Edgar Filing: Voya Natural Resources Equity Income Fund

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21938

Voya Natural Resources Equity Income

Fund (Formerly ING Risk Managed Natural

Resources Fund)

(Exact name of registrant as specified in charter)

7337 E. Doubletree Ranch Rd., Scottsdale, AZ	85258
(Address of principal executive offices)	(Zip code)

Huey P. Falgout, Jr., 7337 E. Doubletree Ranch Rd. Scottsdale, AZ 85258

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-992-0180

Date of fiscal year end:	February 28

Date of reporting period:	August 31, 2014

Item 1.

Reports to Stockholders.

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1):

Semi-Annual Report

August 31, 2014

Voya Natural Resources Equity Income Fund
(formerly, ING Risk Managed Natural Resources Fund)

E-Delivery Sign-up —details inside

This report is submitted for general information to shareholders of the Voya mutual funds. It is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus which includes details regarding the fund’s investment objectives, risks, charges, expenses and other information. This information should be read carefully.

INVESTMENT MANAGEMENT
voyainvestments.com

Voya^TM Investment Management was formerly ING U.S. Investment Management

TABLE OF CONTENTS

President’s Letter					1
Market Perspective					2
Portfolio Managers’ Report					4
Statement of Assets and Liabilities					6
Statement of Operations					7
Statements of Changes in Net Assets					8
Financial Highlights					9
Notes to Financial Statements					10
Summary Portfolio of Investments					19
Shareholder Meeting Information					22
Additional Information					23

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PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio securities is available: (1) without charge, upon request, by calling Shareholder Services toll-free at (800) 992-0180; (2) on the Fund’s website at www.voyainvestments.com; and (3) on the U.S. Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies related to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Fund’s website at www.voyainvestments.com and on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This report contains a summary portfolio of investments for the Fund. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s Forms N-Q, as well as a complete portfolio of investments, are available without charge upon request from the Fund by calling Shareholder Services toll-free at (800) 992-0180.

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PRESIDENT’S LETTER

Dear Shareholder,

Voya Natural Resources Equity Income Fund (the “Fund”) is a non-diversified, closed-end management investment company whose shares are traded on the New York Stock Exchange under the symbol “IRR.” The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation.

The Fund will seek to achieve its investment objective by investing in a portfolio of equity securities of companies in the energy and natural resources industries and by employing a call writing (selling) strategy. The Fund’s call writing strategy seeks to help the Fund achieve its investment objective by seeking to secure capital gains and generate premiums over a market cycle from writing call options.

For the period ended August 31, 2014, the Fund made quarterly distributions totaling $0.50 per share, all characterized as net investment income.

Based on net asset value (“NAV”), the Fund provided a total return of 10.40% for the period ended August 31, 2014.⁽¹⁾⁽²⁾ This NAV return reflects an increase in the Fund’s NAV from $11.59 on February 28, 2014 to $12.23 on August 31, 2014. Based on its share price as of August 31, 2014, the Fund provided a total return of 14.52% for the period ended August 31, 2014.⁽²⁾⁽³⁾ This share price return reflects an increase in the Fund’s share price from $10.15 on February 28, 2014 to $11.11 on August 31, 2014.

The global equity markets have witnessed a challenging and turbulent period. Please read the Market Perspective and Portfolio Managers’ Report for more information on the market and the Fund’s performance.

At Voya our mission is to help you grow and protect your wealth, by offering you and your financial advisor a range of global investment solutions. We invite you to visit our website at www.voyainvestments.com. Here you will find current information on our investment products and services, including our open- and closed-end funds and our retirement portfolios. You will see that Voya offers a broad range of equity, fixed income and multi-asset strategies that aim to fulfill a variety of investor needs.

On May 1, 2014, ING U.S. Investment Management changed its name to Voya Investment Management. Our new name reminds us that a secure financial future is about more than just reaching a destination — it’s about positive experiences along the way. It’s also about continuity: there will be no changes in terms of investment processes or the services we provide to you, our clients. As part of the transition to our new name, we are building upon our commitment to be a reliable partner committed to reliable investing.

Thank you for trusting Voya with your investment assets. We look forward to serving you in the months and years ahead.

Sincerely,

Shaun Mathews
Executive Vice President
Voya Family of Funds
October 1, 2014

The views expressed in the President’s Letter reflect those of the President as of the date of the letter. Any such views are subject to change at any time based upon market or other conditions and the Voya mutual funds disclaim any responsibility to update such views. These views may not be relied on as investment advice and because investment decisions for a Voya mutual fund are based on numerous factors, may not be relied on as an indication of investment intent on behalf of any Voya mutual fund. Reference to specific company securities should not be construed as recommendations or investment advice. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

For more complete information, or to obtain a prospectus for any Voya mutual fund, please call your Investment Professional or the Fund’s Shareholder Service Department at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the fund. Check with your Investment Professional to determine which funds are available for sale within their firm. Not all funds are available for sale at all firms.

⁽¹⁾

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each period and assumes reinvestment of dividends, capital gain distributions, and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan.

⁽²⁾

Total returns shown include, if applicable, the effect of fee waivers and/or expense reimbursements by the investment adviser. Had all fees and expenses been considered, the total returns would have been lower.

⁽³⁾

Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions, and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan.

MARKET PERSPECTIVE: SIX MONTHS ENDED AUGUST 31, 2014

Global equities, in the form of the MSCI World Index^SM (the “Index”) measured in local currencies, including net reinvested dividends had ended 2013 at a record high, with investor sentiment having reconciled itself to the tapering of the U.S. Federal Reserve Board’s (“Fed’s”) $85 billion of monthly Treasury and mortgage-backed securities purchases.

There was still plenty to worry about however, and by February 3, 2014, the Index slumped almost exactly 5%. A cold and snowy winter was depressing hiring and other key statistics like durable goods orders and home sales. Yet it took only 18 days to erase the loss, despite new political turmoil that flared in Eastern Europe as Russia annexed Crimea. By the start of our fiscal year the Index was up 0.83% in 2014 and in the next six months added a further 6.53%. (The Index returned 5.61% for the six-months ended August 31, 2014, measured in U.S. dollars.)

With the improvement in the season came a pick-up in the data. Employment reports started to look much better and the August bulletin reported the sixth consecutive month in which more than 200,000 jobs had been created. Purchasing managers’ activity indices were on the rise. New and existing home sales remained strong, at least on a year over year basis. While the pace of home price increases was moderating, the S&P/Case-Shiller 20-City Composite Home Price Index still managed an 8.1% rise in the 12 months through June. In August, one measure of consumer confidence reached the highest since October 2007. Meanwhile the Fed continued to taper and August ended with the pace of bond purchases down to $25 billion per month.

First quarter growth in gross domestic product (“GDP”) was originally reported as a tiny gain, only to be revised to a small loss. Yet on June 25, when it was again revised down, this time sharply to –2.9%, the worst since the first quarter of 2009, markets seemed to shrug it off as the encapsulation of a weather-driven anomaly, now fading into memory. As if to underline the improved conditions, second quarter GDP was reported to have grown at 4.2% annualized, while the first quarter’s growth was finally revised to a milder –2.1%.

As the half-way point in the fiscal year approached however, the nagging concern about the underlying strength of the recovery was wages. Fed Chairwoman Janet Yellen at that time observed that labor markets still have further to heal before their economies can weather increases in interest rates. In the U.S. context, she meant that an upsurge in job creation and a fall in the unemployment rate to 6.2% had not been accompanied by an acceleration in wage growth. Average hourly wage growth is languishing at about 2.0% per annum, not much more than half of the 3–4% which Ms. Yellen said she would expect in this situation. Since wage earners tend to spend a relatively large proportion of their incomes, lagging wages dampen personal spending over all. Personal spending in the U.S. actually fell slightly in July compared to June.

In U.S. fixed income markets, the Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) of investment grade bonds added 2.74% in the first half of the fiscal year. The Barclays Long Term U.S. Treasury sub-index, having dropped 12.66% in 2013, more than recovered this in the calendar year through August and soared 10.27% in the last six months. The over-all Barclays U.S. Treasury Bond sub-index only returned 1.96%: evidence of a flattening Treasury yield curve. The Barclays U.S. Corporate Investment Grade Bond sub-index gained 4.15% and interestingly outperformed the Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate), which returned 2.89%.

