Strategic Income Fund

Product

Class A: ISIAX

Class C: ISICX

Class I: IISIX

Class R: ISIRX

Class R6: VSIRX

Class W: ISIWX

For more information call 1 (800) 334-3444

Morningstar™ Overall RatingClass I as of 03/31/25Out of 260 FundsCategory: US Fund Nontraditional Bond

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Product Facts

Ticker Symbol	IISIX
CUSIP	92913L874
Inception Date	November 2, 2012
Dividends Paid	Monthly
Min. Initial Investment	$250,000.00

About this Product

A multi-sector strategy that seeks attractive returns by investing in the broad global fixed income universe.
The fund takes a flexible unconstrained approach, not managed relative to an index, to obtain more attractive and diversified return potential.
Collaborative process harnesses insights of more than 150 investment professionals; integrates sector and security analysis, trading and risk management.

Investment Objective

The Voya Strategic Income Opportunities Fund seeks to provide consistent returns in all market environments by diversifying broadly across global debt markets independent of a traditional benchmark.²

Performance

Average Annual Total Returns %

As of March 31, 2025

Most Recent Month EndMost Recent Quarter End Most Recent Month EndMost Recent Quarter End

Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Expense Ratios
Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Gross	Net
Net Asset Value	+1.84	+7.02	+3.83	+4.78	+3.40	0.63%	0.63%
With Sales Charge	+1.84	+7.02	+3.83	+4.78	+3.40	0.63%	0.63%
Net Asset Value	+1.84	+7.02	+3.83	+4.78	+3.40	0.63%	0.63%
With Sales Charge	+1.84	+7.02	+3.83	+4.78	+3.40	0.63%	0.63%
Bloomberg U.S. Universal Index	+2.66	+5.24	+1.01	+0.32	+1.83	—	—
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index	+1.07	+5.19	+4.31	+2.70	+2.06	—	—
Bloomberg U.S. Universal Index	+2.66	+5.24	+1.01	+0.32	+1.83	—	—
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index	+1.07	+5.19	+4.31	+2.70	+2.06	—	—

Inception Date - Class I:November 2, 2012

Current Maximum Sales Charge: 0.00%

The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.

Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of the period and a sale at net asset value at the end of the period; and assumes reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment plan. Net asset value equals total Fund assets net of Fund expenses such as operating costs and management fees. Total investment return at net asset value is not annualized for periods less than one year.

The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least Aug 1 2025 12:00AM. The Fund is operating under the contractual expense limits.

Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, nor guarantee the accuracy or completeness of any information herein, nor make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.

The ICE Bank of America U.S. Dollar Three-Month Deposit Offered Rate Constant Maturity Index is designed to track the performance of a synthetic asset paying ICE Term SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day rate) and rolled into a new instrument. Effective October 1, 2022 the underlying reference rate for this index was replaced from USD LIBOR to ICE Term SOFR.

Past performance does not guarantee future results.

Yields

As of March 31, 2025

SEC 30-Day Yield (Unsubsidized) SEC 30-Day Yield (Unsubsidized): A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's gross expenses. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days.	5.57
SEC 30-Day Yield (Subsidized) SEC 30-Day Yield (Subsidized): A standardized yield calculation created by the SEC, it reflects the income earned during a 30-day period, after the deduction of the fund's net expenses (net of any expense waivers or reimbursements).	5.57
Distribution Yield @ NAV Distribution Yield @ NAV: Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value.	4.92
Distribution Yield @ MOP Distribution Yield @ MOP: Current annualized distribution rate, based upon maximum offering price which is adjusted for sales changes (MOP), where applicable, is the latest dividend shown as an annualized percentage of maximum offering price.	4.92

Returns-Based Characteristics

As of March 31, 2025

	3 Year	5 Year	10 Year
Sharpe Ratio Sharpe Ratio: A risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.	-0.21	0.56	0.31
Standard Deviation Standard Deviation: A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.	3.67	3.57	4.57

Growth of a $10,000 Investment

For the period 04/30/2015 through 03/31/2025

Ending Value: $13,973.00

The performance quoted in the "Growth of a $10,000 Investment" chart represents past performance. Performance shown is without sales charges; had sales charges been deducted, performance would have been less. Ending value includes reinvestment of distributions.

