Summary Prospectus July 31, 2023
Voya Investment Grade Credit Fund
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Class/Ticker: A/VACFX; I/VIGCX; R6/VIGTX; W/VIGWX
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Before you invest, you may want to review the fund's Prospectus, which contains more information about the fund and its risks.
For free paper or electronic copies of the Prospectus and other fund information (including the Statement of Additional Information and most
recent financial report to shareholders), go to https://individuals.voya.com/literature; email a request to Voyaim_literature@voya.com; call 1-800-992-0180; or ask your salesperson, financial intermediary, or retirement plan administrator. The fund's Prospectus and Statement of Additional Information, each
dated July 31, 2023, and the audited financial statements on pages 5-22 of the fund’s shareholder report dated March 31, 2023 are incorporated
into this Summary Prospectus by reference and may be obtained free of charge at the website, phone number, or e-mail address noted above.
Investment Objective
The Fund seeks to maximize total return. Total return is a combination of income and capital appreciation.
Fees and Expenses of the Fund
These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables
and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 35), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 73).
Shareholder Fees
Fees paid directly from your investment
Fees paid directly from your investment
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Class
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Maximum sales charge (load) as a % of
offering price imposed on purchases
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Maximum deferred sales charge (load) as a % of
purchase or sales price, whichever is less
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A
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2.50
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None1
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I
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None
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None
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R6
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None
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None
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W
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None
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None
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Annual Fund Operating Expenses
Expenses you pay each year as a % of the value of your investment
Expenses you pay each year as a % of the value of your investment
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Class
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A
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I
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R6
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W
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Management Fee
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%
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0.50
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0.50
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0.50
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0.50
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Distribution and/or Shareholder Services (12b-1) Fees
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%
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0.25
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None
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None
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None
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Other Expenses
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%
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0.23
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0.16
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0.16
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0.23
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Total Annual Fund Operating Expenses
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%
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0.98
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0.66
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0.66
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0.73
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Waivers and Reimbursements2
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%
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(0.08)
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(0.01)
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(0.03)
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(0.08)
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Total Annual Fund Operating Expenses After Waivers and
Reimbursements
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%
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0.90
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0.65
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0.63
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0.65
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1
A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after
purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more.
2
Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.90%, 0.65%, 0.63%, and 0.65% for Class A, Class I, Class R6, and Class W shares, respectively, through August 1, 2024. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment
by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts
that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in
effect at the time of recoupment. Termination or modification of these obligations requires approval by the Fund’s Board of Trustees (the “Board”).
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Expense Example
This Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other
mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Example also assumes that
your investment had a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the
three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class
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Share Status
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
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A
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Sold or Held
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$
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340
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547
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771
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1,414
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I
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Sold or Held
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$
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66
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210
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367
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822
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R6
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Sold or Held
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$
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64
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208
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365
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820
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W
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Sold or Held
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$
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66
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225
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398
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899
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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges
(loads) were included, your costs would be higher.
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 269% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes)
in investment-grade fixed-income securities. The Fund will provide shareholders with at least 60 days' prior notice of any
change in this investment policy. Investment-grade fixed-income securities, at the time of purchase, are rated at least Baa3
by Moody’s Investors Service, Inc. (“Moody's”), BBB- by S&P Global Ratings (“S&P”), BBB- by Fitch Ratings (“Fitch”), or have an equivalent rating by a Nationally Recognized Statistical Rating Organization (“NRSRO”), or, if unrated, are determined by the sub-adviser (the “Sub-Adviser”) to be of comparable quality. The Fund may concentrate its portfolio investments in any one industry or group of industries under certain circumstances. Generally, the Fund will not invest in a security if, after
the investment, more than 25% of its total assets would be invested in one or more issuers conducting their principal business
activities in the same industry. However, the Fund may invest between 25% and 35% of its total assets in the securities of
any one industry group or group of industries, if at the time of investment, that industry group or group of industries represents
20% or more of the Fund’s primary benchmark index, the Bloomberg U.S. Corporate Index (the “Index”). As of June 30, 2023, the banking industry represented 20% or more of the Index.
