Investment Management

Voya GNMA Income Fund - Class A

Class T shares of the Fund are not currently offered.


Fund Description

Overview

  • 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.

Daily Prices as of 11/21/2017

Net Asset Value (NAV) $8.40
% Change 0.00
$ Change 0.00
Public Offering Price (POP) $8.62
YTD Return +1.50%

Fund Facts

Ticker Symbol LEXNX
CUSIP 92913L692
Inception Date Aug 17, 1973
Dividends Paid Monthly
Min. Initial Investment $1,000.00

Management Team

Jeff Dutra, CFA

Portfolio Manager

Managed Fund since 2009

Justin McWhorter, CFA, CPA

Portfolio Manager

Managed Fund since 2009

Peter Guan, PhD

Portfolio Manager

Managed Fund since 2009

 

Portfolio Statistics as of 10/31/2017

Net Assets millions $1,147.8
Number of Holdings 560
Duration years 3.90
Weighted Average Life years 7.80
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.

Portfolio Composition as of 10/31/2017

FNMA and FHLMC CMO 9.80
FNMA and FHLMC MBS 9.91
GNMA CMO 46.78
GNMA MBS 56.95
Other 1.80
US Treasuries/Cash -25.23
Total: 100.00%

Top Holdings % of Total Investments as of 10/31/2017

GNMA2 30YR TBA(REG C) 3.00 11/2017 15.40
GNMA2 30YR TBA(REG C) 3.50 12/2017 11.94
GNMA2 30YR TBA(REG C) 4.00 11/2017 4.27
GNMA_15-H31A 1.88 11/2065 4.19
GNMA_12-H12 2.28 02/2062 2.76
GNMA_16-H08 1.95 02/2066 2.66
FNMA CONV LONG TERM 30YR OR LESS L 3.50 01/2044 2.56
GNMA_16-H20 1.78 09/2066 2.28
GNMA_16-H23 1.98 10/2066 2.16
GNMA2 30YR 4.00 08/2042 1.48
Total: 49.69%

Top Country Weightings % of Total Investments as of 10/31/2017

United States 100.00
Total: 100.00%

Maturity Details % of Total Investments as of 10/31/2017

Cash -25.23
<1 Year 12.13
1-3 Years 2.64
3-5 Years 19.99
5-7 Years 38.39
7-10 Years 42.84
10-20 Years 8.94
>20 Years 0.30
Total: 100.0%

Credit Quality % of Total Investments as of 10/31/2017

AAA 125.23
Treasuries/Cash -25.23
Total: 100.0%
Maturity Details 
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

Credit Quality
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.

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to change daily.

Growth of a $10,000 Investment

For the period 10/31/2007 through 10/31/2017

Ending Value: $14,489.00

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.

Growth of a $10k Investment (Print Version Only)

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.

Calendar Year Returns % (Print Version Only)

Yields as of 10/31/2017

SEC 30-Day Yield Class A (Unsubsidized) 1.59
SEC 30-Day Yield Class A (Subsidized) 1.59
Distribution Yield @ NAV 2.31
Distribution Yield @ MOP 2.25
SEC 30-Day Unsubsidized Yield (%) – 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. SEC 30-Day Subsidized Yield (%) – 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). Distribution Yield (Daily or Monthly Distributing Funds) - Calculated using the income dividends paid by the Fund over the past month, annualized, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous month, at the end of the period. Distribution Yield (Quarterly or Annual Distributing Funds) - Calculated using the income dividends paid by the Fund over the past 12 months, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous 12 months, at the end of the period. Distribution Yield @ NAV - Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. 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.

Average Annual Total Returns %

  As of Oct 31, 2017 As of Sep 30, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Gross Net 1, 2
Net Asset Value +1.61 +0.22 +1.73 +1.62 +3.78 0.93% 0.93%
With Sales Charge -0.97 -2.27 +0.89 +1.12 +3.52
Bloomberg Barclays GNMA Index +1.79 +0.19 +1.79 +1.70 +4.05
Net Asset Value +1.65 +0.22 +2.03 +1.60 +3.89 0.93% 0.93%
With Sales Charge -0.93 -2.27 +1.18 +1.09 +3.63
Bloomberg Barclays GNMA Index +1.84 +0.10 +2.14 +1.64 +4.17

Inception Date - Class A: 08/17/73

* Return calculations with a starting date prior to July 31, 2006 are based on a 4.75% sales charge while returns with a starting date on or after July 31, 2006 are based on a 2.50% sales charge.

Current Maximum Sales Charge: 2.50%

1The 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.

2The expense limits will continue through at least August 1, 2018. The Fund is operating under the contractual expense limits.

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.

Benchmark Disclosures

Bloomberg Barclays GNMA Index

The Barclays 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.

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. As Interest Rates rise, bond prices fall, reducing the value of the Fund's share price. To the extent that the Fund invests in asset-backed, Mortgage-Backed or Mortgage-Related Securities, its exposure to prepayment and extension risks may be greater than investments in other fixed-income securities. While the Fund invests in securities guaranteed by the U.S. Government as to timely payments of interest and principal, the Fund shares are Not Insured or Guaranteed. Other risks of the Fund include but are not limited to: Credit Risks; Extension Risks; Other Investment Companies' Risks; Prepayment Risks; U.S. Government Securities and Obligations Risks; 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.
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