Unassociated Document

Fed action — global reaction

Dear Shareholder,

One of the most anticipated events of 2015 came to pass with only a few weeks left on the calendar. Following the mid-December gathering of its policy-making Federal Open Market Committee, the Federal Reserve Board (“Fed”) announced the first increase of the federal funds target rate in nearly a decade, hiking its key policy interest rate 0.25% to a range of 0.25%–0.50%. In its announcement, the central bank cited considerable improvement in labor-market conditions and a reasonable confidence that inflation will approach its 2% objective over the medium term. The widely expected interest rate hike already had been priced into most asset classes and thus had minimal immediate impact on the direction of financial markets.

Worth noting is that the Fed’s decision to begin raising short-term interest rates comes at a time when other major central banks — notably, in Europe, China and Japan — continue to provide massive amounts of support to their economies and are biased more toward further accommodation. The disruptions that potentially may emerge from this divergence in central bank policies will demand close attention in the year ahead. Witness January stock market performance.

Though the Fed believes the U.S. economy is strong enough to bear a fed funds interest rate increase, many of the same risks and opportunities persist in the markets. The global economic backdrop and geopolitical stresses continue to induce uncertainty, which could lead to periods of intense volatility, in our view. How can investors keep their perspective in such times? Don’t let today’s uncertainties distract you from focusing on your long-term goals, and don’t risk compromising your goals for the sake of avoiding volatility now. Keep your portfolio well-diversified and thoroughly discuss any prospective changes with your investment advisor before you take action.

At Voya Investment Management, we seek to be a reliable partner committed to reliable investing, helping you and your investment advisor achieve your goals. We appreciate your continued confidence in us, and we look forward to serving your investment needs in the future.

Sincerely,

Shaun Mathews
President and Chief Executive Officer

January 12, 2016

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 poses special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic.

MARKET PERSPECTIVE: YEAR ENDED DECEMBER 31, 2015

In our semi-annual report, we described how equity market interest had recently moved from the U.S. to Europe with the advent of the European Central Bank’s (“ECB”) quantitative easing program. But from there, attention moved east and in August an unexpected announcement from China re-awakened other concerns, sending global equities, in the form of the MSCI World Index^SM (the “Index”) measured in local currencies, including net reinvested dividends, on a roller-coaster ride. Having been up 4.14% for the half-year, the Index finally ended 2015 with a gain of 2.08%. (The Index returned –0.87% for the one year ended December 31, 2015, measured in U.S. dollars.)

U.S. economic data was mixed in what was still a rather pedestrian recovery. A disappointing October employment report was followed by a very strong one in November showing that 271,000 jobs had been created the previous month. Sluggish annual wage growth improved to 2.5%, which doesn’t sound like much, but it was the best since 2009. The unemployment rate fell to 5.0%. The December report was a little weaker. Gross domestic product (“GDP”), initially held back by another harsh winter, rebounded to 3.9% in the second quarter of 2015, before an inventory downturn pegged it back to 2.0% in the third. Industrial production was uneven, while retail sales were still showing no acceleration despite lower gasoline prices.

Superimposed on this was the prospect of rising U.S. interest rates. The Federal Open Market Committee (“FOMC”) had not increased the federal funds interest rate for nine years and many feared that it would feel pressed to act before the economy was really ready. But when on September 17 the FOMC left rates unchanged, citing weakness overseas, investors seemed unnerved at this new narrative rather than relieved. Perhaps sensing a credibility problem, the FOMC tried to re-set expectations, signaling in October the December increase of 0.25% that eventually took place, to a range of 0.25%–0.50%.

Internationally, as noted, the ECB at last implemented a program of quantitative easing in March. Before long the economic data started to look a little less weak: the unemployment rate ticked down to 10.7% and GDP rose 1.6% year-over-year in the third quarter of 2015. Core inflation edged above 1.0% before slipping back. In December, ECB President Draghi’s much anticipated intensification of the program disappointed markets. Sentiment also suffered in mid-year when the integrity of the euro zone itself was threatened, as Greece wrangled over the terms of its bailout. Creditors stood firm and facing ejection, Greece finally accepted even stricter terms.

