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.
Product Facts
| Ticker Symbol | XSIIX |
| CUSIP | 92913F406 |
| Inception Date | April 15, 2008 |
| Dividends Paid | Monthly |
| Min. Initial Investment | $250,000.00 |
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 September 30, 2024
As of September 30, 2024
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +6.61 | +10.89 | +3.64 | +2.44 | +3.00 | 3.95% | 3.64% |
| With Sales Charge | +6.61 | +10.89 | +3.64 | +2.44 | +3.00 | ||
| Net Asset Value | +6.61 | +10.89 | +3.64 | +2.44 | +3.00 | 3.95% | 3.64% |
| With Sales Charge | +6.61 | +10.89 | +3.64 | +2.44 | +3.00 | ||
| Morningstar LSTA US Leveraged Loan Index | +6.54 | +9.59 | +6.47 | +5.74 | +4.86 | — | — |
| 50% Bloomberg High Yield Bond—2% Issuer Constrained Composite Index/ 50% Morningstar LSTA US Leveraged Loan Index | +7.28 | +12.65 | +4.85 | +5.28 | +4.98 | — | — |
| Morningstar LSTA US Leveraged Loan Index | +6.54 | +9.59 | +6.47 | +5.74 | +4.86 | — | — |
| 50% Bloomberg High Yield Bond—2% Issuer Constrained Composite Index/ 50% Morningstar LSTA US Leveraged Loan Index | +7.28 | +12.65 | +4.85 | +5.28 | +4.98 | — | — |
Inception Date - Class I:April 15, 2008
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 Morningstar® LSTA® US Leveraged Loan Index tracks performance of institutional leveraged loans on a market-weighted basis, and the Bloomberg 2% High Yield Issuer Constrained Composite Index measures the performance of high yield corporate bonds, with a maximum allocation of 2% to any one issuer. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.
Past performance does not guarantee future results.
Yields
As of September 30, 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. | 7.02 |
| 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). | 7.40 |
Returns-Based Characteristics
As of September 30, 2024
| 3 Year | 5 Year | 10 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. | -1.03 | -3.27 | -2.41 |
| 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. | 0.90 | 1.28 | 1.20 |
| 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. | -0.42 | -0.67 | -0.60 |
| 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. | 0.76 | 0.89 | 0.85 |
| 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. | -0.04 | 0.00 | 0.16 |
| 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. | 5.86 | 10.66 | 8.01 |
Growth of a $10,000 Investment
For the period 10/31/2014 through 09/30/2024
Ending Value: $13,441.00
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 September 30, 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. | $109.1 |
| Number of Holdings Number of Holdings: Number of Holdings in the investment. | 453 |
| Borrowings | $28,458,613.74 |
| Number of Issuers | 384 |
| Industries Represented | 61 |
| Total Assets Under Management | $137,578,279.9 |
| Borrowings as % Of AUM | 20.68% |
| Avg. Investment as % of AUM | 0.26% |
| Total |
Portfolio Composition
as of September 30, 2024
| Senior Loans | 47.90 |
| - First Lien | 47.34 |
| - Second Lien | 0.56 |
| - Secured | 47.90 |
| - Unsecured | 0.00 |
| High Yield Bonds | 51.46 |
| Structured Products | 3.87 |
| Cash & Other Net Assets* | -3.23 |
| Total | #,###.2 |
These weightings reflect "other net assets." "Other net assets" includes cash, payables, receivables and all other assets and liabilities on the balance sheet.
