# EDGAR Filing Document

**Accession Number:** 0001063946
**File Stem:** 0001193125-25-313851
**Filing Date:** 2025-12
**Character Count:** 1023914
**Document Hash:** 28fd0ef470ff4a2904717687eaa0c062
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-313851.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001193125-25-313851

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**EFFECTIVENESS DATE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001063946

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08817
- **FILM NUMBER:** 251561402

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING EQUITY TRUST
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM EQUITY TRUST
- **DATE OF NAME CHANGE:** 19991029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHSTAR EQUITY TRUST
- **DATE OF NAME CHANGE:** 19980612
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya EQUITY TRUST
- **CENTRAL INDEX KEY:** 0001063946

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-56881
- **FILM NUMBER:** 251561401

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 800-992-0180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E. DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING EQUITY TRUST
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM EQUITY TRUST
- **DATE OF NAME CHANGE:** 19991029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHSTAR EQUITY TRUST
- **DATE OF NAME CHANGE:** 19980612

## Series and Classes Contracts Data

### Voya VACS Series LCC Fund (Series ID: S000097620)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000267073 | Voya VACS Series LCC Fund | VVLCX           |

?xml version='1.0' encoding='ASCII'? 485BPOS

**As filed with the U.S. Securities and Exchange Commission on December 10, 2025**

**Securities Act File No. 333-56881**

**Investment Company Act File No. 811-08817**

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**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM N-1A**

**REGISTRATION STATEMENT**

**UNDER** 

**THE SECURITIES ACT OF 1933** 

☒

**Pre-Effective Amendment No. ___** 

☐

**Post-Effective Amendment No. 187** 

☒

**And/or**

**REGISTRATION STATEMENT** 

**UNDER** 

**THE INVESTMENT COMPANY ACT OF 1940** 

☒

**Amendment No. 198** 

☒

**(Check appropriate box or boxes)**

**VOYA EQUITY TRUST**

**(Exact Name of Registrant as Specified in Charter)**

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**7337 East Doubletree Ranch Road, Suite 100**

**Scottsdale, Arizona 85258**

**(Address of Principal Executive Offices)**

**Registrant's Telephone Number, Including Area Code: (800) 992-0180**

**Joanne F. Osberg, Esq.**

**Voya Investments, LLC**

**7337 East Doubletree Ranch Road, Suite 100**

**Scottsdale, Arizona 85258**

**(Name and Address of Agent for Service)** 

**With copies to:**

**Elizabeth J. Reza, Esq.**

**Ropes & Gray LLP**

**Prudential Tower**

**800 Boylston Street**

**Boston, Massachusetts 02199-3600** 

**APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING**

**It is proposed that this filing will become effective (check appropriate box):**

☐

Immediately upon filing pursuant to paragraph (b)

☒

on December 12, 2025, pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

on (date), pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

on (date), pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐

This post-effective amendment designated a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Beneficial Interest, par value $0.01 per share.

------

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 187 to the Registration Statement on Form N-1A (File No. 333-56881) of Voya Equity Trust (the "Registrant") is being filed pursuant to Rule 485(b) under the Securities Act of 1933, as amended (the "Act"), for the purpose of finalizing the registration of a new series of the Registrant, Voya VACS Series LCC Fund. The Registrant's Prospectus and Statement of Additional Information with respect to the Fund, each dated December 12, 2025, are attached.

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**December 12, 2025**

**Prospectus**![](imgbcf5b5771.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**•** **Voya VACS Series LCC Fund** 

Ticker: VVLCX

The U.S. Securities and Exchange Commission (the "SEC") has not approved or disapproved these securities nor has the SEC judged whether the information in this Prospectus is accurate or adequate. Any representation to the contrary is a criminal offense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![](edelivery_1.jpg)<br>| E-Delivery Sign-up – details on back cover |

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![](imgb31a84a82.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **SUMMARY SECTION** <br>|  |
| **[Voya VACS Series LCC Fund](#xx_a86293ee-91e9-45ac-b6ac-86868d399a49_1)** | 1 |
| **[KEY FUND INFORMATION](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1)** | 8 |
| [Fundamental Investment Policies](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1) | 8 |
| [Fund Diversification](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1) | 8 |
| [Investor Diversification](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1) | 8 |
| [Temporary Defensive Positions](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1) | 8 |
| [Percentage and Rating Limitations](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_1) | 8 |
| [Investment Not Guaranteed](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_2) | 9 |
| [Shareholder Reports](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_2) | 9 |
| [Escheatment](#xx_a11b8905-773d-456e-be9f-9d17dc1d1d1b_2) | 9 |
| **[MORE INFORMATION ABOUT THE FUND](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_1)** | 10 |
| [Additional Information About the Investment Objective](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_1) | 10 |
| [Additional Information About Principal Investment Strategies](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_1) | 10 |
| [Additional Information About 80% Investment Policy Related to Fund Name](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_1) | 10 |
| [Additional Information About the Principal Risks](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_1) | 10 |
| [Further Information About Principal Risks](#xx_d861cb23-2949-4fd6-92fa-5b3a349960a1_8) | 17 |
| **[PORTFOLIO HOLDINGS INFORMATION](#xx_cf7b6f83-d37a-4b20-b509-ece5ddea7b94_1)** | 19 |
| **[MANAGEMENT OF THE FUND](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_1)** | 20 |
| [Investment Adviser](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_1) | 20 |
| [Sub-Adviser](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_1) | 20 |
| [Portfolio Management](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_2) | 21 |
| [Distributor](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_3) | 22 |
| [Contractual Arrangements](#xx_4f9cbd31-d871-45a2-bcd7-217bcaa25b51_3) | 22 |
| **[HOW SHARES ARE PRICED](#xx_f4026eea-c051-4de5-a29b-47340e81b636_1)** | 23 |
| **[HOW TO BUY SHARES](#xx_f481f5fa-9f2d-4004-ba35-7c0d9dc78a96_1)** | 24 |
| **[HOW TO SELL SHARES](#xx_6f7582df-ae86-4131-a42d-0fa475f3f719_1)** | 27 |
| **[FREQUENT TRADING - MARKET TIMING](#xx_504ff2f8-d30c-4226-b786-3ab95ec672fe_1)** | 29 |
| **[PAYMENTS TO FINANCIAL INTERMEDIARIES](#xx_ecbdd192-592d-4603-9123-00574de83f46_1)** | 31 |
| **[DIVIDENDS, DISTRIBUTIONS, AND TAXES](#xx_71b5e63a-1712-40b9-a447-713e2e042d4f_1)** | 33 |
| **[ACCOUNT POLICIES](#xx_ac5f368e-93ef-40c2-87dc-acc076a22805_1)** | 35 |
| [Account Access](#xx_ac5f368e-93ef-40c2-87dc-acc076a22805_1) | 35 |
| [Privacy Policy](#xx_ac5f368e-93ef-40c2-87dc-acc076a22805_1) | 35 |
| [Householding](#xx_ac5f368e-93ef-40c2-87dc-acc076a22805_1) | 35 |
| **[INDEX DESCRIPTIONS](#xx_13df258e-89df-41aa-8c9b-0895dc635735_1)** | 36 |
| **[FINANCIAL HIGHLIGHTS](#xx_188cb3a8-e018-4d10-83cd-a6fa29ec5e22_1)** | 37 |
| **[TO OBTAIN MORE INFORMATION](#xx_f1e36522-69a2-4920-951a-73290a32506e_2)** | Back Cover |

---

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Voya VACS Series LCC Fund

**Investment Objective**

The Fund seeks long-term growth of capital and current income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Annual Fund Operating Expenses** 

Expenses you pay each year as a % of the value of your investment

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Management Fees<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Distribution and/or Shareholder Services (12b-1) Fees<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % |  |
| Other Expenses <sup>1</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Total Annual Fund Operating Expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Waivers, Reimbursements and Recoupments<sup>2</sup><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.62) |
| Total Annual Fund Operating Expenses after Waivers, <br> Reimbursements and Recoupments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |

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Other expenses are based on estimated amounts for the current fiscal year.

Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.15% through October 1, 2027. The expense limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses, other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the Fund's Board of Trustees (the "Board") who are not "interested persons," as that term is defined in the 1940 Act. Termination or modification of this obligation requires approval by the Fund's Board.

**Expense Example**

------

This Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment had a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Share Status** | **1 Yr** | **3 Yrs** |
| Sold or Held | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 609 |

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**Portfolio Turnover**

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The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.

Since the Fund had not commenced operations as of the date of this Prospectus, there is no portfolio turnover rate information included.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests approximately 50% of its assets in equity securities of large-capitalization growth companies and approximately 50% of its assets in equity securities of large-capitalization value companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments tied to large-capitalization companies. For purposes of this 80% policy, large-capitalization companies means companies with market capitalizations that fall within the capitalization range of companies within the Russell 1000<sup>®</sup> Index (the "Index"). The allocation between equity securities of large-capitalization growth companies and equity securities of large-capitalization value companies will generally be rebalanced monthly, but may fluctuate over time, including significantly, in response to changing market conditions.

Voya VACS Series LCC Fund

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The market capitalization of companies within the Index will change with market conditions. As of June 30, 2025, the market capitalization of companies within the Index ranged from $1 billion to $4 trillion. Equity securities in which the Fund invests include, but are not limited to, common stock, preferred stock, warrants, and convertible securities. The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer.

**Growth Investment Process** 

Voya Investment Management Co. LLC (the "Sub-Adviser") uses a security selection process that combines quantitative screens with rigorous fundamental security analysis. The quantitative screens focus the fundamental analysis by seeking to identify the securities of companies that exhibit strong business momentum and relative price strength, and which have a perceived value by the Sub-Adviser that is not reflected in the current price. The fundamental security analysis is intended to confirm the persistence of the company's revenue and earnings growth and validate the Sub-Adviser's expectations for earnings estimate revisions, particularly relative to consensus estimates. A determination of reasonable valuation for individual securities is based on the judgment of the Sub-Adviser.

**Value Investment Process** 

The Sub-Adviser seeks to construct a portfolio of value equity securities with a dividend yield at or above the average dividend yield of the companies included in the Index. The Sub-Adviser uses a valuation-based screening process to assist in the selection of companies according to criteria which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• an above-average dividend yield, and stability and growth of the dividend; and

&nbsp;&nbsp;&nbsp;&nbsp;• market capitalization that is usually above $1 billion (although the Fund may also invest up to 20% of its assets in small- and mid-capitalization companies).

In the value investment process, the Sub-Adviser may from time to time select securities that do not meet all of these criteria. The Sub-Adviser then conducts intensive fundamental research on each company to evaluate its growth, profitability, and valuation characteristics.

The Fund may also invest in derivative instruments which include, but are not limited to, futures or index futures that have a similar investment profile to the Index. The Fund typically uses derivative instruments to maintain equity exposure on its cash balance.

The Fund may invest in foreign (non-U.S.) securities, including companies located in countries with developing and emerging securities markets, when the Sub-Adviser believes they present attractive investment opportunities. As of the date of this Prospectus, countries with developing and emerging securities markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of western Europe.

The Fund may invest in real estate-related securities, including real estate investment trusts ("REITs").

The Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder.

In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of a company. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance ("ESG") factors. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of a company's ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser's evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser's decision to invest in a company, if at all, will depend on the analysis and judgment of the Sub-Adviser.

The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising.

The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>∕3% of its total assets.

**Principal Risks**

You could lose money on an investment in the Fund. Any of the following risks, among others, could affect Fund performance or cause the Fund to lose money or to underperform market averages of other funds. The principal risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk.

Voya VACS Series LCC Fund

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**Company:** The price of a company's stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company's goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless.

**Convertible Securities:** Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk.

**Credit:** The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.

**Currency:** To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions.

**Derivative Instruments:** Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment.

**Dividend:** Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future. As a result, the Fund's ability to execute its investment strategy may be limited.

**Environmental, Social, and Governance (Equity):** The Sub-Adviser's consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser's assessment of ESG factors in respect of a company may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund's assets that will be invested in companies that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in companies that compare favorably to other companies on the basis of ESG factors. It is possible that the Fund will have less exposure to certain companies due to the Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Foreign (Non-U.S.) Investments/Developing and Emerging Markets:** Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.

**Growth Investing:** Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer's growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more

Voya VACS Series LCC Fund

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sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which generally will decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investment Model:** The Sub-Adviser's proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors' historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (*e.g.*, stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance.

**Issuer Non-Diversification:** A non-diversified investment company is subject to the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be.

**Liquidity:** If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid, particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.

**Market:** The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.

**Market Capitalization:** Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns.

**Market Disruption and Geopolitical:** The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates

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in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, the prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Mid-Capitalization Company:** Investments in mid-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of a limited operating history, smaller size, limited markets, and financial resources, narrow product lines, less management depth, and more reliance on key personnel. Consequently, the securities of mid-capitalization companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

**Other Investment Companies:** The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company's underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund's expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF's shares, which could cause a material decline in the ETF's net asset value.

**Preferred Stocks:** Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights.

**Real Estate Companies and Real Estate Investment Trusts:** Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a

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REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT's sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests.

**Securities Lending:** Securities lending involves two primary risks: " investment risk " and " borrower default risk. " When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

**Small-Capitalization Company:** Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of a limited operating history, small size, limited markets and financial resources, narrow product lines, less management depth and more reliance on key personnel. The securities of small-capitalization companies are subject to liquidity risk as they are often traded over-the-counter and may not be traded in volumes typically seen on national securities exchanges.

**Value Investing:** Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company's value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund's relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly.

*An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency*.

**Performance Information**

Because the Fund had not commenced operations as of the date of this Prospectus, there is no performance information included.

**Portfolio Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **Investment Adviser** |
| Voya Investments, LLC |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| **Sub-Adviser** |
| Voya Investment Management Co. LLC |

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| | |
|:---|:---|
| **Portfolio Managers** |  |
| James Dorment, CFA <br>Portfolio Manager (since 12/25)<br>| Kristy Finnegan, CFA <br>Portfolio Manager (since 12/25)<br>|
| Barbara Reinhard, CFA <br>Portfolio Manager (since 12/25)<br>| Leigh Todd, CFA <br>Portfolio Manager (since 12/25)<br>|
| Gregory Wachsman, CFA <br>Portfolio Manager (since 12/25)<br>|  |

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**Purchase and Sale of Fund Shares**

Currently, shares of the Fund are available for purchase only by: (1) registered investment companies in the Voya family of funds with management fee structures intended to reflect their contemplated investment in underlying Voya funds that do not charge a fee for investment advisory services; (2) collective investment trusts or common investment trusts sponsored, managed or sub-advised by Voya affiliated entities; (3) investors through separate accounts managed or sub-advised by Voya affiliated entities; and (4) registered investment companies outside the Voya family of funds that are managed or sub-advised by a Voya affiliated entity with management fee structures intended to reflect their contemplated investment in underlying Voya funds that do not charge a fee for investment advisory services.

Shares of the Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of the Fund through a broker-dealer or other financial intermediary; by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports; by writing to us at Voya Investment Management, P.O. Box 534480, Pittsburgh, Pennsylvania 15253-4480; or by calling us at 1-800-992-0180.

There are no minimum requirements for initial investments or additional investments in the Fund.

Voya VACS Series LCC Fund

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**Tax Information**

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. If you are investing through a tax-advantaged arrangement, you may be taxed upon withdrawals from that arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Voya VACS Series LCC Fund

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**KEY FUND INFORMATION**

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This Prospectus contains information about the Fund and is designed to provide you with important information to help you with your investment decisions. Please read it carefully and keep it for future reference.

The Fund's Statement of Additional Information (the "SAI") is incorporated by reference into (legally made a part of) this Prospectus. It identifies investment restrictions, more detailed risk descriptions, a description of how the bond rating system works, and other information that may be helpful to you in your decision to invest. You may obtain a copy, without charge, from the Fund.

Neither this Prospectus, nor the related SAI, nor other communications to shareholders, such as proxy statements, is intended, or should be read, to be or give rise to an agreement or contract between Voya Equity Trust (the "Trust"), the Board of Trustees (the "Board"), or the Fund and any investor, or to give rise to any rights to any shareholder or other person other than any rights under U.S. federal or state law.

Other Voya mutual funds may also be offered to the public that have similar names, investment objectives, and principal investment strategies as those of the Fund. You should be aware that the Fund is likely to differ from these other Voya mutual funds in size and cash flow pattern, as well as other factors. Accordingly, the performance of the Fund can be expected to vary from the performance of other Voya mutual funds.

Other mutual funds and/or funds-of-funds may invest in the Fund. So long as the Fund accepts investments by other investment companies, it will not purchase securities of other investment companies, except to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder (the "1940 Act").

The Fund is a series of the Trust, a Massachusetts business trust. The Fund is managed by Voya Investments, LLC ("Voya Investments" or the "Investment Adviser").

**Fundamental Investment Policies** 

Fundamental investment policies contained in the SAI may not be changed without shareholder approval. Other policies and investment strategies may be changed without a shareholder vote.

**Fund Diversification** 

The Fund is non-diversified, as such term is defined in the 1940 Act. A diversified fund may not, as to 75% of its total assets, invest more than 5% of its total assets in any one issuer and may not purchase more than 10% of the outstanding voting securities of any one issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or other investment companies). A non-diversified fund is not limited by the 1940 Act in the percentage of its assets that it may invest in the obligations of a single issuer.

**Investor Diversification** 

Although the Fund is designed to serve as a component of a diversified investment portfolio of securities, no single mutual fund can provide an appropriate investment program for all investors. You should evaluate the Fund in the context of your personal financial situation, investment objectives, and other investments.

**Temporary Defensive Positions** 

When the Investment Adviser or the sub-adviser (the "Sub-Adviser") anticipates adverse or unusual market, economic, political, or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure. In such circumstances, the Fund may make investments believed to present less risk, such as cash, cash equivalents, money market fund shares and other money market instruments, higher quality debt instruments, more liquid securities, or others. While the Fund invests defensively, it may not achieve its investment objective. The Fund's defensive investment position may not be effective in protecting its value. It is impossible to predict accurately how long such defensive position may be utilized.

**Percentage and Rating Limitations** 

Unless otherwise indicated or as required by applicable law or regulation, the percentage and rating limitations on Fund investments listed in this Prospectus apply at the time of investment. If such a limitation is complied with at the time of an investment, any subsequent change in percentage resulting from a change in values or assets or a change in market capitalization of a company, or any subsequent change in rating, will generally not constitute a violation of that limitation.

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**KEY FUND INFORMATION *(continued)***

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**Investment Not Guaranteed** 

Please note your investment is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.

**Shareholder Reports** 

The Fund's fiscal year ends May 31. Shareholders are provided with annual and semi-annual shareholder reports that highlight key information to shareholders. Other information, including financial statements, is available on the Voya funds' website (https://individuals.voya.com/literature), delivered free of charge upon request, and filed with the SEC on a semi-annual basis on Form N-CSR. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to [Voyaim_literature@voya.com](mailto:Voyaim_literature@voya.com).

**Escheatment** 

Many states have unclaimed property rules that provide for transfer to the state (also known as "escheatment") of unclaimed property under various circumstances. These circumstances include inactivity (*e.g*., no owner-initiated contact for a certain period), returned mail (*e.g*., when mail sent to a shareholder is returned by the post office as undeliverable), or a combination of both inactivity and returned mail. Unclaimed or inactive accounts may be subject to escheatment laws, and the Fund, the transfer agent and the distributor will not be liable to shareholders or their representatives for good faith compliance with state unclaimed property laws.

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**MORE INFORMATION ABOUT THE FUND**

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**Additional Information About the Investment Objective** 

The Fund's investment objective is non-fundamental and may be changed by a vote of the Board, without shareholder approval. The Fund will provide 60 days' prior written notice of any change in a non-fundamental investment objective. There is no guarantee the Fund will achieve its investment objective.

**Additional Information About Principal Investment Strategies** 

For a complete description of the Fund's principal investment strategies, please see the Fund's summary prospectus or the Fund's summary section in this Prospectus.

**Additional Information About 80% Investment Policy Related to Fund Name** 

The Fund has adopted a policy to invest in accordance with the investment focus that the Fund's name suggests, as set forth in the table below (the "80% Investment Policy"). The Fund will provide shareholders with at least 60 days' prior notice of any change in its 80% Investment Policy.

For purposes of satisfying its 80% Investment Policy, the Fund may also invest in derivatives and other synthetic instruments and other investment companies, including ETFs, as applicable, that provide investment exposure to, or exposure to risk factors associated with, the investment focus that the Fund's name suggests.

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|:---|:---|:---|
| **Fund** | **80% Investment Policy** | &nbsp;&nbsp; **Additional Information About the 80%** <br> **Investment Policy**<br>|
| Voya VACS Series LCC Fund | &nbsp;&nbsp; Under normal circumstances, the Fund <br> invests at least 80% of its net assets (plus <br> the amount of any borrowings for investment <br> purposes) in investments tied to <br> large-capitalization companies.<br>| &nbsp;&nbsp; For purposes of this 80% policy, <br> large-capitalization companies means <br> companies with market capitalizations that <br> fall within the capitalization range of <br> companies within the Russell 1000® Index <br> (the "Index").<br>|

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**Additional Information About the Principal 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. Below is a discussion of the principal risks associated with certain types of the investments in which the Fund may invest and certain of the investment practices that the Fund may use. The discussion below expands on the risks included in the Fund's summary section of the Prospectus. The principal risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk.

Many of the investment techniques and strategies discussed in this Prospectus and in the SAI are discretionary, which means that the Investment Adviser or Sub-Adviser, as the case may be, can decide whether to use them. The Fund may invest in these securities or use these techniques as part of its principal investment strategies. However, the Investment Adviser or Sub-Adviser may also use these investment techniques or make investments in securities that are not a part of the Fund's principal investment strategies.

For more information about these and other types of securities and investment techniques that may be used by the Fund, see the SAI.

**Company:** The price of a company's stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company's goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless.

**Convertible Securities:** Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. The value of a convertible security will normally fluctuate in some proportion to changes in the value of the underlying stock because of the conversion or exercise feature. However, the value of a convertible security may not increase or decrease as rapidly as the underlying stock. Convertible securities may be rated below investment grade and therefore may be subject to greater levels of credit risk and liquidity risk.

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**MORE INFORMATION ABOUT THE FUND *(continued)***

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In the event the issuer of a convertible security is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, the Fund could lose money; such events may also have the effect of reducing the Fund's distributable income. There is a risk that the Fund may convert a convertible security at an inopportune time, which may decrease the Fund's returns.

**Credit:** The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities.

**Currency:** To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Fund through foreign currency exchange transactions. Currency rates may fluctuate significantly over short periods of time. Currency rates may be affected by changes in market interest rates, intervention (or the failure to intervene) by the U.S. or foreign (non-U.S.) governments, central banks or supranational entities such as the International Monetary Fund, by the imposition of currency controls, or other political or economic developments in the U.S. or abroad.

**Derivative Instruments:** Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change in value of a derivative may not correlate as expected with the asset, reference rate, or index being hedged. When used as an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return as direct cash investment. Generally, derivatives are sophisticated financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, reference rate, or index. Derivatives include, among other things, swap agreements, options, forward foreign currency exchange contracts, and futures. Certain derivatives in which the Fund may invest may be negotiated over-the-counter with a single counterparty and as a result are subject to credit risks related to the counterparty's ability or willingness to perform its obligations; any deterioration in the counterparty's creditworthiness could adversely affect the value of the derivative. In addition, derivatives and their underlying instruments may experience periods of illiquidity which could cause the Fund to hold a position it might otherwise sell, or to sell a position it otherwise might hold at an inopportune time or price. A manager might imperfectly judge the direction of the market. For instance, if a derivative is used as a hedge to offset investment risk in another security, the hedge might not correlate to the market's movements and may have unexpected or undesired results such as a loss or a reduction in gains. The U.S. government has enacted legislation that provides for regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union (and other jurisdictions outside of the European Union, including the United Kingdom) has implemented or is in the process of implementing similar requirements, which may affect the Fund when it enters into a derivatives transaction with a counterparty organized in that jurisdiction or otherwise subject to that jurisdiction's derivatives regulations. Because these requirements continue to evolve, their ultimate impact remains unclear. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however, there is no assurance that it will achieve that result, and, in the meantime, central clearing and related requirements expose the Fund to different kinds of costs and risks.

**Dividend:** Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future. As a result, the Fund's ability to execute its investment strategy may be limited.

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**MORE INFORMATION ABOUT THE FUND *(continued)***

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**Environmental, Social, and Governance (Equity):** The Sub-Adviser's consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser's assessment of ESG factors in respect of a company may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund's assets that will be invested in companies that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in companies that compare favorably to other companies on the basis of ESG factors. It is possible that the Fund will have less exposure to certain companies due to the Sub-Adviser's assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments.

**Foreign (Non-U.S.) Investments/Developing and Emerging Markets:** To the extent the Fund invests in securities of issuers in markets outside the U.S., its share price may be more volatile than if it invested in securities of issuers in the U.S. market due to, among other things, the following factors: comparatively unstable political, social, and economic conditions and limited or ineffectual judicial systems; wars; comparatively small market sizes, making securities less liquid and securities prices more sensitive to the movements of large investors and more vulnerable to manipulation; governmental policies or actions, such as high taxes, restrictions on currency movements, replacement of currency, potential for default on sovereign debt, trade or diplomatic disputes, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations, creation of monopolies, and seizure of private property through confiscatory taxation and expropriation or nationalization of company assets; incomplete, outdated, or unreliable information about securities issuers due to less stringent market regulation and accounting, auditing and financial reporting standards and practices; comparatively undeveloped markets and weak banking and financial systems; market inefficiencies, such as higher transaction costs, and administrative difficulties, such as delays in processing transactions; and fluctuations in foreign currency exchange rates, which could reduce gains or widen losses.

Economic or other sanctions imposed on a foreign (non-U.S.) country or issuer by the U.S. or on the U.S. by a foreign (non-U.S.) country, could impair the Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. In addition, foreign withholding or other taxes could reduce the income available for distribution to shareholders, and special U.S. tax considerations could apply to foreign (non-U.S.) investments. Depositary receipts are subject to risks of foreign (non-U.S.) investments and might not always track the price of the underlying foreign (non-U.S.) security. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.

The United Kingdom (the "UK") left the European Union (the "EU") on January 31, 2020 (commonly known as "Brexit") and entered into an 11-month transition period during which the UK remained part of the EU single market and customs union. The transition period concluded on December 31, 2020, and the UK left the EU single market and customs union under the terms of a new Trade and Cooperation Agreement. This agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as before, including in relation to financial services. Consequently, uncertainty remains in certain areas regarding the future UK-EU relationship.

Additionally, certain European countries have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European issuers that rely on the U.S. for trade. Moreover, the national politics of countries in Europe have been unpredictably and subject to influence by disruptive political groups and ideologies, including for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest.

From January 1, 2021, EU laws ceased to apply in the UK, with many being assimilated into UK law until repealed, replaced, or amended. The UK government has enacted legislation to make substantial amendments to these laws, creating unpredictable consequences for financial markets and investments. Brexit could significantly impact the UK, European, and global macroeconomic conditions, leading to prolonged political, legal, regulatory, tax, and economic uncertainty. This uncertainty may affect opportunities, pricing, availability, and cost of financing, regulation, values, or exit opportunities of companies or assets based in, doing business with, or having significant relationships in the UK or EU.

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Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets, for such reasons as social or political unrest, heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less developed or liquid markets. In certain emerging market countries, governments participate to a significant degree, through ownership or regulation, in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payments of dividends. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign (non-U.S.) countries. Investors in foreign (non-U.S.) countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign (non-U.S.) issuers or persons is limited. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increases the likelihood of a "failed settlement." Failed settlements can result in losses.

In addition, the Holding Foreign Companies Accountable Act (the "HFCAA") could cause securities of a foreign (non-U.S.) company, including American Depositary Receipts, to be delisted from U.S. stock exchanges if the company does not allow the U.S. government to oversee the auditing of its financial information. Although the requirements of the HFCAA apply to securities of all foreign (non-U.S.) issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, the Fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline. The Fund may also need to seek other markets in which to transact in such securities, which could increase the Fund's costs. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.

**Growth Investing:** Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer's growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period. Growth-oriented stocks typically sell at relatively high valuations as compared to other types of securities. Securities of growth companies may be more volatile than other stocks because they usually invest a high portion of earnings in their business, and they may lack the dividends of value-oriented stocks that can cushion stock prices in a falling market. The market may not favor growth-oriented stocks or may not favor equities at all. In addition, earnings disappointments may lead to sharply falling prices because investors buy growth-oriented stocks in anticipation of superior earnings growth. Historically, growth-oriented stocks have been more volatile than value-oriented stocks.

**Interest Rate:** A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument to a change in interest rate. The U.S. Federal Reserve Board recently lowered interest rates following a period of consistent rate increases. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Rising market interest rates have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent that the Fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in debt markets. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and related markets to heightened volatility. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which generally will decrease when the market rate of interest to which the inverse debt instruments are indexed

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increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund's operations and return potential.

**Investment Model:** The Sub-Adviser's proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Proprietary investment models used by the Sub-Adviser to evaluate securities or securities markets are based on the Sub-Adviser's understanding of the interplay of market factors and do not assure successful investment. The markets, or the price of individual securities, may be affected by factors not foreseen in the construction of the proprietary investment models. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors' historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (*e.g.*, stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance.

**Issuer Non-Diversification:** A non-diversified investment company is subject to the risks of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are non-diversified may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are diversified and could underperform compared to such funds. Even though classified as non-diversified, the Fund may actually maintain a portfolio that is diversified with a large number of issuers. In such an event, the Fund would benefit less from appreciation in a single issuer than if it had greater exposure to that issuer.

**Liquidity:** If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund's manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. Certain securities that are liquid when purchased may later become illiquid, particularly in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.

**Market:** The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally, legislative, regulatory or tax policies or developments may adversely impact the investment techniques available to a manager, add to costs, and impair the ability of the Fund to achieve its investment objectives.

**Market Capitalization:** Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies may be more volatile and may decline significantly in market downturns.

**Market Disruption and Geopolitical:** The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such

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as artificial intelligence technologies), and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S. and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. Furthermore, the prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.) economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence ("AI"), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

**Mid-Capitalization Company:** Investments in mid-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of a limited operating history, smaller size, limited markets, and financial resources, narrow product lines, less management depth, and more reliance on key personnel. Consequently, the securities of mid-capitalization companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

**Other Investment Companies:** The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company's underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund's expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject.

ETFs are exchange-traded investment companies that are, in many cases, designed to provide investment results corresponding to an index. Additional risks of investments in ETFs include that: (i) an active trading market for an ETF's shares may not develop or be maintained; or (ii) trading may be halted if the listing exchanges' officials deem such action appropriate, the shares are delisted from an exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts trading of an ETF's shares. Other investment companies include Holding Company Depositary Receipts ("HOLDRs"). Because HOLDRs concentrate in the stocks of a particular industry, trends in that industry may have a dramatic impact on their value. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may

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be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF's shares, which could cause a material decline in the ETF's net asset value.

**Preferred Stocks:** Preferred stocks represent an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other securities such as common stocks, dividends, and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock, and thus also represent an ownership interest in that company.

Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred stock generally pays dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects.

Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies.

Preferred stock includes certain hybrid securities and other types of preferred stock with different features from those of traditional preferred stock described above. Preferred stocks that are hybrid securities possess various features of both debt and traditional preferred stock and as such, they may constitute senior debt, junior debt, or preferred shares in an issuer's capital structure. Therefore, unlike traditional preferred stock, hybrid securities may not be subordinate to a company's debt instruments.

Preferred stock may include features permitting or requiring the issuer to defer or omit distributions. Among other things, such deferral or omission may result in adverse tax consequences for the Fund. Preferred stock generally does not have voting rights with respect to the issuer unless dividends have been in arrears for certain specified periods of time. Preferred stock may be less liquid than other securities. As a result, preferred stock is subject to the risk that they may be unable to be sold at the time desired by the Fund or at prices approximating the values at which the Fund is carrying the stock on its books. In addition, over longer periods of time, certain types of preferred stock may become more scarce or less liquid as a result of legislative changes. Such events may negatively affect the prices of stock held by the Fund, which may result in losses to the Fund. In addition, an issuer of preferred stock may redeem the stock prior to a specified date, which may occur due to changes in tax or securities laws or corporate actions. A redemption by the issuer may negatively impact the return of the preferred stock.

**Real Estate Companies and Real Estate Investment Trusts:** Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. Some REITs may invest in a limited number of properties, in a narrow geographic area or in a single property type, which increases the risk that the Fund could be unfavorably affected by the poor performance of a single investment or investment type. These companies are also sensitive to factors such as changes in real estate values and property taxes, market interest rates, cash flow of underlying real estate assets, supply and demand, and the management skill and creditworthiness of the issuer. Borrowers could default on or sell investments the REIT holds, which could reduce the cash flow needed to make distributions to investors. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT's sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests.

**Securities Lending:** Securities lending involves two primary risks: " investment risk " and " borrower default risk. " When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund's other risks.

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The Fund seeks to minimize investment risk by limiting the investment of cash collateral to high-quality instruments of short maturity. In the event of a borrower default, the Fund will be protected to the extent the Fund is able to exercise its rights in the collateral promptly and the value of such collateral is sufficient to purchase replacement securities. The Fund is protected by its securities lending agent, which has agreed to indemnify the Fund from losses resulting from borrower default.

**Small-Capitalization Company:** Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of a limited operating history, small size, limited markets and financial resources, narrow product lines, less management depth and more reliance on key personnel. The securities of small-capitalization companies are subject to liquidity risk as they are often traded over-the-counter and may not be traded in volumes typically seen on national securities exchanges.

**Value Investing:** Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company's value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund's relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other funds that invest more broadly.

**Further Information About Principal Risks** 

The following provides additional information about certain aspects of the principal risks described above.

**Counterparty:** The entity with which the Fund conducts portfolio-related business (such as trading or securities lending), or that underwrites, distributes or guarantees investments or agreements that the Fund owns or is otherwise exposed to, may refuse or may become unable to honor its obligations under the terms of a transaction or agreement. As a result, the Fund may sustain losses and be less likely to achieve its investment objective. These risks may be greater when engaging in over-the-counter transactions or when the Fund conducts business with a limited number of counterparties.

**Duration:** One measure of risk for debt instruments is duration. Duration measures the sensitivity of a bond's price to market interest rate movements and is one of the tools used by a portfolio manager in selecting debt instruments. Duration measures the average life of a bond on a present value basis by incorporating into one measure a bond's yield, coupons, final maturity and call features. As a point of reference, the duration of a non-callable 7% coupon bond with a remaining maturity of 5 years is approximately 4.5 years and the duration of a non-callable 7% coupon bond with a remaining maturity of 10 years is approximately 8 years. Material changes in market interest rates may impact the duration calculation. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%.

**Inflation:** Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the value of the Fund could decline. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to the Fund's investors or adversely affect the value of shareholders' investments in the Fund.

**Investment by Other Funds:** Certain funds-of-funds, including some Voya funds, may invest in the Fund. If investments by these other funds result in large inflows or outflows of cash from the Fund, the Fund could be required to sell securities or invest cash at times, or in ways, that could, among other things, negatively impact its performance, speed the realization of capital gains, increase its portfolio turnover, affect the liquidity of its portfolio, or increase transaction costs. The manager will monitor transactions by such funds-of-funds and will attempt to minimize any adverse effects these transactions may have on the Fund. If shares of the Fund are purchased by another fund in reliance on Section 12(d)(1)(G) of the 1940 Act or Rule 12d1-4 thereunder and the Fund purchases shares of other investment companies in reliance on Rule 12d1-4, the Fund will not be able to make new investments in other funds, including private funds, if, as a result of such investment, more than 10% of the Fund's assets would be invested in other funds or private funds, subject to certain exceptions.

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**Leverage:** Certain transactions and investment strategies may give rise to leverage. Such transactions and investment strategies include, but are not limited to: borrowing, dollar rolls, reverse repurchase agreements, loans of portfolio securities, short sales, and the use of when-issued, delayed delivery or forward commitment transactions. The use of certain derivatives may also increase leveraging risk and, in some cases, adverse changes in the value or level of a derivative's underlying asset, rate, or index may result in potentially unlimited losses. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile than if the Fund had not been leveraged. The use of leverage may increase expenses and increase the impact of the Fund's other risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet regulatory requirements resulting in increased volatility of returns. There can be no guarantee that a leveraging strategy will be successful.

**Manager:** The Fund is subject to manager risk because it is an actively managed investment portfolio. The Investment Adviser, the Sub-Adviser, or each individual portfolio manager will make judgments and apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce the desired results. The Fund's portfolio may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Operational:** The Fund, its service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats, operational and information security risks that could adversely affect the Fund and its shareholders, despite the efforts of the Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks. The use of artificial intelligence ("AI") and machine learning could exacerbate operational and information security risks or result in cyber security incidents that implicate personal data. Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses or impairing the Fund's operations. Information relating to the Fund's investments is delivered electronically, which can give rise to a number of risks, including, but not limited to, the risks that such communications may not be secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, without the knowledge of the sender or the intended recipient.

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**PORTFOLIO HOLDINGS INFORMATION**

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A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the SAI. Portfolio holdings information can be reviewed online at https://individuals.voya.com/product/mutual-fund/prospectuses-reports.

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**MANAGEMENT OF THE FUND**

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**Investment Adviser**

Voya Investments, an Arizona limited liability company, is registered with the SEC as an investment adviser. Voya Investments serves as the investment adviser to, and has overall responsibility for the management of, the Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

Voya Investments began business as an investment adviser in 1994 and currently serves as investment adviser to certain registered investment companies, consisting of open- and closed-end registered investment companies and collateralized loan obligations. Voya Investments is an indirect subsidiary of Voya Financial, Inc. Voya Financial, Inc. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries.

Voya Investments' principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

**Management Fee** 

The Investment Adviser does not receive a management fee from the Fund. The Fund may be utilized in connection with investment products or other offerings with fee structures intended to reflect their contemplated investment in underlying funds that do not charge a fee for investment advisory services. The Investment Adviser and/or its affiliates may receive management or other fees with respect to these investment products or other offerings that invest in the Fund.

The Investment Adviser pays all of its expenses arising from the performance of its obligations under the Investment Management Agreement, including executive salaries and expenses of the Trustees and officers of the Trust who are employees of the Investment Adviser or its affiliates, except the CCO.

A discussion regarding the basis of the Board's approval of the Fund's investment advisory and sub-advisory contracts will be available in the Fund's Form N-CSR which covers the one-year period ended May 31, 2026.

**Sub-Adviser**

The Investment Adviser has engaged the Sub-Adviser to provide the day-to-day management of the Fund's portfolio.

The Investment Adviser acts as a "manager-of-managers" for the Fund. The Investment Adviser has ultimate responsibility, subject to the oversight of the Fund's Board, to oversee any sub-advisers and to recommend the hiring, termination, or replacement of sub-advisers. The Fund and the Investment Adviser have received exemptive relief from the SEC which permits the Investment Adviser, with the approval of the Board but without obtaining shareholder approval, to enter into or materially amend a sub-advisory agreement with sub-advisers that are not affiliated with the Investment Adviser ("non-affiliated sub-advisers") as well as sub-advisers that are indirect or direct, wholly-owned subsidiaries of the Investment Adviser or of another company that indirectly or directly wholly owns the Investment Adviser ("wholly-owned sub-advisers").

Consistent with the "manager-of-managers" structure, the Investment Adviser delegates to the Sub-Adviser(s) of the Fund the responsibility for day-to-day investment management, subject to the Investment Adviser's oversight. The Investment Adviser is responsible for, among other things, monitoring the investment program and performance of the Sub-Adviser(s). Pursuant to the exemptive relief, the Investment Adviser, with the approval of the Board, has the discretion to terminate any sub-adviser (including terminating a non-affiliated sub-adviser and replacing it with a wholly-owned sub-adviser), and to allocate and reallocate the Fund's assets among other sub-advisers.

The Investment Adviser's selection of sub-advisers presents conflicts of interest. The Investment Adviser will have an economic incentive to select sub-advisers that charge the lowest sub-advisory fees, to select sub-advisers affiliated with it, or to manage a portion of the Fund itself. The Investment Adviser may retain an affiliated sub-adviser (or delay terminating an affiliated sub-adviser) in order to help that sub-adviser achieve or maintain scale in an investment strategy or increase its assets under management. The Investment Adviser may select or retain an affiliated sub-adviser even in cases where another potential sub-adviser or an existing sub-adviser might charge a lower fee or have more favorable historical investment performance.

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**MANAGEMENT OF THE FUND *(continued)***

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In the event that the Investment Adviser exercises its discretion to replace a sub-adviser or appoint a new sub-adviser, the Fund will provide shareholders with information about the new sub-adviser and the new sub-advisory agreement within 90 days. The replacement of an existing sub-adviser or appointment of a new sub-adviser may be accompanied by a change to the Fund's name and/or investment strategies.

A sub-advisory agreement can be terminated by the Investment Adviser, the Fund's Board, or the Sub-Adviser, provided that the conditions of such termination, as set forth in the agreement, are met. In addition, a sub-advisory agreement may be terminated by the Fund's shareholders. In the event a sub-advisory agreement is terminated, the Sub-Adviser(s) may be replaced, subject to any regulatory requirements, or the Investment Adviser may assume day-to-day investment management of the Fund.

The "manager-of-managers" structure and reliance on the exemptive relief has been approved by the Fund's shareholders.

**Voya Investment Management Co. LLC** 

Voya Investment Management Co. LLC ("Voya IM" or the "Sub-Adviser"), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM has acted as an investment adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. Voya IM's principal business address is 200 Park Avenue, New York, New York 10166.

**Portfolio Management**

Information about the persons jointly and primarily responsible for the day-to-day management of the Fund's portfolio is shown below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Professional Experience** |
| James Dorment, CFA | Voya IM | Voya VACS Series LCC Fund | Mr. Dorment, Portfolio Manager, serves on Voya IM's <br> global equity team for the large-cap value <br> strategies. Mr. Dorment joined Voya IM as an analyst <br> covering the consumer sectors in 2008.<br>|
| Kristy Finnegan, CFA | Voya IM | Voya VACS Series LCC Fund | Ms. Finnegan, Portfolio Manager of Voya IM's large <br> cap growth and mid cap growth strategies, joined <br> Voya IM in 2001. Previously, she served as a <br> portfolio manager and analyst for Voya IM's large <br> cap value strategies. Prior to that, Ms. Finnegan was <br> an investment banking analyst at SunTrust Equitable <br> Securities where she focused on deals primarily in <br> the education and health care sectors.<br>|
| Barbara Reinhard, CFA | Voya IM | Voya VACS Series LCC Fund | Ms. Reinhard, Portfolio Manager, joined Voya IM in <br> 2016 and is the head of asset allocation for <br> Multi-Asset Strategies and Solutions ("MASS"). She <br> is responsible for strategic and tactical asset <br> allocation decisions for the MASS team's <br> multi-asset strategies. Prior to joining Voya IM, Ms. <br> Reinhard was the chief investment officer for Credit <br> Suisse Private Bank in the Americas (2011-2016) <br> where she managed discretionary multi-asset <br> portfolios, was a member of the global asset <br> allocation committee, and the pension investment <br> committee. Prior to that, she spent 20 years at <br> Morgan Stanley. <br>|

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**MANAGEMENT OF THE FUND *(continued)***

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---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Manager** | **Investment** <br> **Adviser or** <br> **Sub-Adviser**<br>| **Fund** | **Professional Experience** |
| Leigh Todd, CFA | Voya IM | Voya VACS Series LCC Fund | Ms. Todd, Portfolio Manager of Voya IM's large cap <br> growth and mid cap growth strategies, joined Voya <br> IM in 2021. Prior to that, she served as a portfolio <br> manager and senior research analyst at Mellon and <br> was a portfolio manager at State Street Global <br> Advisors.<br>|
| Gregory Wachsman, CFA | Voya IM | Voya VACS Series LCC Fund | Mr. Wachsman, Portfolio Manager and equity <br> analyst, joined Voya IM in 2017 and serves on Voya <br> IM's value team where he covers the financials <br> sector. Prior to joining Voya IM, he was an equity <br> analyst covering U.S. banks, brokers, specialty <br> finance, and exchanges at Lord Abbett & Co. <br> (2010-2017).<br>|

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**Additional Information Regarding the Portfolio Managers** 

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and the securities each portfolio manager owns in the Fund(s) the portfolio manager manages.

**Distributor** 

Voya Investments Distributor, LLC (the "Distributor"), a Delaware limited liability company, is the principal underwriter and distributor of the Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. The Distributor's principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. See "Principal Underwriter" in the SAI.

The Distributor is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or the Public Disclosure Hotline at 800-289-9999.

**Contractual Arrangements** 

The Fund has contractual arrangements with various service providers, which may include, among others, investment advisers, distributors, custodians and fund accounting agents, shareholder service providers, and transfer agents, who provide services to the Fund. Shareholders are not parties to, or intended ("third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund. This paragraph is not intended to limit any rights granted to shareholders under federal or state securities laws.

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**HOW SHARES ARE PRICED**

------

The Fund is open for business every day the New York Stock Exchange (the "NYSE") opens for regular trading (each such day, a "Business Day"). The net asset value (the "NAV") per share for each class of the Fund is determined each Business Day as of the close of the regular trading session ("Market Close"), as determined by the Consolidated Tape Association (the "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 each class of the Fund is calculated by taking the value of the Fund's assets attributable to that class, subtracting the Fund's liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. On days when the Fund is closed for business, Fund shares will not be priced, and the Fund will not process purchase or redemption orders. To the extent the Fund's assets are traded in other markets on days when the Fund does not price its shares, the value of the Fund's assets will likely change and you will not be able to purchase or redeem shares of the Fund.

Portfolio holdings for which market quotations are readily available are valued at market value. Investments in open-end registered investment companies that do not trade on an exchange are valued at the end-of-day NAV per share. The prospectuses of the open-end registered investment companies in which the Fund may invest explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing. Foreign (non-U.S.) securities' prices are converted into U.S. dollar amounts using the applicable exchange rates as of Market Close.

When a market quotation for a portfolio security is not readily available or is deemed unreliable (for example, when trading has been halted or there are unexpected market closures or other material events that would suggest that the market quotation is unreliable) and for purposes of determining the value of other portfolio holdings, the portfolio holding is priced at its fair value. The Board has designated the Investment Adviser, as the valuation designee, to make fair value determinations in good faith. In determining the fair value of the Fund's portfolio holdings, the Investment Adviser, pursuant to its fair valuation policy, may consider inputs from pricing service providers, broker-dealers, or the Fund's Sub-Adviser(s). Issuer specific events, transaction price, position size, nature and duration of restrictions on disposition of the security, market trends, bid/ask quotes of brokers, and other market data may be reviewed in the course of making a good faith determination of the fair value of a portfolio holding. Because trading hours for certain foreign (non-U.S.) securities end before Market Close, closing market quotations may become unreliable. The prices of foreign (non-U.S.) securities will generally be adjusted based on inputs from a third-party pricing service that are intended to reflect valuation changes through Market Close. Because of the inherent uncertainties of fair valuation, the values used to determine the Fund's NAV may materially differ from the value received upon actual sale of those investments. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

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**HOW TO BUY SHARES**

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**Customer Identification** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person that opens an account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

What this means for you: the Fund, the Distributor, or a third-party selling you the Fund, must obtain the following information for each person that opens an account:

&nbsp;&nbsp;&nbsp;&nbsp;• Name;

&nbsp;&nbsp;&nbsp;&nbsp;• Date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;• Physical residential address (although post office boxes are still permitted for mailing); and

&nbsp;&nbsp;&nbsp;&nbsp;• Social Security number, taxpayer identification number, or other identifying number.

You may also be asked to show your driver's license, passport, or other identifying documents in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other non-natural persons.

**Federal law prohibits the Fund, the Distributor, and other financial institutions from opening accounts unless they receive the minimum identifying information listed above. They also may be required to close your account if they are unable to verify your identity within a reasonable time.**

The Fund and the Distributor reserve the right to reject any purchase order. Please note that cash, traveler's checks, third-party checks, money orders, and checks drawn on non-U.S. banks (even if payment may be effected through a U.S. bank) generally will not be accepted. The Fund and the Distributor reserve the right to liquidate sufficient shares to recover annual transfer agent fees.

The Fund reserves the right to suspend the offering of shares.

Currently, shares of the Fund are available for purchase only by: (1) registered investment companies in the Voya family of funds with management fee structures intended to reflect their contemplated investment in underlying Voya funds that do not charge a fee for investment advisory services; (2) collective investment trusts or common investment trusts sponsored, managed or sub-advised by Voya affiliated entities; (3) investors through separate accounts managed or sub-advised by Voya affiliated entities; and (4) registered investment companies outside the Voya family of funds that are managed or sub-advised by a Voya affiliated entity with management fee structures intended to reflect their contemplated investment in underlying Voya funds that do not charge a fee for investment advisory services.

There are no minimum requirements for initial investments or additional investments in the Fund.

Make your investment using the methods outlined in the following table. There are no exchange privileges associated with the Fund's shares.

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**HOW TO BUY SHARES *(continued)***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Buying Shares** | **Opening an Account** | **Adding to an Account** |
| By Contacting Your Financial <br> Intermediary<br>| &nbsp;&nbsp; A financial intermediary with an authorized <br> firm can help you establish and maintain your <br> account.<br>| Contact your financial intermediary. |
| By Mail | &nbsp;&nbsp; Make your check payable to Voya Investment <br> Management and mail it with a completed <br> Account Application. Please indicate your <br> financial intermediary on the New Account <br> Application.<br>| &nbsp;&nbsp; Fill out the Account Additions form at the <br> bottom of your account statement and mail it <br> along with your check payable to Voya <br> Investment Management to the address on <br> the account statement. Please write your <br> account number on the check.<br>|
| By Wire | &nbsp;&nbsp; Call Shareholder Services at <br> 1-800-992-0180 to obtain an account <br> number and indicate your financial <br> intermediary on the account.<br> Instruct your bank to wire funds to the Fund <br> in the care of:<br> Bank of New York Mellon<br> ABA # 011001234<br> credit to: BNY Mellon Investment Servicing <br> (US) Inc. as Agent for Voya mutual funds<br> A/C #0000733938; for further credit to <br> Shareholder A/C # <br> (A/C # you received over the telephone)<br> Shareholder Name:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Your Name Here)<br> After wiring funds you must complete the <br> Account Application and send it to:<br> Voya Investment Management<br> P.O. Box 534480<br> Pittsburgh, PA 15253-4480<br>| &nbsp;&nbsp; Wire the funds in the same manner described <br> under "Opening an Account."<br>|

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**HOW TO BUY SHARES *(continued)***

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**Execution of Purchase Orders** 

Purchase orders are executed at the next NAV determined after the order is received in proper form by the Transfer Agent or the Distributor. A purchase order will be deemed to be in proper form when all of the required steps set forth under "How to Buy Shares" have been completed. If you purchase by wire, however, the order will be deemed to be in proper form after the federal funds wire has been received. If you are opening a new account and you purchase by wire, you must submit an application form prior to Market Close. If an order or payment by wire is received after Market Close, your order will not be executed until the next NAV is determined. For your transaction to be counted on the day you place your order with your broker-dealer or other financial institution, your broker-dealer or financial institution must receive your order in proper form before Market Close and transmit the order to the Transfer Agent or the Distributor in a timely manner.

You will receive a confirmation of each new transaction in your account, which also will show you the number of shares you own including the number of shares being held in safekeeping by the Transfer Agent for your account. You may rely on these confirmations in lieu of certificates as evidence of your ownership.

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**HOW TO SELL SHARES**

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You may sell shares by using the methods outlined in the following table. Under unusual circumstances, the Fund may suspend the right of redemption as allowed by the SEC or federal securities laws. There are no exchange privileges associated with the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Selling Shares** | **To Sell Some or All of Your Shares** |
| By Contacting Your Financial <br> Intermediary<br>| You may sell shares by contacting your financial intermediary. Financial intermediaries may <br> charge for their services in connection with your redemption request but neither the Fund nor <br> the Distributor imposes any such charge.<br>|
| By Mail | Send a written request specifying the Fund name and share class, your account number, the <br> name(s) in which the account is registered, and the dollar value or number of shares you wish <br> to redeem to: <br>Voya Investment Management<br> P.O. Box 534480<br> Pittsburgh, PA 15253-4480 <br>If certificated shares have been issued, the certificate must accompany the written request. <br> Corporate investors and other associations must have an appropriate certification on file <br> authorizing redemptions. A suggested form of such certification is provided on the Account <br> Application. A signature guarantee may be required.<br>|
| By Telephone - Expedited Redemption | You may sell shares by telephone on all accounts, other than retirement accounts, unless you <br> check the box on the Account Application which signifies that you do not wish to use telephone <br> redemptions. To redeem by telephone, call a Shareholder Services Representative at <br> 1-800-992-0180. <br>**Receiving Proceeds By Check:** <br>You may have redemption proceeds (up to a maximum of $10,000,000) mailed to an address <br> which has been on record with Voya Investment Management for at least 30 days. <br>**Receiving Proceeds By Wire:** <br>You may have redemption proceeds (up to a maximum of $10,000,000) wired to your <br> pre-designated bank account. You will not be able to receive redemption proceeds by wire <br> unless you check the box on the Account Application which signifies that you wish to receive <br> redemption proceeds by wire and attach a voided check. Under normal circumstances, <br> proceeds will be transmitted to your bank on the Business Day following receipt of your <br> instructions, provided redemptions may be made. In the event that share certificates have been <br> issued, you may not request a wire redemption by telephone.<br>|

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**Execution of Sale Requests** 

Sale requests are executed at the next NAV determined after the order is received in proper form by the Transfer Agent or the Distributor. For your transaction to be counted on the day you place your sale request with your broker-dealer or other financial institution, your broker-dealer or financial institution must receive your sale request in proper form before Market Close and transmit the sale request to the Transfer Agent or the Distributor in a timely manner.

You will receive a confirmation of each new transaction in your account, which also will show you the number of shares you own including the number of shares being held in safekeeping by the Transfer Agent for your account. You may rely on these confirmations in lieu of certificates as evidence of your ownership.

**Payments** 

Normally, payment for shares redeemed will typically be made within one business day after receipt by the Transfer Agent of a request in good order. The Fund can delay payment of the redemption proceeds for up to 7 days and may suspend redemptions and/or further postpone payment proceeds when the NYSE is closed (other than weekends or holidays) or when trading thereon is restricted or during emergency or other circumstances, including as determined by the SEC. When you place a request to redeem shares for which the purchase money has not yet been collected, the request will be executed at the next determined NAV, but the Fund will not release the proceeds until your purchase

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**HOW TO SELL SHARES *(continued)***

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payment clears. This may take up to 30 days. A redemption request made within 30 calendar days after submission of a change of address is permitted only if the request is in writing and is accompanied by a medallion signature guarantee. Redemption requests of an amount of $10 million or more must be submitted in writing by an authorized person.

A medallion signature guarantee may be required in certain circumstances. A request to change the bank designated to receive wire redemption proceeds must be received in writing, signed by an authorized person, and accompanied by a medallion signature guarantee from any eligible guarantor institution. In addition, if you wish to have your redemption proceeds transferred by wire to an account other than your designated bank account, paid to someone other than the shareholder of record, or sent somewhere other than the shareholder's address of record, you must provide a medallion signature guarantee with your written redemption instructions. Please see the SAI for more details on the medallion signature guarantee program.

The Fund will typically pay redemption proceeds in cash using cash held by the Fund, with cash generated by the Fund through the sale of cash equivalents and other Fund assets or by borrowing cash pursuant to the Fund's line of credit. The Fund may, however, determine in its absolute discretion to distribute non-cash assets in kind in complete or partial satisfaction of its obligation to pay redemption proceeds to a shareholder. In such a case, the Fund could elect to make payment in securities or other assets for redemptions that exceed the lesser of $250,000 or 1% of its net assets during any 90-day period for any one record shareholder. Non-cash assets distributed by the Fund likely will not represent a pro rata distribution of assets held in the Fund's portfolio. A shareholder's receipt of non-cash redemption proceeds may be less favorable to the shareholder than receipt of cash proceeds for a number of reasons, including, without limitation, costs and potential delays relating to the sale of the non-cash assets, potential illiquidity of the non-cash assets, and the potential inability of the shareholder to realize on the sale of the non-cash assets cash proceeds equal to the cash proceeds it would have received from the Fund. The Fund has no obligation to distribute non-cash assets, including in circumstances when doing so may benefit a redeeming shareholder or may reduce or eliminate transaction costs and/or the realization of capital gains that may need to be distributed to shareholders, which such distributions will be taxable to shareholders that hold their shares in a taxable account.

**Telephone Orders** 

Neither the Fund nor the Transfer Agent will be responsible for the authenticity of phone instructions or losses, if any, resulting from unauthorized shareholder transactions if they reasonably believe that such instructions were genuine. The Fund and the Transfer Agent have established reasonable procedures to confirm that instructions communicated by telephone are genuine. These procedures include recording telephone instructions for expedited redemptions, requiring the caller to give certain specific identifying information, and providing written confirmation to shareholders of record not later than 5 days following any such telephone transactions. If the Fund or the Transfer Agent do not employ these procedures, they may be liable for any losses due to unauthorized or fraudulent telephone instructions.

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**FREQUENT TRADING - MARKET TIMING**

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The Fund is intended for long-term investment and not as a short-term trading vehicle. Accordingly, organizations or individuals that use market timing investment strategies should not purchase shares of the Fund. The Fund reserves the right, in its sole discretion and without prior notice, to reject, restrict, or refuse purchase orders, including purchase orders that have been accepted by a shareholder's or retirement plan participant's intermediary, that the Fund determines not to be in the best interest of the Fund. Such action may include, but not be limited to: rejecting additional purchase orders, extending settlement of a redemption up to 7 days; rejecting all purchase orders from broker-dealers or their registered representatives suspected of violating the Fund's frequent trading policy; or termination of the selling group agreement or other agreement with broker-dealers or other financial intermediaries associated with frequent trading. The Fund will not be liable for any loss resulting from rejected orders or other actions as described above.

The Fund believes that market timing or frequent, short-term trading in any account, including a retirement plan account, is not in the best interest of the Fund or its shareholders. Due to the disruptive nature of this activity, it can adversely affect the ability of the Investment Adviser or Sub-Adviser (if applicable) to invest assets in an orderly, efficient manner. Frequent trading can raise Fund expenses through: increased trading and transaction costs; increased administrative costs; and lost opportunity costs. This in turn can have an adverse effect on Fund performance.

Funds that invest in foreign (non-U.S.) securities may present greater opportunities for market timers and thus be at a greater risk for excessive trading. If an event occurring after the close of a foreign market, but before the time the Fund computes its current NAV, causes a change in the price of the foreign (non-U.S.) security and such price is not reflected in its current NAV, investors may attempt to take advantage of anticipated price movements in securities held by the Fund based on such pricing discrepancies. This is often referred to as "price arbitrage." Such price arbitrage opportunities may also occur in funds which do not invest in foreign (non-U.S.) securities. For example, if trading in a security held by the Fund is halted and does not resume prior to the time it calculates its NAV such "stale pricing" presents an opportunity for investors to take advantage of the pricing discrepancy. Similarly, funds that hold thinly-traded securities, such as certain small-capitalization securities, may be exposed to varying levels of pricing arbitrage. The Fund has adopted fair valuation policies and procedures intended to reduce its exposure to price arbitrage, stale pricing and other potential pricing discrepancies. However, to the extent that the Fund does not immediately reflect these changes in market conditions, short-term trading may dilute the value of the Fund's shares which negatively affects long-term shareholders.

The Board has adopted policies and procedures designed to deter frequent, short-term trading in shares of the Fund. The Fund prohibits frequent trading. The Fund has defined frequent trading as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Trading deemed harmful or excessive by the Fund (including but not limited to patterns of purchases and redemptions) by the Fund's Investment Adviser, on behalf of the Fund, in its sole discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;• Trades initiated by intermediaries, among multiple shareholder accounts, that in the aggregate are deemed harmful or excessive by the Fund's Investment Adviser, on behalf of the Fund, in its sole discretion.

The following transactions are excluded when determining whether trading activity is frequent:

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of Fund shares in the amount of $5,000 or less;

&nbsp;&nbsp;&nbsp;&nbsp;• Transfers associated with systematic purchases or redemptions;

&nbsp;&nbsp;&nbsp;&nbsp;• Rebalancing to facilitate fund-of-fund arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of money market funds and purchases and sales of Funds that affirmatively permit short-term trading (an exchange between a money market fund and the Fund other than a money market fund or purchases and exchanges between the Fund that permits short-term trading and another Fund would not be exempt from this policy);

&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales initiated by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;• Transactions subject to the trading policy of an intermediary that the Fund's Investment Adviser, on behalf of the Fund, deems materially similar to the Fund's policy.

If a violation of the policy is identified, the following action shall be taken:

&nbsp;&nbsp;&nbsp;&nbsp;• The shareholder and/or broker of record on the account(s) is notified of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon the first violation of this policy in a calendar year, purchase privileges shall be suspended for 90 calendar days from the date of the first trade.

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**FREQUENT TRADING - MARKET TIMING *(continued)***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Upon a second violation of the policy in a calendar year, purchase privileges shall be suspended for 180 calendar days from the trade date of the second violation.

&nbsp;&nbsp;&nbsp;&nbsp;• Purchase blocks shall be placed on the account and all related accounts bearing the same tax identification number or equivalent identifier.

On the Business Day following the end of a 90- or 180-calendar day suspension, any trading restrictions placed on the account(s) shall be removed.

The Fund reserves the right to modify this policy at any time without prior notice.

Although the restrictions described above are designed to discourage frequent, short-term trading, none of them alone, nor all of them taken together, can eliminate the possibility that frequent, short-term trading activity in the Fund will occur. Moreover, in enforcing such restrictions, the Fund is often required to make decisions that are inherently subjective. The Fund strives to make these decisions to the best of its abilities in a manner that it believes is in the best interest of shareholders.

Shareholders may invest in the Fund through omnibus account arrangements with financial intermediaries. Omnibus accounts permit intermediaries to aggregate their clients' transactions and in these circumstances, the identity of the shareholder is often unknown. Such intermediaries include broker-dealers, banks, investment advisers, record keepers, retirement plans, and fee-based accounts such as wrap fee programs. Omnibus accounts generally do not identify customers' trading activity on an individual basis. The Investment Adviser or its affiliated entities have agreements in place with intermediaries which require such intermediaries to provide detailed account information, including trading history, upon request of the Fund. There is no assurance that the Investment Adviser or its affiliated entities will request such information with sufficient frequency to detect or deter excessive trading or that review of such information will be sufficient to detect or deter excessive trading in omnibus accounts effectively.

In some cases, the Fund will rely on the intermediaries' excessive trading policies and such policies shall define the trading activity in which the shareholder may engage. This shall be the case where the Fund is used in certain retirement plans offered by affiliates. With trading information received as a result of the agreements, the Fund may make a determination that certain trading activity is harmful to the Fund and its shareholders even if such activity is not strictly prohibited by the intermediaries' excessive trading policy. As a result, a shareholder investing directly or indirectly in the Fund may have their trading privileges suspended without violating the stated excessive trading policy of the intermediary.

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**PAYMENTS TO FINANCIAL INTERMEDIARIES**

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Voya mutual funds are distributed by the Distributor. The Distributor is a broker-dealer that is licensed to sell securities. The Distributor generally does not sell directly to the public but sells and markets its products through intermediaries such as other broker-dealers. Each Voya mutual fund also has an investment adviser which is responsible for managing the money invested in each of the mutual funds. Both of these entities or their affiliates (collectively, "Voya") may compensate an intermediary for selling Voya mutual funds.

Persons licensed with FINRA as a registered representative (often referred to as a broker or financial adviser) and associated with a specific broker-dealer may receive compensation from the Fund for providing services which are primarily intended to result in the sale of Fund shares. The Distributor has an agreement in place with each broker-dealer selling the Fund defining specifically what that broker-dealer will be paid for the sale of a particular Voya mutual fund. The broker-dealer then pays the registered representative who sold you the mutual fund some or all of what they receive from Voya. A registered representative may receive a payment when the sale is made and in some cases, can continue to receive payments while you are invested in the mutual fund. In addition, other entities may receive compensation from the Fund for providing services which are primarily intended to result in the sale of Fund shares, so long as such entities are permitted to receive these fees under applicable rules and regulations.

The Distributor may pay, from its own resources, additional fees to these broker-dealers or other financial institutions including affiliated entities. These additional fees paid to intermediaries may take the following forms: (1) a percentage of that entity's customer assets invested in Voya mutual funds; (2) a percentage of that entity's gross sales; or (3) some combination of these payments. Depending on the broker-dealer's satisfaction of the required conditions, these payments may be periodic and may be up to: (1) 0.30% per annum of the value of the Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of the Fund's shares sold by the broker-dealer during a particular period. For example, if that initial investment averages a value of $10,000 over the year, the Distributor could pay a maximum of $30 on those assets. If you invested $10,000, the Distributor could pay a maximum of $30 for that sale.

Voya, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash or non-cash compensation to intermediaries selling shares of the Fund, including affiliates of Voya. These amounts would be in addition to the distribution payments made by the Fund under the distribution agreements. Management personnel of Voya may receive additional compensation if the overall amount of investments in funds advised by Voya meets certain target levels or increases over time.

Voya may provide additional cash or non-cash compensation to third parties selling our mutual funds including affiliated companies. This may take the form of cash incentives and non-cash compensation and may include, but is not limited to: cash; merchandise; trips; occasional entertainment; meals or tickets to a sporting event; client appreciation events; payment for travel expenses (including meals and lodging) to pre-approved training and education seminars; and payment for advertising and sales campaigns. The Distributor may also pay concessions in addition to those described above to broker-dealers so that Voya mutual funds are made available by those broker-dealers for their customers. The Sub-Adviser of the Fund may contribute to non-cash compensation arrangements.

The compensation paid by Voya to a financial intermediary is typically paid continually over time, during the period when the intermediary's clients hold investments in the Voya mutual funds. The amount of continuing compensation paid by Voya to different financial intermediaries for distribution and/or shareholder services varies. The compensation is typically a percentage of the value of the financial intermediary's clients' investments in Voya mutual funds or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the intermediary.

Voya or a Voya mutual fund may pay service fees to intermediaries for administration, recordkeeping, and other shareholder services. Intermediaries receiving these payments may include, among others, brokers, financial planners or advisers, banks, and insurance companies. The Voya mutual funds may reimburse Voya for some or all of the payments made by Voya to intermediaries for these services.

In some cases, a financial intermediary may hold its clients' mutual fund shares in nominee or street name accounts. These financial intermediaries may (though they will not necessarily) provide services including, among other things: processing and mailing trade confirmations; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations.

The top firms Voya paid to sell its mutual funds as of the last calendar year are:

------

**PAYMENTS TO FINANCIAL INTERMEDIARIES *(continued)***

------

Ameriprise Financial Services, LLC; Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.; Charles Schwab & Co. Inc.; Directed Services LLC; Empower Financial Services, Inc.; Fidelity Brokerage Services, LLC; J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mid Atlantic Clearing & Settlement Corporation, Inc.; Morgan Stanley; New York Life Insurance & Annuity Corp; Osaic, Inc.; Pershing, LLC; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; Reliance Trust Company; ReliaStar Life Insurance Company of New York; Standard Insurance Company; UBS Financial Services, Inc.; Vanguard Marketing Corporation; Voya Financial Advisers, Inc.; Voya Retirement Insurance and Annuity Company; and Wells Fargo Clearing Services, LLC.

Your registered representative or broker-dealer could have a financial interest in selling you a particular mutual fund, or the mutual funds of a particular company, to increase the compensation they receive. Please make sure you read fully each mutual fund prospectus and discuss any questions you have with your registered representative.

------

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

------

**Dividends and Distributions** 

The Fund generally distributes most or all of its net earnings in the form of dividends, consisting of ordinary income and capital gains distributions, if any. The Fund distributes capital gains, if any, annually. The Fund also declares dividends and pays dividends consisting of ordinary income, if any, annually.

From time to time a portion of the Fund's distributions may constitute a return of capital. To comply with U.S. federal tax laws, the Fund may also pay additional distributions of capital gains and/or ordinary income.

**Dividend Reinvestment** 

Unless you instruct the Fund to pay you dividends in cash, dividends and distributions paid by the Fund will be reinvested in additional shares of the Fund. You may, upon written request or by completing the appropriate section of the Account Application, elect to have all dividends and other distributions paid on shares of the Fund invested in another Voya mutual fund that offers the same class of shares.

**Tax Consequences** 

The tax discussion in this Prospectus is only a summary of certain U.S. federal income tax issues generally affecting the Fund and its shareholders. The following assumes that the Fund's shares will be capital assets in the hands of a shareholder. The Investment Adviser is not obligated to consider the tax consequences related to its management of the Fund's investments or other activities. It is possible that the actions taken by the Fund or the Investment Adviser on the Fund's behalf could be disadvantageous to shareholders that hold shares through a taxable account. However, such actions likely will have no tax effect on shareholders that invest through a tax-advantaged account. Circumstances among investors may vary, so you are encouraged to discuss an investment in the Fund with your tax advisor.

**Distributions.** The Fund will distribute all, or substantially all, of its net investment income and net capital gains (*i.e.*, the excess of net long-term capital gains over net short-term capital losses, in each case determined with reference to any loss carryforwards) to its shareholders each year. Although the Fund will not be taxed on amounts it distributes, most shareholders will be taxed on amounts they receive.

Distributions, whether received as cash or reinvested in additional shares, may be subject to U.S. federal income taxes and may also be subject to state, local or non-U.S. taxes. Dividends from net investment income (other than qualified dividend income and capital gain dividends) and distributions of net short-term capital gains are taxable to you as ordinary income under U.S. federal income tax laws whether paid in cash or in additional shares. Distributions properly reported as capital gain dividends are taxable as long term capital gains regardless of the length of time you have held the shares and whether you were paid in cash or additional shares. Distributions made to a non-corporate shareholder out of "qualified dividend income," if any, received by the Fund will be subject to tax at the lower rates applicable to long-term capital gains, provided that the shareholder meets certain holding period and other requirements with respect to its shares.

You will be notified annually of the amount of income, dividends and net capital gains distributed by the Fund. If you purchase shares of the Fund through a financial intermediary, that entity will provide this information to you.

