Voya Investment Grade Credit Fund
Seeks income diversification without decreasing overall credit ratings.
Product Facts
| Ticker Symbol | VACFX |
| CUSIP | 92913M484 |
| Inception Date | August 3, 2016 |
| Dividends Paid | Monthly |
| Min. Initial Investment | $1,000.00 |
About this Product
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in investment-grade fixed-income securities.
Investment Objective
The Fund seeks to maximize total return. Total return is a combination of income and capital appreciation.
Management Team
View Fund Advisor/Sub AdvisorPortfolio Management Team
Voya Investments, LLC
Investment Adviser
Voya Investment Management Co. LLC
Investment Sub-Adviser
Anil Katarya, CFA
Portfolio Manager
Managed Fund since 2013
More Info
Travis King, CFA
Portfolio Manager
Managed Fund since 2013
More InfoPerformance
Average Annual Total Returns %
As of November 30, 2018
As of September 30, 2018
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | -4.70 | -3.81 | +2.44 | +3.14 | +5.42 | 1.06% | 0.91% |
| With Sales Charge | -7.07 | -6.26 | +1.59 | +2.62 | +5.15 | ||
| Net Asset Value | -2.72 | -1.54 | +3.69 | +3.99 | +5.43 | 1.06% | 0.91% |
| With Sales Charge | -5.14 | -4.04 | +2.82 | +3.46 | +5.16 | ||
| Bloomberg Barclays U.S. Agg Corporate Total Return Value Unhedged USD | -3.92 | -3.04 | +2.49 | +2.94 | +6.46 | — | — |
| Bloomberg Barclays U.S. Agg Corporate Total Return Value Unhedged USD | -2.33 | -1.19 | +3.12 | +3.54 | +6.35 | — | — |
Inception Date - Class A:August 3, 2016
Inception Date - Class SMA:June 8, 2007
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 Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least 2019-08-01. Expenses are being waived to the contractual cap.
Historical performance shown for Class A reflects the historical performance of Class SMA shares adjusted to reflect the higher expenses of Class A for periods prior to the inception date of Class A and is being shown in blue text. Historical performance of Class A shares likely would have been different based on differences in share class expense ratios.
The Bloomberg Barclays U.S. Corporate Index includes fixed rate, dollar-denominated, investment grade corporate bonds, specified foreign debentures, and secured notes. The index includes both corporate (Industrial, Utility, and Finance) and non-corporate (Sovereign, Supranational, Foreign Agency, and Foreign Local Government) sectors. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. The index does not incur management fees, transaction costs, or other expenses of investing. Investors cannot invest directly in an index.
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. | 3.48 |
| 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). | 3.72 |
| 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. | 3.37 |
| 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. | 3.29 |
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 08/03/2016 through 11/30/2018
Ending Value: $10,037.00
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. | $141.1 |
| Number of Holdings Number of Holdings: Number of Holdings in the investment. | 302 |
| Duration years | 6.98 |
| 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. | 12.29 |
| Total |
Portfolio Composition
as of November 30, 2018
| Banking | 24.87 |
| Basic Industry | 3.56 |
| Brokerage/Asset Managers/Exchanges | 0.26 |
| Capital Goods | 1.47 |
| Communications | 9.02 |
| Consumer Cyclical | 4.43 |
| Consumer Non Cyclical | 11.97 |
| Electric | 9.97 |
| Energy | 10.73 |
| Finance Companies | 1.11 |
| Insurance | 3.82 |
| Natural Gas | 1.67 |
| REITS | 0.68 |
| Technology | 4.23 |
| Transportation | 4.20 |
| Treasuries/Cash | 7.54 |
| Unassigned | 0.50 |
| Total | #,###.2 |
Top Issuers
as of November 30, 2018
| BANK OF AMERICA CORP | 3.19 |
| AT&T INC | 2.21 |
| COMCAST CORP | 2.21 |
| JPMORGAN CHASE & CO | 2.18 |
| DOWDUPONT INC | 1.64 |
| MORGAN STANLEY | 1.62 |
| ABBVIE INC | 1.48 |
| ENTERPRISE PRODUCTS OPERATING | 1.35 |
| HSBC HOLDINGS PLC | 1.35 |
| CVS HEALTH CORP | 1.34 |
| Total | #,###.2 |
Credit Quality
% of Total Investments as of November 30, 2018
| AAA | 1.48 |
| AA | 4.53 |
| A | 19.90 |
| BBB | 63.31 |
| BB | 3.24 |
| Treasuries/Cash | 7.54 |
| Total | #,###.2 |
AAA is the highest grade (best) to D which is the lowest (worst) is calculated based on S&P, Moody’s, and Fitch agency ratings. 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 November 30, 2018
| Cash | 1.88 |
| <1 Year | 0.62 |
| 1-3 Years | 11.15 |
| 3-5 Years | 9.17 |
| 5-7 Years | 15.61 |
| 7-10 Years | 24.11 |
| 10-20 Years | 16.78 |
| >20 Years | 20.70 |
| 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.
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 | |
|---|---|---|---|---|
| Long-Term Capital Gain | 12/14/2018 | 12/17/2018 | 12/13/2018 | $0.040400 |
| Income Dividend | 11/30/2018 | $0.028100 | ||
| Income Dividend | 10/31/2018 | $0.029600 | ||
| Income Dividend | 09/30/2018 | $0.027100 | ||
| Income Dividend | 08/31/2018 | $0.028000 | ||
| Income Dividend | 07/31/2018 | $0.027700 | ||
| Income Dividend | 06/30/2018 | $0.025700 | ||
| Income Dividend | 05/31/2018 | $0.026600 | ||
| Income Dividend | 04/30/2018 | $0.026100 | ||
| Income Dividend | 03/31/2018 | $0.027100 | ||
| Income Dividend | 02/28/2018 | $0.024900 | ||
| Income Dividend | 01/31/2018 | $0.027900 | ||
| Income Dividend | 12/31/2017 | $0.028200 | ||
| Long-Term Capital Gain | 12/15/2017 | 12/18/2017 | 12/14/2017 | $0.050300 |
| Short-Term Capital Gain | 12/15/2017 | 12/18/2017 | 12/14/2017 | $0.175100 |
| Income Dividend | 11/30/2017 | $0.025200 | ||
| Totals: $0.618000 | ||||
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.
Ratings
Disclosures
Principal Risks
Investment Risks
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. High-Yield Securities, or "junk bonds", are rated lower than investment-grade bonds because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. To the extent that the Fund invests in Mortgage- and/or Asset-Backed Securities, its exposure to prepayment and extension risks may be greater than investments in other fixed-income securities. U.S. Government Securities and Obligations are subject to market and interest rate risk, and may be subject to varying degrees of credit risk. The Fund may use Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Convertible Securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. The Fund may enter into Credit Default Swaps, either as a buyer or a seller of the swap. A buyer of a swap pays a fee to buy protection against the risk that a security will default. As Interest Rates rise, bond prices fall, reducing the value of the Fund's share price. Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory or political conditions, or other events that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund. Other risks of the Fund include but are not limited to: Credit; Interest Rate; Investment Model; Liquidity; Municipal Securities; Currency; Company; Concentration; Market; Market Capitalization; Other Investment Companies'; Prepayment and Extension; Real Estate Companies and Real Estate Investment Trusts (“REITs”); Repurchase Agreements; Sovereign Debt; and Securities Lending Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.