Top Issuers
as of September 30, 2024
| AssuredPartners, Inc. | 1.05 |
| Charter Communications Operating, LLC | 1.02 |
| Alliant Holdings, I, LLC | 0.96 |
| VMED O2 UK FINANCING I plc | 0.74 |
| Nuvei Technologies Corp | 0.68 |
| Connect Finco Sarl | 0.67 |
| TENET HEALTHCARE CORP | 0.62 |
| DIRECTV | 0.61 |
| Shearer's Foods | 0.60 |
| Acrisure, LLC | 0.60 |
| Total | #,###.2 |
Credit Quality
% of Total Investments as of September 30, 2024
| >=BBB | 1.90 |
| BB | 37.08 |
| B | 51.21 |
| CCC | 4.75 |
| <CCC | 0.00 |
| Not Rated | 4.80 |
| Total | #,###.2 |
The Standard & Poor's rating scale is as follows, from excellent (high grade) to poor (including default): AAA to D, with intermediate ratings offered at each level between AA and CCC. Anything lower than a BBB- rating is considered a non-investment grade or junk bond. Any security that is not rated by Standard & Poor's is placed in the NR (Not Rated) category.
Sector Weightings*
% of Total Investments as of September 30, 2024
| Oil, Gas & Consumable Fuels | 8.08 |
| Hotels, Restaurants & Leisure | 6.60 |
| Software | 5.89 |
| Media | 5.05 |
| Insurance | 4.57 |
| Health Care Providers & Services | 4.48 |
| Structured Product | 3.87 |
| Chemicals | 3.81 |
| Specialty Retail | 3.58 |
| Containers & Packaging | 3.00 |
| Total | #,###.2 |
Top Country Weightings
% of Total Investments as of September 30, 2024
| United States | 87.05 |
| United Kingdom | 3.65 |
| Canada | 3.38 |
| Ireland | 1.17 |
| MULTI | 0.77 |
| Liberia | 0.54 |
| Panama | 0.54 |
| Luxembourg | 0.54 |
| Netherlands | 0.52 |
| France | 0.43 |
| Total | #,###.2 |
Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.
Ratings
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 Dividend | 10/31/2024 | $0.073445 | ||
| Income Dividend | 09/30/2024 | $0.071070 | ||
| Income Dividend | 08/30/2024 | $0.072974 | ||
| Income Dividend | 07/31/2024 | $0.072912 | ||
| Income Dividend | 06/28/2024 | $0.070560 | ||
| Income Dividend | 05/31/2024 | $0.073160 | ||
| Income Dividend | 04/30/2024 | $0.073800 | ||
| Income Dividend | 03/28/2024 | $0.076880 | ||
| Income Dividend | 02/29/2024 | $0.071050 | ||
| Income Dividend | 01/31/2024 | $0.074958 | ||
| Income Dividend | 12/29/2023 | $0.074400 | ||
| Income Dividend | 11/30/2023 | $0.068100 | ||
| Income Dividend | 10/31/2023 | $0.066140 | ||
| Totals: $0.939449 | ||||
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
Portfolio Management Team
Voya Investments, LLC
Investment Adviser
Voya Investment Management Co. LLC
Investment Sub-Adviser
Mohamed N Basma, CFA
Managing Director, Head of Leveraged Credit
Years of Experience: 27
Years with Voya: 24
Randy Parrish, CFA
Head of Public Credit
Years of Experience: 34
Years with Voya: 23
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: Company; Covenant-Lite Loans; Credit; Credit Default Swaps; Credit Facility; Credit (Loans); Currency; Demand for Loans; Derivative Instruments; Duration; Floating Rate Loans; Foreign (Non-U.S.) Investments; Foreign (Non-U.S.) and Non-Canadian Issuers; High-Yield Securities; Interest in Loans; Interest Rate; Interest Rate for Floating Rate Loans; Interest Rate Swaps; Leverage; Limited Liquidity for Investors; Limited Secondary Market for Loans; Liquidity; Market; Market Disruption and Geopolitical; Other Investment Companies; Prepayment and Extension; Securities Lending; Special Situations; Temporary Defensive Positions; Valuation in Loans; When-Issued, Delayed Delivery, and Forward Commitment Transactions. 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. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
"Cash and other net assets" includes cash, payables, receivables and all other assets and liabilities on the balance sheet.