Voya Floating Rate Fund - Class A

Morningstar Bronze Award_Voya Floating Rate Fund

Class A: IFRAX
Class C: IFRCX
Class I: IFRIX
Class R: IFRRX
Class W: IFRWX
For more information call 1 (800) 334-3444
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Voya Floating Rate Fund

An Attractive Income Option for a Strategic Allocation

Senior Loans have had positive returns in 18 of the last 20 years, through various interest rate environments, offer strong diversification benefits and historically attractive returns with relatively low volatility.

Daily Prices

as of December 14, 2018

Net Asset Value (NAV)$9.56
% Change0.00
$ Change0.00
YTD Return1.23%

The Voya Floating Rate Fund Offers

Risk-Adjusted Approach

Loss Avoidance Driven by Rigorous Credit Underwriting

Emphasis on Diversification and Liquidity

Senior Loans Have Had Positive Performance in 18 of the Last 20 Years

S&P/LSTA Leveraged Loan Index Total Returns by Calendar Year

S&P/LSTA Leveraged Loan Index Total Returns by Calendar Year

Source: Standard & Poor’s LCD, S&P/LSTA Leveraged Loan Index
The S&P/LSTA Leveraged Loan Index is an unmanaged total return index that captures accrued interest, repayments and market value changes. An index does not reflect fees, brokerage commissions, taxes or other expenses of investing.
Investors cannot directly invest in an index.
The performance quoted represents past performance and does not guarantee future results.

The Voya Difference

Risk-Adjusted Approach

  • Evaluate all investments from a risk and return perspective with the goal of maximizing long-term Sharpe Ratio
  • Relative value and risk-adjusted approach drives focus on minimizing downside market capture

Seek to deliver superior risk-adjusted returns


Loss Avoidance Driven by Rigorous Credit Underwriting

  • Carefully select and monitor loans with a lender’s mentality
  • Utilize deep insights of loan structures and team’s experience to identify potential credit losses

Help drive better investment outcomes


Emphasis on Diversification and Liquidity

  • Actively managed portfolios comprise only senior loans diversified across issuers and industries; enabled by large, experienced team
  • Invest primarily in large, actively-traded loans to enhance nimbleness of execution and liquidity in portfolios

Strive to minimize downside risk

Product Facts

Ticker SymbolIFRAX
CUSIP92913L791
Inception DateAugust 17, 2010
Dividends PaidMonthly
Min. Initial Investment$1,000.00

About this Product

  • Designed to provide investors with a high level of monthly income
  • Invests in ultra-short duration, below investment grade floating rate loans that reset every 30, 60 or 90 days, making the fund less affected by rising interest rates than many other fixed income funds
  • Typically invests in senior secured asset-backed loans that are generally first in line to be repaid in the event of financial difficulty
  • Allows for daily redemptions

Investment Objective

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

Management Team

View Fund Advisor/Sub Advisor

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, LLC., serves as the investment adviser to each of the Funds. Voya Investments has overall responsibility for the management of the Funds. Voya Investments provides or oversees all investment advisory and portfolio management services for each Fund, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.

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. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.
Dan Norman

Dan Norman

Portfolio Manager

Managed Fund since 2010

More Info
Dan Norman is managing director, group head of the Voya Investment Management senior loan group. He co-manages the group with Jeff Bakalar, and serves as a member of the group’s investment committee. Dan is a former member of the board of directors of the Loan Syndications and Trading Association and the International Association of Credit Portfolio Managers. Dan received his MBA from the University of Nebraska.
Jeffrey Bakalar

Jeffrey A Bakalar

Portfolio Manager

Managed Fund since 2010

More Info
Jeff Bakalar is managing director, group head and chief investment officer of the Voya Investment Management senior loan group. He co-manages the group with Dan Norman, and he is chairman of the group’s investment committee. Jeff is currently a member of the board of directors of the Loan Syndications and Trading Association. Jeff received his MBA from DePaul University.