Annual GDP growth in China decelerated to 7.0% in the first and second quarters of 2015, the slowest in six years, then to 6.9% in the third. But to many commentators 7.0% was suspiciously close to government targets and perhaps overstated. They watched nervously as the Shanghai Stock Exchange Composite Index (“Shanghai Composite”) soared 64% in 2015 by June 12, fueled by retail savings and margin debt. The Shanghai Composite was already in retreat when on August 11, global commodities and equity markets were shaken as China announced a 2% devaluation of the yuan, suggesting that the Chinese economy, the largest single contributor to global growth in recent years, was indeed weaker than had previously been admitted. By August 26 the Shanghai Composite was down 43% from its peak. But gradually the feeling grew that concerns had been overdone. The Bank of China lowered interest rates, eased bank reserve requirements and by the end of December, with the yuan gradually depreciating, the Shanghai Composite had regained over a quarter of its losses.

In U.S. fixed income markets, the Barclays U.S. Aggregate Bond Index (“Barclays Aggregate”) gained 0.55% in 2015, while the Barclays U.S. Treasury Bond sub-index added 0.84%. Indices of riskier classes fared worse: the Barclays U.S. Corporate Investment Grade Bond sub-index lost 0.68%, while the Barclays High Yield Bond — 2% Issuer Constrained Composite Index (not a part of the Barclays Aggregate) sagged 4.43%. Reflecting another kind of risk, the Barclays Global Inflation Linked U.S. TIPS Index dipped 1.44% as inflationary expectations receded.

U.S. equities, represented by the S&P 500® Index including dividends, crept up 1.38% over the year, within which August represented the worst month since September 2011, while October was the strongest since October 2011. The consumer discretionary sector did best, rising 10.11%. The most challenged sector was understandably energy, slumping 21.12%. S&P 500® earnings per share, dragged down by the energy sector, recorded their first year-over-year decline since 2012 in the second quarter of 2015, despite continuing high levels of share buybacks, and declined again in the third. Shares of companies with smaller market capitalizations lagged: the Russell Midcap® Index fell 2.44% and the Russell 2000® Index fell 4.41%.

In currencies, “divergence” became the word on the experts’ lips to describe the prospect of the U.S. starting to raise interest rates just as the ECB ratcheted up its quantitative easing program. Unsurprisingly the dollar rose 11.47% against the euro over the year. It rose less, 5.75%, against the pound, as the UK is much closer to raising rates than the euro zone. The dollar’s gains against the yen had been made before the period started and it barely moved, rising just 0.40%.

International markets fell sharply after the events in August, with a partial recovery which was faltering by year-end. The MSCI Japan® Index held on to a gain of 9.93% for the year, amid renewed optimism about the yen-denominated profitability and better governance of Japanese corporations. The MSCI Europe ex UK® Index was cushioned by the introduction of quantitative easing, plus the declining euro that went with it and advanced 8.30%. The MSCI UK® Index, burdened by its large, losing holdings in the energy, materials and banking sectors, dropped 2.21%.

All indices are unmanaged and investors cannot invest directly in an index. 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 Portfolio’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 Global Inflation Linked U.S. TIPS Index				The index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market.
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 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.
Russell 2000® Index				An unmanaged index that measures the performance of securities of small U.S. companies.
Russell Midcap® Index				An unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000® Index, which represents approximately 26% of the total market capitalization of the Russell 1000® Index.
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.
Shanghai Stock Exchange Composite Index				A capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

VOYA CORPORATE LEADERS® TRUST FUND

PORTFOLIO MANAGERS’ REPORT

Sector Diversification as of December 31, 2015 (as a percentage of net assets)
Industrials	25.4	%
Energy	24.3	%
Materials	14.1	%
Financials	10.7	%
Consumer Discretionary	10.3	%
Utilities	7.3	%
Consumer Staples	5.4	%
Telecommunication Services	1.4	%
Assets in Excess of Other Liabilities	1.1	%
Net Assets	100.0	%

Portfolio Management Team: The portfolio is not actively managed.