The securities that the Fund may invest in include, but are not limited to, the following:
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debt instruments issued by U.S. and foreign (non-U.S.) entities that are denominated in U.S. or foreign (non-U.S.) currencies,
including, but not limited to, collateralized debt obligations, collateralized loan obligations (“CLOs”), convertible bonds, collateralized mortgage obligations and U.S. and foreign (non-U.S.) mortgage-backed and asset-backed debt instruments;
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debt instruments that are denominated in U.S. or foreign (non-U.S.) currencies and issued or guaranteed by the U.S. government
and foreign (non-U.S.) governments and their agencies and instrumentalities;
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preferred stocks;
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money market instruments; and
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municipal bonds.
Generally, the Sub-Adviser maintains a dollar-weighted average duration between three and ten years for the Fund. Duration
is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt instrument to a change
in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received.
The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed
as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument
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Voya Investment Grade Credit Fund
prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if
market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to
rise approximately 5% if market interest rates dropped by 1%.
The Fund may also invest up to 10% of its assets in high-yield (high risk) debt instruments, commonly referred to as “junk bonds.” High-yield debt instruments are debt instruments that, at the time of purchase, are not investment-grade fixed-income securities as defined above. High-yield debt instruments, at the time of purchase, are rated at least B3 by Moody’s, B- by
S&P, B- by Fitch, or have an equivalent rating by a NRSRO, or, if unrated, are determined by the Sub-Adviser to be of comparable
quality.
The Fund may invest in real estate securities including real estate investment trusts (“REITs”).
The Fund may also engage in dollar roll transactions, repurchase agreements and reverse repurchase agreements, options, futures and forward contracts involving securities, securities indices, foreign currencies, interest rates, and swap agreements,
including credit default swaps. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate
or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund.
The Sub-Adviser believes that relationships between the drivers of debt instrument returns change over time and that recognizing
this is key to managing such assets. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance
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. This includes utilizing proprietary qualitative
analysis along with quantitative tools throughout the portfolio construction process.
In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to
determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects
of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social,
and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on
third-party evaluations of an issuer’s ESG standing. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation
of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer,
if at all, will depend on the analysis and judgment of the Sub-Adviser.
The Fund may also invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder (“1940 Act”).
The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into
opportunities believed to be more promising, among others.
The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets.
Principal Risks
You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. The principal risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely
to occur or have a greater adverse impact than another risk.
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events
that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties
in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor
of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might
be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time
to avoid any adverse effects of the insolvency or failure.
Collateralized Loan Obligations and Other Collateralized Obligations: A CLO is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate
corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CLOs may incur management fees and administration fees. The risks of investing in a CLO depend largely on the type of the collateral held
in the CLO portfolio and the tranche of securities in which the Fund, and can generally be summarized as a combination of
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Voya Investment Grade Credit Fund
economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of
payments, and include interest rate risk, credit risk, liquidity risk, prepayment and extension risk, and the risk of default
of the underlying asset, among others.
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent,
its stock could become worthless.
Concentration (Index): To the extent that the Fund’s index “concentrates,” as that term is defined in the 1940 Act, in the securities of a particular industry or group of industries, the Fund may allocate its investments to approximately the same
extent as the index. As a result, the Fund may be more sensitive to financial, economic, business, political, regulatory,
and other developments and conditions, including natural or other disasters, affecting issuers in a particular industry or group
of industries, and if securities of such industry or group of industries fall out of favor, the Fund could underperform, or be
more volatile than, a fund that is more broadly invested across industries.
•
Banking Industry: Investments in companies involved in the banking industry may be subject to credit risk, interest rate risk, and regulatory risk, among others. Banks and other financial institutions can be affected by such factors as downturns in
the U.S. and foreign (non-U.S.) economies and general economic cycles, fiscal and monetary policy, adverse developments in the real estate market, the deterioration or failure of other financial institutions, and changes in banking or securities
regulations.
Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest
rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock,
they are subject to market risk.
Covenant-Lite Loans: Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, CLOs or other types of structured securities may be considered “covenant-lite” loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does
not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the
borrower’s assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do
not include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions
may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a
default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically
still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions.
Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s
financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to,
covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or
exposure to, loans with additional or more conventional covenants.
Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating
agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural
support (if any) provided to the securities.
Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of
the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller
generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount
if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio
because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap.
Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity, and leveraging risks and the
risk that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject
to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however,
there is no assurance that it will achieve that result, and, in the meantime, central clearing and related requirements expose
the Fund to new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.
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Voya Investment Grade Credit Fund
Currency: To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will
decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative
to the currency being hedged by the Fund through foreign currency exchange transactions.
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to
changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives
may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may
have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives
may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change
in value of a derivative may not correlate as expected with the asset, reference rate, or index being hedged. When used as
an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return
as direct cash investment.
Environmental, Social, and Governance (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature.
The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third party data that might be
incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will
be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may
choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG
factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment
of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser,
which includes its consideration of ESG factors, will provide more favorable investment performance than another potential
investment, and such an investment may, in fact, underperform other potential investments.
Foreign (Non-U.S.) Investments: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets;
differing reporting, accounting, auditing, and financial reporting standards and practices; nationalization, expropriation,
or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign
debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of
new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country,
or region may adversely impact investments or issuers in another market, country, or region.
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds
or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.
Interest Rate: A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments
than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more
sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument
to a change in interest rate. As of the date of this Prospectus, the U.S. has been experiencing a rising market interest rate environment,
which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates
have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent
that the Fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased
portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased
redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase
volatility in the debt markets. Further, recent and potential future changes in government policy may affect interest rates.
Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing
interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and
related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory
actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity,
which may impact the Fund’s operations and return potential.
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Voya Investment Grade Credit Fund
Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interplay between such factors, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (or that utilize artificial intelligence) can perform differently from the market, based
on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’
historical trends. Mistakes in the construction and implementation of the investment models (including, for example, data
problems and/or software issues) may create errors or limitations that might go undetected or are discovered only after the
errors or limitations have negatively impacted performance.
Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities,
exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which
they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile
than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress.
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions,
governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally,
legislative, regulatory, or tax policies or developments may adversely impact the investment techniques available to a manager,
add to costs and impair the ability of the Fund to achieve its investment objectives.
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors.
If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization
companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in
mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial
resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies
may be more volatile and may decline significantly in market downturns.
Market Disruption and Geopolitical: The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other
countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events
that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on
U.S., and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher
default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental
disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action
by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby geographic
regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict
and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial
difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect
of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.)
economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties
or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as
well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect
individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment,
and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations of
the Fund and of the Fund’s service providers.
Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations
on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value
of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension
risk and interest rate risk than do other types of debt instruments.
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Voya Investment Grade Credit Fund
Municipal Obligations: The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in
municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay
principal on its debt.
Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition
to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those
to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value
and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask
spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants
may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value.
Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity
securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other
risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes
and special redemption rights.
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in
a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would
be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal
later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance,
as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund
may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation,
changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations
on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars,
or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that
a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management
skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees,
paid by each REIT in which it invests.
Repurchase Agreements: In the event that the other party to a repurchase agreement defaults on its obligations, the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, the value
of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter delay and incur costs
before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security, which
could result in a loss. In addition, if the Fund is characterized by a court as an unsecured creditor, it would be at risk
of losing some or all of the principal and interest involved in the transaction.
Securities Lending: Securities lending involves two primary risks: “investment risk” and “borrower default risk.” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund
will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that
the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in
leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile.
The use of leverage may increase expenses and increase the impact of the Fund’s other risks.
Sovereign Debt: Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or
repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations,
social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required
Summary Prospectus
7 of 10
Voya Investment Grade Credit Fund
by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time
in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt, such as bankruptcy
proceedings, that a government does not pay.
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate
risk, and may be subject to varying degrees of credit risk.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other government agency.
Performance Information
The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance
of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same
period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Performance for other share classes would differ to the extent they have differences in their fees and expenses. Not all share classes of the Fund have the same inception date. For periods prior to the inception date of a share class, performance information shown for such class may be based on the performance
of a different class that has a longer history of operation and, in some cases, that is no longer offered by the Fund. The
Class A, Class I, Class R6 and Class W performance shown for the period prior to their inception dates is the performance of Class
SMA shares adjusted to reflect certain fees and expenses paid by the class with a shorter history of continuous operations,
as such fees and expenses were, at the time of the adjustment, expected generally to be higher than the fees and expenses
of the class on which its performance information is based. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.
