Voya High Yield Bond Fund

Product

The management team for Voya High Yield Bond Fund changed effective June 16, 2025 with Justin Kass, David Oberto and Ethan Turner being named as portfolio managers.

Overview
Performance
Ratings
Distributions
Team
Disclosures

Class A: IHYAX

Class C: IMYCX

Class I: IHYIX

Class R: IRSTX

Class R6: VHYRX

Class W: IHYWX

For more information call 1 (800) 334-3444

Product Facts

Ticker Symbol	VHYRX
CUSIP	92913L528
Inception Date	August 3, 2016
Dividends Paid	Monthly
Min. Initial Investment	$1,000,000.00

About this Product

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

Investment Objective

The Fund seeks to provide investors with a high level of current income and total return.

Performance

Average Annual Total Returns %

As of June 30, 2025

Most Recent Month EndMost Recent Quarter End Most Recent Month EndMost Recent Quarter End

Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Expense Ratios
Most Recent Month End	YTD	1 YR	3 YR	5 YR	10 YR	Gross	Net
Net Asset Value	+4.73	+9.51	+9.09	+5.15	+4.63	0.68%	0.63%
With Sales Charge	+4.73	+9.51	+9.09	+5.15	+4.63	0.68%	0.63%
Net Asset Value	+4.73	+9.51	+9.09	+5.15	+4.63	0.68%	0.63%
With Sales Charge	+4.73	+9.51	+9.09	+5.15	+4.63	0.68%	0.63%
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	—	—
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 R6: August 3, 2016

Inception Date - Class A: December 15, 1998

Current Maximum Sales Charge: 0.00%

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 Aug 1 2025 12:00AM. The Fund is operating under the contractual expense limits. The Adviser has contractually agreed to waive a portion of the management fee through Aug 1 2025 12:00AM.

Historical performance shown for Class R6 shares reflects the historical performance of Class A shares for those periods prior to the inception date of Class R6 (represented by blue text). Historical performance of Class R6 shares likely would have been different based on differences in share class expense ratios.

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%.

Past performance does not guarantee future results.

Yields

As of June 30, 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.	6.30
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).	6.30
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.	6.88
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.	6.88

Growth of a $10,000 Investment

For the period 08/03/2016 through 06/30/2025

Ending Value: $15,157.00

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.

Ratings

Morningstar™ Ratings

As of June 30, 2025

Overall	3 Year	5 Year	10 Year
589 Funds	589 Funds	547 Funds	429 Funds

Category: US Fund High Yield Bond

Morningstar computes the extended performance return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current investment universe to identify placement in the bell curve used to assign the Morningstar Rating. Extended Performance Ratings appear as hollow stars on reports and statistics calculated with extended performance data appear in italics for easy identification.

The Morningstar Rating^TM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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.	Amount
Income Dividend	06/30/2025	$0.039633
Income Dividend	05/30/2025	$0.039671
Income Dividend	04/30/2025	$0.038898
Income Dividend	03/31/2025	$0.039629
Income Dividend	02/28/2025	$0.035812
Income Dividend	01/31/2025	$0.038130
Income Dividend	12/31/2024	$0.040610
Income Dividend	11/29/2024	$0.039180
Income Dividend	10/31/2024	$0.040781
Income Dividend	09/30/2024	$0.039300
Income Dividend	08/30/2024	$0.040672
Income Dividend	07/31/2024	$0.040331
Income Dividend	06/28/2024	$0.037621
Totals: $0.510268

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

View Fund Adviser/Sub Adviser

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, an Arizona limited liability company, serves as the investment adviser to the Fund. Voya Investments has overall responsibility for the management of the Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Voya Investments is registered with the SEC as an investment adviser. Voya Investments' principal office is located at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169.

Justin M Kass, CFA

Senior Managing Director, Chief Investment Officer, Income & Growth

Years with Voya: 25

Justin Kass is chief investment officer, co-head of income and growth at Voya Investment Management. He joined the firm following Voya’s integration of certain assets and teams comprising the substantial majority of Allianz Global Investors U.S. (“AllianzGI”) business, where he was a portfolio manager, managing director, CIO and co-head of the U.S. income and growth strategies team with portfolio management, research and trading responsibilities for the income and strategies team. Prior to that at AllianzGI, Justin held portfolio manager responsibilities for the U.S. convertible strategy and was a lead portfolio manager for the income and growth strategy since its inception and was also responsible for managing multiple closed-end and open-end mutual funds. Justin earned a BS from the University of California, Davis and an MBA from the UCLA Anderson School of Management. He is a CFA® Charterholder.

David J Oberto

Senior Vice President, Lead Portfolio Manager - Income & Growth

Years with Voya: 18 *

David Oberto is a lead portfolio manager, income and growth at Voya Investment Management. He joined the firm following Voya’s integration of certain assets and teams comprising the substantial majority of Allianz Global Investors U.S. (“AllianzGI”) business, where he was a portfolio manager and director with portfolio management, research and trading responsibilities for the income and growth strategies team. David served as portfolio manager for the U.S. High Yield Bond strategy and was also responsible for managing multiple closed-end and open-end mutual funds. Prior to that, he was a portfolio administrator, a credit default swaps (CDS) account manager and a trade-closer at Bain Capital. David earned a BSBA with a concentration in finance and a minor in economics from Fordham University and an MS in finance from the D’Amore-McKim School of Business at Northeastern University.

* 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 *

Ethan Turner is a portfolio manager, income and growth at Voya Investment Management. He joined the firm following Voya’s integration of certain assets and teams comprising the substantial majority of Allianz Global Investors U.S. (“AllianzGI”) business, where he was an analyst and vice president with research responsibilities for the income and growth strategies team. Prior to that at AllianzGI, he was a trading assistant. Prior to that, Ethan was a lead analyst covering the financial sector at Relational Investors and a financial analyst at Sunstone Hotel Investors. Ethan earned a BS from San Diego State University and an MBA from the Anderson School of Management at the University of California, Los Angeles. He is a CFA® Charterholder.

* 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.

Net Asset Value (NAV)	$6.99
% Change	0.00
$ Change	0.00
YTD Return	4.63%

Voya High Yield Bond Fund - Class R6