Goal: Voya Corporate Leaders® Trust Fund (the “Trust”) seeks long term capital growth and income through investment generally in an equal number of shares of the common stock of a fixed list of American blue-chip corporations.

Performance: For the year ended December 31, 2015, the Trust provided a total return of –11.38% compared to the S&P 500® Index, which returned 1.38% for the same period.

Portfolio Specifics: Underperformance for the reporting period was driven by the securities within the Trust. On the sector level, the industrials and consumer discretionary sectors detracted the most from relative performance. Moreover, the Trust’s overweight allocation to the energy sector and not having allocations to the health care and information technology sectors also hurt performance. On an individual stock level basis, overweight positions in Union Pacific Corporation, Praxair, Inc., and Viacom Inc. Class B were among the top detractors for the period. By contrast, securities within the utilities sector contributed favorably to relative performance. Among the top contributors for the period include an overweight position in Marathon Petroleum Corporation and out-of-benchmark positions in Fortune Brands Home & Security, Inc. and Foot Locker, Inc.

As of the end of the reporting period, the strategy’s largest sector overweights were in energy, industrials and materials; the Trust does not currently hold positions within the health care or information technology sectors. Sector exposures are purely a function of the strategy’s quantitative investment discipline, however, and are not actively managed.

Top Ten Holdings as of December 31, 2015 (as a percentage of net assets)
Union Pacific Corp.	13.7	%
Berkshire Hathaway, Inc. — Class B	10.7	%
Exxon Mobil Corp.	9.9	%
Praxair, Inc.	7.1	%
Chevron Corp.	6.2	%
Marathon Petroleum Corp.	5.7	%
Honeywell International, Inc.	5.5	%
Procter & Gamble Co.	5.4	%
Du Pont E I de Nemours & Co.	3.6	%
Foot Locker, Inc.	3.5	%

Outlook and Current Strategy: The Voya Corporate Leaders® Trust was created in 1935 with the objective of seeking long-term capital growth and income through investment generally in an equal number of shares of common stock of a fixed list of American blue chip corporations. The Trust’s portfolio investments are not actively managed. Stocks have only been added when corporate actions, such as mergers or spin-offs replace one of the original 30 companies. It currently holds investments in 22 American blue chip corporations favoring the industrials, energy and materials sectors.

The outlook for this Trust may differ from that presented for other Voya mutual funds. The Trust’s performance returns shown reflect applicable fee waivers and/or expense limits in effect during this period. Absent such fee waivers/expense limitations, if any, performance would have been lower. Performance for the different classes of shares will vary based on differences in fees associated with each class.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Participation Holders and Trustee
Voya Corporate Leaders® Trust Fund

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Voya Corporate Leaders® Trust Fund — Series “B”, a series of Voya Corporate Leaders® Trust Fund, as of December 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Voya Corporate Leaders® Trust Fund — Series “B” as of December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 16, 2016

STATEMENT OF ASSETS AND LIABILITIES AS OF DECEMBER 31, 2015

ASSETS:
Investments in securities at fair value (cost $969,491,188)	$	1,099,829,099
Restricted cash (Note 2)		17,309,482
Receivables:
Participations sold		1,598,794
Dividends		885,332
Prepaid expenses		21,788
Total assets		1,119,644,495


LIABILITIES:
Payable for participations redeemed		5,344,006
Distribution payable		1,706,425
Accrued Sponsor’s maintenance fees payable		387,437
Payable for professional fees		45,630
Other accrued expenses and liabilities		305,937
Total liabilities		7,789,435


NET ASSETS:
Balance applicable to participations at December 31, 2015, equivalent to $28.74 per participation on 38,692,494 participations outstanding	$	1,111,855,060

See Accompanying Notes to Financial Statements

STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2015

INVESTMENT INCOME:
Dividends	$	35,182,744
Total investment income		35,182,744

EXPENSES:
Sponsor maintenance fee (Note 4)		5,734,986
Transfer agent fees		1,312,256
Shareholder reporting expense		162,490
Registration and filing fees		123,856
Professional fees		103,995
Custody and accounting fees (Note 4)		169,100
Miscellaneous expense		7,300
Total expenses		7,613,983
Net investment income		27,568,761

