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.

# 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 | – |

R^{2} |
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% |

**Past performance is no guarantee of future results.**