U.S. equities, represented by the S&P 500® Index including dividends, advanced 8.84% in the first half of the fiscal year, closing at an all-time high, having breached the 2000 level for the first time on August 25. Energy was the best performing sector with a gain of 13.43%, followed by technology, 12.66%. The worst were consumer discretionary, which managed only 3.77% and industrials, 4.76%. Record operating earnings per share for S&P 500® companies in the second quarter of 2014 were supported by low interest rates, slow wage growth and a high level of share buy-backs.

In currencies, the dollar gained against other major currencies over the six months. The dollar added 5.1% against the euro, as European Central Bank President Draghi’s embrace of quantitative easing for the euro zone became tighter in the face of progressively weak economic data. The dollar edged up 0.89% on the pound, which slipped from a multi-year high as the chances of an early interest rate increase receded. The dollar rose 2.25% against the yen, after Japan’s disappointing decline in second quarter GDP growth, among other weaker-than-expected reports.

In international markets, The MSCI Japan® Index bounced 5.44% for the fiscal half year, boosted by the Government Pension Investment Fund’s anticipated shift into Japanese equities, and despite the perception that the government’s fiscal and monetary stimulus was fading. The MSCI Europe ex UK® Index gained just 2.19%. Growth in the euro zone stalled in the second quarter, with unemployment still stubbornly high at 11.5% and annual inflation dangerously faint at 0.3%. Markets were supported however, by the possibility that this might lead to U.S./UK/Japan-style quantitative easing. The MSCI UK® Index did not do much better, rising 2.69%. Returns were held back by heavily weighted laggards among retailers, banks, miners and telecoms. GDP in the second quarter of 2014 grew by 3.2% from a year earlier, while unemployment continued to fall, but concerns persisted about a housing price bubble and overstretched consumers.

Past performance does not guarantee future results. The performance quoted represents past performance. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The Fund’s performance is subject to change since the period’s end and may be lower or higher than the performance data shown. Please call (800) 992-0180 or log on to www.voyainvestments.com to obtain performance data current to the most recent month end.

Market Perspective reflects the views of Voya Investment Management’s Chief Investment Risk Officer only through the end of the period, and is subject to change based on market and other conditions.

BENCHMARK DESCRIPTIONS

Index				Description
Barclays High Yield Bond — 2% Issuer Constrained Composite Index				An unmanaged index that includes all fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity.
Barclays Long Term U.S. Treasury Index				The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value.
Barclays U.S. Aggregate Bond Index				An unmanaged index of publicly issued investment grade U.S. Government, mortgage-backed, asset-backed and corporate debt securities.
Barclays U.S. Corporate Investment Grade Bond Index				An unmanaged index consisting of publicly issued, fixed rate, nonconvertible, investment grade debt securities.
Barclays U.S. Treasury Bond Index				A market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.
MSCI Europe ex UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe, excluding the UK.
MSCI Japan® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.
MSCI UK® Index				A free float-adjusted market capitalization index that is designed to measure developed market equity performance in the UK.
MSCI World Index^SM				An unmanaged index that measures the performance of over 1,400 securities listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand and the Far East.
S&P 500® Index				An unmanaged index that measures the performance of securities of approximately 500 large-capitalization companies whose securities are traded on major U.S. stock markets.
S&P/Case-Shiller 20-City Composite Home Price Index				A composite index of the home price index for the top 20 Metropolitan Statistical Areas in the United States. The index is published monthly by Standard & Poor’s.
S&P North American Natural Resources Sector Index				An unmanaged index and a market-capitalization-weighted index of 112 stocks designed to measure the performance of companies in the natural resources sector, which includes energy, precious metals, timber and other sub-sectors.

VOYA NATURAL RESOURCES EQUITY INCOME FUND

PORTFOLIO MANAGERS’ REPORT

	Industry Diversification as of August 31, 2014 (as a percentage of net assets)
	Integrated Oil & Gas	26.0	%
	Oil & Gas Exploration & Production	19.5	%
	Energy	10.4	%
	Energy Equipment & Services	10.0	%
	Oil & Gas Equipment & Services	6.5	%
	Oil & Gas Refining & Marketing	5.1	%
	Materials	4.6	%
	Metals & Mining	2.9	%
	Oil & Gas Drilling	2.2	%
	Oil & Gas Storage & Transportation	2.0	%
	Diversified Metals & Mining	1.7	%
	Paper Products	1.6	%
	Gold	1.6	%
	Oil & Gas	1.6	%
	Paper Packaging	1.4	%
	Coal & Consumable Fuels	0.9	%
	Pipelines	0.8	%
	Oil & Gas Services	0.7	%
	Mining	0.3	%
	Assets in Excess of Other Liabilities*	0.2	%
	Net Assets	100.0	%
	* Includes short-term investments.
*Portfolio holdings are subject to change daily.*

Voya Natural Resources Equity Income Fund⁽¹⁾ (the “Fund”) seeks total return through a combination of current income, capital gains and capital appreciation.

Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in the equity securities of, or derivatives linked to the equity securities of, companies that are primarily engaged in owning or developing energy, other natural resources and basic materials, or supplying goods and services to such companies (“Natural Resources Companies”). Equity securities held by the Fund could include common stocks, preferred shares, convertible securities, warrants and depository receipts. The Fund may also invest in exchange-traded funds (“ETFs”) comprised primarily of Natural Resources Companies. Additionally, the Fund employs an integrated options strategy which seeks to secure gains and generate premiums over a market cycle by writing (selling) call options.

Portfolio Management:⁽²⁾ The Fund is managed by Jody I. Hrazanek, Vincent Costa, Peg DiOrio and Frank van Etten, Portfolio Managers, Voya Investment Management Co. LLC — the Sub-Adviser.

Equity Portfolio Construction: The Sub-Adviser will normally seek to invest in Natural Resources Companies stocks included in, but not limited to, the S&P North America Natural Resources Index.⁽³⁾

When selecting equity investments, the Sub-Adviser uses a combination of proprietary stock selection screens and fundamental input from sector analysts. The Sub-Adviser’s proprietary stock selection models evaluate stocks in the Energy and Materials sectors using certain criteria, such as cash flows, earnings and price-to-book ratios of each company. The objective is to select companies with long-term, sustainable growth characteristics at acceptable valuation levels.

As part of the investment process, the Sub-Adviser seeks fundamental inputs from sector analysts covering the Energy and Materials sectors to identify stocks that are considered undervalued relative to the value of the energy and natural resources assets they hold or their business fundamentals and outlook. The best investment candidates are those that feature superior capital allocation, strong competitive position and operations in industries with robust demand.

Under normal market conditions, the Fund generally holds approximately 40-80 equity securities in its portfolio.

Options Strategy:⁽⁴⁾ Under normal market conditions, the Fund will seek to secure gains and generate premiums over a market cycle by writing (selling) call options. The Fund writes call options on selected ETFs, and/or natural resources indices of equity securities, including, but not limited to the Energy Select Sector Index and the Materials Select Sector Index, and/or the Energy Select Sector SPDR Fund and the Materials Select Sector SPDR Fund.

Top Ten Holdings as of August 31, 2014 (as a percentage of net assets)
ExxonMobil Corp.	8.1	%
Schlumberger Ltd.	7.5	%
Chevron Corp.	6.8	%
ConocoPhillips	5.8	%
Occidental Petroleum Corp.	4.9	%
EOG Resources, Inc.	3.9	%
Anadarko Petroleum Corp.	3.8	%
Halliburton Co.	3.7	%
Freeport-McMoRan, Inc.	2.9	%
Valero Energy Corp.	2.6	%
*Portfolio holdings are subject to change daily.*

The underlying value against which such calls will be written may vary depending on the cash flow requirements of the portfolio and generally represent 30% to 80% of the total value of the Fund’s portfolio.

The Fund expects to write (sell) call options primarily with shorter maturities (typically ten days to three months until expiration) generally, “at-the-money,” “out-of-the-money” or “near to-the-money,” in exchange-listed option markets or over-the-counter markets with major international banks, broker-dealers and financial institutions.

Performance: Based on net asset value (“NAV”) as of August 31, 2014, the Fund provided a total return of 10.40% for the period.⁽⁵⁾ This NAV return reflects a increase in the Fund’s NAV from $11.59 on February 28, 2014 to $12.23 on August 31, 2014. Based on its share price as of August 31, 2014, the Fund provided a total return of 14.52% for the period.⁽⁵⁾ This share price return reflects a increase in the Fund’s share price from $10.15 on February 28, 2014 to $11.11 on August 31, 2014. The reference index, S&P North American Natural Resources Sector Index returned 13.86% for the reporting period. The portfolio is designed to generally participate in only a part of an upside of the market and help protect against part of the downside. During the period, the Fund made quarterly total distributions totaling $0.50 per share, all characterized as net investment income. As of August 31, 2014, the Fund had 22,766,048 shares outstanding.

