Investment Management

Voya Real Estate Fund - Class A

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.

CBRE Clarion Securities, LLC

Investment Sub-Adviser

CBRE Clarion Securities LLC (“CBRE Clarion” or “Sub-Adviser”), whose predecessor firm was founded in 1969, is a Delaware limited liability company and is registered with the SEC as an investment adviser. CBRE Clarion is a unit of CBRE Global Investors, the independently-operated real estate investment management business of CBRE Group, Inc., (“CBRE”) a Fortune 500 and S&P 500® company headquartered in Los Angeles, CA. CBRE Clarion is in the business of providing investment advice to institutional client accounts and is an indirect majority owned subsidiary of CBRE. The principal address of CBRE Clarion is 201 King of Prussia Road, Suite 600, Radnor, PA 19087. As of December 31, 2015, CBRE Clarion had approximately $20.8 billion in assets under management.

T. Ritson Ferguson, CFA

Portfolio Manager

Managed Fund since 1996

T. Ritson Ferguson, CFA

Mr. Ferguson is CEO of CBRE Global Investors and CEO of its equity securities management subsidiary, CBRE Clarion Securities. He is also the firm’s global chief investment officer. He is a senior portfolio manager and a member of the CBRE Clarion Global Investment Policy Committee. Mr. Ferguson was one of the founding principals who formed the predecessor entity to CBRE Clarion Securities. Earlier in his real estate career, he worked at K.S. Sweet Associates and Trammell Crow Company. He was also a consultant at Bain & Company and a captain in the U.S. Air Force. Mr. Ferguson has over 30 years of industry investment experience.

Joseph P. Smith, CFA

Portfolio Manager

Managed Fund since 2005

Joseph P. Smith, CFA

Mr. Smith is president and co-chief investment officer of CBRE Clarion Securities, as well as chair of the firm’s Management Committee and a member of the Global Investment Committee. Mr. Smith is co-leader of the U.S. real estate securities team. Mr. Smith joined CBRE Clarion Securities’ predecessor firm in 1997. Prior to that, Mr. Smith worked in various management and analyst positions in the real estate industry including positions at Alex Brown & Sons, PaineWebber and Radnor Advisors. Mr. Smith has over 25 years of real estate investment management experience.