Portfolio

Portfolio Statistics

As of March 31, 2025

Net Assets millions Net Assets: The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.	$2,096.7
Number of Holdings Number of Holdings: Number of Holdings in the investment.	1,925
Duration years	2.10
Weighted Average Life years Weighted Average Life: The length of time until the average security in a fund will mature or be redeemed by its issuer. It indicates a fund's sensitivity to interest rate changes: longer average weighted maturity implies greater volatility in response to interest rate changes.	4.88
Total

Top Issuers

as of March 31, 2025

FREDDIE MAC REMICS FHLMC_5502	2.40
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION	2.31
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT)	1.87
MEXICO (UNITED MEXICAN STATES) (GOVERNMENT)	1.47
RFM RE-REMIC TRUST RFM_22-FRR1	0.75
FEDERAL NATIONAL MORTGAGE ASSOCIATION FNMA_21-46	0.58
GAM RESECURITIZATION TRUST GAM_22-FRR3	0.58
PRIMA CAPITAL LTD PRIMA_19-7A	0.56
STRUCTURED AGENCY CREDIT RISK STACR_21-HQA4	0.55
UNIFORM MBS	0.55
Total	#,###.2

Credit Quality

% of Total Investments as of March 31, 2025

Treasuries/Cash	4.81
AAA	14.27
AA	21.94
A	14.32
BBB	10.52
BB	15.05
B	11.66
<B	2.10
Not Rated	5.32
Total	#,###.2

Credit quality is based on third-party agency ratings , ranging from AAA (highest) to D (lowest). If ratings are available from each of S&P, Moody's and Fitch, the security is assigned the median rating. If ratings are available from only two of these agencies, the lower rating is assigned. If a rating is available from only one of these three agencies, then that rating is used. If none of S&P, Moody's and Fitch rate the security but it has a Morningstar DBRS rating, then the Morningstar DBRS rating is used (see https://dbrs.morningstar.com/about/disclaimer). Any security that is not rated by these four agencies is placed in the Not Rated (NR) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings may not accurately reflect risk and are subject to change.

Sector Allocation

% of Total Investments as of March 31, 2025

CMBS	19.39
Non-Agency RMBS and SF CRT	17.84
Agency Mortgages	15.36
Asset Backed Securities	11.72
HY Corporates	11.69
Bank Loans	7.06
Emerging Markets	6.60
IG Corporates	5.32
US Treasury & Cash	4.81
Other	0.14
Government Related	0.07
Privates	0.00
Total	#,###.2

Top Country Weightings

% of Total Investments as of March 31, 2025

UNITED STATES	89.97
BRAZIL	2.23
MEXICO	1.56
CANADA	1.10
UNITED KINGDOM	0.67
IRELAND	0.49
CHILE	0.43
JAPAN	0.41
COLOMBIA	0.37
PERU	0.29
Total	#,###.2

Maturity Details

% of Total Investments as of March 31, 2025

Cash	3.60
<1 Year	6.07
1-3 Years	19.69
3-5 Years	33.21
5-7 Years	15.93
7-10 Years	15.05
10-20 Years	5.40
>20 Years	1.05
Total	#,###.2

Maturity allocations are based on securities’ Average Life, which incorporates pre-payment assumptions and can thus be much different than a bond’s maturity date, particularly in the case of mortgage-backed securities.

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.

Ratings

Morningstar™ Ratings

As of March 31, 2025

Overall	3 Year	5 Year	10 Year
260 Funds	260 Funds	238 Funds	167 Funds

Category: US Fund Nontraditional Bond

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Distributions

Payment Frequency: Monthly

	Ex-Date Ex-Date: Date on which a stock begins trading without the benefit of the dividend. Typically, a stock’s price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.	Amount
Income Dividend	03/31/2025	$0.038758
Income Dividend	02/28/2025	$0.038416
Income Dividend	01/31/2025	$0.042253
Income Dividend	12/31/2024	$0.042376
Income Dividend	11/29/2024	$0.040856
Income Dividend	10/31/2024	$0.044565
Income Dividend	09/30/2024	$0.043350
Income Dividend	08/30/2024	$0.044609
Income Dividend	07/31/2024	$0.043958
Income Dividend	06/28/2024	$0.042450
Income Dividend	05/31/2024	$0.043834
Income Dividend	04/30/2024	$0.042360
Income Dividend	03/28/2024	$0.043958
Totals: $0.551744

Income Dividend: Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.