Portfolio Specifics: Fund Restructuring: The Fund began the reporting period using its historical portfolio structure and management approach, as described in previous shareholder reports. Beginning on April 1, 2014, however, the Fund changed its structure and

PORTFOLIO MANAGERS’ REPORT

VOYA NATURAL RESOURCES EQUITY INCOME FUND

approach: the equity portfolio changed from 70% indexed, 30% actively managed to 100% actively managed; and the options portfolio changed from a collar strategy to a covered call strategy. The Fund also changed its name to reflect its new management approach from Risk Managed Natural Resources to Natural Resources Equity Income. The structural changes notwithstanding, the management teams remained the same for both the equity and option portfolios.

Equity Portfolio: Fund performance for the full reporting period was the result of two distinct sub-periods the one-month period prior to the Fund’s restructuring and the five-month period following the restructuring. For the one-month period from March 1 through March 31 the Fund modestly outperformed its then-reference index, a weighted combination of 80% of the S&P 500 Energy Index and 20% of the S&P 500 Materials Index. The positive excess return was attributed to security selection, particularly in the energy sector. As of April 1, the Fund transitioned to its new structure and approach. For the five-month period from April 1 to August 31, the Fund underperformed its new reference index, the S&P North American Natural Resources Sector Index. The negative excess return was attributed largely to unfavorable security selection, particularly within the materials sector. Our allocation to cash also detracted from results. Among the largest detractors were overweight positions in Rock-Tenn Company and Range Resources Corp., and lack of exposure to Cheniere Energy, Inc. Among the top contributors to performance were an overweight position in Anadarko Petroleum Corp., an underweight of Southwestern Energy Company and not owning Core Laboratories NV.

Options Portfolio: For the five-month period, the Fund’s covered call strategy had a negative impact on relative returns. The Fund implemented this strategy by typically writing call options on the Energy Select Sector SPDR® Fund, Materials Sector SPDR® Fund and Market Vectors Gold Miners Fund ETFs, which covered approximately 50% of the market value of securities. These options were generally written 2% out of the money and had expirations of around one month at inception. The Fund’s covered call strategy seeks to generate premiums and retain some potential for upside appreciation. This strategy detracted from relative returns as many natural resource sectors experienced positive performance over the period — as a result, the short call options generally expired in the money.

Outlook and Current Strategy: Global oil prices have declined from earlier heights due to a confluence of adverse trends. North American and European refinery seasonal maintenance has coincided with spurts of production from the Middle East, most notably a short-term gain in Libyan output, as well as North and West Africa. Additional near-term weakness in the Far East also developed in recent months. Against this backdrop, U.S. oil production continues to increase from drilling in Colorado, Texas and North Dakota. Domestic natural gas prices also have declined; a mild summer and burgeoning supply from the Appalachian region, as well as natural gas as a by-product of oil drilling, have replenished inventories more rapidly than many analysts forecasted. Globally, natural gas prices have recovered modestly after experiencing weakness from tepid seasonal demand. At this juncture the cash and futures markets have displayed little pricing strength due to concerns over Russian supplies into Europe. With respect to metals and materials, we expect to see, in our opinion, stabilizing iron ore prices after a seasonal de-stocking period. We believe copper markets should begin to tighten as ore grades deteriorate and mine costs increase.

⁽¹⁾

Effective May 1, 2014, the Fund was renamed “Voya Natural Resources Equity Income Fund.” Additionally, the Sub-Adviser was renamed “Voya Investment Management Co. LLC.”

⁽²⁾

Effective April 1, 2014 Paul Zemsky, Joseph Bassett, John Bailey were removed as portfolio managers of the Fund and Vincent Costa and Peg DiOrio were added as portfolio managers.

⁽³⁾

Effective April 1, 2014, the reference benchmark was changed to S&P North American Natural Resources Sector Index.

⁽⁴⁾

Effective on March 21, 2014, the Fund no longer employed an options “collar” strategy. Effective on April 1, 2014, the Fund’s option strategy consisted of selling (writing) call options to secure gains and generate premiums over a market cycle, generally on 30-80% of the total value of the Fund’s portfolio.

⁽⁵⁾

Portfolio holdings and characteristics are subject to change and may not be representative of current holdings and characteristics. The outlook for this Fund is based only on the outlook of its portfolio managers through the end of this period, and may differ from that presented for other Voya mutual funds. Performance data represents past performance and is no guarantee of future results. Past performance is not indicative of future results. The indices do not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index.

STATEMENT OF ASSETS AND LIABILITIES AS OF AUGUST 31, 2014 (UNAUDITED)

ASSETS:
Investments in securities at fair value*	$	277,943,045
Short-term investments at fair value**		1,430,000
Total investments at fair value	$	279,373,045
Foreign currencies at value***		25,131
Receivables:
Dividends		828,178
Foreign tax reclaims		16,338
Prepaid expenses		642
Other assets		6,131
Total assets		280,249,465
LIABILITIES:
Payable for investment management fees		232,354
Payable for administrative fees		23,235
Payable to custodian due to bank overdraft		17,245
Payable to trustees under the deferred compensation plan (Note 6)		6,131
Payable for trustee fees		2,551
Other accrued expenses and liabilities		127,819
Written options, at fair valueˆ		1,437,395
Total liabilities		1,846,730
NET ASSETS	$	278,402,735
NET ASSETS WERE COMPRISED OF:
Paid-in capital	$	263,402,702
Distributions in excess of net investment income		(9,297	)
Accumulated net realized loss		(34,568,424	)
Net unrealized appreciation		49,577,754
NET ASSETS	$	278,402,735

_____________ * Cost of investments in securities	$	227,895,707
** Cost of short-term investments	$	1,430,000
*** Cost of foreign currencies	$	25,406
ˆ Premiums received on written options	$	968,091

Net assets	$	278,402,735
Shares authorized		unlimited
Par value	$	0.010
Shares outstanding		22,766,048
Net asset value	$	12.23

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED AUGUST 31, 2014 (UNAUDITED)


INVESTMENT INCOME:
Dividends, net of foreign taxes withheld*	$	2,986,775
Total investment income		2,986,775

EXPENSES:
Investment management fees		1,383,275
Transfer agent fees		16,730
Administrative service fees		138,326
Shareholder reporting expense		25,505
Professional fees		24,064
Custody and accounting expense		42,322
Trustee fees		4,054
Miscellaneous expense		12,621
Interest expense		313
Total expenses		1,647,210
Net investment income		1,339,565

REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		28,939,896
Foreign currency related transactions		23,537
Written options		(5,604,759	)
Net realized gain		23,358,674
Net change in unrealized appreciation (depreciation) on:
Investments		2,297,697
Foreign currency related transactions		(18,217	)
Written options		(982,505	)
Net change in unrealized appreciation (depreciation)		1,296,975
Net realized and unrealized gain		24,655,649
Increase in net assets resulting from operations	$	25,995,214

_____________ * Foreign taxes withheld	$	73,165

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

	Six Months Ended August 31, 2014			Year Ended February 28, 2014
FROM OPERATIONS:
Net investment income	$	1,339,565		$	2,240,304
Net realized gain		23,358,674			5,585,240
Net change in unrealized appreciation		1,296,975			14,231,826
Increase in net assets resulting from operations		25,995,214			22,057,370

FROM DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income		(11,474,088	)		(2,358,735	)
Return of capital		—			(21,864,340	)
Total distributions		(11,474,088	)		(24,223,075	)
Net increase (decrease) in net assets		14,521,126			(2,165,705	)

NET ASSETS:
Beginning of year or period		263,881,609			266,047,314
End of year or period	$	278,402,735		$	263,881,609
Undistributed (distributions in excess of) net investment income at end of year or period	$	(9,297	)	$	461,963

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS (UNAUDITED)

Selected data for a share of beneficial interest outstanding throughout each year or period.