**Sales, Redemptions and Other Dispositions.** Selling, redeeming or otherwise disposing of your Fund shares is a taxable event and may result in capital gain or loss. A capital gain or capital loss may be realized from a redemption of shares or an exchange of shares between two mutual funds. Any such capital gain or loss realized upon a taxable disposition of shares will generally be long term if the shares were held for more than one year; otherwise, such gain or loss will be short term. Any capital loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as a long-term capital loss to the extent of capital gain dividends received with respect to such shares. Additionally, any loss realized on a taxable disposition of Fund shares may be disallowed under "wash sale" rules to the extent the shares disposed of are replaced with other shares of that same Fund within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of, such as pursuant to a dividend reinvestment in shares of the Fund. If disallowed, the loss will be reflected in an adjustment to the tax basis of the shares acquired. You are responsible for any tax liabilities generated by your transactions.

**Tax Status of the Fund.** The Fund intends to qualify and be eligible for treatment each year as a regulated investment company ("RIC"). A RIC generally is not subject to tax at the fund level on income and gains from investments that are timely distributed to its shareholders. However, the Fund's failure to qualify as a RIC would result in fund level taxation and therefore a reduction in income available for distribution.

------

**DIVIDENDS, DISTRIBUTIONS, AND TAXES *(continued)***

------

**Net Investment Income Tax.** An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent their income exceeds certain threshold amounts.

**Backup Withholding.** The Fund is required to withhold a portion of all taxable dividends, distributions, and redemption proceeds payable to any noncorporate shareholder that does not provide the Fund with the shareholder's correct taxpayer identification number or certification that the shareholder is not subject to backup withholding. This is not an additional tax but can be credited against your U.S. federal income tax liability.

**Tax-Advantaged Accounts.** Shareholders that invest in the Fund through a tax-advantaged account, such as a qualified retirement plan, generally will not have to pay tax on dividends or gains from the disposition of Fund shares until they are distributed from the account. These accounts are subject to complex tax rules, and you should consult your tax advisor about investing through such an account.

**Buying a Dividend.** Fund distributions are taxable to shareholders even if they are paid from income or gains earned by the Fund before a shareholder's investment in the Fund (and thus were included in the price the shareholder paid for his or her shares). Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects income or gains that are either unrealized or realized but not distributed.

**Foreign Shareholders**. Foreign shareholders invested in the Fund should consult with their tax advisors as to if and how the U.S. federal income tax law and its withholding requirements apply to them. Generally, the Fund will withhold 30% (or lower applicable treaty rate) on distributions to foreign shareholders.

**Foreign Taxes**. Investment income and proceeds received by the Fund from sources within foreign countries may be subject to foreign withholding or other taxes. The United States has entered into tax treaties with many foreign countries which may entitle the Fund to a reduced rate of such taxes or an exemption from taxes on such income or proceeds. It is impossible to determine the effective rate of foreign tax for the Fund in advance since the amount of the assets to be invested within various countries is not known.

**Cost Basis Reporting.** The U.S. Internal Revenue Service ("IRS") requires mutual fund companies and brokers to report on IRS Form 1099-B the cost basis on the disposition of Fund shares acquired on or after January 1, 2012 ("covered shares"). If you acquire and hold shares directly through the Fund and not through a financial intermediary, the Fund will use an average cost single category methodology for tracking and reporting your cost basis on covered shares, unless you request, in writing, another cost basis reporting methodology.

Please see the SAI for further information regarding tax matters.

------

**ACCOUNT POLICIES**

------

**Account Access** 

Unless your Fund shares are held through a third-party fiduciary or in an omnibus registration at your bank or brokerage firm, you will be able to access your account information over the Internet at https://individuals.voya.com/product/mutual-fund/prospectuses-reports or via telephone by calling 1-800-992-0180. Should you wish to speak with a Shareholder Services Representative, you may call the toll-free number listed above.

**Privacy Policy** 

The Fund has adopted a policy concerning investor privacy. To review the privacy policy, contact a Shareholder Services Representative at 1-800-992-0180, obtain a policy over the Internet at https://individuals.voya.com/product/mutual-fund/prospectuses-reports, or see the privacy promise that accompanies any prospectus obtained by mail.

**Householding** 

To reduce expenses, we may mail only one copy of the Fund's Prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call a Shareholder Services Representative at 1-800-992-0180 or speak to your investment professional. We will begin sending you individual copies 30 days after receiving your request.

------

**INDEX DESCRIPTIONS**

------

The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The index represents approximately 92% of the U.S. market.

FTSE Russell Index Data Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>", "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", " Russell 1000 <sup>®</sup> " , and " Russell 3000 <sup>®</sup> " are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

------

**FINANCIAL HIGHLIGHTS**

------

Because Voya VACS Series LCC Fund had not commenced operations as of the fiscal year ended May 31, 2025, financial highlights are not presented. Additional information about the Fund's investments will be available in the Fund's Form N-CSR when it is filed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**TO OBTAIN MORE INFORMATION** 

You will find more information about the Fund in our:

**ANNUAL/SEMI-ANNUAL SHAREHOLDER REPORTS AND FORM N-CSR** 

In the Fund's annual shareholder report, when available, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In the Fund's Form N-CSR filings, you will find the Fund's annual and semi-annual financial statements.

**STATEMENT OF ADDITIONAL INFORMATION** 

The SAI contains additional information about the Fund. The SAI is legally part of this Prospectus (it is incorporated by reference). A copy has been filed with the SEC.

Please write, call, or visit our website for a free copy of the current annual/semi-annual shareholder reports, when available, the SAI, or other Fund information.

To make shareholder inquiries contact:

**Voya Investment Management** 

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

**1-800-992-0180** 

or visit our website at **https://individuals.voya.com/product/mutual-fund/prospectuses-reports**

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet website at **https://www.sec.gov**, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: **publicinfo@sec.gov**.

When contacting the SEC, you will want to refer to the Fund's SEC file number. The file number is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Voya Equity Trust** | **811-08817** |
| Voya VACS Series LCC Fund | Voya VACS Series LCC Fund |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ![](edelivery_1.jpg)<br>| **Go Paperless with E-Delivery!** | ![](edelivery_1.jpg)<br>|
| &nbsp;&nbsp; Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail <br> and lower fund costs. | &nbsp;&nbsp; Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail <br> and lower fund costs. | &nbsp;&nbsp; Sign up now for on-line prospectuses, fund reports, and proxy statements. In less than five minutes, you can help reduce paper mail <br> and lower fund costs. |
| Just go to https://individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. | Just go to https://individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. | Just go to https://individuals.voya.com/page/e-delivery, follow the directions and complete the quick 5 Steps to Enroll. |
| &nbsp;&nbsp; You will be notified by e-mail when these communications become available on the Internet. Documents that are not available on the <br> Internet will continue to be sent by mail. | &nbsp;&nbsp; You will be notified by e-mail when these communications become available on the Internet. Documents that are not available on the <br> Internet will continue to be sent by mail. | &nbsp;&nbsp; You will be notified by e-mail when these communications become available on the Internet. Documents that are not available on the <br> Internet will continue to be sent by mail. |

---

233289(1225-121225)

![](imgc1c0847f3.gif)

------

**STATEMENT OF ADDITIONAL INFORMATION** 

December 12, 2025

**Voya Equity Trust**

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258

1-800-992-0180

**Voya VACS Series LCC Fund**

Ticker: VVLCX

This Statement of Additional Information (the "SAI") contains additional information about the Fund listed above (the "Fund"). This SAI is not a prospectus and should be read in conjunction with the Fund's prospectus dated December 12, 2025, as supplemented or revised from time to time (the "Prospectus"). The Fund's Prospectus and annual or unaudited semi-annual shareholder reports, when available, may be obtained free of charge by contacting the Fund at the address and phone number written above or by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports.

------

**Table of Contents** 

---

| | |
|:---|:---|
| **[INTRODUCTION AND GLOSSARY](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_1)** | 1 |
| **[HISTORY OF](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_2)[the Trust](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_2)**  | 2 |
| **[SUPPLEMENTAL DESCRIPTION OF](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_2)[Fund](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_2)[INVESTMENTS AND RISKS](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_2)** | 2 |
| **[PORTFOLIO TURNOVER](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_42)** | 42 |
| **[FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_43)** | 43 |
| **[DISCLOSURE OF](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_44)[the Fund's PORTFOLIO SECURITIES](#xx_0d0feac8-3d81-4e2c-89cb-8eb0ff07028b_44)** | 44 |
| **[MANAGEMENT OF](#xx_601dad75-7c8b-43e6-95c0-a820b37592d0_1)[the Trust](#xx_601dad75-7c8b-43e6-95c0-a820b37592d0_1)** | 46 |
| **[CODE OF ETHICS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_7)** | 58 |
| **[PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_7)** | 58 |
| **[PROXY VOTING POLICY](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_8)** | 59 |
| **[INVESTMENT ADVISER](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_8)** | 59 |
| **[EXPENSES](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_9)** | 60 |
| **[EXPENSE LIMITATIONS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_10)** | 61 |
| **[NET FUND FEES WAIVED, REIMBURSED, OR RECOUPED](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_10)** | 61 |
| **[Sub-Adviser](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_10)** | 61 |
| **[PORTFOLIO MANAGEMENT](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_11)** | 62 |
| **[PRINCIPAL UNDERWRITER](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_12)** | 63 |
| **[OTHER SERVICE PROVIDERS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_15)** | 66 |
| **[PORTFOLIO TRANSACTIONS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_16)** | 67 |
| **[ADDITIONAL INFORMATION ABOUT VOYA EQUITY TRUST](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_18)** | 69 |
| **[PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_20)** | 71 |
| **[TAX CONSIDERATIONS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_22)** | 73 |
| **[FINANCIAL STATEMENTS](#xx_2bfb538d-2ed3-4f80-a703-2dcb83519453_32)** | 83 |
| **[APPENDIX A – DESCRIPTION OF CREDIT RATINGS](#xx_a2e528e8-b792-4ca4-aa3c-04cc2d0cc5e0_1)** | A-1 |
| **[APPENDIX B – PROXY VOTING POLICY](#xx_213c217d-7766-4eb1-8732-d46885f22f6a_1)** | A-1 |

---

------

**INTRODUCTION AND GLOSSARY**

This SAI is designed to elaborate upon information contained in the Fund's Prospectus, including the discussion of certain securities and investment techniques. The more detailed information contained in this SAI is intended for investors who have read the Prospectus and are interested in a more detailed explanation of certain aspects of some of the Fund's securities and investment techniques. Some investment techniques are described only in the Prospectus and are not repeated here.

Capitalized terms used, but not defined, in this SAI have the same meaning as in the Prospectus and some additional terms are defined particularly for this SAI.

Following are definitions of general terms that may be used throughout this SAI:

**1933 Act**: Securities Act of 1933, as amended

**1934 Act**: Securities Exchange Act of 1934, as amended

**1940 Act**: Investment Company Act of 1940, as amended, including the rules and regulations thereunder, and the terms of applicable no-action relief or exemptive orders granted thereunder

**Affiliated Fund**: A fund within the Voya family of funds

**Board**: The Board of Trustees for the Trust

**Business Day**: Each day the NYSE opens for regular trading

**CDSC**: Contingent deferred sales charge

**CFTC:** United States Commodity Futures Trading Commission

**Code**: Internal Revenue Code of 1986, as amended

**Distributor**: Voya Investments Distributor, LLC

**Distribution Agreement**: The Distribution Agreement for the Fund, as described herein

**ETF**: Exchange-Traded Fund

**EU**: European Union

**Expense Limitation Agreement**: The Expense Limitation Agreement(s) for the Fund, as described herein

**FDIC:** Federal Deposit Insurance Corporation

**FHLMC:** Federal Home Loan Mortgage Corporation

**FINRA**: Financial Industry Regulatory Authority, Inc.

**Fiscal Year End of the Fund**: May 31

**Fitch:** Fitch Ratings

**FNMA:** Federal National Mortgage Association

**Fund**: One or more of the investment management companies listed on the front cover of this SAI

**GNMA:** Government National Mortgage Association

**Independent Trustees**: The Trustees of the Board who are not "interested persons" (as defined in the 1940 Act) of the Fund

**Investment Adviser:** Voya Investments, LLC or Voya Investments

**Investment Management Agreement**: The Investment Management Agreement for the Fund, as described herein

**IPO:** Initial Public Offering

**IRA:** Individual Retirement Account

**IRS**: United States Internal Revenue Service

**LIBOR**: London Interbank Offered Rate

**MLPs**: Master Limited Partnerships

**Moody's:** Moody's Investors Service, Inc.

**NAV**: Net Asset Value

**NRSRO:** Nationally Recognized Statistical Rating Organization

**NYSE**: New York Stock Exchange

------

**OTC:** Over-the-counter

**Principal Underwriter**: Voya Investments Distributor, LLC or the "Distributor"

**Prospectus**: One or more prospectuses for the Fund

**REIT**: Real Estate Investment Trust

**REMICs**: Real Estate Mortgage Investment Conduits

**RIC**: A "Regulated Investment Company," pursuant to the Code

**Rule 12b-1**: Rule 12b-1 (under the 1940 Act)

**Rule 12b-1 Plan**: A Distribution and/or Shareholder Service Plan adopted under Rule 12b-1

**Rule 144A:** Rule 144A under the 1933 Act

**S&L:** Savings & Loan Association

**S&P**: S&P Global Ratings

**SEC**: United States Securities and Exchange Commission

**SOFR:** Secured Overnight Financing Rate

**Sub-Adviser**: One or more sub-advisers for the Fund, as described herein

**Sub-Advisory Agreement**: The Sub-Advisory Agreement(s) for the Fund, as described herein

**The Trust**: Voya Equity Trust

**UK:** United Kingdom

**Underlying Funds**: Unless otherwise stated, other mutual funds or ETFs in which the Fund may invest

**Voya family of funds or the "funds"**: All of the registered investment companies managed by Voya Investments

**Voya IM**: Voya Investment Management Co. LLC

**HISTORY OF the Trust**

Voya Equity Trust, an open-end management investment company that is registered under the 1940 Act, was organized as a Massachusetts business trust on June 12, 1998. On May 1, 2014, the name of the Trust changed from "ING Equity Trust" to "Voya Equity Trust."

**SUPPLEMENTAL DESCRIPTION OF Fund INVESTMENTS AND RISKS**

**Diversification and Concentration** 

*Diversified Investment Companies.* The 1940 Act generally requires that a diversified Fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer and may not purchase more than 10% of the outstanding voting securities of any one issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or investments in securities of other investment companies).

*Non-Diversified Investment Companies*. A non-diversified investment company under the 1940 Act means that a Fund is not limited by the 1940 Act in the proportion of its assets that it may invest in the obligations of a single issuer. The investment of a large percentage of a Fund's assets in the securities of a small number of issuers may cause the Fund's share price to fluctuate more than that of a diversified investment company. When compared to a diversified Fund, a non-diversified Fund may invest a greater portion of its assets in a particular issuer and, therefore, has greater exposure to the risk of poor earnings or losses by an issuer.

*Concentration.* For purposes of the 1940 Act, concentration occurs when at least 25% of a Fund's assets are invested in any one industry or group of industries.

The Fund is classified as a "non-diversified" Fund as that term is defined under the 1940 Act. In addition, the Fund has a fundamental policy against concentration.

**Investments, Investment Strategies, and Risks** 

The Fund invests in a variety of investment types and employs a number of investment strategies and techniques. The Fund may make other investments and engage in other types of strategies or techniques, to the extent consistent with its investment objective(s) and strategies and except where otherwise prohibited by applicable law or the Fund's own investment restrictions, as set forth in the Prospectus or this SAI.

The discussion below provides additional information about certain of the investments, investment techniques, and investment strategies that the Investment Adviser and/or Sub-Adviser(s) may use in managing the Fund as well as the risks associated with such investments, investment techniques, and investment strategies. The investments, investment techniques, and investment strategies as well as the risks associated with such investments, investment techniques, and investment strategies are presented below in alphabetical order to facilitate readability, and their order does not imply that the Fund prioritizes one investment, investment technique, or investment strategy

------

over another nor does it imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. The information below supplements the discussion of the principal investment strategies and principal risks contained in the Fund's Prospectus, but does not describe every type of investment, investment technique, investment strategy, factor, or other consideration that the Fund may take into account nor does it describe every risk to which the Fund may be exposed.

The Fund may use any or all of these investment types, investment techniques, or investment strategies at any one time, and the fact that the Fund may use an investment type, investment technique, or investment strategy does not mean that it will be used.

**Temporary Defensive Positions** 

When the Investment Adviser or the Sub-Adviser to the Fund anticipates adverse or unusual market, economic, political, or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure. In such circumstances, the Fund may make investments believed to present less risk, such as cash, cash equivalents, money market fund shares and other money market instruments, debt instruments that are high quality or higher quality than normal, more liquid securities, or others. While the Fund invests defensively, it may not achieve its investment objective. The Fund's defensive investment position may not be effective in protecting its value. It is impossible to predict accurately how long such defensive position may be utilized.

Unless otherwise indicated, the Fund's investment objective, policies, investment strategies, and practices are non-fundamental. For additional information, see the section entitled "Fundamental and Non-Fundamental Investment Restrictions" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Asset Class/Investment Technique** | **Voya VACS Series LCC Fund** |
| Artificial Intelligence |  |
| Asset-Backed Securities | X |
| Bank Instruments | X |
| Borrowing | X |
| Commercial Paper | X |
| Commodities | X |
| Common Stocks | X |
| Convertible Securities | X |
| Corporate Debt Instruments | X |
| Credit-Linked Notes | X |
| Custodial Receipts and Trust Certificates | X |
| Delayed Funding Loans and Revolving Credit Facilities | X |
| Depositary Receipts | X |
| Derivative Instruments | X |
| Emerging Markets Investments | X |
| Equity-Linked Notes |  |
| Eurodollar and Yankee Dollar Instruments | X |
| Event-Linked Bonds | X |
| Floating or Variable Rate Instruments | X |
| Foreign (non-U.S.) Currencies | X |
| Foreign (non-U.S.) Investments | X |
| Forward Commitments | X |
| Futures Contracts | X |
| Guaranteed Investment Contracts | X |
| High-Yield Securities | X |
| Hybrid Instruments | X |
| Illiquid Securities | X |
| Inflation-Indexed Bonds | X |
| Initial Public Offerings | X |
| Inverse Floating Rate Securities | X |
| Master Limited Partnerships | X |
| Mortgage-Related Securities | X |
| Municipal Securities | X |
| Options | X |
| Other Investment Companies and Pooled Investment Vehicles | X  |

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------

---

| | |
|:---|:---|
| **Asset Class/Investment Technique** | **Voya VACS Series LCC Fund** |
| Participation on Creditors' Committees | X |
| Participatory Notes | X |
| Preferred Stocks | X |
| Private Investments in Public Companies |  |
| Real Estate Securities and Real Estate Investment Trusts | X |
| Repurchase Agreements | X |
| Restricted Securities | X |
| Reverse Repurchase Agreements and Dollar Roll Transactions | X |
| Rights and Warrants | X |
| Securities Lending | X |
| Senior and Other Bank Loans | X |
| Short Sales | X |
| Small- and Mid-Capitalization Issuers | X |
| Sovereign Debt | X |
| Special Purpose Acquisition Companies | X |
| Special Situation Issuers |  |
| Structured Notes |  |
| Supranational Entities | X |
| Swap Transactions and Options on Swap Transactions | X |
| To Be Announced Sale Commitments | X |
| Trust Preferred Securities | X |
| U.S. Government Securities and Obligations | X |
| When-Issued Securities and Delayed Delivery Transactions | X |
| Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds | X |

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**Artificial Intelligence:** Artificial intelligence refers to computer systems that can perform tasks that would otherwise require human intelligence and encompasses various different forms of artificial intelligence, including machine learning models. Artificial intelligence is typically designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. Artificial intelligence can be categorized into two types: narrow artificial intelligence, which is designed for specific tasks, and general artificial intelligence, which has the ability to perform any intellectual task that a human can do and includes generative artificial intelligence ("GAI"). GAI is a type of artificial intelligence technology that produces new text, images, audio, and other content based on training data that includes examples of the desired output. Typically, users enter questions, queries, or other inputs that prompt the GAI model or tool to produce output. In addition, some software uses GAI to suggest changes, summarize information, or translate text. Artificial intelligence has various applications in many fields such as healthcare, finance, transportation, and law.

The Investment Adviser or the Sub-Adviser may use and/or expand its use of artificial intelligence in connection with its business, operating and investment activities and the Fund's investments may also use such technologies. Actual usage of such artificial intelligence will vary, and while the Investment Adviser or the Sub-Adviser expects from time to time to adopt and adjust usage policies and procedures governing the use of artificial intelligence by its personnel, there is a risk of misuse of artificial intelligence technologies.

Artificial intelligence is highly reliant on the collection and analysis of large amounts of data and complex algorithms, but it is not possible nor practicable to incorporate all data that would be relevant for a task conducted by artificial intelligence. Therefore, it is possible that the information provided through use of artificial intelligence could be insufficient, incomplete, inaccurate or biased leading to adverse effects for the Fund, including, potentially, operational errors and investment losses. It is also possible that, given the limited transparency into the decision-making of artificial intelligence models, the Investment Adviser or the Sub-Adviser may have limited ability to examine the bases for the selections and other outputs of artificial intelligence models.

Artificial intelligence and its current and potential future applications, including in the investment and financial sectors, as well as the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full extent of future applications or regulations. Ongoing and future regulatory actions with respect to artificial intelligence generally or artificial intelligence's use in any industry in particular may alter, perhaps to a materially adverse extent, the ability of the Investment Adviser or the Sub-Adviser, the Fund or its investments to utilize artificial intelligence in the manner it has to-date, and may have an adverse impact on the ability of the Investment Adviser or the Sub-Adviser, or the Fund or its investments to continue to operate as intended.

**Asset-Backed Securities:** Asset-backed securities are securities backed by assets that may include such items as credit card and automobile finance receivables, home equity sharing agreements or loans, student loans, consumer loans, installment loan contracts, home equity loans, mobile home loans, boat loans, business and small business loans, project finance loans, airplane leases, and leases of various other types of real and personal property (including those relating to railcars, containers, or telecommunication, energy, and/or other

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infrastructure assets and infrastructure-related assets), and other non-mortgage-related income streams, such as income from renewable energy projects and franchise rights. Asset-backed securities are "pass-through" securities, meaning that principal and interest payments – net of expenses – made by the borrower on the underlying assets (such as credit card receivables) are passed through to the investor. The value of asset-backed securities based on debt instruments, like that of traditional debt instruments, typically increases when interest rates fall and decreases when interest rates rise. However, these asset-backed securities differ from traditional debt instruments because of their potential for prepayment. A home equity sharing agreement is an agreement between a financial services company and a homeowner which allows a homeowner to access some of the equity in their home in exchange for a specified equity stake in the property. Unlike a mortgage, a home equity sharing agreement is not a loan and does not require a monthly payment. Instead, at the conclusion of the agreement term, the homeowner pays back the equity advance and a percentage of any appreciation in the property value. The price paid for asset-backed securities, the yield expected from such securities and the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed security. Moreover, when the proceeds of a prepayment are reinvested in these circumstances, a rate of interest will likely be received that is lower than the rate on the security that was prepaid. To the extent that asset-backed securities are purchased at a premium, prepayments may result in a loss to the extent of the premium paid. If such securities are bought at a discount, both scheduled payments and unscheduled prepayments generally will also result in the recognition of income. In a period of rising interest rates, prepayments of the underlying assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change a security that was considered short- or intermediate-term at the time of purchase into a longer term security. Since the value of longer-term asset-backed securities generally fluctuates more widely in response to changes in interest rates than the value of shorter-term asset-backed securities maturity extension risk could increase volatility. When interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as that of other debt instruments, and as noted above, changes in market rates of interest may accelerate or retard prepayments and thus affect maturities. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. The effects of COVID-19, and governmental responses to the effects of the pandemic may result in increased delinquencies and losses and may have other, potentially unanticipated, adverse effects on such investments and the markets for those investments.

The credit quality of asset-backed securities depends primarily on the quality of the underlying assets, the rights of recourse available against the underlying assets and/or the issuer, the level of credit enhancement, if any, provided for the securities, and the credit quality of the credit-support provider, if any. The values of asset-backed securities may be affected by other factors, such as the availability of information concerning the pool of assets and its structure, the market's perception of the asset backing the security, the creditworthiness of the servicing agent for the pool of assets, the originator of the underlying assets, or the entities providing the credit enhancement. The market values of asset-backed securities also can depend on the ability of their servicers to service the underlying assets and are, therefore, subject to risks associated with servicers' performance. In some circumstances, a servicer's or originator's mishandling of documentation related to the underlying assets (*e.g.*, failure to document a security interest in the underlying assets properly) may affect the rights of the security holders in and to the underlying assets. In addition, the insolvency of an entity that generated the assets underlying an asset-backed security is likely to result in a decline in the market price of that security as well as costs and delays. Asset-backed securities that do not have the benefit of a security interest in the underlying assets present certain additional risks that are not present with asset-backed securities that do have a security interest in the underlying assets. For example, many securities backed by credit card receivables are unsecured. Additionally, asset-backed securities may be "subordinated" to other interests in the same pool, and a holder of those "subordinated" securities would receive payments only after any obligations to other more "senior" investors have been satisfied.

<u>Collateralized Debt Obligations</u>: Collateralized Debt Obligations ("CDOs") are a type of asset-backed security and include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), and other similarly structured securities. A CBO is an obligation of a trust or other special purpose vehicle backed by a pool of bonds. A CLO is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CDOs may incur management fees and administrative expenses.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, which vary in risk and yield. The riskier portions are the residual, equity, and subordinate tranches, which bear some or all of the risk of default by the debt instruments or loans in the trust, and therefore protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches of a CBO trust or CLO trust typically have higher ratings and lower yields than junior tranches. Despite the protection from the riskier tranches, senior CBO or CLO tranches can experience substantial losses due to actual defaults (including collateral default), the total loss of the riskier tranches due to losses in the collateral, market anticipation of defaults, fraud by the trust, and the illiquidity of CBO or CLO securities.

The risks of an investment in a CDO largely depend on the type of underlying collateral securities and the tranche in which there are investments. Typically, CBOs, CLOs, and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be characterized as illiquid. CDOs are subject to the typical risks associated with debt instruments discussed elsewhere in this SAI and the Prospectus, including interest rate risk, prepayment and extension risk, credit risk, liquidity risk and market risk. Additional risks of CDOs include: (i) the possibility that distributions from collateral securities will be insufficient to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default, due to factors such as the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying collateral, remoteness of those collateral assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral, and the capability of the servicer of the securitized assets; and (iii) market and liquidity risks affecting the price of a structured finance

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investment, if required to be sold, at the time of sale. In addition, due to the complex nature of a CDO, an investment in a CDO may not perform as expected. An investment in a CDO also is subject to the risk that the issuer and the investors may interpret the terms of the instrument differently, giving rise to disputes.

**Bank Instruments:** Bank instruments include certificates of deposit ("CDs"), fixed-time deposits, and other debt and deposit-type obligations (including promissory notes that earn a specified rate of return) issued by: (i) a U.S. branch of a U.S. bank; (ii) a non-U.S. branch of a U.S. bank; (iii) a U.S. branch of a non-U.S. bank; or (iv) a non-U.S. branch of a non-U.S. bank. Bank instruments may be structured as fixed-, variable- or floating-rate obligations.

CDs typically are interest-bearing debt instruments issued by banks and have maturities ranging from a few weeks to several years. Yankee dollar certificates of deposit are negotiable CDs issued in the United States by branches and agencies of non-U.S. banks. Eurodollar certificates of deposit are CDs issued by non-U.S. banks with interest and principal paid in U.S. dollars. Eurodollar and Yankee Dollar CDs typically have maturities of less than two years and have interest rates that typically are pegged to SOFR. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Bankers' acceptances are a customary means of effecting payment for merchandise sold in import-export transactions and are a general source of financing. A fixed-time deposit is a bank obligation payable at a stated maturity date and bearing interest at a fixed rate. There are generally no contractual restrictions on the right to transfer a beneficial interest in a fixed-time deposit to a third party, although there is generally no market for such deposits. Typically, there are penalties for early withdrawals of time deposits. Promissory notes are written commitments of the maker to pay the payee a specified sum of money either on demand or at a fixed or determinable future date, with or without interest.

Certain bank instruments, such as some CDs, are insured by the FDIC up to certain specified limits. Many other bank instruments, however, are neither guaranteed nor insured by the FDIC or the U.S. government. These bank instruments are "backed" only by the creditworthiness of the issuing bank or parent financial institution. U.S. and non-U.S. banks are subject to different governmental regulation. They are subject to the risks of investing in the particular issuing bank and of investing in the banking and financial services sector generally. Certain obligations of non-U.S. banks, including Eurodollar and Yankee dollar obligations, involve different and/or heightened investment risks than those affecting obligations of U.S. banks, including, among others, the possibilities that: (i) their liquidity could be impaired because of political or economic developments; (ii) the obligations may be less marketable than comparable obligations of U.S. banks; (iii) a non-U.S. jurisdiction might impose withholding and other taxes at high levels on interest income; (iv) non-U.S. deposits may be seized or nationalized; (v) non-U.S. governmental restrictions such as exchange controls may be imposed, which could adversely affect the payment of principal and/or interest on those obligations; (vi) there may be less publicly available information concerning non-U.S. banks issuing the obligations; and (vii) the reserve requirements and accounting, auditing and financial reporting standards, practices and requirements applicable to non-U.S. banks may differ (including those that are less stringent) from those applicable to U.S. banks. Non-U.S. banks generally are not subject to examination by any U.S. government agency or instrumentality.

**Borrowing:** Borrowing may result in leveraging of the Fund's assets. This borrowing may be secured or unsecured. Borrowing, like other forms of leverage, will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased, if any. The Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. Provisions of the 1940 Act require the Fund to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary administrative purposes. Any borrowings for temporary administrative purposes in excess of 5% of total assets must maintain continuous asset coverage. If the 300% asset coverage should decline as a result of market fluctuations or other reasons, the Fund may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell holdings at that time.

From time to time, the Fund may enter into, and make borrowings for temporary purposes related to the redemption of shares under, a credit agreement with third-party lenders. Borrowings made under such credit agreements will be allocated pursuant to guidelines approved by the Board.

The Fund may engage in other transactions that may have the effect of creating leverage in the Fund's portfolio, including, by way of example, reverse repurchase agreements, dollar rolls, and derivatives transactions. The Fund will generally not treat such transactions as borrowings of money.

**Commercial Paper:** Commercial paper represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations and finance companies. Commercial paper may consist of U.S. dollar- or foreign currency-denominated obligations of U.S. or non-U.S. issuers, and may be rated or unrated. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies.

Section 4(a)(2) commercial paper is commercial paper issued in reliance on the so-called "private placement" exemption from registration afforded by Section 4(a)(2) of the 1933 Act ("Section 4(a)(2) paper"). Section 4(a)(2) paper is restricted as to disposition under the U.S. federal securities laws, and generally is sold to investors who agree that they are purchasing the paper for investment and not with a view to public distribution. Any resale by the purchaser must be in an exempt transaction. Section 4(a)(2) paper is normally resold to other investors through or with the assistance of the issuer or dealers who make a market in Section 4(a)(2) paper, thus providing liquidity.

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**Commodities:** The Fund may gain exposure to commodity markets by investing in commodity-related instruments. Such instruments include, (i) commodity-linked derivatives such as futures contracts and options, that are designed to provide the Fund with exposure to the commodities market without necessarily investing directly in physical commodities; and (ii) exchange traded investment vehicles that are designed to provide exposure to the investment return of assets that trade in the commodities markets, without investing directly in physical commodities. Commodities values may be highly volatile, and may decline rapidly and without warning. The values of commodity related instruments will typically be substantially affected by changes in the values of their underlying commodity, commodity index, futures contract, or other economic variable to which they are related. Additionally, economic leverage will increase the volatility of these instruments as they may increase or decrease in value more quickly than the underlying commodity or other relevant economic variable.

**Common Stocks:** Common stock represents an equity or ownership interest in an issuer. A common stock may decline in value due to an actual or perceived deterioration in the prospects of the issuer, an actual or anticipated reduction in the rate at which dividends are paid, or other factors affecting the value of an investment, or due to a decline in the values of stocks generally or of stocks of issuers in a particular industry or market sector. The values of common stocks may be highly volatile. If an issuer of common stock is liquidated or declares bankruptcy, the claims of owners of debt instruments and preferred stock take precedence over the claims of those who own common stock, and as a result the common stock could become worthless.

**Convertible Securities:** Convertible securities are securities that combine the investment characteristics of debt instruments and common stocks. Convertible securities typically consist of debt instruments or preferred stock that may be converted (on a voluntary or mandatory basis) within a specified period of time (normally for the entire life of the security) into a certain amount of common stock or other equity security of the same or a different issuer at a predetermined price. Convertible securities also include debt instruments with warrants or common stock attached and derivatives combining the features of debt instruments and equity securities. Other convertible securities with additional or different features and risks may become available in the future. Convertible securities involve risks similar to those of both debt instruments and equity securities. In a corporation's capital structure, convertible securities are senior to common stock but are usually subordinated to senior debt instruments of the issuer.

The market value of a convertible security is a function of its "investment value" and its "conversion value." A security's "investment value" represents the value of the security without its conversion feature (*i.e*., a nonconvertible debt instrument). The investment value may be determined by reference to its credit quality and the current value of its yield to maturity or probable call date. At any given time, investment value is dependent upon such factors as the general level of interest rates, the yield of similar nonconvertible securities, the financial strength of the issuer, and the seniority of the security in the issuer's capital structure. A security's "conversion value" is determined by multiplying the number of shares the holder is entitled to receive upon conversion or exchange by the current price of the underlying security. If the conversion value of a convertible security is significantly below its investment value, the convertible security will trade like a nonconvertible debt instruments or preferred stock and its market value will not be influenced greatly by fluctuations in the market price of the underlying security. In that circumstance, the convertible security takes on the characteristics of a debt instrument, and the price moves in the opposite direction from interest rates. Conversely, if the conversion value of a convertible security is near or above its investment value, the market value of the convertible security will be more heavily influenced by fluctuations in the market price of the underlying security. In that case, the convertible security's price may be as volatile as that of common stock. Because both interest rates and market movements can influence its value, a convertible security generally is not as sensitive to interest rates as a similar debt instrument, nor is it as sensitive to changes in share price as its underlying equity security. Convertible securities are often rated below investment grade or are not rated, and they are generally subject to greater levels of credit risk and liquidity risk.

<u>Contingent Convertible Securities (</u><u>"CoCos"):</u> CoCos are a form of hybrid debt instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined trigger event affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs. Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. Such trigger events may include a decline in the issuer's capital below a specified threshold level, an increase in the issuer's risk-weighted assets, the share price of the issuer falling to a particular level for a certain period of time, and certain regulatory events. CoCos are subject to credit, interest rate, high-yield securities, foreign investments and market risks associated with both debt instruments and equity securities. In March 2023, a Swiss regulator required a write-down of outstanding CoCos to zero notwithstanding the fact that the equity shares continued to exist and have economic value. It is currently unclear whether regulators of issuers in other jurisdictions will take similar actions. In addition, CoCos have no stated maturity and have fully discretionary coupons. If the CoCos are converted into the issuer's underlying equity securities following a conversion event, each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument, hence worsening the holder's standing in a bankruptcy proceeding.

**Corporate Debt Instruments:** Corporate debt instruments are long and short-term debt instruments typically issued by businesses to finance their operations. Corporate debt instruments are issued by public or private issuers, as distinct from debt instruments issued by a government or its agencies. The issuer of a corporate debt instrument typically has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal periodically or on a specified maturity date. The broad category of corporate debt instruments includes debt issued by U.S. or non-U.S. issuers of all kinds, including those with small-, mid- and large-capitalizations. The category also includes bank loans, as well as assignments, participations and other interests in bank loans. Corporate debt instruments may be rated investment grade or below investment grade and may be structured as fixed-, variable or floating-rate obligations or as zero-coupon, pay-in-kind and step-coupon securities and may be privately placed or publicly offered. They may also be senior or subordinated obligations. Because of the wide range of types and maturities of corporate debt instruments, as well as the range of creditworthiness of issuers, corporate debt instruments can have widely varying risk/return profiles.

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Corporate debt instruments carry both credit risk and interest rate risk. Credit risk is the risk that an investor could lose money if the issuer of a corporate debt instrument is unable to pay interest or repay principal when it is due. Some corporate debt instruments that are rated below investment grade (commonly referred to as "junk bonds") are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt instruments. The credit risk of a particular issuer's debt instrument may vary based on its priority for repayment. For example, higher-ranking (senior) debt instruments have a higher priority than lower ranking (subordinated) debt instruments. This means that the issuer might not make payments on subordinated debt instruments while continuing to make payments on senior debt instruments. In addition, in the event of bankruptcy, holders of higher-ranking senior debt instruments may receive amounts otherwise payable to the holders of more junior securities. The market value of corporate debt instruments may be expected to rise and fall inversely with interest rates generally. In general, corporate debt instruments with longer terms tend to fall more in value when interest rates rise than corporate debt instruments with shorter terms. The value of a corporate debt instrument may also be affected by supply and demand for similar or comparable securities in the marketplace. Fluctuations in the value of portfolio securities subsequent to their acquisition will not affect cash income from such securities but will be reflected in NAV. Corporate debt instruments generally trade in the over-the-counter market and can be less liquid that other types of investments, particularly during adverse market and economic conditions.

**Credit-Linked Notes:** Credit-linked notes are privately negotiated obligations whose returns are linked to the returns of one or more designated securities or other instruments that are referred to as "reference securities," such as an emerging market bond. A credit-linked note typically is issued by a special purpose trust or similar entity and is a direct obligation of the issuing entity. The entity, in turn, invests in debt instruments or derivative contracts in order to provide the exposure set forth in the credit-linked note. The periodic interest payments and principal obligations payable under the terms of the note typically are conditioned upon the entity's receipt of payments on its underlying investment. Purchasing a credit-linked note assumes the risk of the default or, in some cases, other declines in credit quality of the reference securities. There is also exposure to the issuer of the credit-linked note in the full amount of the purchase price of the note and the note is often not secured by the reference securities or other collateral.

The market for credit-linked notes may be or may become illiquid. The number of investors with sufficient understanding to support transacting in the notes may be quite limited, and may include only the parties to the original purchase/sale transaction. Changes in liquidity may result in significant, rapid and unpredictable changes in the value for credit-linked notes. In certain cases, a market price for a credit-linked note may not be available and it may be difficult to determine a fair value of the note.

**Custodial Receipts and Trust Certificates:** Custodial receipts and trust certificates, which may be underwritten by securities dealers or banks, represent interests in instruments held by a custodian or trustee. The instruments so held may include U.S. government securities or other types of instruments. The custodial receipts or trust certificates may evidence ownership of future interest payments, principal payments or both on the underlying instruments, or, in some cases, the payment obligation of a third party that has entered into an interest rate swap or other arrangement with the custodian or trustee. The holder of custodial receipts and trust certificates will bear its proportionate share of the fees and expenses charged to the custodial account or trust. There may also be investments in separately issued interests in custodial receipts and trust certificates. Custodial receipts may be issued in multiple tranches, representing different interests in the payment streams in the underlying instruments (including as to priority of payment).

In the event an underlying issuer fails to pay principal and/or interest when due, a holder could be required to assert its rights through the custodian bank, and assertion of those rights may be subject to delays, expenses, and risks that are greater than those that would have been involved if the holder had purchased a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying instruments have been deposited is determined to be an association taxable as a corporation instead of a non-taxable entity, the yield on the underlying instruments would be reduced by the amount of any taxes paid.

Certain custodial receipts and trust certificates may be synthetic or derivative instruments that pay interest at rates that reset inversely to changing short-term rates and/or have embedded interest rate floors and caps that require the issuer to pay an adjusted interest rate if market rates fall below, or rise above, a specified rate. These instruments include inverse and range floaters. Because some of these instruments represent relatively recent innovations and the trading market for these instruments is less developed than the markets for traditional types of instruments, it is uncertain how these instruments will perform under different economic and interest-rate scenarios. Also, because these instruments may be leveraged, their market values may be more volatile than other types of instruments and may present greater potential for capital gain or loss, including potentially loss of the entire principal investment. The possibility of default by an issuer or the issuer's credit provider may be greater for these derivative instruments than for other types of instruments. In some cases, it may be difficult to determine the fair value of a derivative instrument because of a lack of reliable objective information, and an established secondary market for some instruments may not exist. In many cases, the IRS has not ruled on the tax treatment of the interest or payments received on such derivative instruments.

**Delayed Funding Loans and Revolving Credit Facilities:** Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans, up to a maximum amount, upon demand by the borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that, as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility (whereas, in the case of a delayed funding loan, such amounts may not be "re-borrowed"). Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. Agreeing to participate in a delayed fund loan or a revolving credit facility may have the effect of requiring an increased investment in an issuer at a time when such investment might not otherwise have been made (including at a time when the issuer's financial condition makes it unlikely that such amounts will be repaid). To the extent that there is such a commitment to advancing additional funds, assets that are determined to be liquid by the Investment Adviser or the Sub-Adviser in accordance with procedures established by the Board will at times be segregated, in an amount sufficient to meet such commitments.

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Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer and only limited opportunities may exist to resell such instruments. As a result, such investments may not be sold at an opportune time or may have to be resold at less than fair market value.

**Depositary Receipts:** Depositary receipts are typically trust receipts issued by a U.S. bank or trust company that evince an indirect interest in underlying securities issued by a foreign entity, and are in the form of sponsored or unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs").

Generally, ADRs are publicly traded on a U.S. stock exchange or in the OTC market, and are denominated in U.S. dollars, and the depositaries are usually a U.S. financial institution, such as a bank or trust company, but the underlying securities are issued by a foreign issuer.

GDRs may be traded in any public or private securities markets in U.S dollars or other currencies and generally represent securities held by institutions located anywhere in the world. For GDRs, the depositary may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S issuer.

EDRs are generally issued by a European bank and traded on local exchanges.

Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Holders of unsponsored depositary receipts, which are created independently of the issuer of the underlying security, generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. As a result, available information concerning the issuer of an unsponsored depositary receipt may not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer.

In addition, a depositary or issuer may unwind its depositary receipt program, or the relevant exchange may require depositary receipts to be delisted, which could require the Fund to sell its depositary receipts (potentially at disadvantageous prices) or to convert them into shares of the underlying non-U.S. security (which could adversely affect their value or liquidity). Depositary receipts also may be subject to illiquidity risk, and trading in depositary receipts may be suspended by the relevant exchange.

ADRs, GDRs and EDRs are subject to many of the same risks associated with investing directly in foreign issuers. Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities it will be subject to the currency risk of both the investment in the depositary receipt and the underlying securities. The value of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action.

**Derivative Instruments:** Derivatives are financial contracts whose values change based on changes in the values of one or more underlying assets or the difference between underlying assets. Underlying assets may include a security or other financial instrument, asset, currency, interest rate, credit rating, commodity, volatility measure, or index. Examples of derivative instruments include swap agreements, forward commitments, futures contracts, and options. Derivatives may be traded on contract markets or exchanges, or may take the form of contractual arrangements between private counterparties. Investing in derivatives involves counterparty risk, particularly with respect to contractual arrangements between private counterparties. Derivatives can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying asset(s). Gains or losses from derivatives can be substantially greater than the derivatives' original cost and can sometimes be unlimited. Derivatives typically involve leverage. Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types. If the value of a derivative does not correlate well with the particular market or other asset class the derivative is intended to provide exposure to, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments. Legislation and regulation of derivatives in the United States and other countries, including margin, clearing, trading, reporting, and position limits, may make derivatives more costly and/or less liquid, limit the availability of certain types of derivatives, cause changes in the use of derivatives, or otherwise adversely affect the use of derivatives.

Certain derivative transactions require margin or collateral to be posted to and/or exchanged with a broker, prime broker, futures commission merchant, exchange, clearing house, or other third party, whether directly or through a segregated custodial account. If an entity holding the margin or collateral becomes bankrupt or insolvent or otherwise fails to perform its obligations due to financial difficulties, there could be delays and/or losses in liquidating open positions purchased or sold through such entity and/or recovering amounts owed, including a loss of all or part of its collateral or margin deposits with such entity.

Some derivatives may be used for "hedging," meaning that they may be used when the manager seeks to protect investments from a decline in value, which could result from changes in interest rates, market prices, currency fluctuations, and other market factors. Derivatives may also be used when the manager seeks to increase liquidity; implement a cash management strategy; invest in a particular stock,

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bond, or segment of the market in a more efficient or less expensive way; modify the characteristics of portfolio investments; and/or to enhance return. However, when derivatives are used, their successful use is not assured and will depend upon the manager's ability to predict and understand relevant market movements.

<u>Derivatives Regulation</u>: The U.S. government has enacted legislation that provides for regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The EU, the UK, and certain other jurisdictions have implemented or are in the process of implementing similar requirements, which will affect derivatives transactions with a counterparty organized in, or otherwise subject to, the EU's or other jurisdiction's derivatives regulations. Clearing rules and other rules and regulations could, among other things, restrict a registered investment company's ability to engage in, or increase the cost of, derivatives transactions, for example, by eliminating the availability of some types of derivatives, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. While these rules and regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (*i.e*., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency, or other challenges simultaneously), there is no assurance that they will achieve that result, and in the meantime, central clearing and related requirements may expose investors to different kinds of costs and risks. For example, in the event of a counterparty's (or its affiliate's) insolvency, the Fund's ability to exercise remedies (such as the termination of transactions, netting of obligations and realization on collateral) could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU, the UK and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, the liabilities of counterparties who are subject to such proceedings in the EU and the UK could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the EU, the UK, and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations have had a material impact on the use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between a registered investment company and its counterparties and in certain cases increase the amount of margin required. They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are permitted to exchange.

The SEC has adopted new rules that require managers to file monthly confidential reports with the SEC regarding equity short sales and related activity. Under the new rules, the SEC will publicly disclose aggregated short position information on a monthly basis. The SEC has also adopted a rule that will require reporting and public disclosure of securities loan transaction information (not including party names); this may include, but is not limited to, information about securities loans entered into in connection with short sales. In addition, other non-U.S. jurisdictions (such as the EU and the UK) where the Fund may trade have reporting requirements. If the Fund's short positions or its strategy become generally known, it could have a significant effect on the manager's ability to implement its investment strategy. In particular, it would make it more likely that other investors could cause a "short squeeze" in the securities held short by the Fund forcing the Fund to cover its positions at a loss. Such reporting requirements also may limit the manager's ability to access management and other personnel at certain companies where the manager seeks to take a short position. In addition, if other investors engage in copycat behavior by taking positions in the same issuers as the Fund, the cost of borrowing securities to sell short could increase drastically and the availability of such securities to the Fund could decrease drastically. Such events could make the Fund unable to execute its investment strategy. Short sales are also subject to certain SEC regulations and certain EU and UK regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict the Fund's ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its investment strategy as a result. In response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or other restrictions may make it impossible for the Fund to execute certain investment strategies and may have a material adverse effect on the Fund's ability to generate returns. See also "Risks of transactions in futures contracts and related options" for more information.

The SEC adopted Rule 18f-4 under the 1940 Act ("Rule 18f-4"), related to the use of derivatives, reverse repurchase agreements, and certain other transactions by registered investment companies. In connection with the adoption of Rule 18f-4, the SEC withdrew prior guidance requiring compliance with an asset segregation framework for covering certain derivative instruments and related transactions. Rule 18f-4, like the prior guidance, provides a mechanism by which the Fund is able to engage in derivatives transactions, even if the derivatives are considered to be "senior securities" for purposes of Section 18 of the 1940 Act, and it is expected that the Fund will continue to rely on that exemption, to the extent applicable. Rule 18f-4, among other things, requires a fund to apply value-at-risk ("VaR") leverage limits to its investments in derivatives transactions and certain other transactions that create future payment and delivery obligations as well as implement a derivatives risk management program. Generally, these requirements apply unless a fund satisfies Rule 18f-4's "limited derivatives users" exception. When a fund invests in reverse repurchase agreements or similar financing transactions, including certain tender option bonds, Rule 18f-4 requires the fund to either aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund's asset coverage ratio or treat all such transactions as derivatives transactions.

<u>Exclusions of the Investment Adviser from commodity pool operator definition</u>: With respect to the Fund, the Investment Adviser has claimed an exclusion from the definition of "commodity pool operator" ("CPO") under the Commodity Exchange Act (the "CEA") and the rules thereunder and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition, with respect to the Fund, the Investment Adviser is relying upon a related exclusion from the definition of "commodity trading advisor" under the CEA and the rules of the CFTC.

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The terms of the CPO exclusion require the Fund, among other things, to adhere to certain limits on its investments in "commodity interests." Commodity interests include futures, options on futures, and certain swaps, which, in turn, include non-deliverable forward currency contracts, as further described below. Compliance with the terms of the CPO exclusion may limit the ability of the Investment Adviser to manage the investment program of the Fund in the same manner as it would in the absence of the exclusion. The Fund is not intended as a vehicle for trading in the commodity interests markets. The CFTC has neither reviewed nor approved the Investment Adviser's reliance on the exclusion, or the Fund, its investment strategies, or this SAI.

**Emerging Markets Investments:** Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets. This may be due to, among other things, the possibility of greater market volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability, greater reliance on a few industries, international trade or revenue from particular commodities, less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment activity as compared to those typically found in a developed market. In addition, issuers (including governments) in emerging market countries may have less financial stability than in other countries. As a result, there will tend to be an increased risk of price volatility in investments in emerging market countries, which may be magnified by currency fluctuations relative to a base currency. Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include possible delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increases the likelihood of a "failed settlement." Failed settlements can result in losses. For these and other reasons, investments in emerging markets are often considered speculative.

<u>Investing through Bond Connect</u>: Chinese debt instruments trade on the China Interbank Bond Market ("CIBM") and may be purchased through a market access program that is designed to, among other things, enable foreign investment in the People's Republic of China ("Bond Connect"). There are significant risks inherent in investing in Chinese debt instruments, similar to the risks of other debt instruments markets in emerging markets. The prices of debt instruments traded on the CIBM may fluctuate significantly due to low trading volume and potential lack of liquidity. The rules to access debt instruments that trade on the CIBM through Bond Connect are relatively new and subject to change, which may adversely affect the Fund's ability to invest in these instruments and to enforce its rights as a beneficial owner of these instruments. Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns.

Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. CIBM does not support all trading strategies (such as short selling) and investments in Chinese debt instruments that trade on the CIBM are subject to the risks of suspension of trading without cause or notice, trade failure or trade rejection and default of securities depositories and counterparties. Furthermore, Chinese debt instruments purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based depository (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in these Chinese debt instruments will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of the Fund's Hong Kong sub-custodian. Therefore, the Fund's ability to enforce its rights as a bondholder may depend on CMU's ability or willingness as record-holder of the bonds to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which Chinese debt instruments are held could expose the Fund to the credit risk of the relevant securities depositories and the Fund's Hong Kong sub-custodian. While the Fund holds a beneficial interest in the instruments it acquires through Bond Connect, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, Chinese debt instruments acquired through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

The Fund's investments in Chinese debt instruments acquired through Bond Connect are generally subject to a number of regulations and restrictions, including Chinese securities regulations and listing rules, loss recovery limitations and disclosure of interest reporting obligations. The Fund will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Bond Connect. Bond Connect can only operate when both China and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. The rules applicable to taxation of Chinese debt instruments acquired through Bond Connect remain subject to further clarification. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for the Fund, which may negatively affect investment returns for shareholders.

<u>Investing through Stock Connect</u>: The Fund may, directly or indirectly (through, for example, participation notes or other types of equity-linked notes), purchase shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-Shares") through the Shanghai-Hong Kong Stock Connect ("Stock Connect"), a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance. PRC regulations require that the Fund that wishes to sell its China A-Shares pre-deliver the China A-Shares to a broker. If the China A-Shares are not in the broker's possession before the market opens on the day of sale, the sell order will be rejected. This requirement could also limit the Fund's ability to dispose of its China A-Shares purchased through Stock Connect in a timely manner. Additionally, Stock Connect is subject to daily quota limitations on purchases of China A Shares. Once the daily quota is reached, orders to purchase additional China A-Shares

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through Stock Connect will be rejected. The Fund's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Stock Connect utilizes an omnibus clearing structure, and the Fund's shares will be registered in its custodian's name on the Central Clearing and Settlement System. This may limit the ability of the Investment Adviser or Sub-Adviser to effectively manage the Fund, and may expose the Fund to the credit risk of its custodian or to greater risk of expropriation. Investment in China A-Shares through Stock Connect may be available only through a single broker that is an affiliate of the Fund's custodian, which may affect the quality of execution provided by such broker. Stock Connect restrictions could also limit the ability of the Fund to sell its China A-Shares in a timely manner, or to sell them at all. Further, different fees, costs and taxes are imposed on foreign investors acquiring China A-Shares acquired through Stock Connect, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure. Stock Connect trades are settled in Renminbi ("RMB"), the official currency of PRC, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

**Equity-Linked Notes:** An equity-linked note ("ELN") is an investment whose value is based on the value of a single equity security, basket of equity securities, or an index of equity securities (each, an "underlying equity"). Generally, when purchasing an ELN, the Fund pays the counterparty (usually a bank or brokerage firm) the current value of the underlying equity plus a commission. Upon the maturity of the ELN, the Fund generally is entitled to receive the par value plus a return based on the appreciation of the underlying equity. If the underlying equity has depreciated in value or if the price fluctuates outside of a preset range, depending on the type of ELN in which the Fund invested, the Fund may receive only the principal amount of the note, or may lose the principal invested in the ELN entirely.

ELNs are available with an assortment of features, such as periodic coupon payments (*e.g.*, monthly, quarterly, or semiannually); varied participation rates (the rate at which the Fund participates in the appreciation of the underlying equity); limitations on the appreciation potential of the underlying equity by a maximum payment or call right; and different protection levels on the Fund's principal investment. In addition, when the underlying equity is foreign securities or indices, an ELN may be priced with or without currency exposure. The Fund may engage in all types of ELNs, including those that: (1) provide for protection of the Fund's principal in exchange for limited participation in the appreciation of the underlying equity, and (2) do not provide for such protection and subject the Fund to the risk of loss of the Fund's principal investment.

An ELN may provide interest income, thereby offering a yield advantage over investing directly in the underlying equity. ELNs also may enable the Fund to obtain a return (the coupon payment) without risk to principal (in principal-protected ELNs) if the general price movement of the underlying equity is correctly anticipated. The Fund's successful use of ELNs will usually depend on the Sub-Adviser's ability to accurately assess the terms of the ELN and forecast the credit quality of the issuer and the movements in the value of the underlying equity. Should the prices of the underlying equity move in an unexpected manner, the Fund may not achieve the anticipated benefits of the investment in the ELN, and it may realize losses, which could be significant and could include the Fund's entire principal investment.

In addition, an investment in an ELN possesses the risks associated with the underlying equity, such as management risk, market risk, and as applicable, foreign securities and currency risks. In addition, because ELNs are in note form, ELNs are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. An ELN also bears the risk that the issuer of the ELN will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. A downgrade or impairment to the credit rating of the issuer may also negatively impact the value of the ELN, regardless of the price of the underlying equity.

The Fund may also experience liquidity issues when investing in ELNs. The secondary market for ELNs may be limited, and the lack of liquidity in the secondary market may make ELNs difficult to sell and value. The market for those ELNs that are exchange traded may be thinly traded and no assurance of liquidity is provided.

ELNs may exhibit price behavior that does not correlate with the underlying equity. In addition, the performance of an ELN is the responsibility only of the issuer of the ELN and not the issuer of the underlying equity. As the holder of an ELN, the Fund generally has no rights to the underlying equity, including no voting rights or rights to receive dividends, although the amount of expected dividends to be paid during the term of the instrument are factored into the pricing and valuation of the underlying equity at inception.

An ELN is a form of Structured Note. See "Structured Notes" for more information.

<u>Europe:</u> European financial markets are vulnerable to volatility and losses arising from concerns about the potential exit of member countries from the EU and/or the Economic and Monetary Union of the European Union (the "EMU") and, in the latter case, the reversion of those countries to their national currencies. Defaults by EMU member countries on sovereign debt, as well as any future discussions about exits from the EMU, may negatively affect the Fund's investments in the defaulting or exiting country, in issuers, both private and governmental, with direct exposure to that country, and in European issuers generally. The UK left the EU on January 31, 2020 (commonly known as "Brexit") and entered into an 11-month transition period during which the UK remained part of the EU single market and customs union. The transition period concluded on December 31, 2020, and the UK left the EU single market and customs union under the terms of a new Trade and Cooperation Agreement. This agreement does not provide the UK with the same level of rights or access to all goods and services in the EU as before, including in relation to financial services. Consequently, uncertainty remains in certain areas regarding the future UK-EU relationship.

From January 1, 2021, EU laws ceased to apply in the UK, with many being assimilated into UK law until repealed, replaced, or amended. The UK government has enacted legislation to make substantial amendments to these laws, creating unpredictable consequences for financial markets and investments. Brexit could significantly impact the UK, European, and global macroeconomic conditions, leading to prolonged political, legal, regulatory, tax, and economic uncertainty. This uncertainty may affect opportunities, pricing, availability, and cost of financing, regulation, values, or exit opportunities of companies or assets based in, doing business with, or having significant relationships in the UK or EU.

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**Eurodollar and Yankee Dollar Instruments:** Eurodollar instruments are bonds that pay interest and principal in U.S. dollars held in banks outside the United States, primarily in Europe. Eurodollar instruments are usually issued on behalf of multinational companies and foreign governments by large underwriting groups composed of banks and issuing houses from many countries. The Eurodollar market is relatively free of regulations resulting in deposits that may pay somewhat higher interest than onshore markets. Their offshore locations make them subject to political and economic risk in the country of their domicile. Yankee dollar instruments are U.S. dollar-denominated bonds issued in the United States by foreign banks and corporations. These investments involve risks that are different from investments in securities issued by U.S. issuers and may carry the same risks as investing in foreign (non-U.S.) securities.

**Event-Linked Bonds:** Event-linked exposure typically results in gains or losses depending on the occurrence of a specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomena. Some event-linked bonds are commonly referred to as "catastrophe bonds." They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore entities. If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, there may be a loss of a portion, or all, of the principal invested in the bond. If no trigger event occurs, the principal plus interest will be recovered. For some event-linked bonds, the trigger event or losses may be based on issuer-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Event-linked bonds often provide for extensions of maturity that are mandatory, or optional, at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred.

**Floating or Variable Rate Instruments:** Variable and floating rate instruments are a type of debt instrument that provides for periodic adjustments in the interest rate paid on the instrument. Variable rate instruments provide for the automatic establishment of a new interest rate on set dates, while floating rate instruments provide for an automatic adjustment in the interest rate whenever a specified interest rate changes. Variable rate instruments will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

There is a risk that the current interest rate on variable and floating rate instruments may not accurately reflect current market interest rates or adequately compensate the holder for the current creditworthiness of the issuer. Some variable or floating rate instruments are structured with liquidity features such as: (1) put options or tender options that permit holders (sometimes subject to conditions) to demand payment of the unpaid principal balance plus accrued interest from the issuers or certain financial intermediaries; or (2) auction rate features, remarketing provisions, or other maturity-shortening devices designed to enable the issuer to refinance or redeem outstanding debt instruments (market-dependent liquidity features). The market-dependent liquidity features may not operate as intended as a result of the issuer's declining creditworthiness, adverse market conditions, or other factors or the inability or unwillingness of a participating broker-dealer to make a secondary market for such instruments. As a result, variable or floating rate instruments that include market-dependent liquidity features may lose value and the holders of such instruments may be required to retain them for an extended period of time or indefinitely.

Generally, changes in interest rates will have a smaller effect on the market value of variable and floating rate instruments than on the market value of comparable debt instruments. Thus, investing in variable and floating rate instruments generally allows less potential for capital appreciation and depreciation than investing in comparable debt instruments.

**Foreign (Non-U.S.) Currencies:** Investments in issuers in different countries are often denominated in foreign currencies. Changes in the values of those currencies relative to the U.S. dollar may have a positive or negative effect on the values of investments denominated in those currencies. Investments may be made in currency exchange contracts or other currency-related transactions (including derivatives transactions) to manage exposure to different currencies. Also, these contracts may reduce or eliminate some or all of the benefits of favorable currency fluctuations. The values of foreign currencies may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments. Currency values can decrease significantly both in the short term and over the long term in response to these and other developments. Continuing uncertainty as to the status of the Euro and the EMU has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU, or any continued uncertainty as to its status, could have significant adverse effects on currency and financial markets, and on the values of portfolio investments. Some foreign countries have managed currencies, which do not float freely against the U.S. dollar.

**Foreign (Non-U.S.) Investments:** Investments in non-U.S. issuers (including depositary receipts) entail risks not typically associated with investing in U.S. issuers. Similar risks may apply to instruments traded on a U.S. exchange that are issued by issuers with significant exposure to non-U.S. countries. The less developed a country's securities market is, the greater the level of risk. In certain countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. Because non-U.S. instruments are normally denominated and traded in currencies other than the U.S. dollar, the value of the assets may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. There may be less information publicly available about a non-U.S. issuer than about a U.S. issuer, and many non-U.S. issuers are not subject to accounting, auditing, and financial reporting standards, regulatory framework and practices comparable to those in the United States. The securities of some non-U.S. issuers are less liquid and at times more volatile than securities of comparable U.S. issuers. Foreign (non-U.S.) security trading, settlement, and custodial practices (including those involving securities settlement where the assets may be released prior to receipt of payment) are often less well developed than those in U.S. markets, and may result in increased risk of substantial delays in the event of a failed trade or in insolvency of, or breach of obligation by, a foreign broker-dealer, securities depository, or foreign sub-custodian. Non-U.S. transaction costs, such as brokerage commissions and custody costs, may be higher than in the United States. In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, imposition of tariffs or

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other economic and trade sanctions, entering or exiting trade or other intergovernmental agreements, confiscatory taxation, political or financial instability, and diplomatic developments that could adversely affect the values of the investments in certain non-U.S. countries. In certain foreign markets an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where such shares are voted. This is referred to as "share blocking." The blocking period can last up to several weeks. Share blocking may prevent buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country. Economic or other sanctions imposed on a foreign country or issuer by the U.S., or on the U.S. by a foreign country, could impair the Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. Sanctions could also affect the value and/or liquidity of a foreign (non-U.S.) security. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

**Forward Commitments:** Forward commitments are contracts to purchase securities for a fixed price at a future date beyond customary settlement time. A forward commitment may be disposed of prior to settlement. Such a disposition would result in the realization of short-term profits or losses.

Payment for the securities pursuant to one of these transactions is not required until the delivery date. However, the purchaser assumes the risks of ownership (including the risks of price and yield fluctuations) and the risk that the security will not be issued or delivered as anticipated. If the Fund makes additional investments while a delayed delivery purchase is outstanding, this may result in a form of leverage. Forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date, or if the other party fails to complete the transaction.

<u>Forward Currency Contracts</u>: A forward currency contract is an obligation to purchase or sell a specified currency against another currency at a future date and price as agreed upon by the parties. Forward contracts usually are entered into with banks and broker-dealers and usually are for less than one year, but may be renewed. Forward contracts may be held to maturity and make the contemplated payment and delivery, or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty. Thus, there can be no assurance that the Fund would be able to close out a forward currency contract at a favorable price or time prior to maturity.

Forward currency transactions may be used for hedging purposes. For example, the Fund might sell a particular currency forward if it holds bonds denominated in that currency but the Investment Adviser (or Sub-Adviser, if applicable) anticipates, and seeks to protect the Fund against, a decline in the currency against the U.S. dollar. Similarly, the Fund might purchase a currency forward to "lock in" the dollar price of securities denominated in that currency which the Investment Adviser (or Sub-Adviser, if applicable) anticipates purchasing for the Fund.

Hedging against a decline in the value of a currency does not limit fluctuations in the prices of portfolio securities or prevent losses to the extent they arise from factors other than changes in currency exchange rates. In addition, hedging transactions may limit opportunities for gain if the value of the hedged currency should rise. Moreover, it may not be possible to hedge against a devaluation that is so generally anticipated that no contracts are available to sell the currency at a price above the devaluation level it anticipates. The cost of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period, and prevailing market conditions. Because currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

**Futures Contracts:** A futures contract is an agreement between two parties to buy or sell in the future a specific quantity of an underlying asset at a specific price and time agreed upon when the contract is made. Futures contracts are traded in the U.S. only on commodity exchanges or boards of trade - known as "contract markets" - approved for such trading by the CFTC, and must be executed through a futures commission merchant (also referred to herein as a "broker") which is a member of the relevant contract market. Futures are subject to the creditworthiness of the futures commission merchant(s) and clearing organizations involved in the transaction.

Certain futures contracts are physically settled (*i.e*., involve the making and taking of delivery of a specified amount of an underlying asset). For instance, the sale of physically settled futures contracts on foreign currencies or financial instruments creates an obligation of the seller to deliver a specified quantity of an underlying foreign currency or financial instrument called for in the contract for a stated price at a specified time. Conversely, the purchase of such futures contracts creates an obligation of the purchaser to pay for and take delivery of the underlying asset called for in the contract for a stated price at a specified time. In some cases, the specific instruments delivered or taken, respectively, on the settlement date are not determined until on or near that date. That determination is made in accordance with the rules of the exchange on which the sale or purchase was made.

Some futures contracts are cash settled (rather than physically settled), which means that the purchase price is subtracted from the current market value of the instrument and the net amount, if positive, is paid to the purchaser by the seller of the futures contract and, if negative, is paid by the purchaser to the seller of the futures contract. See, for example, "Index Futures Contracts" below.

The value of a futures contract typically fluctuates in correlation with the increase or decrease in the value of the underlying asset. The buyer of a futures contract enters into an agreement to purchase the underlying asset on the settlement date and is said to be "long" the contract. The seller of a futures contract enters into an agreement to sell the underlying asset on the settlement date and is said to be "short" the contract.

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The purchaser or seller of a futures contract is not required to deliver or pay for the underlying asset unless the contract is held until the settlement date. The purchaser or seller of a futures contract is required to deposit "initial margin" with a futures commission merchant when the futures contract is entered into. Initial margin is typically calculated as a percentage of the contract's notional amount. A futures contract is valued daily at the official settlement price of the exchange on which it is traded. Each day cash is paid or received, called "variation margin," equal to the daily change in value of the futures contract. The minimum margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. Additional margin may be required by the futures commission merchant.

The risk of loss in trading futures contracts can be substantial, because of the low margin required, the extremely high degree of leverage involved in futures pricing, and the potential high volatility of the futures markets. As a result, a relatively small price movement in a futures position may result in immediate and substantial loss (or gain) to the investor. Thus, a purchase or sale of a futures contract may result in unlimited losses. In the event of adverse price movements, an investor would continue to be required to make daily cash payments to maintain its required margin. In addition, on the settlement date, an investor may be required to make delivery of the assets underlying the futures positions it holds.

Futures can be held until their settlement dates, or can be closed out by offsetting purchases or sales of futures contracts before then if a liquid market is available. It may not be possible to liquidate or close out a futures contract at any particular time or at an acceptable price and an investor would remain obligated to meet margin requirements until the position is closed. Moreover, most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially resulting in substantial losses. The inability to close futures positions could require maintaining a futures positions under circumstances where the manager would not otherwise have done so, resulting in losses.

If the Fund buys or sells a futures contract as a hedge to protect against a decline in the value of a portfolio investment, changes in the value of the futures position may not correlate as expected with changes in the value of the portfolio investment. As a result, it is possible that the futures position will not provide the desired hedging protection, or that money will be lost on both the futures position and the portfolio investment.

<u>Index Futures Contracts</u>: An index futures contract is a contract to buy or sell specified units of an index at a specified future date at a price agreed upon when the contract is made. The value of a unit is based on the current value of the index. Under such contracts no delivery of the actual securities or other assets making up the index takes place. Rather, upon expiration of the contract, settlement is made by exchanging cash in an amount equal to the difference between the contract price and the closing price of the index at expiration, net of variation margin previously paid.

<u>Interest Rate Futures Contracts</u>: An interest rate futures contract is an agreement to take or make delivery of either: (i) an amount of cash equal to the difference between the value of a particular interest rate index, debt instrument, or index of debt instruments at the beginning and at the end of the contract period; or (ii) a specified amount of a particular debt instrument at a future date at a price set at the time of the contract. Interest rate futures contracts may be bought or sold in an attempt to protect against the effects of interest rate changes on current or intended investments in debt instruments or generally to adjust the duration and interest rate sensitivity of an investment portfolio. For example, if the Fund owned long-term bonds and interest rates were expected to increase, the Fund might enter into interest rate futures contracts for the sale of debt instruments. Such a sale would have much the same effect as selling some of the long-term bonds in the Fund's portfolio. If interest rates did increase, the value of the debt instruments in the portfolio would decline, but the value of the interest rate futures contracts would be expected to increase, subject to the correlation risks described below, thereby keeping the NAV of the Fund from declining as much as it otherwise would have.

Similarly, if interest rates were expected to decline, interest rate futures contracts may be purchased to hedge in anticipation of subsequent purchases of long-term bonds at higher prices. Since the fluctuations in the value of the interest rate futures contracts should be similar to that of long-term bonds, an interest rate futures contract may protect against the effects of the anticipated rise in the value of long-term bonds until the necessary cash becomes available or the market stabilizes. At that time, the interest rate futures contracts could be liquidated and cash could then be used to buy long-term bonds on the cash market. Similar results could be achieved by selling bonds with long maturities and investing in bonds with short maturities when interest rates are expected to increase. However, the futures market may be more liquid than the cash market in certain cases or at certain times.

<u>Gold Futures Contracts</u>: A gold futures contract is a standardized contract which is traded on a regulated commodity futures exchange, and which provides for the future sale of a specified amount of gold at a specified date, time, and price. If the Fund purchases a gold futures contract, it becomes obligated to pay for the gold from the seller in accordance with the terms of the contract. If the Fund sells a gold futures contract, it becomes obligated to sell the gold to the purchaser in accordance with the terms of the contract.

The Fund's ability to invest directly in commodities and commodity-linked instruments may be limited by the Fund's intention to qualify as a RIC and could adversely affect the Fund's ability to so qualify. If the Fund's investments in such instruments were to exceed applicable limits or if such investments were to be recharacterized for U.S. federal income tax purposes, the Fund might be unable to qualify as a RIC for one or more years, which would adversely affect the value of the Fund.

