Voya Floating Rate Fund | Voya Investment Management

Voya Floating Rate Fund - Class A

Effective August 29, 2022, the S&P/LSTA Leveraged Loan Index was renamed to Morningstar® LSTA® US Leveraged Loan Index.

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

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

Daily Prices

as of March 31, 2023

Net Asset Value (NAV)$8.26
% Change+0.12
$ Change+0.01
YTD Return3.15%

The Voya Floating Rate Fund Offers

Committed to a risk-adjusted approach

Goal of maximizing long-term sharpe ratio

Seeks to avoid loss through rigorous credit underwriting

Carefully select and monitor loans with a lender’s mentality

Emphasizes diversification and liquidity*

Invest in large, actively-traded loans diversified across issuers and industries
* Diversification does not ensure a profit or may not protect against loss in a declining market.

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.

My Representatives

Contact your Voya Representative to gain access to program materials.

1-800-334-3444

Contact Us

Performance

Average Annual Total Returns %

As of February 28, 2023

As of December 31, 2022

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+3.00-1.85+0.30+0.94+2.061.20%1.02%
With Sales Charge+0.42-4.31-0.54+0.44+1.80
Net Asset Value-5.12-5.12-1.07+0.55+1.891.20%1.02%
With Sales Charge-7.47-7.47-1.89+0.05+1.64
Morningstar LSTA US Leveraged Loan Index+3.26+2.62+3.86+3.70+3.85
Morningstar LSTA US Leveraged Loan Index-0.60-0.60+2.55+3.31+3.67

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 February 28, 2023

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.

8.16
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).

8.40
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.

8.89
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.

8.66

Returns-Based Characteristics

As of February 28, 2023

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.

9.507.665.57
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.

1.051.051.02
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.

0.990.990.98
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.

-3.61-2.78-1.80
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.

-0.01-0.010.25
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.

-3.18-2.86-2.04

Growth of a $10,000 Investment

For the period 03/31/2013 through 02/28/2023

Ending Value: $12,263.00

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 February 28, 2023

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.

$271.7
Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

437
Number of Issuers385
Industries Represented60
Total Assets Under Management$271,798,095.6
Avg. Investment705,969.08
Avg. Investment as % of AUM0.26%
Total

Weighted Averages

As of February 28, 2023

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.

4.73
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.

42.60
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.

89.40
Total

Portfolio Composition

as of February 28, 2023

Senior Loans87.46
- First Lien85.24
- Second Lien2.22
- Secured87.46
- Unsecured0.00
High Yield Bonds6.07
Structured Products0.00
Cash & Other Net Assets*6.47
Total#,###.2

Top Issuers

as of February 28, 2023

Save-A-Lot0.98
United Airlines, Inc.0.82
Yak Mat0.70
Nautilus Power, LLC0.67
Asurion, LLC0.67
Peraton0.64
Citadel Securities0.63
Acrisure, LLC0.62
Great Outdoors Group, LLC0.62
Ineos Group Holdings0.61
Total#,###.2

Credit Quality

% of Total Investments as of February 28, 2023

Cash and Other Net Assets6.47
≥BBB1.71
BB24.13
B58.29
CCC6.70
<CCC0.69
Not Rated2.02
Total#,###.2

Top Industry*

% of Total Investments as of February 28, 2023

Software11.31
Specialty Retail5.17
IT Services4.58
Hotels, Restaurants & Leisure4.47
Capital Markets3.74
Media3.71
Chemicals3.46
Machinery3.35
Health Care Providers & Services3.30
Diversified Telecommunication Services3.26
Total#,###.2

Top Country Weightings

% of Total Investments as of February 28, 2023

United States85.23
Canada2.93
Luxembourg1.57
Netherlands1.33
United Kingdom1.14
Ireland0.73
Cayman Islands0.57
France0.18
Israel0.17
Sweden0.14
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 February 28, 2023

Overall3 Year5 Year10 Year
231 Funds231 Funds220 Funds156 Funds

Category: Bank Loan

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 Dividend02/28/2023$0.056600
Income Dividend01/31/2023$0.058100
Income Dividend12/31/2022$0.054900
Income Dividend11/30/2022$0.050800
Income Dividend10/31/2022$0.041300
Income Dividend09/30/2022$0.039900
Income Dividend08/31/2022$0.040200
Income Dividend07/31/2022$0.034300
Income Dividend06/30/2022$0.030200
Income Dividend05/31/2022$0.028600
Income Dividend04/30/2022$0.026100
Income Dividend03/31/2022$0.023800
Totals: $0.484800

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.
Jeffrey Bakalar

Jeffrey A Bakalar

Group Head and Chief Investment Officer, Leveraged Credit Group

Years of Experience: 37

Years with Voya: 25

Jeff Bakalar is senior managing director, group head and chief investment officer in the leveraged credit group at Voya Investment Management. He serves as chair of the board of directors of the Loan Syndications and Trading Association. Jeff earned a BS in finance from University of Illinois at Chicago and an MBA from DePaul University.
Mohamed Basma

Mohamed N Basma, CFA

Managing Director, Head of Leveraged Credit

Years of Experience: 26

Years with Voya: 23

Mohamed Basma is a managing director, head of leveraged credit at Voya Investment Management. Mohamed also chairs the leveraged credit investment committee. Prior at Voya, Mohamed was managing director, head of senior loans and global CLOs for leveraged credit, responsible for all aspects of the team’s senior loan and global CLO business and the team’s CLO investing strategies. Prior to joining Voya, Mohamed was a senior auditor and consultant in the audit and business advisory group with Arthur Andersen, LLP, responsible for executing corporate audits and financial consulting engagements. Mohamed earned a BBA from American University of Beirut, Lebanon and an MBA from Arizona State University. He is a CFA® Charterholder.
Kelly Byrne

Kelly Byrne, CFA

Senior Vice President, Portfolio Manager, Senior Loans

Years of Experience: 23

Years with Voya: 18

Kelly Byrne is a senior vice president, portfolio manager of senior loans in the leveraged credit group at Voya Investment Management. Kelly serves as a portfolio manager for mutual funds, institutional and offshore commingled, and separate accounts and is a proxy voting member of the group’s investment committee. Prior to joining Voya, Kelly worked in the business development and licensing group at Amgen, where his responsibilities included deal analysis and financial modeling. Kelly earned an undergraduate degree and an MBA from Arizona State University. He is a CFA® Charterholder.

Disclosures

Principal 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.

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.

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