	Per Share Operating Performance																																Ratios and Supplemental Data
				Income (loss) from investment operations									Less distributions																		Ratios to average net assets

	Net asset value, beginning of year or period			Net investment income gain (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From return of capital		Total distributions		Net asset value, end of year or period		Market value, end of year or period		Total investment return at net asset value ⁽¹⁾			Total investment return at market value ⁽²⁾			Net assets, end of year or period (000’s)		Gross expenses prior to expense waiver ⁽³⁾		Net expenses after expense waiver ⁽³⁾⁽⁴⁾			Net investment income after expense waiver ⁽³⁾⁽⁴⁾			Portfolio turnover rate
Year or period ended	($)			($)			($)			($)			($)		($)		($)		($)		($)		($)		(%)			(%)			($000’s)		(%)		(%)			(%)			(%)
08-31-14		11.59			0.06	^•		1.08			1.14			0.50		—		—		0.50		12.23		11.11		10.40			14.52			278,403		1.19		1.19			0.97			104
02-28-14		11.69			0.10			0.86			0.96			0.10		—		0.96		1.06		11.59		10.15		9.90			4.57			263,882		1.20		1.20			0.86			19
02-28-13		13.12			0.10	^•		(0.31	)		(0.21	)		0.09		—		1.13		1.22		11.69		10.76		(0.97	)		(4.32	)		266,047		1.18		1.18			0.83			30
02-29-12		15.34			0.06			(0.86	)		(0.80	)		1.01		—		0.41		1.42		13.12		12.50		(5.00	)		(14.51	)		298,725		1.22		1.22			0.44			28
02-28-11		15.86			0.12			0.83			0.95			0.12		—		1.35		1.47		15.34		16.24		6.59			7.36			347,952		1.20		1.20	^†		0.80	^†		30
02-28-10		15.18			0.13	^•		2.20			2.33			0.15		0.86		0.64		1.65		15.86		16.67		15.85			46.00			357,347		1.20		1.20	^†		0.80	^†		28
02-28-09		18.92			0.10	^•		(2.14	)		(2.04	)		0.13		1.57		—		1.70		15.18		12.66		(9.88	)		(17.28	)		341,856		1.18		1.18	^†		0.59	^†		85
02-29-08		19.18			0.17			1.27			1.44			0.12		—		1.58		1.70		18.92		17.19		8.20			0.51			429,235		1.17		1.17			0.86			57
10-24-06⁽⁵⁾–02-28-07		19.06	⁽⁶⁾		0.06	^•		0.20			0.26			0.04		—		0.10		0.14		19.18		18.76		1.38			(5.50	)		433,595		1.23		1.18			0.88			21

⁽¹⁾

Total investment return at net asset value has been calculated assuming a purchase at net asset value at the beginning of each period and a sale at net asset value at the end of each 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. Total investment return at net asset value is not annualized for periods less than one year.

⁽²⁾

Total investment return at market value measures the change in the market value of your investment assuming reinvestment of dividends, capital gain distributions and return of capital distributions/allocations, if any, in accordance with the provisions of the Fund’s dividend reinvestment plan. Total investment return at market value is not annualized for periods less than one year.

⁽³⁾

Annualized for periods less than one year.

⁽⁴⁾

The Investment Adviser has entered into a written expense limitation agreement with the Fund under which it will limit the expenses of the Fund (excluding interest, taxes, leverage expenses and extraordinary expenses) subject to possible recoupment by the Investment Adviser within three years of being incurred.

⁽⁵⁾

Commencement of operations.

⁽⁶⁾

Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share and offering costs of $0.04 per share paid by the shareholder from the $20.00 offering price.

^•

Calculated using average number of shares outstanding throughout the period.

^†

Impact of waiving the advisory fee for the ING Institutional Prime Money Market Fund holding has less than 0.005% impact on the expense ratio and net investment income or loss ratio.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED)

NOTE 1 — ORGANIZATION

Voya Natural Resources Equity Income Fund (the “Fund”) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Delaware statutory trust.

Voya Investments, LLC (formerly, ING Investments, LLC) (“Voya Investments” or the “Investment Adviser”), an Arizona limited liability company, serves as the Investment Adviser to the Fund. The Investment Adviser has engaged Voya Investment Management Co. LLC (formerly, ING Investment Management Co. LLC) (“Voya IM” or the “Sub-Adviser”), a Delaware limited liability company, to serve as the Sub-Adviser to the Fund. Voya Funds Services, LLC (formerly, ING Funds Services, LLC) (“VFS” or the “Administrator”), a Delaware limited liability company, serves as the Administrator to the Fund.

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements, and such policies are in conformity with U.S. generally accepted accounting principles (“GAAP”) for investment companies.

A. Security Valuation. U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Investments in equity securities traded on a national securities exchange are valued at the official closing price when available or, for certain markets, the last reported sale price on each valuation day. Securities traded on an exchange for which there has been no sale and equity securities traded in the over-the-counter-market are valued at the mean between the last reported bid and ask prices on each valuation day. All investments quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at that time. Debt securities with more than 60 days to maturity are valued using matrix pricing methods determined by an independent pricing service which takes into consideration such factors as yields, maturities, liquidity, ratings and traded prices in similar or identical securities. Securities for which valuations are not readily available from an independent pricing service may be valued by brokers which use prices provided by market makers or estimates of fair market value obtained from yield data relating to investments or securities with similar characteristics. Investments in open-end mutual funds are valued at the net asset value (“NAV”). Investments in securities of sufficient credit quality, maturing 60 days or less from date of acquisition, are valued at amortized cost which approximates fair value.

Securities and assets for which market quotations are not readily available (which may include certain restricted securities that are subject to limitations as to their sale) are valued at their fair values, as defined by the 1940 Act, and as determined in good faith by or under the supervision of the Fund’s Board of Trustees (“Board”), in accordance with methods that are specifically authorized by the Board. Securities traded on exchanges, including foreign exchanges, which close earlier than the time that the Fund calculates its NAV may also be valued at their fair values, as defined by the 1940 Act and as determined in good faith by or under the supervision of the Board, in accordance with methods that are specifically authorized by the Board. The value of a foreign security traded on an exchange outside the United States is generally based on its price on the principal foreign exchange where it trades as of the time the Fund determines its NAV or if the foreign exchange closes prior to the time the Fund determines its NAV, the most recent closing price of the foreign security on its principal exchange. Trading in certain non-U.S. securities may not take place on all days on which the NYSE Euronext (“NYSE”) is open. Further, trading takes place in various foreign markets on days on which the NYSE is not open. Consequently, the calculation of the Fund’s NAV may not take place contemporaneously with the determination of the prices of securities held by the Fund in foreign securities markets. Further, the value of the Fund’s assets may be significantly affected by foreign trading on days when a shareholder cannot purchase or redeem shares of the Fund. In calculating the Fund’s NAV, foreign securities denominated in foreign currency are converted to U.S. dollar equivalents. If an event occurs after the time at which the market for foreign securities held by the Fund closes but before the time that the Fund’s NAV is calculated, such event may cause the closing price on the foreign exchange to not represent a readily available reliable market value quotation for such securities at the time the Fund determines its NAV. In such a case, the Fund will use the fair value of such securities as determined under the Fund’s valuation procedures. Events after the close of trading on a foreign market that could require the Fund to fair value some or all of its foreign securities include, among others, securities trading in the U.S. and other markets, corporate announcements, natural and other disasters, and political and other events. Among other elements of analysis in the determination of a security’s fair value, the Board has authorized the use of one or more independent research services to assist with such determinations. An independent research service may use statistical analyses and quantitative models to help determine fair value as of the time the Fund calculates its NAV. There can be no assurance that such models accurately reflect the behavior of the applicable markets or the effect of the behavior of such markets on the fair value of securities, or that such

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

markets will continue to behave in a fashion that is consistent with such models. Unlike the closing price of a security on an exchange, fair value determinations employ elements of judgment. Consequently, the fair value assigned to a security may not represent the actual value that the Fund could obtain if it were to sell the security at the time of the close of the NYSE. Pursuant to procedures adopted by the Board, the Fund is not obligated to use the fair valuations suggested by any research service, and valuation recommendations provided by such research services may be overridden if other events have occurred or if other fair valuations are determined in good faith to be more accurate. Unless an event is such that it causes the Fund to determine that the closing prices for one or more securities do not represent readily available reliable market value quotations at the time the Fund determines its NAV, events that occur between the time of the close of the foreign market on which they are traded and the close of regular trading on the NYSE will not be reflected in the Fund’s NAV.

