Voya Credit Income Fund | Voya Investment Management

Voya Credit Income Fund - Class A

Class A: XSIAX
Class C: XSICX
Class I: XSIIX
Class W: XSIWX
For more information call 1 (800) 334-3444
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Voya Credit Income Fund

Interval Fund can Maximize Benefits of Liquid and Illiquid Credit Assets

Interval structure reduces the need to hold cash in the fund, permits the use of leverage to potentially enhance yield and provides for orderly redemptions on a monthly basis at net asset value.

Daily Prices

as of February 22, 2024

Net Asset Value (NAV)$9.69
% Change+0.21
$ Change+0.02
YTD Return0.57%

Product Facts

Ticker SymbolXSIAX
CUSIP92913F109
Inception DateApril 2, 2001
Dividends PaidMonthly
Min. Initial Investment$1,000.00

About this Product

  • Interval fund designed to provide investors with a high level of monthly income
  • May invest across a broad range of credit sectors, including corporate debt securities, loans, high yield debt securities, and collateralized loan obligations (“CLOs”)
  • The Fund may invest in senior or subordinated instruments, including senior loans, second lien loans, middle market, unsecured debt, or special situations/distressed loans
  • At least 80% of the Fund’s net assets will be invested in floating-rate obligations, fixed income securities, and derivative instruments intended to provide exposure to such credit sectors
  • As a fundamental policy, which may not be changed without shareholder approval, the Fund offers shareholders the opportunity to redeem their Common Shares on a monthly basis

Investment Objective

The Fund seeks to provide investors with a high level of monthly income.

Limited Liquidity For Investors

The Fund does not repurchase its shares on a daily basis and no market for the Fund's Common Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers for not less than 5% of its outstanding Common Shares. If more than 5% of Common Shares are tendered for repurchase by investors, investors may not be able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly repurchase dates.

Performance

Average Annual Total Returns %

As of January 31, 2024

As of December 31, 2023

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRExpense Ratios
GrossNet
Net Asset Value-0.07+8.74+2.60+1.48+2.232.89%2.59%
With Sales Charge-2.57+6.00+1.72+0.97+1.97
Net Asset Value+12.70+12.70+3.10+2.05+2.322.89%2.59%
With Sales Charge+9.90+9.90+2.25+1.54+2.06
Morningstar LSTA US Leveraged Loan Index+0.68+11.12+5.58+5.41+4.42
50% Bloomberg High Yield Bond—2% Issuer Constrained Composite Index/ 50% Morningstar LSTA US Leveraged Loan Index+0.34+10.23+3.78+4.97+4.50
Morningstar LSTA US Leveraged Loan Index+13.32+13.32+5.76+5.80+4.42
50% Bloomberg High Yield Bond—2% Issuer Constrained Composite Index/ 50% Morningstar LSTA US Leveraged Loan Index+13.42+13.42+3.93+5.63+4.54

Inception Date - Class A:April 2, 2001

Current Maximum Sales Charge: 2.50%

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.

Yields

As of January 31, 2024

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.

6.87
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).

7.14

Returns-Based Characteristics

As of January 31, 2024

3 Year5 Year10 Year
Alpha
Alpha:

A measure of risk-adjusted performance; alpha reflects the difference between a portfolio's actual return and the return that could be expected give its risk as measured by beta.

-1.01-3.95-2.64
Beta
Beta:

The sensitivity of a portfolio's returns to changes in the return of the market as measured by the index or benchmark that represents the market. A portfolio with a beta of 1.0 behaves exactly like the index. A beta less than 1.0 suggests lower risk than the index, while a beta greater than 1.0 indicates a risk level higher than the index.

0.911.281.18
Information Ratio
Information Ratio:

The ratio of portfolio returns in excess of a market index to the variability of those excess returns; in effect, information ratio describes the value added by active management in relation to the risk taken to achieve those returns.

-0.40-0.81-0.67
R2
R2:

The proportion of the variation in a portfolio's returns that can be explained by the variability of the returns of an index. High R-squared (close to 1.0) is usually consistent with broad diversification.

0.750.880.84
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.

-0.01-0.050.11
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.

5.8710.747.99

Growth of a $10,000 Investment

For the period 02/28/2014 through 01/31/2024

Ending Value: $12,472.00

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 January 31, 2024

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.

