Investment Management

Voya Real Estate Fund - Class A

Class T shares of the Fund are not currently offered.

Growth of a $10,000 Investment

For the period 05/31/2007 through 05/31/2017

Ending Value: $15,506.00

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.

Yields as of 05/31/2017

SEC 30-Day Yield Class A (Unsubsidized) 2.37
SEC 30-Day Yield Class A (Subsidized) 2.37
Distribution Yield @ NAV 2.72
Distribution Yield @ MOP 2.57

View Prospectus

SEC 30-Day Unsubsidized Yield (%) – 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. SEC 30-Day Subsidized Yield (%) – 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). Distribution Yield (Daily or Monthly Distributing Funds) - Calculated using the income dividends paid by the Fund over the past month, annualized, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous month, at the end of the period. Distribution Yield (Quarterly or Annual Distributing Funds) - Calculated using the income dividends paid by the Fund over the past 12 months, and divided by the net asset value per share, adjusted for any capital gain distributions made in the previous 12 months, at the end of the period. Distribution Yield @ NAV - Current annualized distribution rate based upon NAV is the latest dividend shown as an annualized percentage of net asset value. 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.

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.

Average Annual Total Returns %

  As of May 31, 2017 As of Mar 31, 2017 Expense Ratios
  YTD 1 YR 3 YR 5 YR 10 YR Gross Net 1, 2
Net Asset Value -0.31 -0.36 +5.98 +8.43 +4.49 1.29% 1.29%
With Sales Charge -6.06 -6.07 +3.91 +7.16 +3.87
MSCI U.S. REIT Index GR USD +0.52 +2.76 +7.85 +10.12 +4.68
Net Asset Value +0.50 -0.65 +8.24 +8.15 +4.56 1.29% 1.29%
With Sales Charge -5.29 -6.35 +6.12 +6.88 +3.94
MSCI U.S. REIT Index GR USD +0.99 +3.17 +10.05 +9.82 +4.71

Inception Date - Class A: 12/20/02

Current Maximum Sales Charge: 5.75%

1The 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.

2The expense limits will continue through at least October 1, 2017. The Fund is operating under the contractual expense limits.

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.

Benchmark Disclosures

MSCI U.S. REIT Index GR USD

The MSCI US REIT Index is a free float-adjusted market capitalizaiton weighted index that is comprised of equity REITS that are included in the MSCI US Investable Market 2500 Index (with the exception of specialty equity REITS) that do not generate a majority of their revenue and income from real estate rental and leasing obligations). The index represents approximately 85% of the US REIT universe. The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

Principal 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.

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