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		190,941,452
Net change in unrealized appreciation or depreciation on investments		(396,093,837	)
Net realized and unrealized loss on investments		(205,152,385	)
Decrease in net assets resulting from operations	$	(177,583,624	)

See Accompanying Notes to Financial Statements

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended December 31, 2015			Year Ended December 31, 2014
FROM OPERATIONS:
Net investment income	$	27,568,761		$	27,402,768
Net realized gain on investments		190,941,452			66,057,280
Net change in unrealized appreciation or depreciation on investments		(396,093,837	)		73,890,625
Increase (decrease) in net assets resulting from operations		(177,583,624	)		167,350,673

FROM DISTRIBUTIONS TO PARTICIPATIONS:
Net investment income		(28,851,520	)		(27,045,188	)
Net realized gains		—			(22,516,100	)
Return of capital		—			(46,007,173	)
Total distributions		(28,851,520	)		(95,568,461	)

FROM PARTICIPATION TRANSACTIONS:
Net proceeds from sale of participations		211,006,739			488,949,911
Reinvestment of distributions		24,990,888			82,120,792
		235,997,627			571,070,703
Cost of participations redeemed		(661,708,516	)		(388,849,081	)
Net increase (decrease) in net assets resulting from participation transactions		(425,710,889	)		182,221,622
Net increase (decrease) in net assets		(632,146,033	)		254,003,834
NET ASSETS:
Beginning of year		1,744,001,093			1,489,997,259
End of year	$	1,111,855,060		$	1,744,001,093

See Accompanying Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected data for each participation of the Trust outstanding throughout each year or period.

			Income (loss) from investment operations									Less distributions													Ratios to average net assets

	Net asset value, beginning of year or period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income		From net realized gains		From tax return of capital		Total distributions/ allocations		Net asset value, end of year or period		Total Return⁽¹⁾			Net assets, end of year or period		Expenses		Net investment income (loss)
Year or period ended	($)		($)			($)			($)			($)		($)		($)		($)		($)		(%)			($000’s)		(%)		(%)
12-31-15		33.18		0.60	^•		(4.36	)		(3.76	)		0.68		—		—		0.68		28.74		(11.38	)		1,111,855		0.53		1.92
12-31-14		31.71		0.55	^•		2.79			3.34			0.53		0.44		0.90		1.87		33.18		10.77			1,744,001		0.51		1.68
12-31-13		24.87		0.51	^•		6.81			7.32			0.48		—		—		0.48		31.71		29.57			1,489,997		0.50		1.78
12-31-12		22.39		0.47	^•		2.47			2.94			0.46		—		—		0.46		24.87		13.21			903,062		0.52		1.95
12-31-11		20.29		0.41			2.07			2.48			0.36		—		0.02		0.38		22.39		12.24			653,514		0.49		1.90

⁽¹⁾

Total return is calculated assuming reinvestment of all dividend, capital gain and return of capital distributions/allocations at net asset value.

^•

Calculated using average number of participations outstanding throughout the period.

See Accompanying Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015

NOTE 1 — NATURE OF BUSINESS AND BASIS OF PRESENTATION

Voya Corporate Leaders® Trust Fund (the “Trust”), is an unincorporated Unit Investment Trust registered as such with the Securities and Exchange Commission (“SEC”). Series B commenced operations in 1941 as a series of the Trust, which was created under a Trust Indenture dated November 18, 1935, as amended.

The Trust seeks long-term capital growth and income through investment generally in an equal number of shares of the common stock of a fixed list of American blue chip corporations.

The Trust is comprised of a Trust Fund (“Trust Fund”) and a Distributive Fund (“Distributive Fund”). The Trust Fund is composed of stock units, each unit consisting of one share of common stock of each of the twenty-two corporations (except with respect to shares received from spin-offs or mergers of existing portfolio securities — see discussion below) and such cash as may be available for the purchase of stock units. Cash received on sales of participations (excluding the portion thereof, if any, attributable to the value of, and therefore deposited in, the Distributive Fund), including distributions by the Trust which are reinvested in additional participations under the Distribution Reinvestment Program described herein, is held in the Trust Fund without interest until receipt of sufficient cash to purchase at least one hundred stock units. To the extent monies remain uninvested in the Trust, The Bank of New York Mellon (“the Trustee”) serving as Trustee for the Trust, will derive a benefit therefrom.