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<u>Foreign Currency Futures</u>: Currency futures contracts are similar to currency forward contracts (described above), except that they are traded on exchanges (and always have margin requirements) and are standardized as to contract size and settlement date. Most currency futures call for payment in U.S. dollars. A foreign currency futures contract is a standardized exchange-traded contract for the future sale of a specified amount of a foreign currency at a price set at the time of the contract. Foreign currency futures contracts traded in the U.S. are designed by and traded on exchanges regulated by the CFTC, such as the Chicago Mercantile Exchange, and have margin requirements.

At the maturity of a deliverable currency futures contract, the Fund either may accept or make delivery of the currency specified in the contract, or at or prior to maturity enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to futures contracts may be effected only on a commodities exchange or board of trade which provides a market in such contracts. There is no assurance that a liquid market on an exchange or board of trade will exist for any particular contract or at any particular time. In such event, it may not be possible to close a futures position and, in the event of adverse price movements, the Fund would continue to be required to make daily cash payments of variation margin.

<u>Margin Payments</u>: If the Fund purchases or sells a futures contract, it is required to deposit with a futures commission merchant an amount of cash, U.S. Treasury bills, or other permissible collateral equal to a percentage of the amount of the futures contract. This amount is known as "initial margin." The nature of initial margin is different from that of margin in security transactions in that it does not involve borrowing money to finance transactions. Rather, initial margin is similar to a performance bond or good faith deposit that is returned to the Fund upon termination of the contract, assuming the Fund satisfies its contractual obligations.

Subsequent payments to and from the broker occur on a daily basis in a process known as "marking to market." These payments are called "variation margin" and are made as the value of the underlying futures contract fluctuates. For example, when the Fund sells a futures contract and the price of the underlying asset rises above the contract price, the Fund's position declines in value. The Fund then pays the broker a variation margin payment generally equal to the difference between the contract price of the futures contract and the market price of the underlying asset. Conversely, if the price of the underlying asset falls below the contract price of the contract, the Fund's futures position increases in value. The broker then must make a variation margin payment generally equal to the difference between the contract price of the futures contract and the market price of the underlying asset. If an exchange raises margin rates, the Fund would have to provide additional capital to cover the higher margin rates which could require closing out other positions earlier than anticipated.

If the Fund terminates a position in a futures contract, a final determination of variation margin would be made, additional cash would be paid by or to the Fund, and the Fund would realize a loss or a gain. Such closing transactions involve additional commission costs.

<u>Options on Futures Contracts</u>: Options on futures contracts generally operate in the same manner as options purchased or written directly on the underlying assets. A futures option gives the holder, in return for the premium paid, the right, but not the obligation, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the period of the option (or on a specified date, depending on its terms). Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures. If an option is exercised on the last trading day prior to its expiration date, the settlement will be made entirely in cash. Purchasers of options who fail to exercise their options prior to the expiration date suffer a loss of the premium paid.

Like the buyer or seller of a futures contract, the holder or writer of an option has the right to terminate its position prior to the scheduled expiration of the option by selling or purchasing an option of the same series, at which time the person entering into the closing purchase transaction will realize a gain or loss. There is no guarantee that such closing purchase transactions can be effected.

The Fund would be required to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those described above in connection with the discussion on futures contracts. See "Margin Payments" above.

<u>Risks of transactions in futures contracts and related options</u>: Successful use of futures contracts is subject to the ability of the Investment Adviser (or Sub-Adviser, if applicable) to predict movements in various factors affecting financial markets. Compared to the purchase or sale of futures contracts, the purchase of call or put options on futures contracts involves less potential risk to the Fund because the maximum amount at risk is the premium paid for the options (plus transaction costs). However, there may be circumstances when the purchase of a call or put option on a futures contract would result in a loss when the purchase or sale of a futures contract would not result in a loss, such as when there is no movement in the prices of the underlying futures contracts. The writing of an option on a futures contract involves risks similar to those risks relating to the sale of futures contracts.

The use of futures and related options involves the risk of imperfect correlation among movements in the prices of the assets underlying the futures and options, of the options and futures contracts themselves, and, in the case of hedging transactions, of the underlying assets which are the subject of a hedge. The successful use of these strategies further depends on the ability of the Investment Adviser (or Sub-Adviser, if applicable) to forecast market movements such as movements in interest rates correctly. It is possible that, where the Fund has purchased puts on futures contracts to hedge its portfolio against a decline in the market, the securities or index on which the puts are purchased may increase in value and the value of securities held in the portfolio may decline. If this occurred, the Fund would lose money on the puts and also experience a decline in value in its portfolio securities. In addition, the prices of futures, for a number of reasons, may not correlate perfectly with movements in the underlying asset due to certain market distortions. For example, all participants in the futures market are subject to margin deposit requirements. Such requirements may cause investors to close futures contracts through offsetting transactions, which could distort the normal relationship between the underlying asset and futures markets. The margin

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requirements in the futures markets are less onerous than margin requirements in the securities markets in general, and as a result the futures markets may attract more speculators than the securities markets do. Increased participation by speculators in the futures markets may also cause temporary price distortions.

There is no assurance that higher than anticipated trading activity or other unforeseen events might not, at times, render certain market clearing facilities inadequate, and thereby result in the institution by exchanges of special procedures which may interfere with the timely execution of customer orders.

The ability to establish and close out positions will be subject to the development and maintenance of a liquid market. It is not certain that this market will develop or continue to exist for a particular futures contract or option. The Fund's futures commission merchant may limit the Fund's ability to invest in certain futures contracts. Such restrictions may adversely affect the Fund's performance and its ability to achieve its investment objective.

The CFTC, certain foreign (non-U.S.) regulators, and many futures exchanges have established (and continue to evaluate and monitor) speculative position limits, referred to as "position limits," on the maximum net long or net short positions which any person may hold or control in particular options and futures contracts. In addition, U.S. federal position limits apply to swaps that are economically equivalent to futures contracts on certain agricultural, energy, and metals commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of complying with these speculative limits, unless an exemption applies. Thus, even if the Fund's holding does not exceed applicable position limits, it is possible that some or all of the positions in client accounts managed by the Investment Adviser (or Sub-Adviser, if applicable) and its affiliates may be aggregated for this purpose. It is possible that the trading decisions of the Investment Adviser (or Sub-Adviser, if applicable) may be affected by the sizes of such aggregate positions. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of the Fund. A violation of position limits could also lead to regulatory action materially adverse to the Fund's investment strategy. The Fund may also be affected by other regimes, including those of the EU and UK, and trading venues that impose position limits on commodity derivative contracts.

**Guaranteed Investment Contracts:** Guaranteed Investment Contracts ("GICs") are issued by insurance companies. An insurance company issuing a GIC typically agrees, in return for the purchase price of the contract, to pay interest at an agreed upon rate (which may be a fixed or variable rate) and to repay principal. GICs typically guarantee that the interest rate will not be less than a certain minimum rate. The insurance company may assess periodic charges against a GIC for expense and service costs allocable to it, and the charges will be deducted from the value of the deposit fund. A GIC is a general obligation of the issuing insurance company and not a separate account. The purchase price paid for a GIC becomes part of the general assets of the insurance company, and the contract is paid from the insurance company's general assets. Generally, a GIC is not assignable or transferable without the permission of the issuing insurance company, and an active secondary market in GICs does not currently exist. In addition, the issuer may not be able to pay the principal amount to the Fund on seven days' notice or less, at which time the investment may be considered illiquid securities. GICs are not backed by the U.S. government nor are they insured by the FDIC. GICs are generally guaranteed only by the insurance companies that issue them.

**High-Yield Securities:** High-yield securities (commonly referred to as "junk bonds") are debt instruments that are rated below investment grade. Investing in high-yield securities involves special risks in addition to the risks associated with investments in higher rated debt instruments. While investments in high-yield securities generally provide greater income and increased opportunity for capital appreciation than investments in higher quality securities, investments in high-yield securities typically entail greater price volatility as well as principal and income risk. High-yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of high-yield securities may be more complex than for issuers of higher quality debt instruments.

High-yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high-yield securities are likely to be sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high-yield security prices because the advent of a recession could lessen the ability of a highly leveraged issuer to make principal and interest payments on its debt instruments. If an issuer of high-yield securities defaults, in addition to risking payment of all or a portion of interest and principal, additional expenses to seek recovery may be incurred.

The secondary market on which high-yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which a high-yield security could be sold, and could adversely affect daily NAV. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high-yield securities, especially in a thinly traded market. When secondary markets for high-yield securities are less liquid than the market for higher grade securities, it may be more difficult to value lower rated securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.

Credit ratings issued by credit rating agencies are designed to evaluate the safety of principal and interest payments of rated securities. They do not, however, evaluate the market value risk of lower-quality securities and, therefore, may not fully reflect the true risks of an investment. In addition, credit rating agencies may or may not make timely changes in a rating to reflect changes in the economy or in the condition of the issuer that affect the market value of the securities. Consequently, credit ratings are used only as a preliminary indicator of investment quality. Each credit rating agency applies its own methodology in measuring creditworthiness and uses a specific rating scale to publish its ratings. For more information on credit agency ratings, please see Appendix A. Furthermore, high-yield debt

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instruments may not be registered under the 1933 Act, and, unless so registered, the Fund will not be able to sell such high-yield debt instruments except pursuant to an exemption from registration under the 1933 Act. This may further limit the Fund's ability to sell high-yield debt instruments or to obtain the desired price for such securities.

Special tax considerations are associated with investing in high-yield securities structured as zero-coupon or pay-in-kind instruments. Income accrues on these instruments prior to the receipt of cash payments, which income must be distributed to shareholders when it accrues, potentially requiring the liquidation of other investments, including at times when such liquidation may not be advantageous, in order to comply with the distribution requirements applicable to RICs under the Code.

**Hybrid Instruments:** A hybrid instrument may be a debt instrument, preferred stock, depositary share, trust certificate, warrant, convertible security, certificate of deposit or other evidence of indebtedness on which a portion of or all interest payments, and/or the principal or stated amount payable at maturity, redemption or retirement, is determined by reference to prices, changes in prices, or differences between prices, of securities, currencies, intangibles, goods, commodities, indexes, economic factors or other measures, including interest rates, currency exchange rates, or commodities or securities indices, or other indicators. Thus, hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stocks with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity.

Hybrid instruments can be an efficient means of creating exposure to a particular market, or segment of a market, with the objective of enhancing total return. For example, the Fund may wish to take advantage of expected declines in interest rates in several European countries, but avoid the transaction costs associated with buying and currency-hedging the foreign bond positions. One solution would be to purchase a U.S. dollar-denominated hybrid instrument whose redemption price is linked to the average three-year interest rate in a designated group of countries. The redemption price formula would provide for payoffs of greater than par if the average interest rate was lower than a specified level and payoffs of less than par if rates were above the specified level. Furthermore, the Fund could limit the downside risk of the security by establishing a minimum redemption price so that the principal paid at maturity could not be below a predetermined minimum level if interest rates were to rise significantly. The purpose of this arrangement, known as a structured security with an embedded put option, would be to give the Fund the desired European bond exposure while avoiding currency risk, limiting downside market risk, and lowering transactions costs. Of course, there is no guarantee that the strategy would be successful, and the Fund could lose money if, for example, interest rates do not move as anticipated or credit problems develop with the issuer of the hybrid instrument.

<u>Risks of Investing in Hybrid Instruments</u>: The risks of investing in hybrid instruments reflect a combination of the risks of investing in securities, swaps, options, futures and currencies. An investment in a hybrid instrument may entail significant risks that are not associated with a similar investment in a traditional debt instrument. The risks of a particular hybrid instrument will depend upon the terms of the instrument, but may include the possibility of significant changes in the benchmark(s) or the prices of the underlying assets to which the instrument is linked. Such risks generally depend upon factors unrelated to the operations or credit quality of the issuer of the hybrid instrument, which may not be foreseen by the purchaser, such as economic and political events, the supply and demand profiles of the underlying assets and interest rate movements. Hybrid instruments may be highly volatile.

The return on a hybrid instrument will be reduced by the costs of the swaps, options, or other instruments embedded in the instrument.

Hybrid instruments are potentially more volatile and carry greater market risks than traditional debt instruments. Depending on the structure of the particular hybrid instrument, changes in an underlying asset may be magnified by the terms of the hybrid instrument and have an even more dramatic and substantial effect upon the value of the hybrid instrument. Also, the prices of the hybrid instrument and the underlying asset may not move in the same direction or at the same time.

Hybrid instruments may bear interest or pay preferred dividends at below market (or even nominal) rates. Alternatively, hybrid instruments may bear interest at above market rates but bear an increased risk of principal loss (or gain). Leverage risk occurs when the hybrid instrument is structured so that a given change in an underlying asset is multiplied to produce a greater value change in the hybrid instrument, thereby magnifying the risk of loss as well as the potential for gain.

If a hybrid instrument is used as a hedge against, or as a substitute for, a portfolio investment, the hybrid instrument may not correlate as expected with the portfolio investment, resulting in losses. While hedging strategies involving hybrid 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 other investments.

Hybrid instruments may also carry liquidity risk since the instruments are often "customized" to meet the portfolio needs of a particular investor. The Fund may be prohibited from transferring a hybrid instrument, or the number of possible purchasers may be limited by applicable law or because few investors have an interest in purchasing such a customized product. Because hybrid instruments are typically privately negotiated contracts between two parties, the value of a hybrid instrument will depend on the willingness and ability of the issuer of the instrument to meet its obligations. Hybrid instruments also may not be subject to regulation by the CFTC, which generally regulates the trading of futures, options on futures, and certain swaps.

<u>Synthetic Convertible Securities</u>: Synthetic convertible securities are derivative positions composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. For example, the Fund may purchase a non-convertible debt instrument and a warrant or option, which enables the Fund to have a convertible-like position with respect to a company, group of companies, or stock index. Synthetic convertible securities are typically offered by financial institutions and investment banks in private placement transactions. Upon conversion, the Fund generally receives an amount in cash equal to the difference between the conversion price and the then-current value of the underlying security. Unlike a true convertible security, a synthetic convertible security comprises

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two or more separate securities, each with its own market value. Therefore, the market value of a synthetic convertible security is the sum of the values of its debt component and its convertible component. For this reason, the value of a synthetic convertible security and a true convertible security may respond differently to market fluctuations.

**Illiquid Securities:** Illiquid investment means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may not invest more than 15% of its net assets in illiquid investments. With the exception of money market funds, Rule 22e-4 under the 1940 Act requires the Fund to adopt a liquidity risk management program to assess and manage its liquidity risk. Under its program, the Fund is required to classify its investments into specific liquidity categories and monitor compliance with limits on investments in illiquid securities. While the liquidity risk management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and it may not reduce the liquidity risk inherent in the Fund's investments.

**Inflation-Indexed Bonds:** Inflation-indexed bonds are debt instruments whose principal and/or interest value are adjusted periodically according to a rate of inflation (usually a consumer price index). Two structures are most common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semi-annual coupon.

U.S. Treasury Inflation Protected Securities ("TIPS") currently are issued with maturities of five, ten, or thirty years, although it is possible that bonds with other maturities will be issued in the future. The principal amount of TIPS adjusts for inflation, although the inflation-adjusted principal is not paid until maturity. Semi-annual coupon payments are determined as a fixed percentage of the inflation-adjusted principal at the time the payment is made.

If the rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these bonds (calculated with respect to a smaller principal amount) will be reduced. At maturity, TIPS are redeemed at the greater of their inflation-adjusted principal or at the par amount at original issue. If an inflation-indexed bond does not provide a guarantee of principal at maturity, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. For example, if inflation were to rise at a faster rate than nominal interest rates, real interest rates would likely decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates would likely rise, leading to a decrease in value of inflation-indexed bonds.

While these bonds, if held to maturity, are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If nominal interest rates rise due to reasons other than inflation (for example, due to an expansion of non-inflationary economic activity), investors in these bonds may not be protected to the extent that the increase in rates is not reflected in the bond's inflation measure.

The inflation adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of price changes in the cost of living, made up of components such as housing, food, transportation, and energy.

Other issuers of inflation-protected bonds include other U.S. government agencies or instrumentalities, corporations, and foreign governments. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these bonds may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

Any increase in principal for an inflation-protected bond resulting from inflation adjustments is considered to be taxable income in the year it occurs. For direct holders of inflation-protected bonds, this means that taxes must be paid on principal adjustments even though these amounts are not received until the bond matures. Similarly, with respect to inflation-protected instruments held by the Fund, both interest income and the income attributable to principal adjustments must currently be distributed to shareholders in the form of cash or reinvested shares.

**Initial Public Offerings:** The value of an issuer's securities may be highly unstable at the time of its IPO and for a period thereafter due to factors such as market psychology prevailing at the time of the IPO, the absence of a prior public market, the small number of shares available, and limited availability of investor information. Securities purchased in an IPO may be held for a very short period of time. As a result, investments in IPOs may increase portfolio turnover, which increases brokerage and administrative costs and may result in additional distributions to shareholders. Investors in IPOs can be adversely affected by substantial dilution of the value of their shares due to sales of additional shares, and by concentration of control in existing management and principal shareholders.

Investments in IPOs may have a substantial beneficial effect on investment performance. Investment returns earned during a period of substantial investment in IPOs may not be sustained during other periods of more-limited, or no, investments in IPOs. In addition, as an investment portfolio increases in size, the impact of IPOs on performance will generally decrease. Investment in securities offered in an IPO may lose money. There can be no assurance that investments in IPOs will be available or improve performance. Investments in secondary public offerings may be subject to certain of the foreign risks. The Fund will not necessarily participate in an IPO in which other mutual funds or accounts managed by the Investment Adviser or Sub-Adviser participate.

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**Inverse Floating Rate Securities:** Inverse floaters have variable interest rates that typically move in the opposite direction from movements in prevailing interest rates, most often short-term rates. Accordingly, the values of inverse floaters, or other instruments or certificates structured to have similar features, generally move in the opposite direction from interest rates. The value of an inverse floater can be considerably more volatile than the value of other debt instruments of comparable maturity and quality. Inverse floaters incorporate varying degrees of leverage. Generally, greater leverage results in greater price volatility for any given change in interest rates. Inverse floaters may be subject to legal or contractual restrictions on resale and therefore may be less liquid than other types of instruments.

**Master Limited Partnerships:** MLPs typically are characterized as "publicly traded partnerships" that qualify to be treated as partnerships for U.S. federal income tax purposes and are typically engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities, such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products. Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners are not involved in the day-to-day management of the partnership.

Investments in MLPs are generally subject to many of the risks that apply to partnerships. For example, holders of the units of MLPs may have limited control and limited voting rights on matters affecting the partnership. There may be fewer corporate protections afforded investors in an MLP than investors in a corporation. Conflicts of interest may exist among unit holders, subordinated unit holders, and the general partner of an MLP, including those arising from incentive distribution payments. MLPs that concentrate in a particular industry or region are subject to risks associated with such industry or region. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. Investments held by MLPs may be illiquid. MLP units may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based issuers.

The manner and extent of direct and indirect investments in MLPs and limited liability companies may be limited by the Fund's intention to qualify as a RIC under the Code, and any such investments may adversely affect the ability of the Fund to so qualify.

**Mortgage-Related Securities:** Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. There may also be investments in debt instruments which are secured with collateral consisting of mortgage-related securities (see "Collateralized Mortgage Obligations").

Financial downturns (particularly an increase in delinquencies and defaults on residential mortgages, falling home prices, and unemployment) may adversely affect the market for mortgage-related securities. Many so-called sub-prime mortgage pools become distressed during periods of economic distress and may trade at significant discounts to their face value during such periods. In addition, for mortgage-related securities, when market conditions result in an increase in the default rates on the underlying mortgages and the foreclosure values of the underlying real estate are below the outstanding amount of the underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and value. Certain types of real estate may be adversely affected by changing usage trends, such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase in online shopping, which could in turn result in defaults and declines in value of mortgage-related securities secured by such properties. In addition, various market and governmental actions may impair the ability to foreclose on or exercise other remedies against underlying mortgage holders, or may reduce the amount received upon foreclosure. These factors may cause certain mortgage-related securities to experience lower valuations and reduced liquidity. There is also no assurance that the U.S. government will take further action to support the mortgage-related securities industry, as it has in the past, should the economy experience another downturn. Further, legislative action and any future government actions may significantly alter the manner in which the mortgage-related securities market functions. Each of these factors could ultimately increase the risk of losses on mortgage-related securities.

<u>Mortgage Pass-Through Securities</u>: Interests in pools of mortgage-related securities differ from other forms of debt instruments, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by GNMA) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. The residential mortgage market in the United States has in the past experienced difficulties that may adversely affect the performance and market value of certain mortgage-related investments. Delinquencies and losses on residential mortgage loans (especially subprime and second-lien mortgage loans) generally have increased in the past and may continue to increase, and a decline in or flattening of housing values (as has occurred in the past and which may continue to occur in many housing markets) may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. Also, a number of residential mortgage loan originators have experienced serious financial difficulties or bankruptcy. Due

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largely to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for certain mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen.

<u>Adjustable Rate Mortgage-Backed Securities</u>: Adjustable rate mortgage-backed securities ("ARM MBSs") have interest rates that reset at periodic intervals. Acquiring ARM MBSs permits participation in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARM MBSs are based. Such ARM MBSs generally have higher current yield and lower price fluctuations than is the case with more traditional debt instruments of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, there can be reinvestment in the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARM MBSs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, there is no benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (*i.e*., the rates being paid by mortgagors) of the mortgages, ARM MBSs behave more like debt instruments and less like adjustable rate debt instruments and are subject to the risks associated with debt instruments. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

<u>Agency Mortgage-Related Securities</u>: The principal governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (the "FHA"), or guaranteed by the Department of Veterans Affairs (the "VA"). Government-related guarantors (*i.e*., not backed by the full faith and credit of the U.S. government) include FNMA and FHLMC. FNMA is a government-sponsored corporation. FNMA purchases conventional (*i.e*., not insured or guaranteed by any government agency) residential mortgages from a list of approved sellers/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC is a government-sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

On September 6, 2008, the Federal Housing Finance Agency ("FHFA") placed FNMA and FHLMC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA selected a new chief executive officer and chairman of the board of directors for each of FNMA and FHLMC.

FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA's and FHLMC's ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the director of FHFA determines that FHFA's plan to restore the enterprise to a safe and solvent condition has been completed.

Under the Federal Housing Finance Regulatory Reform Act of 2008 (the "Reform Act"), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA's appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver.

FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA's or FHLMC's assets available therefor.

In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders.

Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party.

In addition, certain rights provided to holders of mortgage-backed securities issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC mortgage-backed securities may provide (or with respect to

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securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such mortgage-backed securities have the right to replace FNMA or FHLMC as trustee if the requisite percentage of mortgage-backed securities holders consent. The Reform Act prevents mortgage-backed security holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. The Reform Act also provides that no person may exercise any right or power to terminate, accelerate or declare an event of default under certain contracts to which FNMA or FHLMC is a party, or obtain possession of or exercise control over any property of FNMA or FHLMC, or affect any contractual rights of FNMA or FHLMC, without the approval of FHFA, as conservator or receiver, for a period of 45 or 90 days following the appointment of FHFA as conservator or receiver, respectively.

To the extent third party entities involved with mortgage-backed securities issued by private issuers are involved in litigation relating to the securities, actions may be taken that are adverse to the interests of holders of the mortgage-backed securities, including the Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related securities, including the Fund, to cover legal or related costs. Any such action could result in losses to the Fund.

<u>Collateralized Mortgage Obligations</u>: Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC, or FNMA, and their income streams. The issuer of a series of mortgage pass-through securities may elect to be treated as a REMIC. REMICs include governmental and/or private entities that issue a fixed pool of mortgages secured by an interest in real property. REMICs are similar to CMOs in that they issue multiple classes of securities, but unlike CMOs, which are required to be structured as debt instruments, REMICs may be structured as indirect ownership interests in the underlying assets of the REMICs themselves. Although CMOs and REMICs differ in certain respects, characteristics of CMOs described below apply in most cases to REMICs as well.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

As CMOs have evolved, some classes of CMO bonds have become more common. For example, there may be investments in parallel-pay and planned amortization class ("PAC") CMOs and multi-class pass-through certificates. Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs with the required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass through structure that includes PAC securities must also have support tranches—known as support bonds, companion bonds or non-PAC bonds—which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. A manager may invest in various tranches of CMO bonds, including support bonds.

<u>CMO Residuals</u>: CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to pre-payments on the related underlying mortgage assets, in the same manner as an interest-only ("IO") class of stripped mortgage-backed securities. See "Mortgage-Related Securities—Stripped Mortgage-Backed Securities." In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances, the initial investment in a CMO residual may never be fully recouped.

CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful review of the characteristics of the securities in question. In addition, CMO residuals may, or pursuant to an exemption therefrom may not, have been registered under the 1933 Act. CMO residuals, whether or not registered under the 1933 Act, may be subject to certain restrictions on transferability.

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<u>Commercial Mortgage-Backed Securities</u>: Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

<u>Reverse Mortgage-Related Securities and Other Mortgage-Related Securities</u>: Reverse mortgage-related securities and other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls, or stripped mortgage-backed securities ("SMBS"). Other mortgage-related securities may be equity or debt instruments issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

Mortgage-related securities include, among other things, securities that reflect an interest in reverse mortgages. In a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner's equity in his or her home. While a homeowner must be age 62 or older to qualify for a reverse mortgage, reverse mortgages may have no income restrictions. Repayment of the interest or principal for the loan is generally not required until the homeowner dies, sells the home, or ceases to use the home as his or her primary residence.

There are three general types of reverse mortgages: (1) single-purpose reverse mortgages, which are offered by certain state and local government agencies and nonprofit organizations; (2) federally-insured reverse mortgages, which are backed by the U.S. Department of Housing and Urban Development; and (3) proprietary reverse mortgages, which are privately offered loans. A mortgage-related security may be backed by a single type of reverse mortgage. Reverse mortgage-related securities include agency and privately issued mortgage-related securities. The principal government guarantor of reverse mortgage-related securities is GNMA.

Reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities due to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain. Because reverse mortgages are offered only to persons 62 and older and there may be no income restrictions, the loans may react differently than traditional home loans to market events.

<u>Stripped Mortgage-Backed Securities</u>: SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO class"), while the other class will receive all of the principal (the principal-only or "PO class"). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including pre-payments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, there may be failure to recoup some or all of the initial investment in these securities even if the security is in one of the highest rating categories.

Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-related securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Mortgage pools underlying privately issued mortgage-related securities more frequently include second mortgages, high loan-to-value ratio mortgages and manufactured housing loans, in addition to commercial mortgages and other types of mortgages where a government or government sponsored entity guarantee is not available. The coupon rates and maturities of the underlying mortgage loans in a privately-issued mortgage-related securities pool may vary to a

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greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans are loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements.

The risk of non-payment is greater for mortgage-related securities that are backed by loans that were originated under weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level of risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime. Other types of privately issued mortgage-related securities, such as those classified as pay-option adjustable rate or Alt-A have also performed poorly. Even loans classified as prime have experienced higher levels of delinquencies and defaults. Market factors that may adversely affect mortgage loan repayment include adverse economic conditions, unemployment, a decline in the value of real property, or an increase in interest rates.

Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-related securities may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

Privately issued mortgage-related securities are originated, packaged and serviced by third party entities. It is possible that these third parties could have interests that are in conflict with the holders of mortgage-related securities, and such holders could have rights against the third parties or their affiliates. For example, if a loan originator, servicer or its affiliates engaged in negligence or willful misconduct in carrying out its duties, then a holder of the mortgage-related security could seek recourse against the originator/servicer or its affiliates, as applicable. Also, as a loan originator/servicer, the originator/servicer or its affiliates may make certain representations and warranties regarding the quality of the mortgages and properties underlying a mortgage-related security. If one or more of those representations or warranties is false, then the holders of the mortgage-related securities could trigger an obligation of the originator/servicer or its affiliates, as applicable, to repurchase the mortgages from the issuing trust. Notwithstanding the foregoing, many of the third parties that are legally bound by trust and other documents have failed to perform their respective duties, as stipulated in such trust and other documents, and investors have had limited success in enforcing terms.

Mortgage-related securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to the investment restrictions related to industry concentration by virtue of the exclusion from that test available to all U.S. government securities. The assets underlying such securities may be represented by a portfolio of residential or commercial mortgages (including both whole mortgage loans and mortgage participation interests that may be senior or junior in terms of priority of repayment) or portfolios of mortgage pass-through securities issued or guaranteed by GNMA, FNMA or FHLMC. Mortgage loans underlying a mortgage-related security may in turn be insured or guaranteed by the FHA or the VA. In the case of privately issued mortgage-related securities whose underlying assets are neither U.S. government securities nor U.S. government-insured mortgages, to the extent that real properties securing such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages.

<u>Tiered Index Bonds</u>: Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined "strike" rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate rises above the "strike" rate, the interest rate of the tiered index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond.

**Municipal Securities:** Municipal securities are debt instruments issued by state and local governments, municipalities, territories and possessions of the United States, regional government authorities, and their agencies and instrumentalities of states, and multi-state agencies or authorities, the interest of which, in the opinion of bond counsel to the issuer at the time of issuance, is exempt from U.S. federal income tax. Municipal securities include both notes (which have maturities of less than one (1) year) and bonds (which have maturities of one (1) year or more) that bear fixed or variable rates of interest.

In general, municipal securities are issued to obtain funds for a variety of public purposes such as the construction, repair, or improvement of public facilities including airports, bridges, housing, hospitals, mass transportation, schools, streets, water and sewer works. Municipal securities may be issued to refinance outstanding obligations as well as to raise funds for general operating expenses and lending to other public institutions and facilities.

The two principal classifications of municipal securities are "general obligation" securities and "revenue" securities. General obligation securities are obligations secured by the issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Characteristics and methods of enforcement of general obligation bonds vary according to the law applicable to a particular issuer, and the taxes that can be levied for the payment of debt instruments may be limited or unlimited as to rates or amounts of special assessments. Revenue securities are payable only from the revenues derived from a particular facility, a class of facilities or, in some cases, from the proceeds of a special excise tax. Revenue bonds are issued to finance a wide variety of capital projects including, among others: electric, gas, water, and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Conditions in those sectors may affect the overall municipal securities markets.

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Some longer-term municipal bonds give the investor the right to "put" or sell the security at par (face value) to the issuer within a specified number of days following the investor's request. This demand feature enhances a security's liquidity by shortening its effective maturity and enables it to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, the longer-term securities still held could experience substantially more volatility.

Insured municipal debt involves scheduled payments of interest and principal guaranteed by a private, non-governmental or governmental insurance company. The insurance does not guarantee the market value of the municipal debt or the value of the shares.

Municipal securities are subject to credit and market risk. Generally, prices of higher quality issues tend to fluctuate less with changes in market interest rates than prices of lower quality issues and prices of longer maturity issues tend to fluctuate more than prices of shorter maturity issues. The secondary market for municipal bonds typically has been less liquid than that for taxable debt instruments, and this may affect the Fund's ability to sell particular municipal bonds at then-current market prices, especially in periods when other investors are attempting to sell the same securities.

Prices and yields on municipal bonds are dependent on a variety of factors, including general money-market conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. A number of these factors, including the ratings of particular issues, are subject to change from time to time. Information about the financial condition of an issuer of municipal bonds may not be as extensive as that which is made available by corporations whose securities are publicly traded.

Securities, including municipal securities, are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the federal Bankruptcy Code (including special provisions related to municipalities and other public entities), and laws, if any, that may be enacted by Congress or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations. There is also the possibility that, as a result of litigation or other conditions, the power, ability or willingness of issuers to meet their obligations for the payment of interest and principal on their municipal securities may be materially affected or their obligations may be found to be invalid or unenforceable. Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for municipal securities or certain segments thereof, or of materially affecting the credit risk with respect to particular securities. Adverse economic, business, legal or political developments might affect all or a substantial portion of the Fund's municipal securities in the same manner.

From time to time, proposals have been introduced before Congress that, if enacted, would have the effect of restricting or eliminating the U.S. federal income tax exemption for interest on debt instruments issued by states and their political subdivisions. United States federal tax laws limit the types and amounts of tax-exempt bonds issuable for certain purposes, especially industrial development bonds and private activity bonds. Such limits may affect the future supply and yields of these types of municipal securities. Further proposals limiting the issuance of municipal securities may well be introduced in the future.

<u>Industrial Development and Pollution Control Bonds</u>: Industrial development bonds and pollution control bonds, which in most cases are revenue bonds and generally are not payable from the unrestricted revenues of an issuer, are issued by or on behalf of public authorities to raise money to finance privately operated facilities for business, manufacturing, housing, sport complexes, and pollution control. The principal security for these bonds is generally the net revenues derived from a particular facility, group of facilities, or in some cases, the proceeds of a special excise tax or other specific revenue sources. Consequently, the credit quality of these securities is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations.

<u>Moral Obligation Securities</u>: Moral obligation securities are usually issued by special purpose public authorities. A moral obligation security is a type of state issued municipal bond which is backed by a moral, not a legal, obligation. If the issuer of a moral obligation security cannot fulfill its financial responsibilities from current revenues, it may draw upon a reserve fund, the restoration of which is a moral commitment, but not a legal obligation, of the state or municipality that created the issuer.

<u>Municipal Lease Obligations and Certificates of Participation</u>: Municipal lease obligations and participations in municipal leases are undivided interests in an obligation in the form of a lease or installment purchase or conditional sales contract which is issued by a state, local government, or a municipal financing corporation to acquire land, equipment, and/or facilities (collectively hereinafter referred to as "Lease Obligations"). Generally Lease Obligations do not constitute general obligations of the municipality for which the municipality's taxing power is pledged. Instead, a Lease Obligation is ordinarily backed by the municipality's covenant to budget for, appropriate, and make the payments due under the Lease Obligation. As a result of this structure, Lease Obligations are generally not subject to state constitutional debt limitations or other statutory requirements that may apply to other municipal securities.

Lease Obligations may contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for that purpose on a yearly basis. If the municipality does not appropriate in its budget enough to cover the payments on the Lease Obligation, the lessor may have the right to repossess and relet the property to another party. Depending on the property subject to the lease, the value of the property may not be sufficient to cover the debt.

In addition to the risk of "non-appropriation," municipal lease securities may not have as highly liquid a market as conventional municipal bonds.

<u>Short-Term Municipal Obligations</u>: Short-term municipal securities include tax anticipation notes, revenue anticipation notes, bond anticipation notes, construction loan notes and short-term discount notes. Tax anticipation notes are used to finance working capital needs of municipalities and are issued in anticipation of various seasonal tax revenues, to be payable from these specific future taxes. They are usually general obligations of the issuer, secured by the taxing power of the municipality for the payment of principal and interest when due. Revenue anticipation notes are generally issued in expectation of receipt of other kinds of revenue, such as the revenues expected to be generated

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from a particular project. Bond anticipation notes normally are issued to provide interim financing until long-term financing can be arranged. The long-term bonds then provide the money for the repayment of the notes. Construction loan notes are sold to provide construction financing for specific projects. After successful completion and acceptance, many such projects may receive permanent financing through another source. Short-term Discount notes (tax-exempt commercial paper) are short-term (365 days or less) promissory notes issued by municipalities to supplement their cash flow. Revenue anticipation notes, construction loan notes, and short-term discount notes may, but will not necessarily, be general obligations of the issuer.

**Options:** An option gives the holder the right, but not the obligation, to purchase (in the case of a call option) or sell (in the case of a put option) a specific amount or value of a particular underlying asset at a specific price (called the "exercise" or "strike" price) at one or more specific times before the option expires. The underlying asset of an option contract can be a security, currency, index, future, swap, commodity, or other type of financial instrument. The seller of an option is called an option writer. The purchase price of an option is called the premium. The potential loss to an option purchaser is limited to the amount of the premium plus transaction costs. This will be the case, for example, if the option is held and not exercised prior to its expiration date.

Options can be traded either through established exchanges ("exchange-traded options") or privately negotiated transactions OTC options. Exchange-traded options are standardized with respect to, among other things, the underlying asset, expiration date, contract size and strike price. The terms of OTC options are generally negotiated by the parties to the option contract which allows the parties greater flexibility in customizing the agreement, but OTC options are generally less liquid than exchange-traded options.

All option contracts involve credit risk if the counterparty to the option contract (*e.g*., the clearing house or OTC counterparty) or the third party effecting the transaction in the case of cleared options (*e.g*., futures commission merchant or broker/dealer) fails to perform. The value of an OTC option that is not cleared is dependent on the credit worthiness of the individual counterparty to the contract and may be greater than the credit risk associated with cleared options.

The purchaser of a put option obtains the right (but not the obligation) to sell a specific amount or value of a particular asset to the option writer at a fixed strike price. In return for this right, the purchaser pays the option premium. The purchaser of a typical put option can expect to realize a gain if the price of the underlying asset falls. However, if the underlying asset's price does not fall enough to offset the cost of purchasing the option, the purchaser of a put option can expect to suffer a loss (limited to the amount of the premium, plus related transaction costs).

The purchaser of a call option obtains the right (but not the obligation) to purchase a specified amount or value of an underlying asset from the option writer at a fixed strike price. In return for this right, the purchaser pays the option premium. The purchaser of a typical call option can expect to realize a gain if the price of the underlying asset rises. However, if the underlying asset's price does not rise enough to offset the cost of purchasing the option, the buyer of a call option can expect to suffer a loss (limited to the amount of the premium, plus related transaction costs).

The purchaser of a call or put option may terminate its position by allowing the option to expire, exercising the option or closing out its position by entering into an offsetting option transaction if a liquid market is available. If the option is allowed to expire, the purchaser will lose the entire premium. If the option is exercised, the purchaser would complete the purchase or sale, as applicable, of the underlying asset to the option writer at the strike price.

The writer of a put or call option takes the opposite side of the transaction from the option's purchaser. In return for receipt of the premium, the writer assumes the obligation to buy or sell (depending on whether the option is a put or a call) a specified amount or value of a particular asset at the strike price if the purchaser of the option chooses to exercise it. A call option written on a security or other instrument held by the Fund (commonly known as "writing a covered call option") limits the opportunity to profit from an increase in the market price of the underlying asset above the exercise price of the option. A call option written on securities that are not currently held by the Fund is commonly known as "writing a naked call option." During periods of declining securities prices or when prices are stable, writing these types of call options can be a profitable strategy to increase income with minimal capital risk. However, when securities prices increase, the Fund would be exposed to an increased risk of loss, because if the price of the underlying asset or instrument exceeds the option's exercise price, the Fund would suffer a loss equal to the amount by which the market price exceeds the exercise price at the time the call option is exercised, minus the premium received. Calls written on securities that the Fund does not own are riskier than calls written on securities owned by the Fund because there is no underlying asset held by the Fund that can act as a partial hedge. When such a call is exercised, the Fund must purchase the underlying asset to meet its call obligation or make a payment equal to the value of its obligation in order to close out the option. Calls written on securities that the Fund does not own have speculative characteristics and the potential for loss is theoretically unlimited. There is also a risk, especially with less liquid preferred and debt instruments, that the asset may not be available for purchase.

Generally, an option writer sells options with the goal of obtaining the premium paid by the option purchaser. If an option sold by an option writer expires without being exercised, the writer retains the full amount of the premium. The option writer's potential loss is equal to the amount the option is "in-the-money" when the option is exercised offset by the premium received when the option was written. A call option is in-the-money if the value of the underlying asset exceeds the strike price of the option, and so the call option writer's loss is theoretically unlimited. A put option is in-the-money if the strike price of the option exceeds the value of the underlying asset, and so the put option writer's loss is limited to the strike price. Generally, any profit realized by an option purchaser represents a loss for the option writer. The writer of an option may seek to terminate a position in the option before exercise by closing out its position by entering into an offsetting option transaction if a liquid market is available. If the market is not liquid for an offsetting option, however, the writer must continue to be prepared to sell or purchase the underlying asset at the strike price while the option is outstanding, regardless of price changes.

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If the Fund is the writer of a cleared option, the Fund is required to deposit initial margin. Additional variation margin may also be required. If the Fund is the writer of an uncleared option, the Fund may be required to deposit initial margin and additional variation margin.

A physical delivery option gives its owner the right to receive physical delivery (if it is a call), or to make physical delivery (if it is a put) of the underlying asset when the option is exercised. A cash-settled option gives its owner the right to receive a cash payment based on the difference between a determined value of the underlying asset at the time the option is exercised and the fixed exercise price of the option. In the case of physically settled options, it may not be possible to terminate the position at any particular time or at an acceptable price. A cash-settled call conveys the right to receive a cash payment if the determined value of the underlying asset at exercise exceeds the exercise price of the option, and a cash-settled put conveys the right to receive a cash payment if the determined value of the underlying asset at exercise is less than the exercise price of the option.

Combination option positions are positions in more than one option at the same time. A spread involves being both the buyer and writer of the same type of option on the same underlying asset but different exercise prices and/or expiration dates. A straddle consists of purchasing or writing both a put and a call on the same underlying asset with the same exercise price and expiration date.

The principal factors affecting the market value of a put or call option include supply and demand, interest rates, the current market price of the underlying asset in relation to the exercise price of the option, the volatility of the underlying asset and the remaining period to the expiration date.

If a trading market in particular options were illiquid, investors in those options would be unable to close out their positions until trading resumes, and option writers may be faced with substantial losses if the value of the underlying asset moves adversely during that time. There can be no assurance that a liquid market will exist for any particular options product at any specific time. Lack of investor interest, changes in volatility, or other factors or conditions might adversely affect the liquidity, efficiency, continuity, or even the orderliness of the market for particular options. Exchanges or other facilities on which options are traded may establish limitations on options trading, may order the liquidation of positions in excess of these limitations, or may impose other sanctions that could adversely affect parties to an options transaction.

Many options, in particular OTC options, are complex and often valued based on subjective factors. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to the Fund.

<u>Foreign Currency Options</u>: Put and call options on foreign currencies may be bought or sold either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of the Fund to reduce foreign currency risk using such options.

<u>Index Options:</u> An index option is a put or call option on a securities index or other (typically securities-related) index. In contrast to an option on a security, the holder of an index option has the right to receive a cash settlement amount upon exercise of the option. This settlement amount is equal to: (i) the amount, if any, by which the fixed exercise price of the option exceeds (in the case of a call) or is below (in the case of a put) the closing value of the underlying index on the date of exercise, multiplied; by (ii) a fixed "index multiplier." The index underlying an index option may be a "broad-based" index, such as the S&P 500<sup>®</sup> Index or the NYSE Composite Index, the changes in value of which ordinarily will reflect movements in the stock market in general. In contrast, certain options may be based on narrower market indices, such as the S&P 100 Index, or on indices of securities of particular industry groups, such as those of oil and gas or technology issuers. A stock index assigns relative values to the stocks included in the index, and the index fluctuates with changes in the market values of the stocks so included. The composition of the index is changed periodically. The risks of purchasing and selling index options are generally similar to the risks of purchasing and selling options on securities.

**Other Investment Companies and Pooled Investment Vehicles:** Securities of other investment companies and pooled investment vehicles, including shares of closed-end investment companies, unit investment trusts, ETFs, open-end investment companies, and private investment funds represent interests in managed portfolios that may invest in various types of instruments. Investing in another investment company or pooled investment vehicle exposes the Fund to all the risks of that other investment company or pooled investment vehicle as well as additional expenses at the other investment company or pooled investment vehicle-level, such as a proportionate share of portfolio management fees and operating expenses. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. Investing in a pooled investment vehicle involves the risk that the vehicle will not perform as anticipated. The amount of assets that may be invested in another investment company or pooled investment vehicle or in other investment companies or pooled investment vehicles generally may be limited by applicable law.

The securities of other investment companies, particularly closed-end funds, may be leveraged and, therefore, will be subject to the risks of leverage. The securities of closed-end investment companies and ETFs carry the risk that the price paid or received may be higher or lower than their NAV. Closed-end investment companies and ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other factors.

In making decisions on the allocation of the assets in other investment companies, the Investment Adviser and Sub-Adviser are subject to several conflicts of interest when they serve as the investment adviser and sub-adviser to one or more of the other investment companies. These conflicts could arise because the Investment Adviser or Sub-Adviser or their affiliates earn higher net advisory fees (the advisory fee received less any sub-advisory fee paid and fee waivers or expense subsidies) on some of the other investment companies than others. For example, where the other investment companies have a sub-adviser that is affiliated with the Investment Adviser, the entire advisory fee is retained by a Voya company. Even where the net advisory fee is not higher for other investment companies sub-advised

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by an affiliate of the Investment Adviser or Sub-Adviser, the Investment Adviser and Sub-Adviser may have an incentive to prefer affiliated sub-advisers for other reasons, such as increasing assets under management or supporting new investment strategies, which in turn would lead to increased income to Voya. Further, the Investment Adviser and Sub-Adviser may believe that redemption from another investment company will be harmful to that investment company, the Investment Adviser and Sub-Adviser or an affiliate. Therefore, the Investment Adviser and Sub-Adviser may have incentives to allocate and reallocate in a fashion that would advance its own economic interests, the economic interests of an affiliate, or the interests of another investment company.

The Investment Adviser has informed the Board that its investment process may be influenced by an affiliated insurance company that issues financial products in which the Fund may be offered as an investment option. In certain of those products an affiliated insurance company may offer guaranteed lifetime income or death benefits. The Investment Adviser's and Sub-Adviser's investment decisions, including their allocation decisions with respect to the other investment companies, may benefit the affiliated insurance company issuing such benefits. For example, selecting and allocating assets to other investment companies which invest primarily in debt instruments or in a more conservative or less volatile investment style, may reduce the regulatory capital requirements which the affiliated insurance company must satisfy to support its guarantees under its products, may help reduce the affiliated insurance company's risk from the lifetime income or death benefits, or may make it easier for the insurance company to manage its risk through the use of various hedging techniques.

The Investment Adviser and Sub-Adviser have adopted various policies and procedures that are intended to identify, monitor, and address actual or potential conflicts of interest. Nonetheless, investors bear the risk that the Investment Adviser's and Sub-Adviser's allocation decisions may be affected by their conflicts of interest.

<u>Exchange-Traded Funds</u>: ETFs are investment companies whose shares trade like a stock throughout the day. Certain ETFs use a "passive" investment strategy and will not attempt to take defensive positions in volatile or declining markets. Other ETFs are actively managed (*i.e*., they do not seek to replicate the performance of a particular index). The value of an ETF's shares will change based on changes in the values of the investments it holds. The value of an ETF's shares will also likely be affected by factors affecting trading in the market for those shares, such as illiquidity, exchange or market rules, and overall market volatility. The market price for ETF shares may be higher or lower than the ETF's NAV. The timing and magnitude of cash flows in and out of an ETF could create cash balances that act as a drag on the ETF's performance. An active secondary market in an ETF's shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. Substantial market or other disruptions affecting ETFs could adversely affect the liquidity and value of the shares of the Fund to the extent it invests in ETFs. There can be no assurance an ETF's shares will continue to be listed on an active exchange.

<u>Holding Company Depositary Receipts</u>: Holding Company Depositary Receipts ("HOLDRs") are securities that represent beneficial ownership in a group of common stocks of specified issuers in a particular industry. HOLDRs are typically organized as grantor trusts, and are generally not required to register as investment companies under the 1940 Act. Each HOLDR initially owns a set number of stocks, and the composition of a HOLDR does not change after issue, except in special cases like corporate mergers, acquisitions or other specified events. As a result, stocks selected for those HOLDRs with a sector focus may not remain the largest and most liquid in their industry, and may even leave the industry altogether. If this happens, HOLDRs invested may not provide the same targeted exposure to the industry that was initially expected. Because HOLDRs are not subject to concentration limits, the relative weight of an individual stock may increase substantially, causing the HOLDRs to be less diversified and creating more risk.

<u>Private Funds</u>: Private funds are private investment funds, pools, vehicles, or other structures, including hedge funds and private equity funds. They may be organized as corporations, partnerships, trusts, limited partnerships, limited liability companies, or any other form of business organization (collectively, "Private Funds"). Investments in Private Funds may be highly speculative and highly volatile and may produce gains or losses at rates that exceed those of the Fund's other holdings and of publicly offered investment pools. Private Funds may engage actively in short selling. Private Funds may utilize leverage without limit and, to the extent the Fund invests in Private Funds that utilize leverage, the Fund will indirectly be exposed to the risks associated with that leverage and the values of its shares may be more volatile as a result.

Many Private Funds invest significantly in issuers in the early stages of development, including issuers with little or no operating history, issuers operating at a loss or with substantial variation in operation results from period to period, issuers with the need for substantial additional capital to support expansion or to maintain a competitive position, or issuers with significant financial leverage. Such issuers may also face intense competition from others including those with greater financial resources or more extensive development, manufacturing, distribution or other attributes, over which the Fund will have no control.

Interests in a Private Fund will be subject to substantial restrictions on transfer and, in some instances, may be non-transferable for a period of years. Private Funds may participate in only a limited number of investments and, as a consequence, the return of a particular Private Fund may be substantially adversely affected by the unfavorable performance of even a single investment. Certain Private Funds may pay their investment managers a fee based on the performance of the Private Fund, which may create an incentive for the manager to make investments that are riskier or more speculative than would be the case if the manager was paid a fixed fee. Many Private Funds are not registered under the 1940 Act and, consequently, such funds are not subject to the restrictions on affiliated transactions and other protections applicable to registered investment companies. The valuations of securities held by Private Funds, which are generally unlisted and illiquid, may be very difficult and will often depend on the subjective valuation of the managers of the Private Funds, which may prove to be inaccurate. Inaccurate valuations of a Private Fund's portfolio holdings will affect the ability of the Fund to calculate its NAV accurately.

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**Participation on Creditors' Committees:** The Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may incur additional expenses such as legal fees and may make the Fund an "insider" of the issuer for purposes of the federal securities laws, which may restrict such Fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation on such committees may also expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors.

**Participatory Notes:** The Fund may invest in instruments that have economic characteristics similar to equity securities, such as participatory notes or other structured notes or instruments that may be developed from time to time. Participatory notes are a type of derivative instrument used by foreign investors to access local markets and to gain exposure to, primarily, equity securities of issuers listed on a local exchange. Rather than purchasing securities directly, the Fund may purchase a participatory note from a broker-dealer, which holds the securities on behalf of the noteholders.

Participatory notes are similar to depositary receipts except that: (1) brokers, not U.S. banks, are depositories for the securities; and (2) noteholders may remain anonymous to market regulators.

The value of the participatory notes will be directly related to the value of the underlying securities. Any dividends or capital gains collected from the underlying securities are remitted to the noteholder.

The risks of investing in participatory notes include derivatives risk and foreign investments risk. The foreign investments risk associated with participatory notes is similar to those of investing in depositary receipts. However, unlike depositary receipts, participatory notes are subject to counterparty risk based on the uncertainty of the counterparty's (*i.e.*, the broker's) ability to meet its obligations.

**Preferred Stocks:** Preferred stock represents an equity interest in an issuer that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the issuer.

Preferred stocks may pay fixed or adjustable rates of return. Preferred stock dividends may be cumulative or noncumulative, fixed, participating, auction rate or other. If interest rates rise, a fixed dividend on preferred stocks may be less attractive, causing the value of preferred stocks to decline either absolutely or relative to alternative investments. Preferred stock may have mandatory sinking fund provisions, as well as provisions that allow the issuer to redeem or call the stock.

Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities. In addition, because a substantial portion of the return on a preferred stock may be the dividend, its value may react similarly to that of a debt instrument to changes in interest rates. An issuer's preferred stock generally pays dividends only after the issuer makes required payments to holders of its debt instruments and other debt. For this reason, the value of preferred stock will usually react more strongly than debt instruments to actual or perceived changes in the issuer's financial condition or prospects. Preferred stocks of smaller issuers may be more vulnerable to adverse developments than preferred stock of larger issuers.

**Private Investments in Public Companies:** In a typical private placement by a publicly-held company ("PIPE") transaction, a buyer will acquire, directly from an issuer seeking to raise capital in a private placement pursuant to Regulation D under the 1933 Act, common stock or a security convertible into common stock, such as convertible notes or convertible preferred stock. The issuer's common stock is usually publicly traded on a U.S. securities exchange or in the OTC market, but the securities acquired will be subject to restrictions on resale imposed by U.S. securities laws absent an effective registration statement. In recognition of the illiquid nature of the securities being acquired, the purchase price paid in a PIPE transaction (or the conversion price of the convertible securities being acquired) will typically be fixed at a discount to the prevailing market price of the issuer's common stock at the time of the transaction. As part of a PIPE transaction, the issuer usually will be contractually obligated to seek to register within an agreed upon period of time for public resale under the U.S. securities laws the common stock or the shares of common stock issuable upon conversion of the convertible securities. If the issuer fails to so register the shares within that period, the buyer may be entitled to additional consideration from the issuer (*e.g*., warrants to acquire additional shares of common stock), but the buyer may not be able to sell its shares unless and until the registration process is successfully completed. Thus PIPE transactions present certain risks not associated with open market purchases of equities.

Among the risks associated with PIPE transactions is the risk that the issuer may be unable to register the shares for public resale in a timely manner or at all, in which case the shares may be saleable only in a privately negotiated transaction at a price less than that paid, assuming a suitable buyer can be found. Disposing of the securities may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Even if the shares are registered for public resale, the market for the issuer's securities may nevertheless be "thin" or illiquid, making the sale of securities at desired prices or in desired quantities difficult or impossible.

While private placements may offer attractive opportunities not otherwise available in the open market, the securities purchased are usually "restricted securities" or are "not readily marketable." Restricted securities cannot be sold without being registered under the 1933 Act, unless they are sold pursuant to an exemption from registration (such as Rules 144 or 144A under the 1933 Act). Securities that are not readily marketable are subject to other legal or contractual restrictions on resale.

**Real Estate Securities and Real Estate Investment Trusts:** Investments in equity securities of issuers that are principally engaged in the real estate industry are subject to certain risks associated with the ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs resulting from the clean-up of, and liability to third parties for damages resulting

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from, other acts that destroy real property; tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for rents; investment in developments that are not completed or that are subject to delays in completion; and changes in interest rates. In addition, certain types of real estate may be adversely affected by changing usage trends, such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured by such properties. To the extent that assets underlying the Fund's investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent. Investments by the Fund in securities of issuers providing mortgage servicing will be subject to the risks associated with refinancing and their impact on servicing rights.

Although interest rates have significantly increased since 2022, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt, and other debt instruments). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. In addition, if the Fund receives rental income or income from the disposition of real property acquired as result of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund's ability to qualify as a RIC because of certain income source requirements applicable to RICs under the Code.

REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate-related loans or interests. The affairs of REITs are managed by the REIT's sponsor and, as such, the performance of the REIT is dependent on the management skills of the REIT's sponsor. REITs are not diversified, and are subject to the risks of financing projects. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor's capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types, *i.e*., hotels, shopping malls, residential complexes and office buildings. REITs are subject to management fees and other expenses, and so the Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations. There are three general categories of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans; the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be adversely affected by several factors, including rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties, the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain their eligibility for favorable tax-treatment under the Code and for exemptions from registration under the 1940 Act, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the REITs.

REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of investments in REITs to decline. During periods when interest rates are declining, mortgages are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment under their mortgage loans and leases to generate cash to make distributions to their shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.

Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as investing in other small-capitalization issuers. REITs may have limited financial resources and their securities may trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger issuer securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks such as those included in the S&P 500<sup>®</sup> Index. The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which the REIT may not have control over its investments. REITs may involve significant amounts of leverage.

**Repurchase Agreements:** A repurchase agreement is a contract under which the Fund acquires a security for a relatively short period (usually not more than one week) subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price. Repurchase agreements may be viewed as loans which are collateralized by the securities subject to repurchase. The value of the underlying securities in such transactions will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. If the seller defaults, the Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of sale including accrued interest are less than the resale price provided in the agreement including interest. In addition, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and required to return the underlying collateral to the seller's estate. To the extent that the Fund has invested a substantial portion of its assets in repurchase agreements, the investment return on such assets, and potentially the ability to achieve the investment objectives, will depend on the counterparties' willingness and

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ability to perform their obligations under the repurchase agreements. The SEC has finalized new rules requiring the central clearing of certain repurchase transactions involving U.S. Treasuries. The mandatory clearing of such repurchase transactions could increase the cost of repurchase transactions and impose added operational complexity which could make it more difficult for the Fund to execute certain investment strategies.

**Restricted Securities:** Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S, and securities that are offered in reliance on Section 4(a)(2) of the 1933 Act, are referred to as "restricted securities." Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid, and more difficult to value than publicly- traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly-traded securities. Certain restricted securities represent investments in smaller, less seasoned issuers, which may involve greater risk. The Fund may incur additional expenses when disposing of restricted securities, including costs to register the sale of the securities. The Board has delegated to Fund management the responsibility for monitoring and determining the liquidity of restricted securities, subject to the Board's oversight.

**Reverse Repurchase Agreements and Dollar Roll Transactions:** Reverse repurchase agreements involve sales of portfolio securities to another party and an agreement by the Fund to repurchase the same securities at a later date at a fixed price. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities and also has the opportunity to earn a return on the collateral furnished by the counterparty to secure its obligation to redeliver the securities.

Dollar rolls involve selling securities (*e.g.,* mortgage-backed securities or U.S. Treasury securities) and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. Mortgage-dollar rolls and U.S. Treasury rolls are types of dollar rolls. During the roll period, principal and interest paid on the securities is not received but proceeds from the sale can be invested.

Reverse repurchase agreement and dollar rolls involve the risk that the market value of the securities to be repurchased under the agreement may decline below the repurchase price. If the buyer of securities under a reverse repurchase agreement or dollar rolls files for bankruptcy or becomes insolvent, such a buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the obligation to repurchase the securities and use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Additionally, reverse repurchase agreements entail many of the same risks as OTC derivatives. These include the risk that the counterparty to the reverse repurchase agreement may not be able to fulfill its obligations, that the parties may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. The SEC has finalized new rules requiring the central clearing of certain reverse repurchase transactions involving U.S. Treasuries. The mandatory clearing of such transactions could increase the cost of such transactions and impose added operational complexity which could make it more difficult for the Fund to execute certain investment strategies.

**Rights and Warrants:** Warrants and rights are types of securities that give a holder a right to purchase shares of common stock. Warrants usually are issued in conjunction with a bond or preferred stock and entitle a holder to purchase a specified amount of common stock at a specified price typically for a period of years. Rights are instruments, frequently distributed to an issuer's shareholders as a dividend, that usually entitle the holder to purchase a specified amount of common stock at a specified price on a specific date or during a specific period of time (typically for a period of only weeks). The exercise price on a right is normally at a discount from the market value of the common stock at the time of distribution.

Warrants may be used to enhance the marketability of a bond or preferred stock. Rights are frequently used outside of the United States as a means of raising additional capital from an issuer's current shareholders.

Warrants and rights do not carry with them the right to dividends or to vote, do not represent any rights in the assets of the issuer and may or may not be transferable. Investments in warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities, and expires worthless if it is not exercised on or prior to its expiration date, if any.

Bonds issued with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also may be issued with warrants attached to purchase additional debt instruments.

Equity-linked warrants are purchased from a broker, who in turn is expected to purchase shares in the local market. If the Fund exercises its warrant, the shares are expected to be sold and the warrant redeemed with the proceeds. Typically, each warrant represents one share of the underlying stock. Therefore, the price and performance of the warrant are directly linked to the underlying stock, less transaction costs. In addition to the market risk related to the underlying holdings, the Fund bears counterparty risk with respect to the issuing broker. There is currently no active trading market for equity-linked warrants, and they may be highly illiquid.

Index-linked warrants are put and call warrants where the value varies depending on the change in the value of one or more specified securities indices. Index-linked warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index-linked warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference

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between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at any time when, in the case of a call warrant, the exercise price is greater than the value of the underlying index, or, in the case of a put warrant, the exercise price is less than the value of the underlying index. If the Fund were not to exercise an index-linked warrant prior to its expiration, then the Fund would lose the amount of the purchase price paid by it for the warrant.

Index-linked warrants are normally used in a manner similar to its use of options on securities indices. The risks of index-linked warrants are generally similar to those relating to its use of index options. Unlike most index options, however, index-linked warrants are issued in limited amounts and are not obligations of a regulated clearing agency, but are backed only by the credit of the bank or other institution that issues the warrant. Also, index-linked warrants may have longer terms than index options. Index-linked warrants are not likely to be as liquid as certain index options backed by a recognized clearing agency. In addition, the terms of index-linked warrants may limit the Fund's ability to exercise the warrants at such time, or in such quantities, as the Fund would otherwise wish to do.

Indirect investment in foreign equity securities may be made through international warrants, local access products, participation notes, or low exercise price warrants. International warrants are financial instruments issued by banks or other financial institutions, which may or may not be traded on a foreign exchange. International warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a basket of securities from or to the issuer for a particular price or may entitle holders to receive a cash payment relating to the value of the underlying security or basket of securities. International warrants are similar to options in that they are exercisable by the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than typical options. These types of instruments may be American style exercise, which means that they can be exercised at any time on or before the expiration date of the international warrant, or European style exercise, which means that they may be exercised only on the expiration date. International warrants have an exercise price, which is typically fixed when the warrants are issued.

Low exercise price warrants are warrants with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue (*e.g*., one cent or less). The buyer of a low exercise price warrant effectively pays the full value of the underlying common stock at the outset. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the price of the common stock relating to exercise or the settlement date is determined, during which time the price of the underlying security could change significantly. These warrants entail substantial credit risk, since the issuer of the warrant holds the purchase price of the warrant (approximately equal to the value of the underlying investment at the time of the warrant's issue) for the life of the warrant.

The exercise or settlement date of the warrants and other instruments described above may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants may become worthless, resulting in a total loss of the purchase price of the warrants.

Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or cash in lieu thereof. These instruments may also be subject to liquidity risk because there may be a limited secondary market for trading the warrants. They are also subject, like other investments in foreign (non-U.S.) securities, to foreign risk and currency risk.

**Securities Lending:** Securities lending involves lending of portfolio securities to qualified broker/dealers, banks or other financial institutions who may need to borrow securities in order to complete certain transactions, such as covering short sales, avoiding failure to deliver securities, or completing arbitrage operations. Securities are loaned pursuant to a securities lending agreement approved by the Board and under the terms, structure and the aggregate amount of such loans consistent with the 1940 Act. Lending portfolio securities increases the lender's income by receiving a fixed fee or a percentage of the collateral, in addition to receiving the interest or dividend on the securities loaned. As collateral for the loaned securities, the borrower gives the lender collateral equal to at least 100% of the value of the loaned securities. The collateral may consist of cash (including U.S. dollars and foreign currency), securities issued by the U.S. Government or its agencies or instrumentalities, or such other collateral as may be approved by the Board. The borrower must also agree to increase the collateral if the value of the loaned securities increases but may request some of the collateral be returned if the market value of the loaned securities goes down.

During the existence of the loan, the lender will receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest on such amounts. Loans are subject to termination by the lender or a borrower at any time. The Fund may choose to terminate a loan in order to vote in a proxy solicitation.

During the time a security is on loan and the issuer of the security makes an interest or dividend payment, the borrower pays the lender a substitute payment equal to any interest or dividends the lender would have received directly from the issuer of the security if the lender had not loaned the security. When a lender receives dividends directly from domestic or certain foreign corporations, a portion of the dividends paid by the lender itself to its shareholders and attributable to those dividends (but not the portion attributable to substitute payments) may be eligible for (i) treatment as "qualified dividend income" in the hands of individuals or (ii) the U.S. federal dividends received deduction in the hands of corporate shareholders. The Investment Adviser expects generally to follow the practice of causing the Fund to terminate a securities loan – and forego any income on the loan after the termination – in anticipation of a dividend payment. By doing so, a lender would receive the dividend directly from the issuer of the securities, rather than a substitute payment from the borrower

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of the securities, and thereby preserve the possibility of those tax benefits for certain shareholders. A lender's shares may be held by affiliates of the Investment Adviser, and the Investment Adviser's termination of securities loans under these circumstances (resulting in the lender's foregoing income from the loans after the termination) may provide an economic benefit to those affiliates.

Securities lending involves counterparty risk, including the risk that a borrower may not provide additional collateral when required or return the loaned securities in a timely manner. Counterparty risk also includes a potential loss of rights in the collateral if the borrower or the Lending Agent defaults or fails financially. This risk is increased if loans are concentrated with a single borrower or limited number of borrowers. There are no limits on the number of borrowers that may be used and securities may be loaned to only one or a small group of borrowers. Participation in securities lending also incurs the risk of loss in connection with investments of cash collateral received from the borrowers. Cash collateral is invested in accordance with investment guidelines contained in the Securities Lending Agreement and approved by the Board. Some or all of the cash collateral received in connection with the securities lending program may be invested in one or more pooled investment vehicles, including, among other vehicles, money market funds managed by the Lending Agent (or its affiliates). The Lending Agent shares in any income resulting from the investment of such cash collateral, and an affiliate of the Lending Agent may receive asset-based fees for the management of such pooled investment vehicles, which may create a conflict of interest between the Lending Agent (or its affiliates) and the Fund with respect to the management of such cash collateral. To the extent that the value or return on investments of the cash collateral declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. The Lending Agent will indemnify the Fund from losses resulting from a borrower's failure to return a loaned security when due, but such indemnification does not extend to losses associated with declines in the value of cash collateral investments. The Investment Adviser is not responsible for any loss incurred by the Fund in connection with the securities lending program.

**Senior and Other Bank Loans:** Investments in variable or floating rate loans or notes ("Senior Loans") are typically made by purchasing an assignment of a portion of a Senior Loan from a third party, either in connection with the original loan transaction (*i.e.*, the primary market) or after the initial loan transaction (*i.e.*, in the secondary market). The Fund may also make its investments in Senior Loans through the use of derivative instruments as long as the reference obligation for such instrument is a Senior Loan. In addition, the Fund has the ability to act as an agent in originating and administering a loan on behalf of all lenders or as one of a group of co-agents in originating loans.

<u>Investment Quality and Credit Analysis</u>: The Senior Loans in which the Fund may invest generally are rated below investment grade credit quality or are unrated. In acquiring a loan, the manager will consider some or all of the following factors concerning the borrower: ability to service debt from internally generated funds; adequacy of liquidity and working capital; appropriateness of capital structure; leverage consistent with industry norms; historical experience of achieving business and financial projections; the quality and experience of management; and adequacy of collateral coverage. The manager performs its own independent credit analysis of each borrower. In so doing, the manager may utilize information and credit analyses from agents that originate or administer loans, other lenders investing in a loan, and other sources. The manager also may communicate directly with management of the borrowers. These analyses continue on a periodic basis for any Senior Loan held by the Fund.

<u>Senior Loan Characteristics</u>: Senior Loans are loans that are typically made to business borrowers to finance leveraged buy-outs, recapitalizations, mergers, stock repurchases, and internal growth. Senior Loans generally hold the most senior position in the capital structure of a borrower and are usually secured by liens on the assets of the borrowers; including tangible assets such as cash, accounts receivable, inventory, property, plant and equipment, common and/or preferred stocks of subsidiaries; and intangible assets including trademarks, copyrights, patent rights, and franchise value. They may also provide guarantees as a form of collateral. Senior Loans are typically structured to include two or more types of loans within a single credit agreement. The most common structure is to have a revolving loan and a term loan. A revolving loan is a loan that can be drawn upon, repaid fully or partially, and then the repaid portions can be drawn upon again. A term loan is a loan that is fully drawn upon immediately and once repaid it cannot be drawn upon again.

Sometimes there may be two or more term loans and they may be secured by different collateral, have different repayment schedules and maturity dates. In addition to revolving loans and term loans, Senior Loan structures can also contain facilities for the issuance of letters of credit and may contain mechanisms for lenders to pre-fund letters of credit through credit-linked deposits.

By virtue of their senior position and collateral, Senior Loans typically provide lenders with the first right to cash flows or proceeds from the sale of a borrower's collateral if the borrower becomes insolvent (subject to the limitations of bankruptcy law, which may provide higher priority to certain claims such as employee salaries, employee pensions, and taxes). This means Senior Loans are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors, and preferred or common stockholders.

Senior Loans typically pay interest, at least quarterly, at rates which equal a fixed percentage spread over a base rate such as SOFR. For example, if SOFR were 3% and the borrower was paying a fixed spread of 2.50%, the total interest rate paid by the borrower would be 5.50%. Base rates, and therefore the total rates paid on Senior Loans, float, *i.e.*, they change as market rates of interest change.

Although a base rate such as SOFR can change every day, loan agreements for Senior Loans typically allow the borrower the ability to choose how often the base rate for its loan will change. A single loan may have multiple reset periods at the same time, with each reset period applicable to a designated portion of the loan. Such periods can range from one day to one year, with most borrowers choosing monthly or quarterly reset periods. During periods of rising interest rates, borrowers will tend to choose longer reset periods, and during periods of declining interest rates, borrowers will tend to choose shorter reset periods. The fixed spread over the base rate on a Senior Loan typically does not change.

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<u>Agents</u>: Senior Loans generally are arranged through private negotiations between a borrower and several financial institutions represented by an agent who is usually one of the originating lenders. In larger transactions, it is common to have several agents; however, generally only one such agent has primary responsibility for ongoing administration of a Senior Loan. Agents are typically paid fees by the borrower for their services.

The agent is primarily responsible for negotiating the loan agreement which establishes the terms and conditions of the Senior Loan and the rights of the borrower and the lenders. An agent for a loan is required to administer and manage the loan and to service or monitor the collateral. The agent is also responsible for the collection of principal, interest, and fee payments from the borrower and the apportionment of these payments to the credit of all lenders which are parties to the loan agreement. The agent is charged with the responsibility of monitoring compliance by the borrower with the restrictive covenants in the loan agreement and of notifying the lenders of any adverse change in the borrower's financial condition. In addition, the agent generally is responsible for determining that the lenders have obtained a perfected security interest in the collateral securing the loan.

Loan agreements may provide for the termination of the agent's agency status in the event that it fails to act as required under the relevant loan agreement, becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy. Should such an agent, lender or assignor with respect to an assignment inter-positioned between the Fund and the borrower become insolvent or enter FDIC receivership or bankruptcy, any interest in the Senior Loan of such person and any loan payment held by such person for the benefit of the fund should not be included in such person's or entity's bankruptcy estate. If, however, any such amount were included in such person's or entity's bankruptcy estate, the Fund would incur certain costs and delays in realizing payment or could suffer a loss of principal or interest. In this event, the Fund could experience a decrease in the NAV.

