One of the oldest funds to invest in GNMAs, historically the highest yielding security backed by the U.S. government.
Product Facts
| Ticker Symbol | LEXNX |
| CUSIP | 92913L692 |
| Inception Date | August 17, 1973 |
| Dividends Paid | Monthly |
| Min. Initial Investment | $1,000.00 |
About this Product
- Primarily invests in GNMA securities with maturities in excess of one year and which have the same credit quality as U.S. Treasury securities, but higher yields to compensate for prepayment uncertainty
- Seeks to deliver attractive income and returns by selecting GNMAs that can better withstand the impacts of changing interest rates and prepayment volatility
- One of the oldest mortgage-backed securities funds and the one with the longest manager tenure
Investment Objective
The Fund seeks a high level of current income, consistent with liquidity and safety of principal, through investment primarily in Government National Mortgage Association (GNMA) mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. Government. While the Fund invests in securities of this nature, its shares are not insured or guaranteed.
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 | +4.42 | +11.57 | -0.92 | +0.17 | +1.25 | 0.86% | 0.84% |
| With Sales Charge | +1.81 | +8.78 | -1.76 | -0.34 | +0.99 | ||
| Net Asset Value | +4.42 | +11.57 | -0.92 | +0.17 | +1.25 | 0.86% | 0.84% |
| With Sales Charge | +1.81 | +8.78 | -1.76 | -0.34 | +0.99 | ||
| Bloomberg GNMA Index | +3.90 | +11.49 | -0.91 | +0.08 | +1.30 | — | — |
| Bloomberg GNMA Index | +3.90 | +11.49 | -0.91 | +0.08 | +1.30 | — | — |
Inception Date - Class A:August 17, 1973
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.
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 Bloomberg GNMA Index is an unmanaged index covering mortgage-backed pass-through securities of the Government National Mortgage Association (GNMA). 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. | 2.80 |
| 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). | 2.83 |
| 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. | 3.41 |
| 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. | 3.33 |
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. | -0.41 | -0.13 | -0.10 |
| 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. | 0.92 | 0.91 | 0.91 |
| 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. | 0.00 | 0.10 | -0.08 |
| 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. | 0.99 | 0.99 | 0.98 |
| 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. | -0.65 | -0.40 | -0.12 |
| 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. | 7.40 | 5.75 | 4.26 |
Growth of a $10,000 Investment
For the period 10/31/2014 through 09/30/2024
Ending Value: $11,322.00
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. | $1,253.3 |
| Number of Holdings Number of Holdings: Number of Holdings in the investment. | 880 |
| Duration years | 5.13 |
| 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. | 7.98 |
| Total |
Top Issuers
as of September 30, 2024
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION | 72.40 |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION | 2.82 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_09-61 | 1.45 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION | 1.29 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_15-143 | 1.12 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_22-205 | 0.95 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_24-43 | 0.93 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_4367 | 0.85 |
| GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNMA_19-1 | 0.82 |
| FEDERAL HOME LOAN MORTGAGE CORPORATION FHLMC_5361 | 0.78 |
| Total | #,###.2 |
Credit Quality
% of Total Investments as of September 30, 2024
| Treasuries/Cash | -24.08 |
| AAA | 0.41 |
| AA | 123.67 |
| A | 0.00 |
| BBB | 0.00 |
| BB | 0.00 |
| B | 0.00 |
| <B | 0.00 |
| Not Rated | 0.00 |
| Total | #,###.2 |
Credit quality is calculated based on S&P, Moody's and Fitch ratings. Generally accepted, AAA is the highest grade (best) to D which is the lowest (worst). If the ratings from all 3 rating agencies are available, securities will be assigned the median rating. If the ratings are available from only two of the agencies, the more conservative of the ratings will be assigned to the security. If the rating is available from only one agency, then that rating will be used. Any security that is not rated is placed in the NR (Not Rated) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings are subject to change.
Maturity Details
% of Total Investments as of September 30, 2024
| Cash | -25.66 |
| <1 Year | 0.10 |
| 1-3 Years | 18.46 |
| 3-5 Years | 21.57 |
| 5-7 Years | 25.18 |
| 7-10 Years | 54.93 |
| 10-20 Years | 4.74 |
| >20 Years | 0.68 |
| 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
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 | 09/30/2024 | $0.021210 | ||
| Income Dividend | 08/30/2024 | $0.023405 | ||
| Income Dividend | 07/31/2024 | $0.020460 | ||
| Income Dividend | 06/28/2024 | $0.020400 | ||
| Income Dividend | 05/31/2024 | $0.020460 | ||
| Income Dividend | 04/30/2024 | $0.020460 | ||
| Income Dividend | 03/28/2024 | $0.020460 | ||
| Income Dividend | 02/29/2024 | $0.020300 | ||
| Income Dividend | 01/31/2024 | $0.022630 | ||
| Income Dividend | 12/29/2023 | $0.023219 | ||
| Income Dividend | 11/30/2023 | $0.022470 | ||
| Income Dividend | 10/31/2023 | $0.022475 | ||
| Income Dividend | 09/29/2023 | $0.021000 | ||
| Totals: $0.278949 | ||||
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
Jeff Dutra, CFA
Senior Portfolio Manager, Structured Finance
Years of Experience: 22
Years with Voya: 24
Justin McWhorter, CFA, CPA
Senior Portfolio Manager, Structured Finance
Years of Experience: 23
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: Credit; Derivative Instruments; Environmental, Social, and Governance (Fixed Income); Interest Rate; Liquidity; Market Disruption and Geopolitical; Mortgage- and/or Asset-Backed Securities; Other Investment Companies; Prepayment and Extension; Portfolio Turnover; Repurchase Agreements; Securities Lending; U.S. Government Securities and Obligations; When-Issued, Delayed Delivery and Forward Commitment Transactions. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about the Medalist Ratings, including their methodology, http://global.morningstar.com/managerdisclosures.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.