All dividends and any other cash distributions received by the Trust with respect to the common stock held in the Trust Fund are deposited in the Distributive Fund. Any non-cash distributions received by the Trust with respect to the common stock held in the Trust Fund (excluding additional shares of common stock received upon a stock split which shall remain assets of the Trust Fund) are sold by the Trustee and the proceeds of sale are deposited in the Distributive Fund. The Trustee may invest the funds deposited in the Distributive Fund in debt obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or in repurchase agreements collateralized by such U.S. government obligations, which mature prior, and as close as practicable, to the next Distribution Date. The interest earned on such investments is also deposited in the Distributive Fund. Fees and expenses of the Trust are paid from the Distributive Fund. The Trustee may from time to time set aside out of the Distributive Fund a reserve for payments of taxes or other governmental charges.

On each Distribution Date, the Trustee uses the money in the Distributive Fund to purchase additional participations for participants under the Distribution Reinvestment Program unless the participant has elected to receive the distribution in cash.

In the event of the merger, consolidation, re-capitalization or readjustment of the issuer of any portfolio security with any other corporation, the sponsor may instruct the Trustee, in writing, to accept or reject such offer or take such other action as the sponsor may deem proper. Any securities received in exchange shall be held by the Trust and shall be subject to the terms and conditions of the Indenture to the same extent as the securities originally held in the Trust. Securities received pursuant to an exchange may result in the Trust holding fewer shares than originally held in the portfolio security. Each stock unit issued after the effective date of such an exchange will include one share of the corporation received on exchange

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements. The Trust is considered an investment company under U.S. generally accepted accounting principles (“GAAP”) and follows the accounting and reporting guidance applicable to investment companies.

A. Valuation of Securities. The Trust is open for business every day the New York Stock Exchange (“NYSE”) opens for regular trading (each such day, a “Business Day”). The net asset value (“NAV”) per share of the Trust is determined each Business Day as of the close of the regular trading session (“Market Close”), as determined by the Consolidated Tape Association (“CTA”), the central distributor of transaction prices for exchange-traded securities (normally 4:00 p.m. Eastern time unless otherwise designated by the CTA). The NAV per share of the Trust is calculated by taking the value of the Trust’s assets, subtracting the Trust’s liabilities and dividing by the number of participations of the Trust that are outstanding. On days when the Trust is closed for business, Trust participations will not be priced and the Trust does not transact purchase and redemption orders. To the extent the Trust’s assets are traded in other markets on days when the Trust does not price its participations, the value of the Trust’s assets will likely change and you will not be able to purchase or redeem participations of the Trust.

Fair value is defined as the price that the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each investment asset or liability of the Trust is assigned a level at measurement date based on the

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 (CONTINUED)

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Voya Investments, LLC’s or pricing committee’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. A table summarizing the Trust’s investments under these levels of classification is included following the Portfolio of Investments.

For the year ended December 31, 2015, there have been no significant changes to the fair valuation methodologies.

B. Income Taxes. No provision for federal income taxes is made since the Trust, under applicable provisions of the Internal Revenue Code, is treated as a Grantor Trust and all its income is taxable to the holders of participations. Management has considered the sustainability of the Trust’s tax positions taken on federal income tax returns for all open tax years in making this determination.

At December 31, 2015, the cost of the Trust’s portfolio of investments for tax purposes was $969,491,188.

As of December 31, 2015, the tax basis net unrealized appreciation of portfolio securities was $130,337,911, comprised of unrealized appreciation of $191,376,447 and unrealized depreciation of $(61,038,536).

As of December 31, 2015, no provision for income tax would be required in the Trust’s financial statements as a result of tax positions taken on federal and state income tax returns for open tax years. The Trust’s federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state department of revenue.

