Investment Management

Voya Floating Rate Fund - Class A

Class T shares of the Fund are not currently offered.

Portfolio Statistics as of 07/31/2017

Total Assets Under Management $2,002,747,631.41
Avg. Investment 5,412,831.44
Avg. Investment as % of AUM 0.27%
Avg. Per Industry % Of AUM 2.78%
Net Assets millions $2,002.7
Number of Holdings 441
Number of Issuers 370
Industries Represented 36
Average Industry Investment $55,631,878.65
nModifiedDurationToWorst Modified Duration to Worst - is a mathematically adjusted form of Macaulay Duration measuring the sensitivity of a bond's price to small, instantaneous changes in yield. This calculates the rate sensitivity of a security assuming that cash flows do not change as interest rates change.
nWtdAvgMarketCapWilshire Weighted Average Market Capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nEndingActiveShare Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index.
nPriceToCashFlow The ratio of a stock’s price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock’s valuation
nROA ROA is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings.
nPEG PEG Ratio
nPriceToEarningsWilshire P/E (next 12 months) calculates the price of a stock divided by its earnings per share.
nEPSGrowth The portion of a company's profit allocated to each outstanding share of common stock. EPS growth serves as an indicator of a company's profitability.
nDividendYield A financial ratio that shows how much a company pays out in dividends relative to its share price
nPriceToBookWilshire Price to book ratio (trailing 12 month) calculates the ratio of a stock’s price to its book value.
nHoldings Number of Holdings in the investment
nNetAssets 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.
nAlpha Measures the difference between a fund's actual return and its level of risk as measured by beta. An alpha of 0.5 implies the fund performed 0.5% better than the market would predict. The figure is calculated on a three-year basis relative to the benchmark.
nR2 The way in which a percentage of a portfolio's total returns represents the portfolio's beta measure.
nBeta3Year Measures the Fund's volatility relative to the overall market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.
nSharpeRatio 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 fund's historical risk-adjusted performance.
nStandardDeviation3Year A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
nMedianMktCap Market Cap is the value of a corporation as determined by the market price of its issued and outstanding common stock.
nWeightedAvgMaturityDays 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.
nWeightedAvgMaturityYears 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.
nWeightedAvgLife 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.
nPriceToEarnings P/E is the price of a stock divided by its earnings per share.
nPriceToBook P/BV is the ratio of a stock's price to its Book Value.
nExpenseRatio Operating costs, including management fees, expressed as a percentage of the fund's average net assets for a given time period.
nMktWeightedAvgCoupon The interest rate on a fixed income security, determined upon issuance, and expressed as a percentage of par.
nPriceToFFORealEstate Price to Funds From Operations (P/FFO), the REIT equivalent of a security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.
nWeightedAvgResetDays Reset is the number of days that the current interest rate contract is in effect.

Returns-Based Statistics as of 07/31/2017

3 Year 5 Year 10 Year
Standard Deviation 2.30 1.98
Beta 0.77 0.79
R2 95.35 94.04
Alpha 0.09 0.22
Sharpe Ratio 1.16 1.80
Tracking Error 0.84 0.71
Information Ratio -0.83 -0.99
nPrice to Cash Flow The ratio of a stock's price to its cash flow per share. The price-to-cash flow ratio is an indicator of a stock's valuation.
nSharpeRatio 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.
nWeighted Average Market Capitalization The value of a corporation as determined by the market price of its issues and outstanding common stock.
nR2 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.
nBeta 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.
nStandardDeviation A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.
nInfoRatio 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.
nTrackingErr 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.
nAlpha 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.

Weighted Averages as of 07/31/2017

Weighted Average Days To Reset Error: Non-numeric value
Weighted Average Spread 3.40%
Weighted Avg. Coupon 4.71%
Weighted Avg. Rating Factor 2,254
Weighted Average Market Price 99.48
nWeightedAvgMktPrice  Weighted Average Market Price is calculated as the market price of each loan divided by the par amount outstanding.
nWeightedAverageRatingFactor  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.
nWeightedAverageCoupon  Weighted Average Coupon is the weighted-average gross interest rates of the pool of senior loans at the time of calculation.
nWeightedAvgSpread  Weighted Average Spread is the average contractual spread of each senior loan, above its base rate.
nWeightedAvgResetDays  Weighted Average Reset measures the average number of days that the current interest rate contracts are in effect.
nWeightedAvgMaturityYears Weighted Average Maturity is the weighted average years until maturity on all senior loans.

Top Ten Loan Issuersas of 07/31/2017

Asurion, LLC 1.12
Dell International LLC 1.07
Avolon Holdings Limited 0.86
Grifols S.A 0.77
Advantage Sales & Marketing, Inc. 0.74
Misys 0.73
Univision Communications, Inc. 0.72
PetSmart, Inc. 0.69
Reynolds Group Holdings Inc 0.68
Amaya Gaming Group Inc. 0.66
Total: 8.04%

Sector Weightings % of Total Investments as of 07/31/2017

Electronics/Electrical 12.53
Health Care 11.19
Business Equipment & Services 7.72
Telecommunications 7.11
Retailers (Except Food & Drug) 5.58
Chemicals & Plastics 5.19
Diversified Insurance 4.61
Lodging & Casinos 3.76
Containers & Glass Products 3.70
Automotive 3.52
Total: 64.89%

Top Country Weightings % of Total Investments as of 07/31/2017

United States 86.02
Canada 2.33
Luxembourg 2.06
Netherlands 1.54
France 0.63
Germany 0.58
Australia 0.55
United States Virgin Islands 0.14
Cayman Islands 0.12
United Kingdom 0.11
Total: 94.07%

Credit Quality % of Total Investments as of 07/31/2017

BBB 4.45
BB 35.39
B 57.01
CCC or Lower 3.16
Not Rated 0.00
Total: 100.00%
Credit Quality
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.

Definitions:
• Weighted Average Reset measures the average number of days that the current interest rate contracts are in effect.
• Weighted Average Maturity is the weighted average years until maturity on all senior loans.
• Weighted Average Spread is the average contractual spread of each senior loan, above its base rate.
• Weighted Average Coupon is the weighted-average gross interest rates of the pool of senior loans at the time of calculation.
• 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.
• Weighted Average Market Price is calculated as the market price of each loan divided by the par amount outstanding.

Past performance is no guarantee of future results.

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