Overview
Fund Tagline
High Income and Total Return Potential from a Consistent Investment Process and an Experienced Team
Fund Description
We seek to deliver consistent outperformance by combining fundamental analysis with rigorous credit research.
Product Facts
| Ticker Symbol | IHYAX |
| CUSIP | 92913L627 |
| Inception Date | December 15, 1998 |
| Dividends Paid | Monthly |
| Min. Initial Investment | $1,000.00 |
- Seeks to generate high income and total return with less interest rate sensitivity than core fixed income and lower volatility than stocks
- Invest in higher quality, high yield corporates; strategically allocate to convertible securities for an asymmetric return profile
- Fundamental analysis and credit research confirm upside participation and downside protection
The Fund seeks to provide investors with a high level of current income and total return.
- Seeks to generate high income and total return with less interest rate sensitivity than core fixed income and lower volatility than stocks
- Invest in higher quality, high yield corporates; strategically allocate to convertible securities for an asymmetric return profile
- Fundamental analysis and credit research confirm upside participation and downside protection
The Fund seeks to provide investors with a high level of current income and total return.
Performance
Yields
As of July 31, 2025
| 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. | 5.31 |
| 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). | 5.31 |
| 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. This yield does not include the return of principal or other non-income sources. | 6.40 |
| 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. This yield does not include the return of principal or other non-income sources. | 6.24 |
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +4.49 | +7.50 | +6.74 | +3.74 | +4.26 | — | — |
| With Sales Charge | +1.84 | +4.77 | +5.84 | +3.22 | +3.99 | ||
| Net Asset Value | +4.37 | +9.07 | +8.68 | +4.71 | +4.25 | 1.09% | 1.04% |
| With Sales Charge | +1.73 | +6.28 | +7.77 | +4.18 | +3.98 | ||
| Bloomberg High Yield Bond-2% Issuer Constrained Composite Index | +5.04 | +8.67 | +8.01 | +5.09 | +5.48 | — | — |
| ICE BofA U.S. High Yield Index | +4.97 | +8.55 | +7.87 | +5.11 | +5.40 | — | — |
| Bloomberg High Yield Bond-2% Issuer Constrained Composite Index | +4.57 | +10.29 | +9.93 | +5.96 | +5.37 | — | — |
| ICE BofA U.S. High Yield Index | +4.55 | +10.24 | +9.85 | +6.01 | +5.29 | — | — |
Inception Date - Class A: December 15, 1998
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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, nor guarantee the accuracy or completeness of any information herein, nor make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
The Bloomberg U.S. High Yield 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%.
The ICE Bank of America US High Yield Index tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market. To qualify for inclusion in the index, securities must have a below investment grade rating and an investment grade rated country of risk.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 07/31/2015 through 06/30/2025
Ending Value: $15,163.00
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.
Average Annual Total Returns %
As of July 31, 2025
As of June 30, 2025
| Most Recent Month End | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Expense Ratios | |
|---|---|---|---|---|---|---|---|
| Gross | Net | ||||||
| Net Asset Value | +4.49 | +7.50 | +6.74 | +3.74 | +4.26 | — | — |
| With Sales Charge | +1.84 | +4.77 | +5.84 | +3.22 | +3.99 | ||
| Net Asset Value | +4.37 | +9.07 | +8.68 | +4.71 | +4.25 | 1.09% | 1.04% |
| With Sales Charge | +1.73 | +6.28 | +7.77 | +4.18 | +3.98 | ||
| Bloomberg High Yield Bond-2% Issuer Constrained Composite Index | +5.04 | +8.67 | +8.01 | +5.09 | +5.48 | — | — |
| ICE BofA U.S. High Yield Index | +4.97 | +8.55 | +7.87 | +5.11 | +5.40 | — | — |
| Bloomberg High Yield Bond-2% Issuer Constrained Composite Index | +4.57 | +10.29 | +9.93 | +5.96 | +5.37 | — | — |
| ICE BofA U.S. High Yield Index | +4.55 | +10.24 | +9.85 | +6.01 | +5.29 | — | — |
Inception Date - Class A: December 15, 1998
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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, nor guarantee the accuracy or completeness of any information herein, nor make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.