Options that are traded over-the-counter will be valued using one of three methods: (1) dealer quotes; (2) industry models with objective inputs, or (3) by using a benchmark arrived at by comparing prior-day dealer quotes with the corresponding change in the underlying security. Exchange traded options will be valued using the last reported sale. If no last sale is reported, exchange traded options will be valued using an industry accepted model such as “Black Scholes.” Options on currencies purchased by the Fund are valued using industry models with objective inputs at their last bid price in the case of listed options or at the average of the last bid prices obtained from dealers in the case of over-the-counter options.

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Quoted prices in active markets for identical securities are classified as “Level 1,” inputs other than quoted prices for an asset or liability that are observable are classified as “Level 2” and unobservable inputs, including the sub-adviser’s judgment about the assumptions that a market participant would use in pricing an asset or liability are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Short-term securities of sufficient credit quality which are valued at amortized cost, which approximates fair value, are generally considered to be Level 2 securities under applicable accounting rules. A table summarizing the Fund’s investments under these levels of classification is included following the Summary Portfolio of Investments.

The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to the “Pricing Committee” as established by the Fund’s Administrator. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Investment Adviser or sub-adviser, when determining the fair value of the security. In the event that a security or asset cannot be valued pursuant to one of the valuation methods established by the Board, the fair value of the security or asset will be determined in good faith by the Pricing Committee. When the Fund uses these fair valuation methods that use significant unobservable inputs to determine its NAV, securities will be priced by a method that the Pricing Committee believes accurately reflects fair value and are categorized as Level 3 of the fair value hierarchy. The methodologies used for valuing securities are not necessarily an indication of the risks of investing in those securities nor can it be assured the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Pricing Committee may compare prior day prices, prices on comparable securities, and traded prices to the prior or current day prices and the Pricing Committee challenges those prices exceeding certain tolerance levels with the independent pricing service or broker source. For those securities valued in good faith at fair value, the Pricing Committee reviews and affirms the reasonableness of the valuation on a regular basis after considering all relevant information that is reasonably available.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The end of period timing recognition is used for the transfers between Levels of the Fund’s assets and liabilities. A reconciliation of Level 3 investments is presented only when the Fund has a significant amount of Level 3 investments.

For the period ended August 31, 2014, there have been no significant changes to the fair valuation methodologies.

B. Security Transactions and Revenue Recognition. Security transactions are recorded on the trade date. Realized gains or losses on sales of investments are calculated on the identified cost basis. Interest income is recorded on the accrual basis. Premium amortization and discount accretion are determined using the effective yield method. Dividend income is recorded on the ex-dividend

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

date, or in the case of some foreign dividends, when the information becomes available to the Fund.

C. Foreign Currency Translation. The books and records of the Fund are maintained in U.S. dollars. Any foreign currency amounts are translated into U. S. dollars on the following basis:

(1)

Market value of investment securities, other assets and liabilities — at the exchange rates prevailing at the end of the day.

(2)

Purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets and the market values are presented at the foreign exchange rates at the end of the day, the Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses from investments. For securities, which are subject to foreign withholding tax upon disposition, liabilities are recorded on the Statement of Assets and Liabilities for the estimated tax withholding based on the securities current market value. Upon disposition, realized gains or losses on such securities are recorded net of foreign withholding tax. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at period end, resulting from changes in the exchange rate. Foreign security and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, revaluation of currencies and future adverse political and economic developments which could cause securities and their markets to be less liquid and prices more volatile than those of comparable U. S. companies and U.S. government securities. The foregoing risks are even greater with respect to securities of issuers in emerging markets.

D. Distributions to Shareholders. The Fund intends to make quarterly distributions from its cash available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, net option premiums and net realized and unrealized gains on investments. Such quarterly distributions may also consist of a return of capital. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions are determined annually in accordance with federal tax principles, which may differ from U.S. GAAP for investment companies.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the call options written on its portfolio versus gains or losses on the equity securities in the portfolio. Each quarter, the Fund will provide disclosures with distribution payments made that estimate the percentages of that distribution that represent net investment income, other income or capital gains, and return of capital, if any. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the Fund’s tax year, and will be reported to shareholders at that time. A significant portion of the Fund’s distributions may constitute a return of capital. The amount of quarterly distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends on the common shares will change. There can be no assurance that the Fund will be able to declare a dividend in each period.

E. Federal Income Taxes. It is the policy of the Fund to comply with the requirements of subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders. Therefore, a federal income tax or excise tax provision is not required. Management has considered the sustainability of the Fund’s tax positions taken on federal income tax returns for all open tax years in making this determination.

F. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G. Risk Exposures and the use of Derivative Instruments. The Fund’s investment objectives permit the Fund to enter into various types of derivatives contracts, including, but not limited to, forward foreign currency

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

exchange contracts and purchased and written options. In doing so, the Fund will employ strategies in differing combinations to permit it to increase or decrease the level of risk, or change the level or types of exposure to market risk factors. This may allow the Fund to pursue its objectives more quickly and efficiently, than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors. In pursuit of its investment objectives, the Fund may seek to use derivatives to increase or decrease its exposure to the following market risk factors:

Credit Risk. Credit risk relates to the ability of the issuer to meet interest and principal payments, or both, as they come due. In general, lower-grade, higher-yield bonds are subject to credit risk to a greater extent than lower-yield, higher-quality bonds.

Equity Risk. Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Foreign Exchange Rate Risk. Foreign exchange rate risk relates to the change in U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the U.S. dollar appreciates against the currency, while the U.S. dollar value will increase as the U.S. dollar depreciates against the currency.

Interest Rate Risk. Interest rate risk refers to the fluctuations in value of fixed-income securities resulting from the inverse relationship between price and yield. For example, an increase in general interest rates will tend to reduce the market value of already issued fixed-income investments, and a decline in general interest rates will tend to increase their value. In addition, debt securities with longer durations, which tend to have higher yields, are subject to potentially greater fluctuations in value from changes in interest rates than obligations with shorter durations. The Fund may lose money if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the sub-adviser. As of the date of this report, interest rates in the United States are at, or near, historic lows, which may increase the Fund’s exposure to risks associated with rising interest rates.

Risks of Investing in Derivatives. The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

The use of these strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Fund to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Fund is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments. Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Fund. Associated risks are not the risks that the Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives. Examples of these associated risks are liquidity risk, which is the risk that the Fund will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. Associated risks can be different for each type of derivative and are discussed by each derivative type in the following notes.

Counterparty Credit Risk and Credit Related Contingent Features. Certain derivative positions are subject to counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Fund. The Fund’s derivative counterparties are financial institutions who are subject to market conditions that may weaken their financial position. The Fund intends to enter into financial transactions with counterparties that it believes to be creditworthy at the time of the transaction. To reduce this risk, the Fund generally enters into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) Master Agreements (“Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the-counter (“OTC”) derivative and forward foreign currency contracts, entered into by the Fund and the counterparty. The Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and affect settlement of all outstanding transactions under the applicable Master Agreement.

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

The Fund may also enter into collateral agreements with certain counterparties to further mitigate credit risk associated with OTC derivative and forward foreign currency contracts. Subject to established minimum levels, collateral is generally determined based on the net aggregate unrealized gain or loss on contracts with a certain counterparty. Collateral pledged to the Fund is held in a segregated account by a third-party agent and can be in the form of cash or debt securities issued by the U.S. government or related agencies.

The Fund’s master agreements with derivative counterparties have credit related contingent features that if triggered would allow its derivatives counterparties to close out and demand payment or additional collateral to cover their exposure from the Fund. Credit related contingent features are established between the Fund and its derivatives counterparties to reduce the risk that the Fund will not fulfill its payment obligations to its counterparties. These triggering features include, but are not limited to, a percentage decrease in the Fund’s net assets and or a percentage decrease in the Fund’s NAV, which could cause the Fund to accelerate payment of any net liability owed to the counterparty. The contingent features are established within the Fund’s Master Agreements.

Written options by the Fund do not give rise to counterparty credit risk, as written options obligate the Fund to perform and not the counterparty. As of August 31, 2014, the total value of written OTC call options subject to Master Agreements in a liability position was $1,437,395. If a contingent feature had been triggered, the Fund could have been required to pay this amount in cash to its counterparties. The Fund did not hold or post collateral for its open written OTC options at period end. There were no credit events during the period ended August 31, 2014 that triggered any credit related contingent features.