$116.5
Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

535
Borrowings$21,700,000.00
Number of Issuers458
Industries Represented61
Total Assets Under Management$138,260,833.5
Borrowings as % Of AUM15.69%
Avg. Investment as % of AUM0.22%
Total

Portfolio Composition

as of January 31, 2024

Senior Loans56.74
- First Lien56.18
- Second Lien0.56
- Secured56.74
- Unsecured0.00
High Yield Bonds45.72
Structured Products0.00
Cash & Other Net Assets*-2.46
Total#,###.2

Top Issuers

as of January 31, 2024

Ford Motor Credit Company LLC0.85
Charter Communications Operating, LLC0.82
Acrisure, LLC0.80
Belron S.A.0.68
USI, Inc.0.67
TENET HEALTHCARE CORP0.60
Ingram Micro0.59
Citadel Securities0.56
DIRECTV0.56
OneMain Finance Corporation0.54
Total#,###.2

Credit Quality

% of Total Investments as of January 31, 2024

>=BBB4.15
BB34.72
B53.85
CCC4.96
<CCC0.12
Not Rated1.94
Total#,###.2

Sector Weightings*

% of Total Investments as of January 31, 2024

Oil, Gas & Consumable Fuels7.65
Hotels, Restaurants & Leisure7.43
Software6.58
Insurance5.03
Media3.71
Machinery3.50
Commercial Services & Supplies3.32
Chemicals3.29
Construction & Engineering3.21
Health Care Providers & Services3.12
Total#,###.2

Top Country Weightings

% of Total Investments as of January 31, 2024

United States86.50
Canada4.44
United Kingdom2.16
Luxembourg1.30
France0.94
Netherlands0.90
Ireland0.75
Liberia0.52
Panama0.51
Germany0.41
Total#,###.2

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

Ratings

Morningstar™ Ratings

As of January 31, 2024

No Morningstar™ ratings are currently available for this share class.

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.

Payable Date
Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date
Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Amount
Income Dividend01/31/2024$0.072887
Income Dividend12/29/2023$0.079358
Income Dividend11/30/2023$0.066139
Income Dividend10/31/2023$0.064114
Income Dividend09/29/2023$0.070133
Income Dividend08/31/2023$0.067941
Income Dividend07/31/2023$0.067706
Income Dividend06/30/2023$0.062545
Income Dividend05/31/2023$0.064609
Income Dividend04/28/2023$0.062543
Income Dividend03/31/2023$0.069270
Income Dividend02/28/2023$0.062547
Income Dividend01/31/2023$0.017870
Totals: $0.827661

Investment Team

Disclosures

Principal Risks

The Fund invests primarily in below investment-grade instruments that carry a higher than normal risk that borrowers may default in the timely payment of principal and interest, which would likely cause the value of the Fund's Common Shares to decrease. Changes in short-term market interest rates will directly affect the yield on the Fund's Common Shares. If such rates fall, the Fund's yield will also fall. If interest rate spreads on Fund's loans decline in general, the yield on the Fund's loans will fall and the value of the Fund's loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on loans in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for floating rate senior bank loans, the Fund's ability to sell its loans in a timely fashion and/or at a favorable price may be limited. An increase in the demand for loans may adversely affect the rate of interest payable on new loans acquired by the Fund, and it may also increase the price of loans purchased by the Fund in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Fund's portfolio, which would cause the Fund's NAV to decrease. The Fund's use of leverage through borrowings can adversely affect the yield on the Fund's Common Shares. In addition, in the event of a general market decline in the value of assets such as those in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Due to Limited Liquidity for Investors the Fund does not repurchase its shares on a daily basis and no market for the Fund's Common Shares is expected to exist. To provide a measure of liquidity, the Fund will normally make monthly repurchase offers for not less than 5% of its outstanding Common Shares. If more than 5% of Common Shares are tendered for repurchase by investors, investors may not be able to completely liquidate their holdings in any one month. Shareholders also will not have liquidity between these monthly repurchase dates. The Fund may invest up to 20% of its assets in loans to borrowers in countries outside of the U.S. and Canada. Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Fund may invest up to 15% of its assets in loans that are denominated in certain foreign currencies; however, the Fund will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Fund arising from foreign currency fluctuations. Other risks of the Fund include but are not limited to: Borrowings; Preferred Shares; Diversification Risks; and Concentration Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

Jeffrey Bakalar will be retiring in April 2023.

 

*Effective for all portfolio reporting as of April 30, 2022, the Global Industry Classification Standard (GICS®) industries are being shown, consistent with a change by S&P/Dow Jones Indices for determining industry designations for all Leveraged Loan Sector Indices. On March 17, 2023, the Global Industry Classification Standard (GICS®) announced revisions to the GICS structure in which certain level of classifications (industry group, industries, sub-industries) underwent changes to name and/or definition and some were discontinued altogether. The displayed industry breakdown reflects the new industry classifications.

 

"Cash and other net assets" includes cash, payables, receivables and all other assets and liabilities on the balance sheet.

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