Short-Term Capital Gain: The profit realized from the sale of securities held for less than one year.

Long-Term Capital Gain: Gain on the sale of a security where the holding period was 12 months or more and the profit was subject to the long-term capital gains tax.

Investment Team

View Fund Adviser/Sub Adviser

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, an Arizona limited liability company, serves as the investment adviser to the Fund. Voya Investments has overall responsibility for the management of the Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments is registered with the SEC as an investment adviser. Voya Investments' principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169.

Eric Stein, CFA

Head of Investments and CIO, Fixed Income

Years of Experience: 22

Years with Voya: 1

Eric Stein is the head of investments and chief investment officer of fixed income at Voya Investment Management. As head of investments with broad responsibility for Voya IM’s public markets platforms, Eric leads teams of investment professionals across fixed income, multi-asset strategies and solutions, income and growth and equities. As CIO of fixed income, he is also directly responsible for oversight of the portfolio management of the fixed income platform and leadership of the fixed income investment professionals. Prior to Voya, Eric was chief investment officer for fixed income at Eaton Vance and Morgan Stanley Investment Management, where he was responsible for overseeing over 275 investment professionals managing strategies with approximately $200 billion in assets under management across the fixed income spectrum for institutions and individual investors worldwide. He previously was co-head of the global macro/emerging market debt group at Eaton Vance. Eric earlier worked on the Markets Desk at the Federal Reserve Bank of New York. Eric earned a BS from Boston University and an MBA from the University of Chicago Booth School of Business. He is a member of the Council on Foreign Relations and a CFA ® Charterholder.

Brian Timberlake, PhD, CFA

Head of Fixed Income Research

Years of Experience: 22

Years with Voya: 22

Brian Timberlake is the head of fixed income research at Voya Investment Management, responsible for managing the organization’s global fixed income research analysts as well as the coordination of macroeconomic data across the fixed income platform. His team is responsible for macro and quantitative fixed income research and provides additional assistance to individual sector groups and the risk management team. In addition, Brian is a named portfolio manager on several global and opportunistic fixed income products. Previously at Voya, he was the head of quantitative research where he helped develop an integrated, automated tool for interest rate hedging, created multifactor risk models, and was integral to the design and monitoring of customized client portfolios. Prior to that at Voya, he was a senior quantitative analyst. Brian earned a PhD in chemical engineering and an MS in quantitative and computational finance from the Georgia Institute of Technology, and a BS in chemical engineering from the University of Maryland. He is a CFA® Charterholder.

Sean Banai, CFA

Head of Multi-Sector Fixed Income

Years of Experience: 26

Years with Voya: 26

Sean Banai is head of multi-sector for the fixed income platform at Voya Investment Management. Previously, Sean was a senior portfolio manager and before that head of quantitative research for proprietary fixed income. Prior to joining the firm in 1999, he was a partner in a private sector company. Sean received a BA and an MS in actuarial science from Georgia State University. He holds the Chartered Financial Analyst® designation.

Disclosures

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. You could lose money on your investment and any of the following risks, among others, could affect investment performance. The following principal risks are presented in alphabetical order which does not imply order of importance or likelihood: Bank Instruments; Company; Convertible Securities; Credit; Credit Default Swaps; Currency; Deflation; Derivative Instruments; Environmental, Social, and Governance (Fixed Income); Floating Rate Loans; Foreign (Non-U.S.) Investments/ Developing and Emerging Markets; High-Yield Securities; Inflation-Indexed Bonds; Interest in Loans; Interest Rate; Liquidity; Market; Market Capitalization; Market Disruption and Geopolitical; Mortgage- and/or Asset-Backed Securities; Other Investment Companies; Portfolio Turnover; Preferred Stocks; Prepayment and Extension; Securities Lending; Sovereign Debt; U.S. Government Securities and Obligations. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.

The fund discussed may be available to you as part of your employer sponsored retirement plan. There may be additional plan level fees resulting in personal performance that varies from stated performance. Please call your benefits office for more information.

² Diversification does not ensure a profit or protect against a loss in a declining market. The firm relies upon quantitative models for certain investment strategies in developed currency markets.

Net Asset Value (NAV)	$9.19
% Change	+0.44
$ Change	+0.04
YTD Return	1.04%

Voya Strategic Income Opportunities Fund - Class I