The Bloomberg U.S. High Yield 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%.
The ICE Bank of America US High Yield Index tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market. To qualify for inclusion in the index, securities must have a below investment grade rating and an investment grade rated country of risk.
Past performance does not guarantee future results.
Growth of a $10,000 Investment
For the period 07/31/2015 through 06/30/2025
Ending Value: $15,163.00
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 July 31, 2025
| 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. | $347.5 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 167 |
| Duration years | 0.00 |
| 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. | 0.00 |
| Total |
Top Issuers
As of May 31, 2025
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC | 2.23 |
| ECHOSTAR CORP | 1.38 |
| VENTURE GLOBAL INC | 1.13 |
| ROYAL CARIBBEAN CRUISES LTD | 1.00 |
| LEVEL 3 PARENT LLC | 0.91 |
| VISTRA CORP | 0.88 |
| CABLEVISION SYSTEMS CORP | 0.88 |
| CARNIVAL CORP | 0.85 |
| BAUSCH HEALTH COMPANIES INC | 0.82 |
| SIRIUS XM RADIO LLC | 0.82 |
| Total | #,###.2 |
Credit Quality
As of May 31, 2025
| Treasuries/Cash | 4.32 |
| >=BBB | 2.88 |
| BB | 44.82 |
| B | 35.02 |
| CCC | 12.73 |
| <CCC | 0.24 |
| Not rated | 0.00 |
| Total | #,###.2 |
Credit quality is based on third-party agency ratings , ranging from AAA (highest) to D (lowest). If ratings are available from each of S&P, Moody's and Fitch, the security is assigned the median rating. If ratings are available from only two of these agencies, the lower rating is assigned. If a rating is available from only one of these three agencies, then that rating is used. If none of S&P, Moody's and Fitch rate the security but it has a Morningstar DBRS rating, then the Morningstar DBRS rating is used (see https://dbrs.morningstar.com/about/disclaimer). Any security that is not rated by these four agencies is placed in the Not Rated (NR) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings may not accurately reflect risk and are subject to change.
Top Industry
As of May 31, 2025
| Consumer Cyclical | 17.28 |
| Consumer Non Cyclical | 13.31 |
| Communications | 12.33 |
| Capital Goods | 11.85 |
| Fin Inst | 11.47 |
| Energy | 10.98 |
| Basic Industry | 6.66 |
| Technology | 5.18 |
| US Treasury & Cash | 4.40 |
| Industrial Other | 2.91 |
| Utility | 2.57 |
| Transportation | 0.56 |
| Government Related | 0.51 |
| Total | #,###.2 |
Maturity Details
As of May 31, 2025
| Cash | 4.32 |
| <1 Year | 6.50 |
| 1-3 Years | 24.05 |
| 3-5 Years | 46.90 |
| 5-7 Years | 12.70 |
| 7-10 Years | 5.54 |
| 10-20 Years | 0.00 |
| >20 Years | 0.00 |
| 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.
Portfolio Statistics
As of July 31, 2025
| 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. | $347.5 |
| Number of Holdings Number of Holdings Number of Holdings in the investment. | 167 |
| Duration years | 0.00 |
| 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. | 0.00 |
| Total |
Top Issuers
As of May 31, 2025
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC | 2.23 |
| ECHOSTAR CORP | 1.38 |
| VENTURE GLOBAL INC | 1.13 |
| ROYAL CARIBBEAN CRUISES LTD | 1.00 |
| LEVEL 3 PARENT LLC | 0.91 |
| VISTRA CORP | 0.88 |
| CABLEVISION SYSTEMS CORP | 0.88 |
| CARNIVAL CORP | 0.85 |
| BAUSCH HEALTH COMPANIES INC | 0.82 |
| SIRIUS XM RADIO LLC | 0.82 |
| Total | #,###.2 |
Credit Quality
As of May 31, 2025
| Treasuries/Cash | 4.32 |
| >=BBB | 2.88 |
| BB | 44.82 |
| B | 35.02 |
| CCC | 12.73 |
| <CCC | 0.24 |
| Not rated | 0.00 |
| Total | #,###.2 |
Credit quality is based on third-party agency ratings , ranging from AAA (highest) to D (lowest). If ratings are available from each of S&P, Moody's and Fitch, the security is assigned the median rating. If ratings are available from only two of these agencies, the lower rating is assigned. If a rating is available from only one of these three agencies, then that rating is used. If none of S&P, Moody's and Fitch rate the security but it has a Morningstar DBRS rating, then the Morningstar DBRS rating is used (see https://dbrs.morningstar.com/about/disclaimer). Any security that is not rated by these four agencies is placed in the Not Rated (NR) category. Ratings do not apply to the Fund itself or to the Fund shares. Ratings may not accurately reflect risk and are subject to change.