Typically, under loan agreements, the agent is given broad discretion in enforcing the loan agreement and is obligated to use the same care it would use in the management of its own property. The borrower compensates the agent for these services. Such compensation may include special fees paid on structuring and funding the loan and other fees on a continuing basis. The precise duties and rights of an agent are defined in the loan agreement.

When the Fund is an agent it has, as a party to the loan agreement, a direct contractual relationship with the borrower and, prior to allocating portions of the loan to the lenders if any, assumes all risks associated with the loan. The agent may enforce compliance by the borrower with the terms of the loan agreement. Agents also have voting and consent rights under the applicable loan agreement. Action subject to agent vote or consent generally requires the vote or consent of the holders of some specified percentage of the outstanding principal amount of the loan, which percentage varies depending on the relative loan agreement. Certain decisions, such as reducing the amount or increasing the time for payment of interest on or repayment of principal of a loan, or relating collateral therefor, frequently require the unanimous vote or consent of all lenders affected.

Pursuant to the terms of a loan agreement, the agent typically has sole responsibility for servicing and administering a loan on behalf of the other lenders. Each lender in a loan is generally responsible for performing its own credit analysis and its own investigation of the financial condition of the borrower. Generally, loan agreements will hold the agent liable for any action taken or omitted that amounts to gross negligence or willful misconduct. In the event of a borrower's default on a loan, the loan agreements provide that the lenders do not have recourse against the Fund for its activities as agent. Instead, lenders will be required to look to the borrower for recourse.

At times the Fund may also negotiate with the agent regarding the agent's exercise of credit remedies under a Senior Loan.

<u>Additional Costs</u>: When the Fund purchases a Senior Loan in the primary market, it may share in a fee paid to the original lender. When the Fund purchases a Senior Loan in the secondary market, it may pay a fee to, or forego a portion of the interest payments from, the lending making the assignment.

The Fund may be required to pay and receive various fees and commissions in the process of purchasing, selling, and holding loans. The fee component may include any, or a combination of, the following elements: arrangement fees, non-use fees, facility fees, letter of credit fees, and ticking fees. Arrangement fees are paid at the commencement of a loan as compensation for the initiation of the transaction. A non-use fee is paid based upon the amount committed but not used under the loan. Facility fees are on-going annual fees paid in connection with a loan. Letter of credit fees are paid if a loan involves a letter of credit. Ticking fees are paid from the initial commitment indication until loan closing or for an extended period. The amount of fees is negotiated at the time of closing.

<u>Loan Participation and Assignments</u>: The Fund's investment in loan participations typically will result in the fund having a contractual relationship only with the lender and not with the borrower. The Fund will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

When the Fund is a purchaser of an assignment, it succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement with the same rights and obligations as the assigning lender. These rights include the ability to vote along with the other lenders on such matters as enforcing the terms of the loan agreement (*e.g*., declaring defaults, initiating collection action, etc.). Taking such actions typically requires at least a vote of the lenders holding a majority of the investment in the loan and may require a vote by lenders holding two-thirds or more of the investment in the loan. Because the Fund usually does not hold a majority of the investment in any loan, it will not be able by itself to control decisions that require a vote by the lenders.

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Because assignments are arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Because there is no liquid market for such assets, the Fund anticipates that such assets could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such assets and the Fund's ability to dispose of particular assignments or participations when necessary to meet redemption of fund shares, to meet the Fund's liquidity needs or, in response to a specific economic event such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for assignments and participations also may make it more difficult for the Fund to value these assets for purposes of calculating its NAV.

<u>Additional Information on Loans</u>: The loans in which the Fund may invest usually include restrictive covenants which must be maintained by the borrower. Such covenants, in addition to the timely payment of interest and principal, may include mandatory prepayment provisions arising from free cash flow and restrictions on dividend payments, and usually state that a borrower must maintain specific minimum financial ratios as well as establishing limits on total debt. A breach of covenant, that is not waived by the agent, is normally an event of acceleration, *i.e.*, the agent has the right to call the loan. In addition, loan covenants may include mandatory prepayment provisions stemming from free cash flow. Free cash flow is cash that is in excess of capital expenditures plus debt service requirements of principal and interest. The free cash flow shall be applied to prepay the loan in an order of maturity described in the loan documents. Under certain interests in loans, the Fund may have an obligation to make additional loans upon demand by the borrower. The Fund generally ensures its ability to satisfy such demands by segregating sufficient assets in high quality short-term liquid investments or borrowing to cover such obligations.

A principal risk associated with acquiring loans from another lender is the credit risk associated with the borrower of the underlying loan. Additional credit risk may occur when the Fund acquires a participation in a loan from another lender because the fund must assume the risk of insolvency or bankruptcy of the other lender from which the loan was acquired.

Loans, unlike certain bonds, usually do not have call protection. This means that investments, while having a stated one to ten year term, may be prepaid, often without penalty. The Fund generally holds loans to maturity unless it becomes necessary to sell them to satisfy any shareholder repurchase offers or to adjust the fund's portfolio in accordance with the manager's view of current or expected economics or specific industry or borrower conditions.

Loans frequently require full or partial prepayment of a loan when there are asset sales or a securities issuance. Prepayments on loans may also be made by the borrower at its election. The rate of such prepayments may be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a loan to be shorter than its stated maturity. Prepayment may be deferred by the Fund. Prepayment should, however, allow the Fund to reinvest in a new loan and would require the Fund to recognize as income any unamortized loan fees. In many cases reinvestment in a new loan will result in a new facility fee payable to the Fund.

Because interest rates paid on these loans fluctuate periodically with the market, it is expected that the prepayment and a subsequent purchase of a new loan by the Fund will not have a material adverse impact on the yield of the portfolio.

<u>Bridge Loans</u>: The Fund may acquire interests in loans that are designed to provide temporary or "bridge" financing to a borrower pending the sale of identified assets or the arrangement of longer-term loans or the issuance and sale of debt obligations. Bridge loans often are unrated. The Fund may also invest in loans of borrowers that have obtained bridge loans from other parties. A borrower's use of bridge loans involves a risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

<u>Covenant-Lite Loans</u>: Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in CDOs, CLOs or other types of structured securities may be considered "covenant-lite" loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan's seniority in the borrower's capital structure nor to a lack of the benefit from a legal pledge of the borrower's assets, and it also does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow the lender to take action based on the borrower's performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with the borrower, and even to declare a default or force a borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a company from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in or has exposure to covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in or exposure to loans with additional or more conventional covenants.

**Short Sales:** Short sales can be made "against the box" or not "against the box." A short sale that is not made "against the box" is a transaction in which a party sells a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the seller must borrow the security to make delivery to the buyer. To borrow the security, the seller also may be required to pay a premium, which would increase the cost of the security sold. The seller then is obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. It may not be possible to liquidate or close out the short sale at any particular time or at an acceptable price. The price at such a time may be more or less than the price at which the security was sold by the seller. The seller will incur a loss if the price of the security increases between the date of the short sale and the date on which the seller replaced the borrowed security. Such loss may be unlimited. The seller will realize a gain if the security declines in price between

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those dates. The amount of any gain will decrease, and the amount of a loss will increase, by the amount of the premium, dividends or interest the seller may be required to pay in connection with a short sale. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet the margin requirements, until the short position is closed out.

The seller may also make short sales "against the box." A short sale "against the box" is a transaction in which a security identical to one owned by the seller is borrowed and sold short. If the seller enters into a short sale against the box, it is required to hold securities equivalent in-kind and in amount to the securities sold short (or securities convertible or exchangeable into such securities) while the short sale is outstanding. The seller will incur transaction costs, including interest, in connection with opening, maintaining, and closing short sales against the box and will forgo an opportunity for capital appreciation in the security.

Selling short "against the box" typically limits the amount of effective leverage. Short sales "against the box" may be used to hedge against market risks when the manager believes that the price of a security may decline, causing a decline in the value of a security or a security convertible into or exchangeable for such security. In such case, any future losses in the long position would be reduced by a gain in the short position. The extent to which such gains or losses in the long position are reduced will depend upon the amount of securities sold short relative to the amount of the securities owned, either directly or indirectly, and, in the case of convertible securities, changes in the investment values or conversion premiums of such securities.

In response to market events, the SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted) bans on, and/or reporting requirements for, short sales of certain securities. See "Derivatives Regulation" for more information.

**Small- and Mid-Capitalization Issuers:** Issuers with smaller market capitalizations, including small- and mid-capitalization issuers, may have limited product lines, markets, or financial resources, may lack the competitive strength of larger issuers, may have inexperienced managers or depend on a few key employees. In addition, their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices are often more volatile, than the securities of issuers with larger market capitalizations. Issuers with smaller market capitalizations may include issuers with a limited operating history (unseasoned issuers). Investment decisions for these securities may place a greater emphasis on current or planned product lines and the reputation and experience of the issuer's management and less emphasis on fundamental valuation factors than would be the case for more mature issuers. In addition, investments in unseasoned issuers are more speculative and entail greater risk than do investments in issuers with an established operating record. The liquidation of significant positions in small- and mid-capitalization issuers with limited trading volume, particularly in a distressed market, could be prolonged and result in investment losses.

**Sovereign Debt:** Investments in debt instruments issued by governments or by government agencies and instrumentalities (so called sovereign debt) involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. A governmental entity's willingness or ability to pay interest and repay principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. A governmental entity may default on its obligations or may require renegotiation or rescheduling of debt payment. Any restructuring of a sovereign debt obligation will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, legal action against the sovereign issuer, or realization on collateral securing the debt, may not be possible. The sovereign debt of many non-U.S. governments, including their sub-divisions and instrumentalities, is rated below investment grade. Sovereign debt risk may be greater for debt instruments issued or guaranteed by emerging and/or frontier countries.

Sovereign debt includes Brady bonds, U.S. dollar-denominated bonds issued by an emerging market and collateralized by U.S. Treasury zero-coupon bonds. Brady bonds arose from an effort in the 1980s to reduce the debt held by less-developed countries that frequently defaulted on loans. The bonds are named for Treasury Secretary Nicholas Brady, who helped international monetary organizations institute the program of debt-restructuring. Defaulted loans were converted into bonds with U.S. Treasury zero-coupon bonds as collateral. Because the Brady bonds were backed by zero-coupon bonds, repayment of principal was insured. The Brady bonds themselves are coupon-bearing bonds with a variety of rate options (fixed, variable, step, etc.) with maturities of between 10 and 30 years. Issued at par or at a discount, Brady bonds often include warrants for raw material available in the country of origin or other options.

**Special Purpose Acquisition Companies:** The Fund may invest in stock, rights, and warrants of special purpose acquisition companies ("SPACs"). Also known as a "blank check company," a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. If the Fund purchases shares of a SPAC in an IPO, it will generally bear a sales commission, which may be significant. SPACs often have pre-determined time frames to make an acquisition after going public (typically two years) or the SPAC will liquidate, at which point invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Unless and until an acquisition is completed, a SPAC generally holds its assets in U.S. government securities, money market securities and cash. To the extent the SPAC holds cash or similar securities, this may impact the Fund's ability to meet its investment objective. SPACs generally provide their investors with the option of redeeming an investment in the SPAC at or around the time of effecting an acquisition. In some cases, the Fund may forfeit its right to receive additional warrants or other interests in the SPAC if it redeems its interest in the SPAC in connection with an acquisition. SPACs are subject to increasing scrutiny, and potential legal challenges or regulatory developments may limit their effectiveness or prevalence. For example, the SEC recently adopted additional disclosure and other rules that apply to SPACs; it is impossible to predict the potential impact of these developments on the use of SPACs.

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Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of a SPAC's securities is particularly dependent on the ability of the entity's management to identify and complete a favorable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. At the time the Fund invests in a SPAC, there may be little or no basis for the Fund to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately operate or the target business which the SPAC may ultimately acquire. There is no guarantee that a SPAC in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.

It is possible that a significant portion of the funds raised by a SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction. Attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases. No market, or only a thinly traded market, for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or able to sell its interest only at a price below what the Fund believes is the SPAC security's value. In addition, the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled, and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. The values of investments in SPACs may be highly volatile and may depreciate significantly over time.

**Special Situation Issuers:** A special situation arises when, in the opinion of the manager, the securities of a particular issuer can be purchased at prices below the anticipated future value of the cash, securities or other consideration to be paid or exchanged for such securities solely by reason of a development applicable to that issuer and regardless of general business conditions or movements of the market as a whole. Developments creating special situations might include, among others: liquidations, reorganizations, recapitalizations, mergers, material litigation, technical breakthroughs, and new management or management policies. Investments in special situations often involve much greater risk than is inherent in ordinary investment securities, because of the high degree of uncertainty that can be associated with such events.

If a security is purchased in anticipation of a proposed transaction and the transaction later appears unlikely to be consummated or in fact is not consummated or is delayed, the market price of the security may decline sharply. There is typically asymmetry in the risk/reward payout of special situations strategies – the losses that can occur in the event of deal break-ups can far exceed the gains to be had if deals close successfully. The consummation of a proposed transaction can be prevented or delayed by a variety of factors, including regulatory and antitrust restrictions, political developments, industry weakness, stock specific events, failed financings, and general market declines. Certain special situation investments prevent ownership interest therein from being withdrawn until the special situation investment, or a portion thereof, is realized or deemed realized, which may negatively impact Fund performance.

**Structured Notes:** Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a "reference instrument"). Structured notes generally are privately negotiated debt obligations issued by corporations, including banks, or governmental agencies and frequently are assembled in the form of medium-term notes, but a variety of forms are available. The terms of structured notes normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the values of the reference instrument. As a result, the interest and/or principal payments made on a structured note may change and the Fund may experience losses on some or all of the amount invested in a structured note. The rate of return on a structured note may be determined by applying a multiplier to the performance or differential performance of the reference instrument or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. Investment in a structured note involves certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain structured notes, a decline in the reference instrument may cause the interest rate to be reduced to zero, and any further declines in the reference instrument may then reduce the principal amount payable on maturity. Finally, structured notes may have lower liquidity than other types of securities, and their values may be more volatile than their reference instruments. "Subordinated" structured notes, which are subordinated to the right of payment of another class of the structured note, typically have higher yields and present greater risks than "unsubordinated" structured notes.

**Supranational Entities:** Obligations of supranational entities include securities designated or supported by governmental entities to promote economic reconstruction or development of international banking institutions and related government agencies. Examples include the International Bank for Reconstruction and Development (the "World Bank"), the European Coal and Steel Community, the Asian Development Bank and the Inter-American Development Bank. There is no assurance that participating governments will be able or willing to honor any commitments they may have made to make capital contributions to a supranational entity, or that a supranational entity will otherwise have resources sufficient to meet its commitments.

**Swap Transactions and Options on Swap Transactions**: Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined underlying assets, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," (*i.e*., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a "basket" of securities representing a particular index). When the Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of swap agreements include interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an

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attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt instruments.

In a total return swap, one party typically agrees to pay to the other a short-term interest rate in return for a payment at one or more times in the future based on the increase in the value of an underlying asset; if the underlying asset declines in value, the party that pays the short-term interest rate must also pay to its counterparty a payment based on the amount of the decline. A swap may create a long or short position in the underlying asset. A total return swap may be used to hedge against an exposure in an investment portfolio (including to adjust the duration or credit quality of a bond portfolio) or generally to put cash to work efficiently in the markets in anticipation of, or as a replacement for, cash investments. A total return swap may also be used to gain exposure to securities or markets which may not be accessed directly (in so-called market access transactions).

In a credit default swap, one party provides what is in effect insurance against a default or other adverse credit event affecting an issuer of debt instruments (typically referred to as a "reference entity"). In general, the protection "buyer" in a credit default swap is obligated to pay the protection "seller" an upfront amount or a periodic stream of payments over the term of the swap. If a "credit event" occurs, the buyer has the right to deliver to the seller bonds or other obligations of the reference entity (with a value up to the full notional value of the swap), and to receive a payment equal to the par value of the bonds or other obligations. Rather than exchange the bonds for the par value, a single cash payment may be due from the seller representing the difference between the par value of the bonds and the current market value of the bonds (which may be determined through an auction). Credit events that would trigger a request that the seller make payment are specific to each credit default swap agreement, but generally include bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If the Fund buys protection, it may or may not own securities of the reference entity. If it does own securities of the reference entity, the swap serves as a hedge against a decline in the value of the securities due to the occurrence of a credit event involving the issuer of the securities. If the Fund does not own securities of the reference entity, the credit default swap may be seen to create a short position in the reference entity. If the Fund is a buyer and no credit event occurs, the Fund will typically recover nothing under the swap, but will have had to pay the required upfront payment or stream of continuing payments under the swap. If the Fund sells protection under a credit default swap, the position may have the effect of creating leverage in the Fund's portfolio through the Fund's indirect long exposure to the issuer or securities on which the swap is written. If the Fund sells protection, it may do so either to earn additional income or to create such a "synthetic" long position. Credit default swaps involve general market risks, illiquidity risk, counterparty risk, and credit risk.

A cross-currency swap is a contract between two counterparties to exchange interest and principal payments in different currencies. A cross-currency swap normally has an exchange of principal at maturity (the final exchange); an exchange of principal at the start of the swap (the initial exchange) is optional. An initial exchange of notional principal amounts at the spot exchange rate serves the same function as a spot transaction in the foreign exchange market (for an immediate exchange of foreign exchange risk). An exchange at maturity of notional principal amounts at the spot exchange rate serves the same function as a forward transaction in the foreign exchange market (for a future transfer of foreign exchange risk). The currency swap market convention is to use the spot rate rather than the forward rate for the exchange at maturity. The economic difference is realized through the coupon exchanges over the life of the swap. In contrast to single currency interest rate swaps, cross-currency swaps involve both interest rate risk and foreign exchange risk.

The Fund may enter into swap transactions for any legal purpose consistent with its investment objective and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in a more economical way.

An interest rate cap is a right to receive periodic cash payments over the life of the cap equal to the difference between any higher actual level of interest rates in the future and a specified strike (or "cap") level. The cap buyer purchases protection for a floating rate move above the strike. An interest rate floor is the right to receive periodic cash payments over the life of the floor equal to the difference between any lower actual level of interest rates in the future and a specified strike (or "floor") level. The floor buyer purchases protection for a floating rate move below the strike. The strikes are based on a reference rate chosen by the parties and are typically measured quarterly. Rights arising pursuant to both caps and floors are typically exercised automatically if the strike is in the money. Caps and floors can eliminate the risk that the buyer fails to exercise an in-the-money option.

The swap market has grown over the years, with a large number of banks and investment banking firms acting both as principals and agents utilizing standard swap documentation, which has contributed to greater liquidity in certain areas of the swap market under normal market conditions.

An option on swap agreement ("swaption") is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Depending on the terms of the particular swaption, generally a greater degree of risk is incurred when writing a swaption than when purchasing a swaption. If the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, if the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

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The successful use of swap agreements or swaptions depends on the manager's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

Swaps are highly specialized instruments that require investment techniques and risk analyses different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Because they are two-party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to the Fund's interest. The Fund bears the risk that its manager will not accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in establishing swap positions for the Fund. If the manager attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund would be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap 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 other Fund investments. Many swaps are complex and often valued subjectively.

Counterparty risk with respect to derivatives has been and may continue to be affected by rules and regulations concerning the derivatives market. Some interest rate swaps and credit default index swaps are required to be centrally cleared, and a party to a cleared derivatives transaction is subject to the credit risk of the clearing house and the clearing member through which it holds the position. Credit risk of market participants with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and clearing members, and it is not clear how an insolvency proceeding of a clearing house or clearing member would be conducted, what effect the insolvency proceeding would have on any recovery by the Fund, and what impact an insolvency of a clearing house or clearing member would have on the financial system more generally. In some ways, cleared derivative arrangements are less favorable to the Fund than bilateral arrangements, for example, by requiring that the Fund provide more margin for its cleared derivatives positions. Also, as a general matter, in contrast to a bilateral derivatives position, following a period of notice to the Fund, the clearing house or the clearing member through which it holds its position at any time can require termination of an existing cleared derivatives position or an increase in the margin required at the outset of a transaction. Any increase in margin requirements or termination of existing cleared derivatives positions by the clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy.

Also, in the event of a counterparty's (or its affiliate's) insolvency, the possibility exists that the Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the U.S., the EU, the UK, and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, the regulatory authorities could reduce, eliminate, or convert to equity the liabilities to the Fund of a counterparty who is subject to such proceedings in the EU and the UK (sometimes referred to as a "bail in").

The U.S. government, the EU, and the UK have also adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements could increase the amount of margin required to be provided by the Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.

<u>Foreign Currency Warrants</u>: Foreign currency warrants such as Currency Exchange Warrants<sup>SM</sup> ("CEWs<sup>SM</sup>") are warrants that entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the U.S., in U.S. dollars) which is calculated pursuant to a predetermined formula and based on the exchange rate between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a specified date and time. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (*e.g*., unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or indexed).

**To Be Announced Sale Commitments:** To be announced commitments represent an agreement to purchase or sell securities on a delayed delivery or forward commitment basis through the "to-be announced" ("TBA") market. With TBA transactions, a commitment is made to either purchase or sell securities for a fixed price, without payment, and delivery at a scheduled future dated beyond the customary settlement period for securities. In addition, with TBA transactions, the particular securities to be delivered or received are not identified at the trade date; however, securities delivered to a purchaser must meet specified criteria (such as yield, duration, and credit quality) and contain similar characteristics. TBA securities may be sold to hedge positions or to dispose of securities under delayed delivery arrangements.

Although the particular TBA securities must meet industry-accepted "good delivery" standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the purchaser will still bear the risk of any decline in the value of the security to be delivered. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the purchaser may be less favorable than the security delivered to the dealer. The purchaser of TBA securities generally is subject to increased market risk and interest rate risk because the delivered securities may be less favorable than anticipated by the purchaser. TBA securities have the effect of creating leverage.

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Recently effective FINRA rules include mandatory margin requirements for the TBA market with limited exceptions. TBAs historically have not been required to be collateralized. The collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions and impose added operational complexity.

**Trust Preferred Securities:** Trust preferred securities have the characteristics of both subordinated debt and preferred stock. Generally, trust preferred securities are issued by a trust that is wholly owned by a financial institution or other corporate entity, typically a bank holding company. The financial institution creates the trust and owns the trust's common stocks, which may typically represent a small percentage of the trust's capital structure. The remainder of the trust's capital structure typically consists of trust preferred securities, which are sold to investors. The trust uses the sale proceeds of its common stocks to purchase subordinated debt instruments issued by the financial institution. The financial institution uses the proceeds from the sale of the subordinated debt instruments to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt instruments. The interests of the holders of the trust preferred securities are senior to those of common stockholders in the event that the financial institution is liquidated, although their interests are typically subordinated to those of other holders of other debt instruments issued by the financial institution. The primary advantage of this structure to the financial institution is that the trust preferred securities issued by the trust are treated by the financial institution as debt instruments for U.S. federal income tax purposes, the interest on which is generally a deductible expense for U.S. federal income tax purposes, and as equity for the calculation of capital requirements.

The trust uses interest payments it receives from the financial institution to make dividend payments to the holders of the trust preferred securities. Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics of trust preferred securities include long-term maturities, early redemption option by the issuer, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt instruments. Trust preferred securities may be issued in reliance on Rule 144A and subject to restrictions on resale. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders to sell their holdings. The condition of the financial institution can be considered when seeking to identify the risks of trust preferred securities as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities.

**U.S. Government Securities and Obligations:** Some U.S. government securities, such as Treasury bills, notes, and bonds and mortgage-backed securities guaranteed by GNMA, are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, their obligations are not supported by the full faith and credit of the U.S. government, and so investments in their securities or obligations issued by them involve greater risk than investments in other types of U.S. government securities. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued or guaranteed by these entities.

From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt. There is no assurance that the U.S. Congress will act to raise the debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot now be fully predicted. On May 16, 2025, Moody's Ratings downgraded the U.S. long-term issuer and senior unsecured credit rating. Similar downgrades occurred in August 2023 when Fitch Ratings downgraded the U.S. long-term credit rating and August 2011 when S&P lowered its long-term sovereign credit rating on the U.S. These and other future downgrades could increase volatility in both stock and bond markets, result in higher interest rates and lower Treasury prices and increase the costs of all kinds of debt. These events and similar events in other areas of the world could have significant adverse effects on the economy generally and could result in significant adverse impacts on the Fund or issuers of securities held by the Fund. The Investment Adviser and Sub-Adviser cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio. The Investment Adviser and Sub-Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.

<u>Government Trust Certificates</u>: Government trust certificates represent an interest in a government trust, the property of which consists of: (i) a promissory note of a foreign government, no less than 90% of which is backed by the full faith and credit guarantee issued by the federal government of the United States pursuant to Title III of the Foreign Operations, Export, Financing and Related Borrowers Programs Appropriations Act of 1998; and (ii) a security interest in obligations of the U.S. Treasury backed by the full faith and credit of the United States sufficient to support the remaining balance (no more than 10%) of all payments of principal and interest on such promissory note; provided that such obligations shall not be rated less than AAA by S&P or less than Aaa by Moody's or have received a comparable rating by another NRSRO.

**When-Issued Securities and Delayed Delivery Transactions:** When-issued securities and delayed delivery transactions involve the purchase or sale of securities at a predetermined price or yield with payment and delivery taking place in the future after the customary settlement period for that type of security. Upon the purchase of the securities, liquid assets with an amount equal to or greater than the purchase price of the security will be set aside to cover the purchase of that security. The value of these securities is reflected in the net assets value as of the purchase date; however, no income accrues from the securities prior to their delivery.

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There can be no assurance that a security purchased on a when-issued basis will be issued or that a security purchased or sold on a delayed delivery basis will be delivered. When the Fund engages in when-issued or delayed delivery transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund's incurring a loss or missing an opportunity to obtain a price considered to be advantageous.

The purchase of securities in this type of transaction increases an overall investment exposure and involves a risk of loss if the value of the securities declines prior to settlement. If deemed advisable as a matter of investment strategy, the securities may be disposed of or the transaction renegotiated after it has been entered into, and the securities sold before those securities are delivered on the settlement date.

**Zero-Coupon, Deferred Interest and Pay-in-Kind Bonds:** Zero-coupon and deferred interest bonds are debt instruments that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest and therefore are issued and traded at a discount from their face amounts or par values. The values of zero-coupon and pay-in-kind bonds are more volatile in response to interest rate changes than debt instruments of comparable maturities that make regular distributions of interest. Pay-in-kind bonds allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds.

Interest income from these types of securities accrues prior to the receipt of cash payments and must be distributed to shareholders when it accrues, potentially requiring the liquidation of other investments, including at times when such liquidation may not be advantageous, in order to comply with the distribution requirements applicable to RICs under the Code.

**OTHER RISKS AND CONSIDERATIONS**

**Cyber Security Issues:** Cyber security incidents and cyber-attacks (referred to collectively herein as "cyber-attacks") have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Voya family of funds, and their service providers, may be prone to operational and information security risks resulting from cyber-attacks. Furthermore, as the Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, ransomware attacks, social engineering attempts (such as business email compromise attacks), the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or its service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. In addition, substantial costs may be incurred in order to prevent any cyber-attacks in the future. Similar types of cyber security risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. In addition, cyber-attacks involving the Fund's counterparty could affect such counterparty's ability to meet its obligations to the Fund, which may result in losses to the Fund and its shareholders. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or unable to accurately price its investments. While the Fund has established a business continuity plan in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund, and such third-party service providers may have limited indemnification obligations to the Investment Adviser or the Fund, each of whom could be negatively impacted as a result. The Fund and its shareholders could be negatively impacted as a result. Any problems relating to the performance and effectiveness of security procedures used by the Fund or third-party service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in the Fund. There may be an increased risk of cyber-attacks during periods of geo-political or military conflict and new ways to carry out cyber-attacks are always developing. In addition, the rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence such as ChatGPT, could exacerbate these risks. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber-attack.

**LIBOR Transition and Reference Benchmarks:** LIBOR was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party, have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023. Alternative reference rates to LIBOR have been established in most major currencies and markets in these new rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly but the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined.

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For example, SOFR is the replacement rate for USD-LIBOR and is published by the Federal Reserve Bank of New York. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. SOFR is published in various forms including as a daily, compounded, and forward-looking term rate. Markets in these new rates such as SOFR are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly although the full impact of the transition on the Fund or the financial instruments in which the Fund invests cannot yet be fully determined.

While LIBOR was an unsecured rate, SOFR is a secured rate. SOFR, unlike LIBOR, reflects actual market transactions. Accordingly, SOFR is not the economic equivalent of LIBOR. Consequently, there can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform, including under the EU regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

**Qualified Financial Contracts:** The Fund's investments may involve qualified financial contracts ("QFCs"). QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swaps agreements, as well as related master agreements, security agreements, credit enhancements, and reimbursement obligations. Under regulations adopted by federal banking regulators pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations are required to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of the Fund or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily, or in some cases permanently, unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact the Fund's credit and counterparty risks.

**Redemption Risk**: The Fund may experience periods of heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. A number of circumstances may cause the Fund to experience heavy redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; other announced Fund events; or changes in investment objectives, strategies, policies, risks or investment personnel. Redemption risk is greater to the extent that the Fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in the Fund could hurt performance and/or cause the remaining shareholders in the Fund to lose money. Heavy redemptions may result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from heavy redemptions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged arrangement. To the extent that such redemptions result in short-term capital gains, such gains when distributed by the Fund will generally be taxed at the ordinary U.S. federal income tax rate for individual shareholders who hold Fund shares in a taxable account. The Fund's redemption risk is increased if one decision maker has control of fund shares owned by separate fund shareholders, including clients or affiliates of the Investment Adviser. If the Fund is forced to liquidate its assets under unfavorable conditions or at inopportune times, the value of your investment could decline.

**PORTFOLIO TURNOVER**

A change in securities held in the Fund's portfolio is known as portfolio turnover and may involve the payment by the Fund of dealer mark-ups or brokerage or underwriting commissions and other transaction costs associated with the purchase or sale of securities.

The Fund may sell a portfolio investment soon after its acquisition if the Investment Adviser or Sub-Adviser believes that such a disposition is consistent with the Fund's investment objective. Portfolio investments may be sold for a variety of reasons, such as a more favorable investment opportunity or other circumstances bearing on the desirability of continuing to hold such investments. Portfolio turnover rate for a fiscal year is the percentage determined by dividing (i) the lesser of the cost of purchases or sales of portfolio securities by (ii) the monthly average of the value of portfolio securities owned by the Fund during the fiscal year. Securities with maturities at acquisition of one year or less are excluded from this calculation. The Fund cannot accurately predict its turnover rate; however, the rate will be higher when the Fund finds it necessary or desirable to significantly change its portfolio to adopt a temporary defensive position or respond to economic or market events.

A portfolio turnover rate of 100% or more is considered high, although the rate of portfolio turnover will not be a limiting factor in making portfolio decisions. A high rate of portfolio turnover involves correspondingly greater brokerage commission expenses and transaction costs which are ultimately borne by the Fund's shareholders. High portfolio turnover may result in the realization of substantial capital gains.

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**FUNDAMENTAL AND NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

Unless otherwise indicated or as required by applicable law or regulation, whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such percentage limitation or standard will be determined immediately after and as a result of the Fund's acquisition of such security or other asset, except in the case of borrowing (or other activities that may be deemed to result in the issuance of a "senior security" under the 1940 Act). Accordingly, any subsequent change in value, net assets or other circumstances will not be considered when determining whether the investment complies with the Fund's investment policies and limitations.

Unless otherwise stated, if the Fund's holdings of illiquid securities exceeds 15% of its net assets because of changes in the value of the Fund's investments, the Fund will take action to reduce its holdings of illiquid securities within a time frame deemed to be in the best interest of the Fund.

Illiquid investment means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Such securities include, but are not limited to, fixed time deposits and repurchase agreements with maturities longer than seven days. Securities that may be resold under Rule 144A, securities offered pursuant to Section 4(a)(2) of the 1933 Act, or securities otherwise subject to restrictions on resale under the 1933 Act ("Restricted Securities") shall not be deemed illiquid solely by reason of being unregistered.

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**FUNDAMENTAL INVESTMENT RESTRICTIONS** 

The Fund has adopted the following investment restrictions as fundamental policies, which means they cannot be changed without the approval of the holders of a "majority" of the Fund's outstanding voting securities, as that term is defined in the 1940 Act. The term "majority" is defined in the 1940 Act as the lesser of: (i) 67% or more of the Fund's voting securities present at a meeting of shareholders at which the holders of more than 50% of the outstanding voting securities of the Fund are present in person or represented by proxy; or (ii) more than 50% of the Fund's outstanding voting securities.

As a matter of fundamental policy, the Fund:

1. may not invest 25% or more of its total assets in the same industry (other than securities issued or guaranteed by the U.S. government or its agencies or instrumentalities);

2. may borrow money to the extent permitted by applicable law;

3. may make loans to the extent permitted by applicable law;

4. may underwrite securities to the extent permitted by applicable law;

5. may purchase, sell, or hold real estate to the extent permitted by applicable law;

6. may issue senior securities to the extent permitted by applicable law; and

7. may purchase and sell commodities to the extent permitted by applicable law.

**DISCLOSURE OF the Fund's PORTFOLIO SECURITIES**

The Fund is required to file its complete portfolio holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Fund's financial statements and other information on Form N-CSR for the second and fourth fiscal quarters and on Form NPORT-P for the first and third fiscal quarters. The Fund's NPORT-P is available on the SEC's website at https://www.sec.gov and may be obtained, free of charge, by contacting the Fund at the address and phone number on the cover of this SAI or by visiting our website at https://individuals.voya.com/product/mutual-fund/prospectuses-reports.

In addition, the Fund posts its portfolio holdings schedule on Voya's website on a monthly basis and makes it available on the 30<sup>th</sup> calendar day following the end of the previous calendar month, or as soon thereafter as practicable. The portfolio holdings schedule is as of the last day of the previous calendar month.

The Fund may also post its complete or partial portfolio holdings on its website as of a specified date. The Fund may also file information on portfolio holdings with the SEC or other regulatory authority as required by applicable law.

The Fund also compiles a list of its ten largest ("Top Ten") holdings and/or its Top Ten issuers. This information is made available on Voya's website on the 10<sup>th</sup> calendar day following the end of the previous calendar month, or as soon thereafter as practicable. The Top Ten holdings and/or issuer information shall be as of the last day of the previous calendar month.

Investors (both individual and institutional), financial intermediaries that distribute the Fund's shares, and most third parties may receive the Fund's annual or semi-annual shareholder reports, or view them on Voya's website, along with the Fund's portfolio holdings schedule.

The Top Ten list is also provided in quarterly Fund descriptions that are included in the offering materials of variable life insurance products, variable annuity contracts and other retirement plans.

Other than in regulatory filings or on Voya's website, the Fund may provide its complete portfolio holdings to certain unaffiliated third parties and affiliates when the Fund has a legitimate business purpose for doing so. Unless otherwise noted below, the Fund's disclosure of its portfolio holdings will be on an as-needed basis, with no lag time between the date of which the information is requested and the date the information is provided. Specifically, the Fund's disclosure of its portfolio holdings may include disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;• to the Fund's independent registered public accounting firm, named herein, for use in providing audit opinions, as well as to the independent registered public accounting firm of an entity affiliated with the Investment Adviser if the Fund is consolidated into the financial results of the affiliated entity;

&nbsp;&nbsp;&nbsp;&nbsp;• to financial printers for the purpose of preparing Fund regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;• for the purpose of due diligence regarding a merger or acquisition involving the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• to a new adviser or sub-adviser or a transition manager prior to the commencement of its management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• to rating and ranking agencies such as Bloomberg L.P., Morningstar, Inc., Lipper Leaders Rating System, and S&P (such agencies may receive more raw data from the Fund than is posted on the Fund's website);

&nbsp;&nbsp;&nbsp;&nbsp;• to consultants for use in providing asset allocation advice in connection with investments by affiliated funds-of-funds in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• to service providers, on a daily basis, in connection with their providing services benefiting the Fund including, but not limited to, the provision of custodial and transfer agency services, the provision of analytics for securities lending oversight and reporting, compliance oversight, and proxy voting or class action service providers;

&nbsp;&nbsp;&nbsp;&nbsp;• to a third party for purposes of effecting in-kind redemptions of securities to facilitate orderly redemption of portfolio assets and minimal impact on remaining Fund shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• to certain wrap fee programs, on a weekly basis, on the first Business Day following the previous calendar week;

&nbsp;&nbsp;&nbsp;&nbsp;• to a third party who acts as a "consultant" and supplies the consultant's analysis of holdings (but not actual holdings) to the consultant's clients (including sponsors of retirement plans or their consultants) or who provides regular analysis of Fund portfolios. The types, frequency and timing of disclosure to such parties vary depending upon information requested; or

&nbsp;&nbsp;&nbsp;&nbsp;• to legal counsel to the Fund and the Trustees.

In all instances of such disclosure, the receiving party is subject to a duty or obligation of confidentiality, including a duty not to trade on such information.

In addition, the Sub-Adviser may provide portfolio holdings information to third-party service providers in connection with the Sub-Adviser carrying out its duties pursuant to the Sub-Advisory Agreement in place between the Sub-Adviser and the Investment Adviser, provided however that the Sub-Adviser is responsible for such third-party's confidential treatment of such data pursuant to the Sub-Advisory Agreement. This portfolio holdings information may be provided on an as-needed basis, with no lag time between the date of which the information is requested and the date the information is provided. The Sub-Adviser is also obligated, pursuant to its fiduciary duty to the relevant Fund, to ensure that any third-party service provider has a duty not to trade on any portfolio holdings information it receives other than on behalf of the Fund until public disclosure by the Fund.

In addition to the situations discussed above, disclosure of the Fund's complete portfolio holdings on a more frequent basis to any unaffiliated third party or affiliates may be permitted if approved by the Chief Legal Officer of the Investment Adviser or the Chief Compliance Officer of the Fund (each, an "Authorized Party") pursuant to the Board's procedures. In each such case, the Authorized Party would determine whether the proposed disclosure of the Fund's complete portfolio holdings is for a legitimate business interest; whether such disclosure is in the best interest of Fund shareholders; whether such disclosure will create any conflicts between the interests of the Fund's shareholders, on the one hand, and those of the Investment Adviser, Principal Underwriter or any affiliated person of the Fund, its Investment Adviser, or its Principal Underwriter, on the other; and the third party must execute an agreement setting forth its duty of confidentiality with regards to the portfolio holdings, including a duty not to trade on such information. An Authorized Party would report to the Board regarding the implementation of these procedures.

The Board has authorized the senior officers of the Investment Adviser or its affiliates to authorize the release of the Fund's portfolio holdings, as necessary, in conformity with the foregoing principles and to monitor for compliance with these policies and procedures. The Investment Adviser or its affiliates report quarterly to the Board regarding the implementation of these policies and procedures.

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**MANAGEMENT OF the Trust**

The business and affairs of the Trust are managed under the direction of the Trust's Board according to the applicable laws of the Commonwealth of Massachusetts.

The Board governs the Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who oversee the Fund's activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund's performance.

Set forth in the table below is information about each Trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)** <br> **Held** <br>**with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office** <br>**and Length** <br>**of Time** <br>**Served**<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)** <br>**During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Funds** <br>**in the** <br>**Fund Complex** <br>**Overseen by** <br>**Trustees**<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Board** <br>**Positions Held** <br>**by Trustees**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| &nbsp;&nbsp; **Colleen D. Baldwin**<br>(1960)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; November 2007 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; President, Glantuam Partners, <br> LLC, a business consulting firm <br> (January 2009 – Present).<br>| 127 | &nbsp;&nbsp;&nbsp;&nbsp; Stanley Global Engineering (2020 <br> – Present).<br>|
| &nbsp;&nbsp; **John V. Boyer**<br>(1953)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2005 – <br> Present<br>| Retired. | 127 | None. |
| &nbsp;&nbsp; **Jody T. Foster**<br>(1969)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; September 2025 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Founder and Chief Executive <br> Officer, Symphony Consulting, an <br> investment operations consulting <br> firm to private asset managers <br> and wealth management firm <br> (2010 – Present). Formerly, <br> Independent Director, Hussman <br> Investment Trust, a registered <br> investment company fund <br> complex (2016 – 2025); <br> Independent Director, Forum CRE <br> Income Fund, a registered <br> investment company (April 2021 <br> – January 2022).<br>| 127 | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Funds (13 Funds) <br> (2022 – Present). <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)** <br> **Held** <br> **with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office** <br> **and Length** <br> **of Time** <br> **Served**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)** <br> **During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number** <br> **of Funds** <br> **in the** <br> **Fund Complex** <br> **Overseen by** <br> **Trustees**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Board** <br> **Positions Held** <br> **by Trustees**<br>|
| &nbsp;&nbsp; **Martin J. Gavin**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; August 2015 – <br> Present<br>| Retired. | 127 | None. |
| &nbsp;&nbsp; **Dennis A. Johnson**<br>(1960)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; September 2025 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Non-Executive Director, Namib <br> Minerals (April 2025 – Present). <br> Formerly, Independent Director, <br> EasyKnock, a real estate <br> company (December 2023 – <br> November 2024); Director of <br> Investments, West Coast <br> Financial (May 2022 – December <br> 2023); Independent Director, <br> Glass Lewis & Co., a provider of <br> of governance, proxy research <br> and stewardship services (March <br> 2022 – November 2023).<br>| 127 | None. |
| &nbsp;&nbsp; **Joseph E. Obermeyer**<br>(1957)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Chairperson<br> Trustee<br>| &nbsp;&nbsp;&nbsp;&nbsp; January 1, 2025 – <br> Present<br> May 2013 – Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Formerly, President, <br> Obermeyer & Associates, Inc., a <br> provider of financial and <br> economic consulting services <br> (November 1999 – December <br> 2024).<br>| 127 | None. |
| &nbsp;&nbsp; **Sheryl K. Pressler**<br>(1950)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; January 2006 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Consultant (May 2001 – <br> Present).<br>| 127 | None. |
| &nbsp;&nbsp; **Christopher P.** <br> **Sullivan**<br>(1954)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; October 2015 – <br> Present<br>| Retired. | 127 | None.  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s)** <br> **Held** <br> **with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office** <br> **and Length** <br> **of Time** <br> **Served**<sup>1</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation(s)** <br> **During the Past 5 Years**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number** <br> **of Funds** <br> **in the** <br> **Fund Complex** <br> **Overseen by** <br> **Trustees**<sup>2</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **Other Board** <br> **Positions Held** <br> **by Trustees**<br>|
| &nbsp;&nbsp; **Mark R. Wetzel**<br>(1961)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; September 2025 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Retired. Formerly, President, <br> Fiducient Advisors, an <br> investment adviser (April 2006 – <br> May 2024).<br>| 127 | None. |
| **Trustee who is an "Interested Person"** | **Trustee who is an "Interested Person"** | **Trustee who is an "Interested Person"** | **Trustee who is an "Interested Person"** | **Trustee who is an "Interested Person"** | **Trustee who is an "Interested Person"** |
| &nbsp;&nbsp; **Christian G. Wilson**<sup>3</sup><br>(1968)<br>5780 Powers Ferry <br> Road NW<br> Atlanta, Georgia <br> 30327<br>| Trustee | &nbsp;&nbsp;&nbsp;&nbsp; September 2025 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; President, and Chief Executive <br> Officer, Voya Funds Services, <br> LLC, Voya Capital, LLC, and Voya <br> Investments, LLC (September <br> 2024 – Present); Head of <br> Product and Strategy, Voya <br> Investment Management (June <br> 2024 – Present). Formerly, Head <br> of Global Client Portfolio <br> Management, Voya Investment <br> Management (March 2023 – <br> June 2024); Head of Fixed <br> Income Client Portfolio <br> Management, Voya Investment <br> Management (July 2017 – March <br> 2023).<br>| 127 | &nbsp;&nbsp;&nbsp;&nbsp; Director, President, and <br> Chief/Principal Executive Officer, <br> Voya Funds Services, LLC, Voya <br> Capital, LLC and Voya <br> Investments, LLC (September <br> 2024 – Present).<br>|

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Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an "interested person" as defined in the 1940 Act, of the Fund (as defined below, "Independent Trustee") is subject to the Board's retirement policy, which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board's other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise complying under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

For the purposes of this table, "Fund Complex" includes the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Enhanced Securitized Income Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of October 31, 2025.

Mr. Wilson is deemed to be an interested person of the Trust, as defined by the 1940 Act, because of his current affiliation with Voya Financial, Inc. and Voya Financial, Inc.'s affiliates.

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**Information Regarding Officers of the Trust** 

Set forth in the table below is information for each Officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s) Held** <br> **with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office and** <br> **Length of Time Served**<sup>1</sup> <br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Christian G. Wilson**<br>(1968)<br>5780 Powers Ferry <br> Road NW<br> Atlanta, Georgia <br> 30327 <br>| &nbsp;&nbsp;&nbsp;&nbsp; President and <br> Chief/Principal <br> Executive Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp; September 2024 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Director, President, and Chief Executive Officer, Voya Funds Services, LLC, Voya Capital, <br> LLC, and Voya Investments, LLC (September 2024 – Present); Head of Product and <br> Strategy, Voya Investment Management (June 2024 – Present). Formerly, Head of Global <br> Client Portfolio Management, Voya Investment Management (March 2023 – June 2024); <br> Head of Fixed Income Client Portfolio Management, Voya Investment Management (July <br> 2017 – March 2023).<br>|
| &nbsp;&nbsp; **Jonathan Nash**<br>(1967)<br>200 Park Avenue<br> New York, New York <br> 10166 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Executive Vice <br> President <br>Chief Investment <br> Risk Officer<br>| March 2020 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Head of Investment Risk for Equity and Funds, Voya Investment Management (April 2024 – <br> Present); Executive Vice President and Chief Investment Risk Officer, Voya Investments, <br> LLC (March 2020 – Present); Formerly, Senior Vice President, Investment Risk <br> Management, Voya Investment Management (March 2017 – March 2024)<br>|
| &nbsp;&nbsp; **Steven Hartstein**<br>(1963)<br>200 Park Avenue<br> New York, New York <br> 10166 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance <br> Officer<br>| &nbsp;&nbsp;&nbsp;&nbsp; December 2022 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Voya Investment Management (December 2022 – Present). <br> Formerly, Head of Funds Compliance, Brighthouse Financial, Inc.; and Chief Compliance <br> Officer, Brighthouse Funds and Brighthouse Investment Advisers, LLC (March 2017 – <br> December 2022).<br>|
| &nbsp;&nbsp; **Todd Modic**<br>(1967)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President, <br> Chief/Principal <br> Financial Officer <br> and Assistant <br> Secretary<br>| March 2005 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Director and Senior Vice President, Voya Capital, LLC and Voya Funds Services, LLC <br> (September 2022 – Present); Director, Voya Investments, LLC (September 2022 – <br> Present); Senior Vice President, Voya Investments, LLC (April 2005 – Present). Formerly, <br> President, Voya Funds Services, LLC (March 2018 – September 2022).<br>|
| &nbsp;&nbsp; **Kimberly A. Anderson**<br>(1964)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President<br>| &nbsp;&nbsp;&nbsp;&nbsp; November 2003 – <br> Present<br>| Senior Vice President, Voya Investments, LLC (September 2003 – Present). |
| &nbsp;&nbsp; **Sara M. Donaldson**<br>(1959)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President<br>| June 2022 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Voya Investments, LLC (February 2022 – Present); Senior Vice <br> President, Head of Active Ownership, Voya Investment Management (September 2021 – <br> Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – February <br> 2022); Vice President, Head of Proxy Voting, Voya Investment Management (October 2015 <br> – August 2021). <br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s) Held** <br> **with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office and** <br> **Length of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Jason Kadavy**<br>(1976)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President<br>| &nbsp;&nbsp;&nbsp;&nbsp; September 2023 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Voya Investments, LLC and Voya Funds Services, LLC (September <br> 2023 – Present). Formerly, Vice President, Voya Investments, LLC (October 2015 – <br> September 2023); Vice President, Voya Funds Services, LLC (July 2007 – September <br> 2023).<br>|
| &nbsp;&nbsp; **Joanne F. Osberg**<br>(1982)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President<br>Secretary<br>| &nbsp;&nbsp;&nbsp;&nbsp; March 2023 – Present<br>September 2020 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Chief Counsel, Voya Investment Management – Mutual Fund <br> Legal Department, and Senior Vice President and Secretary, Voya Investments, LLC, Voya <br> Capital, LLC, and Voya Funds Services, LLC (March 2023-Present). Formerly, Secretary, <br> Voya Capital, LLC (August 2022 – March 2023); Vice President and Secretary, Voya <br> Investments, LLC and Voya Funds Services, LLC and Vice President and Senior Counsel, <br> Voya Investment Management – Mutual Fund Legal Department (September 2020 – March <br> 2023); Vice President and Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (January 2013 – September 2020).<br>|
| &nbsp;&nbsp; **Andrew K. Schlueter**<br>(1976)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice <br> President<br>| June 2022 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Head of Investment Operations Support, Voya Investment <br> Management (April 2023 - Present); Vice President, Voya Investments Distributor, LLC <br> (April 2018 - Present); Vice President, Voya Investments, LLC and Voya Funds Services, <br> LLC (March 2018 - Present). Formerly, Senior Vice President, Head of Mutual Fund <br> Operations, Voya Investment Management (March 2022 - March 2023); Vice President, <br> Head of Mutual Fund Operations, Voya Investment Management (February 2018 - February <br> 2022).<br>|
| &nbsp;&nbsp; **Fred Bedoya**<br>(1973)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, <br> Principal <br> Accounting Officer <br> and Treasurer<br>| &nbsp;&nbsp;&nbsp;&nbsp; September 2012 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Voya Investments, LLC (October 2015 – Present); Vice President, <br> Voya Funds Services, LLC (July 2012 – Present).<br>|
| &nbsp;&nbsp; **Robyn L. Ichilov**<br>(1967)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Vice President | &nbsp;&nbsp;&nbsp;&nbsp; November 1999 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President Voya Investments, LLC (August 1997 – Present); Vice President, Voya Funds <br> Services, LLC (November 1995 – Present).<br>|
| &nbsp;&nbsp; **Erica McKenna**<br>(1972)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258<br>| Vice President | June 2022 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Head of Mutual Fund Compliance and Chief Compliance Officer, Voya <br> Investments, LLC (May 2022 – Present). Formerly, Vice President, Fund Compliance <br> Manager, Voya Investments, LLC (March 2021 – May 2022); Assistant Vice President, <br> Fund Compliance Manager, Voya Investments, LLC (December 2016 – March 2021). <br>|

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Address and** <br> **Year of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position(s) Held** <br> **with the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Term of Office and** <br> **Length of Time Served**<sup>1</sup><br>| **Principal Occupation(s) During the Past 5 Years** |
| &nbsp;&nbsp; **Caitlin Robinson**<br>(1983)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President <br> and Assistant <br> Secretary<br>| &nbsp;&nbsp;&nbsp;&nbsp; September 2025 – <br> Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (August 2024 – Present). Formerly, Senior Counsel, Putnam Investments <br> (January 2015 – July 2024).<br>|
| &nbsp;&nbsp; **Craig Wheeler**<br>(1969)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| Vice President | May 2013 – Present | Vice President – Director of Tax, Voya Investments, LLC (October 2015 – Present). |
| &nbsp;&nbsp; **Gizachew Wubishet**<br>(1976)<br>7337 East <br> Doubletree Ranch <br> Road, Suite 100<br> Scottsdale, Arizona <br> 85258 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President<br>Assistant <br> Secretary<br>| &nbsp;&nbsp;&nbsp;&nbsp; March 2024 – Present<br>June 2022 – Present<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President and Counsel, Voya Investment Management – Mutual Fund Legal <br> Department (March 2024 – Present). Formerly, Assistant Vice President and Counsel, Voya <br> Investment Management – Mutual Fund Legal Department (May 2019 – February 2024).<br>|
| &nbsp;&nbsp; **Monia Piacenti**<br>(1976)<br>One Orange Way<br> Windsor, Connecticut <br> 06095 <br>| &nbsp;&nbsp;&nbsp;&nbsp; Anti-Money <br> Laundering <br> Officer<br>| June 2018 – Present | &nbsp;&nbsp;&nbsp;&nbsp; Compliance Manager, Voya Financial, Inc. (March 2023 – Present); Anti-Money Laundering <br> Officer, Voya Investments Distributor, LLC, Voya Investment Management, and Voya <br> Investment Management Trust Co. (June 2018 – Present); Formerly, Compliance <br> Consultant Voya Financial, Inc. (January 2019 – February 2023).<br>|

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The Officers hold office until the next annual meeting of the Board of Trustees and until their successors shall have been elected and qualified.

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**The Board of Trustees** 

The Trust and the Fund are governed by the Board, which oversees the Trust's business and affairs. The Board delegates the day-to-day management of the Trust and the Fund to the Trust's Officers and to various service providers that have been contractually retained to provide such day-to-day services. The Voya entities that render services to the Trust and the Fund do so pursuant to contracts that have been approved by the Board. The Trustees are experienced executives who, among other duties, oversee the Trust's activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund's investment performance.

**The Board Leadership Structure and Related Matters** 

The Board is comprised of ten (10) members, nine (9) of whom are independent or disinterested persons, which means that they are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees").

The Trust is one of 19 registered investment companies (with a total of approximately 127 separate series) in the Voya family of funds, and all of the Trustees serve as members of, as applicable, each investment company's Board of Directors or Board of Trustees. The Board employs substantially the same leadership structure with respect to each of these investment companies.

One of the Independent Trustees, currently Joseph E. Obermeyer, serves as the Chairperson of the Board of the Trust. The responsibilities of the Chairperson of the Board include: coordinating with management in the preparation of agendas for Board meetings; presiding at Board meetings; between Board meetings, serving as a primary liaison with other Trustees, officers of the Trust, management personnel, and legal counsel to the Independent Trustees; and such other duties as the Board periodically may determine. Mr. Obermeyer does not hold a position with any firm that is a sponsor of the Trust. The designation of an individual as the Chairperson does not impose on such Independent Trustee any duties, obligations or liabilities greater than the duties, obligations or liabilities imposed on such person as a member of the Board, generally.

The Board performs many of its oversight and other activities through the committee structure described below in the "Board Committees" section. Each Committee operates pursuant to a written charter approved by the Board. The Board currently conducts regular meetings eight (8) times a year. In addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone, video conference, or in person to discuss specific matters that require action prior to the next regular meeting. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board believes that its committee structure is an effective means of empowering the Trustees to perform their fiduciary and other duties. For example, the Board's committee structure facilitates, as appropriate, the ability of individual Board members to receive detailed presentations on topics under their review and to develop increased familiarity with respect to such topics and with key personnel at relevant service providers. At least annually, with guidance from its Nominating and Governance Committee, the Board analyzes whether there are potential means to enhance the efficiency and effectiveness of the Board's operations.

**Board Committees** 

***Audit Committee***. The Board has established an Audit Committee whose functions include, among other things: (i) meeting with the independent registered public accounting firm of the Trust to review the scope of the Trust's audit, the Trust's financial statements and accounting controls; (ii) meeting with management concerning these matters, internal audit activities, reports under the Trust's whistleblower procedures, the services rendered by various service providers, and other matters; and (iii) overseeing the implementation of the Voya funds' valuation procedures and the fair value determinations made with respect to securities held by the Voya funds for which market value quotations are not readily available. The Audit Committee currently consists of five (5) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Mses. Baldwin and Foster and Messrs. Gavin, Sullivan, and Wetzel. Mr. Gavin currently serves as the Chairperson of the Audit Committee. All Committee members have been designated as Audit Committee Financial Experts under the Sarbanes-Oxley Act of 2002. The Audit Committee typically meets five (5) times per year, and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting. The Audit Committee held five (5) meetings during the fiscal year ended May 31, 2025.

***Compliance Committee***. The Board has established a Compliance Committee for the purpose of, among other things: (i) providing oversight with respect to compliance by the funds in the Voya family of funds and their service providers with applicable laws, regulations, and internal policies and procedures affecting the operations of the funds; (ii) receiving reports of evidence of possible material violations of applicable U.S. federal or state securities laws and breaches of fiduciary duty arising under U.S. federal or state laws; (iii) coordinating activities between the Board and the Chief Compliance Officer ("CCO") of the funds; (iv) facilitating information flow among Board members and the CCO between Board meetings; (v) working with the CCO and management to identify the types of reports to be submitted by the CCO to the Compliance Committee and the Board; (vi) making recommendations regarding the role, performance, compensation, and oversight of the CCO; (vii) overseeing the cybersecurity practices of the funds and their key service providers; (viii) overseeing management's administration of proxy voting; (ix) overseeing the effectiveness of brokerage usage by the Trust's advisers or sub-advisers, as applicable, and compliance with regulations regarding the allocation of brokerage for services; and (x) overseeing the implementation of the funds' liquidity risk management program.

The Compliance Committee currently consists of four (4) Independent Trustees: Ms. Pressler and Messrs. Boyer, Johnson, and Obermeyer. Mr. Boyer currently serves as the Chairperson of the Compliance Committee. The Compliance Committee typically meets four (4) times per year, and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting. The Compliance Committee held four (4) meetings during the fiscal year ended May 31, 2025.

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The Audit Committee and Compliance Committee sometimes meet jointly to consider matters that are reviewed by both Committees. The Committees held one (1) such additional joint meeting during the fiscal year ended May 31, 2025.

***Contracts Committee***. The Board has established a Contracts Committee for the purpose of overseeing the annual renewal process relating to investment advisory and sub-advisory agreements, distribution agreements, and Rule 12b-1 Plans and, at the discretion of the Board, other service agreements or plans involving the Voya funds (including the Fund). The responsibilities of the Contracts Committee include, among other things: (i) identifying the scope and format of information to be provided by service providers in connection with applicable contract approvals or renewals; (ii) providing guidance to independent legal counsel regarding specific information requests to be made by such counsel on behalf of the Trustees; (iii) evaluating regulatory and other developments that might have an impact on applicable approval and renewal processes; (iv) reporting to the Trustees its recommendations and decisions regarding the foregoing matters; (v) assisting in the preparation of a written record of the factors considered by Trustees relating to the approval and renewal of advisory and sub-advisory agreements; (vi) recommending to the Board specific steps to be taken by it regarding the contracts approval and renewal process, including, for example, proposed schedules of certain actions to be taken; and (vii) otherwise providing assistance in connection with Board decisions to renew, reject, or modify agreements or plans.

The Contracts Committee currently consists of all nine (9) of the Independent Trustees of the Board. Ms. Pressler currently serves as the Chairperson of the Contracts Committee. The Contracts Committee typically meets five (5) times per year and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting. The Contracts Committee held five (5) meetings during the fiscal year ended May 31, 2025.

***Investment Review Committees***. The Board has established, for all of the funds under its direction, the following two Investment Review Committees (each an "IRC" and together, the "IRCs"): (i) the Investment Review Committee E ("IRC E"); and (ii) the Investment Review Committee F ("IRC F"). The funds are allocated among IRCs periodically by the Board as the Board deems appropriate to balance the workloads of the IRCs and to have similar types of funds or funds with the same investment sub-adviser or the same portfolio management team assigned to the same IRC. Each IRC performs the following functions, among other things: (i) monitoring the investment performance of the funds in the Voya family of funds that are assigned to that Committee; (ii) making recommendations to the Board with respect to investment management activities performed by the investment advisers and/or sub-advisers on behalf of such Voya funds, and reviewing and making recommendations regarding proposals by management to retain new or additional sub-advisers for these Voya funds; and (iii) making recommendations to the Board regarding the role, performance, compensation, and oversight of the Chief Investment Risk Officer. The Fund is monitored by the IRCs, as indicated below. Each committee is described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | **IRC E** | **IRC F** |
| Voya VACS Series LCC Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X |  |

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The IRC E currently consists of four (4) Independent Trustees. The following Trustees serve as members of the IRC E: Mses. Baldwin and Foster and Messrs. Gavin and Obermeyer. Ms. Baldwin currently serves as the Chairperson of the IRC E. The IRC E typically meets five (5) times per year and on an as-needed basis. The IRC E held five (5) meetings during the fiscal year ended May 31, 2025.

The IRC F currently consists of five (5) Independent Trustees. The following Trustees serve as members of the IRC F: Ms. Pressler and Messrs. Boyer, Johnson, Sullivan, and Wetzel. Mr. Sullivan currently serves as the Chairperson of the IRC F. The IRC F typically meets five (5) times per year and on an as-needed basis. The IRC F held five (5) meetings during the fiscal year ended May 31, 2025.

The IRC E and IRC F sometimes meet jointly to consider matters that are reviewed by both Committees. The Committees held four (4) such additional joint meetings during the fiscal year ended May 31, 2025.

***Nominating and Governance Committee***. The Board has established a Nominating and Governance Committee for the purpose of, among other things: (i) identifying and recommending to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board; (ii) reviewing workload and capabilities of Independent Trustees and recommending changes to the size or composition of the Board, as necessary; (iii) monitoring regulatory developments and recommending modifications to the Committee's responsibilities; (iv) considering and, if appropriate, recommending the creation of additional committees or changes to Trustee policies and procedures based on rule changes and "best practices" in corporate governance; (v) conducting an annual review of the membership and chairpersons of all Board committees and of practices relating to such membership and chairpersons; (vi) undertaking a periodic study of compensation paid to independent board members of investment companies and making recommendations for any compensation changes for the Independent Trustees; (vii) overseeing the Board's annual self-evaluation process; (viii) developing (with assistance from management) an annual meeting calendar for the Board and its committees; (ix) overseeing actions to facilitate attendance by Independent Trustees at relevant educational seminars and similar programs; and (x) overseeing insurance arrangements for the funds.

In evaluating potential candidates to fill Independent Trustee vacancies on the Board, the Nominating and Governance Committee will consider a variety of factors. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination. The Nominating and Governance Committee will consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews nominees that it identifies as potential candidates. A shareholder nominee for Trustee should be submitted in writing to the Trust's Secretary at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. Any such shareholder nomination should include at least the following information as to each individual proposed for nomination as Trustee: such person's written consent to be named in a 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, including such information as the Board may reasonably deem necessary to satisfy its oversight and due diligence duties.

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The Secretary shall submit all nominations received in a timely manner to the Nominating and Governance Committee. To be timely in connection with a shareholder meeting to elect Trustees, any such submission must be delivered to the Trust'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 the disclosure in a press release or in a document publicly filed by the Trust with the SEC.

The Nominating and Governance Committee currently consists of all nine (9) of the Independent Trustees of the Board. Mr. Gavin currently serves as the Chairperson of the Nominating and Governance Committee. The Nominating and Governance Committee conducts meetings as needed or appropriate.The Nominating and Governance Committee held four (4) meetings during the fiscal year ended May 31, 2025.

**The Board's Risk Oversight Role** 

The day-to-day management of various risks relating to the administration and operation of the Trust is the responsibility of management and other service providers retained by the Board or by management, most of whom employ professional personnel who have risk management responsibilities. The Board oversees this risk management function consistent with and as part of its oversight duties. The Board performs this risk management oversight function directly and, with respect to various matters, through its committees. The following description provides an overview of many, but not all, aspects of the Board's oversight of risk management for the Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks that may impact the Fund or to develop procedures or controls that are designed to eliminate all such risk exposures, and that applicable securities law regulations do not contemplate that all such risks be identified and addressed.

The Board, working with management personnel and other service providers, has endeavored to identify the primary risks that confront the Fund. In general, these risks include, among others: (i) investment risks; (ii) credit risks; (iii) liquidity risks; (iv) valuation risks; (v) operational risks; (vi) reputational risks; (vii) regulatory risks; (viii) risks related to potential legislative changes; (ix) the risk of conflicts of interest affecting Voya affiliates in managing the Fund; and (x) cybersecurity risks. The Board has adopted and periodically reviews various policies and procedures that are designed to address these and other risks confronting the Fund. In addition, many service providers to the Fund have adopted their own policies, procedures, and controls designed to address particular risks to the Fund. The Board and persons retained to render advice and service to the Board periodically review and/or monitor changes to, and developments relating to, the effectiveness of these policies and procedures.

The Board oversees risk management activities in part through receipt and review by the Board or its committees of regular and special reports, presentations and other information from Officers of the Trust, including the CCOs for the Trust and the Investment Adviser and the Trust's Chief Investment Risk Officer ("CIRO"), and from other service providers. For example, management personnel and the other persons make regular reports and presentations to: (i) the Compliance Committee regarding compliance with regulatory requirements and oversight of cybersecurity practices by the Fund and key service providers; (ii) the IRCs regarding investment activities and strategies that may pose particular risks; (iii) the Audit Committee with respect to financial reporting controls and internal audit activities; (iv) the Nominating and Governance Committee regarding corporate governance and best practice developments; and (v) the Contracts Committee regarding regulatory and related developments that might impact the retention of service providers to the Trust. The CIRO oversees an Investment Risk Department ("IRD") that provides an additional source of analysis and research for Board members in connection with their oversight of the investment process and performance of portfolio managers. Among its other duties, the IRD seeks to identify and, where practicable, measure the investment risks being taken by the Fund's portfolio managers. Although the IRD works closely with management of the Trust in performing its duties, the CIRO is directly accountable to, and maintains an ongoing dialogue with, the Independent Trustees.

**Qualifications of the Trustees** 

The Board believes that each of its Trustees is qualified to serve as a Trustee of the Trust based on its review of the experience, qualifications, attributes, and skills of each Trustee. The Board bases this conclusion on its consideration of various criteria, no one of which is controlling. Among others, the Board has considered the following factors with respect to each Trustee: strong character and high integrity; an ability to review, evaluate, analyze, and discuss information provided; the ability to exercise effective business judgment in protecting shareholder interests while taking into account different points of views; a background in financial, investment, accounting, business, regulatory, or other skills that would be relevant to the performance of a Trustee's duties; the ability and willingness to commit the time necessary to perform his or her duties; and the ability to work in a collegial manner with other Board members. Each Trustee's ability to perform his or her duties effectively is evidenced by his or her: experience in the investment management business; related consulting experience; other professional experience; experience serving on the boards of directors/trustees of other public companies; educational background and professional training; prior experience serving on the Board, as well as the boards of other investment companies in the Voya family of funds and/or of other investment companies; and experience as attendees or participants in conferences and seminars that are focused on investment company matters and/or duties that are specific to board members of registered investment companies.

Information indicating certain of the specific experience and qualifications of each Trustee relevant to the Board's belief that the Trustee should serve in this capacity is provided in the table above that provides information about each Trustee. That table includes, for each Trustee, positions held with the Trust, the length of such service, principal occupations during the past five (5) years, the number of series within the Voya family of funds for which the Trustee serves as a Board member, and certain directorships held during the past five (5) years. Set forth below are certain additional specific experiences, qualifications, attributes, or skills that the Board believes support a conclusion that each Trustee should serve as a Board member in light of the Trust's business and structure.

**Independent Trustees** 

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*Colleen D. Baldwin* has been a Trustee of the Trust and a board member of other investment companies in the Voya family of funds since 2007. She currently serves as the Chairperson of the Trust's IRC E since January 1, 2025, and prior to that, she served as the Chairperson of the Boards of Directors/Trustees of the Voya family of funds from 2020 to 2024. Prior to that, she served as the Chairperson of the Trust's IRC E from 2014 to 2019 and as the Chairperson of the Trust's Nominating and Governance Committee from 2009 through 2013. Ms. Baldwin has been a Board member of Stanley Global Engineering since 2020 and President of Glantuam Partners, LLC, a business consulting firm, since 2009. Prior to that, she served in senior positions at the following financial services firms: Chief Operating Officer for Ivy Asset Management, Inc. (2002-2004), a hedge fund manager; Chief Operating Officer and Head of Global Business and Product Development for AIG Global Investment Group (1995-2002), a global investment management firm; Senior Vice President at Bankers Trust Company (1994-1995); and Senior Managing Director at J.P. Morgan & Company (1987-1994). Ms. Baldwin began her career in 1981 at AT&T/Bell Labs as a systems analyst. Ms. Baldwin holds a B.S. from Fordham University and an M.B.A. from Pace University.

*John V. Boyer* has been a Trustee of the Trust and a board member of other investment companies in the Voya family of funds since 1997. He also has served as the Chairperson of the Trust's Compliance Committee since January 1, 2020 and, prior to that, as the Chairperson of the Boards of Directors/Trustees of the Voya family of funds from 2014 through 2019. Prior to that, he served as the Chairperson of the Trust's IRC F from 2006 to 2013 and as the Chairperson of the Compliance Committee for other funds in the Voya family of funds. Mr. Boyer was the President and CEO of the Bechtler Arts Foundation from 2008 until 2019 for which, among his other duties, Mr. Boyer oversaw all fiduciary aspects of the Foundation and assisted in the oversight of the Foundation's endowment fund. Previously, he served as President and Chief Executive Officer of the Franklin and Eleanor Roosevelt Institute (2006-2007) and as Executive Director of The Mark Twain House & Museum (1989-2006) where he was responsible for overseeing business operations, including endowment funds. He also served as a board member of certain predecessor mutual funds of the Voya family of funds (1997-2005). Mr. Boyer holds a B.A. from the University of California, Santa Barbara and an M.F.A. from Princeton University.

*Jody T. Foster* has been a Trustee of the Trust since September 2025. Ms. Foster was an independent consultant to the Board from November 2023 until her election to the Board in September 2025. She is the Founder and Chief Executive Officer of Symphony Consulting since 2010 where she has overseen the development and launch of a variety of public and private investment product offerings. Previously, she served as Director of Risk Management and Strategy at JPMorgan in Chicago and London (2003 - 2007); International Research Manager for Driehaus Capital Management (2001 - 2003) and a Partner, Equity Analysis at Burridge Growth Partners (1999 - 2001) and Equity Analyst at Clover Capital Management (1996 - 1999). She served as an Independent Trustee and Audit Committee Chair for the Hussman Funds (2016 - 2025) and currently serves as a director for the Diamond Hill Funds (2022-present). Ms. Foster holds a B.A. in Political Science from Pace University, a Masters in Public Policy from Georgetown University and an M.B.A. from the University of Chicago Booth School of Business.