H. Options Contracts. The Fund may purchase put and call options and may write (sell) put options and covered call options. The premium received by the Fund upon the writing of a put or call option is included in the Statement of Assets and Liabilities as a liability which is subsequently marked-to-market until it is exercised or closed, or it expires. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract.

Under normal market conditions, the Fund seeks to manage risk by employing an integrated options collar strategy. The Fund’s collar strategy includes: employing put spreads by purchasing and selling put options and writing call options on energy and materials indices (“Resource Indices”) and/or ETFs, correlated with the Fund’s portfolio, or securities held in the Fund’s portfolio. The Fund generally creates a put spread position by purchasing put options approximately 5% “out-of-the-money” usually on a three month basis and for an amount approximating 100% of the value of the Fund’s underlying assets while simultaneously, selling put options approximately 10-20% “out-of-the-money” and the same maturity and amount. The Fund retains the flexibility to create put spreads for an amount approximating 0-100% of the value of the Fund’s underlying assets. The Fund generally also writes call options “at-the-money,” “out-of-the-money” or “near to-the-money,” usually on a one-month basis and for an amount equal to 40-100% of the value of the Fund’s underlying assets.

Effective March 21, 2014, the Fund no longer employed the collar strategy. Effective, April 1, 2014 the Fund’s option strategy consists of selling (writing) call options to secure gains and generate premiums over a market cycle, generally on 30-80% of the total value of the Fund’s portfolio.

Please refer to Note 7 for the volume of both purchased and written option activity for the period ended August 31, 2014.

I. Forward Foreign Currency Contracts. The Fund may enter into forward foreign currency contracts primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the statement of assets and liabilities. Realized and unrealized gains and losses on forward foreign currency contracts are included on the Statement of Operations. These instruments involve market and/or credit risk in excess of the amount recognized in the statement of assets and liabilities. Risks arise from the possible inability of counterparties to meet the terms of their

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

contracts and from movement in currency and securities values and interest rates.

During the period ended August 31, 2014, the Fund had an average contract amount on forward foreign currency contracts to sell of $2,909,683. There were no open forward foreign currency contracts at August 31, 2014.

J. Indemnifications. In the normal course of business, the Fund may enter into contracts that provide certain indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, based on experience, management considers the risk of loss from such claims remote.

NOTE 3 — INVESTMENT TRANSACTIONS

The cost of purchases and proceeds from sales of investments for the period ended August 31, 2014, excluding short-term securities, were $283,287,031 and $298,077,222, respectively.

NOTE 4 — INVESTMENT MANAGEMENT AND ADMINISTRATIVE FEES

The Fund has entered into an investment management agreement (“Management Agreement”) with the Investment Adviser. The Management Agreement compensates the Investment Adviser with a fee, payable monthly, based on an annual rate of 1.00% of the Fund’s average daily managed assets. For purposes of the Management Agreement, managed assets are defined as the Fund’s average daily gross asset value, minus the sum of the Fund’s accrued and unpaid dividends on any outstanding preferred shares and accrued liabilities (other than liabilities for the principal amount of any borrowings incurred, commercial paper or notes issued by the Fund and the liquidation preference of any outstanding preferred shares). As of August 31, 2014, there were no preferred shares outstanding.

The Investment Adviser has entered into a sub-advisory agreement with Voya IM. Subject to policies as the Board or the Investment Adviser may determine, Voya IM manages the Fund’s assets in accordance with the Fund’s investment objectives, policies and limitations.

The Administrator provides certain administrative and shareholder services necessary for Fund operations and is responsible for the supervision of other service providers. For its services, the Administrator is entitled to receive from the Fund a fee based on an annual rate of 0.10% of the Fund’s average daily managed assets.

NOTE 5 — EXPENSE LIMITATION AGREEMENT

The Investment Adviser has entered into a written expense limitation agreement (“Expense Limitation Agreement”) with the Fund under which it will limit the expenses of the Fund, excluding interest, taxes, leverage expenses, extraordinary expenses, and acquired fund fees and expenses to 1.30% of average daily managed assets.

The Investment Adviser may at a later date recoup from the Fund fees waived and other expenses assumed by the Investment Adviser during the previous 36 months, but only if, after such recoupment, the Fund’s expense ratio does not exceed the percentage described above. Waived and reimbursed fees net of any recoupment by the Investment Adviser of such waived and reimbursed fees are reflected on the accompanying Statement of Operations. Amounts payable by the Investment Adviser are reflected on the accompanying Statement of Assets and Liabilities.

As of August 31, 2014, there are no amounts of waived or reimbursed fees that are subject to possible recoupment by the Investment Adviser.

The Expense Limitation Agreement is contractual through March 1, 2015 and shall renew automatically for one-year terms unless: (i) the Investment Adviser provides 90 days written notice of its termination and such termination is approved by the Board; or (ii) the Management Agreement has been terminated.

NOTE 6 — OTHER TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES

The Fund has adopted a Deferred Compensation Plan (the “Plan”), which allows eligible non-affiliated trustees, as described in the Plan, to defer the receipt of all or a portion of the trustees’ fees that they are entitled to receive from the Fund. For purposes of determining the amount owed to the trustee under the Plan, the amounts deferred are invested in shares of the “notional” funds selected by the trustee. The Fund purchases shares of the “notional” funds, which are all advised by Voya Investments, in amounts equal to the trustees’ deferred fees, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of trustees’ fees under the Plan will not affect net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the Plan.

NOTES TO FINANCIAL STATEMENTS AS OF AUGUST 31, 2014 (UNAUDITED) (CONTINUED)

NOTE 7 — PURCHASED AND WRITTEN OPTIONS

Transactions in Purchased Options

Transactions in purchased OTC put options on indices were as follows:

			Cost
Balance at 02/28/14	3,520,679		$	3,876,965
Options Purchased	—			—
Options Expired	—			—
Options Exercised	—			—
Options Terminated in Closing Sell Transactions	(3,520,679	)		(3,876,965	)
Balance at 08/31/14	—		$	—

Transactions in Written Options

Transactions in written OTC call options on indices were as follows:

			Premiums Received
Balance at 02/28/14	5,657,528		$	1,967,989
Options Written	10,896,434			5,888,665
Options Expired	—			—
Options Exercised	—			—
Options Terminated in Closing Purchase Transactions	(14,781,460	)		(6,888,563	)
Balance at 08/31/14	1,772,502		$	968,091

NOTE 8 — CONCENTRATION OF INVESTMENT RISKS

All mutual funds involve risk — some more than others — and there is always the chance that you could lose money or not earn as much as you hope. The Fund’s risk profile is largely a factor of the principal securities in which it invests and investment techniques that it uses. For more information regarding the types of securities and investment techniques that may be used by the Fund and its corresponding risks, see the Fund’s Prospectus and/or the Statement of Additional Information.

Foreign Securities and Emerging Markets. The Fund makes significant investments in foreign securities and may invest up to 20% of its managed assets, measured at the time of investment, in securities issued by companies located in countries with emerging markets. Investments in foreign securities may entail risks not present in domestic investments. Since investments in securities are denominated in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, as well as from movements in currency, security value and interest rates, all of which could affect the market and/or credit risk of the investments. The risks of investing in foreign securities can be intensified in the case of investments in issuers located in countries with emerging markets.

Leverage. Although the Fund has no current intention to do so, the Fund is authorized to utilize leverage through the issuance of preferred shares and/or borrowings, including the issuance of debt securities. In the event that the Fund determines in the future to utilize investment leverage, there can be no assurance that such a leveraging strategy will be successful during any period in which it is employed.

Non-Diversified and Natural Resources Companies. The Fund may be subject to large price volatility due to non-diversification and concentration in Natural Resources Companies. Securities of such companies may be subject to broad price fluctuations, reflecting volatility of energy and basic materials’ prices and possible instability of supply of various natural resources. Because many Natural Resources Companies have significant operations in many countries worldwide, the Fund’s portfolio will be more exposed than a more diversified portfolio to unstable political, social and economic conditions, including expropriation and disruption of licenses or operations. This means that the Fund’s portfolio of Natural Resources Companies may be more exposed to price volatility, liquidity and other risks that accompany an investment in equities of foreign companies than portfolios of international equities generally.

NOTE 9 — CAPITAL SHARES

There was no capital shares activity during the year ended February 28, 2014 and during the period ended August 31, 2014.

