.89		2.46		0.58	—	0.02	0.60	—	7.38	45.82		1.99	1.85	^†	1.85	^†	8.40	^†	11,038	103

	Buy		Sell
Intermediate Bond	$	58,115,423	$	83,483,943
Short Term Bond		1,894,936		3,814,632
Strategic Income		80,975		155,107

	Purchased		Sold
GNMA Income	$	1,968,750	$	138,633,164
Intermediate Bond		134,117,917		80,616,267
Short Term Bond		50,929,162		32,073,602
Strategic Income		1,195,324		1,251,409

	Purchases		Sales
GNMA Income	$	15,153,496	$	42,490,185
High Yield Bond		332,952,685		144,882,558
Intermediate Bond		1,071,668,191		850,302,606
Short Term Bond		83,195,939		69,133,705
Strategic Income		5,728,234		5,380,816

	Purchases		Sales
GNMA Income	$	3,145,562,659	$	3,406,937,553
Intermediate Bond		6,791,771,336		6,562,273,333
Short Term Bond		119,757,560		130,081,789
Strategic Income		12,266,342		12,817,688

Fund	Fee
GNMA Income	0.47% on first $1 billion, 0.40% on next $4 billion and 0.35% on assets thereafter
High Yield Bond	0.51% on first $500 million, 0.45% on next $4.5 billion and 0.40% on assets thereafter
Intermediate Bond	0.17% on all assets
Short Term Bond	0.35% on all assets
Strategic Income	0.55% on all assets

	Class A		Class C
Initial Sales Charges:
GNMA Income	$	21,291	$	—
High Yield Bond		5,030		—
Intermediate Bond		2,997		—
Short Term Bond		408		—
Strategic Income		—		—
Contingent Deferred Sales Charges:
GNMA Income		33,995		9,888
High Yield Bond		—		660
Intermediate Bond		14		581

Subsidiary	Fund
ING Life Insurance and Annuity Company	GNMA Income	14.04	%
	Intermediate Bond	7.43
ING National Trust	GNMA Income	22.68
Voya Global Target Payment Fund	High Yield Bond	5.39
Voya Intermediate Bond Portfolio	High Yield Bond	17.36
Voya Investment Management Co. LLC	Strategic Income	92.95
Voya Solution 2015 Portfolio	Short Term Bond	28.87
Voya Solution 2025 Portfolio	High Yield Bond	7.23
	Short Term Bond	42.62
Voya Solution 2035 Portfolio	High Yield Bond	6.46
	Short Term Bond	12.56
Voya Solution Income Portfolio	Short Term Bond	8.29

Fund				Class A				Class B				Class C				Class I				Class O				Class P				Class R				Class R6				Class W
GNMA Income					0.97	%			1.72	%			1.72	%			0.67	%			N/A				N/A				N/A				N/A				0.72	%
High Yield Bond					1.10	%			1.85	%			1.85	%			0.85	%			N/A				0.15	%			1.35	%			N/A				0.85	%

Fund
Intermediate Bond	0.75	%	1.50	%	1.50	%	0.50	%	0.75	%	N/A	1.00	%	0.50	%	0.50	%
Short Term Bond	0.80	%	N/A		1.55	%	0.50	%	N/A		N/A	N/A		0.47	%	0.55	%
Strategic Income⁽¹⁾	1.15	%	N/A		1.90	%	0.70	%	N/A		N/A	1.40	%	N/A		0.90	%

Fund		Approximate Average Daily Balance For Days Utilized
High Yield Bond	6	$	5,674,000	1.06	%
Intermediate Bond	4		1,543,500	1.10
Short Term Bond	14		904,000	1.09

Jeffrey A. Bakalar
Senior Vice President
Managing Director
Voya Investment Management Co. LLC

Daniel A. Norman
Senior Vice President
Managing Director
Voya Investment Management Co. LLC

Voya Floating Rate Fund
April 21, 2014