*Martin J. Gavin* has been a Trustee of the Trust since August 1, 2015. He also has served as the Chairperson of the Trust's Nominating and Governance Committee since January 1, 2024 and as the Chairperson of the Trust's Audit Committee since January 1, 2018. Mr. Gavin previously served as a Trustee of the Trust from May 21, 2013 until September 12, 2013, and as a board member of other investment companies in the Voya family of funds from 2009 until 2010 and from 2011 until September 12, 2013.Mr. Gavin was the President and Chief Executive Officer of the Connecticut Children's Medical Center from 2006 to 2015. Prior to his position at Connecticut Children's Medical Center, Mr. Gavin worked in the insurance and investment industries for more than 27 years. Mr. Gavin served in several senior executive positions with The Phoenix Companies during a 16 year period, including as President of Phoenix Trust Operations, Executive Vice President and Chief Financial Officer of Phoenix Duff & Phelps, a publicly-traded investment management company, and Senior Vice President of Investment Operations at Phoenix Home Life. Mr. Gavin holds a B.A. from the University of Connecticut.

*Dennis Johnson CFA* has been a Trustee of the Trust since September 2025. Mr. Johnson is a non-executive director and Chair of the Audit Committee for Namib Minerals, a publicly-traded mining company focused on investing in high-growth opportunities in Sub-Saharan Africa (April 2025 - Present). Mr. Johnson was an independent consultant to the Board from November 2023 until his election to the Board in September 2025. Previously, he served as an independent director and executive committee member on the Board of Directors for EasyKnock, a venture capital-backed fintech company (December 2023-November 2024). Formerly, he was Director of Investments for West Coast Financial, a registered investment advisor (May 2022-December 2023); independent director on the Board of Glass Lewis & Co., (March 2022-November 2023); Chief Strategy Officer at Public Investment Fund, a Riyadh, Saudi Arabia-based sovereign wealth fund (September 2018-December 2019), and Chief Investment Officer at TIAA, a U.S. financial services company (October 2016-August 2019). Mr. Johnson was Chief Investment Officer for Comerica, a U.S. financial services company (June 2010-August 2016), Managing Director for the Roy E. Disney, Jr. Family Office (2008-2010), a member of the Board of Directors for Texas Industries, a U.S. company in the cement and aggregates businesses (2009-2010), Head of Global Corporate Governance for the California Public Employees' Retirement System. the largest U.S. public pension fund (2005-2008), and Managing Director for Citigroup (1994-2005). Previously, Mr. Johnson served in investment roles with increasing responsibilities and complexity for Blue Cross and Blue Shield of Virginia, Crestar Bank and SunTrust from 1981-1994. Mr. Johnson is a Chartered Financial Analyst (CFA) Charter-holder. He is a graduate of Virginia Commonwealth University School of Business with a degree in Finance and the Virginia Military Institute with a degree in Economics.

*Joseph E. Obermeyer* has been a Trustee of the Trust since May 21, 2013, and a board member of other investment companies in the Voya family of funds since 2003. He currently serves as the Chairperson of the Boards of Directors/Trustees of the Voya family of funds since January 1, 2025, and prior to that, he served as the Chairperson of the Trust's IRC E in 2024 and as the Chairperson of the Trust's Nominating and Governance Committee from 2018 to 2023. Prior to that, he served as the Chairperson of the Trust's former Joint IRC from 2014 through 2017. Mr. Obermeyer was the founder and President of Obermeyer & Associates, Inc., a provider of financial and economic consulting services, for which he served as President from 1999 through 2024. Prior to founding Obermeyer & Associates, Mr. Obermeyer had more than 15 years of experience in accounting, including serving as a Senior Manager at Arthur Andersen LLP from 1995 until 1999. Previously, Mr. Obermeyer served as a Senior Manager at Coopers & Lybrand LLP from 1993 until 1995, as a Manager at

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Price Waterhouse from 1988 until 1993, Second Vice President from 1985 until 1988 at Smith Barney, and as a consultant with Arthur Andersen & Co. from 1984 until 1985. Mr. Obermeyer holds a B.A. in Business Administration from the University of Cincinnati, an M.B.A. from Indiana University, and post graduate certificates from the University of Tilburg and INSEAD.

*Sheryl K. Pressler* has been a Trustee of the Trust and a board member of other investment companies in the Voya family of funds since 2006. She also has served as the Chairperson of the Trust's Contracts Committee since 2007. Ms. Pressler has served as a consultant on financial matters since 2001. Previously, she held various senior positions involving financial services, including as Chief Executive Officer (2000-2001) of Lend Lease Real Estate Investments, Inc. (real estate investment management and mortgage servicing firm), Chief Investment Officer (1994-2000) of California Public Employees' Retirement System (state pension fund), Director of Stillwater Mining Company (2002-2013), Director of Retirement Funds Management (1981-1994) of McDonnell Douglas Corporation (aircraft manufacturer), and director of Centerra Gold (2008-2025). Ms. Pressler holds a B.A. from Webster University and an M.B.A. from Washington University.

*Christopher P. Sullivan* has been a Trustee of the Trust since October 1, 2015. He also has served as the Chairperson of the Trust's IRC F since January 1, 2018. He retired from Fidelity Management & Research in October 2012, following three years as first the President of the Bond Group and then the Head of Institutional Fixed Income. Previously, Mr. Sullivan served as Managing Director and Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009) and prior to that, Senior Vice President at PIMCO (1997-2001). He currently serves as a Director of Rimrock Funds (since 2013), a fixed-income hedge fund. He is also a Senior Advisor to Asset Grade (since 2013), a private wealth management firm, and serves as a Trustee of the Overlook Foundation, a foundation that supports Overlook Hospital in Summit, New Jersey. In addition to his undergraduate degree from the University of Chicago, Mr. Sullivan holds an M.A. degree from the University of California at Los Angeles and is a Chartered Financial Analyst.

*Mark Wetzel* has been a Trustee of the Trust since September 2025. Mr. Wetzel was the President of Fiducient Advisors, an investment advisor (April 2021-May 2024). Formerly, he was the President of Fiduciary Investment Advisors (April 2006-March 2020), which merged in April 2020 with DiMeo Schneider & Associates ("DiMeo Schneider"), where he became President (April 2020-April 2021). In April 2021, DiMeo Schneider rebranded as Fiducient Advisors. Previously, Mr. Wetzel served as Senior Vice President at UBS Financial Services (2000-2006), Senior Vice President at Paine Webber (1994-2000), and Senior Vice President at Kidder Peabody (1990-1994). Mr. Wetzel served on the 401(k) Investment Committee of Paine Webber and one the Pension Committee of Novartis Corp. (2006-2021). Mr. Wetzel was an independent consultant to the Board from November 2023 until his election to the Board in September 2025. Mr. Wetzel holds a B.S. in Business Administration from the University of Vermont and an MBA from the Tuck School at Dartmouth College.

**Interested Trustee**

*Christian G. Wilson* has been a Trustee of the Trust and a board member of other investment companies in the Voya family of funds since 2025. He is also President and Chief/Principal Executive Officer of the Funds (2024 to present), Director, President, and Chief Executive Officer of Voya Funds Services, LLCVoya Funds Services, LLC, Voya Capital, LLC, and Voya Investments, LLC (2024 to present), and Head of IM Product and Strategy at Voya Investment Management (2024 to present). Mr. Wilson previously served as Head of Global Client Portfolio Management at Voya Investment Management (2023 to 2024), Head of Fixed Income Client Portfolio Management at Voya Investment Management (2017-2023), and several other senior management positions in various aspects of the financial services business. These positions and experiences have provided Mr. Wilson with extensive investment management, distribution, and oversight experience.

**Trustee Ownership of Securities** 

In order to further align the interests of the Independent Trustees with shareholders, it is the policy of the Board for Independent Trustees to own, beneficially, shares of one or more funds in the Voya family of funds at all times (the "Ownership Policy"). For this purpose, beneficial ownership of shares of a Voya fund includes, in addition to direct ownership of Voya fund shares, ownership of a variable contract whose proceeds are invested in a Voya fund within the Voya family of funds, as well as deferred compensation payments under the Board's deferred compensation arrangements pursuant to which the future value of such payments is based on the notional value of designated funds within the Voya family of funds.

The Ownership Policy requires the initial value of investments in the Voya family of funds that are directly or indirectly owned by the Trustees to equal or exceed the annual retainer fee for Board services (excluding any annual retainers for service as chairpersons of the Board or its committees or as members of committees), as such retainer shall be adjusted from time to time.

The Ownership Policy provides that existing Trustees shall have a reasonable amount of time from the date of any recent or future increase in the minimum ownership requirements in order to satisfy the minimum share ownership requirements. In addition, the Ownership Policy provides that a new Trustee shall satisfy the minimum share ownership requirements within a reasonable amount of time of becoming a Trustee. For purposes of the Ownership Policy, a reasonable period of time will be deemed to be, as applicable, no more than three years after a Trustee has assumed that position with the Voya family of funds or no more than one year after an increase in the minimum share ownership requirement due to changes in annual Board retainer fees. A decline in value of any fund investments will not cause a Trustee to have to make any additional investments under the Ownership Policy.

Investment in mutual funds of the Voya family of funds by the Trustees pursuant to the Ownership Policy is subject to: (i) policies, applied by the mutual funds of the Voya family of funds to other similar investors, that are designed to prevent inappropriate market timing trading practices; and (ii) any provisions of the Code of Ethics for the Voya family of funds that otherwise apply to the Trustees.

**Trustees' Fund Equity Ownership Positions** 

The following table sets forth information regarding each Trustee's beneficial ownership of equity securities of the Fund and the aggregate holdings of shares of equity securities of all the funds in the Voya family of funds for the calendar year ended December 31, 2024. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Jody T. Foster**<sup>1</sup> <br>| **Martin J. Gavin** | **Dennis A. Johnson**<sup>1</sup> <br>|
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A | N/A |
| Aggregate Dollar Range of <br> Equity Securities in All <br> Registered Investment <br> Companies Overseen by <br> Trustee in the Voya family of <br> funds<br>| Over $100,000<sup>2</sup> <br>| Over $100,000<sup>2</sup> <br>| Over $100,000<sup>2</sup> <br>| Over $100,000<sup>2</sup> <br>| $0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** | **Dollar Range of Equity Securities in the Fund as of December 31, 2024** |
| **Fund** | **Joseph E.** <br> **Obermeyer**<br>| **Sheryl K. Pressler** | **Christopher P.** <br> **Sullivan**<br>| **Mark R. Wetzel**<sup>1</sup> <br>| **Christian G. Wilson**<sup>1</sup> <br>|
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A | N/A |
| Aggregate Dollar Range of <br> Equity Securities in All <br> Registered Investment <br> Companies Overseen by <br> Trustee in the Voya family of <br> funds<br>| Over $100,000<sup>2</sup> <br>| Over $100,000<sup>2</sup> <br>| Over $100,000 | $0 | Over $100,000<sup>2</sup> <br>|

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Ms. Foster and Messrs. Johnson, Wetzel, and Wilson were elected to the Board effective September 11, 2025.

Includes the value of shares in which a Trustee has an indirect interest through a deferred compensation plan and/or a 401(k) plan.

**Independent Trustee Ownership of Securities of the Investment Adviser, Principal Underwriter, and their Affiliates** 

The following table sets forth information regarding each Independent Trustee's (and his/her immediate family members) share ownership, beneficially or of record, in securities of the Investment Adviser or Principal Underwriter, and the ownership of securities in an entity controlling, controlled by, or under common control with the Investment Adviser or Principal Underwriter of the Fund (not including registered investment companies) as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Name of Owners** <br>**and Relationship** <br>**to Trustee**<br>| **Company** | **Title of** <br>**Class**<br>| **Value of** <br>**Securities**<br>| **Percent of** <br>**Class**<br>|
| Colleen D. Baldwin | N/A | N/A | N/A | N/A | N/A |
| John V. Boyer | N/A | N/A | N/A | N/A | N/A |
| Jody T. Foster<sup>1</sup> <br>| N/A | N/A | N/A | N/A | N/A |
| Martin J. Gavin | N/A | N/A | N/A | N/A | N/A |
| Dennis A. Johnson<sup>1</sup> <br>| N/A | N/A | N/A | N/A | N/A |
| Joseph E. Obermeyer | N/A | N/A | N/A | N/A | N/A |
| Sheryl K. Pressler | N/A | N/A | N/A | N/A | N/A |
| Christopher P. Sullivan | N/A | N/A | N/A | N/A | N/A |
| Mark R. Wetzel<sup>1</sup> <br>| N/A | N/A | N/A | N/A | N/A |

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Ms. Foster and Messrs. Johnson and Wetzel were elected to the Board effective September 11, 2025.

**Trustee Compensation** 

Each Trustee is reimbursed for reasonable expenses incurred in connection with each meeting of the Board or any of its Committee meetings attended. Each Independent Trustee is compensated for his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. The Board may from time to time designate other meetings as subject to compensation.

The Fund pays each Trustee who is not an interested person of the Fund his or her *pro rata* share, as described below, of: (i) an annual retainer of $270,000; (ii) Mr. Obermeyer, as the Chairperson of the Board, receives an additional annual retainer of $100,000; (iii) Mses. Baldwin and Pressler and Messrs. Boyer, Gavin, and Sullivan, as the Chairpersons of Committees of the Board, each receives an additional annual retainer of $30,000, $65,000, $30,000, $60,000, and $30,000, respectively; (iv) $10,000 per attendance at any of the regularly scheduled meetings (four (4) quarterly meetings, two (2) auxiliary meetings, and two (2) annual contract review meetings); and (v) out-of-pocket expenses. The Board at its discretion may from time to time designate other special meetings as subject to compensation in such amounts as the Board may reasonably determine on a case-by-case basis.

The *pro rata* share paid by the Fund is based on the Fund's average net assets as a percentage of the average net assets of all the funds managed by the Investment Adviser or its affiliate for which the Trustees serve in common as Trustees.

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**Future Compensation Payment** 

Certain future payment arrangements apply to certain Trustees. More particularly, each non-interested Trustee who will have served as a non-interested Trustee for five or more years for one or more funds in the Voya family of funds is entitled to a future payment ("Future Payment"), if such Trustee: (i) retires in accordance with the Board's retirement policy; (ii) dies; or (iii) becomes disabled. The Future Payment shall be made promptly to, as applicable, the Trustee or the Trustee's estate, in an amount equal to two (2) times the annual compensation payable to such Trustee, as in effect at the time of his or her retirement, death or disability if the Trustee had served as Trustee for at least five years as of May 9, 2007, or in a lesser amount calculated based on the proportion of time served by such Trustee (as compared to five years) as of May 9, 2007. The annual compensation determination shall be based upon the annual Board membership retainer fee in effect at the time of that Trustee's retirement, death or disability (but not any separate annual retainer fees for chairpersons of committees and of the Board), provided that the annual compensation used for this purpose shall not exceed the annual retainer fees as of May 9, 2007. This amount shall be paid by the Voya fund or Voya funds on whose Board the Trustee was serving at the time of his or her retirement, death, or disability. Each applicable Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments.

**Compensation Table** 

The following table sets forth information provided by the Investment Adviser regarding compensation of Trustees by the Fund and other funds managed by the Investment Adviser and its affiliates for the fiscal year ended May 31, 2025. Officers of the Trust and Trustees who are interested persons of the Trust do not receive any compensation from the Trust or any other funds managed by the Investment Adviser or its affiliates. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Colleen D. Baldwin** | **John V. Boyer** | **Jody T. Foster**<sup>1</sup> <br>| **Martin J. Gavin** | **Dennis A. Johnson**<sup>1</sup> <br>|
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A | N/A |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $0 | N/A | N/A | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $400000 | N/A | N/A | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $415000 | $380000 | N/A | $395000 | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** | **Aggregate Compensation** |
| **Fund** | **Joseph E. Obermeyer** | **Sheryl K. Pressler** | **Christopher P. Sullivan** | **Mark R. Wetzel**<sup>1</sup> <br>|
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A |
| Pension or Retirement <br> Benefits Accrued as Part of <br> Fund Expenses<sup>2</sup> <br>| N/A | $113333 | N/A | N/A |
| Estimated Annual Benefits <br> Upon Retirement<sup>3</sup> <br>| N/A | $113333 | N/A | N/A |
| Total Compensation from the <br> Fund and the Voya family of <br> funds Paid to Trustees<br>| $415000<sup>4</sup> <br>| $415000 | $380000 | N/A |

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Ms. Foster and Messrs. Johnson and Wetzel were elected to the Board effective September 11, 2025.

Future Compensation Payment amounts are accrued *pro rata* to all Voya funds in the same year that the Trustee retires.

As discussed in the section entitled "Future Compensation Payment" above, this is not an annual benefit. Rather each applicable Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments. Future Compensation Payments included in this table represent the total payment allocated *pro rata* to all Voya funds.

During the fiscal year ended May 31, 2025, Mr. Obermeyer deferred $63,000 of his compensation from the Voya family of funds.

**CODE OF ETHICS**

The Fund, the Investment Adviser, the Sub-Adviser, and the Distributor have adopted a code of ethics (the "Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act governing personal trading activities of all Trustees, Officers of the Trust, and persons who, in connection with their regular functions, play a role in the recommendation of or obtain information pertaining to any purchase or sale of a security by the Fund. The Code of Ethics is intended to prohibit fraud against the Fund that may arise from the personal trading of securities that may be purchased or held by that Fund or of the Fund's shares. The Code of Ethics prohibits short-term trading of the Fund's shares by persons subject to the Code of Ethics. Personal trading is permitted by such persons subject to certain restrictions; however, such persons are generally required to pre-clear security transactions with the Investment Adviser or its affiliates and to report all transactions on a regular basis.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

Control is defined by the 1940 Act as the beneficial ownership, either directly or through one or more controlled companies, of more than 25% of the voting securities of a company. A control person may have a significant impact on matters submitted to a shareholder vote.

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No information is provided regarding control persons or principal shareholders because the Fund had not commenced operations as of the date of this filing.

**Trustee and Officer Holdings** 

Because the Fund did not commence operations prior to the date of this SAI, the Trustees and officers of the Trust as a group owned no securities of the Fund.

**Principal Shareholders** 

Because the Fund did not commence operations prior to the date of this SAI, no person owned beneficially or of-record 5% or more of the outstanding shares of any class of the Fund or 5% or more of the outstanding shares of the Fund.

**PROXY VOTING POLICY**

The Board has approved the Investment Adviser's Proxy Voting Policy (the "Proxy Voting Policy") for voting proxies on behalf of the Voya funds. The Proxy Voting Policy requires the Investment Adviser to vote the Fund's portfolio securities that have voting rights in accordance with the Proxy Voting Policy and provides a method for responding to potential conflicts of interest. An independent proxy voting service has been retained to assist in the voting of Fund proxies through the provision of vote analysis, implementation, recordkeeping, and disclosure services. The Compliance Committee oversees the implementation of the Fund's Proxy Voting Policy, as applicable. A copy of

the Proxy Voting Policy is attached hereto as Appendix B. If applicable, no later than August 31st of each year, information regarding how the Fund voted proxies relating to portfolio securities for the twelve-month period ending June 30th is available online, without charge, at https://individuals.voya.com/product/mutual-fund/prospectuses-reports or by accessing the SEC's EDGAR database at https://sec.gov.

**INVESTMENT ADVISER**

Voya Investments, an Arizona limited liability company, is registered with the SEC as an investment adviser. Voya Investments serves as the investment adviser to, and has overall responsibility for the management of, the Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

Voya Investments began business as an investment adviser in 1994 and currently serves as investment adviser to certain registered investment companies, consisting of open- and closed-end registered investment companies and collateralized loan obligations. Voya Investments is an indirect subsidiary of Voya Financial, Inc. Voya Financial, Inc. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries.

**Investment Management Agreement** 

The Investment Adviser serves pursuant to an Investment Management Agreement between the Investment Adviser and the Trust on behalf of the Fund. Under the Investment Management Agreement, the Investment Adviser oversees, subject to the authority of the Board, the provision of all investment advisory and portfolio management services for the Fund. In addition, the Investment Adviser provides administrative services reasonably necessary for the ordinary operation of the Fund. The Investment Adviser has delegated certain management responsibilities to one or more Sub-Advisers.

**Investment Management Services** 

Among other things, the Investment Adviser: (i) provides general investment advice and guidance with respect to the Fund and provides advice and guidance to the Fund's Board; (ii) provides the Board with any periodic or special reviews or reporting it requests, including any reports regarding the Sub-Adviser and its investment performance; (iii) oversees management of the Fund's investments and portfolio composition including supervising the Sub-Adviser with respect to the services the Sub-Adviser provides; (iv) makes available its officers and employees to the Board and officers of the Trust; (v) designates and compensates from its own resources such personnel as the Investment Adviser may consider necessary or appropriate to the performance of its services hereunder; (vi) periodically monitors and evaluates the performance of the Sub-Adviser with respect to the investment objectives and policies of the Fund and performs periodic detailed analysis and review of the Sub-Adviser's investment performance; (vii) reviews, considers and reports on any changes in the personnel of the Sub-Adviser responsible for performing the Sub-Adviser's obligations or any changes in the ownership or senior management of the Sub-Adviser; (viii) performs periodic in-person or telephonic diligence meetings with the Sub-Adviser; (ix) assists the Board and management of the Fund in developing and reviewing information with respect to the initial and subsequent annual approval of the Sub-Advisory Agreement(s); (x) monitors the Sub-Adviser for compliance with the investment objective(s), policies and restrictions of the Fund, the 1940 Act, Subchapter M of the Code, and, if applicable, regulations under these provisions, and other applicable law; (xi) if appropriate, analyzes and recommends for consideration by the Board termination of a contract with the Sub-Adviser; (xii) identifies potential successors to or replacements of the Sub-Adviser or potential additional sub-adviser(s), performs appropriate due diligence, and develops and presents recommendations to the Board; and (xiii) is authorized to exercise full investment discretion and make all determinations with respect to the day-to-day investment of the Fund's assets and the purchase and sale of portfolio securities for the Fund in the event that at any time no sub-adviser is engaged to manage the assets of the Fund.

In addition, the Investment Adviser assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services. The Investment Adviser also reviews the Fund for compliance with applicable legal requirements and monitors the Sub-Adviser for compliance with requirements under applicable law and with the investment policies and restrictions of the Fund.

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**Limitation of Liability** 

The Investment Adviser is not subject to liability to the Fund for any act or omission in the course of, or in connection with, rendering services under the Investment Management Agreement, except by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under the Investment Management Agreement.

**Continuation and Termination of the Investment Management Agreement** 

After an initial term of two years, the Investment Management Agreement continues in effect from year to year with respect to the Fund so long as such continuance is specifically approved at least annually by: (i) the Board of Trustees; or (ii) the vote of a "majority" of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); and provided that such continuance is also approved by a vote of at least a majority of the Independent Trustees who are not parties to the agreement by a vote cast either in person at a meeting called for the purpose of voting on such approval, or in reliance on exemptive relief from the SEC that has permitted such approval at virtual meetings held by video or telephone conference since the commencement of the COVID-19 pandemic.

The Investment Management Agreement may be terminated as to the Fund at any time without penalty by: (i) the vote of the Board; (ii) the vote of a majority of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); or (iii) the Investment Adviser, on sixty (60) days' prior written notice to the other party. The notice provided for herein may be waived by either party, as a single class, or upon notice given by the Investment Adviser. The Investment Management Agreement will terminate automatically in the event of its "assignment" (as defined in Section 2(a)(4) of the 1940 Act).

**Management Fees** 

The Investment Adviser does not receive a management fee from the Fund.

The Investment Adviser pays all of its expenses arising from the performance of its obligations under the Investment Management Agreement, including executive salaries and expenses of the Trustees and officers of the Trust who are employees of the Investment Adviser or its affiliates, except the CCO. The Investment Adviser pays the fees of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Fund** | **Annual Management Fee** |
| Voya VACS Series LCC Fund | 0.00% |

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**Total Investment Management Fees Paid by the Fund** 

During the past three fiscal years, the Fund paid the following investment management fees to the Investment Adviser or its affiliates."N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Voya VACS Series LCC Fund | N/A | N/A | N/A |

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**EXPENSES**

The Fund's assets may decrease or increase during its fiscal year and the Fund's operating expense ratios may correspondingly increase or decrease.

In addition to the management fee and other fees described previously, the Fund pays other expenses, such as legal, audit, transfer agency and custodian out-of-pocket fees, proxy solicitation costs, and the compensation of Trustees who are not affiliated with the Investment Adviser.

Certain expenses of the Fund are generally allocated to the Fund in proportion to its pro rata average net assets.

Certain operating expenses shared by several Funds within the Voya family of funds may be allocated amongst those Funds based on average net assets.

In addition to payments made to the Investment Adviser, Distributor, and other service providers (including the custodian, independent registered public accounting firm, legal counsel, and transfer agent and dividend paying agent), the Fund may pay service fees to intermediaries such as brokers, financial planners or advisers, banks, and insurance companies, including affiliates of the Investment Adviser, for administration, recordkeeping, and other shareholder services associated with investors whose shares are held of record in omnibus accounts. These financial intermediaries may (though they will not necessarily) provide services including, among other things: processing and mailing trade confirmations; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. These additional fees paid by the Fund to intermediaries may take two forms: (i) basis point payments on net assets; and/or (ii) fixed dollar amount payments per shareholder account. These may include payments for 401(K) sub-accounting services, networking fees, and omnibus account servicing fees.

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**EXPENSE LIMITATIONS**

As described in the Prospectus, the Investment Adviser, Distributor, and/or Sub-Adviser may have entered into one or more expense limitation agreements with the Fund pursuant to which they have agreed to waive or limit their fees. In connection with such an agreement, the Investment Adviser, Distributor, or Sub-Adviser, as applicable, will assume expenses (excluding certain expenses as discussed below) so that the total annual ordinary operating expenses of the Fund do not exceed the amount specified in the Fund's Prospectus.

**Exclusions** 

Expense limitations do not extend to interest, taxes, other investment-related costs, leverage expenses (as defined below), extraordinary expenses, other expenses not incurred in the ordinary course of business, expenses of any counsel or other persons or services retained by the Fund's Board who are not "interested persons," as that term is defined in the 1940 Act, and Acquired Fund Fees and Expenses. Leverage expenses shall mean fees, costs, and expenses incurred in connection with the Fund's use of leverage (including, without limitation, expenses incurred by the Fund in creating, establishing, and maintaining leverage through borrowings or the issuance of preferred shares). Acquired Fund Fees and Expenses are not covered by any expense limitation agreement.

**NET FUND FEES WAIVED, REIMBURSED, OR RECOUPED**

The table below shows the net fund expenses reimbursed, waived, and any recoupment, if applicable, by the Investment Adviser and Distributor for the last three fiscal years. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Voya VACS Series LCC Fund | N/A | N/A | N/A |

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**Sub-Adviser**

The Investment Adviser has engaged the services of the Sub-Adviser to provide sub-advisory services to the Fund and, pursuant to a Sub-Advisory Agreement, has delegated certain management responsibilities to the Sub-Adviser. The Investment Adviser monitors and evaluates the performance of the Sub-Adviser.

The Sub-Adviser provides, subject to the supervision of the Board and the Investment Adviser, a continuous investment program for the Fund and determines the composition of the assets of the Fund, including determination of the purchase, retention, or sale of the securities, cash and other investments for the Fund, in accordance with the Fund's investment objectives, policies and restrictions and applicable laws and regulations.

**Limitation of Liability** 

The Sub-Adviser is not subject to liability to the Fund for any act or omission in the course of, or in connection with, rendering services under the Sub-Advisory Agreement, except by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties under the Sub-Advisory Agreement.

**Continuation and Termination of the Sub-Advisory Agreement** 

After an initial term of two years, the Sub-Advisory Agreement continues in effect from year-to-year so long as such continuance is specifically approved at least annually by: (i) the Board; or (ii) the vote of a majority of the Fund's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act); provided, that the continuance is also approved by a majority of the Independent Trustees who are not parties to the agreement by a vote cast in person at a meeting called for the purpose of voting on such approval.

The Sub-Advisory Agreement may be terminated as to a particular Fund without penalty upon sixty (60) days' written notice by: (i) the Board; (ii) the majority vote of the outstanding voting securities of the relevant Fund; (iii) the Investment Adviser; or (iv) the Sub-Adviser upon 60-90 days' written notice, depending on the terms of the Sub-Advisory Agreement. The Sub-Advisory Agreement terminates automatically in the event of its assignment or in the event of the termination of the Investment Management Agreement, or in reliance on exemptive relief from the SEC that has permitted such approval at virtual meetings held by video or telephone conference since the commencement of the COVID-19 pandemic.

**Sub-Advisory Fees** 

The Sub-Adviser receives compensation from the Investment Adviser at the annual rate of a specified percentage of the Fund's average daily net assets, as indicated below. The fee is accrued daily and paid monthly. The Sub-Adviser pays all of its expenses arising from the performance of its obligations under the Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | **Sub-Adviser** | **Annual Sub-Advisory Fee** |
| Voya VACS Series LCC Fund | Voya IM | 0.00% |

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**Total Sub-Advisory Fees Paid** 

The following table sets forth the sub-advisory fees paid by the Investment Adviser for the last three fiscal years."N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Voya VACS Series LCC Fund | N/A | N/A | N/A |

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**PORTFOLIO MANAGEMENT**

**Other Accounts Managed** 

The following table sets forth the number of accounts and total assets in the accounts managed by each portfolio manager as of May 31, 2025:

**Voya IM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Fund(s)** | **Registered Investment** <br>**Companies** | **Registered Investment** <br>**Companies** | **Other Pooled Investment** <br>**Vehicles** | **Other Pooled Investment** <br>**Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Fund(s)** | **Number of** <br>**Accounts**<br>| **Total** <br>**Assets**<br>| **Number of** <br>**Accounts**<br>| **Total** <br>**Assets**<br>| **Number of** <br>**Accounts**<br>| **Total** <br>**Assets**<br>|
| **James Dorment, CFA** | Voya VACS Series LCC Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3725263356 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $798990006 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $1159976245 |
| **Kristy Finnegan, CFA** | Voya VACS Series LCC Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $4700372899 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; $804015716 | &nbsp;&nbsp; 27<sup>1</sup> | &nbsp;&nbsp; $5647192266 |
| **Barbara Reinhard, CFA** | Voya VACS Series LCC Fund | &nbsp;&nbsp; 52 | &nbsp;&nbsp; $18312173985 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $7375622804 | &nbsp;&nbsp; 4<sup>2</sup> | &nbsp;&nbsp; $512119248 |
| **Leigh Todd, CFA** | Voya VACS Series LCC Fund | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $5222730099 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; $586392416 | &nbsp;&nbsp; 27<sup>1</sup> | &nbsp;&nbsp; $5647192266 |
| **Gregory Wachsman, CFA** | Voya VACS Series LCC Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3725263356 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $798990006 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $790295338 |

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Two of these accounts with total assets of $253,056,916 have performance-based advisory fees.

One of these accounts with total assets of $479,468,768 has a performance-based advisory fee.

**Potential Material Conflicts of Interest**

**Voya IM and Voya Investments** 

A portfolio manager may be subject to potential conflicts of interest because the portfolio manager is responsible for other accounts in addition to the Fund. These other accounts may include, among others, other mutual funds, separately managed advisory accounts, commingled trust accounts, insurance separate accounts, wrap fee programs, and hedge funds. Potential conflicts may arise out of the implementation of differing investment strategies for the portfolio manager's various accounts, the allocation of investment opportunities among those accounts or differences in the advisory fees paid by the portfolio manager's accounts.

A potential conflict of interest may arise as a result of the portfolio manager's responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio manager's accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment.

A portfolio manager may also manage accounts whose objectives and policies differ from those of the Fund. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, if an account were to sell a significant position in a security, which could cause the market price of that security to decrease, while the Fund maintained its position in that security.

A potential conflict may arise when a portfolio manager is responsible for accounts that have different advisory fees – the difference in the fees may create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to particularly appealing investment opportunities. This conflict may be heightened where an account is subject to a performance-based fee.

As part of its compliance program, Voya IM has adopted policies and procedures reasonably designed to address the potential conflicts of interest described above.

Finally, a potential conflict of interest may arise because the investment mandates for certain other accounts, such as hedge funds, may allow extensive use of short sales which, in theory, could allow them to enter into short positions in securities where other accounts hold long positions. Voya IM has policies and procedures reasonably designed to limit and monitor short sales by the other accounts to avoid harm to the Fund.

**Compensation**

**Voya IM and Voya Investments** 

Compensation consists of: (i) a fixed base salary; (ii) a bonus, which is based on Voya IM performance, one-, three-, and five-year pre-tax performance of the accounts the portfolio managers are primarily and jointly responsible for relative to account benchmarks, peer universe performance, and revenue growth and net cash flow growth (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) of the accounts they are responsible for; and (iii) long-term equity awards tied to the performance of our parent company, Voya Financial, Inc. and/or a notional investment in a pre-defined set of Voya IM sub-advised funds.

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Portfolio managers are also eligible to receive an annual cash incentive award delivered in some combination of cash and a deferred award in the form of Voya stock. The overall design of the annual incentive plan was developed to tie pay to both performance and cash flows, structured in such a way as to drive performance and promote retention of top talent. As with base salary compensation, individual target awards are determined and set based on external market data and internal comparators. Investment performance is measured on both relative and absolute performance in all areas.

The measures for the team are outlined on a "scorecard" that is reviewed on an annual basis. These scorecards measure investment performance versus benchmark and peer groups over one-, three-, and five-year periods and year-to-date net cash flow (changes in the accounts' net assets not attributable to changes in the value of the accounts' investments) for all accounts managed by the team. The results for overall Voya IM scorecards are typically calculated on an asset weighted performance basis of the individual team scorecards.

Investment professionals' performance measures for bonus determinations are weighted by 25% being attributable to the overall Voya IM performance and 75% attributable to their specific team results (65% investment performance, 5% net cash flow, and 5% revenue growth).

Voya IM's long-term incentive plan is designed to provide ownership-like incentives to reward continued employment and to link long-term compensation to the financial performance of the business. Based on job function, internal comparators, and external market data, employees may be granted long-term awards. All senior investment professionals participate in the long-term compensation plan. Participants receive annual awards determined by the management committee based largely on investment performance and contribution to firm performance. Plan awards are based on the current year's performance as defined by the Voya IM component of the annual incentive plan. Awards typically include a combination of performance shares, which vest ratably over a three-year period, and Voya restricted stock and/or a notional investment in a predefined set of Voya IM sub-advised funds, each subject to a three-year cliff-vesting schedule.

If a portfolio manager's base salary compensation exceeds a particular threshold, he or she may participate in Voya's deferred compensation plan. The plan provides an opportunity to invest deferred amounts of compensation in mutual funds, Voya stock, or at an annual fixed interest rate. Deferral elections are done on an annual basis and the amount of compensation deferred is irrevocable.

For the Fund, Voya IM has defined the following index as the benchmark index for the investment team:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Fund** | **Portfolio Manager** |
| Voya VACS Series LCC Fund | James Dorment, CFA; Kristy Finnegan, CFA; <br> Barbara Reinhard, CFA; Leigh Todd, CFA; and <br> Gregory Wachsman, CFA<br>Russell 1000<sup>®</sup> Total Return Index |

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**Ownership of Securities** 

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager (including investments by his/her immediate family members) and amounts invested through retirement and deferred compensation plans as of May 31, 2025. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** <br>**Manager**<br>| **Investment Adviser or** <br>**Sub-Adviser**<br>| **Fund(s) Managed by the** <br>**Portfolio Manager**<br>| **Dollar Range of Fund** <br>**Shares Owned**<br>|
| James Dorment, CFA | Voya IM | Voya VACS Series LCC Fund | N/A |
| Kristy Finnegan, CFA | Voya IM | Voya VACS Series LCC Fund | N/A |
| Barbara Reinhard, CFA | Voya IM | Voya VACS Series LCC Fund | N/A |
| Leigh Todd, CFA | Voya IM | Voya VACS Series LCC Fund | N/A |
| Gregory Wachsman, CFA | Voya IM | Voya VACS Series LCC Fund | N/A |

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**PRINCIPAL UNDERWRITER**

The Distributor, a Delaware limited liability company, is the principal underwriter and distributor of the Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Investment Adviser. The Distributor's principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. Shares of the Fund are offered on a continuous basis. As principal underwriter, the Distributor has agreed to use its best efforts to distribute the shares of the Fund, although it is not obligated to sell any particular amount of shares.

The Distributor is responsible for all of its expenses in providing services pursuant to the Distribution Agreement, including the costs of printing and distributing prospectuses and SAIs for prospective shareholders and such other sales literature, reports, forms, advertising, and any other marketing efforts by the Distributor in connection with the distribution or sale of the shares. The Distributor does not receive compensation for providing services under the Distribution Agreement.

The Distribution Agreement may be continued from year to year if approved annually by the Trustees or by a vote of a majority of the outstanding voting securities of the Fund and by a vote of a majority of the Trustees who are not "interested persons" of the Distributor, or the Trust or parties to the Distribution Agreement, appearing in person at a meeting called for the purpose of approving such Agreement.

The Distribution Agreement terminates automatically upon assignment, and may be terminated at any time on sixty (60) days' written notice by the Trustees or the Distributor or by vote of a majority of the outstanding voting securities of the Fund without the payment of any penalty.

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**Commissions and Compensation Received by the Principal Underwriter** 

The following table shows all commissions and other compensation received by the Principal Underwriter, who is an affiliated person of the Fund or an affiliated person of that affiliated person, directly or indirectly, from the Fund during the most recent fiscal year. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Name of Principal** <br> **Underwriter**<br>| **Net Underwriting** <br> **Discounts and** <br> **Commissions**<br>| **Compensation on** <br> **Redemptions and** <br> **Repurchases**<br>| **Brokerage** <br> **Commissions**<br>| **Other** <br> **Compensation**<br>|
| Voya VACS Series LCC Fund | Voya Investments <br> Distributor, LLC<br>| N/A | N/A | N/A | N/A |

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**Payments to Financial Intermediaries** 

The Investment Adviser or the Distributor, out of its own resources and without additional cost to the Fund or its shareholders, may provide additional cash or non-cash compensation to financial intermediaries selling shares of the Fund, including affiliates of the Investment Adviser and the Distributor. These amounts are in addition to the distribution payments made by the Fund under any distribution agreements. "Financial intermediary" includes any broker, dealer, bank (including bank trust departments), insurance company, transfer agent, registered investment adviser, financial planner, retirement plan administrator and any other financial intermediary having a selling, administrative and shareholder servicing or similar agreement with the Distributor or Investment Adviser.

The benefits to the Distributor and the Investment Adviser include, among other things, entry into or increased visibility in the financial intermediary's sales system, participation by the financial intermediary in the Distributor's marketing efforts (such as helping facilitate or providing financial assistance for conferences, seminars or other programs at which Voya personnel may make presentations on the Voya funds to the intermediary's sales force), placement on the financial intermediary's preferred fund list, and access (in some cases, on a preferential basis over other competitors) to individual members of the financial intermediary's sales force or management. Revenue sharing payments are sometimes referred to as "shelf space" payments because the payments compensate the financial intermediary for including Voya funds in its fund sales system (on its "shelf space"). A financial intermediary typically initiates requests for additional compensation and the Distributor or Investment Adviser negotiates these arrangements with the financial intermediary.

These additional fees paid to financial intermediaries may take the following forms: (1) a percentage of the financial intermediary's customer assets invested in Voya mutual funds; (2) a percentage of the financial intermediary's gross sales; or (3) some combination of these payments. These payments may, depending on the broker-dealer's satisfaction of the required conditions, be periodic and may be up to: (1) 0.30% per annum of the value of the Fund's shares held by the broker-dealer's customers; or (2) 0.30% of the value of the Fund's shares sold by the broker-dealer during a particular period.

Payments based on sales primarily create incentives for the financial intermediary to make new sales of shares of Voya funds. Payments based on customer assets primarily create incentives for the financial intermediary to retain previously sold shares of Voya funds in investor accounts. A financial intermediary may receive either or both types of payments.

The Distributor and the Investment Adviser compensate financial intermediaries differently depending on the level and/or type of considerations provided by the financial intermediary. A financial intermediary may receive different levels of compensation with respect to sales or assets attributable to different types of clients of the same intermediary or different Voya funds. A financial intermediary may receive payment under more than one arrangement referenced here. Where services are provided, the costs of providing the services and the overall array of services provided may vary from one financial intermediary to another. The Distributor and the Investment Adviser do not make an independent assessment of the cost of providing such services. While a financial intermediary may request additional compensation from Voya to offset costs incurred by the financial intermediary in servicing its clients, the financial intermediary may earn a profit on these payments, since the amount of the payment may exceed the financial intermediary's costs.

As of January 1, 2025, the Distributor and/or the Investment Adviser had agreed to make additional payments as described above to the following broker-dealers or their affiliates:

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| | |
|:---|:---|
| ADP Broker-Dealer, Inc. | Ascensus, LLC |
| Ameriprise Financial Services, Inc. | Benefits Plans Administrative Services, Inc. |
| Benefit Trust Company | Charles Schwab & Co., Inc. |
| Broadridge Business Process Outsourcing, LLC | Cetera Financial Holdings, Inc. |
| Cetera Advisors Networks LLC | Cetera Financial Specialists LLC |
| Cetera Investment Services LLC | Empower Financial Service, Inc. |
| Edward Jones | Fidelity Brokerage Services, LLC |
| First Security Benefit Life Insurance Company | Janney Montgomery Scott LLC |
| John Hancock Trust Company, LLC | Lincoln Investment |
| J.P. Morgan Securities LLC | Lincoln Financial Securities Corp  |

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| | |
|:---|:---|
| Lincoln Financial Advisors Corp | LPL Financial, LLC |
| Lincoln Life & Annuity Company of NY | Massachusetts Mutual Life Insurance Co. |
| Metlife Securities, Inc. | Merrill Lynch, Pierce, Fenner & Smith, Inc. |
| Morgan Stanley | Mid Atlantic Clearing & Settlement Corporation |
| National Financial Services, LLC | Nationwide Financial Services, Inc. |
| Newport Retirement Services, Inc. | NY Life Annuity & Insurance Co |
| Osaic, Inc. | Pershing, LLC |
| PNC Bank N.A. | Principal Life Insurance Company |
| Prudential Insurance Co. of America | Raymond James & Associates, Inc. |
| Raymond James Financial Services, Inc. | RBC Capital Markets, LLC |
| Reliance Trust Company | Security Benefit Life Insurance Company |
| Standard Insurance Company | Symetra Securities, Inc. |
| T. Rowe Price Retirement Plan Services, Inc. | TIAA-CREF Life Insurance Company |
| TransAmerica Retirement Solutions Corporation | US Bank N.A. |
| UBS Financial Services, Inc. | VALIC Retirement Services Company |
| Vanguard Group, Inc. | Vanguard Marketing Corporation |
| Wells Fargo Clearing Services, LLC |  |

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**Other Incentives** 

The Investment Adviser or the Distributor may provide additional cash or non-cash compensation to third parties selling our mutual funds including affiliated companies. This may take the form of cash incentives and non-cash compensation and may include, but is not limited to: cash; merchandise; trips; occasional entertainment; meals or tickets to a sporting event; client appreciation events; payment for travel expenses (including meals and lodging) to pre-approved training and education seminars; and payment for advertising and sales campaigns. The Distributor may also pay concessions in addition to those described above to broker-dealers so that Voya mutual funds are made available by those broker-dealers for their customers.

The Sub-Adviser of the Fund may contribute to non-cash compensation arrangements.

The Distributor may, from time to time, pay additional cash and non-cash compensation from its own resources to its employee sales staff for sales of certain Voya funds that are made by registered representatives of broker-dealers to the extent such compensation is not prohibited by law or the rules of any self-regulatory agency, such as FINRA.

**Conflicts of Interest** 

A financial intermediary's receipt of additional compensation may create conflicts of interest between the financial intermediary and its clients. Each type of payment discussed above may provide a financial intermediary with an economic incentive to actively promote Voya funds over other mutual funds or cooperate with the distributor's promotional efforts. The receipt of additional compensation from Voya and its affiliates may be an important consideration in a financial intermediary's willingness to support the sale of Voya funds through the financial intermediary's distribution system. The Distributor and the Investment Adviser are motivated to make the payments described above since they promote the sale of Voya fund shares and the retention of those investments by clients of financial intermediaries. In certain cases these payments could be significant to the financial intermediary.

**Additional Cash Compensation for Sales by "Focus Firms"** 

The Distributor may, at its discretion, pay additional cash compensation to its employee sales staff for sales by certain broker-dealers or "focus firms." The Distributor may pay up to an additional 0.10% to its employee sales staff for sales that are made by registered representatives of these focus firms. As of the date of this SAI, the focus firms are: Ameriprise Financial Services, LLC; Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.; Charles Schwab & Co. Inc.; Directed Services LLC; Empower Financial Services, Inc.; Fidelity Brokerage Services, LLC; J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; Mid Atlantic Clearing & Settlement Corporation, Inc; Morgan Stanley; New York Life Insurance & Annuity Corp; Osaic, Inc; Pershing, LLC; Raymond James & Associates, Inc.; RBC Capital Markets, LLC; Reliance Trust Company; ReliaStar Life Insurance Company of New York; Standard Insurance Company; UBS Financial Services, Inc; Vanguard Marketing Corporation; Voya Financial Advisers, Inc.; Voya Retirement Insurance and Annuity Company; and Wells Fargo Clearing Services, LLC.

**Total Distribution Expenses** 

The following table sets forth the total distribution expenses incurred by the Distributor for the costs of promotion and distribution with

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respect to each class of shares for the Fund for the most recent fiscal year. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advertising** | **Printing** | **Salaries & Commissions** | **Broker Servicing** | **Miscellaneous** | **Total** |
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A | N/A | N/A |

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**OTHER SERVICE PROVIDERS**

**Custodian** 

The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, serves as custodian for the Fund.

The custodian's responsibilities include safekeeping and controlling the Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. The custodian does not participate in determining the investment policies of the Fund, in deciding which securities are purchased or sold by the Fund, or in the declaration of dividends and distributions. The Fund may, however, invest in obligations of the custodian and may purchase or sell securities from or to the custodian.

For portfolio securities that are purchased and held outside the United States, the custodian has entered into sub-custodian arrangements with certain foreign banks and clearing agencies which are designed to comply with Rule 17f-5 under the 1940 Act.

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP serves as an independent registered public accounting firm for the Fund. Ernst & Young LLP provides audit services and tax return preparation services. Ernst & Young LLP is located at 200 Clarendon Street, Boston, Massachusetts 02116.

**Legal Counsel** 

Legal matters for the Trust are passed upon by Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199-3600.

**Transfer Agent and Dividend Paying Agent** 

BNY Mellon Investment Servicing (U.S.) Inc. (the "Transfer Agent") serves as the transfer agent and dividend-paying agent for the Fund. Its principal business address is 103 Bellevue Parkway, Wilmington, Delaware 19809. As transfer agent and dividend-paying agent, BNY Mellon Investment Servicing (U.S.) Inc. is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**Securities Lending Agent** 

The Bank of New York Mellon serves as the securities lending agent. The services provided by The Bank of New York Mellon, as the securities lending agent, for the most recent fiscal year primarily included the following:

(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on behalf of the Fund with each such borrower;

(2) negotiating the terms of securities loans, including the amount of fees;

(3) directing the delivery of loaned securities;

(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return of excess collateral, as necessary;

(5) investing cash collateral received in connection with any loaned securities in accordance with specific guidelines and instructions provided by the Investment Adviser;

(6) monitoring distributions on loaned securities (for example, interest and dividend activity);

(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of the liquidation of collateral to purchase replacement securities of the same issue, type, class, and series as that of the loaned securities; and

(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.

The following table provides the dollar amounts of income and fees/compensation related to the securities lending activities of the Fund for its most recent fiscal year. There are no fees paid to the securities lending agent for cash collateral management services, administrative fees, indemnification fees, or other fees. "N/A" in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no information is shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **securities**<br> **lending**<br> **income**<br>| **Fees** <br> **paid** <br> **to** <br> **securities** <br> **lending** <br> **agent** <br> **from** <br> **revenue**<br> **split**<br>| **Positive**<br> **Rebate**<br>| **Negative**<br> **Rebate**<br>| **Net**<br> **Rebate**<br>| **Securities**<br> **Lending**<br> **losses/**<br> **gains**<br>| **Total** <br> **Aggregate** <br> **fees/** <br> **compensation**<br> **paid** <br> **to** <br> **securities** <br> **lending**<br> **agent** <br> **or** <br> **broker**<br>| **Net** <br> **Securities**<br> **Income**<br>|
| Voya VACS Series LCC Fund | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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**PORTFOLIO TRANSACTIONS**

The Investment Adviser or the Sub-Adviser for the Fund places orders for the purchase and sale of investment securities for the Fund, pursuant to authority granted in the relevant Investment Management Agreement or Sub-Advisory Agreement.

Subject to policies and procedures approved by the Board, the Investment Adviser and/or Sub-Adviser have discretion to make decisions relating to placing these orders including, where applicable, selecting the brokers or dealers that will execute the purchase and sale of investment securities, negotiating the commission or other compensation paid to the broker or dealer executing the trade, or using an electronic communications network ("ECN") or alternative trading system ("ATS").

In situations where the Sub-Adviser resigns or the Investment Adviser otherwise assumes day-to-day management of the Fund pursuant to its Investment Management Agreement with such Fund, the Investment Adviser will perform the services described herein as being performed by the Sub-Adviser.

**How Securities Transactions are Effected** 

Purchases and sales of securities on a securities exchange (which include most equity securities) are effected through brokers who charge a commission for their services. In transactions on securities exchanges in the U.S., these commissions are negotiated, while on many foreign (non-U.S.) securities exchanges commissions are fixed. Securities traded in the OTC markets (such as debt instruments and some equity securities) are generally traded on a "net" basis with market makers acting as dealers; in these transactions, the dealers act as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the dealer. Transactions in certain OTC securities also may be effected on an agency basis when, in the Investment Adviser's or the Sub-Adviser's opinion, the total price paid (including commission) is equal to or better than the best total price available from a market maker. In underwritten offerings, securities are usually purchased at a fixed price, which includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts are paid. The Investment Adviser or the Sub-Adviser may also place trades using an ECN or ATS.

**How the Investment Adviser or the Sub Adviser Selects Broker-Dealers** 

The Investment Adviser and the Sub-Adviser(s) have a duty to seek to obtain best execution of the Fund's orders, taking into consideration a full range of factors designed to produce the most favorable overall terms reasonably available under the circumstances. In selecting brokers and dealers to execute trades, the Investment Adviser or the Sub-Adviser may consider both the characteristics of the trade and the full range and quality of the brokerage services available from eligible broker-dealers. This consideration often involves qualitative as well as quantitative judgments. Factors relevant to the nature of the trade may include, among others, price (including the applicable brokerage commission or dollar spread), the size of the order, the nature and characteristics (including liquidity) of the market for the security, the difficulty of execution, the timing of the order, potential market impact, and the need for confidentiality, speed, and certainty of execution. Factors relevant to the range and quality of brokerage services available from eligible brokers and dealers may include, among others, each firm's execution, clearance, settlement, and other operational facilities; willingness and ability to commit capital or take risk in positioning a block of securities, where necessary; special expertise in particular securities or markets; ability to provide liquidity, speed and anonymity; the nature and quality of other brokerage and research services provided to the Investment Adviser or the Sub-Adviser (consistent with the "safe harbor" described below and subject to the restrictions of the EU's updated Markets in Financial Instruments Directive ("MiFID II")); and each firm's general reputation, financial condition and responsiveness to the Investment Adviser or the Sub-Adviser, as demonstrated in the particular transaction or other transactions. Subject to its duty to seek best execution of the Fund's orders, the Investment Adviser or the Sub-Adviser may select broker-dealers that participate in commission recapture programs that have been established for the benefit of the Fund. Under these programs, the participating broker-dealers will return to the Fund (in the form of a credit to the Fund) a portion of the brokerage commissions paid to the broker-dealers by the Fund. These credits are used to pay certain expenses of the Fund. These commission recapture payments benefit the Fund, and not the Investment Adviser or the Sub-Adviser.

**The Safe Harbor for Soft Dollar Practices** 

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In selecting broker-dealers to execute a trade for the Fund, the Investment Adviser or the Sub-Adviser may consider the nature and quality of brokerage and research services provided to the Investment Adviser or the Sub-Adviser as a factor in evaluating the most favorable overall terms reasonably available under the circumstances. As permitted by Section 28(e) of the 1934 Act, the Investment Adviser or the Sub-Adviser may cause the Fund to pay a broker-dealer a commission for effecting a securities transaction for the Fund that is in excess of the commission which another broker-dealer would have charged for effecting the transaction, as long as the services provided to the Investment Adviser or Sub-Adviser by the broker-dealer: (i) are limited to "research" or "brokerage" services; (ii) constitute lawful and appropriate assistance to the Investment Adviser or Sub-Adviser in the performance of its investment decision-making responsibilities; and (iii) the Investment Adviser or the Sub-Adviser makes a good faith determination that the broker's commission paid by the Fund is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer, viewed in terms of either the particular transaction or the Investment Adviser's or the Sub-Adviser's overall responsibilities to the Fund and its other investment advisory clients. In making such a determination, the Investment Adviser or Sub-Adviser might consider, in addition to the commission rate, the range and quality of a broker's services, including the value of the research provided, execution capability, financial responsibility and responsiveness. The practice of using a portion of the Fund's commission dollars to pay for brokerage and research services provided to the Investment Adviser or the Sub-Adviser is sometimes referred to as "soft dollars." Section 28(e) of the 1934 Act is sometimes referred to as a "safe harbor," because it permits this practice, subject to a number of restrictions, including the Investment Adviser or the Sub-Adviser's compliance with certain procedural requirements and limitations on the type of brokerage and research services that qualify for the safe harbor. The provisions of MiFID II may limit the ability of the Sub-Adviser to pay for research services using soft dollars in various circumstances.

*Brokerage and Research Products and Services Under the Safe Harbor* – Research products and services may include, but are not limited to, general economic, political, business and market information and reviews, industry and company information and reviews, evaluations of securities and recommendations as to the purchase and sale of securities, financial data on a company or companies, performance and risk measuring services and analysis, stock price quotation services, computerized historical financial databases and related software, credit rating services, analysis of corporate responsibility issues, brokerage analysts' earnings estimates, computerized links to current market data, software dedicated to research, and portfolio modeling. Research services may be provided in the form of reports, computer-generated data feeds and other services, telephone contacts, and personal meetings with securities analysts, as well as in the form of meetings arranged with corporate officers and industry spokespersons, economists, academics, and governmental representatives. Brokerage products and services assist in the execution, clearance and settlement of securities transactions, as well as functions incidental thereto including, but not limited to, related communication and connectivity services and equipment, software related to order routing, market access, algorithmic trading, and other trading activities. On occasion, a broker-dealer may furnish the Investment Adviser or the Sub-Adviser with a service that has a mixed use (that is, the service is used both for brokerage and research activities that are within the safe harbor and for other activities). In this case, the Investment Adviser or the Sub-Adviser is required to reasonably allocate the cost of the service, so that any portion of the service that does not qualify for the safe harbor is paid for by the Investment Adviser or the Sub-Adviser from its own funds, and not by portfolio commissions paid by the Fund.

*Benefits to the Investment Adviser or the Sub-Adviser* – Research products and services provided to the Investment Adviser or the Sub-Adviser by broker-dealers that effect securities transactions for the Fund may be used by the Investment Adviser or the Sub-Adviser in servicing all of its accounts. Accordingly, not all of these services may be used by the Investment Adviser or the Sub-Adviser in connection with the Fund. Some of these products and services are also available to the Investment Adviser or the Sub-Adviser for cash, and some do not have an explicit cost or determinable value. The research received does not reduce the management fees payable to the Investment Adviser or the sub-advisory fees payable to the Sub-Adviser for services provided to the Fund. The Investment Adviser's or the Sub-Adviser's expenses would likely increase if the Investment Adviser or the Sub-Adviser had to generate these research products and services through its own efforts, or if it paid for these products or services itself. It is possible that the Sub-Adviser subject to MiFID II will cause the Fund to pay for research services with soft dollars in circumstances where it is prohibited from doing so with respect to other client accounts, although those other client accounts might nonetheless benefit from those research services.

**Broker-Dealers that are Affiliated with the Investment Adviser or the Sub-Adviser** 

Portfolio transactions may be executed by brokers affiliated with Voya Financial, Inc., the Investment Adviser, or the Sub-Adviser, so long as the commission paid to the affiliated broker is reasonable and fair compared to the commission that would be charged by an unaffiliated broker in a comparable transaction.

**Prohibition on Use of Brokerage Commissions for Sales or Promotional Activities** 

The placement of portfolio brokerage with broker-dealers who have sold shares of the Fund is subject to rules adopted by the SEC and FINRA. Under these rules, the Investment Adviser or the Sub-Adviser may not consider a broker's promotional or sales efforts on behalf of the Fund when selecting a broker-dealer for portfolio transactions, and neither the Fund nor the Investment Adviser or Sub-Adviser may enter into an agreement under which the Fund directs brokerage transactions (or revenue generated from such transactions) to a broker-dealer to pay for distribution of Fund shares. The Fund has adopted policies and procedures, approved by the Board, that are designed to attain compliance with these prohibitions.

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**Principal Trades and Research** 

Purchases of securities for the Fund also may be made directly from issuers or from underwriters. Purchase and sale transactions may be effected through dealers which specialize in the types of securities which the Fund will be holding. Dealers and underwriters usually act as principals for their own account. Purchases from underwriters will include a concession paid by the issuer to the underwriter and purchases from dealers will include the spread between the bid and the asked price. If the execution and price offered by more than one dealer or underwriter are comparable, the order may be allocated to a dealer or underwriter which has provided such research or other services as mentioned above.

**More Information about Trading in Debt Instruments** 

Purchases and sales of debt instruments will usually be principal transactions. Such instruments often will be purchased from or sold to dealers serving as market makers for the instruments at a net price. The Fund may also purchase such instruments in underwritten offerings and will, on occasion, purchase instruments directly from the issuer. Generally, debt instruments are traded on a net basis and do not involve brokerage commissions. The cost of executing debt instruments transactions consists primarily of dealer spreads and underwriting commissions.

In purchasing and selling debt instruments, it is the policy of the Fund to obtain the best results, while taking into account the dealer's general execution and operational facilities, the type of transaction involved and other factors, such as the dealer's risk in positioning the instruments involved. While the Investment Adviser or the Sub-Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily pay the lowest spread or commission available.

**Transition Management** 

Changes in sub-advisers, investment personnel, and reorganizations of the Fund may result in the sale of a significant portion or even all of the Fund's portfolio securities. This type of change generally will increase trading costs and the portfolio turnover for the affected Fund. The Fund, the Investment Adviser, or the Sub-Adviser may engage a broker-dealer to provide transition management services in connection with a change in sub-advisers, reorganization, or other changes.

**Allocation of Trades** 

Some securities considered for investment by the Fund may also be appropriate for other clients served by the Investment Adviser or Sub-Adviser. If the purchase or sale of securities consistent with the investment policies of the Fund and one or more of these other clients is considered at, or about the same time, transactions in such securities will be placed on an aggregate basis and allocated among the other funds and such other clients in a manner deemed fair and equitable, over time, by the Investment Adviser or Sub-Adviser and consistent with the Investment Adviser's or Sub-Adviser's written policies and procedures. The Investment Adviser and Sub-Adviser may use different methods of trade allocation. The Investment Adviser's and Sub-Adviser's relevant policies and procedures and the results of aggregated trades in which the Fund participated are subject to periodic review by the Board. To the extent the Fund seeks to acquire (or dispose of) the same security at the same time as other funds, such Fund may not be able to acquire (or dispose of) as large a position in such security as it desires, or it may have to pay a higher (or receive a lower) price for such security. It is recognized that in some cases, this system could have a detrimental effect on the price or value of the security insofar as the Fund is concerned. However, over time, the Fund's ability to participate in aggregate trades is expected to provide better execution for the Fund.

**Cross-Transactions** 

The Board has adopted a policy allowing trades to be made between affiliated registered investment companies or series thereof, provided they meet the conditions of Rule 17a-7 under the 1940 Act and conditions of the policy.

**Brokerage Commissions Paid** 

The Fund had not commenced operations as of the date of this SAI and therefore no brokerage commissions were paid by the Fund for the last three fiscal years.

**Affiliated Brokerage Commissions** 

Because the Fund had not commenced operations as of the date of this SAI, the Fund did not use affiliated brokers to execute portfolio transactions.

**Securities of Regular Broker-Dealers** 

Because the Fund had not commenced operations as of the date of this SAI, the Fund acquired no securities of its regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies.

**ADDITIONAL INFORMATION ABOUT VOYA EQUITY TRUST**

**Description of the Shares of Beneficial Interest** 

The Trust may issue unlimited shares of beneficial interest in the Trust with a par value of $0.01. The shares may be issued in one or more series and each series may consist of one or more classes. The Trust has eleven series, which are authorized to issue multiple classes of shares. Such classes are designated Class A, Class C, Class I, Class R, Class R2, Class R6, and Class W. All series and/or classes of the Trust may not be discussed in this SAI.

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All shares of each series represent an equal proportionate interest in the assets belonging to that series (subject to the liabilities belonging to the series or a class). Each series may have different assets and liabilities from any other series of the Trust. Furthermore, different share classes of a series may have different liabilities from other classes of that same series. The assets belonging to a series shall be charged with the liabilities of that series and all expenses, costs, charges and reserves attributable to that series, except that liabilities, expenses, costs, charges and reserves allocated solely to a particular class, if any, shall be borne by that class. Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular series or class, shall be allocated and charged by the Trustees to and among any one or more of the series or classes, in such manner as the Trustees in their sole discretion deem fair and equitable.

**Redemption and Transfer of Shares** 

Shareholders of any series or class have the right to redeem all or part of their shares as described in the Prospectus and Declaration of Trust. Under certain circumstances, the Trust may suspend the right of redemption during periods which the NYSE is closed other than customary weekend and holiday closings or as allowed by the SEC. Pursuant to the Declaration of Trust, the Trustees have the right to redeem shares of shareholders: (i) having an aggregate net asset value less than an amount established by the Trustees as set forth in the Prospectus from time to time; or (ii) if, in the opinion of the Trustees, ownership of such shares would disqualify any series of the Trust as a RIC under the Code. The Trustees may also refuse to transfer or issue shares to any person whose acquisition of such shares would, in the opinion of the Trustees, result in such disqualification. The transfer of shares is subject to rules that may be established by the Trustees for a particular series or class of shares as set forth in the Prospectus from time to time.

**Material Obligations and Liabilities of Owning Shares** 

The Trust is organized as a Massachusetts business trust under Massachusetts law. Under Massachusetts law, shareholders may, under certain circumstances, be held personally liable for the Trust's obligations. However, the Declaration of Trust provides that no shareholder shall be subject to any personal liability whatsoever to any person in connection with the Trust property or for acts, obligations or affairs of the Trust. Furthermore, the Declaration of Trust provides for indemnification against all claims and liabilities to which such shareholder may become subject by reason of his or her being or having been a shareholder and reimbursement of expenses reasonably incurred in connection with such claim or liability. The risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances (which are considered remote) in which a Fund would be unable to meet its obligations and the disclaimer within the Declaration of Trust is inoperative.

Subject to the foregoing, all shares issued by the Trust are fully paid and nonassessable when issued in accordance with the Declaration of Trust and Prospectus.

**Dividend Rights** 

The shareholders of a series are entitled to receive dividends or other distributions declared for the series. The Trustees shall from time to time distribute ratably among the shareholders of the Trust or a series such proportion of the net profits, surplus, capital, or assets of the Trust or such series as the Trustees may deem proper. Such distributions may be made in cash or property (including without limitation any type of obligations of the Trust or such series or any assets thereof), and the Trustees may distribute ratably among the shareholders additional shares of the Trust or such series issuable hereunder in such manner, at such times, and on such terms as the Trustees may deem proper.

**Voting Rights and Shareholder Meetings** 

Pursuant to the Declaration of Trust, shareholders may have the power to vote, under certain circumstances (however shareholder approval may not be required), on: (1) the election or removal of trustees; (2) the approval of certain advisory contracts; (3) the termination of the Trust or any series; (4) the merger, consolidation or sale of all, or substantially all, of the Trust's assets; (5) an amendment to the Declaration of Trust; (6) with respect to a plan adopted pursuant to Rule 12b-1 (or any successor rule) under the 1940 Act; (7) to the same extent as stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or any series or class thereof or the shareholders; and (8) such additional matters as may be required by the 1940 Act or other applicable law, the Declaration of Trust or by-laws, or any registration of the Trust with the SEC or any state, or as and when the Trustees may consider necessary or desirable. For example, under the 1940 Act, shareholders have the right to vote on any change in a fundamental investment policy, to approve a change in sub-classification of a series, and to terminate the independent registered public accountant.

The Trust is not required to hold shareholder meetings annually. A meeting of shareholders may be called by the President and shall be called by the President and Secretary, at the request in writing or by resolution, of a majority of Trustees or at the written request of the holders of 10% or more of the outstanding shares of the Trust entitled to vote at such meeting, or as required by the 1940 Act.

On matters submitted to a vote, each holder of a share is entitled to one vote for each full share, and a fractional vote for each fractional share outstanding on the books of the Trust. The Trustees may, in conjunction with the establishment of any series or class of shares, establish or reserve the right to establish conditions under which the several series or classes shall have separate voting rights or, if a series or class would not, in the sole judgment of the Trustees, be materially affected by a proposal, no voting rights. There shall be no cumulative voting in the election of Trustees.

**Liquidation Rights** 

Upon liquidation or termination of a series of the Trust, shareholders of such series shall be entitled to receive a pro rata share of the net assets of such series.

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**Inspection of Records** 

According to the bylaws of the Trust, the records of the Trust shall be open to inspection by shareholders to the same extent as is permitted shareholders of a Massachusetts business corporation.

**Preemptive Rights** 

There are no preemptive rights associated with the series' shares.

**Conversion Rights** 

The conversion features and exchange privileges, if any, as determined by the Trustees are described in the Prospectus and in the section of the SAI entitled "Purchase, Exchange, and Redemption of Shares."

**Sinking Fund Provisions** 

The Trust has no sinking fund provision.

**PURCHASE, EXCHANGE, AND REDEMPTION OF SHARES**

An investor may purchase or redeem shares of the Fund utilizing the methods, and subject to the restrictions, described in the Prospectus. There are no exchange privileges associated with the Fund's shares.

**Purchases** 

Shares of the Fund are offered at the NAV next computed after receipt of a purchase order in proper form by the Transfer Agent or the Distributor.

**Orders Placed with Intermediaries** 

If you invest in the Fund through a financial intermediary, you may be charged a commission or transaction fee by the financial intermediary for the purchase and sale of Fund shares.

Certain brokers or other designated intermediaries such as third-party administrators or plan trustees may accept purchase and redemption orders on behalf of the Fund. The Transfer Agent, the Distributor or the Fund will be deemed to have received such an order when the broker or the designee has accepted the order. Customer orders are priced at the NAV next computed after such acceptance. Such orders may be transmitted to the Fund or its agents several hours after the time of the acceptance and pricing.

**Subscriptions-in-Kind** 

Certain investors may purchase shares of the Fund with liquid assets with a value which is readily ascertainable by reference to a domestic exchange price and which would be eligible for purchase by the Fund consistent with the Fund's investment policies and restrictions. These transactions only will be effected if the Investment Adviser or the Sub-Adviser intends to retain the security in the Fund as an investment. Assets so purchased by the Fund will be valued in generally the same manner as they would be valued for purposes of pricing the Fund's shares, if these assets were included in the Fund's assets at the time of purchase. The Fund reserves the right to amend or terminate this practice at any time.

**Redemptions** 

Redemption proceeds normally will be paid within seven days following receipt of instructions in proper form, except that the Fund may suspend the right of redemption or postpone the date of payment during any period when: (i) trading on the NYSE is restricted as determined by the SEC or the NYSE is closed for other than weekends and holidays; (ii) an emergency exists as determined by the SEC, as a result of which: (a) disposal by the Fund of securities owned by it is not reasonably practicable; or (b) it is not reasonably practical for the Fund to determine fairly the value of its net assets; or (iii) for such other period as the SEC may permit by rule or by order for the protection of the Fund's shareholders.

The value of shares on redemption or repurchase may be more or less than the investor's cost, depending upon the market value of the portfolio securities at the time of redemption or repurchase.

**Payment-in Kind** 

The Fund intends to pay in cash for all shares redeemed, but under abnormal conditions that make payment in cash unwise, the Fund may make payment wholly or partly in securities at their then current market value equal to the redemption price. In such case, an investor may incur brokerage costs in converting such securities to cash. However, the Trust has elected to be governed by the provisions of Rule 18f-1 under the 1940 Act, which obligates the Fund to redeem shares with respect to any one shareholder during any 90-day period solely in cash up to the lesser of $250,000 or 1.00% of the NAV of the Fund at the beginning of the period. To the extent possible, the Fund will distribute readily marketable securities, in conformity with applicable rules of the SEC. In the event the Fund must liquidate portfolio securities to meet redemptions, it reserves the right to reduce the redemption price by an amount equivalent to the pro-rated cost of such liquidation not to exceed one percent of the NAV of such shares.

**Signature Guarantee** 

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A signature guarantee is verification of the authenticity of the signature given by certain authorized institutions. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution which is participating in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are Securities Transfer Agents Medallion Program ("STAMP"), Stock Exchanges Medallion Program ("SEMP"), and New York Stock Exchange Medallion Signature Program ("NYSE MSP"). Signature guarantees from financial institutions which are not participating in one of these programs will not be accepted. Please note that signature guarantees are not provided by a notary public. The Fund reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any redemption request.

**Additional Information Regarding Redemptions** 

At various times, the Fund may be requested to redeem shares for which it has not yet received good payment. Accordingly, the Fund may delay the mailing of a redemption check until such time as it has assured itself that good payment has been collected for the purchase of such shares, which may take up to 15 days or longer.

**Telephone Redemption Privileges** 

These privileges are subject to the conditions and provisions set forth below and in the Prospectus. The telephone privileges may be modified or terminated at any time.

Telephone redemption requests must meet the following conditions to be accepted by Voya Investment Management:

(a) Proceeds of the redemption may be directly deposited into a predetermined bank account, or mailed to the current address on record. This address cannot reflect any change within the previous 30 days.

(b) Certain account information will need to be provided for verification purposes before the redemption will be executed.

(c) Only one telephone redemption (where proceeds are being mailed to the address of record) can be processed within a 30 day period.

