Voya Short Term Bond Fund - Class A

Class A: IASBX
Class C: ICSBX
Class I: IISBX
Class R: VSTRX
Class R6: IGZAX
Class W: IWSBX
For more information call 1 (800) 334-3444
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Voya Short Term Bond Fund

Short Term Bonds May Help Protect Investors in a Rising Rate Environment

A broadly diversified, actively managed short-term bond fund that seeks to maximize total return, generate income and reduce an investor’s overall duration exposure

Daily Prices

as of November 15, 2018

Net Asset Value (NAV)$9.66
% Change0.00
$ Change0.00
YTD Return0.25%

The Voya Short Term Bond Fund Offers

Income potential with lower interest rate risk

Dynamic investment process adjusts with economic conditions

Focus on risk-adjusted returns

Short-Term Bond Average Total Returns (%) from 09/30/86 – 12/31/15

Short-Term Bond Average Total Returns (%) from 09/30/86 – 12/31/15

Source: Barclays, Morningstar®, Inc. Voya Investment Management
Asset class performance is represented by the following index: Barclays 1–3 Year Government/Credit Index. An index does not reflect fees, brokerage commissions, taxes or other expenses of investing.
Investors cannot directly invest in an index.
The performance quoted represents past performance and does not guarantee future results.

The Voya Difference

  • Income potential with lower interest rate risk:
    A short duration bond fund can help mitigate interest rate risk while seeking a high level of current income.
  • Dynamic investment process adjusts with economic conditions:
    We actively adjust allocations using a multi-sector approach, constructing a high quality short duration portfolio to take advantage of market opportunities.
  • Focus on risk-adjusted returns:
    Deep investment team – more than 100 professionals – that has produced strong risk-adjusted returns in both up and down markets.

Product Facts

Ticker SymbolIASBX
CUSIP92913L502
Inception DateDecember 19, 2012
Dividends PaidMonthly
Min. Initial Investment$1,000.00

About this Product

  • Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in a diversified portfolio of bonds or derivative instruments having economic characteristics similar to bonds
  • The average dollar-weighted maturity of the Fund will not exceed 3 years
  • The Fund invests in non-government issued debt securities, issued by companies of all sizes, rated investment grade, but may also invest up to 10% of its total assets in high yield securities rated B or better
  • The Sub-Adviser employs a dynamic investment process that balances top-down macro-economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration and yield curve management

Investment Objective

The Fund seeks maximum total return.

Management Team

View Fund Advisor/Sub Advisor

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, LLC., serves as the investment adviser to each of the Funds. Voya Investments has overall responsibility for the management of the Funds. Voya Investments provides or oversees all investment advisory and portfolio management services for each Fund, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.

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. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.
Dave Goodson

Dave S Goodson

Portfolio Manager

Managed Fund since 2017

More Info
Dave Goodson is head of securitized fixed income and a senior portfolio manager for Voya Investment Management’s non-agency and agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities strategies. Prior to joining the firm, he was a principal at an independent investment bank focused on asset-backed commercial paper transactions. Dave began his career as a vice president in Wachovia Securities’ asset-backed finance group, marketing and executing securitizations for the bank’s corporate clients. He received a BS in management from the Georgia Institute of Technology.
Randy Parrish

Randy Parrish, CFA

Portfolio Manager

Managed Fund since 2017

More Info
Randy Parrish is head of credit and a senior high yield portfolio manager at Voya Investment Management. As head of credit, Randy oversees the high yield, investment grade and emerging market teams. Previously, Randy was head of high yield and served as a portfolio manager and analyst on the high yield team since joining Voya in 2001. Prior to joining the firm, he was a corporate banker in leveraged finance with SunTrust Bank and predecessors to Bank of America. Randy received a BBA in business administration from the University of Georgia and holds the Chartered Financial Analyst® designation.
Matt Toms

Matt Toms, CFA

Portfolio Manager

Managed Fund since 2012

More Info
Matt Toms is chief investment officer of fixed income at Voya Investment Management. In this role, he leads a team of more than 100 investment professionals. Before becoming CIO, Matt was head of public fixed income at Voya Investment Management, overseeing the investment teams responsible for investment grade corporate, high yield corporate, structured products, mortgage-backed securities, emerging market debt and money market strategies for Voya’s general account and third-party business. In this capacity, Matt led the fixed income investment strategy and portfolio management process in close partnership with Christine Hurtsellers, former CIO of fixed income and now chief executive officer of Voya Investment Management; he also served as a lead portfolio manager on many of Voya's multi-sector fixed income strategies. Prior to joining the firm, Matt worked with Calamos Investments, where he established and grew their fixed income business. He also has prior experience with Northern Trust and Lincoln National within both public and private corporate markets as well as across multi-sector and global bond portfolio management. Matt received a BBA from the University of Michigan and holds the Chartered Financial Analyst® designation

My Representatives

Broker/Dealer Services

1-800-334-3444

Contact Us

Performance

Average Annual Total Returns %

As of October 31, 2018

As of September 30, 2018

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRInceptionExpense Ratios
GrossNet
Net Asset Value+0.23+0.09+0.80+0.95+0.950.88%0.81%
With Sales Charge-2.27-2.39-0.03+0.43+0.51
Net Asset Value+0.32+0.22+0.91+1.05+0.980.88%0.81%
With Sales Charge-2.17-2.26+0.08+0.53+0.53
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index+0.52+0.34+0.77+0.82+0.81
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index+0.41+0.20+0.73+0.83+0.81

Inception Date - Class A:December 19, 2012

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.