NOTE 10 — FEDERAL INCOME TAXES

The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP for investment companies. These book/tax differences may be either temporary or permanent. Permanent differences are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences are not reclassified. Key differences include the treatment of short-term capital gains, foreign currency transactions, income from passive foreign investment companies (PFICs), and wash sale deferrals. Distributions in excess of net investment income and/or net realized capital gains for tax purposes are reported as return of capital.

Dividends paid by the Fund from net investment income and distributions of net realized short-term capital gains

Investment Adviser
Voya Investments, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Administrator
Voya Funds Services, LLC
7337 East Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258

Transfer Agent
Computershare Shareowner Services LLC
480 Washington Boulevard
Jersey City, New Jersey 07310-1900

Custodian
The Bank of New York Mellon
One Wall Street
New York, New York 10286

Legal Counsel
Dechert LLP
1900 K Street, N.W.
Washington, D.C. 20006

Toll-Free Shareholder Information
Call us from 9:00 a.m. to 7:00 p.m. Eastern time on any business day for account or other information, at (800)-992-0180

RETIREMENT | INVESTMENTS | INSURANCE

voyainvestments.com

SAR-UIRR (0814-102414)

Item 2. Code of Ethics.

Not required for semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not required for semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not required for semi-annual filing.

Item 5. Audit Committee Of Listed Registrants.

Not required for semi-annual filing.

Item 6. Schedule of Investments.

Voya Natural Resources Equity

Income Fund

PORTFOLIO OF INVESTMENTS

as of August 31, 2014 (Unaudited)

Shares				Value		Percentage of Net Assets
COMMON STOCK: 99.8%
			Energy: 85.7%
	94,522		Anadarko Petroleum Corp.		10,651,684		3.8
	30,290		Apache Corp.		3,084,431		1.1
	86,486		Baker Hughes, Inc.		5,979,642		2.2
	54,478		Basic Energy Services, Inc.		1,318,912		0.5
	21,212		Baytex Energy Corp.		945,843		0.3
	11,578	@	Cameron International Corp.		860,593		0.3
	128,264		Canadian Natural Resources Ltd.		5,585,897		2.0
	24,610		Carrizo Oil & Gas, Inc.		1,543,539		0.6
	31,320		Cenovus Energy, Inc.		998,795		0.4
	145,219		Chevron Corp.		18,798,600		6.8
	197,913		ConocoPhillips		16,074,494		5.8
	62,952		Consol Energy, Inc.		2,535,707		0.9
	17,940		CVR Energy, Inc.		890,362		0.3
	82,645		Devon Energy Corp.		6,233,086		2.2
	101,321		EnCana Corp.		2,333,423		0.8
	19,095	@	Energy XXI Bermuda Ltd.		315,068		0.1
	76,710		Enerplus Corp.		1,758,193		0.6
	98,086		EOG Resources, Inc.		10,777,690		3.9
	227,567		ExxonMobil Corp.		22,633,814		8.1
	19,344		Forum Energy Technologies, Inc.		658,663		0.2
	154,223		Halliburton Co.		10,427,017		3.7
	68,244		Hess Corp.		6,899,468		2.5
	60,477		Kinder Morgan, Inc.		2,434,804		0.9
	38,816		Laredo Petroleum, Inc.		917,610		0.3
	36,638		Marathon Oil Corp.		1,527,438		0.6
	14,518		Marathon Petroleum Corp.		1,321,283		0.5
	58,318	@	MEG Energy Corp.		2,077,307		0.8
	31,115		National Oilwell Varco, Inc.		2,689,269		1.0
	49,145	@	Newfield Exploration Co.		2,202,679		0.8
	157,476	@	Noble Corp. PLC		4,481,767		1.6
	20,119		Noble Energy, Inc.		1,451,385		0.5
	1,418	@	Nordic American Offshore Ltd.		27,637		0.0
	163,680	@	Nordic American Tankers Ltd.		1,482,941		0.5
	131,574		Occidental Petroleum Corp.		13,648,171		4.9
	123,760		Patterson-UTI Energy, Inc.		4,274,670		1.5
	79,529		Phillips 66		6,920,614		2.5
	9,237		Pioneer Natural Resources Co.		1,927,300		0.7
	46,876		Range Resources Corp.		3,683,985		1.3
	35,250		Royal Dutch Shell PLC - Class A ADR		2,854,192		1.0
	190,934		Schlumberger Ltd.		20,934,004		7.5
	26,641		SemGroup Corp. - Class A		2,337,215		0.8
	89,591		Spectra Energy Corp.		3,732,361		1.3

	55,905		Statoil ASA ADR		1,587,143		0.6
	142,625		Suncor Energy, Inc.		5,860,461		2.1
	128,419		Superior Energy Services		4,602,537		1.7
	26,250	@	Unit Corp.		1,727,512		0.6
	133,148		Valero Energy Corp.		7,208,633		2.6
	12,090	@	Weatherford International PLC		286,412		0.1
	24,166		Western Refining, Inc.		1,124,444		0.4
	49,180		Williams Cos., Inc.		2,923,259		1.1
	23,910		World Fuel Services Corp.		1,061,126		0.4
					238,613,080		85.7

			Materials: 14.1%
	48,912		Alcoa, Inc.		812,428		0.3
	46,990		Barrick Gold Corp.		864,146		0.3
	89,918	@	Crown Holdings, Inc.		4,340,342		1.6
	14,781		Eagle Materials, Inc.		1,506,332		0.5
	225,788		Freeport-McMoRan, Inc.		8,211,909		2.9
	28,624		GoldCorp, Inc.		803,476		0.3
	94,420		International Paper Co.		4,574,649		1.6
	113,107	@	Lundin Mining Corp.		605,429		0.2
	56,776		Packaging Corp. of America		3,860,200		1.4
	42,945		Randgold Resources Ltd. ADR		3,613,822		1.3
	54,603		Rio Tinto PLC ADR		2,934,365		1.1
	61,310		Rock-Tenn Co.		3,014,000		1.1
	184,207		Teck Cominco Ltd. - Class B		4,188,867		1.5
					39,329,965		14.1

		Total Common Stock
		(Cost $227,895,707)			277,943,045		99.8

SHORT-TERM INVESTMENTS: 0.5%
			Mutual Funds: 0.5%
	1,430,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%††
			(Cost $1,430,000)		1,430,000		0.5

		Total Short-Term Investments
		(Cost $1,430,000)			1,430,000		0.5

		Total Investments in Securities (Cost $229,325,707)		$	279,373,045		100.3
		Liabilities in Excess of Other Assets			(970,310	)	(0.3	)
		Net Assets		$	278,402,735		100.0

††	Rate shown is the 7-day yield as of August 31, 2014.
@	Non-income producing security

ADR	American Depositary Receipt

See Accompanying Notes to Financial Statements

Voya Natural Resources Equity

Income Fund

PORTFOLIO OF INVESTMENTS

as of August 31, 2014 (Unaudited) (continued)

	Cost for federal income tax purposes is $229,275,800.

	Net unrealized appreciation consists of:

Gross Unrealized Appreciation	$	53,329,231
Gross Unrealized Depreciation		(3,231,986	)

Net Unrealized Appreciation	$	50,097,245

See Accompanying Notes to Financial Statements

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-end Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-end Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-end Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Board has a Nominating Committee for the purpose of considering and presenting to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board. The Committee currently consists of all Independent Trustees of the Board. (6 individuals). The Nominating Committee operates pursuant to a Charter approved by the Board. The primary purpose of the Nominating Committee is to consider and present to the Board the candidates it proposes for nomination to fill vacancies on the Board. In evaluating candidates, the Nominating Committee may consider a variety of factors, but it has not at this time set any specific minimum qualifications that must be met. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination.

The Nominating Committee is willing to consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews its own nominees. A shareholder nominee for director should be submitted in writing to the Fund’s Secretary. Any such shareholder nomination should include at a minimum the following information as to each individual proposed for nomination as trustee: such individual’s written consent to be named in the proxy statement as a nominee (if nominated) and to serve as a trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of trustees, or is otherwise required, in each case under applicable federal securities laws, rules and regulations.

The secretary shall submit all nominations received in a timely manner to the Nominating Committee. To be timely, any such submission must be delivered to the Fund’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either disclosure in a press release or in a document publicly filed by the Fund with the Securities and Exchange Commission.

Item 11. Controls and Procedures.

(a) Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-CSR are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-CSR and the officer certifications of such Form N-CSR.