(d) The maximum amount which can be liquidated and sent to the address of record at any one time is $100,000.

(e) The minimum amount which can be liquidated and sent to a predetermined bank account is $5,000.

(f) Certificated shares cannot be redeemed by telephone but must be forwarded to Voya Investment Management at Voya Investment Management, P.O. Box 534480, Pittsburgh, Pennsylvania 15253-4480, and deposited into your account before any transaction may be processed.

(g) Shares may not be redeemed unless a redemption privilege is offered pursuant to the Fund's then-current Prospectus.

(h) Proceeds of a redemption may be delayed up to 15 days or longer until the check used to purchase the shares being redeemed has been paid by the bank upon which it was drawn.

**Shareholder Information** 

The Fund offers one or more of the shareholder services described below. You can obtain further information about these services by contacting the Fund at the telephone number or address listed on the cover of this SAI or from the Distributor, your financial adviser, your securities dealer or other financial intermediary.

**Investment Account and Account Statements** 

The Transfer Agent maintains an account for each shareholder under which the registration and transfer of shares are recorded and any transfers shall be reflected by bookkeeping entry, without physical delivery.

The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account (*i.e.*, wiring instructions, telephone privileges, etc.). The Transfer Agent may charge you a fee for special requests such as historical transcripts of your account and copies of cancelled checks.

Consolidated statements reflecting current values, share balances and year-to-date transactions generally will be sent to you each quarter. All accounts identified by the same social security number and address will be consolidated. For example, you could receive a consolidated statement showing your individual and IRA accounts. An IRS Form 1099 generally will also be sent each year by January 31.

With the prior permission of the other shareholders involved, you have the option of requesting that accounts controlled by other shareholders be shown on one consolidated statement. For example, information on your individual account, your IRA, your spouse's individual account and your spouse's IRA may be shown on one consolidated statement.

For investors purchasing shares of the Fund through a tax-qualified IRA or pension plan or under a group plan through a person designated for the collection and remittance of monies to be invested in shares of the Fund on a periodic basis, the Fund may, in lieu of furnishing confirmations following each purchase of Fund shares, send statements no less frequently than quarterly pursuant to the provisions of the 1934 Act, and the rules thereunder. These quarterly statements, which would be sent to the investor or to the person designated by the group for distribution to its members, will be made within five business days after the end of each quarterly period and shall reflect all transactions in the investor's account during the preceding quarter.

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**Reinvestment of Distributions** 

As noted in the Prospectus, shareholders have the privilege of reinvesting both income dividends and capital gains distributions, if any, in additional shares of the Fund. The Fund's management believes that most investors desire to take advantage of this privilege. It has therefore made arrangements with its Transfer Agent to have all income dividends and capital gains distributions that are declared by the Fund automatically reinvested for the account of each shareholder. A shareholder may elect at any time by writing to the Fund or the Transfer Agent to have subsequent dividends and/or distributions paid in cash. In the absence of such an election, each purchase of shares of the Fund is made upon the condition and understanding that the Transfer Agent is automatically appointed the shareholder's agent to receive his dividends and distributions upon all shares registered in his or her name and to reinvest them in full and fractional

shares of the Fund at the applicable NAV in effect at the close of business on the reinvestment date. A shareholder may still, at any time after a purchase of Fund shares, request that dividends and/or capital gains distributions be paid to him or her in cash.

**TAX CONSIDERATIONS**

The following tax information supplements and should be read in conjunction with the tax information contained in the Fund's Prospectus. The Prospectus generally describes the U.S. federal income tax treatment of the Fund and its shareholders. This section of the SAI provides additional information concerning U.S. federal income taxes. It is based on the Code, applicable U.S. Treasury regulations, judicial authority, and administrative rulings and practice, all as in effect as of the date of this SAI and all of which are subject to change, including with retroactive effect. The following discussion is only a summary of some of the important U.S. federal tax considerations generally applicable to investments in the Fund. There may be other tax considerations applicable to particular shareholders. The Investment Adviser is not obligated to consider the tax consequences related to its management of the Fund's investments or other activities. It is possible that the actions taken by the Fund or the Investment Adviser on the Fund's behalf could be disadvantageous to shareholders that hold shares through a taxable account. However, such actions likely will have no tax effect on shareholders that invest through a tax-advantaged account. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of non-U.S., state and local tax laws.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisers to determine the suitability of Fund shares as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situation.

**Qualification as a Regulated Investment Company** 

The Fund has elected or will elect to be treated as a RIC under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from: (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (i) at least 50% of the fair market value of its total assets consists of: (A) cash and cash items (including receivables), U.S. government securities and securities of other RICs; and (B) other securities (other than those described in clause (A)) limited in respect of any one issuer to a value that does not exceed 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities of any one issuer (other than those described in clause (i)(A)), the securities (other than securities of other RICs) of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships; and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses, taking into account any capital loss carryforwards) and its net tax-exempt income, for such year.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally defined as a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership. Certain of the Fund's investments in MLPs and ETFs, if any, may qualify as interests in qualified publicly traded partnerships.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership and in the case of the Fund's investments in loan participations, the Fund shall treat both the financial intermediary and the issuer of the underlying loan as an issuer. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, the identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or

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future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above. The qualifying income and diversification requirements described above may limit the extent to which the Fund can engage in certain derivative transactions, as well as the extent to which it can invest in MLPs and certain commodity-linked ETFs.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (*i.e*., the excess of net long-term capital gain over net short-term capital loss, determined with reference to any capital loss carryforwards) distributed in a timely manner to its shareholders in the form of dividends (including capital gain dividends).

If the Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund's shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any), and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). However, no assurance can be given that the Fund will not be subject to U.S. federal income taxation. Any taxable income, including any net capital gain retained by the Fund, will be subject to tax at the Fund level at regular corporate rates.

In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, be: (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount; and (ii) entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly-filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund would be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a capital gain dividend, its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its: (i) net ordinary loss from the sale, redemption, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

In order to comply with the distribution requirements described above applicable to RICs, the Fund generally must make the distributions in the same taxable year that it realizes the income and gain, although in certain circumstances, the Fund may make the distributions in the following taxable year in respect of income and gains from the prior taxable year.

If the Fund declares a distribution to shareholders of record in October, November, or December of one calendar year and pays the distribution in January of the following calendar year, the Fund and its shareholders will be treated as if the Fund paid the distribution on December 31 of the earlier year.

**Excise Tax** 

If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts.

The Fund intends generally to make distributions sufficient to avoid the imposition of the 4% excise tax. However, no assurance can be given that the Fund will not be subject to the excise tax.

For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, redemption, exchange, or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to U.S. federal corporate income tax in the taxable year ending within the calendar year.

**Use of Tax Equalization** 

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The Fund distributes its net investment income and capital gains to shareholders at least annually to the extent required to qualify as a RIC under the Code and generally to avoid U.S. federal income or excise tax. Under current law, the Fund is permitted to treat the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' *pro-rata* share of the Fund's accumulated earnings and profits as a dividend on the Fund's tax return. This practice, which involves the use of tax equalization, will reduce the amount of income and gains that the Fund is required to distribute as dividends to shareholders in order for the Fund to avoid U.S. federal income tax and excise tax, which may include reducing the amount of distributions that otherwise would be required to be paid to non-redeeming shareholders. The Fund's NAV generally will not be reduced by the amount of any undistributed income or gains allocated to redeeming shareholders under this practice and thus the total return on a shareholder's investment generally will not be reduced as a result of this practice.

**Capital Loss Carryforwards** 

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund is able to carry forward a net capital loss from any taxable year to offset its capital gains, if any, realized during a subsequent taxable year. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains.

If the Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryover losses will retain their character as short-term or long-term.

See the Fund's most recent annual Form N-CSR filing for the Fund's available capital loss carryforwards, if any, as of the end of its most recently ended fiscal year.

**Fund Distributions** 

For U.S. federal income tax purposes, distributions of investment income generally are taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her shares of the Fund. In general, the Fund will recognize long-term capital gain or loss on investments it has owned for more than one year, and short-term capital gain or loss on investments it has owned for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains and taxed to individuals at reduced rates relative to ordinary income. Distributions from capital gains generally are made after applying any available capital loss carryforwards. The IRS and the U.S. Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to long-term capital gain, provided holding period and other requirements are met at both the shareholder and Fund level.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things: (i) distributions paid by the Fund of net investment income and capital gains as described above; and (ii) any net gain from the sale, redemption, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their investment in the Fund.

As required by U.S. federal tax law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each shareholder early in the succeeding year.

If, in and with respect to any taxable year, the Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent the Fund makes distributions of capital gains in excess of the Fund's net capital gain for the taxable year (as reduced by any available capital loss carryforwards from prior taxable years), there is a possibility that the distributions will be taxable as ordinary dividend distributions, even though distributed excess amounts would not have been subject to tax if retained by the Fund.

Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares.

A dividend paid to shareholders in January generally is deemed to have been paid by the Fund on December 31 of the preceding year if the dividend was declared and payable to shareholders of record on a date in October, November or December of that preceding year.

Distributions on the Fund's shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when the Fund's NAV reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the shareholder paid. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, the Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

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If the Fund holds, directly or indirectly, one or more "tax credit bonds" on one or more applicable dates during a taxable year, it is possible that the Fund will elect to permit its shareholders to claim a tax credit on their U.S. federal income tax returns equal to each shareholder's proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder's proportionate share of the amount of such credits and be allowed a credit against the shareholder's U.S. federal income tax liability equal to the amount of such deemed distribution, subject to certain limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so.

In order for some portion of the dividends received by the Fund shareholder to be "qualified dividend income" that is eligible for taxation at long-term capital gain rates, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend is not treated as qualified dividend income (at either the Fund or shareholder level): (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date); (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest; or (4) if the dividend is received from a foreign corporation that is: (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States); or (b) treated as a passive foreign investment company.

In general, distributions of investment income reported by the Fund as derived from qualified dividend income are treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares.

If the aggregate qualified dividends received by the Fund during a taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) are eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund qualify for the dividends-received deduction generally available to corporations to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year. A dividend received by the Fund will not be treated as a dividend eligible for the dividends-received deduction: (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock); or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may otherwise be disallowed or reduced: (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund; or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

Any distribution of income that is attributable to: (i) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction; or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

Distributions by the Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a U.S. federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a Section 199A dividend is any dividend or portion thereof that is attributable to certain dividends received by the Fund from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

Subject to future regulatory guidance to the contrary, distributions attributable to qualified publicly traded partnership income from the Fund's investments in MLPs will ostensibly not qualify for the deduction available to non-corporate taxpayers in respect of such amounts received directly from an MLP.

**Tax Implications of Certain Fund Investments** 

*Special Rules for Debt Obligations.* Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, the original issue discount ("OID") is treated as interest income and is included in the Fund's income and required to be distributed by the Fund over the term of the debt instrument, even though payment of

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that amount is not received until a later time, upon partial or full repayment or disposition of the debt instrument. In addition, payment-in-kind securities will give rise to income, which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt instrument having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt instrument. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt instrument, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt instrument. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt instrument, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt instrument. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than if the Fund had not held such obligations.

*Securities Purchased at a Premium.* Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium – the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund would reduce the current taxable income from the bond by the amortized premium and reduce its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends received deduction to the extent attributable to the deemed dividend portion of such OID.

*At-risk or Defaulted Securities.* Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Certain Investments in REITs.* Any investment by the Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

Certain distributions made by the Fund attributable to dividends received by the Fund from REITs may qualify as "qualified REIT dividends" in the hands of non-corporate shareholders, as discussed above.

*Mortgage-Related Securities.* The Fund may invest directly or indirectly in REMICs (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and U.S. Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, the Fund investing in such interests may not be a suitable investment for charitable remainder trusts, as noted below.

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In general, excess inclusion income allocated to shareholders: (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions); (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income; and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Foreign Currency Transactions.* Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Gains or losses with respect to the Fund's investments in common stock of non-U.S. issuers will generally be taxed as capital gains or losses at the time of the disposition of the stock, subject to certain exceptions specified in the Code. Gains and losses of the Fund on the acquisition and disposition of non-U.S. currency will be treated as ordinary income or loss. In addition, gains or losses on disposition of debt securities denominated in a non-U.S. currency to the extent attributable to fluctuation in the value of the non-U.S. currency between the date of acquisition of the debt security and the date of disposition will be treated as ordinary income or loss. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses generally will reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

Foreign currency gains generally are treated as qualifying income for purposes of the 90% gross income test described above. There is a remote possibility that the Secretary of the Treasury will issue contrary tax regulations with respect to foreign currency gains that are not directly related to a RIC's principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively.

*Passive Foreign Investment Companies.* Equity investments by the Fund in certain "passive foreign investment companies" ("PFICs") could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, the Fund may elect to treat a PFIC as a "qualified electing fund" (*i.e.*, make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." A foreign issuer in which the Fund invests will not be treated as a PFIC with respect to the Fund if such issuer is a controlled foreign corporation ("CFC") for U.S. federal income tax purposes and the Fund holds (directly, indirectly, or constructively) 10% or more of the voting interests in or total value of such issuer. In such a case, the Fund generally would be required to include in gross income each year, as ordinary income, its share of certain amounts of a CFC's income, whether or not the CFC distributes such amounts to the Fund.

Because it is not always possible to identify a non-U.S. corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

**Options and Futures** 

In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (*e.g.*, through a closing transaction). If a call option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

The Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are "covered" by the Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires: (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter; and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money"

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may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. These straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by the Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Other Derivatives, Hedging, and Related Transactions.* In addition to the special rules described above in respect of futures and options transactions, the Fund's transactions in other derivative instruments (*e.g.*, forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (*e.g.*, notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Commodity-Linked Instruments.* The Fund's investments in commodity-linked instruments can be limited by the Fund's intention to qualify as a RIC, and can bear on the Fund's ability to so qualify. Income and gains from certain commodity-linked instruments do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of some other commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Exchange-Traded Notes and Structured Notes.* The tax rules are uncertain with respect to the treatment of income or gains arising in respect of commodity-linked exchange-traded notes ("ETNs") and certain commodity-linked structured notes; also, the timing and character of income or gains arising from ETNs can be uncertain. An adverse determination or future guidance by the IRS (which determination or guidance could be retroactive) may affect the Fund's ability to qualify for treatment as a RIC and to avoid a Fund-level tax.

*Book-Tax Differences.* Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as: (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income); (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares; and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Investments in Other RICs*. The Fund's investments in shares of another mutual fund, an ETF or another company that qualifies as a RIC (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (*e.g.*, long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company. If the Fund receives dividends from an investment company and the investment company reports such dividends as qualified dividend income, then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the investment company.

If the Fund receives dividends from an investment company and the investment company reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the investment company.

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*Investments in Master Limited Partnerships and Certain Non-U.S. Entities.* The Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a RIC, and if the Fund does not appropriately limit such investments or if such investments are recharacterized for U.S. federal income tax purposes, the Fund's status as a RIC may be jeopardized. Among other limitations, the Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

Subject to any future regulatory guidance to the contrary, any distribution of income attributable to qualified publicly traded partnership income from the Fund's investment in a MLP will ostensibly not qualify for the deduction that would be available to a non-corporate shareholder were the shareholder to own such MLP directly.

**Tax-Exempt Shareholders** 

Income of a RIC that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in the Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in the Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest U.S. federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund.

CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Fund.

**Sale, Redemption or Other Disposition of Shares** 

The sale, redemption or other disposition of Fund shares may give rise to a gain or loss.

In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares.

Further, all or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash-sale" rule if other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

**Tax Shelter Reporting Regulations** 

Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

**Foreign Taxation** 

Income, proceeds and gains received by the Fund (or RICs in which the Fund has invested) from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the Fund's assets at taxable year end consists of securities of non-U.S. corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their U.S. federal income tax returns for their *pro rata* portions of qualified taxes paid by the Fund to non-U.S. countries in respect of foreign (non-U.S.) securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from foreign sources their *pro rata* shares of such taxes paid by the Fund. A shareholder's

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ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by the Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize deductions on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes.

Even if the Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through IRAs or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

**Foreign Shareholders** 

Distributions by the Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as: (1) Capital Gain Dividends; (2) short-term capital gain dividends; and (3) interest-related dividends, each as defined below and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The Fund may report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (*e.g.*, dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless: (i) such gain is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States; (ii) in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met; or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund (as described below).

Subject to certain exceptions (*e.g.*, for the Fund that is a "U.S. real property holding corporation" as described below), the Fund is generally not required (and does not expect) to withhold on the amount of a non-dividend distribution (*i.e.*, a distribution that is not paid out of the Fund's current earnings and profits for the applicable taxable year or accumulated earnings and profits) when paid to its foreign shareholders.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE.

If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

Moreover, if the Fund were a USRPHC or, very generally, had been one in the last five years, it would be required to withhold on amounts distributed to a greater-than-5% foreign shareholder to the extent such amounts would not be treated as a dividend, *i.e.*, are in excess of the Fund's current and accumulated "earnings and profits" for the applicable taxable year. Such withholding generally is not required if the Fund is a domestically controlled QIE.

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If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to: (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands; and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (*e.g.*, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders of the Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisers.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their tax advisers in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

**Backup Withholding** 

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is timely furnished to the IRS.

**Shareholder Reporting Obligations With Respect to Foreign Bank and Financial Accounts** 

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Shareholders should consult a tax adviser, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

**Other Reporting and Withholding Requirements** 

Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (*e.g.*, interest-related dividends and short-term capital gain dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

**General Considerations** 

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The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific U.S. federal tax consequences of purchasing, holding, and disposing of shares of the Fund, as well as the effects of state, local, non-U.S., and other tax laws and any proposed tax law changes.

**FINANCIAL STATEMENTS**

The audited financial statements, and the independent registered public accounting firm's report thereon, will be included in the Fund's Form N-CSR filing, when available.

Shareholders are provided with annual and semi-annual shareholder reports that highlight key information to shareholders. Other information, including financial statements, no longer appears in the Fund's shareholder reports but is available on the Voya funds' website (https://individuals.voya.com/product/mutual-fund/prospectuses-reports), delivered free of charge upon request, and filed with the SEC on a semi-annual basis on Form N-CSR. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail request to [Voyaim_literature@voya.com](mailto:Voyaim_literature@voya.com).

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**APPENDIX A – DESCRIPTION OF CREDIT RATINGS**

**A Description of Moody's Investors Service, Inc.'s ("Moody's") Global Rating Scales** 

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

**Description of Moody's Long-Term Obligation Ratings** 

Aaa — Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa — Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A — Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa — Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba — Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B — Obligations rated B are considered speculative and are subject to high credit risk.

Caa — Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca — Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C — Obligations rated C are the lowest rated class and are typically in default, with little prospect for recovery of principal or interest.

**Note:** Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)** 

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Short-Term Obligation Ratings** 

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

P-1 — Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 — Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 — Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

NP — Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's US Municipal Short-Term Obligation Ratings** 

The Municipal Investment Grade ("MIG") scale is used to rate US municipal bond anticipation notes of up to three years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels — MIG 1 through MIG 3 — while speculative grade short-term obligations are designated SG.

MIG 1 — This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 — This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3 — This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG — This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

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**Description of Moody's Demand Obligation Ratings** 

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned: a long or short term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade ("VMIG") scale.

VMIG 1 — This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 2 — This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

VMIG 3 — This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand.

SG — This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

**Description of S&P Global Ratings' ("S&P's") Issue Credit Ratings** 

A S&P's issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days — including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• Likelihood of payment — capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;• Nature of and provisions of the obligation and the promise we impute;

&nbsp;&nbsp;&nbsp;&nbsp;• Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**Long-Term Issue Credit Ratings\*** 

AAA — An obligation rated 'AAA' has the highest rating assigned by S&P's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA — An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A — An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB — An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

BB, B, CCC, CC, C — Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

BB — An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

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B — An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

CCC — An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC — An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P's expects default to be a virtual certainty, regardless of the anticipated time to default.

C — An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D — An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

NR — This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&P's does not rate a particular obligation as a matter of policy.

\* The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories.

**Short-Term Issue Credit Ratings** 

A-1 — A short-term obligation rated 'A-1' is rated in the highest category by S&P's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2 — A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3 — A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

B — A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

C — A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

D — A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

**Description of S&P's Municipal Short-Term Note Ratings** 

A S&P's U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule — the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment — the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note rating symbols are as follows:

SP-1 — Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

SP-2 — Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3 — Speculative capacity to pay principal and interest.

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**Description of Fitch Ratings' ("Fitch's") Credit Ratings Scales** 

Fitch's credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested.

The terms "investment grade" and "speculative grade" have established themselves over time as shorthand to describe the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade). The terms "investment grade" and "speculative grade" are market conventions, and do not imply any recommendation or endorsement of a specific security for investment purposes. "Investment grade" categories indicate relatively low to moderate credit risk, while ratings in the "speculative" categories either signal a higher level of credit risk or that a default has already occurred.

Fitch's credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the extent that it influences the ability of an issuer to pay upon a commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked bonds).

In the default components of ratings assigned to individual obligations or instruments, the agency typically rates to the likelihood of non-payment or default in accordance with the terms of that instrument's documentation. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation's documentation). In such cases, the agency will make clear the assumptions underlying the agency's opinion in the accompanying rating commentary.

**Description of Fitch's Long-Term Corporate Finance Obligations Rating Scales** 

Fitch long-term obligations rating scales are as follows:

AAA — Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA — Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A — High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

BBB — Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

BB — Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

B — Highly speculative. 'B' ratings indicate that material credit risk is present.

CCC — 'CCC' ratings indicate that substantial credit risk is present.

CC —'CC' ratings indicate very high levels of credit risk.

C — 'C' ratings indicate exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Note:** The modifiers "+" or "–" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'CCC'.

The subscript 'emr' is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.

**Description of Fitch's Short-Term Ratings** 

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch short-term ratings are as follows:

F1 — Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

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F2 — Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

F3 — Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

B — Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C — High short-term default risk. Default is a real possibility.

RD — Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D — Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

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**APPENDIX B – PROXY VOTING POLICY**

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**PROXY VOTING POLICY**

**VOYA FUNDS**

**VOYA INVESTMENTS, LLC**

**Date Last Revised: February 5, 2025**

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**Introduction**

This document sets forth the proxy voting procedures ("Procedures") and guidelines ("Guidelines"), collectively the "Proxy Voting Policy", that Voya Investments, LLC ("Adviser") shall follow when voting proxies on behalf of the Voya funds for which it serves as investment adviser (each a "Fund" and collectively, the "Funds"). The Funds' Boards of Directors/Trustees ("Board") have approved the Proxy Voting Policy.

The Board may determine to delegate proxy voting to a sub-adviser of one or more Funds (rather than to the Adviser) in which case the sub-adviser's proxy policies and procedures for implementation on behalf of such Fund (a "Sub-Adviser-Voted Fund") shall be subject to Board approval. Sub-Adviser-Voted Funds are not covered under the Proxy Voting Policy except as described in the Reporting and Record Retention section below relating to vote reporting requirements. Sub-Adviser-Voted Funds are governed by the applicable sub-adviser's respective proxy policies provided that the Board has approved such policies.

The Proxy Voting Policy incorporates principles and guidance set forth in relevant pronouncements of the

U.S. Securities and Exchange Commission ("SEC") and its staff regarding the Adviser's fiduciary duty to ensure that proxies are voted in a timely manner and that voting decisions are always in the Funds' best interest.

Pursuant to the Policy, the Adviser's Active Ownership team ("AO Team") is delegated the responsibility to vote the Funds' proxies in accordance with the Proxy Voting Policy on the Funds' behalf.

The engagement of a Proxy Advisory Firm (as defined in the Proxy Advisory Firm section below) shall be subject to the Board's initial approval and annual Board review and approval thereafter. The AO Team is responsible for Proxy Advisory Firm oversight and shall direct the Proxy Advisory Firm to vote proxies in accordance with the Guidelines.

The Board's Compliance Committee ("Compliance Committee") shall review the Proxy Voting Policy not less than annually and these documents shall be updated as appropriate. No material changes to the Proxy Voting Policy shall become effective without Board approval. The Compliance Committee may approve non-material amendments for immediate implementation subject to full Board ratification at its next regularly scheduled meeting.

**Adviser's Roles and Responsibilities**

**Active Ownership Team**

The AO Team shall direct the Proxy Advisory Firm to vote proxies on the Funds' and Adviser's behalf in connection with annual and special shareholder meetings (except those regarding bankruptcy matters and/or related plans of reorganization).

The AO Team is responsible for overseeing the Proxy Advisory Firm and voting the Funds' proxies in accordance with the Proxy Voting Policy on the Funds' and the Adviser's behalf.

The AO Team is authorized to direct the Proxy Advisory Firm to vote Fund proxies in accordance with the Proxy Voting Policy. Responsibilities assigned to the AO Team or activities in support thereof may be performed by such members of the Proxy Committee (as defined in the Proxy Committee section below) or employees of the Adviser's affiliates as the Proxy Committee deems appropriate.

The AO Team is also responsible for identifying potential conflicts between the proxy issuer and the Proxy Advisory Firm, the Adviser, the Funds' principal underwriters, or an affiliated person of the Funds. The AO Team shall identify such potential conflicts of interest based on information the Proxy Advisory Firm periodically provides; analyses of Voya's clients, distributors, broker-dealers, and vendors; and information derived from other sources including but not limited to public filings.

**Proxy Committee**

The Proxy Committee shall ensure that the Funds vote proxies consistent with the Proxy Voting Policy. The Proxy Committee accordingly reviews and evaluates this Policy, oversees the development and implementation thereof, and resolves ad hoc issues that may arise from time to time. The Proxy Committee is comprised of senior leaders of Voya Investment Management, including fundamental research, ESG research, active ownership, compliance, legal, finance, and operations of the Adviser. The Proxy Committee membership may be amended at the Adviser's discretion from time to time. The Board will be informed of any membership changes quarterly at the next regularly scheduled meeting.

**Investment Professionals**

The Funds' sub-advisers and/or portfolio managers are each referred to herein as an "Investment Professional" and collectively, "Investment Professionals". Investment Professionals are encouraged to submit recommendations to the AO Team regarding any proxy voting-related proposals relating to the portfolio securities over which they have daily portfolio management responsibility including proxy contests, proposals relating to issuers with dual class shares with superior voting rights, and/or mergers and acquisitions.

**Proxy Advisory Firm**

The Proxy Advisory Firm is required to coordinate with the Funds' custodians to ensure that those firms process all proxy materials they receive relating to portfolio securities in a timely manner. To the extent applicable the Proxy Advisory Firm is required to provide research, analysis, and vote recommendations under its Proxy Voting guidelines. The Proxy Advisory Firm is required to produce custom vote recommendations in accordance with the Guidelines and their vote recommendations.

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**PROXY VOTING PROCEDURES**

**Vote Classification**

**Within-Guidelines Votes: *Votes in Accordance with these Guidelines***

A vote cast in accordance with these Guidelines is considered Within-Guidelines.

**Out-of-Guidelines Votes: Votes *Contrary to these Guidelines***

A vote that is contrary to these Guidelines may be cast when the AO team and/or Proxy Committee determine that application of these Guidelines is inappropriate under the circumstances. A vote is considered contrary to these Guidelines when such vote contradicts the approach outlined in the Policy.

A vote would not be considered contrary to these Guidelines for cases in which these Guidelines stipulate a Case-by-Case consideration, or an Investment Professional provides a written rationale for such vote.

**Matters Requiring Case-by-Case Consideration**

The Proxy Advisory Firm shall refer proxy proposals to the AO Team for consideration when the Procedures and Guidelines indicate a "Case-by-Case" consideration. Additionally, the Proxy Advisory Firm shall refer a proxy proposal under circumstances in which the application of the Procedures and Guidelines is uncertain, appears to involve unusual or controversial issues, or is silent regarding the proposal.

Upon receipt of a referral from the Proxy Advisory Firm, the AO Team may solicit additional research or clarification from the Proxy Advisory Firm, Investment Professional(s), or other sources.

The AO Team shall review matters requiring Case-by-Case consideration to determine whether such proposals require an Investment Professional and/or Proxy Committee input and a vote determination.

**Non-Votes: Votes in which No Action is Taken**

The AO Team shall make reasonable efforts to secure and vote all Fund proxies. Nevertheless, a Fund may refrain from voting under certain circumstances including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• The economic effect on shareholder interests or the value of the portfolio holding is indeterminable or insignificant (e.g., proxies in connection with fractional shares), securities no longer held in a Fund, or a proxy is being considered for a Fund no longer in existence.

&nbsp;&nbsp;&nbsp;&nbsp;• The cost of voting a proxy outweighs the benefits (e.g., certain international proxies, particularly in cases in which share-blocking practices may impose trading restrictions on the relevant portfolio security).

**Conflicts of Interest**

The Adviser shall act in the Funds' best interests and strive to avoid conflicts of interest. Conflicts of interest may arise in situations in which, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a vendor whose products or services are material to the Funds, the Adviser, or their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is an entity participating to a material extent in the Funds' distribution;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is a significant executing broker-dealer for the Funds and/or the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• Any individual who participates in the voting process for the Funds, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment Professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of the Proxy Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board Directors/Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individuals who serve as a director or officer of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer is Voya Financial.

Investment Professionals, the Proxy Advisory Firm, the Proxy Committee, and the AO Team shall disclose any potential conflicts of interest and/or confirm they do not have conflicts of interest relating to their participation in the voting process for portfolio securities.

The AO Team shall call a meeting of the Proxy Committee if a potential conflict exists and a member (or members) of the AO Team wishes to vote contrary to these Guidelines or an Investment Professional provides input regarding a meeting and has confirmed a conflict exists with regard thereto. The Proxy Committee shall then consider the matter and vote on a best course of action.

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The AO Team shall use best efforts to convene the Proxy Committee with respect to all matters requiring its consideration. If the Proxy Committee cannot meet its quorum requirements by the voting deadline it shall execute the vote in accordance with these Guidelines.

The Adviser shall maintain records regarding any determinations to vote contrary to these Guidelines including those in which a potential Voya Investment Management Conflict exists. Such records shall include the rationale for the contrary vote.

**Potential Conflicts with a Proxy Issuer**

The AO Team shall identify potential conflicts with proxy issuers. In addition to obtaining potential conflict of interest information described in the Roles and Responsibilities section above, Proxy Committee members shall disclose to the AO Team any potential conflicts of interests with an issuer prior to discussing the Proxy Advisory Firm's recommendation.

Proxy Committee members shall advise the AO Team in the event they believe a potential or perceived conflict of interest exists that may preclude them from making a vote determination in the Funds' best interests. The Proxy Committee member may elect recusal from considering the relevant proxy. Proxy Committee members shall complete a Conflict of Interest Report when they verbally disclose a potential conflict of interest.

Investment Professionals shall also confirm that they do not have any potential conflicts of interest when submitting vote recommendations to the AO Team.

The AO Team gathers and analyzes the information provided by the:

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Advisory Firm;

&nbsp;&nbsp;&nbsp;&nbsp;• Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• Funds' principal underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;• Fund affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Committee members;

&nbsp;&nbsp;&nbsp;&nbsp;• Investment Professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;• Fund Directors and Officers.

**Assessment of the Proxy Advisory Firm**

On the Board's and Adviser's behalf the AO Team shall assess whether the Proxy Advisory Firm:

&nbsp;&nbsp;&nbsp;&nbsp;• Is independent from the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;• Has resources that indicate it can competently provide analysis of proxy issues;

&nbsp;&nbsp;&nbsp;&nbsp;• Can make recommendations in an impartial manner and in the best interests of the Funds and their beneficial owners; and

&nbsp;&nbsp;&nbsp;&nbsp;• Has adequate compliance policies and procedures to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ensure that its proxy voting recommendations are based on current and accurate information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and address conflicts of interest.

The AO Team shall utilize and the Proxy Advisory Firm shall comply with such methods for completing the assessment as the AO Team may deem reasonably appropriate. The Proxy Advisory Firm shall also promptly notify the AO Team in writing of any material changes to information it previously provided to the AO Team in connection with establishing the Proxy Advisory Firm's independence, competence, or impartiality.

**Voting Funds of Funds, Investing Funds and Feeder Funds**

Funds that are funds-of-funds<sup>1</sup> (each a "Fund-of-Funds" and collectively, "Funds-of-Funds") shall "echo" vote their interests in underlying mutual funds, which may include mutual funds other than the Funds indicated on Voya's website (www.voyainvestments.com). Meaning that if the Fund-of-Funds must vote on a proposal with respect to an underlying investment issuer the Fund-of-Funds shall vote its interest in that underlying fund in the same proportion as all other shareholders in the underlying investment company voted their interests.

However, if the underlying fund has no other shareholders, the Fund-of-Funds shall vote as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund-of-Funds and the underlying fund are solicited to vote on the same proposal (e.g., the election of fund directors/trustees), the Fund-of-Funds shall vote the shares it holds in the underlying fund in the same proportion as all votes received from the holders of the Fund-of-Funds' shares with respect to that proposal.

&nbsp;&nbsp;&nbsp;&nbsp;• If the Fund-of-Funds is solicited to vote on a proposal for an underlying fund (e.g., a new sub-adviser to the underlying fund), and there is no corresponding proposal at the Fund-of-Funds level, the Adviser shall determine the most appropriate method of voting with respect to the underlying fund proposal.

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<sup>1</sup> Invest in underlying funds beyond 12d-1 limits.

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An Investing Fund<sup>2</sup> (e.g., any Voya fund), while not a Fund-of-Funds shall have the foregoing Fund-of- Funds procedure applied to any Investing Fund that invests in one or more underlying funds. Accordingly:

&nbsp;&nbsp;&nbsp;&nbsp;• Each Investing Fund shall "echo" vote its interests in an underlying fund if the underlying fund has shareholders other than the Investing Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• In the event an underlying fund has no other shareholders and the Investing Fund and the underlying fund are solicited to vote on the same proposal, the Investing Fund shall vote its interests in the underlying fund in the same proportion as all votes received from the holders of its own shares on that proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;• In the event an underlying fund has no other shareholders, and no corresponding proposal exists at the Investing Fund level, the Board shall determine the most appropriate method of voting with respect to the underlying fund proposal.

A fund that is a "Feeder Fund" in a master-feeder structure passes votes requested by the underlying master fund to its shareholders. Meaning that, if the master fund solicits the Feeder Fund, the Feeder Fund shall request instructions from its own shareholders as to how it should vote its interest in an underlying master fund either directly or in the case of an insurance-dedicated Fund through an insurance product or retirement plan.

When a Fund is a feeder in a master-feeder structure, proxies for the master fund's portfolio securities shall be voted pursuant to the master fund's proxy voting policies and procedures. As such, Feeder Funds shall not be subject to the Procedures and Guidelines except as described in the Reporting and Record Retention section below.

**Securities Lending**

Many of the Funds participate in securities lending arrangements that generate additional revenue for the Fund. Accordingly, the Fund is unable to vote securities that are on loan under these arrangements. However, under certain circumstances, for voting issues that may have a significant impact on the investment, members of the Proxy Committee or AO Team may request that the Fund's securities lending agent recall securities on loan if they determine that the benefit of voting outweighs the costs and lost revenue to the Fund as well as the administrative burden of retrieving the securities.

Investment Professionals may also deem a vote to be "material" in the context of the portfolio(s) they manage. They may therefore request that the Proxy Committee review lending activity on behalf of their portfolio(s) with respect to the relevant security and consider recalling and/or restricting the security. The Proxy Committee shall give primary consideration to relevant Investment Professional input in its determination as to whether a given proxy vote is material and if the associated security should accordingly be restricted from lending. The determination that a vote is material in the context of a Fund's portfolio shall not mean that such vote is considered material across all Funds voting at that meeting. In order to recall or restrict shares on a timely basis for material voting purposes the AO Team shall use best efforts to consider and, when appropriate, act upon such requests on a timely basis. Any relevant Investment Professional may submit a request to review lending activity in connection with a potentially material vote for the Proxy Committee's consideration at any time.

**Reporting and Record Retention**

**Reporting by the Funds**

Annually, as required, each Fund and each Sub-Adviser-Voted Fund shall post on the Voya Funds' website its proxy voting record or a link to the prior one-year period ended June 30. The proxy voting record for each Fund and each Sub-Adviser-Voted Fund shall also be available on Form N-PX in the SEC's EDGAR database on its website. For any Fund that is a feeder within a master-feeder structure, no proxy voting record related to the portfolio securities owned by the master fund shall be posted on the Funds' website or included in the Fund's Form N-PX; however, a cross-reference to the master fund's proxy voting record as filed in the SEC's EDGAR database shall be included in the Fund's Form N-PX and posted on the Funds' website. If an underlying master fund solicited any Feeder Fund for a vote during the reporting period, a record of the votes cast by means of the pass-through process described above shall be included on the Voya funds' website and in the Feeder Fund's Form N-PX.

**Reporting to the Compliance Committee**

At each quarterly Compliance Committee meeting the AO Team shall provide to the Compliance Committee a report outlining each proxy proposal, or a summary of such proposals, that was:

1. Voted Out-of-Guidelines; and/or

2. When the Proxy Committee did not agree with an Investment Professional's recommendation, as assessed when the Investment Professional raises a potential conflict of interest.

The report shall include the name of the issuer, the substance of the proposal, a summary of the Investment Professional's recommendation as applicable, and the reasons for voting or recommending an Out-of- Guidelines Vote or in the case of (2) above a vote which differed from that recommended by the Investment Professional.

**Reporting by the AO Team on behalf of the Adviser**

The Adviser shall maintain the records required by Rule 204-2(c)(2), as may be amended from time to time, including the following:

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<sup>2</sup> Invest in underlying funds but not beyond 12d-1 limits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each proxy statement received regarding a Fund's portfolio securities. Such proxy statements the issuers send are available either in the SEC's EDGAR database or upon request from the Proxy Advisory Firm;

&nbsp;&nbsp;&nbsp;&nbsp;• A record of each vote cast on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Adviser-created document that was material to making a proxy vote decision or that memorializes the basis for that decision;

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of written requests for Fund proxy voting information and any written response thereto or to any oral request for information on how the Adviser voted proxies on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• A record of all recommendations from Investment Professionals to vote contrary to these Guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;• All proxy questions/recommendations that have been referred to the Compliance Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;• All applicable recommendations, analyses, research, Conflict Reports, and vote determinations. All proxy voting materials and supporting documentation shall be retained for a minimum of six years.

**Records Maintained by the Proxy Advisory Firm**

The Proxy Advisory Firm shall retain a record of all proxy votes handled by the Proxy Advisory Firm. Such record must reflect all the information required to be disclosed in a Fund's Form N-PX pursuant to Rule 30b1-4 under the Investment Company Act of 1940. Additionally, the Proxy Advisory Firm shall be responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to the Adviser upon request.

**<u>PROXY VOTING GUIDELINES</u>**

**Introduction**

Proxies shall be voted in the Funds' best interests. These Guidelines summarize the Funds' positions regarding certain matters of importance to shareholders and provide an indication as to how the Funds' ballots shall be voted for certain types of proposals. These Guidelines are not exhaustive and do not provide guidance on all potential voting matters. Proposals may be addressed on a **CASE-BY-CASE** basis rather than according to these Guidelines when assessing the merits of available rationale and disclosure.

These Guidelines generally apply to securities of publicly traded operating issuers and to those of privately held operating issuers if publicly available disclosure permits such application. The Funds will consider matters relating to investment companies that are registered under the Investment Company Act of 1940 on a CASE-BY-CASE basis. Additionally, all matters for which such disclosure is not available shall be considered on a **CASE-BY-CASE** basis.

Investment Professionals are encouraged to submit recommendations to the AO Team regarding proxy voting matters relating to the portfolio securities over which they have daily portfolio management responsibility. Investment Professionals may submit recommendations in connection with any proposal and they are likely to receive requests for recommendations relating to proxies for private equity or fixed income securities and/or proposals relating to merger transactions/corporate restructurings, proxy contests, or unusual or controversial issues.

Interpretation and application of these Guidelines is not intended to supersede any law, regulation, binding agreement, or other legal requirement to which an issuer may be or become subject. No proposal shall be supported where implementation would contravene such requirements.

**General Policies**

The Funds generally support the recommendation of an issuer's management when the Proxy Advisory Firm's recommendation also aligns with such recommendation and to vote in accordance with the Proxy Advisory Firm's recommendation when management has made no recommendation. However, this policy shall not apply to **CASE-BY-CASE** proposals for which a contrary recommendation from the relevant Investment Professional(s) is utilized.

The rationale and vote recommendation from Investment Professionals shall receive primary consideration with respect to **CASE-BY-CASE** proposals considered on the relevant Fund's behalf.

The Fund's policy is to not support proposals that would negatively impact the existing rights of the Funds' beneficial owners. Shareholder proposals shall not be supported if they impose excessive costs and/or are overly restrictive or prescriptive. Depending on the relevant market, appropriate opposition may be expressed as an ABSTAIN, **AGAINST**, or **WITHHOLD** vote.

In the event competing shareholder and board proposals appear on the same agenda at uncontested proxies, the shareholder proposal shall not be supported, and the management proposal shall be supported when the management proposal meets the factors for support under the relevant topic/policy (e.g., Allocation of Income and Dividends); the competing proposals shall otherwise be considered on a CASE- BY-CASE basis.

**International Policies**

Companies incorporated outside the U.S. are subject to the following U.S. policies if they are listed on a

U.S. exchange and treated as a U.S. domestic issuer by the SEC. Where applicable, certain U.S. policies may also be applied to issuers incorporated outside the U.S. (e.g., issuers with a significant base of U.S. operations and employees).

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However, given the differing regulatory and legal requirements, market practices, and political and economic systems existing in various international markets, the Funds shall:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** international proposals when the Proxy Advisory Firm recommends voting **AGAINST** such proposal due to inadequate relevant disclosure by the issuer or time provided for consideration of such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;• Consider proposals that are associated with a firm **AGAINST** vote on a **CASE-BY-CASE** basis when the Proxy Advisory Firm recommends support when:

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer or market transitions to better practices (e.g., committing to new regulations or governance codes);

&nbsp;&nbsp;&nbsp;&nbsp;• The market standard is stricter than the Fund's Guidelines; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• It is the more favorable choice when shareholders must choose between alternate proposals.

**Proposal Specific Policies**

As mentioned above, these Guidelines may be overridden in any case as provided for in the Procedures. Similarly, the Procedures outline the proposals with Guidelines that prescribe a firm voting position that may instead be considered on a **CASE-BY-CASE** basis when unusual or controversial circumstances so dictate, in such circumstances the AO Team may deem it appropriate to seek input from the relevant Investment Professional(s).

**<u>Proxy Contests:</u>**

Votes in contested elections on shall be considered on a **CASE-BY-CASE** basis with primary consideration given to input from the relevant Investment Professional(s).

**<u>Uncontested Proxies:</u>**

**<u>1- The Board of Directors</u>**

**Overview**

The Funds may indicate disagreement with an issuer's policies or practices by withholding support from the relevant proposal rather than from the director nominee(s) to which the Proxy Advisory Firm assigns fault or assigns an association.

The Funds shall withhold support from director(s) deemed responsible in cases in which the Funds' disagreement is assigned to the board of directors. Responsibility may be attributed to the entire board, a committee, or an individual, and the Funds shall apply a vote accountability guideline ("Vote Accountability Guideline") specific to the concerns under review.

The Funds shall withhold support from director(s) deemed responsible in cases in which the Funds' disagreement is assigned to the board of directors. Responsibility may be attributed to the entire board, a committee, or an individual, and the Funds shall apply a vote accountability guideline ("Vote Accountability Guideline") specific to the concerns under review.

The Funds shall typically vote **FOR** a director in connection with issues the Proxy Advisory Firm raises if the director did not serve on the board or relevant committee during the majority of the time period relevant to the concerns the Proxy Advisory Firm cited.

The Funds shall vote with the Proxy Advisory Firm's recommendation when more candidates are presented than available seats and no other provisions under these Guidelines apply.

The Funds shall vote with the Proxy Advisory Firm's recommendation when more candidates are presented than available seats and no other provisions under these Guidelines apply.

Vote with the Proxy Advisory Firm's recommendation to withhold support from the legal entity and vote on the individual when a director holds one seat as an individual plus an additional seat as a representative of a legal entity.

**Bundled Director Slates**

The Funds shall **WITHHOLD** support from directors or slates of directors when they are presented in a manner not aligned with market best practice and/or regulation, irrespective of complying with independence requirements, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• Bundled slates of directors *(e.g., <u>Canada</u>, <u>France</u>, <u>Hong Kong</u>, or <u>Spain</u>);*

&nbsp;&nbsp;&nbsp;&nbsp;• In markets with term lengths capped by regulation or market practice, directors whose terms exceed the caps or are not disclosed; or

&nbsp;&nbsp;&nbsp;&nbsp;• Directors whose names are not disclosed in advance of the meeting or far enough in advance relative to voting deadlines to make an informed voting decision.

For issuers with multiple slates in *<u>Italy</u>*, the Funds shall follow the Proxy Advisory Firm's standards for assessing which slate is best suited to represent shareholder interests.

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**<u>Independence</u>**

**Director and Board/Committee Independence**

The Funds expect boards and key committees to have an appropriate level of independence and shall accordingly consider the Proxy Advisory Firm's standards to determine that adequate level of independence. A director would be deemed non-independent if the individual had/has a relationship with the issuer that could potentially influence the individual's objectivity causing the inability to satisfy fiduciary standards on behalf of shareholders. Audit, compensation/remuneration, and nominating and/or governance committees are considered key committees and should be 100% independent. The Funds shall consider the Proxy Advisory Firm's standards and generally accepted best practice (collectively "Independence Expectations") with respect to determining director independence and Board/Committee independence levels. **<u>Note:</u>** Non-voting directors (e.g., director emeritus or advisory director) shall be excluded from calculations relating to board independence.

The Funds shall consider non-independent directors standing for election on a **CASE-BY-CASE** basis when the full board or committee does not meet Independence Expectations. Additionally, the Funds shall:

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from the board chair, nominating committee chair, nominating committee member(s), or an incumbent director(s) if the board chair is non-independent and the board does not have a lead independent director;

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from slates of directors if the board's independence cannot be ascertained due to inadequate disclosure or when the board's independence does not meet Independence Expectations;

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from key committee slates if they contain non-independent directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• **WITHHOLD** support from non-independent nominating committee chair, board chair, and/or directors if the full board serves or appears to serve as a key committee, the board has not established a key committee, or the board and/or a key committee(s) does not meet Independence Expectations.

**Self-Nominated/Shareholder-Nominated Director Candidates**

The Funds shall consider self-nominated or shareholder-nominated director candidates on a **CASE-BY- CASE** basis and shall **WITHHOLD** support from the candidate when:

&nbsp;&nbsp;&nbsp;&nbsp;• Adequate disclosure has not been provided (e.g., rationale for candidacy and candidate's qualifications relative to the issuer);

&nbsp;&nbsp;&nbsp;&nbsp;• The candidate's agenda is not in line with the long-term best interests of the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;• Multiple self-nominated candidates are considered to constitute a proxy contest if similar issues are raised (e.g., potential change in control).

**Management Proposals Seeking Non-Board Member Service on Key Committees**

The Funds shall vote **AGAINST** proposals that permit non-board members to serve on a key committee, provided that bundled slates may be supported if no slate nominee serves on relevant committee(s) except in cases in which best market practice otherwise dictates.

The Funds shall consider other concerns regarding committee members on a **CASE-BY-CASE** basis.

**<u>Board Member Roles and Responsibilities</u>**

**Attendance**

The Funds shall **WITHHOLD** support from a director who, during the prior year attended less than 75 percent of the board and committee meetings with no valid reason for the absences, excluding directors who have not completed a full year on the board.

The Funds shall **WITHHOLD** support from nominating committee members according to the Vote Accountability Guideline if a director has two or more years of poor attendance without a valid reason for their absences.

The Funds shall apply a one-year attendance policy relating to statutory auditors at *<u>Japanese</u>* issuer meetings.

**Over-boarding**

The Funds shall vote **AGAINST** directors who serve on:

&nbsp;&nbsp;&nbsp;&nbsp;• More than two public issuer boards and are named executive officers at any public issuer, and shall **WITHHOLD** support only at their outside board(s);

&nbsp;&nbsp;&nbsp;&nbsp;• Five or more public issuer boards; or

&nbsp;&nbsp;&nbsp;&nbsp;• Four or more public issuer boards and is Board Chair at two or more public issuers and shall **WITHHOLD** support on boards for which such director does not serve as chair.

The Funds shall vote **AGAINST** shareholder proposals limiting the number of public issuer boards on which a director may serve.

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**Tenure**

The Funds shall **WITHHOLD** support from the nominating committee chair and/or members of the nominating committee when the average board tenure exceeds 15 years.

**Combined Chair / CEO Role**

The Funds shall vote **FOR** directors without regard to recommendations that the position of chair should be separate from that of CEO or should otherwise require independence unless other concerns requiring **CASE-BY-CASE** consideration arise (e.g., a former CEO proposed as board chair).

The Funds shall consider shareholder proposals that require that the positions of chair and CEO be held separately on a **CASE-BY-CASE** basis.

**Cumulative/Net Voting Markets**

When cumulative or net voting applies, the Funds shall follow the Proxy Advisory Firm's recommendation to vote **FOR** nominees, such as when the issuer assesses that such nominees are independent, irrespective of key committee membership, even if independence disclosure or criteria fall short of the Proxy Advisory Firm's standards.

**<u>Board Accountability</u>**

**Board Diversity** 

**United States:**

The Funds shall vote **AGAINST** incumbent directors according to the Vote Accountability Guideline if no women are on the issuer's board. The Funds shall consider directors on a **CASE-BY-CASE** basis if gender diversity existed prior to the most recent annual meeting.

The Funds shall vote **AGAINST** incumbent directors according to the Vote Accountability Guideline when the board has no apparent racially or ethnically diverse members. The Funds shall consider directors on a **CASE-BY- CASE** basis if racial and/or ethnic diversity existed prior to the most recent annual meeting.

**Diversity (Shareholder Proposals):**

The Funds shall generally vote **FOR** shareholder proposals that request the issuer to improve/promote gender and/or racial/ethnic diversity and/or gender and/or racial/ethnic diversity-related disclosure.

**International:**

The Funds shall vote **AGAINST** directors according to the Vote Accountability Guideline when no women are on the issuer's board or if its board's gender diversity level does not meet a higher standard established by the relevant country's corporate governance code and generally accepted best practice.

The Funds shall vote **AGAINST** directors according to the Vote Accountability Guideline when the relevant country's corporate governance code contains a minimally acceptable threshold for racial/ethnic diversity and the board does not appear to meet this expectation.

**Return on Equity**

The Funds shall vote **FOR** the most senior executive at an issuer in *<u>Japan</u>* if the only reason the Proxy Advisory Firm withholds its recommendation results from the issuer underperforming in terms of capital efficiency or issuer performance (e.g., net losses or low return on equity (ROE)).

**Compensation Practices**

The Funds may **WITHHOLD** support from compensation committee members whose actions or disclosure do not appear to support compensation practices aligned with the best interests of the issuer and its shareholders.

<u>"</u><u>Say on Pay" Responsiveness</u>. The Funds shall consider compensation committee members on a **CASE- BY-CASE** basis for failure to sufficiently address compensation concerns prompting significant opposition to the most recent advisory vote on executive officers' compensation, "Say on Pay", or continuing to maintain problematic pay practices, considering such factors as the level of shareholder opposition, subsequent actions taken by the compensation committee, and level of responsiveness disclosure, among others.

<u>"</u><u>Say on Pay Frequency"</u>. The Funds shall **WITHHOLD** support according to the Vote Accountability Guideline if the Proxy Advisory Firm opposes directors due to the issuer's failure to include a "Say on Pay" proposal and/or a "Say on Pay Frequency" proposal when required pursuant to SEC or market regulatory provisions; or implemented a "Say on Pay Frequency" schedule that is less frequent than the frequency most recently preferred by not less than a plurality of shareholders; or is an externally-managed issuer (EMI) or externally-managed REIT (EMR) and has failed to include a "Say on Pay" proposal or adequate disclosure of the compensation structure.

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<u>Commitments</u>. The Funds shall vote **FOR** compensation committee members receiving an adverse recommendation from the Proxy Advisory Firm due to problematic pay practices or thresholds (e.g., burn rate) if the issuer makes a public commitment (e.g., via a Form 8-K filing) to rectify the practice on a going-forward basis. However, the Funds shall **WITHHOLD** support on compensation committee members according to the Vote Accountability Guideline if the issuer does not rectify the practice prior to the issuer's next annual general meeting.

For markets in which the issuer has not followed market practice by submitting a resolution on executive remuneration/compensation, the Funds shall **WITHHOLD** support on remuneration/compensation committee members.

**Accounting Practices**

The Funds shall **WITHHOLD** support on directors according to the Vote Accountability Guideline as well as the issuer's CEO or CFO if nominated as directors, if poor accounting practice concerns are raised including the issuer failed to remediate known ongoing material weaknesses in the issuer's internal controls for more than one year.

The Funds shall consider directors according to the Vote Accountability Guideline, the issuer's CEO or CFO if nominated as directors, or external auditors on a **CASE-BY-CASE** basis if:

&nbsp;&nbsp;&nbsp;&nbsp;• Issuer has not yet had a full year to remediate the concerns since the time such issues were identified; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Issuer has taken adequate steps to remediate the concerns cited that would typically include removing or replacing the responsible executives and the concerning issues do not recur.

The Funds shall vote **FOR** audit committee members, or the issuer's CEO or CFO when nominated as directors, who did not serve on the committee or did not have responsibility over the relevant financial function during the majority of the time period relevant to the concerns cited.

The Funds shall **WITHHOLD** support on audit committee members according to the Vote Accountability Guideline if the issuer has failed to disclose audit fees and has not provided an auditor ratification or remuneration proposal for shareholder vote.

**Problematic Actions**

The Funds shall **WITHHOLD** support on directors according to the Vote Accountability Guideline when the Proxy Advisory Firm cites them for problematic actions including a lack of due diligence in relation to a major transaction (e.g., a merger or an acquisition), material failures, inadequate oversight, scandals, malfeasance, or negligent internal controls at the issuer or that of an affiliate, factoring in the merits of the director's performance, rationale, and disclosure when:

&nbsp;&nbsp;&nbsp;&nbsp;• Culpability can be attributed to the director (e.g., director manages or is responsible for the relevant function); or

&nbsp;&nbsp;&nbsp;&nbsp;• The director has been directly implicated resulting in arrest, criminal charge, or regulatory sanction.

The Funds shall **WITHHOLD** support on members of the nominating committee, board chair, or lead independent director when an issuer nominates a director who is subject to any of the above concerns to serve on its board.

The Funds shall **WITHHOLD** support on audit committee members according to the Vote Accountability Guideline due to share pledging concerns factoring in the pledged amount, unwinding time, and any historical concerns raised. The Funds shall also **WITHHOLD** support on the pledgor, if a director, where the pledged amount and unwinding time are deemed significant and therefore an unnecessary risk to the issuer.

The Funds shall **WITHHOLD** support from all incumbent directors if the issuer has implemented a multi-class capital structure in which the classes have unequal voting rights and does not have a reasonable sunset provision (e.g., fewer than seven (7) years).

The Funds shall **WITHHOLD** support from directors according to the Vote Accountability Guideline when the Proxy Advisory Firm recommends withholding support due to the board (a) unilaterally adopting by-law amendments that have a negative impact on existing shareholder rights or function as a diminution of shareholder rights or (b) failing to remove or subject to a reasonable sunset provision in its by-laws.

**Anti-Takeover Measures**

The Funds shall **WITHHOLD** support from directors according to the Vote Accountability Guideline if the issuer implements excessive anti-takeover measures.

The Funds shall **WITHHOLD** support from directors according to the Vote Accountability Guideline if the issuer fails to remove restrictive "poison pill" features, ensure a "poison pill" expiration, or submits the "poison pill" in a timely manner to shareholders for vote unless an issuer has implemented a policy that should reasonably prevent abusive use of its "poison pill".

**<u>Board Responsiveness</u>**

The Funds shall vote **FOR** directors if the majority-supported shareholder proposal has been reasonably addressed.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals seeking shareholder ratification of a "poison pill" provision may be deemed reasonably addressed if the issuer has implemented a policy that should reasonably prevent abusive use of the "poison pill".

The Funds shall **WITHHOLD** support from directors according to the Vote Accountability Guideline if a shareholder proposal received majority support and the board has not disclosed a credible rationale for not implementing the proposal.

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The Funds shall **WITHHOLD** support on a director if the board has not acted upon the director who did not receive shareholder support representing a majority of the votes cast at the previous annual meeting; and shall consider such directors on a **CASE-BY-CASE** basis if the issuer has a controlling shareholder(s).

The Funds shall vote **FOR** directors in cases in which an issue relevant to the majority negative vote has been adequately addressed or cured and which may include sufficient disclosure of the board's rationale.

**<u>Board–Related Proposals</u>**

**Classified/Declassified Board Structure**

The Funds shall vote **AGAINST** proposals to classify the board unless the proposal represents an increased frequency of a director's election in the staggered cycle (e.g., seeking to move from a three-year cycle to a two-year cycle).

The Funds shall vote **FOR** proposals to repeal classified boards and to elect all directors annually. Board Structure

The Funds shall vote **FOR** management proposals to adopt or amend board structures unless the resulting change(s) would mean the board would not meet Independence Expectations.

For issuers in *<u>Japan</u>*, the Funds shall vote **FOR** proposals seeking a board structure that would provide greater independent oversight.

**Board Size**

The Funds shall vote **FOR** proposals seeking a board range if the range is reasonable in the context of market practice and anti-takeover considerations; however, the Funds shall vote **AGAINST** a proposal if the issuer seeks to remove shareholder approval rights or the board fails to meet market independence requirements.

**Director and Officer Indemnification and Liability Protection**

The Funds shall consider proposals on director and officer indemnification and liability protection on a **CASE-BY-CASE** basis using Delaware law as the standard.

The Funds shall vote **AGAINST** proposals to limit or eliminate entirely directors' and officers' liability in connection with monetary damages for violating their collective duty of care.

The Funds shall vote **AGAINST** indemnification proposals that would expand coverage beyond legal expenses to acts that are more serious violations of fiduciary obligation such as negligence.

**Director and Officer Indemnification and Liability Protection**

The Funds shall vote in accordance with the Proxy Advisory Firm's standards (e.g., overly broad provisions).

**Discharge of Management/Supervisory Board Members**

The Funds shall vote **FOR** management proposals seeking the discharge of management and supervisory board members (including when the proposal is bundled) unless concerns surface relating to the past actions of the issuer's auditors or directors, or legal or other shareholders take regulatory action against the board.

The Funds shall vote **FOR** such proposals in connection with remuneration practices otherwise supported under these Guidelines or as a means of expressing disapproval of the issuer's or its board's broader practices.

**Establish Board Committee**

The Funds shall vote **FOR** shareholder proposals that seek creation of a key board committee.

The Funds shall vote **AGAINST** shareholder proposals requesting creation of additional board committees or offices except as otherwise provided for herein.

**Filling Board Vacancies / Removal of Directors**

The Funds shall vote **AGAINST** proposals that allow removal of directors only for cause.

The Funds shall vote **FOR** proposals to restore shareholder ability to remove directors with or without cause.

The Funds shall vote **AGAINST** proposals that allow only continuing directors to elect replacement directors to fill board vacancies.

The Funds shall vote **FOR** proposals that permit shareholders to elect directors to fill board vacancies.

**Stock Ownership Requirements**

The Funds shall vote **AGAINST** such shareholder stock ownership requirement proposals. Term Limits / Retirement Age

The Funds shall vote **FOR** management proposals and **AGAINST** shareholder proposals limiting the tenure of outside directors or imposing a mandatory retirement age for outside directors unless the proposal seeks to relax existing standards.

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**<u>2- Compensation</u>**

**Frequency of Advisory Votes on Executive Compensation**

The Funds shall vote **FOR** proposals seeking an annual "Say on Pay", and **AGAINST** those seeking less frequent "Say on Pay".

**Proposals to Provide an Advisory Vote on Executive Compensation *<u>(Canada)</u>***

The Funds shall vote **FOR** if it is an **ANNUAL** vote unless the issuer already provides an annual shareholder vote.

**Executive Pay Evaluation**

**Advisory Votes on Executive Compensation (Say on Pay) and Remuneration Reports or Committee Members in Absence of Such Proposals**

The Funds shall vote **FOR** management proposals seeking ratification of the issuer's executive compensation structure unless the program includes practices or features not supported under these Guidelines and the proposal receives a negative Proxy Advisory Firm recommendation.

The Funds shall vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Provisions that permit or give the Board sole discretion for repricing, replacement, buy back, exchange, or any other form of alternative options. (**<u>Note</u>**: cancellation of options would not be considered an exchange unless the cancelled options were re-granted or expressly returned to the plan reserve for reissuance.);

&nbsp;&nbsp;&nbsp;&nbsp;• Single Trigger Severance provisions that do not require an actual change in control to be triggered in new or amended employment agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• Single Trigger Severance provisions that do not require an actual change in control to be triggered and the Long-Term Incentive Plan's performance period is less than three years;

&nbsp;&nbsp;&nbsp;&nbsp;• Plans that allow named executive officers to have material input into setting their own compensation;

&nbsp;&nbsp;&nbsp;&nbsp;• Short-Term Incentive Plans in which treatment of payout factors has been inconsistent (e.g., exclusion of losses but not gains);

&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Incentive Plans in which performance measures hurdles/measures are set based on a backward-looking performance period;

&nbsp;&nbsp;&nbsp;&nbsp;• Company plans in international markets that provide for contract or notice periods or severance/termination payments that exceed market practices (e.g., relative to multiple of annual compensation); and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Compensation structures at externally managed issuers (EMI) or externally managed REITs (EMR) that lack adequate disclosure based on the Proxy Advisory Firm's assessment.

The Funds shall consider on a **CASE-BY-CASE** basis if the Proxy Advisory Firm recommends opposing and none of the above factors have been triggered.

**Golden Parachutes**

The Funds shall vote **AGAINST** proposals due to:

&nbsp;&nbsp;&nbsp;&nbsp;• Single or modified-single trigger severance provisions;

&nbsp;&nbsp;&nbsp;&nbsp;• Total Named Executive Officer ("NEO") payout as a percentage of the total equity value;

&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate of all single-triggered components (cash and equity) as a percentage of the total NEO payout;

&nbsp;&nbsp;&nbsp;&nbsp;• Excessive payout; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Recent material amendments or new agreements that incorporate problematic features.

**<u>Equity-Based and Other Incentive Plans Including OBRA</u>**

**Equity Compensation**

The Funds shall consider compensation and employee benefit plans, including those in connection with OBRA<sup>3</sup>, or the issuance of shares in connection with such plans on a **CASE-BY-CASE** basis. The Funds shall vote the plan or issuance based on factors and related vote treatment under the Executive Pay Evaluation section above or based on circumstances specific to such equity plans as follows:

The Funds shall vote **FOR** a plan, if:

&nbsp;&nbsp;&nbsp;&nbsp;• Board independence is the only concern;

&nbsp;&nbsp;&nbsp;&nbsp;• Amendment places a cap on annual grants;

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<sup>3</sup> OBRA is an employee-funded defined contribution plan for certain employees of publicly held companies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Amendment adopts or changes administrative features to comply with Section 162(m) of OBRA;

&nbsp;&nbsp;&nbsp;&nbsp;• Amendment adds performance-based goals to comply with Section 162(m) of OBRA; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Cash or cash-and-stock bonus components are approved for exemption from taxes under Section 162(m) of OBRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Funds shall give primary consideration to management's assessment that such plan meets the requirements for exemption of performance-based compensation.

The Funds shall vote **AGAINST** a plan if it:

&nbsp;&nbsp;&nbsp;&nbsp;• Exceeds recommended costs (*U.S.* or *Canada*);

&nbsp;&nbsp;&nbsp;&nbsp;• Incorporates share allocation disclosure methods that prevent a cost or dilution assessment;

&nbsp;&nbsp;&nbsp;&nbsp;• Exceeds recommended burn rates and/or dilution limits, including cases in which dilution cannot be fully assessed (e.g., due to inadequate disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;• Permits deep or near-term discounts (or the equivalent, such as dividend equivalents on unexercised options) to executives or directors;

&nbsp;&nbsp;&nbsp;&nbsp;• Provides for retirement benefits or equity incentive awards to outside directors if not in line with market practice;

&nbsp;&nbsp;&nbsp;&nbsp;• Permits financial assistance to executives, directors, subsidiaries, affiliates, or related parties that is not in line with market practice;

&nbsp;&nbsp;&nbsp;&nbsp;• Permits plan administrators to benefit from the plan as potential recipients;

&nbsp;&nbsp;&nbsp;&nbsp;• Permits for an overly liberal change in control definition. (This refers to plans that would reward recipients even if the event does not result in an actual change in control or results in a change in control but does not terminate the employment relationship.);

&nbsp;&nbsp;&nbsp;&nbsp;• Permits for post-employment vesting or exercise of options if deemed inappropriate;

&nbsp;&nbsp;&nbsp;&nbsp;• Permits plan administrators to make material amendments without shareholder approval; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Permits procedure amendments that do not preserve shareholder approval rights.

**Amendment Procedures for Equity Compensation Plans and Employee Stock Purchase Plans (Toronto Stock Exchange Issuers)**

The Funds shall vote **AGAINST** if the amendment procedures do not preserve shareholder approval rights.

**Stock Option Plans for Independent Internal Statutory Auditors (*<u>Japan</u>*)**

The Funds shall vote **AGAINST** such proposals.

**Matching Share Plans**

The Funds shall vote **AGAINST** such proposals if the matching share plan does not meet recommended standards considering holding period, discounts, dilution, participation, purchase price, or performance criteria.

**Employee Stock Purchase Plans or Capital Issuance in Support Thereof**

Voting decisions are generally based on the Proxy Advisory Firm's approach to evaluating such proposals.

**<u>Director Compensation</u>**

**Non-Executive Director Compensation**

The Funds shall vote **FOR** cash-based proposals.

The Funds shall vote **AGAINST** performance-based equity-based proposals and patterns of excessive pay.

**Bonus Payments (*<u>Japan</u>*)**

The Funds shall vote **FOR** if all bonus payments are for directors or auditors who have served as executives of the issuer and **AGAINST** if any bonus payments are for outsiders.

**Bonus Payments – Scandals**

The Funds shall vote **AGAINST** bonus proposals for a retiring director or continuing director or auditor when culpability for any malfeasance may be attributable to the nominee.

The Funds shall consider on a **CASE-BY-CASE** basis bundled bonus proposals for retiring directors or continuing directors or auditors where culpability for malfeasance may not be attributable to all nominees.

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**Severance Agreements**

**Vesting of Equity Awards upon Change in Control**

The Funds shall vote **FOR** management proposals seeking a specific treatment (*e.g.,* double-trigger or pro- rata) of equity that vests upon change in control unless evidence exists of abuse in historical compensation practices.

The Funds shall vote **AGAINST** shareholder proposals regarding the treatment of equity if change(s) in control severance provisions are double-triggered. The funds shall vote **FOR** the proposal if such provisions are not double-triggered.

**Executive Severance or Termination Arrangements, including those Related to Executive Recruitment or Retention**

The Funds shall vote **FOR** such compensation arrangements if:

&nbsp;&nbsp;&nbsp;&nbsp;• The primary concerns raised would not result in a negative vote under these Guidelines on a management "Say on Pay" proposal or the relevant board or committee member(s);

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has provided adequate rationale and/or disclosure; or

&nbsp;&nbsp;&nbsp;&nbsp;• Support is recommended as a condition to a major transaction such as a merger. Treatment of Severance Provisions

The Funds shall vote **AGAINST** new or materially amended plans, contracts, or payments that include a single trigger change in control severance provisions or do not require an actual change in control in order to be triggered.

The Funds shall vote **FOR** shareholder proposals seeking double triggers on change in control severance provisions.

**<u>Compensation-Related Shareholder Proposals</u>**

**Executive and Director Compensation**

The Funds shall consider on a **CASE-BY-CASE** basis shareholder proposals that seek to impose new compensation structures or policies.

**Holding Periods**

The Funds shall vote **AGAINST** shareholder proposals requiring mandatory issuer stock holding periods for officers and directors.

**Submit Severance and Termination Payments for Shareholder Ratification**

The Funds shall vote **FOR** shareholder proposals to submit executive severance agreements for shareholder ratification if such proposals specify change in control events, supplemental executive retirement plans, or deferred executive compensation plans, or if the listing exchange requires ratification thereof.

**<u>3- Audit-Related</u>** 

**Auditor Ratification and/or Remuneration**

The Funds shall vote **FOR** management proposals except in such cases as indicated below. The Funds shall consider auditor ratification and/or remuneration on a **CASE-BY-CASE** basis if:

The Funds shall vote **AGAINST** auditor ratification and/or remuneration if:

&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Advisory Firm raises questions of auditor independence or disclosure including the auditor selection process;

&nbsp;&nbsp;&nbsp;&nbsp;• Total fees for non-audit services exceed 50 percent of aggregated auditor fees (including audit-related fees, and tax compliance and preparation fees as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;• Evidence exists of excessive compensation relative to the size and nature of the issuer.

The Funds shall vote **AGAINST** an auditor ratification and/or remuneration proposal if the issuer has failed to disclose audit fees.

The Funds shall vote **FOR** shareholder proposals that ask the issuer to present its auditor for ratification annually.

**Auditor Independence**

The Funds shall consider shareholder proposals asking issuers to prohibit their auditors from engaging in non-audit services (or capping the level of non-audit services) on a **CASE-BY-CASE** basis.

**Audit Firm Rotation**

The Funds shall vote **AGAINST** shareholder proposals asking for mandatory audit firm rotation.

**Indemnification of Auditors**

The Funds shall vote **AGAINST** auditor indemnification proposals.

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**Independent Statutory Auditors (*<u>Japan</u>*)**

The Funds shall vote **AGAINST** an independent statutory auditor proposal if the candidate is or was affiliated with the issuer, its primary bank(s), or one of its top shareholders.

The Funds shall vote **AGAINST** incumbent directors implicated in scandals, malfeasance, or at issuers exhibiting poor internal controls.

**<u>4- Shareholder Rights and Defenses</u>**

**Advance Notice for Shareholder Proposals**

The Funds shall vote **FOR** management proposals relating to advance notice period requirements provided that the period requested is in accordance with applicable law and no material governance concerns have arisen regarding the issuer.