My Representatives

Broker/Dealer Services

1-800-334-3444

Contact Us

Performance

Average Annual Total Returns %

As of November 30, 2018

As of September 30, 2018

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRInceptionExpense Ratios
GrossNet
Net Asset Value+2.30+2.51+3.79+2.80+3.841.15%1.04%
With Sales Charge-0.23-0.03+2.91+2.29+3.52
Net Asset Value+3.40+4.34+3.86+3.23+4.061.15%1.04%
With Sales Charge+0.84+1.75+3.00+2.71+3.73
S&P/LSTA Leveraged Loan Index+3.06+3.47+5.36+3.68+4.71
S&P/LSTA Leveraged Loan Index+4.03+5.19+5.32+4.13+4.93

Inception Date - Class A:August 17, 2010

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 November 30, 2018

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.

4.65
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).

4.73
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.

4.82
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.

4.70

Returns Based Statistics

As of November 30, 2018

3 Year5 Year10 Year
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.

2.091.93
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.

0.830.78
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.

96.3294.58
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.

-0.77-0.19
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.

1.351.16
Tracking Error
Tracking Error:

A measure of how closely the returns of a portfolio tend to follow the returns of the index to which it is benchmarked; specifically, the variability of excess returns around the average.

0.590.69
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.

-2.65-1.29

Calendar Year Returns %

Past performance is no guarantee of future results. Returns are shown in %. These figures are for the year ended December 31 of each year. They do not reflect sales charges and would be lower if they did. The bar chart above shows the Fund's annual returns and long-term performance, and illustrates the variability of the Fund’s returns.

Growth of a $10,000 Investment

For the period 08/17/2010 through 11/30/2018

Ending Value: $13,667.00

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 November 30, 2018

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.

$2,222.2
Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

428
Borrowings$0.00
Number of Issuers351
Industries Represented35
Weighted Average Maturity years
Weighted Average Maturity:

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.

5.56
Total Assets Under Management$2,222,234,052.6
Borrowings as % Of AUM0.00%
Avg. Investment6,331,151.15
Avg. Investment as % of AUM0.28%
Total

Weighted Averages

As of November 30, 2018

Weighted Avg. Rating Factor
Weighted Avg. Rating Factor:

Weighted Average Rating Factor is a measure that is used by credit rating companies to determine the credit quality of a portfolio. This measure allows rating companies to look at a portfolio as a single security, and assign it a single rating.

2,508
Weighted Average Spread
Weighted Average Spread:

Weighted Average Spread is the average contractual spread of each senior loan, above its base rate.

3.54%
Weighted Average Days To Reset
Weighted Average Days To Reset:

Weighted Average Reset measures the average number of days that the current interest rate contracts are in effect.

34.00
Weighted Average Maturity years
Weighted Average Maturity:

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.

5.56
Weighted Avg. Coupon
Weighted Avg. Coupon:

Weighted Average Coupon is the weighted-average gross interest rates of the pool of senior loans at the time of calculation.

6.05%
Weighted Average Market Price
Weighted Average Market Price:

Weighted Average Market Price is calculated as the market price of each loan divided by the par amount outstanding.

97.90
Total

Portfolio Composition

as of November 30, 2018

Senior Loans90.34
- First Lien96.81
- Second Lien3.19
- Secured100.00
- Unsecured0.00
Cash & Other Net Assets*9.66
Total#,###.2

Top Issuers

as of November 30, 2018

Asurion, LLC1.39
Reynolds Group Holdings Inc0.91
The Stars Group (fka Amaya)0.86
Scientific Games International, Inc.0.83
Refinitiv (aka Thomson Reuters Financial & Risk)0.80
Acrisure, LLC0.78
Internet Brands, Inc.0.75
Novolex (aka Flex Acquisition Company, Inc)0.74
Avantor Inc0.73
BMC Software, Inc.0.70
Total#,###.2