C. Distributions to Participation Holders. Semi-annual distributions will be reinvested at net asset value in additional participations of the Trust unless the Participant notifies the Trustee to pay such distributions in cash.

D. Security Transactions & Revenue Recognition. Cost of the investment securities, as well as realized security gains and losses are based on the identified average cost basis. Investment transactions are recorded on the trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned.

E. Accounting Estimates. The preparation of financial statements in accordance with U.S. GAAP for investment companies requires management to make estimates and assumptions that affect the reported amounts of 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.

F. Restricted Cash. All cash held in the Distributive Fund throughout the period is intended solely for distributions.

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

NOTE 3 — DISTRIBUTIONS/ALLOCATIONS

For the year ended December 31, 2015, distributions from net investment income were $28,851,520, equivalent to $0.68 per participation. For the year ended December 31, 2014, distributions from net investment income were $27,045,188, equivalent to $0.53 per participation.

For the year ended December 31, 2015, there were no distributions from net realized gains. For the year ended December 31, 2014, distributions from net realized gains were $22,516,100, equivalent to $0.44 per participation.

For the year ended December 31, 2015, there were no distributions from tax return of capital. For the year ended December 31, 2014, distributions from tax return of capital were $46,007,173, equivalent to $0.90 per participation.

The distributions/allocations presented above do not reflect the reinvestment, if any, of that portion of the proceeds from the sale of securities (other than stock units) representing the cost of the securities sold which is distributed and then reinvested in additional participations. In addition, any gain on the sale of stock units to provide funds for the redemption of participations is non-distributable and remains a part of the Trust Fund.

Effective June 1, 1998, the Trust amended its Trust indenture requiring that additional shares of common stocks received as a result of a stock split shall remain assets of the Trust.

NOTE 4 — TRUSTEE, SPONSOR AND OTHER RELATED PARTY FEES

The Trustee receives an annual Trustee fee, as well as fees for acting as custodian and for providing portfolio accounting and record keeping services, which aggregated to $169,100 for the year ended December 31, 2015.

NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 (CONTINUED)

NOTE 4 — TRUSTEE, SPONSOR AND OTHER RELATED PARTY FEES (continued)

Voya Investments, LLC (the “Sponsor”) serves as sponsor to the Trust. The Trust pays a maintenance fee to the Sponsor on an annual basis, equal to 0.40% of the average daily net assets of the Trust.

NOTE 5 — INVESTMENT TRANSACTIONS

For the year ended December 31, 2015, the cost of purchases and proceeds of sales of investment securities were $17,092,996 and $439,740,111, respectively.

NOTE 6 — SOURCE OF NET ASSETS

As of December 31, 2015, the Trust’s net assets were comprised of the following amounts:

Capital contributions and non-distributable realized gains retained in Trust Fund	$	979,750,239
Net unrealized appreciation in value of securities		130,337,911
Trust Fund		1,110,088,150
Distributive Fund		1,766,910
Total net assets	$	1,111,855,060

NOTE 7 — PARTICIPATIONS ISSUED AND REDEEMED

	Number of Participations
	Year Ended December 31, 2015			Year Ended December 31, 2014
Issued on payments from holders		6,674,640			15,072,344
Issued on reinvestment of dividends and distributions/ allocations		838,234			2,555,041
Redeemed		(21,379,827	)		(12,063,136	)
Net increase (decrease)		(13,866,953	)		5,564,249

NOTE 8 — SUBSEQUENT EVENTS

The Trust has evaluated events occurring after the Statement of Assets and Liabilities date (“subsequent events”) to determine whether any subsequent events necessitated adjustment to or disclosure in the financial statements. No such subsequent events were identified.