**Corporate Documents / Article and Bylaw Amendments or Related Director Actions**

The Funds shall vote **FOR** such proposal if the change or policy is editorial in nature or if shareholder rights are protected.

The Funds shall vote **AGAINST** such proposal if it seeks to impose a negative impact on shareholder rights or diminishes accountability to shareholders including cases in which the issuer failed to opt out of a law that affects shareholder rights (*e.g.,* staggered board).

The Funds shall, with respect to article amendments for *<u>Japanese</u>* issuers:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend an issuer's articles to expand its business lines in line with its current industry;

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** management proposals to amend an issuer's articles to provide for an expansion or reduction in the size of the board unless the expansion/reduction is clearly disproportionate to the growth/decrease in the scale of the business or raises anti-takeover concerns;

&nbsp;&nbsp;&nbsp;&nbsp;• If anti-takeover concerns exist, the Funds shall vote **AGAINST** management proposals including bundled proposals to amend an issuer's articles to authorize the Board to vary the annual meeting record date or to otherwise align them with provisions of a takeover defense; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Follow the Proxy Advisory Firm's guidelines relating to management proposals regarding amendments to authorize share repurchases at the board's discretion, and vote **AGAINST** proposals unless there is little to no likelihood of a creeping takeover or constraints on liquidity (free float of shares is low) and in cases in which the issuer trades at below book value or faces a real likelihood of substantial share sales, or in which this amendment is bundled with other amendments that are clearly in shareholders' interest.

**Majority Voting Standard**

The Funds shall vote **FOR** proposals that seek director election via an affirmative majority vote in connection with a shareholder meeting provided such vote contains a plurality carve-out for contested elections and provided such standard does not conflict with applicable law in the issuer's country of incorporation.

The Funds shall vote **FOR** amendments to corporate documents or other actions promoting a majority standard.

**Cumulative Voting**

The Funds shall vote **FOR** shareholder proposals to restore or permit cumulative voting.

The Funds shall vote **AGAINST** management proposals to eliminate cumulative voting if the issuer:

&nbsp;&nbsp;&nbsp;&nbsp;• Is controlled;

&nbsp;&nbsp;&nbsp;&nbsp;• Maintains a classified board of directors; or

&nbsp;&nbsp;&nbsp;&nbsp;• Maintains a dual class voting structure.

Proposals may be supported irrespective of classified board status if an issuer plans to declassify its board or adopt a majority voting standard.

**Confidential Voting**

The Funds shall vote **FOR** management proposals to adopt confidential voting.

The Funds shall vote **FOR** shareholder proposals that request issuers to adopt confidential voting, use independent tabulators, and use independent election inspectors so long as the proposals include clauses for proxy contests as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• In the case of a contested election management should be permitted to request that the dissident group honors its confidential voting policy;

&nbsp;&nbsp;&nbsp;&nbsp;• If the dissidents agree the policy shall remain in place; and

&nbsp;&nbsp;&nbsp;&nbsp;• If the dissidents do not agree the confidential voting policy shall be waived.

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**Fair Price Provisions**

The Funds shall consider proposals to adopt fair price provisions on a **CASE-BY-CASE** basis.

The Funds shall vote **AGAINST** fair price provisions containing shareholder vote requirements greater than a majority of disinterested shares.

**Poison Pills**

The Funds shall vote **AGAINST** management proposals in connection with poison pills or anti-takeover activities (e.g., disclosure requirements or issuances, transfers, or repurchases) that can be reasonably construed as an anti-takeover measure based on the Proxy Advisory Firm's approach to evaluating such proposals.

The Funds shall vote **FOR** shareholder proposals that ask an issuer to submit its poison pill for shareholder ratification or to redeem that poison pill in lieu thereof, unless:

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders have approved the plan's adoption;

&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has already implemented a policy that should reasonably prevent abusive use of the poison pill; or

&nbsp;&nbsp;&nbsp;&nbsp;• The board had determined that it was in the best interest of shareholders to adopt a poison pill without delay, provided that such plan shall be put to shareholder vote within twelve months of adoption or expire and would immediately terminate if not approved by a majority of the votes cast.

The Funds shall consider shareholder proposals to redeem an issuer's poison pill on a **CASE-BY-CASE** basis.

**Proxy Access**

The Funds shall vote **FOR** proposals to allow shareholders to nominate directors and list those nominees in the issuer's proxy statement and on its proxy card, provided that criteria meet the Funds' internal thresholds and that such standard does not conflict with applicable law in the country in which the issuer is incorporated. The Funds shall consider shareholder and management proposals that appear on the same agenda on a **CASE-BY-CASE** basis.

The Funds shall vote **FOR** management proposals also supported by the Proxy Advisory Firm.

**Quorum Requirements**

The Funds shall consider on a **CASE-BY-CASE** basis proposals to lower quorum requirements for shareholder meetings below a majority of the shares outstanding.

**Exclusive Forum**

The Funds shall vote **FOR** management proposals to designate Delaware or New York as the exclusive forum for certain legal actions as defined by the issuer ("Exclusive Forum") if the issuer's state of incorporation is the same as its proposed Exclusive Forum, otherwise they shall consider such proposals on a **CASE-BY-CASE** basis.

**Reincorporation Proposals**

The Funds shall consider proposals to change an issuer's state of incorporation on a **CASE-BY-CASE** basis.

The Funds shall vote **FOR** management proposals not assessed as:

&nbsp;&nbsp;&nbsp;&nbsp;• A potential takeover defense; or

&nbsp;&nbsp;&nbsp;&nbsp;• A significant reduction of minority shareholder rights that outweigh the aggregate positive impact, but if assessed as such the Funds shall consider management's rationale for the change.

The Funds shall vote **FOR** management reincorporation proposals upon which another key proposal, such as a merger transaction, is contingent if the other key proposal is also supported.

The Funds shall vote **AGAINST** shareholder reincorporation proposals not supported by the issuer.

**Shareholder Advisory Committees**

The Funds shall consider proposals to establish a shareholder advisory committee on a **CASE-BY-CASE**

basis.

**Right to Call Special Meetings**

The Funds shall vote **FOR** management proposals to permit shareholders to call special meetings.

The Funds shall consider management proposals to adjust the thresholds applicable to call a special meeting on a **CASE-BY-CASE** basis.

The Funds shall vote **FOR** shareholder proposals that provide shareholders with the ability to call special meetings when any of the following apply:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Company does not currently permit shareholders to do so;

&nbsp;&nbsp;&nbsp;&nbsp;• Existing ownership threshold is greater than 25 percent; or

&nbsp;&nbsp;&nbsp;&nbsp;• Sole concern relates to a net-long position requirement. Written Consent

The Funds shall vote **AGAINST** shareholder proposals seeking the right to act via written consent if the issuer:

&nbsp;&nbsp;&nbsp;&nbsp;• Permits shareholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;• Does not impose supermajority vote requirements on business combinations/actions (e.g., a merger or acquisition) and on bylaw or charter amendments; and

&nbsp;&nbsp;&nbsp;&nbsp;• Has otherwise demonstrated its accountability to shareholders (e.g., the issuer has reasonably addressed majority-supported shareholder proposals).

The Funds shall vote **FOR** shareholder proposals seeking the right to act via written consent if the above conditions are not present.

The Funds shall vote **AGAINST** management proposals to eliminate the right to act via written consent. State Takeover Statutes

The Funds shall consider proposals to opt-in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freeze-out provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, anti-greenmail provisions, and disgorgement provisions) on a **CASE-BY-CASE** basis.

**Supermajority Shareholder Vote Requirement**

The Funds shall vote **AGAINST** proposals to require a supermajority shareholder vote and **FOR** proposals to lower supermajority shareholder vote requirements, except:

The Funds shall consider such proposals on a **CASE-BY-CASE** basis if the issuer has shareholder(s) holding significant ownership percentages and retaining existing supermajority requirements would protect minority shareholder interests.

**Time-Phased Voting**

The Funds shall vote **AGAINST** proposals to implement and **FOR** proposals to eliminate time-phased or other forms of voting that do not promote a "one share, one vote" standard.

**5- <u>Capital and Restructuring</u>**

The Funds shall consider management proposals to make changes to the capital structure not otherwise addressed under these Guidelines, on a **CASE-BY-CASE** basis, voting with the Proxy Advisory Firm's recommendation unless they utilize a contrary recommendation from the relevant Investment Professional(s).

The Funds shall vote **AGAINST** proposals authorizing excessive board discretion.

**<u>Capital</u>**

**Common Stock Authorization**

The Funds shall consider proposals to increase the number of shares of common stock authorized for issuance on a **CASE-BY-CASE** basis. The Proxy Advisory Firm's proprietary approach of determining appropriate thresholds shall be utilized in evaluating such proposals. In cases in which such requests are above the allowable threshold the Funds shall utilize an issuer-specific qualitative review (e.g., considering rationale and prudent historical usage).

The Funds shall vote **FOR** proposals within the Proxy Advisory Firm's permissible thresholds or those in excess of but meeting Proxy Advisory Firm's qualitative standards, to authorize capital increases, unless the issuer states that the additionally issued stock may be used as a takeover defense.

The Funds shall vote **FOR** proposals to authorize capital increases exceeding the Proxy Advisory Firm's thresholds when an issuer's shares are at risk of delisting.

Notwithstanding the above, the Funds shall vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to increase the number of authorized shares of a class of stock if these Guidelines do not support the issuance which the increase is intended to service (e.g., merger or acquisition proposals).

**Dual Class Capital Structures** 

The Funds shall vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to create or perpetuate dual class capital structures with unequal voting rights (e.g., exchange offers, conversions, and recapitalizations) unless supported by the Proxy Advisory Firm (e.g., utilize a "one share, one vote" standard, contain a sunset provision of seven or fewer years to avert bankruptcy or generate non-dilutive financing, or are not designed to increase the voting power of an insider or significant shareholder).

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to increase the number of authorized shares of the class of stock that has superior voting rights in issuers that have dual-class capital structures.

------

The Funds shall vote **FOR** proposals to eliminate dual-class capital structures.

**General Share Issuances / Increases in Authorized Capital**

The Funds shall consider specific issuance requests on a **CASE-BY-CASE** basis based on the proposed use and the issuer's rationale.

The Proxy Advisory Firm's assessment shall govern Fund voting decisions to determine support for requests for general issuances (with or without preemptive rights), authorized capital increases, convertible bonds issuances, warrants issuances, or related requests to repurchase and reissue shares.

**Preemptive Rights**

The Funds shall consider shareholder proposals that seek preemptive rights or management proposals that seek to eliminate them on a **CASE-BY-CASE** basis. In evaluating proposals on preemptive rights, the Funds shall consider an issuer's size and shareholder base characteristics.

**Adjustments to Par Value of Common Stock**

The Funds shall vote **FOR** management proposals to reduce the par value of common stock unless doing so raises other concerns not otherwise supported under these Guidelines.

**Preferred Stock**

Utilize the Proxy Advisory Firm's approach for evaluating issuances or authorizations of preferred stock considering the Proxy Advisory Firm's support of special circumstances such as mergers or acquisitions in addition to the following criteria:

The Funds shall consider on a **CASE-BY-CASE** basis proposals to increase the number of shares of "blank check" preferred shares or preferred stock authorized for issuance. This approach incorporates both qualitative and quantitative measures including a review of:

&nbsp;&nbsp;&nbsp;&nbsp;• Past performance (*e.g.,* board governance, shareholder returns, and historical share usage); and

&nbsp;&nbsp;&nbsp;&nbsp;• The current request (*e.g.,* rationale, whether shares are "blank check" and "declawed", and dilutive impact as determined through the Proxy Advisory Firm's model for assessing appropriate thresholds).

The Funds shall vote **AGAINST** proposals authorizing issuance of preferred stock or creation of new classes of preferred stock having unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock).

The Funds shall vote **FOR** proposals to issue or create "blank check" preferred stock in cases in which the issuer expressly states that the stock shall not be used as a takeover defense or not utilize a disparate voting rights structure.

The Funds shall vote **AGAINST** in cases in which the issuer expressly states that, or fails to disclose whether, the stock may be used as a takeover defense.

The Funds shall vote **FOR** proposals to authorize or issue preferred stock in cases in which the issuer specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

**Preferred Stock (International)**

Fund voting decisions should generally be based on the Proxy Advisory Firm's approach, and the Funds shall:

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** the creation of a new class of preferred stock or issuances of preferred stock up to 50 percent of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **FOR** the creation/issuance of convertible preferred stock so long as the maximum number of common shares that could be issued upon conversion meets the Proxy Advisory Firm's guidelines on equity issuance requests; and

&nbsp;&nbsp;&nbsp;&nbsp;• Vote **AGAINST** the creation of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) A new class of preference shares that would carry superior voting rights to common shares; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Blank check" preferred stock unless the board states that the authorization shall not be used to thwart a takeover bid.

**Shareholder Proposals Regarding Blank Check Preferred Stock**

The Funds shall vote **FOR** shareholder proposals requesting shareholder ratification of "blank check" preferred stock placements other than those shares issued for the purpose of raising capital or making acquisitions in the normal course of business.

**Share Repurchase Programs**

The Funds shall vote **FOR** management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms but vote **AGAINST** plans containing terms favoring selected parties.

The Funds shall vote **FOR** management proposals to cancel repurchased shares.

The Funds shall vote **AGAINST** proposals for share repurchase methods lacking adequate risk mitigation or exceeding appropriate market volume or duration parameters.

------

The Funds shall consider shareholder proposals seeking share repurchase programs on a **CASE-BY- CASE** basis giving primary consideration to input from the relevant Investment Professional(s).

**Stock Distributions: Splits and Dividends**

The Funds shall vote **FOR** management proposals to increase common share authorization for a stock split provided that the increase in authorized shares falls within the Proxy Advisory Firm's allowable thresholds.

**Reverse Stock Splits**

The Funds shall consider management proposals to implement a reverse stock split on a **CASE-BY-CASE** considering management's rationale and/or disclosure if the split constitutes a capital increase that effectively exceeds the Proxy Advisory Firm's permissible threshold due to the lack of a proportionate reduction in the number of shares authorized.

**Allocation of Income and Dividends**

With respect to *<u>Japanese</u>* and *<u>South Korean</u>* issuers, the Funds shall consider management proposals concerning income allocation and the dividend distribution, including adjustments to reserves to make capital available for such purposes, on a **CASE-BY-CASE** basis voting with the Proxy Advisory Firm's recommendations to oppose such proposals for cases in which:

&nbsp;&nbsp;&nbsp;&nbsp;• The dividend payout ratio has been consistently below 30 percent without adequate explanation; or

&nbsp;&nbsp;&nbsp;&nbsp;• The payout is excessive given the issuer's financial position.

The Funds shall vote **FOR** such issuer management proposals *<u>in other markets</u>*.

The Funds shall vote **AGAINST** proposals in which issuers seek to establish or maintain disparate dividend distributions between stockholders of the same share class (*e.g.,* long-term stockholders receiving a higher dividend ratio ("Loyalty Dividends")).

*<u>In any market</u>*, in the event multiple proposals regarding dividends are on the same agenda the Funds shall vote **FOR** the management proposal if the proposal meets the support conditions described above and shall vote **AGAINST** the shareholder proposal; otherwise, the Funds shall consider such proposals on a **CASE-BY-CASE** basis.

**Stock (Scrip) Dividend Alternatives**

The Funds shall vote **FOR** most stock (scrip) dividend proposals but vote **AGAINST** proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Tracking Stock**

The Funds shall consider the creation of tracking stock on a **CASE-BY-CASE** basis giving primary consideration to the input from relevant Investment Professional(s).

**Capitalization of Reserves**

The Funds shall vote **FOR** proposals to capitalize the issuer's reserves for bonus issues of shares or to increase the par value of shares unless the Proxy Advisory Firm raises concerns not otherwise supported under these Guidelines.

**Debt Instruments and Issuance Requests (*<u>International</u>*)**

The Funds shall vote **AGAINST** proposals authorizing excessive board discretion to issue or set terms for debt instruments (e.g., commercial paper).

The Funds shall vote **FOR** debt issuances for issuers when the gearing level (current debt-to-equity ratio) does not exceed the Proxy Advisory Firm's defined thresholds.

The Funds shall vote **AGAINST** proposals in which the debt issuance will result in an excessive gearing level as set forth in the Proxy Advisory Firm's defined thresholds, or for which inadequate disclosure precludes calculation of the gearing level, unless the Proxy Advisory Firm's approach to evaluating such requests results in support of the proposal.

**Acceptance of Deposits (*<u>India</u>*)**

Fund voting decisions are based on the Proxy Advisory Firm's approach to evaluating such proposals.

**Debt Restructurings**

The Funds shall consider proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a **CASE-BY-CASE** basis.

**Financing Plans**

The Funds shall vote **FOR** the adoption of financing plans if they are in shareholders' best economic interests.

------

**Investment of Company Reserves (*International*)**

The Funds shall consider such proposals on a **CASE-BY-CASE** basis.

**<u>Restructuring</u>**

**Mergers and Acquisitions, Special Purpose Acquisition Corporations (SPACs) and Corporate Restructurings**

The Funds shall vote **FOR** a proposal not typically supported under these Guidelines if a key proposal such as a merger transaction is contingent upon its support and a vote **FOR** is recommended by the Proxy Advisory Firm or relevant Investment Professional(s).

The Funds shall consider such proposals on a **CASE-BY-CASE** basis based on the Proxy Advisory Firm's evaluation approach if the relevant Investment Professional(s) do not provide input with regard thereto.

**Waiver on Tender-Bid Requirement**

The Funds shall consider proposals on a **CASE-BY-CASE** basis if seeking a waiver for a major shareholder or concert party from the requirement to make a buyout offer to minority shareholders, voting **FOR** when little concern of a creeping takeover exists, and the issuer has provided a reasonable rationale for the request.

**Related Party Transactions**

The Funds shall vote **FOR** approval of such transactions, unless the agreement requests a strategic move outside the issuer's charter, contains unfavorable or high-risk terms (e.g., deposits without security interest or guaranty), or is deemed likely to have a negative impact on director or related party independence.

**6- <u>Environmental and Social Issues</u>**

**Environmental and Social Proposals**

Institutional shareholders now routinely scrutinize shareholder proposals regarding environmental and social matters. Accordingly, in addition to governance risks and opportunities, issuers should also assess their environmental and social risks and opportunities as they pertain to stakeholders including their employees, shareholders, communities, suppliers, and customers.

Issuers should adequately disclose how they evaluate and mitigate such material risks in order to allow shareholders to assess how well the issuers mitigate and leverage their social and environmental risks and opportunities. Issuers should adopt disclosure methodologies considering recommendations from the Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), or Global Reporting Initiative (GRI) to foster uniform disclosure and to allow shareholders to assess risks across issuers.

Accordingly, the Funds shall vote **FOR** proposals related to environmental, sustainability and corporate social responsibility if the issuer's disclosure and/or its management of the issue(s) appears inadequate relative to its peers and if the proposal:

&nbsp;&nbsp;&nbsp;&nbsp;• applies to the issuer's business,

&nbsp;&nbsp;&nbsp;&nbsp;• enhances long-term shareholder value,

&nbsp;&nbsp;&nbsp;&nbsp;• requests more transparency and commitment to improve the issuer's environmental and/or social risks,

&nbsp;&nbsp;&nbsp;&nbsp;• aims to benefit the issuer's stakeholders,

&nbsp;&nbsp;&nbsp;&nbsp;• is reasonable and not unduly onerous or costly, or

&nbsp;&nbsp;&nbsp;&nbsp;• is not requesting data that is primarily duplicative to data the issuer already publicly provides.

**Environmental**

The Funds shall vote **FOR** proposals relating to environmental impact that reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;• aim to reduce negative environmental impact, including the reduction of greenhouse gas emissions and other contributing factors to global climate change; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• request disclosure relating to how the issuer addresses its climate impact.

**Social**

The Funds shall vote **FOR** proposals relating to corporate social responsibility that request disclosure of how the issuer manages its:

&nbsp;&nbsp;&nbsp;&nbsp;• employee and board diversity; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• human capital management, human rights, and supply chain risks.

**Approval of Donations**

The Funds shall vote **FOR** proposals if they are for single- or multi-year authorities and prior disclosure of amounts is provided. The Funds shall otherwise vote **AGAINST** such proposals.

------

**7- <u>Routine/Miscellaneous</u>**

**Routine Management Proposals**

The Funds shall consider proposals for which the Proxy Advisory Firm recommends voting **AGAINST** on a

**CASE-BY-CASE** basis.

**Authority to Call Shareholder Meetings on Less than 21 Days' Notice**

For issuers in the *<u>United Kingdom</u>*, the Funds shall consider such proposals on a **CASE-BY-CASE** basis assessing whether the issuer has provided clear disclosure of its compliance with any hurdle conditions for authority imposed by applicable law and has historically limited its use of such authority to time-sensitive matters.

**Approval of Financial Statements and Director and Auditor Reports**

The Funds shall vote **AGAINST** such proposals if concerns exist regarding inadequate disclosure, remuneration arrangements (including severance/termination payments exceeding local standards for multiples of annual compensation), or consulting agreements with non-executive directors.

The Funds shall consider such proposals on a **CASE-BY-CASE** basis if other concerns exist regarding severance/termination payments.

The Funds shall vote **AGAINST** such proposals if concerns exist regarding the issuer's financial accounts and reporting, including related party transactions.

The Funds shall vote **AGAINST** board-issued reports receiving a negative recommendation from the Proxy Advisory Firm resulting from concerns regarding board independence or inclusion of non-independent directors on the audit committee.

The Funds shall vote **FOR** such proposals if the only reason for a negative Proxy Advisory Firm recommendation is to express disapproval of broader issuer or board practices.

**Other Business**

The Funds shall vote **AGAINST** proposals for Other Business.

**Adjournment**

The Funds shall vote **FOR** when presented with a primary proposal such as a merger or corporate restructuring that is also supported.

The Funds shall vote **AGAINST** when not presented with a primary proposal, such as a merger, and a proposal on the ballot is opposed.

The Funds shall consider other circumstances on a **CASE-BY-CASE** basis.

**Changing Corporate Name**

The Funds shall vote **FOR** management proposals requesting a corporate name change. Multiple Proposals

The Funds may vote **FOR** multiple proposals of a similar nature presented as options to the issuer management's favored course of action, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;• Support for a single proposal is not operationally required;

&nbsp;&nbsp;&nbsp;&nbsp;• No single proposal is deemed superior in the interest of the Fund(s); and

&nbsp;&nbsp;&nbsp;&nbsp;• Each proposal would otherwise be supported under these Guidelines.

The Funds shall vote **AGAINST** any proposals that would otherwise be opposed under these Guidelines.

**Bundled Proposals**

The Funds shall vote **FOR** such proposals if all of the bundled items are supported under these Guidelines.

The Funds shall consider such proposals on a **CASE-BY-CASE** basis if one or more items are not supported under these Guidelines and/or the Proxy Advisory Firm deems the negative impact, on balance, to outweigh any positive impact.

**Moot Proposals**

This instruction pertains to items for which support has become moot (e.g., a director for whom support has become moot since the time the individual was nominated (e.g., due to death, disqualification, or determination not to accept appointment)); the Funds shall **WITHHOLD** support if the Proxy Advisory Firm recommends that course of action.

**8- <u>Investment Companies Registered Under the Investment Company Act of 1940</u>**

Investment companies registered under the Investment Company Act of 1940 (Investment Companies) generally have different matters requiring shareholder approval and are subject to different regulatory requirements than operating issuers. Accordingly, the Funds shall consider matters related to Investment Companies on a **CASE-BY-CASE** basis.

------

**PART C.**

**OTHER INFORMATION**

**Item 28. Exhibits** 

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| | |
|:---|:---|
| 28 (a)(1) | &nbsp;&nbsp; [<u>Amended and Restated Declaration of Trust for ING Equity Trust (the "Trust"), dated February 25, 2003 (the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99waw1.txt)<br> [<u>"Declaration of Trust") – Filed as an Exhibit to Post-Effective Amendment No. 43 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99waw1.txt)<br> [<u>Registration Statement on September 30, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99waw1.txt)<br>|
| 28 (a)(2) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa12.txt)<br> [<u>dated April 21, 2003 (establish ING Principal Protection Fund VIII) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa12.txt)<br> [<u>Amendment No. 46 to the Trust's Form N-1A Registration Statement on January 9, 2004 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa12.txt)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa12.txt)<br>|
| 28 (a)(3) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective June 2, 2003</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa13.txt)<br> [<u>(redesignation of ING Research Enhanced Index Fund to ING Disciplined LargeCap Fund) – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa13.txt)<br> [<u>to Post-Effective Amendment No. 46 to the Trust's Form N-1A Registration Statement on January 9, 2004 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa13.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa13.txt)<br>|
| 28 (a)(4) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa17.txt)<br> [<u>dated November 1, 2003 (establish ING Principal Protection Fund IX) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa17.txt)<br> [<u>Amendment No. 46 to the Trust's Form N-1A Registration Statement on January 9, 2004 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa17.txt)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wa17.txt)<br>|
| 28 (a)(5) | &nbsp;&nbsp; [<u>Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx17y.txt)<br> [<u>$0.01 Per Share, dated January 20, 2004 (establish ING Principal Protection Fund X) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx17y.txt)<br> [<u>Post-Effective Amendment No. 50 to the Trust's Form N-1A Registration Statement on April 5, 2004 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx17y.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx17y.txt)<br>|
| 28 (a)(6) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wa18.txt)<br> [<u>effective November 11, 2003 (establish ING LargeCap Value Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wa18.txt)<br> [<u>Amendment No. 49 to the Trust's Form N-1A Registration Statement on January 27, 2004 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wa18.txt)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wa18.txt)<br>|
| 28 (a)(7) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx18yxiy.txt)<br> [<u>Per Share, effective November 11, 2003 (abolish Class Q shares from ING Principal Protection Fund VIII and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx18yxiy.txt)<br> [<u>ING Disciplined LargeCap Fund) – Filed as an Exhibit to Post-Effective Amendment No. 50 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx18yxiy.txt)<br> [<u>N-1A Registration Statement on April 5, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404001456/p68657a2exv99wxayx18yxiy.txt)<br>|
| 28 (a)(8) | &nbsp;&nbsp; [<u>Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001124/p69012a1exv99waw19.txt)<br> [<u>$0.01 Per Share, dated February 25, 2004 (establish ING Principal Protection Fund XI) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001124/p69012a1exv99waw19.txt)<br> [<u>Post-Effective Amendment No. 52 to the Trust's Form N-1A Registration Statement on May 7, 2004 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001124/p69012a1exv99waw19.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001124/p69012a1exv99waw19.txt)<br>|
| 28 (a)(9) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wa20.txt)<br> [<u>Per Share, effective June 15, 2004 (establish Class O shares for ING Financial Services Fund and ING Real</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wa20.txt)<br> [<u>Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 54 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wa20.txt)<br> [<u>Statement on June 14, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wa20.txt)<br>|
| 28 (a)(10) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br> [<u>Per Share, effective August 25, 2003 (abolish Class Q shares from ING Principal Protection Fund VII) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br> [<u>an Exhibit to Post-Effective Amendment No. 58 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br> [<u>September 27, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax10y.txt)<br>|
| 28 (a)(11) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax11y.txt)<br> [<u>Per Share, effective September 2, 2003 (abolish Class Q shares from ING Principal Protection Fund V) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax11y.txt)<br> [<u>an Exhibit to Post-Effective Amendment No. 58 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax11y.txt)<br> [<u>September 27, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax11y.txt)<br>|
| 28 (a)(12) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated October 16, 2003 (abolish ING Large Company Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax12y.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 58 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax12y.txt)<br> [<u>Statement on September 27, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax12y.txt)<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(13) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated April 17, 2004 (abolish ING Growth Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax13y.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 58 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax13y.txt)<br> [<u>Statement on September 27, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax13y.txt)<br>|
| 28 (a)(14) | &nbsp;&nbsp; [<u>Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax14y.txt)<br> [<u>$0.01 Per Share, dated September 2, 2004 (establish ING Principal Protection Fund XII) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax14y.txt)<br> [<u>Post-Effective Amendment No. 58 to the Trust's Form N-1A Registration Statement on September 27, 2004 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax14y.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304002121/p69309b1exv99wax14y.txt)<br>|
| 28 (a)(15) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Tax Efficient Equity Fund), effective September 3, 2004 –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005622/p69719a2exv99wa15.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 61 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005622/p69719a2exv99wa15.txt)<br> [<u>November 12, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005622/p69719a2exv99wa15.txt)<br>|
| 28 (a)(16) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa16.txt)<br> [<u>effective January 31, 2005 (establish ING MidCap Value Choice Fund and ING SmallCap Value Choice Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa16.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 63 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa16.txt)<br> [<u>January 25, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa16.txt)<br>|
| 28 (a)(17) | &nbsp;&nbsp; [<u>Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa17.txt)<br> [<u>$0.01 Per Share, dated January 17, 2005 (establish ING Principal Protection Fund XIII) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa17.txt)<br> [<u>Post-Effective Amendment No. 63 to the Trust's Form N-1A Registration Statement on January 25, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa17.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa17.txt)<br>|
| 28 (a)(18) | &nbsp;&nbsp; [<u>Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa18.txt)<br> [<u>$0.01 Per Share, dated February 1, 2005 (establish ING Principal Protection Fund XIV) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa18.txt)<br> [<u>Post-Effective Amendment No. 63 to the Trust's Form N-1A Registration Statement on January 25, 2005 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa18.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wa18.txt)<br>|
| 28 (a)(19) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxayx19y.txt)<br> [<u>Per Share, effective April 29, 2005 (establish Class I shares for ING MidCap Value Choice Fund and ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxayx19y.txt)<br> [<u>SmallCap Value Choice Fund) – Filed as an Exhibit to Post-Effective Amendment No. 65 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxayx19y.txt)<br> [<u>N-1A Registration Statement on April 28, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxayx19y.txt)<br>|
| 28 (a)(20) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99waw20.txt)<br> [<u>effective December 12, 2005 (establish ING Fundamental Research Fund and ING Opportunistic LargeCap Fund)</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99waw20.txt)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 70 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99waw20.txt)<br> [<u>December 23, 2005 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99waw20.txt).<br>|
| 28 (a)(21) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated March 30, 2006 (abolish ING Equity and Bond Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx21y.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 73 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx21y.txt)<br> [<u>September 22, 2006 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx21y.txt)<br>|
| 28 (a)(22) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx22y.txt)<br> [<u>Per Share, effective June 6, 2006 (abolish Class Q shares from ING Principal Protection Fund II, ING Principal</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx22y.txt)<br> [<u>Protection Fund III, and ING Principal Protection Fund VI) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx22y.txt)<br> [<u>No. 73 to the Trust's Form N-1A Registration Statement on September 22, 2006 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx22y.txt)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002402/p72614bexv99wxayx22y.txt)<br>|
| 28 (a)(23) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective October 12, 2006</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002506/p72753bexv99wxayx23y.txt)<br> [<u>(redesignation of ING Principal Protection Fund to ING Index Plus LargeCap Equity Fund) – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002506/p72753bexv99wxayx23y.txt)<br> [<u>to Post-Effective Amendment No. 74 to the Trust's Form N-1A Registration Statement on October 10, 2006 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002506/p72753bexv99wxayx23y.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015306002506/p72753bexv99wxayx23y.txt)<br>|
| 28 (a)(24) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated October 24, 2006 (abolish ING Convertible Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a24.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 79 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a24.txt)<br> [<u>July 26, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a24.txt)<br>|
| 28 (a)(25) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective December 15, 2006</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a25.txt)<br> [<u>(redesignation of ING MidCap Value Choice Fund to ING Value Choice Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a25.txt)<br> [<u>Post-Effective Amendment No. 79 to the Trust's Form N-1A Registration Statement on July 26, 2007 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a25.txt)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a25.txt)<br>|

---

------

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| | |
|:---|:---|
| 28 (a)(26) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective February 1, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a26.txt)<br> [<u>(redesignation of ING Principal Protection Fund II to ING Index Plus LargeCap Equity Fund II) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a26.txt)<br> [<u>Exhibit to Post-Effective Amendment No. 79 to the Trust's Form N-1A Registration Statement on July 26, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a26.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a26.txt)<br>|
| 28 (a)(27) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated March 12, 2007 (abolish ING Disciplined Large Cap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a27.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 79 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a27.txt)<br> [<u>Statement on July 26, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a27.txt)<br>|
| 28 (a)(28) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated May 30, 2007 (abolish ING MidCap Value Fund and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a28.txt)<br> [<u>ING SmallCap Value Fund) – Filed as an Exhibit to Post-Effective Amendment No. 79 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a28.txt)<br> [<u>Registration Statement on July 26, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a28.txt)<br>|
| 28 (a)(29) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective June 6, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a29.txt)<br> [<u>(redesignation of ING Principal Protection Fund III to ING Index Plus LargeCap Equity Fund III) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a29.txt)<br> [<u>Exhibit to Post-Effective Amendment No. 79 to the Trust's Form N-1A Registration Statement on July 26, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a29.txt)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507163162/dex99a29.txt)<br>|
| 28 (a)(30) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated October 19, 2004 (abolish ING Tax Efficient Equity</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507209031/dex99a30.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 82 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507209031/dex99a30.txt)<br> [<u>Statement on September 27, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507209031/dex99a30.txt)<br>|
| 28 (a)(31) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective October 9, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465907073244/a07-21022_4ex99dba31.htm)<br> [<u>(redesignation of ING Principal Protection Fund IV to ING Index Plus LargeCap Equity Fund IV) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465907073244/a07-21022_4ex99dba31.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 83 to the Trust's Form N-1A Registration Statement on October 4, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465907073244/a07-21022_4ex99dba31.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465907073244/a07-21022_4ex99dba31.htm)<br>|
| 28 (a)(32) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxayx32y.htm)<br> [<u>effective November 19, 2007 (establish ING Equity Dividend Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxayx32y.htm)<br> [<u>Amendment No. 86 to the Trust's Form N-1A Registration Statement on December 3, 2007 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxayx32y.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxayx32y.htm)<br>|
| 28 (a)(33) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99a33.htm)<br> [<u>Per Share, effective November 19, 2007 (establish Class W shares for ING LargeCap Value Fund, ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99a33.htm)<br> [<u>Opportunistic LargeCap Fund, ING Real Estate Fund, ING SmallCap Opportunities Fund, ING SmallCap Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99a33.htm)<br> [<u>Choice Fund, and ING Value Choice Fund) – Filed as an Exhibit to Post-Effective Amendment No. 87 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99a33.htm)<br> [<u>Trust's Form N-1A Registration Statement on December 14, 2007 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99a33.htm)<br>|
| 28 (a)(34) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective January 23, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908003871/a07-29816_3ex99dba34.htm)<br> [<u>(redesignation of ING Principal Protection Fund V to ING Index Plus LargeCap Equity Fund V) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908003871/a07-29816_3ex99dba34.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 88 to the Trust's Form N-1A Registration Statement on January 22,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908003871/a07-29816_3ex99dba34.htm)<br> [<u>2008 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908003871/a07-29816_3ex99dba34.htm)<br>|
| 28 (a)(35) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective April 23, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908026164/a08-10788_1ex99dba34.htm)<br> [<u>(redesignation of ING Principal Protection Fund VI to ING Index Plus LargeCap Equity Fund VI) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908026164/a08-10788_1ex99dba34.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 90 to the Trust's Form N-1A Registration Statement on April 23, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908026164/a08-10788_1ex99dba34.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908026164/a08-10788_1ex99dba34.htm)<br>|
| 28 (a)(36) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99a35.txt)<br> [<u>effective May 30, 2008 (establish Class O shares for ING MidCap Opportunities Fund and ING Value Choice</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99a35.txt)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 92 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99a35.txt)<br> [<u>Statement on June 4, 2008 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99a35.txt)<br>|
| 28 (a)(37) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective June 27, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908041539/a08-16655_1ex99dba36.htm)<br> [<u>(redesignation of ING Principal Protection Fund VII to ING Index Plus LargeCap Equity Fund VII) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908041539/a08-16655_1ex99dba36.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 93 to the Trust's Form N-1A Registration Statement on June 23, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908041539/a08-16655_1ex99dba36.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465908041539/a08-16655_1ex99dba36.htm)<br>|
| 28 (a)(38) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective December 23, 2008</u>](https://www.sec.gov/Archives/edgar/data/1063946/000141057808000008/a08-26331_5ex99dba38.htm)<br> [<u>(redesignation of ING Principal Protection Fund VIII to ING Index Plus LargeCap Equity Fund VIII) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1063946/000141057808000008/a08-26331_5ex99dba38.htm)<br> [<u>an Exhibit to Post-Effective Amendment No. 97 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000141057808000008/a08-26331_5ex99dba38.htm)<br> [<u>December 18, 2008 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000141057808000008/a08-26331_5ex99dba38.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(39) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective April 22, 2009</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909024398/a09-6141_1ex99dba39.htm)<br> [<u>(redesignation of ING Principal Protection Fund IX to ING Index Plus LargeCap Equity Fund IX) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909024398/a09-6141_1ex99dba39.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 99 to the Trust's Form N-1A Registration Statement on April 15, 2009</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909024398/a09-6141_1ex99dba39.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909024398/a09-6141_1ex99dba39.htm)<br>|
| 28 (a)(40) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dba40.htm)<br> [<u>Per Share, effective June 1, 2009 (establish Class W shares for ING Equity Dividend Fund and ING MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dba40.htm)<br> [<u>Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 100 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dba40.htm)<br> [<u>Registration Statement on May 29, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dba40.htm)<br>|
| 28 (a)(41) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Index Plus LargeCap Equity Fund VIII), effective July 13,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba41.htm)<br> [<u>2009 – Filed as an Exhibit to Post-Effective Amendment No. 103 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba41.htm)<br> [<u>Statement on August 14, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba41.htm)<br>|
| 28 (a)(42) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Index Plus LargeCap Equity Fund IX), effective July 13, 2009</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba42.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 103 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba42.htm)<br> [<u>August 14, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909049958/a09-15931_1ex99dba42.htm)<br>|
| 28 (a)(43) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective August 17, 2009</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba43.htm)<br> [<u>(redesignation of ING Principal Protection Fund X to ING Index Plus LargeCap Equity Fund X) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba43.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration Statement on September 24,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba43.htm)<br> [<u>2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba43.htm)<br>|
| 28 (a)(44) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated September 14, 2009 (abolish ING Index Plus LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba44.htm)<br> [<u>Equity Fund VIII and ING Index Plus LargeCap Equity Fund IX) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba44.htm)<br> [<u>Amendment No. 106 to the Trust's Form N-1A Registration Statement on September 24, 2010 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba44.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba44.htm)<br>|
| 28 (a)(45) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dba44.htm)<br> [<u>Value $0.01 Per Share, effective September 30, 2009 (establish Class W shares for ING Growth Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dba44.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 104 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dba44.htm)<br> [<u>Statement on September 25, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dba44.htm)<br>|
| 28 (a)(46) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust, effective November 20, 2009 (amend Section 5.13 of the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba46.htm)<br> [<u>Declaration of Trust) – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba46.htm)<br> [<u>Registration Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba46.htm)<br>|
| 28 (a)(47) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba47.htm)<br> [<u>Per Share, effective December 7, 2009 (abolish Class Q shares from ING Growth Opportunities Fund, ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba47.htm)<br> [<u>MidCap Opportunities Fund, ING Real Estate Fund, and ING SmallCap Opportunities Fund) – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba47.htm)<br> [<u>to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration Statement on September 24, 2010</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba47.htm)<br> [<u>and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba47.htm)<br>|
| 28 (a)(48) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated February 8, 2010 (abolish ING SmallCap Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba48.htm)<br> [<u>Multi-Manager Fund) – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba48.htm)<br> [<u>Registration Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba48.htm)<br>|
| 28 (a)(49) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated March 25, 2010 (abolish ING Principal Protection Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba49.htm)<br> [<u>XIII and ING Principal Protection Fund XIV) – Filed as an Exhibit to Post-Effective Amendment No. 106 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba49.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba49.htm)<br>|
| 28 (a)(50) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Index Plus LargeCap Equity Fund X), effective September 14,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba50.htm)<br> [<u>2009 – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba50.htm)<br> [<u>Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba50.htm)<br>|
| 28 (a)(51) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Principal Protection Fund XI), effective September 14, 2009 –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba51.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba51.htm)<br> [<u>September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba51.htm)<br>|
| 28 (a)(52) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (ING Principal Protection Fund XII), effective December 1, 2009 –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba52.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba52.htm)<br> [<u>September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba52.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(53) | &nbsp;&nbsp; [<u>Plan of Recapitalization (recapitalization of Class Q shares as Class W shares for ING Growth Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba53.htm)<br> [<u>Fund, ING MidCap Opportunities Fund, ING Real Estate Fund, and ING SmallCap Opportunities Fund), effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba53.htm)<br> [<u>September 10, 2009 – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba53.htm)<br> [<u>Registration Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba53.htm)<br>|
| 28 (a)(54) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated June 28, 2010 (abolish ING Index Plus LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba54.htm)<br> [<u>Equity Fund X and ING Principal Protection Fund XI) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba54.htm)<br> [<u>106 to the Trust's Form N-1A Registration Statement on September 24, 2010 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba54.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba54.htm)<br>|
| 28 (a)(55) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated August 23, 2010 (abolish ING Opportunistic LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba55.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 106 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba55.htm)<br> [<u>Statement on September 24, 2010 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465910049899/a10-18286_1ex99dba55.htm)<br>|
| 28 (a)(56) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated January 2, 2011 (abolish ING Index Plus LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a56.htm)<br> [<u>Equity Fund X and ING Principal Protection Fund XI) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a56.htm)<br> [<u>109 to the Trust's Form N-1A Registration Statement on August 4, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a56.htm)<br>|
| 28 (a)(57) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a57.htm)<br> [<u>Per Share, effective July 1, 2011 (establish Class R shares for ING Equity Dividend Fund, ING MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a57.htm)<br> [<u>Opportunities Fund, ING Real Estate Fund, and ING Value Choice Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a57.htm)<br> [<u>Amendment No. 109 to the Trust's Form N-1A Registration Statement on August 4, 2011 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a57.htm)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a57.htm)<br>|
| 28 (a)(58) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a58.htm)<br> [<u>Value $0.01 Per Share, effective July 1, 2011 (establish Class R shares for ING Growth Opportunities Fund and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a58.htm)<br> [<u>ING SmallCap Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 109 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a58.htm)<br> [<u>Form N-1A Registration Statement on August 4, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-a58.htm)<br>|
| 28 (a)(59) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99a59.htm)<br> [<u>effective July 15, 2011 (establish ING Mid Cap Value Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99a59.htm)<br> [<u>No. 111 to the Trust's Form N-1A Registration Statement on September 27, 2011 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99a59.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99a59.htm)<br>|
| 28 (a)(60) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective May 18, 2012</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312512319544/d385238dex99a60.htm)<br> [<u>(redesignation of ING Equity Dividend Fund to ING Large Cap Value Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312512319544/d385238dex99a60.htm)<br> [<u>Post-Effective Amendment No. 113 to the Trust's Form N-1A Registration Statement on July 27, 2012 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312512319544/d385238dex99a60.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312512319544/d385238dex99a60.htm)<br>|
| 28 (a)(61) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99a61.htm)<br> [<u>Per Share, effective January 9, 2013 (establish Class O shares for ING Large Cap Value Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99a61.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 120 to the Trust's Form N-1A Registration Statement on January 25,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99a61.htm)<br> [<u>2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99a61.htm)<br>|
| 28 (a)(62) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Beneficial Interest, Par Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba62.htm)<br> [<u>$0.01 Per Share, effective May 22, 2013 (establish Class R6 shares for ING SmallCap Opportunities Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba62.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 126 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba62.htm)<br> [<u>May 31, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba62.htm)<br>|
| 28 (a)(63) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba63.htm)<br> [<u>Per Share, effective May 22, 2013 (establish Class R6 shares for ING Large Cap Value Fund and ING MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba63.htm)<br> [<u>Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 126 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba63.htm)<br> [<u>Registration Statement on May 31, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dba63.htm)<br>|
| 28 (a)(64) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective December 17, 2007</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa64.htm)<br> [<u>(redesignation of ING SmallCap Value Choice Fund to ING SmallCap Value Multi-Manager Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa64.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 129 to the Trust's Form N-1A Registration Statement on September 25,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa64.htm)<br> [<u>2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa64.htm)<br>|
| 28 (a)(65) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated September 29, 2008 (abolish ING LargeCap Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa65.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 129 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa65.htm)<br> [<u>Statement on September 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa65.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (a)(66) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated November 10, 2008 (abolish ING Index Plus LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa66.htm)<br> [<u>Equity Fund, ING Index Plus LargeCap Equity Fund II, ING Index Plus LargeCap Equity Fund III, ING Index</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa66.htm)<br> [<u>Plus LargeCap Equity Fund IV, ING Index Plus LargeCap Equity Fund V, ING Index Plus LargeCap Equity Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa66.htm)<br> [<u>VI, and ING Index Plus LargeCap Equity Fund VII) – Filed as an Exhibit to Post-Effective Amendment No. 129</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa66.htm)<br> [<u>to the Trust's Form N-1A Registration Statement on September 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa66.htm)<br>|
| 28 (a)(67) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective January 26, 2009</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa67.htm)<br> [<u>(redesignation of ING LargeCap Growth Fund to ING Growth Opportunities Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa67.htm)<br> [<u>Post-Effective Amendment No. 129 to the Trust's Form N-1A Registration Statement on September 25, 2013 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa67.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa67.htm)<br>|
| 28 (a)(68) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated February 9, 2009 (abolish ING Financial Services Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa68.htm)<br> [<u>and ING Fundamental Research Fund) – Filed as an Exhibit to Post-Effective Amendment No. 129 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa68.htm)<br> [<u>Form N-1A Registration Statement on September 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa68.htm)<br>|
| 28 (a)(69) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated January 3, 2011 (abolish ING Principal Protection Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa69.htm)<br> [<u>XII) – Filed as an Exhibit to Post-Effective Amendment No. 129 to the Trust's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa69.htm)<br> [<u>on September 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa69.htm)<br>|
| 28 (a)(70) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated July 15, 2013 (abolish ING Value Choice Fund) – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa70.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 129 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa70.htm)<br> [<u>September 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544313001883/d30773-exa70.htm)<br>|
| 28 (a)(71) | &nbsp;&nbsp; [<u>Certificate of Amendment of Amended and Restated Declaration of Trust and Redesignation of Series, effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>May 1, 2014 (redesignation of ING Equity Trust to Voya Equity Trust, ING Growth Opportunities Fund to Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>Growth Opportunities Fund, ING Large Cap Value Fund to Voya Large Cap Value Fund, ING MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>Opportunities Fund to Voya MidCap Opportunities Fund, ING Mid Cap Value Fund to Voya Multi-Manager Mid</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>Cap Value Fund, ING Real Estate Fund to Voya Real Estate Fund, and ING SmallCap Opportunities Fund to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>Voya SmallCap Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 131 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br> [<u>Form N-1A Registration Statement on May 29, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dba71.htm)<br>|
| 28 (a)(72) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99da72.htm)<br> [<u>Per Share, effective June 11, 2014 (establish Class R6 shares for Voya Real Estate Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99da72.htm)<br> [<u>Post-Effective Amendment No. 133 to the Trust's Form N-1A Registration Statement on June 27, 2014 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99da72.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99da72.htm)<br>|
| 28 (a)(73) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dba73.htm)<br> [<u>Value $0.01 Per Share, effective April 24, 2015 (establish Class R6 shares for Voya Growth Opportunities Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dba73.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 138 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dba73.htm)<br> [<u>May 22, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dba73.htm)<br>|
| 28 (a)(74) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective October 23, 2015</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dba74.htm)<br> [<u>(redesignation of Voya Growth Opportunities Fund to Voya Large-Cap Growth Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dba74.htm)<br> [<u>Post-Effective Amendment No. 144 to the Trust's Form N-1A Registration Statement on September 27, 2016 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dba74.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dba74.htm)<br>|
| 28 (a)(75) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a75.htm)<br> [<u>effective November 22, 2016 (establish Voya SMID Cap Growth Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a75.htm)<br> [<u>Amendment No. 146 to the Trust's Form N-1A Registration Statement on December 2, 2016 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a75.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a75.htm)<br>|
| 28 (a)(76) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a76.htm)<br> [<u>effective November 22, 2016 (establish Voya U.S. High Dividend Low Volatility Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a76.htm)<br> [<u>Post-Effective Amendment No. 146 to the Trust's Form N-1A Registration Statement on December 2, 2016 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a76.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99a76.htm)<br>|
| 28 (a)(77) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba77.htm)<br> [<u>Value $0.01 Per Share, effective March 1, 2017 (abolish Class T shares from Voya SmallCap Opportunities Fund)</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba77.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 159 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba77.htm)<br> [<u>September 26, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba77.htm)<br>|

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|:---|:---|
| 28 (a)(78) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba77.htm)<br> [<u>Value $0.01 Per Share, effective March 3, 2017 (establish Class T shares for Voya Large-Cap Growth Fund and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba77.htm)<br> [<u>Voya SmallCap Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 149 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba77.htm)<br> [<u>Form N-1A Registration Statement on May 25, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba77.htm)<br>|
| 28 (a)(79) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba78.htm)<br> [<u>Per Share, effective March 3, 2017 (establish Class T shares for Voya Large Cap Value Fund, Voya MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba78.htm)<br> [<u>Opportunities Fund, Voya Real Estate Fund, Voya SMID Cap Growth Fund, and Voya U.S. High Dividend Low</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba78.htm)<br> [<u>Volatility Fund) – Filed as an Exhibit to Post-Effective Amendment No. 149 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba78.htm)<br> [<u>Registration Statement on May 25, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dba78.htm)<br>|
| 28 (a)(80) | &nbsp;&nbsp; [<u>Amended Certificate of Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da79.htm)<br> [<u>Value $0.01 Per Share, effective May 8, 2017 (abolish Class B shares from Voya Large-Cap Growth Fund and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da79.htm)<br> [<u>Voya SmallCap Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 154 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da79.htm)<br> [<u>Form N-1A Registration Statement on November 15, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da79.htm)<br>|
| 28 (a)(81) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da80.htm)<br> [<u>Per Share, effective May 8, 2017 (abolish Class B shares from Voya Large Cap Value Fund, Voya MidCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da80.htm)<br> [<u>Opportunities Fund, and Voya Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 154 to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da80.htm)<br> [<u>the Trust's Form N-1A Registration Statement on November 15, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917068757/a17-22852_1ex99da80.htm)<br>|
| 28 (a)(82) | &nbsp;&nbsp; [<u>Amended Establishment and Designation and Amended Certificate of Establishment and Designation of Series</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br> [<u>and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share, effective January 12, 2018 (establish</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br> [<u>Class P3 shares for Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br> [<u>Fund, Voya Multi-Manager Mid Cap Value Fund, Voya Real Estate Fund, Voya SmallCap Opportunities Fund, and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br> [<u>Voya SMID Cap Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 156 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br> [<u>N-1A Registration Statement on February 7, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dba81.htm)<br>|
| 28 (a)(83) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba83.htm)<br> [<u>Per Share, effective September 18, 2018 (establish Class P3 shares for Voya U.S. High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba83.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 159 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba83.htm)<br> [<u>Statement on September 26, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dba83.htm)<br>|
| 28 (a)(84) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dba84.htm)<br> [<u>Per Share, effective January 28, 2019 (establish Class P shares for Voya Multi-Manager Mid Cap Value Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dba84.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 162 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dba84.htm)<br> [<u>February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dba84.htm)<br>|
| 28 (a)(85) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba85.htm)<br> [<u>effective June 3, 2019 (establish Voya Corporate Leaders 100 Fund II, Voya Global Multi-Asset Fund II, Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba85.htm)<br> [<u>Mid Cap Research Enhanced Index Fund II, and Voya Small Company Fund II) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba85.htm)<br> [<u>Post-Effective Amendment No. 166 to the Trust's Form N-1A Registration Statement on September 27, 2019 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba85.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba85.htm)<br>|
| 28 (a)(86) | &nbsp;&nbsp; [<u>Certificate of Amendment of Amended and Restated Declaration of Trust, effective September 12, 2019 (amend</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d2.htm)<br> [<u>Section 2.11 of the Declaration of Trust) – Filed as an Exhibit to Post-Effective Amendment No. 171 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d2.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 28, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d2.htm)<br>|
| 28 (a)(87) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba86.htm)<br> [<u>Per Share, effective September 23, 2019 (establish Class R6 shares for Voya U.S. High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba86.htm)<br> [<u>Fund) – Filed as an Exhibit to Post-Effective Amendment No. 166 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba86.htm)<br> [<u>Statement on September 27, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dba86.htm)<br>|
| 28 (a)(88) | &nbsp;&nbsp; [<u>Certificate of Amendment of Amended and Restated Declaration of Trust and Redesignation of Series, effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm)<br> [<u>November 8, 2019 (redesignation of Voya Corporate Leaders 100 Fund II to Voya Corporate Leaders 100 Fund,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm)<br> [<u>Voya Global Multi-Asset Fund II to Voya Global Multi-Asset Fund, Voya Mid Cap Research Enhanced Index</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm)<br> [<u>Fund II to Voya Mid Cap Research Enhanced Index Fund, and Voya Small Company Fund II to Voya Small</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm)<br> [<u>Company Fund) – Filed as an Exhibit to Post-Effective Amendment No. 171 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm)<br> [<u>Registration Statement on September 28, 2020 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d3.htm).<br>|

---

------

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| | |
|:---|:---|
| 28 (a)(89) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br> [<u>Per Share, effective November 25, 2019 (abolish Class O shares from Voya Corporate Leaders 100 Fund, Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br> [<u>Global Multi-Asset Fund, Voya Large Cap Value Fund, Voya Mid Cap Research Enhanced Index Fund, Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br> [<u>MidCap Opportunities Fund, Voya Real Estate Fund, and Voya Small Company Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br> [<u>Post-Effective Amendment No. 171 to the Trust's Form N-1A Registration Statement on September 28, 2020 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d4.htm)<br>|
| 28 (a)(90) | &nbsp;&nbsp; [<u>Plan of Liquidation and Dissolution of Series (Voya SMID Cap Growth Fund), effective January 29, 2020 – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d5.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 171 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d5.htm)<br> [<u>September 28, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d5.htm)<br>|
| 28 (a)(91) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated March 27, 2020 (abolish Voya Real Estate Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d6.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 171 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d6.htm)<br> [<u>September 28, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d6.htm)<br>|
| 28 (a)(92) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated July 28, 2021 (abolish Voya SMID Cap Growth Fund)</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d2.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 173 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d2.htm)<br> [<u>September 24, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d2.htm)<br>|
| 28 (a)(93) | &nbsp;&nbsp; [<u>Certificate of Amendment of Amended and Restated Declaration of Trust, dated July 23, 2021 (amend</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d2.htm)<br> [<u>Section 10.7 of the Declaration of Trust) – Filed as an Exhibit to Post-Effective Amendment No. 175 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d2.htm)<br> [<u>Trust's Form N-1A Registration Statement on March 8, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d2.htm)<br>|
| 28 (a)(94) | &nbsp;&nbsp; [<u>Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d3.htm)<br> [<u>effective February 10, 2022 (establish Voya Small Cap Growth Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d3.htm)<br> [<u>Amendment No. 175 to the Trust's Form N-1A Registration Statement on March 8, 2022 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d3.htm)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d3.htm)<br>|
| 28 (a)(95) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322005360/f12789d3.htm)<br> [<u>Per Share, effective May 27, 2022 (establish Class A, Class C, Class P3, Class R, Class T, and Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322005360/f12789d3.htm)<br> [<u>Voya Small Cap Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 176 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322005360/f12789d3.htm)<br> [<u>N-1A Registration Statement on July 25, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322005360/f12789d3.htm)<br>|
| 28 (a)(96) | &nbsp;&nbsp; [<u>Amended Establishment and Designation and Amended Certificate of Establishment and Designation of Series</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share, effective September 30, 2022 (abolish</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>Class P3 shares from Voya Corporate Leaders 100 Fund, Voya Large Cap Value Fund, Voya Large-Cap Growth</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>Fund, Voya Mid Cap Research Enhanced Index Fund, Voya MidCap Opportunities Fund, Voya Multi-Manager</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>Mid Cap Value Fund, Voya Small Cap Growth Fund, Voya Small Company Fund, Voya SmallCap Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>Fund, and Voya U.S. High Dividend Low Volatility Fund) – Filed as an Exhibit to Amendment No. 185</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>(811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d2.htm)<br>|
| 28 (a)(97) | &nbsp;&nbsp; [<u>Abolition of Series of Shares of Beneficial Interest, dated October 26, 2022 (abolish Voya SmallCap Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d3.htm)<br> [<u>Fund) – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d3.htm)<br> [<u>on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d3.htm)<br>|
| 28 (a)(98) | &nbsp;&nbsp; [<u>Establishment and Designation of Series of Beneficial Interest, Par Value $0.01 Per Share, effective December 13,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d4.htm)<br> [<u>2022 (establish Voya VACS Series MCV Fund) – Filed as an Exhibit to Amendment No. 185 (811-08817) to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d4.htm)<br> [<u>Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d4.htm)<br>|
| 28 (a)(99) | &nbsp;&nbsp; [<u>Amended Establishment and Designation and Amended Certificate of Establishment and Designation of Series</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share, effective January 12, 2023 (abolish</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>Class T shares for Voya Corporate Leaders 100 Fund, Voya Global Multi-Asset Fund, Voya Large Cap Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>Fund, Voya Large-Cap Growth Fund, Voya Mid Cap Research Enhanced Index Fund, Voya MidCap Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>Fund, Voya Small Cap Growth Fund, Voya Small Company Fund, and Voya U.S. High Dividend Low Volatility</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>Fund) – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br> [<u>on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d5.htm)<br>|
| 28 (a)(100) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d2.htm)<br> [<u>Per Share, effective May 1, 2023 (abolish Class P shares for Voya Multi-Manager Mid Cap Value Fund) – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d2.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 179 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d2.htm)<br> [<u>September 28, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d2.htm)<br>|

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|:---|:---|
| 28 (a)(101) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective June 16, 2025</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d2.htm)<br> [<u>(redesignate Voya Global Multi-Asset Fund as Voya Global Income & Growth Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d2.htm)<br> [<u>Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement on July 24, 2025 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d2.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d2.htm)<br>|
| 28 (a)(102) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective July 28, 2025</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d2.htm)<br> [<u>(redesignate Voya Mid Cap Research Enhanced Index Fund as Voya MI Dynamic SMID Cap Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d2.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on September 22,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d2.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d2.htm)<br>|
| 28 (a)(103) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series and Classes of Shares of Beneficial Interest, Par Value $0.01</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d3.htm)<br> [<u>Per Share, effective September 30, 2025 (establish Class R6 shares for Voya MI Dynamic SMID Cap Fund) –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d3.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d3.htm)<br> [<u>September 22, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d3.htm)<br>|
| 28 (a)(104) | &nbsp;&nbsp; [<u>Certificate of Amendment of Declaration of Trust and Redesignation of Series, effective October 1, 2025</u>](f43052d2.htm)<br> [<u>(redesignate Voya Small Company Fund as Voya MI Dynamic Small Cap Fund) – Filed herein.</u>](f43052d2.htm)<br>|
| 28 (a)(105) | &nbsp;&nbsp; [<u>Amended Establishment and Designation of Series of Beneficial Interest, Par Value $0.01 Per Share, effective</u>](f43052d3.htm)<br> [<u>December 12, 2025 (establish Voya VACS Series LCC Fund) – Filed herein.</u>](f43052d3.htm)<br>|
| 28 (b)(1) | &nbsp;&nbsp; [<u>Amended and Restated By-Laws of the Trust, dated March 18, 2018 – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbb1.htm)<br> [<u>Amendment No. 159 to the Trust's Form N-1A Registration Statement on September 26, 2018 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbb1.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbb1.htm)<br>|
| 28 (c)(1) | Not applicable. |
| 28 (d)(1) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd1.htm)<br> [<u>on May 1, 2015, between the Trust and Voya Investments, LLC (the "Amended and Restated Investment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd1.htm)<br> [<u>Management Agreement") – Filed as an Exhibit to Post-Effective Amendment No. 138 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd1.htm)<br> [<u>Registration Statement on May 22, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd1.htm)<br>|
| 28 (d)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective December 12, 2025, to the Amended and Restated Investment Management</u>](f43052d4.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated on May 1, 2015 – Filed herein.</u>](f43052d4.htm)<br>|
| 28 (d)(1)(ii) | &nbsp;&nbsp; [<u>Amended Schedules B and C, dated September 2020, to the Amended and Restated Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d9.htm)<br> [<u>Agreement – Filed as an Exhibit to Post-Effective Amendment No. 171 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d9.htm)<br> [<u>Statement on September 28, 2020 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d9.htm)<br>|
| 28 (d)(2) | &nbsp;&nbsp; [<u>Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd2.htm)<br> [<u>on May 1, 2015, between the Trust and Voya Investments, LLC with regard to Voya Large-Cap Growth Fund –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd2.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 138 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd2.htm)<br> [<u>May 22, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbd2.htm)<br>|
| 28 (d)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated August 1, 2017, to the Amended and Restated Investment Management Agreement,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917058892/a17-22356_1ex99dbd2i.htm)<br> [<u>dated November 18, 2014, as amended and restated on May 1, 2015, between the Trust and Voya Investments,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917058892/a17-22356_1ex99dbd2i.htm)<br> [<u>LLC with regard to Voya Large-Cap Growth Fund – Filed as an Exhibit to Post-Effective Amendment No. 152 to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917058892/a17-22356_1ex99dbd2i.htm)<br> [<u>the Trust's Form N-1A Registration Statement on September 26, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917058892/a17-22356_1ex99dbd2i.htm)<br>|
| 28 (d)(2)(ii) | &nbsp;&nbsp; [<u>Amended Schedules B and C, dated September 2020, to the Amended and Restated Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d10.htm)<br> [<u>Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between the Trust and Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d10.htm)<br> [<u>Investments, LLC with regard to Voya Large-Cap Growth Fund – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d10.htm)<br> [<u>Amendment No. 171 to the Trust's Form N-1A Registration Statement on September 28, 2020 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d10.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d10.htm)<br>|
| 28 (d)(3) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement, effective November 18, 2014, between Voya Investments, LLC and Voya Investment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbd3.htm)<br> [<u>Management Co. LLC – Filed as an Exhibit to Post-Effective Amendment No. 137 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbd3.htm)<br> [<u>Registration Statement on March 27, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbd3.htm)<br>|
| 28 (d)(3)(i) | &nbsp;&nbsp; [<u>Amended Schedule A (with redaction), effective December 12, 2025, to the Sub-Advisory Agreement effective</u>](f43052d5.htm)<br> [<u>November 18, 2014, between Voya Investments, LLC and Voya Investment Management Co. LLC – Filed herein.</u>](f43052d5.htm)<br>|

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| | |
|:---|:---|
| 28 (d)(4) | &nbsp;&nbsp; [<u>Sub-Sub-Advisory Agreement (with redaction), effective June 1, 2022, between Voya Investment Management Co.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d7.htm)<br> [<u>LLC and Voya Investment Management (UK) Limited with regard to Voya Small Company Fund – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d7.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 177 to the Trust's Form N-1A Registration Statement on September 27,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d7.htm)<br> [<u>2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d7.htm)<br>|
| 28 (d)(5) | &nbsp;&nbsp; [<u>Sub-Sub-Advisory Agreement (with redaction), effective July 28, 2025, between Voya Investment Management</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d6.htm)<br> [<u>Co. LLC and Voya Investment Management (UK) Limited with regard to Voya MI Dynamic SMID Cap Fund –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d6.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d6.htm)<br> [<u>September 22, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d6.htm)<br>|
| 28 (d)(6) | &nbsp;&nbsp; [<u>Sub-Advisory Agreement (with redaction), dated March 17, 2023, between Voya Investments, LLC and Victory</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d3.htm)<br> [<u>Capital Management Inc. with regard to Voya Multi-Manager Mid Cap Value Fund and Voya VACS Series MCV</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d3.htm)<br> [<u>Fund – Filed as an Exhibit to Post-Effective Amendment No. 179 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d3.htm)<br> [<u>Statement on September 28, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d3.htm)<br>|
| 28 (d)(7) | &nbsp;&nbsp; [<u>Expense Limitation Agreement, effective January 1, 2016, between Voya Investments, LLC and the Trust – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 144 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9.htm)<br> [<u>September 27, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9.htm)<br>|
| 28 (d)(7)(i) | &nbsp;&nbsp; [<u>Expense Limitation Recoupment Letter, dated January 1, 2016, between Voya Investments, LLC and the Trust</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9i.htm)<br> [<u>with regard to Voya MidCap Opportunities Fund and Voya SmallCap Opportunities Fund – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9i.htm)<br> [<u>Post-Effective Amendment No. 144 to the Trust's Form N-1A Registration Statement on September 27, 2016 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9i.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465916146773/a16-19018_1ex99dbd9i.htm)<br>|
| 28 (d)(7)(ii) | &nbsp;&nbsp; [<u>Fee Waiver Letter dated October 1, 2025, between Voya Investments, LLC and the Trust with regard to Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d3.htm)<br> [<u>MidCap Opportunities Fund, for the period from October 1, 2025 through October 1, 2026 – Filed as an Exhibit</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d3.htm)<br> [<u>to Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement on July 24, 2025 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d3.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d3.htm)<br>|
| 28 (d)(7)(iii) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated October 1, 2025, between Voya Investments, LLC and the Trust with regard to Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d4.htm)<br> [<u>Corporate Leaders® 100 Fund, for the period from October 1, 2025 through October 1, 2026 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d4.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement on July 24,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d4.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d4.htm)<br>|
| 28 (d)(7)(iv) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated October 1, 2025, between Voya Investments, LLC and the Trust with regard to Voya MI</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d7.htm)<br> [<u>Dynamic SMID Cap Fund (formerly, Voya Mid Cap Research Enhanced Index Fund) (Class R6 shares), for the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d7.htm)<br> [<u>period from October 1, 2025 through October 1, 2026 – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d7.htm)<br> [<u>186 to the Trust's Form N-1A Registration Statement on September 22, 2025 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d7.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d7.htm).<br>|
| 28 (d)(7)(v) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated October 1, 2025, between Voya Investments, LLC and the Trust with regard to Voya MI</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d8.htm)<br> [<u>Dynamic SMID Cap Fund (formerly, Voya Mid Cap Research Enhanced Index Fund), for the period from</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d8.htm)<br> [<u>October 1, 2025 through October 1, 2026 – Filed as an Exhibit to Post-Effective Amendment No. 186 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d8.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 22, 2025 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d8.htm).<br>|
| 28 (d)(7)(vi) | &nbsp;&nbsp; [<u>Amended Schedule A, effective October 1, 2025, to the Expense Limitation Agreement, effective January 1, 2016,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d9.htm)<br> [<u>between Voya Investments, LLC and the Trust – Filed as an Exhibit to Post-Effective Amendment No. 180 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d9.htm)<br> [<u>Trust's Form N-1A Registration Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d9.htm)<br>|
| 28 (d)(8) | &nbsp;&nbsp; [<u>Amended and Restated Expense Limitation Agreement, effective January 1, 2016, as amended and restated on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbd10.htm)<br> [<u>May 31, 2017, by and among Voya Investments, LLC, Voya Investments Distributor, LLC and the Trust, with</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbd10.htm)<br> [<u>regard to Voya Large-Cap Growth Fund – Filed as an Exhibit to Post-Effective Amendment No. 149 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbd10.htm)<br> [<u>Form N-1A Registration Statement on May 25, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbd10.htm)<br>|
| 28 (d)(8)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective May 1, 2023, to the Amended and Restated Expense Limitation Agreement,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d3.htm)<br> [<u>effective January 1, 2016, as amended and restated on May 31, 2017, by and among Voya Investments, LLC,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d3.htm)<br> [<u>Voya Investments Distributor, LLC and the Trust – Filed as an Exhibit to Post-Effective Amendment No. 181 to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d3.htm)<br> [<u>the Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d3.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (d)(8)(ii) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated October 1, 2025, between Voya Investments, LLC and the Trust with regard to Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d5.htm)<br> [<u>Large-Cap Growth Fund, for the period from October 1, 2025 through October 1, 2026 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d5.htm)<br> [<u>Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement on July 24, 2025 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d5.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d5.htm)<br>|
| 28 (d)(9) | &nbsp;&nbsp; [<u>Expense Limitation Agreement, effective December 12, 2025, between Voya Investments, LLC and the Trust, with</u>](f43052d6.htm)<br> [<u>regard to Voya VACS Series LCC Fund – Filed herein.</u>](f43052d6.htm)<br>|
| 28 (e)(1) | &nbsp;&nbsp; [<u>Amended and Restated Underwriting Agreement, effective November 18, 2014, as amended and restated on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbe1.htm)<br> [<u>December 1, 2017, between the Trust and Voya Investments Distributor, LLC – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbe1.htm)<br> [<u>Post-Effective Amendment No. 159 to the Trust's Form N-1A Registration Statement on September 26, 2018 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbe1.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbe1.htm)<br>|
| 28 (e)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective December 12, 2025, to the Underwriting Agreement, effective November 18,</u>](f43052d7.htm)<br> [<u>2014, as amended and restated on December 1, 2017, between the Trust and Voya Investments Distributor, LLC –</u>](f43052d7.htm)<br> [<u>Filed herein.</u>](f43052d7.htm)<br>|
| 28 (e)(2) | &nbsp;&nbsp; [<u>Underwriting Agreement, effective November 18, 2014, between the Trust and Voya Investments Distributor, LLC</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbe2.htm)<br> [<u>with regard to Voya Large-Cap Growth Fund – Filed as an Exhibit to Post-Effective Amendment No. 137 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbe2.htm)<br> [<u>Trust's Form N-1A Registration Statement on March 27, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915023510/a15-7456_1ex99dbe2.htm)<br>|
| 28 (e)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, effective November 19, 2015, to the Underwriting Agreement, effective November 18,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d16.htm)<br> [<u>2014, between the Trust and Voya Investments Distributor, LLC with regard to Voya Large-Cap Growth Fund –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d16.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 177 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d16.htm)<br> [<u>September 27, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d16.htm)<br>|
| 28 (f)(1) | &nbsp;&nbsp; [<u>Deferred Compensation Plan for Independent Directors as amended and restated January 16, 2025 – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d6.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 183 to the Trust's Form N-1A Registration Statement on February 27,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d6.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d6.htm)<br>|
| 28 (g)(1) | &nbsp;&nbsp; [<u>Custody Agreement, dated January 6, 2003, between the Trust and The Bank of New York Mellon (formerly, The</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wg10.txt)<br> [<u>Bank of New York) – Filed as an Exhibit to Post-Effective Amendment No. 49 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wg10.txt)<br> [<u>Registration Statement on January 27, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000162/p68348btexv99wg10.txt)<br>|
| 28 (g)(1)(i) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective May 1, 2024, to the Custody Agreement, dated January 6, 2003, between the Trust</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d4.htm)<br> [<u>and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 181 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d4.htm)<br> [<u>Form N-1A Registration Statement on September 26, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d4.htm)<br>|
| 28 (g)(1)(ii) | &nbsp;&nbsp; [<u>Amendment, dated January 1, 2019, to the Custody Agreement, dated January 6, 2003, between the Trust and The</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbg1ii.htm)<br> [<u>Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 162 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbg1ii.htm)<br> [<u>Registration Statement on February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbg1ii.htm)<br>|
| 28 (g)(1)(iii) | &nbsp;&nbsp; [<u>Amendment, dated November 21, 2022, to the Custody Agreement, dated January 6, 2003, between the Trust and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d10.htm)<br> [<u>The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 179 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d10.htm)<br> [<u>N-1A Registration Statement on September 28, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d10.htm)<br>|
| 28 (g)(2) | &nbsp;&nbsp; [<u>Foreign Custody Manager Agreement, dated January 6, 2003, between the Trust and The Bank of New York</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg14.txt)<br> [<u>Mellon – Filed as an Exhibit to Post-Effective Amendment No. 46 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg14.txt)<br> [<u>Statement on January 9, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg14.txt)<br>|
| 28 (g)(2)(i) | &nbsp;&nbsp; [<u>Amendment, dated September 6, 2012, to the Foreign Custody Manager Agreement, dated January 6, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d16.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d16.htm)<br> [<u>173 to the Trust's Form N-1A Registration Statement on September 24, 2021 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d16.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d16.htm)<br>|
| 28 (g)(2)(ii) | &nbsp;&nbsp; [<u>Amendment, dated July 13, 2021, to the Foreign Custody Manager Agreement, dated January 6, 2003, between</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d17.htm)<br> [<u>the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 173 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d17.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 24, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d17.htm)<br>|
| 28 (g)(2)(iii) | &nbsp;&nbsp; [<u>Amendment, dated July 21, 2021, to the Foreign Custody Manager Agreement, dated January 6, 2003, between</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d18.htm)<br> [<u>the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 173 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d18.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 24, 2021 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386321005313/f9667d18.htm)<br>|