Top Industry
As of May 31, 2025
| Consumer Cyclical | 17.28 |
| Consumer Non Cyclical | 13.31 |
| Communications | 12.33 |
| Capital Goods | 11.85 |
| Fin Inst | 11.47 |
| Energy | 10.98 |
| Basic Industry | 6.66 |
| Technology | 5.18 |
| US Treasury & Cash | 4.40 |
| Industrial Other | 2.91 |
| Utility | 2.57 |
| Transportation | 0.56 |
| Government Related | 0.51 |
| Total | #,###.2 |
Maturity Details
As of May 31, 2025
| Cash | 4.32 |
| <1 Year | 6.50 |
| 1-3 Years | 24.05 |
| 3-5 Years | 46.90 |
| 5-7 Years | 12.70 |
| 7-10 Years | 5.54 |
| 10-20 Years | 0.00 |
| >20 Years | 0.00 |
| 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
Payment Frequency: Monthly
| Distributions | 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. | Amount | ||
|---|---|---|---|---|
| Income Dividend | 07/31/2025 | $0.037967 | ||
| Income Dividend | 06/30/2025 | $0.037353 | ||
| Income Dividend | 05/30/2025 | $0.037311 | ||
| Income Dividend | 04/30/2025 | $0.036588 | ||
| Income Dividend | 03/31/2025 | $0.037244 | ||
| Income Dividend | 02/28/2025 | $0.033684 | ||
| Income Dividend | 01/31/2025 | $0.035774 | ||
| Income Dividend | 12/31/2024 | $0.038223 | ||
| Income Dividend | 11/29/2024 | $0.036840 | ||
| Income Dividend | 10/31/2024 | $0.038332 | ||
| Income Dividend | 09/30/2024 | $0.036930 | ||
| Income Dividend | 08/30/2024 | $0.038254 | ||
| Income Dividend | 07/31/2024 | $0.037944 | ||
| Totals: $0.482444 | ||||
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
Justin M Kass, CFA
Senior Managing Director, Chief Investment Officer, Income & Growth
Years with Voya: 25
David J Oberto
Senior Vice President, Lead Portfolio Manager - Income & Growth
Years with Voya: 18 *
* Years with Voya is not consecutive; Individual has re-joined the firm.
Ethan Turner, CFA
Senior Vice President, Portfolio Manager - Income & Growth
Years with Voya: 13 *
* Years with Voya is not consecutive; Individual has re-joined the firm.
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: Bank Instruments; Company; Credit; Credit Default Swaps; Currency; Derivative Instruments; Environmental, Social, and Governance (Fixed Income); Foreign (Non-U.S.) Investments/ Developing and Emerging Markets; High-Yield Securities; Interest in Loans; Interest Rate; Liquidity; Market; Market Capitalization; Market Disruption and Geopolitical; Other Investment Companies; Preferred Stocks; Prepayment and Extension; Securities Lending; U.S. Government Securities and Obligations; Zero-Coupon Bonds and Pay-In-Kind Securities. Investors should consult the Fund’s Prospectus and Statement of Additional Information for a more detailed discussion of the Fund’s risks.
The fund discussed may be available to you as part of your employer sponsored retirement plan. There may be additional plan level fees resulting in personal performance that varies from stated performance. Please call your benefits office for more information.
Diversification does not guarantee a profit or ensure against market loss.