VOYA CORPORTATE LEADERS®
TRUST FUND - SERIES B

PORTFOLIO OF INVESTMENTS
AS OF DECEMBER 31, 2015

Shares			Value

COMMON STOCK: 98.9%
		Consumer Discretionary: 10.3%
490,652		CBS Corp. — Class B	$	23,124,429	2.1
576,335		Comcast Corp. — Class A		32,522,584	2.9
596,452		Foot Locker, Inc.		38,823,061	3.5
490,652		Viacom, Inc. — Class B		20,195,236	1.8
				114,665,310	10.3

		Consumer Staples: 5.4%
760,652		Procter & Gamble Co.		60,403,375	5.4

		Energy: 24.3%
762,052		Chevron Corp.		68,554,198	6.2
871,860		Columbia Pipeline Group, Inc.		17,437,200	1.6
1,421,352		Exxon Mobil Corp.		110,794,388	9.9
790,752		Marathon Oil Corp.		9,955,568	0.9
1,217,443		Marathon Petroleum Corp.		63,112,245	5.7
				269,853,599	24.3

		Financials: 10.7%
899,944	@	Berkshire Hathaway, Inc. — Class B		118,828,606	10.7

		Industrials: 25.4%
596,452		Fortune Brands Home & Security, Inc.		33,103,086	3.0
1,132,252		General Electric Co.		35,269,650	3.2
596,452		Honeywell International, Inc.		61,774,533	5.5
1,948,395		Union Pacific Corp.		152,364,489	13.7
				282,511,758	25.4


COMMON STOCK: (continued)
		Materials: 14.1%
742,419		Dow Chemical Co.	$	38,219,730	3.4
596,452		Du Pont E I de Nemours & Co.		39,723,703	3.6
769,952		Praxair, Inc.		78,843,085	7.1
				156,786,518	14.1

		Telecommunication Services: 1.4%
454,849		AT&T, Inc.		15,651,354	1.4

		Utilities: 7.3%
596,452		Ameren Corp.		25,784,620	2.3
596,452		Consolidated Edison, Inc.		38,333,970	3.5
871,860		NiSource, Inc.		17,009,989	1.5
				81,128,579	7.3

		Total Common Stock (Cost $969,491,188)		1,099,829,099	98.9
		Assets in Excess of Other Liabilities		12,025,961	1.1
		Net Assets	$	1,111,855,060	100.0

Non-income producing security.

Cost for federal income tax purposes is $969,491,188.

Net unrealized appreciation consists of:
Gross Unrealized Appreciation	$	191,376,447
Gross Unrealized Depreciation		(61,038,536	)
Net Unrealized Appreciation	$	130,337,911

Fair Value Measurementsˆ

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the assets and liabilities:

	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2015
Asset Table
Investments, at fair value
Common Stock*	$	1,099,829,099	$	—	$	—	$	1,099,829,099
Total Investments, at fair value	$	1,099,829,099	$	—	$	—	$	1,099,829,099

See Note 2, “Significant Accounting Policies” in the Notes to Financial Statements for additional information.

For further breakdown of Common Stock by sector, please refer to the Portfolio of Investments.

See Accompanying Notes to Financial Statements

DIRECTOR/TRUSTEE AND OFFICER INFORMATION (UNAUDITED)

The Bank of New York Mellon serves as Trustee for the Trust. The Trust does not have a Board of Directors/Trustees nor does it have any Officers.

(THIS PAGE INTENTIONALLY LEFT BLANK)

Sponsor
Voya Investments, LLC
7337 E. Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258

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

Transfer Agent
BNY Mellon Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, Delaware 19809

Trustee/Custodian
The Bank of New York Mellon
225 Liberty Street
New York, New York 10286

Independent Registered Public Accounting Firm
KPMG LLP
Two Financial Center
60 South Street
Boston, Massachusetts 02111

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

For more complete information, or to obtain a prospectus on any Voya mutual fund, please call your investment advisor or Voya Investments Distributor, LLC at (800) 992-0180 or log on to www.voyainvestments.com. The prospectus should be read carefully before investing. Consider the Trust’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this information and other information about the Trust. 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.

RETIREMENT | INVESTMENTS | INSURANCE
voyainvestments.com

AR-CLTB (1215-021616)

President’s Letter					1
Market Perspective					2
Portfolio Managers’ Report					4
Report of Independent Registered Public Accounting Firm					5
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
Portfolio of Investments					13
Director/Trustee and Officer Information					14