Calendar Year Total Returns Class A1
(as of December 31 of each year)
(as of December 31 of each year)
1
The performance information shown is for Class A shares of the Fund, which is a change from last period. The performance information
presented was changed because the share class shown in the bar chart in prior periods is no longer offered.
|
Best quarter:
|
2nd Quarter 2020
|
11.05%
|
|
Worst quarter:
|
2nd Quarter 2022
|
-8.19%
|
|
Year-to-date total return:
|
June 30, 2023
|
3.24%
|
Summary Prospectus
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Voya Investment Grade Credit Fund
Average Annual Total Returns %
(for the periods ended December 31, 2022)
(for the periods ended December 31, 2022)
|
|
|
1 Yr
|
5 Yrs
|
10 Yrs
|
Since
Inception
|
Inception
Date
|
|
Class A before taxes
|
%
|
-19.29
|
-0.17
|
1.98
|
N/A
|
08/03/16
|
|
After tax on distributions
|
%
|
-20.20
|
-1.80
|
0.46
|
N/A
|
|
|
After tax on distributions with sale
|
%
|
-11.41
|
-0.68
|
0.40
|
N/A
|
|
|
Bloomberg U.S. Corporate Index1
|
%
|
-15.76
|
0.45
|
1.96
|
N/A
|
|
|
Class I before taxes
|
%
|
-17.11
|
0.61
|
2.49
|
N/A
|
08/03/16
|
|
Bloomberg U.S. Corporate Index1
|
%
|
-15.76
|
0.45
|
1.96
|
N/A
|
|
|
Class R6 before taxes
|
%
|
-17.11
|
0.61
|
2.50
|
N/A
|
08/03/16
|
|
Bloomberg U.S. Corporate Index1
|
%
|
-15.76
|
0.45
|
1.96
|
N/A
|
|
|
Class W before taxes
|
%
|
-17.07
|
0.59
|
2.48
|
N/A
|
08/01/17
|
|
Bloomberg U.S. Corporate Index1
|
%
|
-15.76
|
0.45
|
1.96
|
N/A
|
|
1
The index returns do not reflect deductions for fees, expenses, or taxes.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement
period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.
Portfolio Management
|
Investment Adviser
|
|
Voya Investments, LLC
|
|
Sub-Adviser
|
|
Voya Investment Management Co. LLC
|
|
Portfolio Managers
|
|
|
Anil Katarya, CFA
Portfolio Manager (since 05/13)
|
Travis King, CFA
Portfolio Manager (since 05/13)
|
Purchase and Sale of Fund Shares
Shares of the Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of the Fund through a broker-dealer or other financial intermediary;
by visiting our website at www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.
Minimum Initial Investment $ by share class
|
Class
|
A
|
I
|
R6
|
W
|
|
|
Non-retirement accounts
|
$
|
1,000
|
250,000
|
1,000,000
|
1,000
|
|
Retirement accounts
|
$
|
250
|
250,000
|
None
|
1,000
|
|
Certain omnibus accounts
|
$
|
250
|
None
|
None
|
None
|
|
Pre-authorized investment plan
|
$
|
1,000
|
250,000
|
None
|
1,000
|
There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment
of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii)
employees of Voya Investment Management Co. LLC (“Voya IM”) who are eligible to participate in “notional” bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the
Voya funds’ Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such
brokerage platforms’ omnibus accounts.
Summary Prospectus
9 of 10
Voya Investment Grade Credit Fund
Tax Information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless
you are investing through a tax advantaged arrangement, such as a 401(k) plan or an IRA. If you are investing through a tax
advantaged arrangement, you may be taxed upon withdrawals from that arrangement.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related
companies may pay the intermediary for the sale of Fund shares and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over
another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Summary Prospectus
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Voya Investment Grade Credit Fund
Bloomberg Index Data Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or its licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this
material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as
to the results to be obtained.
Summary Prospectus
167965 (0723-073123)