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| | |
|:---|:---|
| 28 (g)(2)(iv) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective May 1, 2024, to the Foreign Custody Manager Agreement, dated January 6, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d5.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d5.htm)<br> [<u>181 to the Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d5.htm)<br> [<u>reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d5.htm).<br>|
| 28 (g)(3) | &nbsp;&nbsp; [<u>Securities Lending Agreement and Guaranty, dated August 7, 2003, between the Trust and The Bank of New York</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99wgw18.txt)<br> [<u>Mellon - Filed as an Exhibit to Post-Effective Amendment No. 43 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99wgw18.txt)<br> [<u>Statement on September 30, 2003 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015303001900/p67922b1exv99wgw18.txt)<br>|
| 28 (g)(3)(i) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2025, to the Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d6.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d6.htm)<br> [<u>184 to the Registrant's Form N-1A Registration Statement on July 24, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d6.htm)<br>|
| 28 (g)(3)(ii) | &nbsp;&nbsp; [<u>Amendment, effective September 25, 2024, to the Securities Lending Agreement and Guaranty, dated August 7,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d7.htm)<br> [<u>2003, between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d7.htm)<br> [<u>No. 184 to the Registrant's Form N-1A Registration Statement on July 24, 2025 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d7.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d7.htm)<br>|
| 28 (g)(3)(iii) | &nbsp;&nbsp; [<u>Amendment, effective March 30, 2023, to the Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d12.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d12.htm)<br> [<u>179 to the Trust's Form N-1A Registration Statement on September 28, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d12.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d12.htm)<br>|
| 28 (g)(3)(iv) | &nbsp;&nbsp; [<u>Amendment, effective October 1, 2011, to the Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbg3ii.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbg3ii.htm)<br> [<u>159 to the Trust's Form N-1A Registration Statement on September 26, 2018 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbg3ii.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbg3ii.htm)<br>|
| 28 (g)(3)(v) | &nbsp;&nbsp; [<u>Amendment, effective March 21, 2019, to the Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iii.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iii.htm)<br> [<u>166 to the Trust's Form N-1A Registration Statement on September 27, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iii.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iii.htm)<br>|
| 28 (g)(3)(vi) | &nbsp;&nbsp; [<u>Amendment, effective March 26, 2019, to the Securities Lending Agreement and Guaranty, dated August 7, 2003,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iv.htm)<br> [<u>between the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iv.htm)<br> [<u>166 to the Trust's Form N-1A Registration Statement on September 27, 2019 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iv.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbg3iv.htm)<br>|
| 28 (h)(1) | &nbsp;&nbsp; [<u>Transfer Agency Services Agreement, dated February 25, 2009, by and between PNC Global Investment Servicing</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbh2.htm)<br> [<u>(U.S.) Inc. and the Trust – Filed as an Exhibit to Post-Effective Amendment No. 100 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbh2.htm)<br> [<u>Registration Statement on May 29, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbh2.htm)<br>|
| 28 (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment, effective February 8, 2011, to the Transfer Agency Services Agreement, dated February 25, 2009, by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-h2ii.htm)<br> [<u>and between PNC Global Investment Servicing (U.S.) Inc. (now known as BNY Mellon Investment Servicing</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-h2ii.htm)<br> [<u>(US) Inc.) and the Trust – Filed as an Exhibit to Post-Effective Amendment No. 109 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-h2ii.htm)<br> [<u>Registration Statement on August 4, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-h2ii.htm)<br>|
| 28 (h)(1)(ii) | &nbsp;&nbsp; [<u>Amendment, effective January 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009, by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh1ii.htm)<br> [<u>and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh1ii.htm)<br> [<u>Amendment No. 162 to the Trust's Form N-1A Registration Statement on February 26, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh1ii.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh1ii.htm)<br>|
| 28 (h)(1)(iii) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009, by and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbh1iii.htm)<br> [<u>between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbh1iii.htm)<br> [<u>Amendment No. 166 to the Trust's Form N-1A Registration Statement on September 27, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbh1iii.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbh1iii.htm)<br>|
| 28 (h)(1)(iv) | &nbsp;&nbsp; [<u>Amendment, effective November 5, 2019, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbh1iv.htm)<br> [<u>by and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbh1iv.htm)<br> [<u>Amendment No. 168 to the Trust's Form N-1A Registration Statement on October 31, 2019 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbh1iv.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbh1iv.htm)<br>|

---

------

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| | |
|:---|:---|
| 28 (h)(1)(v) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2020, to the Transfer Agency Services Agreement, dated February 25, 2009, by and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d21.htm)<br> [<u>between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d21.htm)<br> [<u>Amendment No. 171 to the Trust's Form N-1A Registration Statement on September 28, 2020 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d21.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386320013467/f6910d21.htm)<br>|
| 28 (h)(1)(vi) | &nbsp;&nbsp; [<u>Amendment, effective April 4, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d11.htm)<br> [<u>and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d11.htm)<br> [<u>Amendment No. 175 to the Trust's Form N-1A Registration Statement on March 8, 2022 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d11.htm)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d11.htm)<br>|
| 28 (h)(1)(vii) | &nbsp;&nbsp; [<u>Amendment, effective October 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009, by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d13.htm)<br> [<u>and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d13.htm)<br> [<u>Amendment No. 179 to the Trust's Form N-1A Registration Statement on September 28, 2023 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d13.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d13.htm)<br>|
| 28 (h)(1)(viii) | &nbsp;&nbsp; [<u>Amendment, effective November 18, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d14.htm)<br> [<u>by and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d14.htm)<br> [<u>Amendment No. 179 to the Trust's Form N-1A Registration Statement on September 28, 2023 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d14.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d14.htm)<br>|
| 28 (h)(1)(ix) | &nbsp;&nbsp; [<u>Amendment, effective November 21, 2022, to the Transfer Agency Services Agreement, dated February 25, 2009,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d22.htm)<br> [<u>by and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d22.htm)<br> [<u>No. 185 (811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d22.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d22.htm)<br>|
| 28 (h)(1)(x) | &nbsp;&nbsp; [<u>Amendment, effective February 9, 2023, to the Transfer Agency Services Agreement, dated February 25, 2009, by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d23.htm)<br> [<u>and between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d23.htm)<br> [<u>185 (811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d23.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d23.htm)<br>|
| 28(h)(1)(xi) | &nbsp;&nbsp; [<u>Amendment, effective May 1, 2024, to the Transfer Agency Services Agreement, dated February 25, 2009, by and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d6.htm)<br> [<u>between BNY Mellon Investment Servicing (US) Inc. and the Trust – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d6.htm)<br> [<u>Amendment No. 181 to the Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d6.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d6.htm)<br>|
| 28 (h)(2) | &nbsp;&nbsp; [<u>Fund Accounting Agreement, dated January 6, 2003, between the Trust and The Bank of New York Mellon –</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg10.txt)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 46 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg10.txt)<br> [<u>January 9, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304000047/p68424b3exv99wg10.txt)<br>|
| 28 (h)(2)(i) | &nbsp;&nbsp; [<u>Amended Exhibit A, effective May 1, 2024, to the Fund Accounting Agreement, dated January 6, 2003, between</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d7.htm)<br> [<u>the Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 181 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d7.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d7.htm)<br>|
| 28 (h)(2)(ii) | &nbsp;&nbsp; [<u>Investment Company Reporting Modernization Services Amendment, dated February 1, 2018, to the Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbh2ii.htm)<br> [<u>Accounting Agreement, dated January 6, 2003, between the Trust and The Bank of New York Mellon – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbh2ii.htm)<br> [<u>an Exhibit to Post-Effective Amendment No. 159 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbh2ii.htm)<br> [<u>September 26, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbh2ii.htm)<br>|
| 28 (h)(2)(iii) | &nbsp;&nbsp; [<u>Amendment, dated January 1, 2019, to the Fund Accounting Agreement, dated January 6, 2003, between the Trust</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh2iii.htm)<br> [<u>and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 162 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh2iii.htm)<br> [<u>Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbh2iii.htm)<br>|
| 28 (h)(2)(iv) | &nbsp;&nbsp; [<u>Amendment, dated November 21, 2022, to the Fund Accounting Agreement, dated January 6, 2003, between the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d16.htm)<br> [<u>Trust and The Bank of New York Mellon – Filed as an Exhibit to Post-Effective Amendment No. 179 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d16.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 28, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323006605/f36179d16.htm)<br>|
| 28 (h)(3) | &nbsp;&nbsp; [<u>BlackRock Rule 12d1-4 Fund of Funds Investment Agreement, effective January 19, 2022, by and between the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d25.htm)<br> [<u>Trust and BlackRock, Inc. – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d25.htm)<br> [<u>Registration Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d25.htm)<br>|

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| | |
|:---|:---|
| 28 (h)(3)(i) | &nbsp;&nbsp; [<u>Amended and Restated Schedule A, dated April 24, 2025, to the BlackRock Rule 12d1-4 Fund of Funds</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d8.htm)<br> [<u>Investment Agreement, effective January 19, 2022, by and between the Trust and BlackRock, Inc. – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d8.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement on July 24,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d8.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d8.htm)<br>|
| 28 (h)(4) | &nbsp;&nbsp; [<u>Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between the Trust and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d27.htm)<br> [<u>Schwab Strategic Trust – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d27.htm)<br> [<u>Registration Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d27.htm)<br>|
| 28 (h)(4)(i) | &nbsp;&nbsp; [<u>Amendment, dated April 5, 2022, to the Schwab Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d28.htm)<br> [<u>January 19, 2022, between the Trust and Schwab Strategic Trust – Filed as an Exhibit to Amendment No. 185</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d28.htm)<br> [<u>(811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d28.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d28.htm)<br>|
| 28 (h)(5) | &nbsp;&nbsp; [<u>Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, between the Trust and Teachers</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d29.htm)<br> [<u>Advisors, LLC – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d29.htm)<br> [<u>Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d29.htm)<br>|
| 28 (h)(5)(i) | &nbsp;&nbsp; [<u>First Amendment, dated April 5, 2022, to the Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d30.htm)<br> [<u>January 19, 2022, between the Trust and Teachers Advisors, LLC – Filed as an Exhibit to Amendment No. 185</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d30.htm)<br> [<u>(811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d30.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d30.htm)<br>|
| 28 (h)(5)(ii) | &nbsp;&nbsp; [<u>Second Amendment, dated February 3, 2023, to the Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d31.htm)<br> [<u>January 19, 2022, between the Trust and Teachers Advisors, LLC – Filed as an Exhibit to Amendment No. 185</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d31.htm)<br> [<u>(811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d31.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d31.htm)<br>|
| 28 (h)(6) | &nbsp;&nbsp; [<u>Rule 12d1-4 Fund of Funds Investment Agreement, dated January 19, 2022, as amended April 1, 2022, between</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d32.htm)<br> [<u>the Trust and The Vanguard Group, Inc. – Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d32.htm)<br> [<u>Form N-1A Registration Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d32.htm)<br>|
| 28 (h)(6)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated October 26, 2023, to the Rule 12d1-4 Fund of Funds Investment Agreement, dated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d7.htm)<br> [<u>January 19, 2022, as amended April 1, 2022, between the Trust and The Vanguard Group, Inc. – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d7.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 183 to the Trust's Form N-1A Registration Statement on February 27,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d7.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d7.htm)<br>|
| 28 (h)(7) | &nbsp;&nbsp; [<u>Fund of Funds Investment Agreement, effective October 5, 2022, among the Trust and SPDR Series Trust, SPDR</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d34.htm)<br> [<u>Index Shares Funds, and SSGA Active Trust – Filed as an Exhibit to Amendment No. 185 (811-08817) to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d34.htm)<br> [<u>Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d34.htm)<br>|
| 28 (h)(7)(i) | &nbsp;&nbsp; [<u>Amendment dated July 15, 2025 to the Fund of Funds Investment Agreement, effective October 5, 2022, among</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d9.htm)<br> [<u>the Trust and SPDR Series Trust, SPDR Index Shares Funds, and SSGA Active Trust – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d9.htm)<br> [<u>Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on September 22, 2025 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d9.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d9.htm)<br>|
| 28 (h)(8) | &nbsp;&nbsp; [<u>BNY Mellon ETF Investment Adviser, LLC Fund of Funds Investment Agreement, effective January 25, 2023,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d35.htm)<br> [<u>between the Trust and BNY Mellon ETF Investment Adviser, LLC – Filed as an Exhibit to Amendment No. 185</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d35.htm)<br> [<u>(811-08817) to the Trust's Form N-1A Registration Statement on March 16, 2023 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d35.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d35.htm)<br>|
| 28 (h)(9) | &nbsp;&nbsp; [<u>DBX ETFs Fund of Funds Investment Agreement, dated January 19, 2022, between the Trust and DBX ETF Trust</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d36.htm)<br> [<u>– Filed as an Exhibit to Amendment No. 185 (811-08817) to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d36.htm)<br> [<u>March 16, 2023 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386323002251/f24699d36.htm)<br>|
| 28 (h)(9)(i) | &nbsp;&nbsp; [<u>Schedule A, amended July 15, 2025, to the DBX ETFs Fund of Funds Investment Agreement, dated January 19,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d10.htm)<br> [<u>2022, between the Trust and DBX ETF Trust – Filed as an Exhibit to Post-Effective Amendment No. 186 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d10.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 22, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d10.htm)<br>|
| 28(h)(10) | &nbsp;&nbsp; [<u>Fund of Funds Investment Agreement, dated May 3, 2023, between the Trust and The Select Sector SPDR Trust–</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d8.htm)<br> [<u>Filed as an Exhibit to Post-Effective Amendment No. 181 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d8.htm)<br> [<u>September 26, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d8.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28(h)(10)(i) | &nbsp;&nbsp; [<u>Amendment dated July 15, 2025 to the Fund of Funds Investment Agreement, dated May 3, 2023, between the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d11.htm)<br> [<u>Trust and The Select Sector SPDR Trust– Filed as an Exhibit to Post-Effective Amendment No. 186 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d11.htm)<br> [<u>Form N-1A Registration Statement on September 22, 2025 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d11.htm).<br>|
| 28(h)(11) | &nbsp;&nbsp; [<u>Allocation Agreement, dated May 24, 2002 (Directors & Officers Liability) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d9.htm)<br> [<u>Amendment No. 181 to the Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d9.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d9.htm)<br>|
| 28(h)(11)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated February 28, 2025, to the Allocation Agreement, dated May 24, 2002 (Directors &</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d9.htm)<br> [<u>Officers Liability) – Filed as an Exhibit to Post-Effective Amendment No. 184 to the Registrant's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d9.htm)<br> [<u>Registration Statement on July 24, 2025 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d9.htm).<br>|
| 28(h)(12) | &nbsp;&nbsp; [<u>Allocation Agreement, dated May 24, 2002 (Fidelity Bond) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d11.htm)<br> [<u>No. 181 to the Trust's Form N-1A Registration Statement on September 26, 2024 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d11.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324005544/f39327d11.htm)<br>|
| 28(h)(12)(i) | &nbsp;&nbsp; [<u>Amended Schedule A, dated February 28, 2025, to the Allocation Agreement, dated May 24, 2002 (Fidelity Bond)</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d10.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 184 to the Registrant's Form N-1A Registration Statement</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d10.htm)<br> [<u>on July 24, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325006125/f42399d10.htm)<br>|
| 28 (i)(1) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class C shares for ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001326/p69044b1exv99wiw1.txt)<br> [<u>Financial Services Fund) – Filed as an Exhibit to Post-Effective Amendment No. 53 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001326/p69044b1exv99wiw1.txt)<br> [<u>Registration Statement on May 28, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001326/p69044b1exv99wiw1.txt)<br>|
| 28 (i)(2) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class O shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wi2.txt)<br> [<u>ING Financial Services Fund and ING Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wi2.txt)<br> [<u>54 to the Trust's Form N-1A Registration Statement on June 14, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001420/p68989bxexv99wi2.txt)<br>|
| 28 (i)(3) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the securities being registered (ING Principal</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001659/p69012b1exv99wiw3.txt)<br> [<u>Protection Fund XI) – Filed as an Exhibit to Post-Effective Amendment No. 55 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001659/p69012b1exv99wiw3.txt)<br> [<u>Registration Statement on July 20, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015304001659/p69012b1exv99wiw3.txt)<br>|
| 28 (i)(4) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the securities being registered (ING Principal</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005156/p69440b4exv99wi4.txt)<br> [<u>Protection Fund XII) – Filed as an Exhibit to Post-Effective Amendment No. 59 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005156/p69440b4exv99wi4.txt)<br> [<u>Registration Statement on October 28, 2004 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012404005156/p69440b4exv99wi4.txt)<br>|
| 28 (i)(5) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the securities being registered (ING MidCap Value</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wi5.txt)<br> [<u>Choice Fund and ING SmallCap Value Choice Fund) – Filed as an Exhibit to Post-Effective Amendment No. 63</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wi5.txt)<br> [<u>to the Trust's Form N-1A Registration Statement on January 25, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095012405000363/p69719bxexv99wi5.txt)<br>|
| 28 (i)(6) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class I shares for ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxiyx6y.txt)<br> [<u>MidCap Value Choice Fund and ING SmallCap Value Choice Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxiyx6y.txt)<br> [<u>Amendment No. 65 to the Trust's Form N-1A Registration Statement on April 28, 2005 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxiyx6y.txt)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305000930/p70501b1exv99wxiyx6y.txt)<br>|
| 28 (i)(7) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class A, Class B,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99wiw7.txt)<br> [<u>Class C, and Class I shares for ING Fundamental Research Fund and ING Opportunistic LargeCap Fund) – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99wiw7.txt)<br> [<u>as an Exhibit to Post-Effective Amendment No. 70 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99wiw7.txt)<br> [<u>December 23, 2005 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015305003233/p71287b1exv99wiw7.txt)<br>|
| 28 (i)(8) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class A, Class B,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxiyx8y.htm)<br> [<u>Class C, and Class I shares for ING Equity Dividend Fund) – Filed as an Exhibit to Post-Effective Amendment</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxiyx8y.htm)<br> [<u>No. 86 to the Trust's Form N-1A Registration Statement on December 3, 2007 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxiyx8y.htm)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000095015307002518/p74381bexv99wxiyx8y.htm)<br>|
| 28 (i)(9) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99i9.htm)<br> [<u>ING Real Estate Fund, ING Opportunistic LargeCap Fund, ING SmallCap Opportunities Fund, ING LargeCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99i9.htm)<br> [<u>Value Fund, ING SmallCap Value Choice Fund, and ING Value Choice Fund) – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99i9.htm)<br> [<u>Post-Effective Amendment No. 87 to the Trust's Form N-1A Registration Statement on December 14, 2007 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99i9.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312507265534/dex99i9.htm)<br>|

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------

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| | |
|:---|:---|
| 28 (i)(10) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert LLP regarding the legality of the shares being registered (Class O shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99i10.txt)<br> [<u>ING MidCap Opportunities Fund and ING Value Choice Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99i10.txt)<br> [<u>Amendment No. 92 to the Trust's Form N-1A Registration Statement on June 4, 2008 and incorporated herein by</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99i10.txt)<br> [<u>reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312508128143/dex99i10.txt)<br>|
| 28 (i)(11) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbi11.htm)<br> [<u>ING Equity Dividend Fund and ING MidCap Opportunities Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbi11.htm)<br> [<u>Amendment No. 100 to the Trust's Form N-1A Registration Statement on May 29, 2009 and incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbi11.htm)<br> [<u>by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909035839/a09-14518_1ex99dbi11.htm)<br>|
| 28 (i)(12) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class W shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dbi12.htm)<br> [<u>ING Growth Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 104 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dbi12.htm)<br> [<u>N-1A Registration Statement on September 25, 2009 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465909056349/a09-20715_1ex99dbi12.htm)<br>|
| 28 (i)(13) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class R shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-i13.htm)<br> [<u>ING Equity Dividend Fund, ING MidCap Opportunities Fund, ING Real Estate Fund, and ING SmallCap</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-i13.htm)<br> [<u>Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 109 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-i13.htm)<br> [<u>Registration Statement on August 4, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000114544311000723/d28489_ex-i13.htm)<br>|
| 28 (i)(14) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class I shares for ING</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99i14.htm)<br> [<u>Mid Cap Value Fund) – Filed as an Exhibit to Post-Effective Amendment No. 111 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99i14.htm)<br> [<u>Registration Statement on September 27, 2011 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312511257224/d208745dex99i14.htm)<br>|
| 28 (i)(15) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class O shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99i16.htm)<br> [<u>ING Large Cap Value Fund) – Filed as an Exhibit to Post-Effective Amendment No. 120 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99i16.htm)<br> [<u>N-1A Registration Statement on January 25, 2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312513024213/d470771dex99i16.htm)<br>|
| 28 (i)(16) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class R6 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dbi15.htm)<br> [<u>ING Large Cap Value Fund, ING MidCap Opportunities Fund, and ING SmallCap Opportunities Fund) – Filed as</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dbi15.htm)<br> [<u>an Exhibit to Post-Effective Amendment No. 126 to the Trust's Form N-1A Registration Statement on May 31,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dbi15.htm)<br> [<u>2013 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465913046167/a13-14043_1ex99dbi15.htm)<br>|
| 28 (i)(17) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class R shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dbi17.htm)<br> [<u>Voya Growth Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 131 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dbi17.htm)<br> [<u>Form N-1A Registration Statement on May 29, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914042440/a14-13654_1ex99dbi17.htm)<br>|
| 28 (i)(18) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class R6 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99di18.htm)<br> [<u>Voya Real Estate Fund) – Filed as an Exhibit to Post-Effective Amendment No. 133 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99di18.htm)<br> [<u>Registration Statement on June 27, 2014 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465914049095/a14-15934_1ex99di18.htm)<br>|
| 28 (i)(19) | &nbsp;&nbsp; [<u>Opinion and Consent of Dechert, LLP regarding the legality of the shares being registered (Class R6 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbi19.htm)<br> [<u>Voya Growth Opportunities Fund) – Filed as an Exhibit to Post-Effective Amendment No. 138 to the Trust's</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbi19.htm)<br> [<u>Form N-1A Registration Statement on May 22, 2015 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465915040380/a15-11708_1ex99dbi19.htm)<br>|
| 28 (i)(20) | &nbsp;&nbsp; [<u>Opinion of Ropes & Gray LLP regarding the legality of the shares being registered (Class A and Class I shares,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99i20.htm)<br> [<u>and Class A, Class I, and Class R6 shares, respectively, of Voya U.S. High Dividend Low Volatility Fund and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99i20.htm)<br> [<u>Voya SMID Cap Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 146 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99i20.htm)<br> [<u>N-1A Registration Statement on December 2, 2016 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312516783402/d295067dex99i20.htm)<br>|
| 28 (i)(21) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class T shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbi21.htm)<br> [<u>Voya Large Cap Value Fund, Voya Real Estate Fund, Voya Large-Cap Growth Fund, Voya MidCap Opportunities</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbi21.htm)<br> [<u>Fund, Voya SmallCap Opportunities Fund, Voya SMID Cap Growth Fund, and Voya U.S. High Dividend Low</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbi21.htm)<br> [<u>Volatility Fund) – Filed as an Exhibit to Post-Effective Amendment No. 149 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbi21.htm)<br> [<u>Registration Statement on May 25, 2017 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465917035168/a17-13877_1ex99dbi21.htm)<br>|
| 28 (i)(22) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class P3 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dbi22.htm)<br> [<u>Voya Large-Cap Growth Fund, Voya Large Cap Value Fund, Voya MidCap Opportunities Fund, Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dbi22.htm)<br> [<u>Multi-Manager Mid Cap Value Fund, Voya Real Estate Fund, Voya SmallCap Opportunities Fund, and Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dbi22.htm)<br> [<u>SMID Cap Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 156 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dbi22.htm)<br> [<u>Registration Statement on February 7, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918007097/a18-2136_13ex99dbi22.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (i)(23) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class P3 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbi23.htm)<br> [<u>Voya U.S. High Dividend Low Volatility Fund) – Filed as an Exhibit to Post-Effective Amendment No. 159 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbi23.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 26, 2018 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465918058721/a18-21065_1ex99dbi23.htm)<br>|
| 28 (i)(24) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class P shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbi24.htm)<br> [<u>Voya Multi-Manager Mid Cap Value Fund) – Filed as an Exhibit to Post-Effective Amendment No. 162 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbi24.htm)<br> [<u>Trust's Form N-1A Registration Statement on February 26, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919010592/a19-1125_1ex99dbi24.htm)<br>|
| 28 (i)(25) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class R6 shares for</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbi25.htm)<br> [<u>Voya U.S. High Dividend Low Volatility Fund) – Filed as an Exhibit to Post-Effective Amendment No. 166 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbi25.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 27, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919051817/a19-17235_1ex99dbi25.htm)<br>|
| 28 (i)(26) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of the securities being registered (Voya</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbi26.htm)<br> [<u>Corporate Leaders® 100 Fund II, Voya Mid Cap Research Enhanced Index Fund II, Voya Small Company Fund</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbi26.htm)<br> [<u>II, and Voya Global Multi-Asset Fund II) – Filed as an Exhibit to Post-Effective Amendment No. 168 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbi26.htm)<br> [<u>Trust's Form N-1A Registration Statement on October 31, 2019 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbi26.htm)<br>|
| 28 (i)(27) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of the securities being registered (Voya Small</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d13.htm)<br> [<u>Cap Growth Fund) – Filed as an Exhibit to Post-Effective Amendment No. 175 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d13.htm)<br> [<u>Registration Statement on March 8, 2022 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322001628/f11245d13.htm)<br>|
| 28 (i)(28) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray LLP regarding the legality of shares being registered (Class A, Class C,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d17.htm)<br> [<u>Class R, Class T, and Class W shares for Voya Small Cap Growth Fund) – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d17.htm)<br> [<u>Amendment No. 177 to the Trust's Form N-1A Registration Statement on September 27, 2022 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d17.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386322006240/f23012d17.htm)<br>|
| 28 (i)(29) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray, LLP regarding the legality of securities being registered (Voya VACS</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d9.htm)<br> [<u>Series MCV Fund) – Filed as an Exhibit to Post-Effective Amendment No. 183 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d9.htm)<br> [<u>Registration Statement on February 27, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d9.htm)<br>|
| 28 (i)(30) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray, LLP regarding the legality of securities being registered (Class R6 shares</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d12.htm)<br> [<u>for Voya MI Dynamic SMID Cap Fund and Class R2 shares for Voya Large Cap Value Fund) – Filed as an</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d12.htm)<br> [<u>Exhibit to Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on September 22,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d12.htm)<br> [<u>2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d12.htm)<br>|
| 28 (i)(31) | &nbsp;&nbsp; [<u>Opinion and Consent of Ropes & Gray, LLP regarding the legality of securities being registered (Voya VACS</u>](f43502d8.htm)<br> [<u>Series LCC Fund) – Filed herein.</u>](f43502d8.htm)<br>|
| 28 (j)(1) | [<u>Consent of Ropes & Gray, LLP – Filed herein.</u>](f43502d9.htm) |
| 28 (j)(2) | [<u>Consent of Ernst & Young, LLP – Filed herein.</u>](f43502d10.htm) |
| 28 (k) | Not applicable. |
| 28 (l) | Not applicable. |
| 28 (m)(1) | &nbsp;&nbsp; [<u>Tenth Amended and Restated Distribution and Service Plan (Class A and Class C shares), effective November 16,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d12.htm)<br> [<u>2023 – Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d12.htm)<br> [<u>Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d12.htm)<br>|
| 28 (m)(1)(i) | &nbsp;&nbsp; [<u>Amended Schedule A and Schedule B, dated October 9, 2024, to Tenth Amended and Restated Distribution and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d12.htm)<br> [<u>Service Plan (Class A and Class C shares), effective November 16, 2023 – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d12.htm)<br> [<u>Amendment No. 183 to the Trust's Form N-1A Registration Statement on February 27, 2025 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d12.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d12.htm)<br>|
| 28 (m)(2) | &nbsp;&nbsp; [<u>Amended and Restated Distribution and Shareholder Services Plan (Class A shares), effective November 16, 2023</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d13.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d13.htm)<br> [<u>July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d13.htm)<br>|
| 28 (m)(2)(i) | &nbsp;&nbsp; [<u>Amended Schedule 1, dated October 9, 2024, to Amended and Restated Distribution and Shareholder Service Plan</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d13.htm)<br> [<u>(Class A shares), effective November 16, 2023 – Filed as an Exhibit to Post-Effective Amendment No. 183 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d13.htm)<br> [<u>Trust's Form N-1A Registration Statement on February 27, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d13.htm)<br>|

---

------

---

| | |
|:---|:---|
| 28 (m)(3) | &nbsp;&nbsp; [<u>Fifth Amended and Restated Service and Distribution Plan for Voya Large-Cap Growth Fund (Class A shares),</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d14.htm)<br> [<u>effective November 16, 2023 – Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d14.htm)<br> [<u>N-1A Registration Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d14.htm)<br>|
| 28 (m)(4) | &nbsp;&nbsp; [<u>Amended and Restated Distribution and Shareholder Services Plan (Class C shares), effective November 16, 2023</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d15.htm)<br> [<u>– Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form N-1A Registration Statement on</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d15.htm)<br> [<u>July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d15.htm)<br>|
| 28 (m)(4)(i) | &nbsp;&nbsp; [<u>Amended Schedule 1 and Schedule 2, dated October 9, 2024, to Amended and Restated Distribution and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d14.htm)<br> [<u>Shareholder Service Plan (Class C shares), effective November 16, 2023 – Filed as an Exhibit to Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d14.htm)<br> [<u>Amendment No. 183 to the Trust's Form N-1A Registration Statement on February 27, 2025 and incorporated</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d14.htm)<br> [<u>herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386325001416/f40849d14.htm)<br>|
| 28 (m)(4)(i) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated November 5, 2019, with regard to the Distribution and Shareholder Services Plan</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbm4i.htm)<br> [<u>(Class C shares), effective November 5, 2019, for Voya Corporate Leaders 100® Fund – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbm4i.htm)<br> [<u>Post-Effective Amendment No. 168 to the Trust's Form N-1A Registration Statement on October 31, 2019 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbm4i.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000110465919058257/a19-19354_1ex99dbm4i.htm)<br>|
| 28 (m)(5) | &nbsp;&nbsp; [<u>Fourth Amended and Restated Service and Distribution Plan for Voya Large-Cap Growth Fund (Class C shares),</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d16.htm)<br> [<u>effective November 16, 2023 – Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d16.htm)<br> [<u>N-1A Registration Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d16.htm)<br>|
| 28 (m)(6) | &nbsp;&nbsp; [<u>Fourth Amended and Restated Shareholder Service and Distribution Plan (Class R shares), effective November 16,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d17.htm)<br> [<u>2023 – Filed as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form N-1A Registration</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d17.htm)<br> [<u>Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d17.htm)<br>|
| 28 (m)(6)(i) | &nbsp;&nbsp; [<u>Fee Waiver Letter, dated October 1, 2024, with regard to the Fourth Amended and Restated Shareholder Service</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d18.htm)<br> [<u>and Distribution Plan (Class R shares), effective November 16, 2023, for Voya Large Cap Value Fund, for the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d18.htm)<br> [<u>period from October 1, 2024 through October 1, 2025 – Filed as an Exhibit to Post-Effective Amendment No.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d18.htm)<br> [<u>180 to the Trust's Form N-1A Registration Statement on July 22, 2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d18.htm)<br>|
| 28 (m)(7) | &nbsp;&nbsp; [<u>Distribution and Shareholder Services Plan (Class R2 shares), effective October 1, 2025 – Filed as an Exhibit to</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d15.htm)<br> [<u>Post-Effective Amendment No. 186 to the Trust's Form N-1A Registration Statement on September 22, 2025 and</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d15.htm)<br> [<u>incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d15.htm)<br>|
| 28 (n)(1) | &nbsp;&nbsp; [<u>Twentieth Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 for the Trust, last amended</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d16.htm)<br> [<u>October 1, 2025 – Filed as an Exhibit to Post-Effective Amendment No. 186 to the Trust's Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d16.htm)<br> [<u>Registration Statement on September 22, 2025 and incorporated herein by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d16.htm).<br>|
| 28 (o) | Not applicable. |
| 28 (p)(1) | &nbsp;&nbsp; [<u>Voya Code of Ethics, dated January 6, 2025 – Filed as an Exhibit to Post-Effective Amendment No. 186 to the</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d17.htm)<br> [<u>Trust's Form N-1A Registration Statement on September 22, 2025 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525211060/f42760d17.htm)<br>|
| 28 (p)(2) | &nbsp;&nbsp; [<u>Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC, effective July 1, 2023 – Filed</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d20.htm)<br> [<u>as an Exhibit to Post-Effective Amendment No. 180 to the Trust's Form N-1A Registration Statement on July 22,</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d20.htm)<br> [<u>2024 and incorporated herein by reference.</u>](https://www.sec.gov/Archives/edgar/data/1063946/000168386324004661/f38997d20.htm)<br>|

---

**Item 29. Persons Controlled by or Under Common Control with the Trust**

None.

**Item 30. Indemnification**

Section 4.3 of the Trust's Declaration of Trust provides the following:

(a) Subject to the exceptions and limitations contained in paragraph (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, or has been, a Trustee or officer of the Trust shall be indemnified by the Trust to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the words "claim", "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, administrative or other including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

(b) No indemnification shall be provided hereunder to a Trustee or officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any liability to the Trust, a Series thereof, or the Shareholders by reason of a final adjudication by a court or other body before which a proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b) (i) or (b) (ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by the court or other body approving the settlement or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (x) vote of a majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter) or (y) written opinion of independent legal counsel.

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust other than Trustees and officers may be entitled by contract or otherwise under law.

(d) Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust shall be insured against losses arising out of any such advances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

As used in this Section 4.3, a "Disinterested Trustee" is one who is not (i) an Interested Person of the Trust (including anyone who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), or (ii) involved in the claim, action, suit or proceeding.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to Trustees, officers and controlling persons of the Trust pursuant to the foregoing provisions or otherwise, the Trust has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Trust of expenses incurred or paid by a Trustee, officer or controlling person of the Trust in connection with the successful defense of any action suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the shares being registered, the Trust will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy, as expressed in the Act and be governed by final adjudication of such issue.

------

**Item 31. Business and Other Connections of Investment Advisers**

Any other business, profession, vocation or employment of a substantial nature in which the investment adviser and the sub-adviser of the Trust and each trustee, officer or partner of any such investment adviser, is or has been, at any time during the past two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee is described in each investment adviser's Form ADV as currently on file with the SEC, the text of which is hereby incorporated by reference.

---

| | |
|:---|:---|
| INVESTMENT ADVISER | FILE NO. |
| Victory Capital Management Inc. | 801-46878 |
| Voya Investments, LLC  | 801-48282 |
| Voya Investment Management Co. LLC | 801-9046 |

---

**Item 32. Principal Underwriter**

(a) Voya Investments Distributor, LLC is the placement agent or principal underwriter, as applicable, for Voya Credit Income Fund; Voya Enhanced Securitized Income Fund; Voya Equity Trust; Voya Funds Trust; Voya Government Money Market Portfolio; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust.

(b) Information as to the directors and officers of the placement agent or principal underwriter, as applicable, together with the information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the placement agent or principal underwriter, as applicable, in the last two years, is included in the table below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Name and Principal Business Address | Positions and Offices with Voya Investments <br> Distributor, LLC<br>| Positions and Offices with the Trust |
| Phillip Capodice<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Vice President and Assistant Treasurer |  |
| Katie Carver<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Assistant Vice President |  |
| Stephen Easton<br> One Orange Way<br> Windsor, Connecticut 06095<br>| Chief Compliance Officer |  |
| Huey P. Falgout, Jr. <br> 7337 E. Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258<br>| Secretary |  |
| Bill Golden<br> 200 Park Avenue<br> New York, New York 10166<br>| Director and Managing Director |  |
| Michelle P. Luk<br> 200 Park Avenue<br> New York, New York 10166<br>| Senior Vice President and Treasurer |  |
| Ryan R. McParland<br> 200 Park Avenue<br> New York, New York 10166<br>| Vice President and Assistant Secretary |  |
| Marino Monti, Jr.<br> One Orange Way<br> Windsor, CT 06095<br>| Chief Information Security Officer |  |
| Francis G. O'Neill<br> One Orange Way<br> Windsor, Connecticut 06095<br>| &nbsp;&nbsp; Senior Vice President and Chief Risk <br> Officer<br>|  |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal Business Address | Positions and Offices with Voya Investments <br> Distributor, LLC<br>| Positions and Offices with the Trust |
| Monia Piacenti<br> One Orange Way<br> Windsor, Connecticut 06095<br>| Anti-Money Laundering Officer | Anti-Money Laundering Officer |
| Tiffani Potesta<br> 200 Park Avenue<br> New York, New York 10166<br>| &nbsp;&nbsp; Director, President and Chief Executive <br> Officer<br>|  |
| Andrew K. Schlueter<br> 7337 E. Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258<br>| Senior Vice President | Senior Vice President |
| Robert P. Terris<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| Senior Vice President | Senior Vice President |
| Catrina Willingham<br> 5780 Powers Ferry Road NW<br> Atlanta, Georgia 30327<br>| &nbsp;&nbsp; Vice President, Chief Financial Officer, <br> Controller, and Financial and Operations <br> Principal<br>|  |
| Markus Wolff<br> 200 Park Avenue<br> New York, New York 10166<br>| Managing Director |  |

---

(c) N/A

**Item 33. Location of Accounts and Records**

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the offices of: (a) the Trust, (b) the Investment Adviser, (c) the Distributor, (d) the Custodian, (e) the Transfer Agent, and (f) the Sub-Advisers. The address of each is as follows:

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp; Voya Equity Trust<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258<br>|
| (b) | &nbsp;&nbsp; Voya Investments, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258<br>|
| (c) | &nbsp;&nbsp; Voya Investments Distributor, LLC<br> 7337 East Doubletree Ranch Road, Suite 100<br> Scottsdale, Arizona 85258<br>|
| (d) | &nbsp;&nbsp; The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br>|
| (e) | &nbsp;&nbsp; BNY Mellon Investment Servicing (U.S.) Inc. <br> 103 Bellevue Parkway<br> Wilmington, Delaware 19809<br>|
| (f) (1) | &nbsp;&nbsp; Victory Capital Management Inc.<br> 15935 La Cantera Pkwy<br> San Antonio, Texas 78256<br>|
| (f) (2) | &nbsp;&nbsp; Voya Investment Management Co. LLC<br> 200 Park Avenue<br> New York, New York 10166<br>|

---

------

**Item 34. Management Services**

N/A

**Item 35. Undertakings** 

(a) The Trust hereby undertakes to call a meeting of shareholders for the purpose of voting upon the question of removal of a Trustee or Trustees when requested in writing to do so by the holders of at least 10% of the Trust's outstanding shares of beneficial interest and in connection with such meeting to comply with the provisions of Section 16(c) of the 1940 Act relating to shareholder communications.

(b) The Trust hereby undertakes to furnish each person to whom a prospectus is delivered with a copy of the Trust's latest annual and semi-annual reports to shareholders, upon request and without charge.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Post-Effective Amendment No. 187 to its Registration Statement on Form N-1A pursuant to Rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 187 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scottsdale and the State of Arizona on the 10<sup>th</sup> day of December, 2025.

VOYA EQUITY TRUST

By: /s/ Joanne F. Osberg

------

Joanne F. Osberg

Secretary

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE  | TITLE | DATE |
| _______________________________<br> Christian G. Wilson\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Interested TrusteePresident and Chief Executive <br> Officer<br>| December 10, 2025 |
| _______________________________<br> Todd Modic\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, Chief/Principal Financial <br> Officer and Assistant Secretary<br>| December 10, 2025 |
| _______________________________<br> Fred Bedoya\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Treasurer and Principal <br> Accounting Officer<br>| December 10, 2025 |
| _______________________________<br> Colleen D. Baldwin\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> John V. Boyer\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Jody T. Foster\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Martin J. Gavin\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Dennis A. Johnson\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Joseph E. Obermeyer\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Sheryl K. Pressler\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Christopher P. Sullivan\*<br>| Trustee | December 10, 2025 |
| _______________________________<br> Mark R. Wetzel\*<br>| Trustee | December 10, 2025 |

---

\*By: /s/ Joanne F. Osberg

------

Joanne F. Osberg

Attorney-in-Fact\*\*

\*\*

[<u>Powers of attorney for Christian G. Wilson, Todd Modic, Fred Bedoya, and each Trustee were filed with Post-Effective</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525210656/f42826d2.htm)[<u>Amendment No. 185 to the Registrant's Form N-1A Registration Statement on September 22, 2025 and are incorporated herein</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525210656/f42826d2.htm)[<u>by reference</u>](https://www.sec.gov/Archives/edgar/data/1063946/000119312525210656/f42826d2.htm).

------

## Ex-99

Exhibit (a)(104)

**VOYA EQUITY TRUST**

**CERTIFICATE OF AMENDMENT OF DECLARATION OF TRUST AND**

**REDESIGNATION OF SERIES**

**Effective: October 1, 2025**

The undersigned, being a majority of the Trustees of Voya Equity Trust, a Massachusetts business trust (the "Trust"), acting pursuant to the Trust's Amended and Restated Declaration of Trust, dated February 25, 2003, as amended (the "Declaration of Trust"), including Article VIII, Section 8.3, hereby amend the Declaration of Trust to redesignate one of the existing series of the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The "Voya Small Company Fund" is redesignated the "Voya MI Dynamic Small Cap Fund."

IN WITNESS WHEREOF, the undersigned have this day signed this Certificate of Amendment of Declaration of Trust and Redesignation of Series.

---

| | |
|:---|:---|
| <u>/s/ Colleen D. Baldwin</u>______________ | <u>/s/ Joseph E. Obermeyer</u>____________ |
| Colleen D. Baldwin, as Trustee | Joseph E. Obermeyer, as Trustee |
| <u>/s/ John V. Boyer</u>__________________ | <u>/s/ Sheryl K. Pressler</u>_______________ |
| John V. Boyer, as Trustee | Sheryl K. Pressler, as Trustee |
| <u>/s/ Martin J. Gavin</u>_________________ | <u>/s/ Christopher P. Sullivan</u>___________ |
| Martin J. Gavin, as Trustee | Christopher P. Sullivan, as Trustee |

---

## Ex-99

Exhibit (a)(105)

**VOYA EQUITY TRUST**

**Establishment and Designation of**

**Series of Beneficial**

**Interest, Par Value $0.01 Per Share**

**Effective: December 12, 2025**

The undersigned, being a majority of the Trustees of Voya Equity Trust, a Massachusetts business trust (the "Trust"), acting pursuant to the Amended and Restated Declaration of Trust, dated February 25, 2003, as amended (the "Declaration of Trust"), including Article V, Section

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11and Article VIII, Section 8.3 of the Trust's Declaration of Trust, hereby establish an additional series of the Trust (the "Fund"), and the Fund hereby created having the following special and relative rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Fund shall be designated Voya VACS Series LCC Fund, there being no designated separate classes of the Fund, as follows:

Voya VACS Series LCC Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Fund shall be authorized to invest in cash, securities, instruments and other property as from time to time described in the then current registration statement on Form N-1A (File No. 811-08817) as filed with the United States Securities and Exchange Commission with respect to the Fund under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Registration Statement"). Each share of the beneficial interests of the Fund ("Share") shall be redeemable, shall represent a pro rata beneficial interest in the assets allocated to such shares of the Fund, and shall be entitled to receive its pro rata share of net assets allocable to such shares of the Fund upon liquidation of the Fund, all as provided in the Declaration of Trust. The proceeds of sales of Shares of the Fund, together with any income and gain thereon, less any diminution or expenses thereof, shall irrevocably belong to the Fund, unless otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Each share of beneficial interest of the Fund shall be entitled to one vote (or fraction thereof in respect of a fractional share) on matters which such Shares shall be entitled to vote. Shareholders of the Fund shall vote together as a fund on any matter, except to the extent otherwise required by the 1940 Act, or when the Trustees have determined that the matter affects only the interest of Shareholders of certain series within the Trust, in which case only the Shareholders of such series shall be entitled to vote thereon. Any matter shall be deemed to have been effectively acted upon with respect to the Fund if acted upon as provided in Rule 18f-2 under the 1940 Act or any successor rule and in the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The assets and liabilities of the Trust shall be allocated among the Fund and each other series within the Trust, as set forth in Section 5.11 of the Declaration of Trust, except as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Liabilities, expenses, costs, charges or reserves relating to the distribution of, and other identified expenses that should be properly allocated to the Shares of the Fund may be charged to and borne solely by the Fund and the bearing of expenses solely by the Fund may be appropriately reflected and cause differences in net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Trustees may from time to time in particular cases make specific allocation of assets or liabilities among the series within the Trust and each allocation of liabilities, expenses, costs, charges, and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all series for all purposes.

5. Shares of the Fund may vary as to rights of redemption and conversion rights, as set forth in the then current prospectus for the Fund.

6. The shares of the Fund shall be subject to all provisions of the Declaration of Trust, including the preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications, conversion rights and terms and conditions of redemption described therein.

7. Nothing herein shall entitle any shareholder of the Fund to any assets of the Trust other than those of the Fund.

8. The Trustees (including any successor Trustee) shall have the right at any time and from time to time to reallocate assets and expenses or to change the designation of the Fund now or hereafter created, or otherwise change the special and relative rights of the Shareholders of the Fund.

**REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK**

– 2 –

The foregoing shall be effective upon the date first written above.

---

| | |
|:---|:---|
| <u>/s/ Colleen D. Baldwin</u>_____________ | <u>/s/ Joseph E. Obermeyer</u>___________ |
| Colleen D. Baldwin, as Trustee | Joseph E. Obermeyer, as Trustee |
| <u>/s/ John V. Boyer</u>_________________ | <u>/s/ Sheryl K. Pressler</u>______________ |
| John V. Boyer, as Trustee | Sheryl K. Pressler, as Trustee |
| <u>/s/ Jody T. Foster</u>_________________ | <u>/s/ Christopher P. Sullivan</u>__________ |
| Jody T. Foster, as Trustee | Christopher P. Sullivan, as Trustee |
| <u>/s/ Martin J. Gavin</u>________________ | <u>/s/ Mark R. Wetzel</u>________________ |
| Martin J. Gavin, as Trustee | Mark R. Wetzel, as Trustee |
| <u>/s/ Dennis A. Johnson</u>______________ | <u>/s/ Christian G. Wilson</u>_____________ |
| Dennis A. Johnson, as Trustee | Christian G. Wilson, as Trustee |

---

– 3 –

## Ex-99

![](gfca87573uxz3e770x51p.jpg)

Exhibit (d)(1)(i)

December 12, 2025

Todd Modic

Senior Vice President

Voya Investments, LLC

7337 E. Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258-2034

Re: Addition of Voya VACS Series LCC Fund

Dear Mr. Modic:

Pursuant to the Amended and Restated Investment Management Agreement, dated November 18, 2014, as amended and restated on May 1, 2015, between Voya Equity Trust ("VET") and Voya Investments, LLC (the "Agreement"), we hereby notify you of our intention to retain you as Manager to render investment advisory services to Voya VACS Series LCC Fund (the "Fund"), a newly established series of VET, effective on December 12, 2025, upon all of the terms and conditions set forth in the Agreement.

Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the Fund to the **<u>Amended Schedule A</u>** of the Agreement. The **<u>Amended Schedule A</u>**, which indicates the annual management fee rate for the Fund, is attached hereto.

Please signify your acceptance to act as Manager under the Agreement with respect to the aforementioned Fund by signing below where indicated.

Very sincerely,

By: <u>/s/ Kimberly A. Anderson</u> 

Name: Kimberly A. Anderson

Title: Senior Vice President

Voya Equity Trust

ACCEPTED AND AGREED TO:

Voya Investments, LLC

By: <u>/s/ Todd Modic</u> 

Name: Todd Modic

Title: Senior Vice President, Duly Authorized

**AMENDED SCHEDULE A**

**with respect to the**

**AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT**

**between**

**VOYA EQUITY TRUST**

**and**

**VOYA INVESTMENTS, LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Series</u>** | **<u>Annual Management Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Series</u>** | (as a percentage of average daily net assets) |
|  | (as a percentage of average daily net assets) |
|  | 0.500% on first $500 million of assets; |
| &nbsp;&nbsp; Voya Corporate Leaders<sup>®</sup> 100 Fund | 0.450% on next $500 million of assets; and |
|  | 0.400% thereafter |
| &nbsp;&nbsp; Voya Global Income & Growth Fund | 0.750% on all assets |
|  | 0.750% on the first $1 billion of assets; |
| &nbsp;&nbsp; Voya Large Cap Value Fund | 0.725% on the next $1 billion of assets; |
| &nbsp;&nbsp; Voya Large Cap Value Fund | 0.700% on the next $1 billion of assets; |
|  | 0.675% on the next $1 billion of assets; and |
|  | 0.650% thereafter |
| &nbsp;&nbsp; Voya MI Dynamic Small Cap Fund | 0.750% on all assets |
| &nbsp;&nbsp; (formerly, Voya Small Company Fund) | 0.750% on all assets |
| &nbsp;&nbsp; (formerly, Voya Small Company Fund) |  |
| &nbsp;&nbsp; Voya MI Dynamic SMID Cap Fund | 0.550% on first $500 million of assets; |
| &nbsp;&nbsp; Voya MI Dynamic SMID Cap Fund | 0.525% on next $250 million of assets; |
| &nbsp;&nbsp; (formerly, Voya Mid Cap Research | 0.525% on next $250 million of assets; |
| &nbsp;&nbsp; (formerly, Voya Mid Cap Research | 0.500% on next $1.25 billion of assets; and |
| &nbsp;&nbsp; Enhanced Index Fund) | 0.500% on next $1.25 billion of assets; and |
| &nbsp;&nbsp; Enhanced Index Fund) | 0.475% thereafter |
|  | 0.475% thereafter |
|  | 0.850% on the first $500 million of assets; |
| &nbsp;&nbsp; Voya MidCap Opportunities Fund | 0.800% on the next $400 million of assets; |
| &nbsp;&nbsp; Voya MidCap Opportunities Fund | 0.750% on the next $450 million of assets; and |
|  | 0.750% on the next $450 million of assets; and |
|  | 0.700% thereafter |

---

![](gouzrc06ammonu86ks3ov.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Series</u>** | **<u>Annual Management Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Series</u>** | (as a percentage of average daily net assets) |
|  | (as a percentage of average daily net assets) |
|  | <u>Actively Managed Assets[<sup>1</sup>](#div1e5c487f-d85e-47f5-a73f-8e0532599e70)</u> |
| &nbsp;&nbsp; Voya Multi-Manager Mid Cap Value | 0.800% on assets |
| &nbsp;&nbsp; Fund | <u>Passively Managed Assets[<sup>2</sup>](#div1e5c487f-d85e-47f5-a73f-8e0532599e70)</u> |
|  | 0.400% on assets |
| &nbsp;&nbsp; Voya Small Cap Growth Fund | 0.800% on all assets |
| &nbsp;&nbsp; Voya VACS Series LCC Fund | 0.00% on all assets |
| &nbsp;&nbsp; Voya VACS Series MCV Fund | 0.00% on all assets |

---

**Effective Date:** December 12, 2025, to reflect the addition of Voya VACS Series LCC Fund.

1"Actively Managed Assets" shall mean assets which are not "Passively Managed Assets."

2"Passively Managed Assets" shall mean assets which are managed with a goal of replicating an index.

## Ex-99

![](g8c3irlt41lva6csckc42.jpg)

Exhibit (d)(3)(i)

December 12, 2025

Catrina Willingham

Vice President – Controller

Voya Investment Management Co. LLC

5780 Powers Ferry Road NW

Atlanta, GA 30327-4347

Dear Ms. Willingham:

Pursuant to the Sub-Advisory Agreement, effective as of November 18, 2014, as amended, between Voya Investments, LLC and Voya Investment Management Co. LLC (the "Agreement"), we hereby notify you of our intention to retain you as Sub-Adviser to render investment advisory services to Voya VACS Series LCC Fund ("VACS Series LCC Fund"), a newly established series of Voya Equity Trust ("VET"), effective on December 12, 2025, upon all of the terms and conditions set forth in the Agreement.

Upon your acceptance, the Agreement will be modified to give effect to the foregoing by amending the **<u>Amended Schedule A</u>** of the Agreement. The **<u>Amended Schedule A</u>**, which indicates the annual sub-advisory fee rates for the Funds, is attached hereto.

Please signify your acceptance to act as Sub-Adviser under the Agreement with respect to VACS Series LCC Fund by signing below where indicated.

Very sincerely,

By: <u>/s/ Todd Modic</u>_______________

Name: Todd Modic

Title: Senior Vice President

Voya Investments, LLC

ACCEPTED AND AGREED TO:

Voya Investment Management Co. LLC

By: <u>/s/ Catrina Willingham</u>______________

Name: Catrina Willingham

Title: Vice President – Controller, Duly Authorized

![](guyxp7x3mzz8hu6yunr4o.jpg)

**AMENDED SCHEDULE A**

**with respect to the**

**SUB-ADVISORY AGREEMENT**

**between**

**VOYA INVESTMENTS, LLC**

**and**

**VOYA INVESTMENT MANAGEMENT CO. LLC**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Series</u>** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Series</u>** | |
|  | **<u>Annual Sub-Advisory Fee</u>**<br>**(as a percentage of average daily**<br>**assets allocated to the Sub-Adviser)** |
| &nbsp;&nbsp;Voya Corporate Leaders<sup>®</sup> 100 Fund | 0.1800% on all assets |
| &nbsp;&nbsp;Voya Global Income & Growth Fund | 0.3375% on all assets |
| &nbsp;&nbsp;Voya Large-Cap Growth Fund | 0.2295% on all assets |
| &nbsp;&nbsp;Voya Large Cap Value Fund | 0.2925% on all assets |
| &nbsp;&nbsp;Voya MI Dynamic Small Cap Fund (formerly, Voya | 0.3375% on all assets |
| &nbsp;&nbsp;Small Company Fund) | 0.3375% on all assets |
| &nbsp;&nbsp;Small Company Fund) |  |
| &nbsp;&nbsp;Voya MI Dynamic SMID Cap Fund (formerly, Voya | 0.2475% on first $500 million; |
| &nbsp;&nbsp;Voya MI Dynamic SMID Cap Fund (formerly, Voya | 0.2363% on next $250 million; |
| &nbsp;&nbsp;Mid Cap Research Enhanced Index Fund) | 0.2250% on next $1.25 billion; and |
|  | 0.2138% over $2 billion |
|  | 0.3375% on the first $500 million; |
| &nbsp;&nbsp;Voya MidCap Opportunities Fund | 0.3150% on the next $400 million; |
| &nbsp;&nbsp;Voya MidCap Opportunities Fund | 0.2925% on the next $450 million; and |
|  | 0.2925% on the next $450 million; and |
|  | 0.2700% on assets in excess of $1.350 billion |
| &nbsp;&nbsp;Voya Multi-Manager Mid Cap Value Fund |  |
| &nbsp;&nbsp;Voya Small Cap Growth Fund | 0.3600% on all assets |
| &nbsp;&nbsp;Voya VACS Series LCC Fund | 0.000% on all assets |
| &nbsp;&nbsp;Voya VACS Series MCV Fund | 0.000% on all assets |

---

**Effective Date: December 12, 2025, to reflect the addition of Voya VACS Series LCC Fund.**

## Ex-99

Exhibit (d)(9)

**EXPENSE LIMITATION AGREEMENT**

**VOYA EQUITY TRUST**

This **EXPENSE LIMITATION AGREEMENT** (the "Agreement"), effective

December 12, 2025, by and between Voya Investments, LLC (the "Investment Manager") and Voya Equity Trust (the "Registrant"). The Registrant is a series fund investment company, and is entering into this Agreement on behalf of, and this Agreement shall apply to, each series of the Registrant set forth on **<u>Schedule A</u>** hereto (each a "Fund," collectively the "Funds"), as such schedule may be amended from time to time to add or delete series.

**WHEREAS,** the Registrant is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company; and

**WHEREAS**, the Registrant and the Investment Manager desire that the provisions of this Agreement do not adversely affect a Fund's status as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), do not interfere with a Fund's ability to compute its taxable income under Code Section 852, do not adversely affect the status of the distributions a Fund makes as deductible dividends under Code Section 562, and do comply with the requirements of Revenue Procedure 99-40 (or any successor pronouncement of the Internal Revenue Service); and

**WHEREAS,** the Registrant and the Investment Manager have entered into an investment management agreement (the "Management Agreement"), pursuant to which the Investment Manager provides investment advisory services to each Fund; and

**WHEREAS,** the Registrant and the Investment Manager have determined that it is appropriate and in the best interests of the Funds and their shareholders to maintain the expenses of each Fund at a level below the level to which each such Fund might otherwise be subject.

**NOW, THEREFORE,** the parties hereto agree as follows:

1.<u>Expense Limitation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses, including but not limited to investment advisory fees payable to the Investment Manager, but excluding interest, taxes, other investment-related costs, leverage expenses (as defined below), extraordinary expenses such as litigation, other expenses not incurred in the ordinary course of such Fund's business, and expenses of any counsel or other persons or services retained by such Fund's Trustees who are not "interested persons," as that term is defined in the 1940 Act, of the Investment Manager (the "Fund Operating Expenses"), incurred by a class of a Fund listed on **<u>Schedule A</u>** during any term of this Agreement (the "Term") exceed the Operating Expense Limit, as defined in Section 1.2 below, for such class for such Term, such excess amount (the "Excess Amount") shall be the liability of the Investment Manager. As such, the Investment Manager may waive all or a portion of certain fees and/or reimburse expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating

expense of the Fund shall be as listed on **<u>Schedule A</u>**. For the purposes of this Agreement, leverage expenses shall mean fees, costs and expenses incurred by a Fund's use of leverage (including, without limitation, expenses incurred by a Fund in creating, establishing and maintaining leverage through borrowings or the issuance of preferred shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Operating Expense Limit</u>. The Operating Expense Limit in any Term with respect to each class of a Fund shall be the amount specified in **<u>Schedule A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Daily Computation</u>. The Investment Manager shall determine on each business day whether the aggregate Term to date Fund Operating Expenses for any class of a Fund exceed the Operating Expense Limit, as such Operating Expense Limit has been pro-rated to the date of such determination (the "Pro-Rated Expense Cap"). If, on any business day, the aggregate Term to date Fund Operating Expenses for any class of a Fund do not equal the Pro-Rated Expense Cap for that class, the amount of such difference shall be netted against the previous day's accrued amount for Excess Amounts (as defined below), and the difference shall be accrued for that day as an Excess Amount as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.<u>Payment</u>. At the end of each month, the accruals made pursuant to Section 1.3 above shall be netted, and the result shall be remitted by the Investment Manager to the Fund (pursuant to Section 1.1 above) if such netting results in an Excess Amount. Any such amounts remitted to a Fund, or repaid by a Fund, shall be allocated among the classes of the Fund in accordance with the terms of the Fund's Multiple Class Plan Pursuant to Rule 18f-3 under the 1940 Act. Any payments made pursuant to Section 1.1 and this Section 1.4 may include waivers of (1) all or a portion of certain fees and/or reimbursements of expenses in amounts necessary so that after such waivers and/or reimbursements, the maximum total operating expense of the Fund shall be as listed on **<u>Schedule A</u>** and (2) Fund-level expenses, such as management fees, custodian fees, and other expenses related to the management of the Registrant's assets which must be allocated proportionately among all classes (but may be waived in different amounts pursuant to the Funds' Differential Fee Waiver Procedures), and waivers or reimbursements of Class-specific expenses, which may be waived or reimbursed at different amounts for individual classes. The Registrant may offset amounts owed to a Fund pursuant to this Agreement against the Fund's advisory fee payable to the Investment Manager.

2.<u>Term and Termination</u>. This Agreement shall have an initial term with respect to each Fund ending on the date indicated on **<u>Schedule A</u>**, as such schedule may be amended from time to time. Thereafter, this Agreement shall automatically renew for one-year terms with respect to a Fund unless the Investment Manager provides written notice of the termination of this Agreement to a lead Independent Trustee of the Registrant within 90 days of the end of the then current term for that Fund and such termination is approved by the Board of Trustees of the Registrant. In addition, this Agreement shall terminate with respect to a Fund upon termination of the Management Agreement with respect to such Fund, or it may be terminated by the Registrant, without payment of any penalty, upon written notice to the Investment Manager at its principal place of business within 90 days of the end of the then current term for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Interpretation</u>. Nothing herein shall be deemed to require the Registrant or a Fund to take any action contrary to the Registrant's articles of incorporation, declaration of trust, or similar governing document, an applicable prospectus or statement of additional information, or any applicable statutory or regulatory requirement, or to relieve or deprive the Registrant's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Registrant or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment management fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Management Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Management Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Amendments</u>. This Agreement, including the applicable expense limits for a Fund as set forth on **<u>Schedule A</u>**, may be amended only by a written agreement signed by each of the parties hereto and such amendment is approved by the Board of Trustees of the Registrant.

**REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK**

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized, as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **VOYA EQUITY TRUST** | **VOYA EQUITY TRUST** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VOYA INVESTMENTS, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VOYA INVESTMENTS, LLC** |
| By: | /s Kimberly A. Anderson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Todd Modic |
| Name: | Kimberly A. Anderson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Todd Modic |
| Title: | Senior Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Senior Vice President |

---

**SCHEDULE A**

**to the**

**EXPENSE LIMITATION AGREEMENT**

**VOYA EQUITY TRUST**

**OPERATING EXPENSE LIMITS**

---

| | |
|:---|:---|
| **<u>Name of Fund\*</u>** | **Maximum Operating Expense Limit** |
| **<u>Name of Fund\*</u>** | **<u>(as a percentage of average net assets)</u>** |
|  | **<u>(as a percentage of average net assets)</u>** |
| Voya VACS Series LCC Fund | 0.15% |
| Initial Term Expires October 1, 2027 |  |

---

**Effective Date: December 12, 2025**

\*This Agreement shall automatically renew for one-year terms with respect to a Fund unless otherwise terminated in accordance with the Agreement.

## Ex-99

![](gfwqfa75cdfufzf1iwyae.jpg)

Exhibit (e)(1)(i)

December 12, 2025

Andrew K. Schlueter

Senior Vice President

Voya Investments Distributor, LLC

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, AZ 85258

Dear Mr. Schlueter:

Pursuant to the Amended and Restated Underwriting Agreement, dated November 18, 2014, as amended and restated as of December 1, 2017, between Voya Equity Trust ("VET") and Voya Investments Distributor, LLC (the "Agreement"), we hereby notify you of our intention to retain you as Underwriter to render underwriting services to Voya VACS Series LCC Fund (the "Fund"), effective on December 12, 2025, upon all of the terms and conditions set forth in the Agreement.

Upon your acceptance, the Agreement will be modified to give effect to the foregoing by adding the Fund to the **<u>Amended Schedule A</u>** of the Agreement. The **<u>Amended Schedule A</u>** is attached hereto.

Please signify your acceptance to act as Underwriter under the Agreement with respect to the aforementioned Fund by signing below where indicated.

Very sincerely,

By: <u>/s/ Kimberly A. Anderson</u>___________

Name: Kimberly A. Anderson

Title: Senior Vice President

Voya Equity Trust

ACCEPTED AND AGREED TO:

Voya Investments Distributor, LLC

By: <u>/s/ Andrew K. Schlueter</u>____________

Name: Andrew K. Schlueter

![](grcnipahnswm6m4sd3kt1.jpg)

November 11, 2025

Title: Senior Vice President, Duly Authorized

**AMENDED SCHEDULE A**

**with respect to the**

**AMENDED AND RESTATED UNDERWRITING AGREEMENT**

**between**

**VOYA EQUITY TRUST**

**and**

**VOYA INVESTMENTS DISTRIBUTOR, LLC**

**<u>Name of Fund</u>**

Voya Corporate Leaders<sup>®</sup> 100 Fund

Voya Global Income & Growth Fund Voya Large Cap Value Fund

Voya MI Dynamic Small Cap Fund (formerly, Voya Small Company Fund)

Voya MI Dynamic SMID Cap Fund (formerly, Voya Mid Cap Research Enhanced Index Fund) Voya MidCap Opportunities Fund

Voya Multi-Manager Mid Cap Value Fund Voya Small Cap Growth Fund

Voya VACS Series LCC Fund

Voya VACS Series MCV Fund

## Ex-99

![](g7k14ovhkei3ui68nkvgm.jpg)

ROPES & GRAY LLP

PRUDENTIAL TOWER

800 BOYLSTON STREET BOSTON, MA 02199-3600

WWW.ROPESGRAY.COM

Exhibit (i)(31)

December 10, 2025

Voya Equity Trust

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, Arizona 85258

Ladies and Gentlemen:

This opinion is being furnished in connection with the Registration Statement on Form N-1A (the "Registration Statement") being filed today by Voya Equity Trust (the "Trust") under the Securities Act of 1933, as amended (the "Act"), relating to the issuance of shares of beneficial interest of Voya VACS Series LCC Fund, a series of the Trust (the "Shares").

We are familiar with the actions taken by the Trustees of the Trust to authorize the issuance of the Shares. In connection with this opinion, we have examined such certificates, documents, and records and have made such investigation of fact and such examination of law as we have deemed appropriate in order to enable us to render the opinion set forth herein. In conducting such investigation, we have relied, without independent verification, upon certificates of officers of the Trust, public officials, and other appropriate persons. We assume that, upon sale of the Shares by the Trust, the Trust will receive the net asset value thereof.

We were not involved in the organization of the Trust. We have not examined independently the question of what law would govern the interpretation or enforcement of any provision of the Amended and Restated Declaration of Trust, as amended (the "Declaration of Trust"), and have for this purpose assumed that the Trust is a duly established and validly existing unincorporated voluntary association with transferable shares under Massachusetts law (commonly known as a "Massachusetts business trust") and that the interpretation and enforcement of each provision of the Declaration of Trust will be governed by the laws of the Commonwealth of Massachusetts.

We have made such examination of Massachusetts law as we have deemed relevant for purposes of this opinion. We express no opinion as to the effect of laws, rules, and regulations of any state or jurisdiction other than the Commonwealth of Massachusetts.

Based upon and subject to the foregoing, we are of the opinion that the Trust is authorized to issue an unlimited number of Shares of the Fund, and that, when such Shares are issued and sold, they will be validly issued, fully paid, and nonassessable by the Trust.

The Trust is organized as a Massachusetts business trust under Massachusetts law. Under Massachusetts law, shareholders may, under certain circumstances be held personally liable for the Trust's obligations. However, the Declaration of Trust provides that no shareholders of any series or class shall be personally liable for any claims against the Trust and shareholders are

![](g6z9i26n6w8rztnfhgc81.jpg)

indemnified against all loss and expense arising from such liability. The risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances (which are considered remote) in which the Fund would be unable to meet its obligations and the disclaimer within the Declaration of Trust is inoperative.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm as legal counsel for the Trust in the Registration Statement. This consent shall not constitute an acknowledgment that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder.

Very truly yours,

Ropes & Gray LLP

## Ex-99

Exhibit (j)(1)

CONSENT OF COUNSEL

We hereby consent to the use of our name and the references to our firm under the

caption "Legal Counsel" included in or made a part of Post-Effective Amendment No. 187 to the Registration Statement of Voya Equity Trust (File No. 333-56881), on Form N-1A under the Securities Act of 1933, as amended.

<u>/s/ Ropes & Gray LLP</u>

Ropes & Gray LLP

Boston, MA

December 10, 2025

## Ex-99

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the caption "Independent Registered Public Accounting Firm" in the Statement of Additional Information, dated December 12, 2025, included in this Post-Effective Amendment No. 187 on the Registration Statement (Form N-1A, File No. 333-56881) of Voya Equity Trust (the "Registration Statement").

/s/ ERNST & YOUNG LLP

Boston, Massachusetts

December 10, 2025