(b) There were no significant changes in the registrant’s internal controls that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) The Code of Ethics is not required for the semi-annual filing.

(a) (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

(a) (3) Not required for semi-annual filing.

(b) The officer certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): Voya Natural Resources Equity Income Fund

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date: November 6, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Shaun P. Mathews
	Shaun P. Mathews
	President and Chief Executive Officer

Date: November 6, 2014

By	/s/ Todd Modic
	Todd Modic
	Senior Vice President and Chief Financial Officer

Date: November 6, 2014

Tax Year Ended December 31, 2013
Ordinary Income				Return of Capital
$ 2,358,735				$ 21,864,340

Unrealized Appreciation/ (Depreciation)	Short-term Capital Loss Carryforwards			Expiration
$48,870,674	$	(46,776,520	)	2017
		(5,692,716	)	2018
		(7,836,052	)	None
	$	(60,305,288	)

Number of Contracts	Counterparty	Description	Exercise Price		Premiums Received		Fair Value
Options on Indices
1,162,602	UBS AG	Call on Energy Select Sector SPDR® Fund	98.300 USD	09/19/14	$	717,093	$	(1,281,844	)
322,147	Citigroup, Inc.	Call on Market Vectors Gold Miners ETF	27.360 USD	09/19/14		185,879		(86,101	)
287,753	Citigroup, Inc.	Call on Materials Select Sector SPDR® Fund	50.720 USD	09/19/14		65,119		(69,450	)
			Total Written OTC Options		$	968,091	$	(1,437,395	)

Derivatives not accounted for as hedging instruments	Location on Statement of Assets and Liabilities	Fair Value
Liability Derivatives
Equity contracts	Written options, at fair value	$	1,437,395
Total Liability Derivatives		$	1,437,395

	Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Investments*			Foreign currency related transactions**		Written options			Total
Equity contracts	$	(3,876,965	)	$	—	$	(5,604,759	)	$	(9,481,724	)
Foreign exchange contracts		—			13,522		—			13,522
Total	$	(3,876,965	)	$	13,522	$	(5,604,759	)	$	(9,468,202	)

Shares			Value

COMMON STOCK: 99.8%
		Energy: 85.7%
94,522		Anadarko Petroleum Corp.	$	10,651,684		3.8
30,290		Apache Corp.		3,084,431		1.1
86,486		Baker Hughes, Inc.		5,979,642		2.2
54,478		Basic Energy Services, Inc.		1,318,912		0.5
128,264		Canadian Natural Resources Ltd.		5,585,897		2.0
24,610		Carrizo Oil & Gas, Inc.		1,543,539		0.6
145,219		Chevron Corp.		18,798,600		6.8
197,913		ConocoPhillips		16,074,494		5.8
62,952		Consol Energy, Inc.		2,535,707		0.9
82,645		Devon Energy Corp.		6,233,086		2.2
101,321		EnCana Corp.		2,333,423		0.8
76,710		Enerplus Corp.		1,758,193		0.6
98,086		EOG Resources, Inc.		10,777,690		3.9
227,567		ExxonMobil Corp.		22,633,814		8.1
154,223		Halliburton Co.		10,427,017		3.7
68,244		Hess Corp.		6,899,468		2.5
60,477		Kinder Morgan, Inc.		2,434,804		0.9
36,638		Marathon Oil Corp.		1,527,438		0.6
14,518		Marathon Petroleum Corp.		1,321,283		0.5
58,318	@	MEG Energy Corp.		2,077,307		0.7
31,115		National Oilwell Varco, Inc.		2,689,269		1.0
49,145	@	Newfield Exploration Co.		2,202,679		0.8
157,476	@	Noble Corp. PLC		4,481,767		1.6
20,119		Noble Energy, Inc.		1,451,385		0.5
163,680	@	Nordic American Tankers Ltd.		1,482,941		0.5
131,574		Occidental Petroleum Corp.		13,648,171		4.9
123,760		Patterson-UTI Energy, Inc.		4,274,670		1.5
79,529		Phillips 66		6,920,614		2.5
9,237		Pioneer Natural Resources Co.		1,927,300		0.7
46,876		Range Resources Corp.		3,683,985		1.3
35,250		Royal Dutch Shell PLC — Class A ADR		2,854,192		1.0
190,934		Schlumberger Ltd.		20,934,004		7.5
26,641		SemGroup Corp. — Class A		2,337,215		0.8
89,591		Spectra Energy Corp.		3,732,361		1.3
55,905		Statoil ASA ADR		1,587,143		0.6
142,625		Suncor Energy, Inc.		5,860,461		2.1
128,419		Superior Energy Services		4,602,537		1.7
26,250	@	Unit Corp.		1,727,513		0.6
133,148		Valero Energy Corp.		7,208,633		2.6

COMMON STOCK: (continued)
		Energy: (continued)
24,166		Western Refining, Inc.	$	1,124,444		0.4
49,180		Williams Cos., Inc.		2,923,259		1.1
196,723		Other Securities		6,962,108		2.5
				238,613,080		85.7

		Materials: 14.1%
89,918	@	Crown Holdings, Inc.		4,340,342		1.6
14,781		Eagle Materials, Inc.		1,506,332		0.5
225,788		Freeport-McMoRan, Inc.		8,211,909		2.9
94,420		International Paper Co.		4,574,649		1.6
56,776		Packaging Corp. of America		3,860,200		1.4
42,945		Randgold Resources Ltd. ADR		3,613,822		1.3
54,603		Rio Tinto PLC ADR		2,934,365		1.1
61,310		Rock-Tenn Co.		3,014,000		1.1
184,207		Teck Cominco Ltd. — Class B		4,188,867		1.5
237,633		Other Securities		3,085,479		1.1
				39,329,965		14.1

		Total Common Stock (Cost $227,895,707)		277,943,045		99.8

SHORT-TERM INVESTMENTS: 0.5%
		Mutual Funds: 0.5%
1,430,000		BlackRock Liquidity Funds, TempFund, Institutional Class, 0.030%†† (Cost $1,430,000)		1,430,000		0.5

		Total Short-Term Investments (Cost $1,430,000)		1,430,000		0.5

		Total Investments in Securities (Cost $229,325,707)	$	279,373,045		100.3
		Liabilities in Excess of Other Assets		(970,310	)	(0.3	)
		Net Assets	$	278,402,735		100.0

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Fair Value at August 31, 2014
Asset Table
Investments, at fair value
Common Stock*	$	277,943,045	$	—		$	—	$	277,943,045
Short-Term Investments		1,430,000		—			—		1,430,000
Total Investments, at fair value	$	279,373,045	$	—		$	—	$	279,373,045
Liabilities Table
Other Financial Instruments⁺
Written Options	$	—	$	(1,437,395	)	$	—	$	(1,437,395	)
Total Liabilities	$	—	$	(1,437,395	)	$	—	$	(1,437,395	)

	Citigroup, Inc.			UBS AG			Totals
Liabilities:
Written options	$	155,551		$	1,281,844		$	1,437,395
Total Liabilities	$	155,551		$	1,281,844		$	1,437,395
Net OTC derivative instruments by counterparty, at fair value	$	(155,551	)	$	(1,281,844	)	$	(1,437,395	)
Total collateral pledged by the Fund/(Received from counterparty)	$	—		$	—		$	—
Net Exposure⁽¹⁾	$	(155,551	)	$	(1,281,844	)	$	(1,437,395	)

% of Total Net Assets against which calls written		49.59	%
Average Days to Expiration at time written		35 days
Average Call Moneyness* at time written		OTM
Premiums received for calls	$	968,091
Value of calls	$	(1,437,395	)

	Proposal
Voya Natural Resources Equity Income Fund
J. Michael Earley	1*	18,761,739.162	527,095.000	0.000	0.000	19,288,834.162
Patrick W. Kenny	1*	18,705,514.162	583,320.000	0.000	0.000	19,288,834.162
Roger B. Vincent	1*	18,778,264.162	510,570.000	0.000	0.000	19,288,834.162
Shaun P. Mathews	1*	16,774,117.162	2,514,717.000	0.000	0.000	19,288,834.162

Declaration Date
March 17, 2014	April 1, 2014	April 3, 2014	April 15, 2014
June 16, 2014	July 1, 2014	July 3, 2014	July 15, 2014
September 15, 2014	October 1, 2014	October 3, 2014	October 15, 2014
December 15, 2014	December 29, 2014	December 31, 2014	January 15, 2015