Yields

As of October 31, 2018

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.

2.50
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).

2.65
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.

2.51
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.

2.45

Returns Based Statistics

As of October 31, 2018

3 Year5 Year10 Year
Standard Deviation
Standard Deviation:

A measure of the degree to which an individual probability value varies from the distribution mean. The higher the number, the greater the risk.

0.730.69
Beta
Beta:

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.

0.850.85
R2
R2:

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.

74.1969.84
Alpha
Alpha:

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.

0.010.19
Sharpe Ratio
Sharpe Ratio:

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.

-0.070.62
Tracking Error
Tracking Error:

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.

0.400.41
Information Ratio
Information Ratio:

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.

0.070.33

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.

Growth of a $10,000 Investment

For the period 12/19/2012 through 10/31/2018

Ending Value: $10,566.00

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 October 31, 2018

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.

$111.4
Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

442
Duration years1.82
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.

2.30
Total

Portfolio Composition

as of October 31, 2018

Agency Mortgages2.97
Asset-Backed Securities16.15
Commercial Mortgage-Backed Securities10.24
Emerging Markets0.34
Government Related0.31
HY Corporates5.87
IG Corporates60.73
Non-Agency RMBS and SF CRT0.17
US Treasury & Cash3.21
Total#,###.2

Top Loan Issuers

as of October 31, 2018

GOVERNMENT NATIONAL MORTGAGE A3.29
JP MORGAN CHASE COMMERCIAL MOR1.34
CARMAX AUTO OWNER TRUST CARMX_1.28
GM FINANCIAL AUTOMOBILE LEASIN1.06
BANK OF AMERICA CORP1.03
JPMORGAN CHASE & CO0.91
SHELL INTERNATIONAL FINANCE BV0.89
MORGAN STANLEY0.89
APPLE INC0.86
MORGAN STANLEY CAPITAL I MSCI_0.84
Total#,###.2

Credit Quality

% of Total Investments as of October 31, 2018

AAA23.39
AA14.98
A26.08
BBB25.27
BB5.03
B1.48
Not Rated0.55
Treasuries/Cash3.21
Total#,###.2

Maturity Details

% of Total Investments as of October 31, 2018

Cash2.86
<1 Year15.70
1-3 Years57.32
3-5 Years17.41
5-7 Years6.50
7-10 Years0.22
10-20 Years0.00
>20 Years0.00
Total#,###.2

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

Distributions

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.

Payable Date
Payable Date:

Date on which a declared stock dividend or a bond interest payment is scheduled to be paid.

Record Date
Record Date:

Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.

Amount
Income Dividend10/31/2018$0.020500
Income Dividend09/30/2018$0.015900
Income Dividend08/31/2018$0.016400
Income Dividend07/31/2018$0.016400
Income Dividend06/30/2018$0.013500
Income Dividend05/31/2018$0.014000
Income Dividend04/30/2018$0.013500
Income Dividend03/31/2018$0.014000
Income Dividend02/28/2018$0.012700
Income Dividend01/31/2018$0.014100
Income Dividend12/31/2017$0.014100
Income Dividend11/30/2017$0.012500
Income Dividend10/31/2017$0.012900
Totals: $0.190500

Ratings

Morningstar™ Ratings

As of October 31, 2018

Overall3 Year5 Year10 Year
472 Funds472 Funds399 Funds N/A

Category: Fund Short-Term Bond

Disclosures

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Foreign Investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. The Fund may use Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. The Fund is subject to both Credit and Interest Rate Risk. The Fund's share price and yield will be affected by interest rate movements, with bond prices generally moving in the opposite direction from interest rates. Credit Risk refers to the bond issuers and senior loan issuers ability to make timely payments of principal and interest. High-Yield Securities, or junk bonds, are rated lower than investment-grade bonds because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. To the extent that the Fund invests in Mortgage-Related Securities, its exposure to prepayment and extension risks may be greater than investments in other fixed-income securities. Other risks of the Fund include but are not limited to: Company; Credit Default Swaps; Currency; Investment Model; Market; Market Capitalization; Municipal Obligations; Other Investment Companies'; Price Volatility; Prepayment and Extension; Securities Lending; Sovereign Debt and U.S. Government Securities and Obligations Risks. Investors should consult the Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.

Diversification does not guarantee a profit or ensure against market loss.