Real Estate Q4 2014
Voya Real Estate Fund
Investment Objective
Voya Real Estate Fund Performance (%) as of 12/31/14
The Fund seeks total return consisting of long-term
capital appreciation and current income.
Class I Shares Average Annual Total Returns (Performance may vary for other share classes)
Portfolio Management Team
At Net Asset Value
MSCI US REIT Index
Voya Investments, LLC, Investment Adviser
CBRE Clarion Securities, LLC, Sub-Adviser
T. Ritson Ferguson, CFA, Portfolio Manager
Joseph P. Smith, CFA, Portfolio Manager
Class A
Class C
Class I
Class R
Class R6
Class W
YTD
29.77
30.38
1 Year
29.77
30.38
3 Years
15.27
16.31
5 Years 10 Years
16.53
8.86
17.05
8.31
Expense Ratio
Gross 0.91%
Net 0.91%
The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes
interest, taxes, brokerage, 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 October 1, 2015. The Fund is
operating under the contractual expense limits.
Fund Facts
NASDAQ
Symbol
CLARX
CRCRX
CRARX
CRWRX
VREQX
IREWX
QTR
13.98
14.34
Calendar Year Total Returns (%)
CUSIP #
92913K652
92913K629
92913K595
92913K785
92913K587
92913K694
Inception Date
12/20/2002
01/17/2003
12/31/1996
08/05/2011
07/03/2014
12/17/2007
Class I Shares as of December 31
50
25
0
-25
Summary
Total Net Assets ($ millions)
Number of Holdings
Distribution Payment Frequency
Morningstar Category
Fiscal Year End
$1,506.4
53
Quarterly
Real Estate
March 31
Portfolio Statistics
P/FFO
Weighted Average Market Cap (millions)
Standard Deviation
Sharpe Ratio
Alpha (3-yr)
Beta (3-yr)
R2 (3-yr)
18.30
$18,027
13.09
1.15
-0.65
0.98
99.41
Portfolio statistics are shown for Class I shares only.
†Source: Sub-Adviser
For definitions, see glossary of terms.
Not FDIC Insured | May Lose Value | No Bank Guarantee
I N V E S T M E N T M A N AG E M E N T
voyainvestments.com
-50
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Fund
12.61
36.34
-16.28
-34.89
30.00
27.83
9.76
15.61
2.09
29.77
Benchmark
12.13
35.92
-16.82
-37.97
28.61
28.48
8.69
17.77
2.47
30.38
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.
SEC fund returns assume the reinvestment of dividends and capital gain distributions and include a sales charge.
Net Asset Value fund returns assume the reinvestment of dividends and capital gain distributions. Total return for
less than one year is not annualized. Results would have been less favorable if the sales charge were included.
Real Estate Q4 2014
Voya Real Estate Fund
Growth of $10,000 Investment
Top Holdings* (%)
Class I Shares (without Sales Charge) | 10-Year Period Ending 12/31/14
30,000
Ending Value
$23,379
25,000
20,000
15,000
10,000
5,000
0
12/04
12/06
12/08
12/10
12/12
12/14
The performance quoted in the "Growth of $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.
CBRE Clarion Securities LLC (“CBRE Clarion”)
CBRE Clarion Securities is the listed equity management arm of CBRE Investors and focuses on worldwide real
estate equity securities management opportunities. Because of their access to the world’s largest real estate
platform which encompasses both direct and indirect property markets in Europe, Asia-Pacific and the
Americas, CBRE Clarion Securities provides a unique perspective on global real estate securities investing.
Investment Risks:
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing.
Risks of the REIT's are similar to those associated with direct ownership of Real Estate, such as changes in real estate
values and property taxes, interest rates, cash flow of underlying real estate assets, supply and demand, and the
management skill and credit worthiness of the issuer. Concentration of investments in one or more real estate
industries, may subject the Fund to greater volatility than a portfolio which is less concentrated. Other risks of the
Fund include but are not limited to: Initial Public Offerings Risks; Convertible Securities Risks; Manager Risks;
Market Trends Risks; Non-Diversification Risks; Other Investment Companies Risks; Price Volatility Risks; Rule
144A Securities Risks; Inability to Sell Securities Risks; and Securities Lending Risks. Investors should consult the
Fund's Prospectus and Statement of Additional Information for a more detailed discussion of the Fund's risks.
Glossary of Terms:
Alpha Measures the difference between a fund's actual return and its level of risk as measured by beta. An alpha of
0.5 implies the fund performed 0.5% better than the market would predict. The figure is calculated on a three-year
basis relative to the benchmark. Beta Measures the Fund's volatility relative to the overall market. A beta above 1 is
more volatile than the overall market, while a beta below 1 is less volatile. Price/FFO The REIT equivalent of a
security’s Price to Earnings ratio (P/E), is used to measure operating performance which encompasses a REIT’s net
income, excluding gains or losses from sales of property, and adding back real estate depreciation. R2 The way in
which a percentage of a portfolio's total returns represents the portfolio's beta measure. 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 fund's historical risk-adjusted performance. 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.
Weighted Average Market Cap The value of a corporation as determined by the market price of its issued and
outstanding common stock.
An investor should consider the investment objectives, risks, charges and expenses of the Fund(s)
carefully before investing. For a free copy of the Fund's prospectus, or summary prospectus, which
contains this and other information, visit us at www.voyainvestments.com or call (800) 992-0180.
Please read the prospectus carefully before investing.
©2015 Voya Investments Distributor, LLC, 230 Park Ave, New York, NY 10169
Individual Investors (800) 992-0180
FFS-REALESTATEI4
(0101-010115-ex043015)
RETIR E M E NT | INV ES TM EN TS | I N S U R A N C E
voyainvestments.com
Simon Property Group Inc.
Equity Residential
Host Hotels & Resorts Inc.
Health Care REIT Inc.
ProLogis Inc.
Vornado Realty Trust
AvalonBay Communities Inc.
General Growth Properties Inc.
Public Storage Inc.
Boston Properties Inc.
7.78
5.22
4.68
4.58
4.53
3.74
3.72
3.40
3.05
2.88
Excludes investments made with cash collateral received
for securities on loan.
Property Sector Breakdown* (%)
Residential
Office Buildings
Retail: Enclosed Malls
Healthcare Facilities
Industrial Properties
Residential: Hotels
Retail: Community Shopping
Centers
Net Leased Properties
Self Storage Property
Technology Real Estate
Fund Benchmark
18.24
16.38
16.17
13.41
15.07
14.41
12.23
15.45
8.92
6.70
8.53
8.04
7.99
8.93
6.15
4.67
0.60
8.88
5.83
1.97
Portfolio Composition* (%)
Stocks
Short Terms
99.06
0.94
*Portfolio holdings, sector weightings, and compositions
are subject to change daily. Source: CBRE Clarion
Securities.