Credit Quality

% of Total Investments as of November 30, 2018

BBB0.56
BB18.28
B76.82
CCC or Lower4.33
Not Rated0.00
Total#,###.2

Top Sectors

% of Total Investments as of November 30, 2018

Electronics/Electrical12.48
Business Equipment & Services11.82
Health Care9.77
Telecommunications5.18
Diversified Insurance4.87
Chemicals & Plastics3.85
Automotive3.75
Retailers (Except Food & Drug)3.74
Containers & Glass Products3.66
Leisure Goods/Activities/Movies3.65
Total#,###.2

Top Country Weightings

% of Total Investments as of November 30, 2018

United States81.80
Netherlands3.00
Luxembourg2.25
Canada1.86
Ireland0.66
UK0.59
France0.59
Australia0.15
Isle of Man0.14
United Kingdom0.04
Total#,###.2

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

Distributions

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 Dividend11/30/2018$0.038300
Income Dividend10/31/2018$0.037300
Income Dividend09/30/2018$0.035800
Income Dividend08/31/2018$0.037000
Income Dividend07/31/2018$0.036600
Income Dividend06/30/2018$0.034300
Income Dividend05/31/2018$0.034200
Income Dividend04/30/2018$0.031500
Income Dividend03/31/2018$0.031700
Income Dividend02/28/2018$0.028600
Income Dividend01/31/2018$0.029700
Income Dividend12/31/2017$0.029700
Income Dividend11/30/2017$0.028700
Totals: $0.433400

Ratings

Morningstar™ Ratings

As of November 30, 2018

Overall3 Year5 Year10 Year
211 Funds211 Funds192 FundsN/A

Category: Fund Bank Loan

Disclosures

Principal Risks

Investment Risks:  The Fund invests primarily in below investment grade, floating rate senior loans (also known as "high yield" or "junk" instruments), which are subject to greater levels of liquidity, credit, and other risks than are investment grade instruments. There is a limited secondary market for floating rate loans, which may limit the Fund’s ability to sell a loan in a timely fashion or at a favorable price. If a loan is illiquid, the value of the loan may be negatively impacted and the manager may not be able to sell the loan in order to meet redemption needs or other portfolio cash requirements. The value of loans in the Fund could be negatively impacted by adverse economic or market conditions and by the failure of borrowers to repay principal or interest. A decrease in demand for loans may adversely affect the value of the Fund’s investments, causing the Fund’s net asset value to fall. Because of the limited market for floating rate senior loans, it may be difficult to value loans in the Fund on a daily basis. The actual price the Fund receives upon the sale of a loan could differ significantly from the value assigned to it in the Fund. The Fund may invest in foreign instruments, which may present increased market, liquidity, currency, interest rate, political, information, and other risks. These risks may be greater in the case of emerging market loans. Although interest rates for floating rate senior loans typically reset periodically, changes in market interest rates may impact the valuation of loans in the portfolio. In the case of early prepayment of loans in the Fund, the Fund may realize proceeds from the repayment that are less than the valuation assigned to the loan by the Fund. In the case of extensions of payment periods by borrowers on loans in the Fund, the valuation of the loans may be reduced. The Fund may also invest in other investment companies and will pay a proportional share of the expenses of the other investment company. Other risks of the Fund include but are not limited to: Borrowings; 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 risk.

The Morningstar Analyst Rating is not a credit or risk rating, but a subjective evaluation performed by the analysts of Morningstar, Inc.. Morningstar evaluates funds based on five key pillars (process, performance, people, parent and price). Morningstar’s analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk adjusted basis. Analysts consider quantitative and qualitative factors and the weighting of each pillar may vary. The Analyst Rating reflects an overall assessment and is overseen by Morningstar’s Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral Rating and a Negative Rating, with Gold being the highest rating and Negative being the lowest rating. Analyst ratings are reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://www.morningstar.com/Cover/videoCenter.aspx?id=591905The Morningstar analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Morningstar’s current expectations about future events. Morningstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly. 

©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. past performance is no guarantee of future results.